OJSC Khlibprom: Results of activity in 2008

Lviv / UA. (ojsc) During 2008 OJSC «Concern Khlibprom» increased production of bread, bakery and confectionary products up to 138,5 thousand tons (by 24,5 percent more than in 2007). Net revenue of Khlibprom increased by 19,1 percent to 457,0 million UAH. Net profit for the year is negative and is estimated as 97,4 million UAH. EBITDA of the Company reached 53,5 for the end of the year. The considerable volumes of net loss of the Company were caused by foreign currency exchanges official rate growth (USD and EUR) to the Ukrainian Hryvnya and overvalue of all credits obligations, conducted in accordance with record-keeping audit in accordance with the higher values of official courses of NBU, actual upon the date of drafting of accounting. Thus increase of losses in accounting of Khlibprom to the amount of 92,2 million UAH was caused by overvalue of all currencies credits. These charges are not monetary, they belong to the future loan repayment with the terms of repayment to eight years. That is why loading on the money stream caused by additional charges from the changes of exchange rate of UAH/USD of the Company will be even and moderate.