Avangard agricultural holding, the largest egg producer in Ukraine, in January-June 2019 saw $110.89 million in net loss, which is 3.1 times more than a year ago.
According to a company report posted on the London Stock Exchange (LSE) on Friday, consolidated revenue grew by 24.6%, to $84.78 million, and gross loss – 14 times, to $65.1 million.
Export revenue for the reporting period increased 1.6 time, to $44.8 million, and its share amounted to 53% of the company’s consolidated revenue.
In the first half of the year, egg production amounted to 1.78 billion pieces, which is 44% more than in the same period in 2018, their sales grew 1.9 times, to 1.59 billion pieces, exports – 2.6 times, to 785 million pieces.
The average selling price of eggs was UAH 1.23 per piece, excluding VAT, which is 24% lower than the level of the first half of last year, in U.S. dollars – $0.046 per piece, excluding VAT (25% less).
The production of dry egg products during the reporting period amounted to 2,380 tonnes (34% less), their sales also decreased 34%, to 2,280 tonnes. Export of dry egg products amounted to 1,590 tonnes and decreased by 46%.
The average selling price of dried egg products was $3.84 per kg, an increase of 4% from January-June 2018.
As of June 30, the total number of birds was 16 million, which is 15% more compared to the same date last year. The number of laying hens amounted to 11.2 million (35% more).
According to the report, negotiations with creditors on restructuring are ongoing.
Net cash used in investing activities increased to $14.2 million from $1.2 million in the first half of 2018 as a result of an increase in investment. In general, the net cash outflow in the reporting period amounted to $20.9 million compared to a net cash inflow of $4.1 million as of June 30, 2018.
As of June 30, 2019, the total debt of the company increased slightly compared to December 31, 2018 and amounted to $391.5 million. Net debt increased 6.5%, to $390.9 million. Issue of the company’s eurobonds maturing on October 29, 2018 amounted to 60% of total debt.
