Low global sugar prices led to significant worsening of Astarta performance in Q4 2017, while results for Y2017 as a whole have been relatively good even despite lower y-o-y MY2017/18 yields for main crops in some key for the company regions of Ukraine

Despite significant improvement of financial performance in Q4 2017, general Avangard results for Y2017 have been weak

Driven by favorable market situation and general cost efficiency of the company financial performance of Ferrexpo in Y2017 has been good

Expectedly financial performance of Metinvest in reporting period has been good

The company demonstrated record-high for the last years volumes of quarterly sunflower oil sales

Ovostar keeps increasing its shell eggs export volumes, another positive factor is recent growth of prices on Ukrainian local market

Despite continuing decline of sunflower seeds crushing margin, during reporting period earned more than USD 300M of EBITDA.

Due to low poultry production stocks as of beginning of reporting period, the company significantly decreased poultry sales in tons, which is to be offset by the growth of average selling price.

In Q3 2017 the company decreased total pellets production to the lowest level for the last three years (to 2.5M tons), reason – planned maintenance works.

Due to further deterioration of Ukrainian eggs market situation, in reporting period financial performance of the company worsened vs. previous year, but remain much better vs. results of competitors.

Despite worse than expected financial performance in H1 2017 financial standing of IMC keeps improving. We specially note significant decrease of debt burden of the company during last period of time.

In reporting period financial results of the largest Ukrainian sugar producer and soybeans crusher have been in line with our expectations, general financial standing of the company remains good.

Leading Ukrainian poultry producer notably improved its operating and financial performance in reporting period of time.

Disregarding results of enterprises situated at non-controlled by Ukrainian government Donbass territory in Q2 2017 Metinvest improved its operating performance.