Agricultural holding “Industrial Milk Company” (IMC) is planning to raise $ 20 million funding from the European Bank for Reconstruction and Development for appending of the floating capital.
According to the bank’s website, the board of directors plans to consider the relevant draft at the meeting on April 20.
The total cost of the project for funding is estimated at $ 80 million.
According to reports, in January-September 2015 the IMC received a net profit of $ 20.14 million compared to a net loss of $ 14.26 million for the same period in 2014. Its revenue grew by 2.3% – up to $ 100.23 million.
Agricultural holding closed a year 2014 with a net loss of $ 47.33 million compared to the net income of $ 25.8 million a year earlier. Its revenue increased by 20.5% – up to $ 138.27 million, EBITDA index for the year was $ 57.4 million, which is 16% more than in 2013.
IMC focuses on the cultivation of the cereals, oilseeds and potatoes and is one of the largest milk producers in Ukraine. It owns capacity for the storage of 554 thous. tons of grains and oilseeds. The Land Bank of the IMC amounts of 136.7 thous. Ha. The group was founded in 2007 by the former owner of the holding “Cheese Club” Alexander Petrov.
Since 2009, the IMC has grown more than 10 varieties of potatoes on an area of 600 hectares in Chernihiv. In 2011, the IMC built a modern potato capacity of 13,500 tons, equipped with special climatic systems. The cooperation with the largest chip manufacturer in Ukraine – the company “Kraft Foods Ukraine” was established.
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