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AVANGARDCO INVESTMENTS PUBLIC LIMITED. FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2018

01.06.2018 08:50 "Agro Perspectiva" (Kyiv) AVANGARDCO INVESTMENTS PUBLIC LIMITED, the largest producer of shell eggs and dry egg products in Ukraine and Europe, announces its financial results for the first quarter ended 31 March 2018.

Financial Highlights

▪ Consolidated revenue amounted to US$41.1 mln, an increase of 21% YoY (Q1 2017: US$34.0 mln).

▪ Export revenue from sales of shell eggs and dry egg products rose by 127% YoY and amounted to

US$17.3 mln, or 42% of the Companys consolidated revenue (Q1 2017: US$7.6 mln, or 22% of the

Companys consolidated revenue).

▪ Gross loss amounted to US$3.6 mln (Q1 2017: gross loss of US$1.6 mln).

▪ Operating loss was US$12.8 mln (Q1 2017: operating loss of US$3.7 mln).

▪ Negative EBITDA was US$9.1 mln (Q1 2017: positive EBITDA of US$0.1 mln).

▪ Net loss amounted to US$11.4 mln (Q1 2017: net loss of US$5.3 mln).

Operational Highlights

▪ Production of shell eggs totalled 664 mln units, up 39% YoY (Q1 2017: 462 mln units).

▪ Sales of shell eggs amounted to 493 mln units, up 37% YoY (Q1 2017: 360 mln units).

▪ Export of shell eggs increased sixfold to 200 mln units (Q1 2017: 30 mln units).

▪ The average sales price of shell eggs was UAH1.76 per unit, excluding VAT, up 56% YoY (Q1 2017:

UAH1.13 per unit, excluding VAT).

▪ The average sales price of shell eggs in US dollar terms was US$0.06 per unit, excluding VAT, up 50%

YoY (Q1 2017: US$0.04 per unit, excluding VAT).

▪ The production of dry egg products amounted to 1,839 tonnes, up 68% YoY (Q1 2017: 1,095 tonnes).

▪ Sales of dry egg products totalled 1,651 tonnes, up 39% YoY (Q1 2017: 1,188 tonnes).

▪ Export of dry egg products totalled 1,413 tonnes, up 27% YoY (Q1 2017: 1,111 tonnes).

▪ The average sales price of dry egg products was US$3.80/kg, down 28% YoY (Q1 2017: US$5.27/kg).

▪ As at 31 March 2018, the total poultry flock amounted to 13.3 mln hens, down 5% YoY (31 March 2017:

14.0 mln hens).

▪ As at 31 March 2018, the number of laying hens amounted to 9.3 mln hens, down 12% YoY (31 March

2017: 10.6 mln hens).

Important events:

Eurobonds: AVANGARDCO IPL continues to be in discussions with various creditor groups. As part of these

discussions, the Company has begun working with an ad hoc committee of bondholders and its advisor on the

proposal of the restructuring of its US$200,000,000 10.0% Notes due in 2018 (ISIN: XS0553088708). The

Company expects that any restructuring of the Company's debt including the Notes will include a request to

restructure the interest payments due under the Notes on 2 May 2018, 2 May 2017 and 30 October 2017. Further updates will be made available as the restructuring develops.

Agro Perspectiva

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