Ukrlandfarming, Ukraine's largest agricultural holding in terms of land bank, in 2016 could reduce EBITDA to $180 million against $242.96 million in 2015.

"This year our pre-tax profit will be even lower - about $180 million. We sowed fewer areas, while Avangard, our "egg" asset, reduced chicken numbers from 15.5 million to 10.5 million. Avangard has reached the bottom in terms of production volumes. We look forward to recovery in prices," company CEO Ihor Petrashko said.

According to him, amidst falling prices for grains, thus the reduction in profitability of the crop production segment, the company limited the number of arable land to 458,000 hectares, while earlier this figure reached 580,000 hectares. In general, the company's land bank is 654,000 hectares.

The director general added after the majority shareholder of the company, Oleh Bakhmatiuk, had lost control over his bank assets, namely VAB Bank and Bank Financial Initiative, Ukrlandfarming got a debt of $135 million on its balance sheet to VAB Bank. The holding did not raise loans in Bank Financial Initiative, but the bank bought the agricultural holding's bonds worth $100 million.

Petrashko also said Ukrlandfarming could postpone payments on eurobonds until the period after 2018.