Ovostar Union Agro-Industrial Group, one of the leading producers of eggs and egg products in Ukraine, will not pay dividends for 2021, and will use retained earnings for the year in the amount of $1.65 million to replenish working capital.
The company’s shareholders approved the corresponding decision at the annual meeting on August 3, Ovostar said at the Warsaw Stock Exchange on Thursday.
In addition, the shareholders decided to limit the total remuneration paid to top management in 2022 at the level of EUR500 thousand.
The Ovostar Union group of companies is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. It has been a certified exporter to EU countries since 2015.
The holding company of the group is Ovostar Union N.V. – in mid-June 2011, it conducted an IPO of 25% of the shares on the Warsaw Stock Exchange and raised $33.2 million. The majority stake in the company is owned by Prime One Capital Limited, which is controlled by its CEO Boris Belikov and Chairman of the Board of Directors Vitaly Veresenko.
At the end of 2021, Ovostar received $1.65 million in net profit, which is 38% less compared to 2020. EBITDA decreased by 29% to $5.7 million, while revenue increased by 35% to $133.3 million.
PrJSC “Druzhkovka Metal Products Plant” (DZMI, Donetsk region) by 2021 increased its net profit three times compared to 2020 – up to UAH 109 million 631.667 thousand from UAH 35.840 million.
According to the agenda of the general meeting of shareholders scheduled for September 1 of this year, shareholders are invited to decide on the payment of dividends for 2021 in the amount of UAH 1.64 per share (total – UAH 108 million 984.520 thousand), leaving the rest of the profit undistributed.
The meeting will be held remotely.
At the same time, the DZMI previously announced a meeting on March 17, 2022, but it did not take place. At that time, shareholders were offered to pay dividends in the amount of UAH 0.45 per share (total – UAH 29.904 million), and to direct the rest of the net profit for reinvestment for further technical re-equipment in order to ensure the production of competitive products.
The shareholders also intend to approve a new version of the charter, preliminarily approve major transactions, and approve reports for 2021.
Retained earnings at the end of 2021 amounted to UAH 479.817 million.
The Druzhkovsky hardware plant produces machine-building and railway fasteners.
According to the NDU for the fourth quarter of 2021, an individual Alexey Spiridonov owned 14.9949% of the company’s shares, Elena Mishchenko-Solona (resident of Spain) – 13.0304%, Irina Mishchenko – 24.5167%, Sergey Popkov – 5.8611 %, Anton Malikov – 9.75%, Elena Malikova – 8.25%, Valery and Dmitry Malikov – 9.774% each.
The authorized capital of the enterprise is UAH 3.323 million.
Agro-industrial group of companies “Ovostar Union”, one of the leading producers of eggs and egg products in Ukraine, intends to refuse accrual and payment of dividends for 2021, and direct retained earnings for this period in the amount of $1.65 million to replenish working capital funds.
The company’s shareholders are invited to approve such a distribution of profits at the annual meeting on August 3, according to Ovostar’s report on the Warsaw Stock Exchange on Wednesday.
In addition, shareholders of the agro-industrial group are invited not to pay remuneration to members of its board of directors for 2021, as well as to call a tender to select an audit company for the preparation of the company’s financial statements for 2022.
The Ovostar Union group of companies is a vertically integrated public holding company, one of the leading producers of chicken eggs and egg products in Europe. The manufacturer has been a certified exporter to EU countries since 2015.
The holding company of the group is Ovostar Union N.V. in mid-June 2011, it held an IPO of 25% of the shares on the Warsaw Stock Exchange and raised $33.2 million. The majority stake in the company is owned by Prime One Capital Limited, which is controlled by its CEO Boris Belikov and chairman of the board of directors Vitaly Veresenko.
At the end of 2021, Ovostar received $1.65 million in net profit, which is 38% less compared to 2020. Its EBITDA fell 29% to $5.7 million, while revenue increased 35% to $133.3 million.
Kernel, one of the largest Ukrainian agrarian groups, will begin paying dividends for FY2021 (July – June) from February 15, payments will be $0.44 per share, which is $0.02 per share more than in FY2020.
According to the company’s statement on the Warsaw Stock Exchange on Tuesday evening, the decision on the payment of dividends and their amount was made by the shareholders at the general meeting held on December 10, 2021, while on January 4, its board of directors determined the payment date.
In total, $36.97 million will be allocated for the payment of dividends.
Kernel’s current share price is PLN 57.1 (2.7% less) over the week, while over the year it increased by 15.7% from PLN 49.35.
As reported, the agricultural holding paid $35.3 million in dividends for FY2020 on January 14, 2021 at the rate of $0.42 per share.
On April 30, 2020, the group of companies paid out $20.5 million in dividends for FY2019 in the amount of $0.25 per share, similar to FY2018.
Kernel is a manufacturer and exporter of sunflower oil, operating in the production, export and domestic sales of sunflower oil, crop production, export of grain crops, provision of services for storage and transshipment of grain at elevators and port terminals.
PrJSC Mariupol-based Illich Iron and Steel Works (Donetsk region), part of Metinvest Group, will allocate UAH 11.004 billion for the payment of dividends from retained earnings, Azovstal, also part of Group – UAH 7.718 billion, and PrJSC Dniprovsky Coke and Chemical Plant (Kamianske, Dnipropetrovsk region), part of Metinvest, – UAH 1.774 billion.
According to the official statements of the companies in the information disclosure system of the National Securities and Stock Market Commission, the sole shareholder of the three companies made decisions on the payment of dividends at the extraordinary shareholders’ meetings held on September 13, and on September 14 the companies decided to set the date for compiling the list of persons entitled to receive dividends – September 29, 2021.
Earlier it was reported about similar decisions of PrJSC Avdiyivka Coke and Chemical Plant on the direction of UAH 2.365 billion to dividends, and PrJSC Zaporizhkoks – UAH 3.867 billion.
Thus, a total of five Metinvest enterprises will allocate UAH 26.7 billion for dividend payments.
State-controlled PrivatBank (Kyiv) paid 80%, or UAH 19.4 billion, of profits for 2020 to the state budget, the bank’s press service has said.
According to the report, over the past three years, PrivatBank has directed UAH 55.4 billion to the state budget.
As reported, on April 28, the Cabinet of Ministers approved the distribution of the bank’s profits for 2020. In particular, in addition to paying dividends, the government allocated UAH 3.645 billion (15%) to cover the accumulated losses of previous years, and UAH 1.215 billion (5%) to the reserve fund.
On December 18, 2016, the government of Ukraine, referring to the proposal of the National Bank and the former shareholders of PrivatBank, decided to nationalize this largest financial institution on the Ukrainian market and injected over UAH 155 billion into its capital.
According to statistics from the National Bank of Ukraine, as of March 1, 2021, in terms of total assets (UAH 561.062 billion) PrivatBank ranked first among 73 banks operating in the country.