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2014-03-28

Agrokultura: Full Year Interim Report 2013

Agrokultura AB (OMX First North: AGRA), "Agrokultura" or "the Group",
the Russian and Ukrainian producer of agricultural commodities,
announces its results for the year ending 31 December 2013. Figures
in brackets relate to the year ending 31 December 2012 unless
otherwise stated.

Financial highlights
- Revenue for the period fell by 8 per cent to SEK 617 million (SEK
673 million) driven by a sharp decrease in commodity prices.

- The loss before depreciation (EBITDA) was SEK 129 million (profit
SEK 29 million) and net loss was SEK 262 million (net loss SEK 102
million).

- On 31 December 2013, Group debt totalled SEK 167 million (SEK 162
million). Group cash at the same date was SEK 29 million (SEK 41
million), and unsold inventory amounted to SEK 93 million (SEK 143
million).

- Russia cropping business positive EBITDA and cash generative
- Cash situation remains constrained due to 2013 Ukrainian losses and
delays in the execution of Kaliningrad sale

- Loss per share was SEK 1.88 (SEK 0.73)
Operational highlights
- Weighted average yields up 34 per cent in Russia and 11 per cent in
Ukraine

- Development and implementation of a SEK 150 million cost saving
programme focussed on direct cost inputs and payroll

- Agreement signed for the divestiture of Group's Kaliningrad assets
at around book value

- Discussions ongoing related to the sale of Ukraine business in whole
or in part despite political events

- No major negative impact on operations relating to political events
in Ukraine

Stephen Pickup, Group Managing Director, commented

"2013 has been a difficult year where, despite materially improved
yields, financial results have been dominated by falls in commodity
prices. However, the Group management team which came together in the
fourth quarter 2013 is committed to improving performance through the
cost savings and the divestment of poorly performing businesses.

"At the same time commodity pricing has improved which leads us to
look forward to 2014 with a positive outlook. The Group will focus on
ensuring that the cost cutting programme is successfully implemented,
whilst exerting strict controls and procedures, and building upon the
operating successes. At the same time we will continue to investigate
ways of delivering maximum value to shareholders, if appropriate
through disposals."

For additional information, contact
Stephen Pickup, Group Managing Director, tel: +44 782 529 4352
Kristian Shaw, Group CFO, tel: +44 782 529 4356
Upcoming Reporting Dates
Annual Report 2013 - 24 April 2014
Annual General Meeting - 15 May 2014
Half Year Report - 28 August 2014
The annual report for 2013 will be available on the Group's website
and will be sent to shareholders who so request.

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.

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http://news.cision.com/agrokultura/r/full-year-interim-report-2013,c9559575
http://mb.cision.com/Main/138/9559575/226137.pdf

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