Ovostar releases Q1 2016 operating report

22 April 2016

The company reported satisfactory results of operating activity in Q1, as main figures demonstrated positive dynamics, notably export of shell eggs and egg products.

Total flock of hens further increased up to 6.8M from 6.5M as of 31.12.15. General eggs production in Q1 made 317M, which was by 15% more than in corresponding period of previous year and by 3% higher than in last quarter of Y2015.

Sales of shell eggs made about 60% of total realization volume 201M eggs (on the level of both previous quarter and Q1 2015), slight decrease of domestic realization was offset by growing export. Export increased by 56% vs. Q1 2015 up to 69M eggs, and we see it as one of main positive operating factors for reporting quarter. In addition, because of eggs products further export growth the volume of shell eggs processed increased by 19% year-on-year to 94M eggs.

Average selling price of shell eggs increased by 28% to UAH 1.52 UAH per egg compared to UAH 1.19 in Q1 2015. Along with it, average price decreased vs. last quarter of Y2015 (when it made UAH 1.77 per egg), we also can not further decline, taking into account current Ukrainian retail eggs prices.

As was reported, at the middle of April of 2016 the Company has completed the stage 1 of current investment program at Stavysche production site and started the stage 2.

Basing on recent financial report of the company for Y2015 financial standing of Ovostar remains good, because of decent Equity position, the company has huge margin of safety in its activity.

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