35,000 tonnes of rapeseed sold forward at approximately $318 per tonne
Landkom International PLC
35,000 tonnes of rapeseed sold forward at approximately $318 per tonne
Landkom International PLC (AIM: LKI, "Landkom" or “the Group”"), the Ukrainian producer of agricultural commodities, has completed the forward sales of its rapeseed crop, with a 17% increase in price over the average rapeseed sales price in 2009.
Landkom has forward sold a total of 35,000 tonnes of rapeseed. It expects these forward sales contracts to be equivalent on average to approximately $318 per tonne ex works, ($382 including VAT), after the deduction of delivery costs. On a comparable basis 2009 prices were $273 excluding VAT.
Average contracted sales prices before distribution costs and excluding VAT will be $337 ($405 including VAT) per tonne. Landkom will receive and retain proceeds inclusive of VAT.
All remaining harvested rapeseed in excess of the 35,000 tonnes forward sold, will be sold on the spot market once the harvest is completed and exact yields are determined.
It is expected that rapeseed harvest results will be published in the second half of August.
Vitaliy Skotsyk, Landkom Chief Executive, commented:
“We are very pleased with the levels of pricing achieved. Given uncertainties in export VAT reimbursements, we have been successful in achieving a strong export based price inclusive of VAT whilst the local prices remain depressed.
“We have held back a material portion of the expected rapeseed harvest for sale in the spot market and expect to benefit from any positive movements in the market price for those volumes.
“With the estimated 35% decrease in production costs and the substantial increase in sales price compared to 2009, we are confident that the 2009/10 rapeseed crop will be Landkom’s first profitable crop.”
Enquiries:
28 June 2010
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Interim Results
Notice of Interim results - 20 July 2010
Landkom International PLC (AIM: LKI), the Ukrainian producer of agricultural commodities, will be publishing its Interim results for the six months to 30 April 2010 on Tuesday, 20 July 2010
29 June 2010 Read more...
35,000 tonnes of rapeseed sold forward at approximately $318 per tonne
Completion of Spring Planting
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