Financial results for the Second Quarter and Six Months Ended 30 June 2012 (стр. 4 )

(in thousands of US dollars)	Six months ended 30 June 2012	Six months ended 30 June 2011
Total Sales
Interdivision sales
Sales to external customers	88 335	86 979
Cost of sales
Gross profit	49 196	46 078
Gross margin	38,2%	37,3%
Operating expenses	(9 926)	(8 910)
Operating Income	39 270	37 168
Operating margin	30,5%	30,1%
Other income and expenses, net	148	84
Interest expense, net	(2 800)	(1 479)
Division profit/(loss)	36 618	35 773
Division profit margin	28,4%	29,0%
Pork division Adjusted EBITDA reconciliation*
Division profit/(loss)	36 618	35 773
Add:
Interest expense, net of subsidies	2 800	1 479
Interest income	(124)	(150)
Foreign exchange loss/gain	(21)	66
Depreciation and amortisation	11 047	9 174
Pork division Adjusted EBITDA*	50 320	46 342
Adjusted EBITDA Margin	39,1%	37,6%

GRAIN DIVISION UNAUDITED INCOME STATEMENT DATA*

(in thousands of US dollars)	Six months ended 30 June 2012	Six months ended 30 June 2011
Total Sales	4 086	39
Interdivision sales	(1 171)	(32)
Sales to external customers	2 915	7
Cost of sales	(4 505)	(7)
Gross profit	(419)	32
Gross margin	-10,3%	82,1%
Operating expenses	(338)	(175)
Operating Income	(757)	(143)
Operating margin	-18,5%	-366,7%
Other income and expenses, net	20	-
Interest expense	(28)	(141)
Division profit/(loss)	(765)	(284)
Division profit margin	-18,7%	-728,2%
Grain division Adjusted EBITDA reconciliation*
Division profit/(loss)	(765)	(284)
Add:
Interest expense, net of subsidies	28	141
Interest income	(22)	-
Depreciation and amortisation	326	37
Grain division Adjusted EBITDA*	(433)	(106)
Adjusted EBITDA Margin	-10,6%	-271,8%

* The grain segment was acquired by the Group in May 2011 together with Mosselprom and is involved in the farming of wheat and other crops.

APPENDIX II:

UNAUDITED condensed consolidated income statement

For the six months ended 30 JUNE 2012

	Six months ended 30 June 2012 US (in thousands of US dollars) Six months ended 30 June 2012 Six months ended 30 June 2011 Total Sales Interdivision sales Sales to external customers 88 335 86 979 Cost of sales Gross profit 49 196 46 078 Gross margin 38,2% 37,3% Operating expenses (9 926) (8 910) Operating Income 39 270 37 168 Operating margin 30,5% 30,1% Other income and expenses, net 148 84 Interest expense, net (2 800) (1 479) Division profit/(loss) 36 618 35 773 Division profit margin 28,4% 29,0% Pork division Adjusted EBITDA reconciliation* Division profit/(loss) 36 618 35 773 Add: Interest expense, net of subsidies 2 800 1 479 Interest income (124) (150) Foreign exchange loss/gain (21) 66 Depreciation and amortisation 11 047 9 174 Pork division Adjusted EBITDA* 50 320 46 342 Adjusted EBITDA Margin 39,1% 37,6% GRAIN DIVISION UNAUDITED INCOME STATEMENT DATA* (in thousands of US dollars) Six months ended 30 June 2012 Six months ended 30 June 2011 Total Sales 4 086 39 Interdivision sales (1 171) (32) Sales to external customers 2 915 7 Cost of sales (4 505) (7) Gross profit (419) 32 Gross margin -10,3% 82,1% Operating expenses (338) (175) Operating Income (757) (143) Operating margin -18,5% -366,7% Other income and expenses, net 20 - Interest expense (28) (141) Division profit/(loss) (765) (284) Division profit margin -18,7% -728,2% Grain division Adjusted EBITDA reconciliation* Division profit/(loss) (765) (284) Add: Interest expense, net of subsidies 28 141 Interest income (22) - Depreciation and amortisation 326 37 Grain division Adjusted EBITDA* (433) (106) Adjusted EBITDA Margin -10,6% -271,8% * The grain segment was acquired by the Group in May 2011 together with Mosselprom and is involved in the farming of wheat and other crops. APPENDIX II: UNAUDITED condensed consolidated income statement For the six months ended 30 JUNE 2012 Six months ended 30 June 2012 US$000 Six months ended 30 June 2011 US$000 (as adjusted)* Year ended 31 December 2011 US$000 (as adjusted)* Sales 749 255 1  Cost of sales ( ( (1  Gross profit 208 624 170 165 368 728 Selling, general and administrative expense ( ( Impairment of assets - - (3 395) Other operating expense, net (315) (45) (1 151) Operating income 107 794 75 720 Other income (expense), net 768 ●    1 212 (30) Financial expense, net (6 784) (7 306) Income before income tax 69 626 Income tax (2 400) (2 466) (5 819) Net income 99 378 67 160 Less: Net income attributable to non-controlling interests (3 033) (986) (2 839) Net income attributable to Cherkizovo Group 96 345 66 174 Weighted average number of shares outstanding – basic 43 43 42 Net income attributable to Cherkizovo Group per share – basic (USD): 2.24 1.54 3.38 Weighted average number of shares outstanding – diluted 43 43 42 Net income attributable to Cherkizovo Group per share –diluted (USD): 2.24 1.54 3.38 APPENDIX III:		Six months ended 30 June 2011 US (in thousands of US dollars) Six months ended 30 June 2012 Six months ended 30 June 2011 Total Sales Interdivision sales Sales to external customers 88 335 86 979 Cost of sales Gross profit 49 196 46 078 Gross margin 38,2% 37,3% Operating expenses (9 926) (8 910) Operating Income 39 270 37 168 Operating margin 30,5% 30,1% Other income and expenses, net 148 84 Interest expense, net (2 800) (1 479) Division profit/(loss) 36 618 35 773 Division profit margin 28,4% 29,0% Pork division Adjusted EBITDA reconciliation* Division profit/(loss) 36 618 35 773 Add: Interest expense, net of subsidies 2 800 1 479 Interest income (124) (150) Foreign exchange loss/gain (21) 66 Depreciation and amortisation 11 047 9 174 Pork division Adjusted EBITDA* 50 320 46 342 Adjusted EBITDA Margin 39,1% 37,6% GRAIN DIVISION UNAUDITED INCOME STATEMENT DATA* (in thousands of US dollars) Six months ended 30 June 2012 Six months ended 30 June 2011 Total Sales 4 086 39 Interdivision sales (1 171) (32) Sales to external customers 2 915 7 Cost of sales (4 505) (7) Gross profit (419) 32 Gross margin -10,3% 82,1% Operating expenses (338) (175) Operating Income (757) (143) Operating margin -18,5% -366,7% Other income and expenses, net 20 - Interest expense (28) (141) Division profit/(loss) (765) (284) Division profit margin -18,7% -728,2% Grain division Adjusted EBITDA reconciliation* Division profit/(loss) (765) (284) Add: Interest expense, net of subsidies 28 141 Interest income (22) - Depreciation and amortisation 326 37 Grain division Adjusted EBITDA* (433) (106) Adjusted EBITDA Margin -10,6% -271,8% * The grain segment was acquired by the Group in May 2011 together with Mosselprom and is involved in the farming of wheat and other crops. APPENDIX II: UNAUDITED condensed consolidated income statement For the six months ended 30 JUNE 2012 Six months ended 30 June 2012 US$000 Six months ended 30 June 2011 US$000 (as adjusted)* Year ended 31 December 2011 US$000 (as adjusted)* Sales 749 255 1  Cost of sales ( ( (1  Gross profit 208 624 170 165 368 728 Selling, general and administrative expense ( ( Impairment of assets - - (3 395) Other operating expense, net (315) (45) (1 151) Operating income 107 794 75 720 Other income (expense), net 768 ●    1 212 (30) Financial expense, net (6 784) (7 306) Income before income tax 69 626 Income tax (2 400) (2 466) (5 819) Net income 99 378 67 160 Less: Net income attributable to non-controlling interests (3 033) (986) (2 839) Net income attributable to Cherkizovo Group 96 345 66 174 Weighted average number of shares outstanding – basic 43 43 42 Net income attributable to Cherkizovo Group per share – basic (USD): 2.24 1.54 3.38 Weighted average number of shares outstanding – diluted 43 43 42 Net income attributable to Cherkizovo Group per share –diluted (USD): 2.24 1.54 3.38 APPENDIX III: (as adjusted)*		Year ended 31 December 2011 US (in thousands of US dollars) Six months ended 30 June 2012 Six months ended 30 June 2011 Total Sales Interdivision sales Sales to external customers 88 335 86 979 Cost of sales Gross profit 49 196 46 078 Gross margin 38,2% 37,3% Operating expenses (9 926) (8 910) Operating Income 39 270 37 168 Operating margin 30,5% 30,1% Other income and expenses, net 148 84 Interest expense, net (2 800) (1 479) Division profit/(loss) 36 618 35 773 Division profit margin 28,4% 29,0% Pork division Adjusted EBITDA reconciliation* Division profit/(loss) 36 618 35 773 Add: Interest expense, net of subsidies 2 800 1 479 Interest income (124) (150) Foreign exchange loss/gain (21) 66 Depreciation and amortisation 11 047 9 174 Pork division Adjusted EBITDA* 50 320 46 342 Adjusted EBITDA Margin 39,1% 37,6% GRAIN DIVISION UNAUDITED INCOME STATEMENT DATA* (in thousands of US dollars) Six months ended 30 June 2012 Six months ended 30 June 2011 Total Sales 4 086 39 Interdivision sales (1 171) (32) Sales to external customers 2 915 7 Cost of sales (4 505) (7) Gross profit (419) 32 Gross margin -10,3% 82,1% Operating expenses (338) (175) Operating Income (757) (143) Operating margin -18,5% -366,7% Other income and expenses, net 20 - Interest expense (28) (141) Division profit/(loss) (765) (284) Division profit margin -18,7% -728,2% Grain division Adjusted EBITDA reconciliation* Division profit/(loss) (765) (284) Add: Interest expense, net of subsidies 28 141 Interest income (22) - Depreciation and amortisation 326 37 Grain division Adjusted EBITDA* (433) (106) Adjusted EBITDA Margin -10,6% -271,8% * The grain segment was acquired by the Group in May 2011 together with Mosselprom and is involved in the farming of wheat and other crops. APPENDIX II: UNAUDITED condensed consolidated income statement For the six months ended 30 JUNE 2012 Six months ended 30 June 2012 US$000 Six months ended 30 June 2011 US$000 (as adjusted)* Year ended 31 December 2011 US$000 (as adjusted)* Sales 749 255 1  Cost of sales ( ( (1  Gross profit 208 624 170 165 368 728 Selling, general and administrative expense ( ( Impairment of assets - - (3 395) Other operating expense, net (315) (45) (1 151) Operating income 107 794 75 720 Other income (expense), net 768 ●    1 212 (30) Financial expense, net (6 784) (7 306) Income before income tax 69 626 Income tax (2 400) (2 466) (5 819) Net income 99 378 67 160 Less: Net income attributable to non-controlling interests (3 033) (986) (2 839) Net income attributable to Cherkizovo Group 96 345 66 174 Weighted average number of shares outstanding – basic 43 43 42 Net income attributable to Cherkizovo Group per share – basic (USD): 2.24 1.54 3.38 Weighted average number of shares outstanding – diluted 43 43 42 Net income attributable to Cherkizovo Group per share –diluted (USD): 2.24 1.54 3.38 APPENDIX III: (as adjusted)*
Sales	749 255				1
Cost of sales	(		(		(1
Gross profit	208 624		170 165		368 728
Selling, general and administrative expense	(				(
Impairment of assets	-		-		(3 395)
Other operating expense, net	(315)		(45)		(1 151)
Operating income	107 794		75 720
Other income (expense), net	768	●	1 212		(30)
Financial expense, net	(6 784)		(7 306)
Income before income tax			69 626
Income tax	(2 400)		(2 466)		(5 819)
Net income	99 378		67 160
Less: Net income attributable to non-controlling interests	(3 033)		(986)		(2 839)
Net income attributable to Cherkizovo Group	96 345		66 174

Weighted average number of shares outstanding – basic		43		43		42
Net income attributable to Cherkizovo Group per share – basic (USD):		2.24		1.54		3.38

Weighted average number of shares outstanding – diluted		43		43		42
Net income attributable to Cherkizovo Group per share –diluted (USD):		2.24		1.54		3.38

APPENDIX III: