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Agrokultura: Agrokultura disposal of Kaliningrad holdings to generate SEK 100 million of cash flow

Press release published at The Swedish Wire
Agrokultura AB ("the Company"), the owner and operator of farmland with agricultural operations in Russia and Ukraine announces it has agreed the sale of its Kaliningrad operations which will further refocus its business and deliver additional liquidity to the Company. The first binding agreements for the transaction have been signed. Further signings will give overall completion in Q1 2014 and these agreements are subject to customary obligations and conditions for this type of transaction.  This divestment is consistent with the Company's long-term strategy to divest non-core holdings and create a more consolidated and controlled operation to drive cost reduction efforts.


· It is expected that total cash inflow to the Company from the various agreements with different parties including sale of inventory and other assets, after expenses and tax, will be in excess of SEK 100m ($15.2 million)

· There is an expected loss on disposal of SEK 3 million which arises due to the revaluation of assets which was made at the point of acquisition in 2010

The cluster in Kaliningrad oblast encompasses 14,300 hectares which approximates to just nine per cent of the Company's total holdings in Russia. In 2013, Kaliningrad harvested area amounted to 7,600 hectares at an average net yield of 2.9 tonnes per hectare. The total number of employees was 162 all of whom are to be transferred to the buyer. The Kaliningrad cluster also includes a livestock unit with a total of approximately 1,200 heads.
Stephen Pickup, Managing Director, comments:
"The divestment of the cluster in Kaliningrad is a significant success for the business at a price significantly in excess of the attributed value according to the Company's share price and close to book value. The cash inflows of over SEK 100 million will provide welcome flexibility and will help deliver efficiencies and investment in our core operations. Cultivated hectares will be made up largely through a modest increase in planting in the CBS operation in Russia. Although the transaction creates a small loss on disposal, this is largely due to the revaluation of assets which took place at the time of the acquisition in 2010.
We can now focus management attention on our core operations and work towards delivering improved shareholder value across the rest of the Group."
Stockholm 23 December 2013
For more information, contact:
Stephen Pickup, Managing Director, tel. +44 782 529 4352



About Agrokultura AB (publ)
Agrokultura invests in farmland and produces agricultural commodities in Russia and Ukraine. The Group aims to generate an attractive return on invested capital by optimally utilizing its agricultural land bank through crop production, livestock and related operations. Shares in Agrokultura are listed in Sweden on the Nasdaq OMX First North exchange under the ticker AGRA and the Group's Certified Adviser is Remium Nordic AB.
This information was distributed by Cision
 

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