Valinor Public Limited - Dom Maklerski BZ WBK SA

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TABLE OF CONTENTSPROSPECTUS SUMMARY ..................................................................................................... 1RISK FACTORS ..................................................................................................................... 23PERSONS RESPONSIBLE .................................................................................................... 62NO INCORPORATION OF WEBSITE INFORMATION ..................................................... 64FORWARD LOOKING STATEMENTS ............................................................................... 64PRESENTATION OF FINANCIAL AND OTHER INFORMATION .................................. 66EXCHANGE RATE INFORMATION ................................................................................... 70USE OF PROCEEDS .............................................................................................................. 71DIVIDENDS AND DIVIDEND POLICY .............................................................................. 73CAPITALISATION AND INDEBTEDNESS OF THE GROUP ........................................... 74SELECTED FINANCIAL AND OPERATIONAL INFORMATION FOR THE GROUP ... 77MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS ................................................................................................ 81INDUSTRY OVERVIEW ..................................................................................................... 137GROUP STRUCTURE .......................................................................................................... 169RESTRUCTURING .............................................................................................................. 171BUSINESS ............................................................................................................................. 174SHAREHOLDERS ................................................................................................................ 218MANAGEMENT AND CORPORATE GOVERNANCE .................................................... 220RELATED PARTY TRANSACTIONS ................................................................................ 230CERTAIN CYPRIOT AND POLISH SECURITIES MARKETS REGULATIONS ........... 236DESCRIPTION OF THE SHARES ...................................................................................... 256TAXATION ........................................................................................................................... 267TERMS AND CONDITIONS OF THE OFFERING ............................................................ 278PLACEMENT, STABILISATION, OVER-ALLOTMENT AND LOCK-UPARRANGEMENTS ............................................................................................................... 287TRANSFER AND SELLING RESTRICTIONS ................................................................... 290CERTAIN DEFINITIONS .................................................................................................... 292DOCUMENTS AVAILABLE FOR INSPECTION .............................................................. 299- vi -
CONSENTS ........................................................................................................................... 300INDEPENDENT AUDITORS............................................................................................... 308FINANCIAL INFORMATION ............................................................................................. 309RESPONSIBILITY STATEMENT ....................................................................................... 310ANNEX 1............................................................................................................................... 313- vii -
Page 3 and 4: and is only directed at qualified i
Page 5: Pending exercise of the call option
Page 9 and 10: History and Development of the Grou
Page 11 and 12: Maintain focus on crop production:
Page 13 and 14: Summary of Risk FactorsBefore inves
Page 15 and 16: • Infrastructure in Russia and Uk
Page 17 and 18: Capitalisation and Indebtedness of
Page 19 and 20: (4) Pursuant to the terms of the De
Page 21 and 22: Summary of Financial and Operating
Page 23 and 24: Year ended 31 December2010 2009 200
Page 25 and 26: THE OFFERThe CompanyThe OfferingOve
Page 27 and 28: Until 20 July 2011 - Submission of
Page 29 and 30: Securities codeManagersConsultantUn
Page 31 and 32: Russia and Ukraine where climate co
Page 33 and 34: collateral that secures its indebte
Page 35 and 36: uckwheat products were subject to e
Page 37 and 38: moratorium is lifted, the Group may
Page 39 and 40: Financial Condition and Results of
Page 41 and 42: As at 31 December 2010, out of appr
Page 43 and 44: The Group may not be able to accura
Page 45 and 46: Dividends from Ukrainian Subsidiari
Page 47 and 48: Increased competition in the Russia
Page 49 and 50: tensions in the region could negati
Page 51 and 52: Weaknesses relating to the Russian
Page 53 and 54: year preceding the year when the fi
Page 55 and 56: year. The tax audits may also impos
Page 57 and 58:
ecome effective from 1 January 2011
Page 59 and 60:
The reversal of reform policies or
Page 61 and 62:
entity, under Russian law the party
Page 63 and 64:
government or rejection or reversal
Page 65 and 66:
elevant statement to that effect wi
Page 67 and 68:
Risks Relating to the SharesExercis
Page 69 and 70:
PERSONS RESPONSIBLEThis Prospectus
Page 71 and 72:
NO INCORPORATION OF WEBSITE INFORMA
Page 73 and 74:
PRESENTATION OF FINANCIAL AND OTHER
Page 75 and 76:
In this Prospectus, certain stateme
Page 77 and 78:
EXCHANGE RATE INFORMATIONThe Group
Page 79 and 80:
at least 25% of the Shares plus one
Page 81 and 82:
CAPITALISATION AND INDEBTEDNESS OF
Page 83 and 84:
(4) Pursuant to the terms of the De
Page 85 and 86:
Year ended 31 December2010 2009 200
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and equipmentOperating profit/(loss
Page 89 and 90:
are applied equally to the reportab
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the subsidiaries were originally ac
Page 93 and 94:
The Group’s current policy is gen
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The Group’s inability to export g
Page 97 and 98:
also led to a decline in real dispo
Page 99 and 100:
Agricultural produce harvested from
Page 101 and 102:
subsidies and livestock subsidies.
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in respect of temporary differences
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Year ended 31 December2010 2009 Cha
Page 107 and 108:
Sales(intonnes)Year ended 31 Decemb
Page 109 and 110:
Page 111 and 112:
million for the year ended 31 Decem
Page 113 and 114:
The Russian operations accounted fo
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Due to more favourable currency exc
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expense. For the year ended 31 Dece
Page 119 and 120:
Page 121 and 122:
the remaining approximately 37.2% a
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The following table sets out a brea
Page 125 and 126:
Russian operations recorded a 16.9%
Page 127 and 128:
Page 129 and 130:
Change in allowance for irrecoverab
Page 131 and 132:
Ukrainian farm. The difference betw
Page 133 and 134:
significant decrease in inventories
Page 135 and 136:
For the year ended 31 DecemberNet i
Page 137 and 138:
The principal sources of funding fo
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Minimum lease payments Present valu
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Agricultural products price riskThe
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2010CarryingamountContractualamount
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The table below summarises key macr
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The Global Agricultural MarketRenew
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Rising Life ExpectancyAverage life
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Global Production and Stock LevelsT
Page 153 and 154:
World market prices for major food
Page 155 and 156:
food-insecure people will not impro
Page 157 and 158:
Poland 16 13World 4,884 1,381______
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or biofuel. Wheat is also planted t
Page 161 and 162:
Agricultural yearBarley production
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Corn is the third largest fodder cr
Page 165 and 166:
In Ukraine, strong demand and relat
Page 167 and 168:
unemployment rate increased from 6.
Page 169 and 170:
cadastral valuation of the leased l
Page 171 and 172:
of Agricultural Product, Raw Materi
Page 173 and 174:
State Price ControlPrice Control in
Page 175 and 176:
According to the Ukrainian State Su
Page 177 and 178:
The Group’s headquarters in Russi
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(“Russian Agricultural Bank”),
Page 181 and 182:
BUSINESSOverviewThe Valinor Group i
Page 183 and 184:
Optimal Product MixValinor has deve
Page 185 and 186:
In addition, the Group plans to imp
Page 187 and 188:
The Group’s current portfolio of
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Cypriot and non-Cypriot residents D
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• The Southern cluster, comprisin
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CountryTotallandundercontrol,haLand
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affected if its land lease agreemen
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52,000 hectares of new land and suc
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the biggest Russian and internation
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Oilseeds 1.7 1.7 1.6 1.8 2.0 1.4 2.
Page 203 and 204:
The Group’s agronomists assess th
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ecomes the property of the lessor.
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the terms of transportation on an a
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Products sold (as a percentage of t
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Group introduces an in-house tradin
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costs. Historically, the Group has
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alance was applied to working capit
Page 217 and 218:
(approximately USD 2,460,630 millio
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Placement AgreementThe Company has
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Russian and Ukrainian insurance ind
Page 223 and 224:
Business and Industry - The Group d
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SHAREHOLDERSShareholdersThe below t
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Board of DirectorsMANAGEMENT AND CO
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Andrey Sizov, 35, is an independent
Page 231 and 232:
Further Information on the Board of
Page 233 and 234:
Board CommitteesIn addition to the
Page 235 and 236:
NameEduard KurochkinAlexandr Lavrin
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RELATED PARTY TRANSACTIONSIn the or
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through the purchase of agricultura
Page 241 and 242:
Loans to the GroupPrior to the Rest
Page 243 and 244:
CERTAIN CYPRIOT AND POLISH SECURITI
Page 245 and 246:
Pursuant to Article 4(2)(e) of the
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company listed on a regulated marke
Page 249 and 250:
possible and in any event, within t
Page 251 and 252:
Violation of the prohibition on the
Page 253 and 254:
(r)holds at least 5%, 10%, 15%, 20%
Page 255 and 256:
If a shareholder exceeds the 33% th
Page 257 and 258:
Additionally, Article 75 of the Pol
Page 259 and 260:
made in writing within three months
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(aa) publish, at the issuer’s or
Page 263 and 264:
DESCRIPTION OF THE SHARESIntroducti
Page 265 and 266:
• A right to pledge, charge, gran
Page 267 and 268:
No distribution of dividends may be
Page 269 and 270:
determine. Special meetings of shar
Page 271 and 272:
appointed for holding the meeting,
Page 273 and 274:
Director’s RemunerationThe shareh
Page 275 and 276:
immovable property situated in Cypr
Page 277 and 278:
Withholding TaxesNo withholding tax
Page 279 and 280:
life interest centre) in Poland; or
Page 281 and 282:
Notwithstanding the above, the Poli
Page 283 and 284:
provision will come into effect on
Page 285 and 286:
TERMS AND CONDITIONS OF THE OFFERIN
Page 287 and 288:
announcement pursuant to section 27
Page 289 and 290:
The final number of Offer Shares an
Page 291 and 292:
The minimum allotment in the Offeri
Page 293 and 294:
Investors should consider that sinc
Page 295 and 296:
Stabilisation and the Over-Allotmen
Page 297 and 298:
TRANSFER AND SELLING RESTRICTIONSNo
Page 299 and 300:
CERTAIN DEFINITIONS“Adjusted EBIT
Page 301 and 302:
“Offering Broker”“EBRD” The
Page 303 and 304:
“Petrocommerce Bank”“Placemen
Page 305 and 306:
“Valars Agro”“Valars Group”
Page 307 and 308:
CONSENTSThe following parties, The
Page 309 and 310:
Prospectus of Valinor Public Limite
Page 311 and 312:
Clifford Chance, Janicka, Krużewsk
Page 313 and 314:
Board of DirectorsValinor Public Li
Page 315 and 316:
INDEPENDENT AUDITORSDeloitte Limite
Page 317 and 318:
VALINOR PUBLIC LIMITEDAND ITS SUBSI
Page 319 and 320:
VALINOR PUBLIC LIMITED AND ITS SUBS
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INDEPENDENT AUDITORS’ REPORTTo th
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INDEPENDENT AUDITORS’ REPORT (CON
Page 327 and 328:
VALINOR LIMITED AND ITS SUBSIDIARIE
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RESPONSIBILITY STATEMENTThe Company
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RESPONSIBILITY STATEMENTThe Underwr
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Name Address Date ofestablishmentRe
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THE COMPANYValinor Public LimitedSt
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Valinor Public Limited - Dom Maklerski BZ WBK SA

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