29 December 2016

According to CEO of the company Mr. Ivanchik, in Y2016 sugar export by Astarta Holding is to make about 180k tons. Taking into account that in the same period of time total Ukrainian sugar export is estimated at about 400k tons, the share of Astarta is to be up to 50%.

This information is positive for Astarta as during October-November export sugar price exceeded Ukrainian domestic price by up to USD 50 per 1 ton. According to financial report of the company in 9m 2016 sugar export by Astarta made 45k tons, which means that export figure in Q4 is about 135k tons. We forecast additional profit for the company in Q4 related to higher export price vs. domestic one at more than USD 6M.

We also estimate that second largest sugar exporter from Ukraine is Ukrprominvest-Agro group, which in Y2016 exported up to 100k tons (about 25% of total export), the share of other exporters has been much lower.

As we earlier reported during January-November 2016 sugar export from Ukraine made close to 335k tons, net export (export less import) – 288k tons.

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