Net loss of Avangard agroholding, the largest egg producer in Ukraine, was 86.7% less in 2017, reaching $7.5 million, the holding reported on the London Stock Exchange on Thursday. Consolidated revenue fell by 335, to $127.9 million, including revenue from exports of shell eggs and dry egg products fell by 45%, to $36.7 million. Operating loss fell by 74.4%, to $3.8 million, and earnings before interest, taxes, depreciation and amortization (EBITDA) grew almost 7.9-fold, to $11.8 million.
The agroholding said that in October-December 2017, the company saw $13.1 million of net profit compared with $17.8 million of net loss a year ago. Consolidated revenue fell by 45%, to $43.7 million, while operating profit grew 1.77-fold, to $20.8 million and EBITDA – 1.08-fold, to $23.6 million.
Shell egg production fell by 4% in 2017, to 2.399 million, while sales grew by 23%, to 1.869 million. As at December 31, 2017, the total poultry flock amounted to 9.5 million hens, down by 30% year-over-year. Average price of eggs fell by 13% in 2017, to UAH 1.17 per egg (excluding VAT).
The production of dry egg products amounted to 6,368 tonnes, a decline of 48% year-over-year. Sales of dry egg products totaled 3,264 tonnes, down by 64% year-over-year. Exports of dry egg products amounted to 2,561 tonnes, a decline of 69% year-over-year. The average sales price of dry egg products was $4.3 per kg, 23% down year-over-year.
As reported, Ukrlandfarming agricultural holding in 2017 reduced the land bank by 5.8%. Ukraine’s largest producer of eggs Avangard agricultural holding, controlled by Ukrlandfarming, whose shares are traded on the London Stock Exchange, in October 2015 completed the restructuring of eurobonds for $200 million. Previously American Cargill has withdrawn from among the shareholders of Ukrainian-based UkrLandFarming (ULF) agrarian holding, according to a ULF financial report for 2016. Cargill’s subsidiary, Cargill Financial Services International Inc. by the end of 2015, had held 1,668,749 ULF shares, or 5% of the total number. By the end of 2016, the number of shares owned by Avonex Limited had not changed, whereas the package held by Cargill was transferred to Cyprus-based Quickcom Limited’s ownership. The report says that the sole owner of Avonex Limited and Quickcom Limited is Oleh Bakhmatiuk. Cargill acquired a 5% stake in ULF early in 2014 for $200 million. Based on the sum of the deal, the total value of the holding was assessed at $4 billion.
PJSC Avangard, uniting the poultry farms of the eponymous agricultural holding, the largest egg producer in Ukraine, in 2017 posted a net unconsolidated loss of UAH 183.14 million, which is almost 54.6% less than in 2016 (UAH 403.43 million). According to a report on holding a shareholders’ meeting on April 28, 2018, its uncovered loss in 2017 amounted to UAH 11.84 million, while a year earlier undistributed profit was fixed at UAH 71.3 million.
Its assets in 2017 increased by 9.8%, to UAH 43.43 billion. Total debtor indebtedness rose by 21.8%, to UAH 24.34 billion, current liabilities decreased by 5.5%, to UAH 36.2 billion.
The holding owns 19 poultry farms, ten farms breeding laying hens, three incubators, six feed mills, three elevators, the factory for egg production Imperovo Foods. The company exports its products to the markets of the Middle East, Africa, Asia, the CIS and the EU.
As reported, Ukrlandfarming agricultural holding in 2017 reduced the land bank by 5.8%. Ukraine’s largest producer of eggs Avangard agricultural holding, controlled by Ukrlandfarming, whose shares are traded on the London Stock Exchange, in October 2015 completed the restructuring of eurobonds for $200 million. Previously American Cargill has withdrawn from among the shareholders of Ukrainian-based UkrLandFarming (ULF) agrarian holding, according to a ULF financial report for 2016. Cargill’s subsidiary, Cargill Financial Services International Inc. by the end of 2015, had held 1,668,749 ULF shares, or 5% of the total number. By the end of 2016, the number of shares owned by Avonex Limited had not changed, whereas the package held by Cargill was transferred to Cyprus-based Quickcom Limited’s ownership. The report says that the sole owner of Avonex Limited and Quickcom Limited is Oleh Bakhmatiuk. Cargill acquired a 5% stake in ULF early in 2014 for $200 million. Based on the sum of the deal, the total value of the holding was assessed at $4 billion.
