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Machinery
November 30, 2010
Kryukivka Carriage wins Ukrzaliznytsya tender

Kryurivka Carriage [KVBZ UK] and FTD Dessau (Germany) have won a tender for supplying 1035 gondola cars to Donetsk railway, member of Ukrzaliznytsya financed by an EBRD credit. Kryurivka Carriage is to supply 460 cars while out of this number. USD 11 mln of EBRD credit for train car acquisition is still to be distributed.

Economy and politics
November 30, 2010
State budget deficit in 10M10 is 5.4% of GDP

State budget deficit of Ukraine in 10M10 amounted to UAH 56.6 bln, which is 4.6% more than planned UAH 54.1 bln.

Economy and politics
November 29, 2010
Government debt increased to USD 51.2 bln

Direct state debt and state-guaranteed debt of Ukraine grew by 0.3% to USD 51.2 bln in October, equals 28.7% increase in 10M10.

Agriculture
November 29, 2010
Milkiland [N/R] sets its IPO price at PLN 33.78 (USD 11.3)

Milkiland [N/R], a diversified dairy producer operating in Russia and Ukraine, will place 22.4% of its shares on the Warsaw stock exchange at a price of PLN 33.78 (USD 11.3), which is PLN 11.72 (USD 3.9) lower than the maximum offered price. The company will raise about USD 79.4 mln in the IPO. The offering comprises 6.25 mln newly issued shares and 0.75 mln existing shares.

Machinery
November 26, 2010
AvtoKrAZ designs new basic model

AvtoKrAZ [KRAZ UK] has finished designing a new basic vehicle model KrAZ N23.0. The truck has 6x4 wheel formula and variable chassis length. It is equipped with Euro-3 engine and is designed for carrying over 20 types of equipment for communal services. The company estimates demand for the truck at 1.3 thsd units per year.

Machinery
November 25, 2010
Bogdan Corporation consolidates Hyundai sales on Bogdan Motors

Bogdan Corporation has adopted a decision to consolidate sales of all (both produced in Cherkassy and imported) Hyundai cars on Bogdan Motors [LUAZ UK]. The decision was taken for enhancement of Bogdan Motors’ financials. Sales consolidation is to improve the company sales by almost USD 190 mln in 2011. The main aim of consolidation of sales is attracting additional equity financing.

Economy and politics
November 25, 2010
Ukraine’s GDP growth accelerated to 4.8%

Real GDP growth in 10M10 accelerated to 4.8% YoY, which was due to high recovery rate of the basic industries in September-October.

Economy and politics
November 25, 2010
Ukrainian Banks posted USD 1.3 bln of net loss

Net loss of Ukrainian banking system in 10M10 amounted to USD 1.3 bln, which is 55% lower than in 10M09.

Agriculture
November 24, 2010
Kernel [KER PW, U/R] won’t pay dividends for FY10

Kernel’s [KER PW, U/R] Board of Directors decided not to pay dividends for FY10 and to carry forward the net loss of the Parent Company (Kernel Holding S.A.). Such decision was adopted at the Annual General Meeting (AGM) of the Company’s shareholders held on Monday, November 15.

Metals and Mining
November 23, 2010
Interpipe restructures bank liabilities

Interpipe Limited (Cyprus), owner of Novomoskovsk Pipe [NVTR UK] and Nyzhnyodniprovsk Pipe [NITR UK] has restructured debt to creditor banks. The new interest rate is LIBOR+6 p.p. and will be corrected in case of drammatic changes in the company debt/LTM EBITDA ratio. Viktor Pinchuk, the company owner, has taken obligation to invest USD 60 mln into the company equity. Several banks have prolonged credit period till 2018 yet settlement is expected to be shorter, correcting time after each tranche.

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