25,681 Tonnes of Wheat Harvested

Landkom International PLC (AIM: LKI, "Landkom" or the "Company"), the Ukrainian producer of high-value oil seed rape (OSR) and wheat, has harvested 25,681 tonnes of wheat from 8,000 hectares (ha). The Group also harvested 3,974 tonnes of Mustard, Rye and Barley from 5,000 ha of pre-planted land acquired in Q2 2008.

19,707 tonnes of this harvest was Winter wheat. This represents an average yield of 3.77 tonnes per hectare. 2,512 tonnes of this crop was high quality Spring wheat, harvested during the summer. This represents an average yield of 1.6 tonnes per hectare. As highlighted in the interim results, the autumn has been extremely wet and a further 3,462 tonnes of lower quality Spring wheat was harvested from 4,323 ha, largely to build the Group's local reputation.

Most of the wheat harvested is high quality milling wheat which is expected to secure a significant price premium to current, low market pricing for wheat as a whole.

On 28 August 2008, Landkom reported that it had harvested over 22,100 tonnes of Oil Seed Rape (OSR) from 6,200 ha, made up of 18,532 tonnes of high quality OSR from 5,003 ha and 3,600 tonnes of lower quality OSR from 1,200 ha.

Following a detailed audit of all crops harvested during the Summer and Autumn, the Group has now identified that it harvested in total 22,592 tonnes of OSR. However, some 3,020 tonnes of this enlarged harvest was high quality OSR, harvested for third parties and from which Landkom received harvesting and transport fees but not crop sales. Overall this reduced the high quality OSR yield to 3.13 tonnes per hectare from 3.70 tonnes per hectare as reported in August. There is no financial impact from this adjustment; with OSR revenues, as reported before, well ahead of the management's expectations at IPO in November 2007.

For further information:

Landkom International PLC
Richard Spinks, Chief Executive
Tel: +380 673 410 140

Libertas Capital
Aamir Quraishi/Anthony Rowland
Tel: +44 (0)20 7569 9650

College Hill
Simon Whitehead/Adrian Duffield
Tel: +44 (0)20 7457 2020

 

03 November 2008

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