FEERUM Group, a leading manufacturer of comprehensive grain elevators in Poland, with a strong position on export markets, has published its results for Q3 2024. Consolidated sales revenues amounted to PLN 52.4 million, gross profit from sales amounted to over PLN 8.2 million, EBITDA amounted to PLN 6.3 million, and net profit to PLN 0.4 million.
FEERUM’s current order portfolio amounts to approximately PLN 70.8 million and includes 22 contracts. In turn, the potential contract portfolio amounts to PLN 212.1 million, of which the potential of customers waiting for EU funding and having a building permit amounts to approximately PLN 167.8 million.
FEERUM consistently implements a strategy based on building a strong Polish industrial brand that provides Polish and foreign agricultural producers with technological solutions in the field of storage, drying and transport of seeds at the highest world level.
The optimistic economic forecasts for 2025 in terms of investments indicate a significant dynamism in this area, due to the inflow of EU funds.
In the face of the armed conflict affecting the possibilities of conducting business in Ukraine, the Management Board of FEERUM monitors and analyzes the impact of this situation on the Company’s activities, as in recent years cooperation with contractors from the Ukrainian market has been carried out on a large scale.
The National Bank of Ukraine, easing a number of restrictions in order to support international cooperation in the field of foreign trade, assumes that the changes will encourage foreign countries to maintain and strengthen the existing trade ties of foreign exporters with the Ukrainian market.
On November 19, 2024, the National Bank of Ukraine introduced several significant changes to the currency control restrictions related to martial law, which amend the resolution of the NBU Management Board No. 18 dated February 24, 2022 “On the functioning of the banking system during martial law”. The changes came into force on November 20, 2024.
The main change concerns the liberalization of import payments financed with the participation of export credit agencies and some foreign banks. Previously, the possibility of making import payments to foreign suppliers was limited to February 23, 2021 for deliveries.
Currently, the National Bank of Ukraine allows Ukrainian importers to make payments to, among others, foreign export credit agencies (ECA) regardless of the delivery date under import contracts. Payments can be made subject to a monthly limit of 10% of the outstanding debt resulting from the contract as of November 1, 2024.
Currently, the Management Board has received information that the Ukrainian company Epicentr K LLC has made the first possible repayment of overdue installments in accordance with the provisions of the National Bank of Ukraine, liberalizing the moratorium. In view of the above, a gradual return of receivables subject to recourse and subsequent timely repayments of installments should be expected.
Analyzing the ongoing talks, negotiations with Ukrainian partners, including high-volume projects, we anticipate the possibility of returning to this market in the period 2025-2026.
Agriculture in the world is a sector of great opportunities. The Group is well prepared to fulfill the order portfolio – it has the appropriate staff, machinery and financial potential, which makes the Group a leading contractor and supplier on the market. The resources held by the Group allow for the proper fulfillment of the order portfolio, as well as further activity in acquiring foreign and domestic customers.
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