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Alpcot Agro: Half yearly report

Half yearly report Alpcot Agro AB | 2008-08-28

Half yearly report Alpcot Agro AB (publ) period January 1 - June 30,
2008

(Numbers within brackets refer to the period September 7, 2006 - June
30, 2007 unless otherwise stated)

- Net revenues amounted to SEK 29,316 (896) thousand, of which SEK
19,436 (-) thousand was result from market valuation of biological
assets at the end of the period.
- During the period, gross profit amounted to SEK 6,222 (-1,905)
thousand, operating profit amounted to SEK -25,361 (-3,581) thousand and
profit for the period amounted to SEK -27,897 (-3,263) thousand.
- Result per share amounted to SEK -1.30 (-0.80).
- Agricultural land under control 1) increased to 133,000 (93,000) 2)
hectares, of which around 78,000 (44,000) 2) hectares was owned 3) by
the Company, directly or indirectly.
- This year's seeded volume will amount to 53,900 hectares with an
estimated harvest as of 20 August 2008 of approximately 150,600 tonnes,
which is higher than earlier prognosis.
- Acquisition of land in two new Russian regions, namely Kursk and
Kurgan.
- The Company raised SEK 520 million in capital before transaction
costs through a new share issue directed towards institutional investors
in Sweden and abroad.
- The Company has changed its name to Alpcot Agro AB.
- After the end of the period, the Company has opened a number of
offices in Ukraine.

1) See definition of "Land under control" on page 20 in the report.
2) As of December 31, 2007.
3) See definition of "Land in ownership" on page 20 in the report.

Comments from CEO Carl Aschan:
"I am satisfied with what we have achieved during the first half of
2008. We have been able to combine a fast increase in land under control
with successful operations. The harvested area is estimated to be
approximately 53,900 hectares with an estimated harvest of approximately
150,600 tonnes, which is higher than expected."

The complete report is available at the Company's website
www.alpcotagro.com.

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