Ovostar Union

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15 November 2019

FINANCIAL RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2019

Ovostar Union Public Company Limited (WSE: OVO) (further referred to as “Company”), a vertically integrated holding company, one of the leading egg and egg products producer in Ukraine, announces its financial results for the nine months ended 30 September 2019.

Revenue, gross profit and gross margin

In 9M 2019 the Group’s revenue decreased by 18% year-on-year to mUSD 77.6 from mUSD 94.7. The gross profit amounted to mUSD 9.2 representing 12% gross margin (9M 2018: mUSD 23.7 and 25% respectively). The export sales contributed mUSD 40.0 of revenues, showing a 8% fall y-o-y. The share of export sales amounted to 51% of total revenue over the reporting period.

Operating profit, EBITDA and cash flow from the operating activities

During the 9M 2019 operating profit decreased by 79% to mUSD 3.2 from mUSD 15.2. At the same time EBITDA amounted to mUSD 5.9 resulting in the EBITDA margin of 8% (9M 2018: mUSD 17.3 and 18% respectively). Over the reporting period cash flows from the Group’s operating activities equaled to mUSD 13.6 (9M 2018: mUSD 17.6).

Net profit

Over the 9M 2019 the Company’s net profit totaled to mUSD 2.6 which is by 81% lower than the result for the previous year (9M 2018: mUSD 13.8).

The Group’s CEO Borys Bielikov noted:

‘The dynamics of prices for shell eggs and egg products during the year has been quite unfavorable. However, the management of the Company is in general satisfied with the financial results achieved so far.’


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