Notizen + Kein Other Comprehensive Income ausser currency translations + Sehr starker IR Auftritt (vgl.

Mox Telekom), inklusive Excelvorlage + starkes operatives Wachstum UND gnstige Bewertung + Begebung der Anleihe nachvollziehbar (Capex war grsser als oper. CF) +Majority Owner braucht Kapitalmarkt, um Vermgen ausser Landes zu bringen (IPO UkrLandFarming Plc) + Cargil hat sich mit 5% an der Mutter beteiligt + KPMG als Auditor + Fitch Rating (B) + Unternehmen zahl Dividende + Gross Profit Margin jedes Jahr gestiegen (Econ. of scale oder fallende raw materials preise?) + Company probably benefits from low raw materials prices (compund fodder) as this is 66% of COGS per egg, compared to only 5% for salaries Avg. # of employees ist nur von 4.7k (2007) auf 5.6k (2012) gestiegen + No material third party transactions any longer + Durch prepayments hat Co 2012 Mais 18% und Weizen 12% unter Spotpreis gekauft + Covenants are additional security against management misbehavior

- Unternehmen hat in der Vergangenheit keine Steuern bezahlt (16% realisitisch going forward according to research report) - Oleg Bakhmatyuk kontrolliert (mittelbar) 77.5% des Unternehmens -Net debt (30.06.2013) USD 182.185m - COGS sind grsster Kostenblock (63% of sales) - Massive Dilution in 2008, 2009, 2010, 2011 but not 2012 (NOT SHOWN) - Co has benefited from a) increased market share (2007: 12.6%; 2012: 52%), b) growing domestic market (2007: 252 eggs per capita; 2013E: 317), price increases (2007 UAH 0.25 vs. 0.7 per shell egg) - Short term bank loans 2012 USD 50m, EURO 44.3m, long term USD 27.8m, - Exports highly dependent on Iraq (2012: 59% of exports)

Offene Fragen: Annual maintanance capex Woher kommen die Economies of scale Wie ist die Lage mit den Produktionssttten auf der Krim (can you move facilities to Ukraine) Ist das Management beteiligt / incentiviert (Check Dilution if OS) Sind Abschreibungen zu gering? Was sind die Covenants? Why have prices per shell egg gone up so much (2007: 0.25 UAH; 2012 0.70 UAH) Check pricing (where does advantage come from) What does the company do better than its domestic competitors? Where do they see room for efficiency / operational improvements What is the current status regarding the export to EU Why are there so many receivables due more than 90 days (USD 36.4m) Check ob Kapitalerhhungen shareholder friendly waren Guidance for sales, EBITDA, Div, Egg prices Whats the current status on the IPO of UkrLandFarming? How will the conversion of Avangard into UFL work? Check UAH development over last year How long can you store Shell Eggs What are domestic egg prices doing

Strengths

Weaknesses

Eurobond vs. Umstze in UAH

Opportunities

Threads Biological assets (hens) may be subject to viruses

Porter 5F

Suppliers

Customers

Substitutes

Rivalry