OVOSTAR UNION OVOSTAR UNION
CONSOLIDATED CONDENSED NTERIM FINANCIAL STATEMENTS FOR THE 9 MONTHS ENDED
30 SEPTEMBER 2021
Contents
BoD Statement | 3 |
Interim Management Report | 4 |
Consolidated Condensed Interim Statement of Comprehensive Income | 7 |
Consolidated Condensed Interim Statement of Financial Position | 8 |
Consolidated Condensed Interim Statement of Changes in Equity | 9 |
Consolidated Condensed Interim Statement of Cash Flows | 10 |
Notes to the Consolidated Condensed Interim Financial Statements | 11 |
OVOSTAR UNION PCL | 9M 2021 / 2 |
Statement of the Board of Directors
Members of the Board of Directors of Ovostar Union Public Company Limited in accordance with the applicable provisions of the Law providing for transparency requirements in relation to information about issuers whose shares are admitted to trading on a regulated market (L.190 (Ι)/2007-"Transparency Law") herewith confirms that to the best of their knowledge the present unaudited interim consolidated condensed financial statements for the nine months ended 30 September 2021
- have been prepared in accordance with the International Financial Reporting Standard as adopted by the European Union; and
- give a true and fair view of the assets, liabilities, financial position and profit or loss of the issuer, and the undertakings included in the consolidated accounts as a whole.
12 November 2021
Nicosia, Cyprus
………………………………… | ………………………………… | ………………………………… |
Borys Bielikov | Vitalii Veresenko | Karen Arshakyan |
Chief Executive Officer, | Chairman of the Board, | Head of Audit Committee, |
Executive Director | Non-executive Director | Non-executive Director |
………………………………… | ………………………………… |
Sergii Karpenko | Vitalii Sapozhnik |
Non-executive Director | Chief Financial Officer |
OVOSTAR UNION PCL | 9M 2021 / 3 |
Operational Performance
Egg Segment
Production
As of 30 September 2021 total flock of the Company was 8.0 mln (2020: 8.1 mln heads). The laying flock was 6.6 mln heads (2020: 6.9 mln heads).
Over the nine months of 2021 1 254 mln eggs were produced (2020: 1 236 mln eggs).
Egg Products Segment
Production
In the reporting period 376 mln eggs were processed (2020: 459 mln eggs). The output of dry and liquid egg products was 2
134 tons (-18%Y-o-Y) and 10 122 tons (-
11% Y-o-Y) respectively.
Sales
Sales volume of shell eggs totaled to 844 mln (2020: 768 mln eggs). Export sales in egg segment equaled 209 mln eggs or 25% of the total sales volume (2020: 266 mln eggs and 35% respectively).
Average selling price of shell eggs increased by 38% Y-o-Y to 0.076 USD/egg (2020: 0.055 USD/egg).
Sales
Sales volume of dry egg products equaled
2 512 tons (+4% Y-o-Y), out of which 1 704 tons, or 68%, were exported (2020: 1 705 tons and 71% respectively).
Sales volume of liquid egg products equaled 10 233 tons (-7%Y-o-Y), out of which 2 876 tons, or 28%, were exported (2020: 3 521 tons and 32% respectively).
Average selling price of dry egg products increased by 19% Y-o-Y to 4.80 USD/kg (2020: 4.05 USD/kg); average selling price of liquid egg products rose by 34% Y-o-Y to 1.67 USD/kg (2020: 1.24 USD/kg).
OVOSTAR UNION PCL | 9M 2021 / 4 |
Financial Result
Revenue
Total revenue for the nine months of 2021 amounted to USD 94.4 mln, which is by USD 26.5 mln, or by 39%, exceeds the level of the nine months of 2020 (9M 2020: USD
67.8 mln). The increase is accounted for by a) larger sales volume of shell eggs as com- pared to the previous year (+10% Y-o-Y); b) increase of prices of shell eggs (+38% Y-o-Y) and eggs products (+19% Y-o-Y for dry eggs products, +34% Y-o-Y for liquid egg prod- ucts).
During the 9 months 2021 shell eggs segment contributed USD 65.0 mln, or 69%, to the total revenue. The contribution of egg products segment made up USD 29.3 mln, or 31%. The share of revenues from export sales in 9M 2021 was 30% (9M 2020: 43%).
cost of sales and gross profit
Operating profit and EBITDA
Operating profit in the 9M 2021 was by 51% lower than in the nine months of 2020 and totaled to USD 2.2 mln (9M 2020: USD
- mln). EBITDA fell by 29% Y-o-Y to USD
- mln (9M 2020: USD 7.6 mln).
Net profit
Net profit for the reporting period equaled USD 2.8 mln demonstrating 25% decrease as compared to the 9M 2020 (USD 3.8 mln).
Marginality
For the 9M 2021 the margins were as fol- lows:
EBITDA Margin | 6% | (2020: 11%); |
Gross Profit Margin | 12% | (2020: 15%); |
Net Profit Margin | 3% | (2020: 6%). |
Cost of sales in the reporting period was USD 81.6 mln vs. USD 57.6 mln in 2020. The increase is explained by the substantial rise in prices of main feed components, i.e. corn and wheat. Gross profit for the 9M 2021 equaled USD 10.9 mln (9M 2020: USD 10.4 mln).
OVOSTAR UNION PCL | 9M 2021 / 5 |
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Ovostar Union NV published this content on 15 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2021 17:14:08 UTC.
