print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases REGISTER LOG IN

Press Releases

company search
all press releases
all AvangardCo press releases

AvangardCo

October 18, 2011

AVANGARDCO INVESTMENTS PUBLIC LIMITED trading update for 9 months 2011

KYIV, UKRAINE – AVANGARDCO INVESTMENTS PUBLIC LIMITED (LSE: AVGR) (the “Company” or “Avangardco”), the leading producer of shell eggs and egg products in Ukraine, today announces its trading update for the first nine months ending 30 September 2011.

Shell Egg Segment

During the first nine months of 2011 shell egg production increased by 48% to 4,398 million shell egg pieces (9M2010: 2,968 million shell egg pieces). As of 30 September 2011 the Company’s total flock was 24.5 million birds, which is a 18% growth (9M2010: 20.7 million birds). 

The average sale price for eggs increased by 13% to UAH 0.54* per egg in the first nine months of 2011 (9M2010: 0.48* per egg). The Company expects its egg prices to continue to grow until during the remainder of the year. Shell egg sales to external consumers increased by 33% and totalled 3,533 million pieces (9M2010: 2,669 million pieces).

During the period the Company continued to execute its strategy of focusing on the development of its customer base. As a result, during the first nine months of 2011 the share of the Company’s sales volume through modern retailers increased to 30% of the Company’s total shell eggs sales volume.

During the nine months of 2011 the Company exported its shell eggs to the Middle East and the CIS.

* Excluding VAT

Egg Products Segment

During the first nine months of 2011 the Company increased the amount of eggs processed by 38% to 785 million eggs (9M2010: 567 million eggs) and the average sale price of dry egg products increased by 2% to US $6.94* per kg (9M2010: US $6.81* per kg).

Dry egg products were exported to Asia, the Middle East and North Africa.

The trading performance of the Company has been in line with management expectations and we expect to report a robust set of financial results for 2011.

Nataliya Vasylyuk, Chief Executive Officer of Avangard said:

“Iam very pleased that Avangard has continued to perform well in the period. In the third quarter, we have already benefited, by the receipt of cash, from the launch of the first stage of the Avis egg production complex for laying, which was officially opened in July.

Looking ahead, I am confident that we will achieve our year end target of 6 billion shell eggs, given the positive dynamics in exports, largely to Iraq, Turkey and other countries of MENA region.

We also continue to execute our previously announced strategy, including, amongst other actions, the implementation of best international practice in regards to corporate governance and the reduction in related party transactions. The Company will proceed to procure its grain requirement from the third parties, continuing to implement a strategy for centralized procurement of grain through prepaid contracts. We have already purchased our raw material (grain) requirement for 2012 and are effectively hedged.

Myself and the board believe that the consolidation of Avangardco IPL and Ukrlandfarming PLC will positively affect the development dynamics of both companies in general and their financial and operational results in particular.

In aiming to be more transparent, the Company has engaged KPMG. This will ensure the most reliable representation of the Company's financial position.”

For investor relations enquiries:

Victoria Korolchuk
AVANGARDCO IPL
Head of Investor Relations

phone.: +38 044 593 28 60
mob.: +38 067 214 84 23
e-mail: v.korolchuk@avangardco.ua

For further information please contact:

Financial Dynamics London
Marc Cohen
+44 20 3077 0500

Financial Dynamics Moscow
Oleg Leonov
+7 495 795 06 23

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer