Key Financial Highlights for the nine months of 2011:
- The Group’s revenues increased 30% y-o-y to USD 34.7 mln.
- The Group’s gross margin improved to 43% compared to 31% in 9M2010.
- The Group’s EBITDA increased 69% y-o-y to USD 14.8 mln. EBIT grew to USD 13.5 mln.
- The Group’s net profit increased 103% y-o-y to USD 13.3 mln.
Revenues, gross profit and gross margin
The revenue of LLC Ovostar Union and its subsidiaries (the Group) grew 30% y-o-y to USD 34.7 mln mainly due to the increased egg and egg products production (11% and 21% respectively) as well as strong retail, B2B and export sales. Egg segment revenues contributed 73% (USD 25.2 mln) to the total sales, while egg product segment revenues constituted 27% (USD 9.4 mln) of total revenues.
Gross profit has increased 76% to USD 14.8 mln. The Group’s gross margin has increased to 43% compared to 31% for the nine months of 2010, mainly due to selling prices increase and transfer to new genetics (lower feed consumption ratio).
Operating profit and EBITDA
In the nine months of 2011, the Group’s EBITDA increased to USD 14.8 mln (+69% y-o-y) and operating profit increased to USD 13.5 mln (+81% y-o-y), mainly as a result of higher sales. EBITDA margin increased to 43% vs. 33% in 9M2010.
Profit before tax and net profit
The Group’s profit before tax increased 94% to USD 13.7 mln (9M2010: USD 7.1 mln). Net profit doubled to USD 13.3 mln compared to USD 6.2 mln in 9M2010.
The management views the Group’s financial performance in the nine months of 2011 to be in line with the budget for 2011.
Consolidated Condensed Interim Financial Statements (Unaudited) of LLC Ovostar Union and its subsidiaries for the nine months ended September 30, 2011
Ovostar Union N. V. Interim Financial Statements (Unaudited) 9M2011
For investor relations inquiries please contact:
GC «Ovostar Union»
Senior Expert of Investment Department
Cell +38 050 411 33 37