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UKR Ukrproduct Group Limited

3.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ukrproduct Group Limited LSE:UKR London Ordinary Share GB00B03HK741 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 3.00 2.00 4.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Dry,condensd,evap Dairy Pds 39.11M -804k -0.0203 -1.48 1.19M

Ukrproduct Group Ltd Half-year Report (0692C)

26/09/2018 5:15pm

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TIDMUKR

RNS Number : 0692C

Ukrproduct Group Ltd

26 September 2018

September 26, 2018

UKRPRODUCT GROUP LIMITED

("Ukrproduct", the "Company" or, together with its subsidiaries, the "Group")

UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHSED 30 JUNE 2018

Kyiv, Ukraine - September 26, 2018 - Ukrproduct Group Limited ("Ukrproduct", "UPG" or the "Group") (AIM:UKR), one of the leading Ukrainian producers and distributors of branded dairy foods and beverages (kvass), today announces its unaudited interim financial results for the six months ended 30 June 2018.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

For further information contact:

 
Ukrproduct Group Ltd 
Jack Rowell, Non-Executive Chairman     Tel: +380 44 232 9602 
Alexander Slipchuk, Chief Executive     www.ukrproduct.com 
 Officer 
Strand Hanson Limited 
Nominated Adviser and Broker            Tel: +44 20 7409 3494 
 Rory Murphy, James Dance, Jack Botros   www.strandhanson.co.uk 
 
 

CEO's REPORT

The business environment in Ukraine continues to recover, with the economy growing by 2.5% in 2017. Sectors such as manufacturing and domestic trade grew by over 5% in 2017. Economic growth could improve to 3.5% in 2018 and 4% in 2019*. Consumer demand has improved due to an increase in the minimum wage. As a result, whilst the operating environment remains competitive, the Group's trading opportunities have improved domestically.

Trading

Revenue growth for the six months to 30 June 2018 (the "Period") came predominantly from Beverages, Services and Supplementary products. The Board estimates that Ukrproduct's butter market share in the Ukraine has increased by approximately 1% to 6.5%, whilst market share in processed cheese and processed cheese products has increased by approximately 0.5% to 9%. Consumer demand for processed cheese and processed cheese products is growing, as the price of hard cheese rises. Competition in processed cheese and processed cheese products' market is growing and includes more than 10 key players: 5 of them are making significant investments to product promotion. The Period also saw improved kvass beverage sales, helped by a new cider product: Lemon and Ginger.

During the Period, revenue from export sales increased due to bulk butter shipments, however, export sales of packaged butter and spreads decreased. Skimmed milk products continue to decline given low prices worldwide.

The Group has expanded export sales into non-dairy products - other food commodities (supplementary products). The Company has sufficient experience and opportunities in the export market and has seen profitable operations. These operations make use of third party logistics services and are financed by deferring payment for purchased products.

Finances

The Group earned profit after tax of GBP408,000 for the Period.

On 7 February 2018, Ukrproduct announced that on 05 February 2018 it entered into an agreement for a new loan facility with Creditwest Bank Ukraine (the "New Loan Agreement"). Under the terms of the New Loan Agreement, UAH 65 million was made available for refinancing purposes and for working capital.

On 9 February 2018, Ukrproduct announced that it had drawn down UAH 32.3 million under the terms of the New Loan Agreement with Creditwest Bank Ukraine in order to fully repay all amounts outstanding to OTP Bank. Accordingly, the Company has no outstanding liabilities to OTP Bank. As at today's date, the Company has fully drawn down the loan available under the New Loan Agreement, which is due for repayment on 5 February 2021, as announced by the Company on 7 February 2018.

As at 30 June 2018, the Group had total liabilities of UAH 522,9 million (approx. GBP15.1 million) and net assets of UAH 38,8 million (approx. GBP1.1 million) with cash balances of UAH 4,0 million (approx. GBP0.1 million). The Group's financial position was improved following the New Loan Agreement. In September 2018 Ukrproduct made a scheduled repayment of EUR175.809 to EBRD. However, in relation to the Period, The Board notified EBRD in advance of covenant breaches of the Loan and EBRD provided waivers in respect of the breached covenants dated 30 June 2018.

Outlook

In FY2018, it is expected that the Ukrainian economy will continue its recovery from the fall in 2014-2015, but downside risks, largely stemming from mounting domestic political tensions and geopolitical uncertainties, remain significant.

As part of a continuing process, Ukrproduct is evaluating its business in light of the competitive marketplace. Ukrproduct will seek to sustain operational improvement via a strategy focused on cash production, operating efficiency and building profitable sales with a competitive product/service offering.

* Source: The World Bank

UKRPRODUCT GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE PERIODED 30 JUNE 2018 AND 2017

(in thousand GBP, unless otherwise stated)

 
                                   Six months ended   Six months ended 
                                       30 June 2018       30 June 2017 
                                           GBP '000           GBP '000 
 
 Revenue                                     14,827             14,910 
 including branded and 
  SMP products                               11,837             13,637 
 including Supplementary                        563                  - 
  products 
 Cost of sales                             (13,583)           (13,216) 
 including Supplementary                      (557)                  - 
  products 
                                  -----------------  ----------------- 
 Gross profit                                 1,244              1,694 
 Administrative expenses                      (534)              (482) 
 Selling and distribution 
  expenses                                    (842)              (716) 
 Other operating income/ 
  expenses, net                                (55)               (88) 
                                  -----------------  ----------------- 
 (Loss)/profit from operations                (187)                408 
 Finance expense, net                         (231)              (220) 
 Effect of foreign currency 
  translation                                   793              (230) 
                                  -----------------  ----------------- 
 Profit/(loss) before 
  taxation                                      375               (42) 
 Income tax expense                              33                 46 
                                  -----------------  ----------------- 
 Profit for the Six months                      408                  4 
 Attributable to: 
 Equity holders of the 
  Parent                                        408                  4 
 Non-controlling interest                         -                  - 
                                  -----------------  ----------------- 
                                                408                  4 
                                  =================  ================= 
 
 Earnings per share (pence): 
 Basic                                         1.03               0.01 
 Diluted                                       1.03               0.01 
 

UKRPRODUCT GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE PERIODED 30 JUNE 2018 AND 2017

(in thousand GBP, unless otherwise stated)

 
                                Six months ended   Six months ended 
                                    30 June 2018       30 June 2017 
                                        GBP '000           GBP '000 
 
 Profit for the six months                   408                  4 
 Other comprehensive income 
 Exchange differences 
  on translation to the 
  presentation currency                    (170)              (226) 
                               -----------------  ----------------- 
 Other comprehensive income 
  for the six months, net 
  of tax                                   (170)              (226) 
                               -----------------  ----------------- 
 Total comprehensive income 
  for the six months, net 
  of tax                                     238              (222) 
 Attributable to: 
 Equity holders of the 
  Parent                                   (238)              (222) 
 Non-controlling interests                     -                  - 
                               -----------------  ----------------- 
                                           (238)              (222) 
                               =================  ================= 
 

UKRPRODUCT GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE PERIODED 30 JUNE 2018 AND 2017

(in thousand GBP, unless otherwise stated)

 
                                        As at         As at          As at 
                                 30 June 2018   31 December   30 June 2017 
                                                       2017 
                                     GBP '000      GBP '000       GBP '000 
 ASSETS 
 Non-current assets 
 Property, plant and 
  equipment                             6,701         6,288          7,166 
 Intangible assets                        523           543            592 
 Deferred tax assets                        2             -              1 
 Total non-current 
  assets                                7,226         6,831          7,759 
                                =============  ============  ============= 
 Current assets 
 Inventories                            4,953         2,426          2,375 
 including supplementary                1,388             -              - 
  products 
 Trade and other receivables            3,602         2,171          2,779 
 including Receivables                    570             -              - 
  for sold supplementary 
  products 
 Current taxes                            279           271            473 
 Other financial assets                    26            30             32 
 Cash and cash equivalents                116           496            237 
 Total current assets                   8,976         5,394          5,896 
                                -------------  ------------  ------------- 
 TOTAL ASSETS                          16,202        12,225         13,655 
                                =============  ============  ============= 
 
 EQUITY AND LIABILITIES 
 Equity attributable 
  to equity holders 
 Share capital                          3,967         3,967          3,967 
 Share premium                          4,562         4,562          4,562 
 Translation reserve                 (15,064)      (14,894)       (15,007) 
 Other reserves                         3,683         3,769          3,845 
 Retained earnings                      3,972         3,478          4,521 
 Total equity attributable 
  to equity holders 
  of the parent                         1,120           882          1,888 
                                -------------  ------------  ------------- 
 Non-controlling interest                   -             -              - 
                                -------------  ------------  ------------- 
 TOTAL EQUITY                           1,120           882          1,888 
                                -------------  ------------  ------------- 
 LIABILITIES 
 Non-Current Liabilities 
 Bank borrowings                        5,381         5,716          5,815 
 Long-term payables                       456           459            476 
 Deferred tax liabilities                 234           262            308 
 Total Non Current 
  Liabilities                           6,071         6,437          6,599 
                                -------------  ------------  ------------- 
 Current Liabilities 
 Bank borrowings                        1,998         1,318          1,350 
 Trade and other payables               6,960         3,565          3,774 
 including Payables                     2,218             -              - 
  for supplementary 
  products 
 Current income tax 
  liabilities                              16             -             16 
 Other taxes payable                       37            23             28 
 Total Current Liabilities              9,011         4,906          5,168 
                                -------------  ------------  ------------- 
 TOTAL LIABILITIES 
  AND EQUITY                           16,202        12,225         13,655 
                                =============  ============  ============= 
 

UKRPRODUCT GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE PERIODED 30 JUNE 2018 AND 2017

(in thousand GBP, unless otherwise stated)

 
                                                       Six months ended                 Six months ended 
                                                           30 June 2018                     30 June 2017 
                                                               GBP '000                         GBP '000 
 Cash flows from operating 
  activities 
 Profit/(Loss) before taxation 
  for the six months                                                375                             (42) 
 Adjustments for: 
 Exchange difference                                              (793)                              230 
 Depreciation and amortisation                                      258                              288 
 Impairment of trade receivables                                     25                                5 
 Impairment of inventories                                          102                               79 
 Interest income                                                    (2)                                - 
 Interest expense                                                   233                              220 
 Increase of inventories                                        (2,629)                            (599) 
 including supplementary                                        (1,388)                                - 
  products 
 Increase in trade and other 
  receivables                                                   (1,471)                            (523) 
 including Receivables for                                        (570)                                - 
  sold supplementary products 
 Increase in trade and other 
  payables                                                        3,629                            1,015 
 including Payables for                                           2,218                                - 
  supplementary products 
 Cash generated from operations                                   (273)                              673 
 Interest received                                                    2                                - 
 Income tax paid                                                      5                              (6) 
                                    -----------------------------------  ------------------------------- 
 Net cash (used in)/generated 
  by operating activities                                         (266)                              667 
 
 Cash flows from investing 
  activities 
 Payments for property, 
  plant and equipment                                             (140)                             (41) 
 Proceeds from sale of property, 
  plant and equipment                                                 -                                1 
 Repayments / (proceeds) 
  from loans issued                                                   5                             (15) 
                                    -----------------------------------  ------------------------------- 
 Net cash used in investing 
  activities                                                      (135)                             (55) 
 
 Cash flows from financing 
  activities 
 Interest paid                                                    (182)                            (185) 
 Net proceeds from short                                            510                                - 
  term borrowing 
 Repayments of investment 
  borrowing                                                       (223)                            (176) 
                                    -----------------------------------  ------------------------------- 
 Net cash used in financing 
  activities                                                        105                            (361) 
 
 Net (decrease) / increase 
  in cash and cash equivalents                                    (296)                              251 
                                    -----------------------------------  ------------------------------- 
 Effect of exchange rate 
  changes 
  on cash and cash equivalents                                     (84)                            (189) 
                                    -----------------------------------  ------------------------------- 
 Cash and cash equivalents 
  at the beginning of the 
  six months                                                        496                              175 
 Cash and cash equivalents 
  at the end of the six months                                      116                              237 
                                    ===================================  =============================== 
 

UKRPRODUCT GROUP LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE PERIODED 30 JUNE 2018 AND 2017

(in thousand GBP, unless otherwise stated)

 
                                                                                Attributable to equity holders 
                               Share            Share        Revaluation            Retained       Translation                Total      Non-Controlling            Total 
                             capital          premium            reserve            earnings           reserve         attributable             Interest           Equity 
                                                                                                                          to equity 
                                                                                                                            holders 
                                                                                                                             of the 
                                                                                                                             parent 
                            GBP '000         GBP '000           GBP '000            GBP '000          GBP '000             GBP '000             GBP '000         GBP '000 
 As at 1 
  January 2017                 3,967            4,562              3,935               4,427          (14,781)                2,110                    -            2,110 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 Profit for the 
  six months                       -                -                  -                   4                 -                    4                    -                4 
 Other 
  comprehensive 
  income                           -                -                  -                   -             (226)                (226)                                 (226) 
                 -------------------  ---------------  -----------------  ------------------  ----------------  -------------------  -------------------  --------------- 
 Total 
  comprehensive 
  income                           -                -                  -                   4             (226)                (222)                    -            (222) 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 Depreciation 
  on 
  revaluation 
  of non 
  current 
  assets                           -                -               (90)                  90                 -                    -                    -                - 
 Reduction of                      -                -                  -                   -                 -                    -                    -                - 
 revaluation 
 reserve 
 As at 30 June 
  2017                         3,967            4,562              3,845               4,521          (15,007)                1,888                    -            1,888 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 Loss for the 
  six months                       -                -                  -             (1,119)                 -              (1,119)                    -          (1,119) 
 Other 
  comprehensive 
  income                           -                -                  -                   -               113                  113                                   113 
                 -------------------  ---------------  -----------------  ------------------  ----------------  -------------------  -------------------  --------------- 
 Total 
  comprehensive 
  income                           -                -                  -             (1,119)               113              (1,006)                    -          (1,006) 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 Depreciation 
  on 
  revaluation 
  of non 
  current 
  assets                           -                -               (76)                  76                 -                    -                    -                - 
 Reduction of                      -                -                  -                   -                 -                    -                    -                - 
 revaluation 
 reserve 
 As at 31 
  December 2017                3,967            4,562              3,769               3,478          (14,894)                  882                    -              882 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 Profit for the 
  six months                       -                -                  -                 408                 -                  408                    -              408 
 Other 
  comprehensive 
  income                           -                -                  -                   -             (170)                (170)                                 (170) 
                 -------------------  ---------------  -----------------  ------------------  ----------------  -------------------  -------------------  --------------- 
 Total 
  comprehensive 
  income                           -                -                  -                 408             (170)                  238                    -              238 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 Depreciation 
  on 
  revaluation                      -                -               (86)                  86                 -                    -                    -                - 
 As at 30 June 
  2018                         3,967            4,562              3,683               3,972          (15,064)                1,120                    -            1,120 
                 ===================  ===============  =================  ==================  ================  ===================  ===================  =============== 
 

UKRPRODUCT GROUP LIMITED

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIODED 30 JUNE 2018

1. Basis of preparation

The unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 Interim Financial Reporting.

The interim financial statements are unaudited but have been reviewed by the auditors.

The unaudited condensed consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of certain properties.

The same accounting policies, presentation and methods of computation have been followed in these unaudited condensed consolidated financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 December 2017.

The preparation of the unaudited condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from those estimates.

The comparatives for the six months ended 30 June 2017 are extracted from the Group's consolidated financial statements for the year ended 31 December 2017. The auditor's report for those accounts was unqualified, but did include a paragraph on material uncertainty related to going concern, in respect of the losses incurred by the Group during the year ended 31 December 2017 and surrounding the breach of the loan agreement with the European Bank for Reconstruction and Development (the "EBRD").

Going concern

The unaudited condensed consolidated financial statements have been prepared on a going concern basis which assumes that the Group will be able to meet its liabilities as they fall due, for the foreseeable future.

The Group earned a profit of GBP408,000 for the six months ended 30 June 2018. Nevertheless, for the same period, the Group generated a negative cash flow from operating activities of GBP266,000. The Group also has a net current liabilities position of GBP35,000 as at the period end date.

These conditions represent a material uncertainty which may cast significant doubt on the Group's ability to continue as a going concern and, in such case, the Group may be unable to realize its assets and discharge its liabilities in the normal course of business.It is worth noting that the Group held goods for sale that were prepaid as at 30 June 2018. During the subsequent period the Group has sold such prepaid inventories and received Gross Profit in the amount of GBP418,000.

The loan with EBRD is divided into 2 tranches. Tranche A has a maturity date of 01 December 2022 and interest is payable at a margin of 5% over EURIBOR per annum. Tranche B has a maturity date of 1 December 2024 and is subject to interest at the higher of EURIBOR or 1% per annum before 1 December 2022 after which date interest is charged at a margin of 5% over EURIBOR per annum. Following the restructuring of the loan in 2016 the Group has complied with the new repayment terms. The Board notified EBRD in advance of covenant breaches of the Loan and EBRD provided waivers in respect of the breached covenants as at 30 June 2018.

On 7 February 2018, Ukrproduct announced that a new loan facility with Creditwest Bank Ukraine (the "New Loan Agreement") had been entered into on 5 February 2018. Under the terms of the New Loan Agreement, UAH 65 million was made available for refinancing purposes and for working capital. The interest rate under the New Loan Agreement is fixed at 18% per annum.

On 8 February 2018, Ukrproduct announced that it had drawn down UAH 32.3 million under the terms of the New Loan Agreement with Creditwest Bank Ukraine in order to fully repay all amounts outstanding to OTP Bank. Accordingly, the Group has no outstanding liabilities to OTP Bank. As at today's date, the Group has fully drawn down the loan available under the New Loan Agreement, which is due for repayment on 5 February 2021, as announced by the Group on 7 February 2018.

Based on the existence of these conditions, the condensed consolidated financial statements have been prepared on a going concern basis, because management believes that it has employed sufficient and appropriate measures to underpin its cost cutting strategy including but not limited to increasing volume of export sales and full production capacity.

2. Write-off of inventories to net realizable value

In accordance with requirements of IAS 2, "The value of inventories must be recorded at the lower of cost or net realisable value. Where net realisable value drops to below the cost of inventory the loss is to be recognised as an expense in the period in which the drop of value occurs." The Group conducted an evaluation of inventories as at 30 June 2018 and 30 June 2017. The loss from impairment of inventories amounted to:

 
                                            Six months ended                Six months ended 
                                                30 June 2018                    30 June 2017 
                                                    GBP '000                        GBP '000 
 Impairment of finished 
  goods                                                (279)                            (79) 
 

3. Related party transactions

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions as defined by IAS 24 "Related Party Disclosures". In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form.

Transactions and balances between the Group companies and other related parties are set out below.

Sales of goods and services to related parties and purchases from related parties are summarised below. All sales and purchases were with related parties under common control of the ultimate beneficiaries of the Group.

 
                                                 Six months ended                 Six months ended 
                                                     30 June 2018                     30 June 2017 
                                                         GBP '000                         GBP '000 
 Sales                                                          0                                0 
 Purchases                                                    42                                 7 
 Administrative expenses                                        7                                7 
 Other operational incomes                                      0                               - 
 Other operational expenses                                     0                               - 
 

Balances due from/(to) related parties at each period end are shown below.

 
                                                               As at                            As at 
                                                        30 June 2018                     30 June 2017 
                                                            GBP '000                         GBP '000 
 Receivables and prepayments                                     26                               39 
 (Allowance for trade debtors)                                    -                             (14) 
 Other financial assets                                           -                               12 
 Trade and other payables                                       (11)                              (2) 
 

In the first half of 2018, the Group's commercial relationships with the related parties comprised of sales and purchases. The terms and conditions for the contracts with the related parties were similar to the terms and conditions applied in dealings with unrelated parties. There were no guarantees given by the Group to related parties and vice versa.

The ultimate controlling owners and beneficiaries of the related parties were Messrs Alexander Slipchuk and Sergey Evlanchik, directors of the Group.

4. Segment information

At 30 June 2018, the Group was organised internationally into five main business segments:

   1)     Branded products - processed cheese, hard cheese, packaged butter and spreads 
   2)     Beverages - kvass, other beverages 
   3)     Non-branded products - skimmed milk powder, other skimmed milk products 
   4)     Distribution services and other -  resale of third-party goods and processing services. 

5) Supplementary products - export trading activities with non-dairy products. The Group has expanded export sales into non-dairy products such as corn. The group has sufficient experience and opportunities in the export market and has seen profitable operations. These operations make use of third party logistics services and are financed by deferring payment for purchased products.

The segment results for the six months ended 30 June 2018 are as follows:

 
                  Branded    Beverages   Non-branded   Distribution   Supplementary    Total 
                  products                 products      services        products 
                                                         and other 
                 GBP '000    GBP '000     GBP '000       GBP '000       GBP '000      GBP '000 
--------------  ----------  ----------  ------------  -------------  --------------  --------- 
 Sales            10,016        611         1,822         1,815            563         14,827 
--------------  ----------  ----------  ------------  -------------  --------------  --------- 
 Gross profit      1,265        346         (829)          456              6          1,244 
--------------  ----------  ----------  ------------  -------------  --------------  --------- 
 

The segment results for the six months ended 30 June 2017 were as follows:

 
                  Branded    Beverages   Non-branded   Distribution   Supplementary    Total 
                  products                 products      services        products 
                                                         and other 
                 GBP '000    GBP '000     GBP '000       GBP '000       GBP '000      GBP '000 
--------------  ----------  ----------  ------------  -------------  --------------  --------- 
 Sales             9,575        488         4,062          785              0          14,910 
--------------  ----------  ----------  ------------  -------------  --------------  --------- 
 Gross profit      1,720        254         (579)          299              0          1,694 
--------------  ----------  ----------  ------------  -------------  --------------  --------- 
 

5. Earnings per share

Basic earnings per share have been calculated by dividing net profit attributable to the ordinary shareholders (profit for the period) by the weighted average number of shares in issue.

 
                                                        Six months ended                 Six months ended 
                                                            30 June 2018                     30 June 2017 
-------------------------------------  ---------------------------------  ------------------------------- 
 Net profit attributable to ordinary 
  shareholders, GBP'000                                              408                                4 
 Weighted number of ordinary shares 
  in issue                                                    39,673,050                       39,673,050 
 Basic earnings per share, pence                                    1.03                             0.01 
 Diluted average number of shares                             39,673,050                       39,673,050 
 Diluted earnings per share, pence                                  1.03                             0.01 
-------------------------------------  ---------------------------------  ------------------------------- 
 

6. Approval of interim financial statements

The unaudited condensed consolidated financial statements were approved by the board of directors on 26 September 2018. A copy will shortly be available on the Group's website at www.ukrproduct.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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