Ovostar - Q3 2017 operating report

27 October 2017

Ovostar keeps increasing its shell eggs export volumes, another positive factor is recent growth of prices on Ukrainian local market.
Q3 2017 Q3 2016 Change, % 9m 2017 9m 2016 Change, %
Shell eggs production, mln 431 408 5.6% 1 246 1 078 15.6%
Shell eggs sales, mln 311 292 6.5% 829 766 8.2%
Eggs exported, mln 164 92 78.2% 350 237 47.7%
Eggs processed, mln 143 108 32.4% 380 307 23.8%

Total flock of Ovostar further increased up to 7.9M (thereof 6.8M laying hens flock) from 7.6M as of beginning of Y2017. Eggs production in Q3 2017 made 431M (by more than 5% higher vs. both Q3 2016 and Q2 2017). In total in 9m 2017 Ovostar Union produced 1246M eggs (+15.6% y-o-y).

Shell eggs sales in Q3 2017 made 311M, by 6.5% higher y-o-y and almost by 30% lower vs. previous quarter.

We specially note that in line with strategy of the company shell eggs export is again at record-high levels. In reporting quarter shell eggs export increased up to 164M pieces (+78% vs. Q3 2016 and +57% vs. previous quarter). Recently Ovostar started to export shell eggs to EU countries. In his comment to operating results CEO of the company specially stressed the fact, that first 2M eggs have been already supplied by Ovostar to European market.

Breakdowns of Ovostar shell eggs sales by market (domestic/export) is represented on the chart below:

Ovostar Union shell eggs sales volumes q3 2017

Another positive for the company fact - average realization price in reporting quarter made UAH 1.38/egg, which has been by 19% higher y-o-y and by 16% vs. average price in Q2 2017.

Average quarterly realization prices of Ovostar (and its profitability in corresponding quarters) during last period of time looked as follows:

Average eggs realization price of Ovostar q3 2017

Due to growth of average realization price during last period of time we can expect improvement of activity profitability in Q2 2017 EBITDA margin of the company stood at the lowest level for the last period of time.

In last reporting quarter volume of eggs processing by Ovostar made 143M pieces (vs. 138M in previous quarter and 108M in Q2 2016).

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