On February 24, 2022, Russia launched a military invasion of Ukraine. To date, active conflict is going on in and around several large Ukrainian cities, including Kyiv, Kharkov, Odessa, Mariupol.
The situation remains dangerous and unpredictable, and the number of casualties, both civilian and military, is expected to rise.
The Group’s business operations in some regions of Ukraine with the most intensive military operations are paralyzed.
The Group’s top priority is to preserve its business and assets. At the moment, there is no data on damage to objects or infrastructure of the group. Part of the agricultural assets is now located in the occupied territories, and our task there is only to ensure safety, which is being done.
Business processes have been reorganized to accommodate existing challenges and ensure continuity in the management of the Group. However, due to the blocking of ports in Ukraine, we are restructuring logistics chains to use rail and road transport to sell our products through European countries.
Despite the strong Group’s financial performance in 2021, events in Ukraine create significant ongoing uncertainty for the Group, including the risk of damage to assets, loss of inventory (either physical loss due to military operations, or military needs in accordance with Martial law in Ukraine) and the disruption of the sowing campaign for the Group and for Ukraine as a whole.
We continue to monitor available liquidity given the current uncertainty and will keep our liquidity position under review and keep creditors informed in a timely manner. As we continue to analyze the impact of events, we will provide additional information and updates whenever possible and make additional announcements as needed. In the future, we plan to continue to disclose information in the usual manner.
With kind regards, team of GC “Agroliga”.