31 August 2016
AvandardCo reported its financials for 1H 2016 with significant decline of sales vs. 1H 2015 (-47% to USD 64.8M) and operating loss (EBITDA has been negative on the back of significant fall of Ukrainian domestic eggs prices in Q2). Export sales made 49% to total revenues (vs. 36% a year ago), notably, 43% of export volume was supplied to EU. On the other side, taking into account strong competition and weak demand on the local market and disruptions of export operations on some export markets (MENA), laying hens flock declined vs. previous year, but is stable vs. 31.12.15 (10.8M hens), which is generally positive for Avangard future activity. Balance sheet structure remains weak with debt burden of USD 326.2M, which is not seen as sustainable under current fundamentals.