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ANNUAL REPORT 2015 Avangardco IPL Is the Largest Producer of Shell Eggs and Dry Egg Products in Ukraine and Europe

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ANNUAL REPORT 2015 Avangardco IPL Is the Largest Producer of Shell Eggs and Dry Egg Products in Ukraine and Europe WEATHERINGWEATHERING A PERFECTPERFECT STORMSTORM ANNUAL REPORT 2015 Avangardco IPL is the largest producer of shell eggs and dry egg products in Ukraine and Europe. Relations with ACQUIRING NEW EXPORT CONTENTSCONTENTS investors, analysts, creditors, distributors, suppliers, KEYKEY customers, consumers, government offices and other MARKETS AS TRADE WITH institutions play a vital role in the company’s eco-system. Avangardco IPL consistently adheres to high standards MENA SHRINKS DUE TO 3 Key Achievements in 2015 of product quality and biosecurity. ACHIEVEMENTSACHIEVEMENTS MILITARY CONFLICT Despite the political and economic challenges faced by 5 Key Stages of Company The already difficult home market situation is further Ukrainian businesses in 2015, Avangardco IPL retained its complicated by a military conflict that has engulfed the Development leading positions in the domestic and international MENA region, traditionally the largest buyer of Ukrainian markets increasing the share of sales through ININ 20152015 shell eggs and egg products. 6 Our Competitive Advantages high-margin channels (exports and retail chains) and 12 Letter from the Chair expanding the geography of exports. In response to these challenges the company stepped up efforts to penetrate and acquire new markets, both for of the Board of Directors shell eggs and egg products. 14 Performance Review 2015: In 2015, Avangardco IPL added as many as 7 new countries to its already impressive portfolio of 42 country Domestic Operations markets by starting to export its shell eggs to Qatar and 19 Performance Review 2015: Israel and its egg products to the UK, Bangladesh, Iran, RETAINING INDUSTRY Latvia and Italy. Exports of Eggs and Egg LEADERSHIP Products IN A CHALLENGING 20152015 EExportxport bbyy RRegion,egion, % ooff EExportxport RRevenueevenue 26 Mission, Strategic Vision and Goals OPERATING ENVIRONMENT Despite all the hardships presented by the crisis 27 Avangardco’s Eco-system unfolding in Ukraine and caused by a military conflict that has engulfed Eastern Ukraine Avangardco IPL has 32 Operational Overview 2015: retained its industry leadership remaining Ukraine’s Rallying Around Quality largest industrial producer and exporter of chicken eggs and egg products. 34 Operational Overview 2015: ShareShare ofof IIndustrialndustrial PProductionroduction ooff SShellhell EEggsggs iinn UUkrainekraine : Segment Performance 35%1 36 Financial Overview 2015: ShareShare ofof PProductionroduction ooff DDryry EEgggg PProductsroducts iinn UUkrainekraine : Demand and Margin Export destinations 80%2 Contraction MENA 4 - 50% ShareShare ofof ShellShell EggEgg andand DryDry EggEgg ProductProduct ExportExport MarketMarket inin The EU - 24% 42 Risk Management Ukraine:Ukraine: The Far East - 24% The CIS - 2% 48 Sustainable Development 68%3 Strategy Our continued market leadership comes at a price. Yes, 50 Corporate Governance we have had to substantially downsize operations and reduce our flock size. Yes, we have been struggling hard 54 Report and Consolidated to fight back a very heavy margin contraction caused by steep cost inflation aggravated by unprecedented loss of Financial Statements 1,2,3 demand. But we remain confident in our ability to Source: State Statistics Office of Ukraine, overcome these challenges and recover both our scale Pro-Consulting and our profitability. 4 Including Turkey and Pakistan 2 3 THE LONG-AWAITED A NEW STRATEGY OPENS UP 2010 KEYKEY Avangardco IPL makes itself known on the international PENETRATION INTO EU MARKET LONG-TERM GROWTH financial markets by successfully completing an IPO on the London Stock Exchange and attracting USD 208 BEGINS TO TAKE SHAPE PROSPECTS IN GLOBAL EGG million in investment. An additional USD 200 million was Avangardco IPL set its eyes on the EU market early in its POWDER MARKET STAGESSTAGES raised through a Eurobond placement. history and for quite obvious reasons. The European Union remains the largest player in the global market for In times of crisis mature organisations always look shell eggs and egg products. On top of its unrivalled inward to identify areas where improvements can be 2011-2013 earning potential, the EU offers egg powder exporters made to increase operating efficiency and reduce costs. certified to sell to its internal market a unique An analysis of our egg processing performance revealed OFOF COMPANYCOMPANY The company continues growing organically. Through a opportunity of introducing its products to clients all over serious issues with our commercial strategy. large-scale investment program culminating in the the world through reputed European re-sellers. The construction of the Avis and Chornobaivske modern share held by the EU in global egg powder exports is a In pursuit of expansion of high-value dry albumin sales, poultry complexes, laying capacity increased to 30.1 dominant 68.5%.1 we ended up producing increasing quantities of generic DEVELOPMENTDEVELOPMENT million hens, while annual production capacity reached yolk powder that built up as hard-to-sell inventories. 8.6 billion eggs. In 2013, the company completes the We realised early on that penetrating the EU market project for increasing egg processing capacity at would take a long time and it eventually did. We worked We have developed a brand-new strategy to address this Imperovo Foods to 6 million eggs daily. hard to facilitate the EU’s approval of Ukraine as a deficiency and at the same offer our albumin buyers a country of origin and we successfully completed unique value proposition by bundling dried egg whites rigorous and lengthy vendor certification procedures to with a certain proportion yolk powder produced from be admitted as an eligible supplier. the same egg mass subsequent to separation. 2014 2003 On 30 September 2014 Imperovo Foods receives official And while this strategy may have triggered a temporary These efforts paid off and the share of the EU in our egg authorization to export dry egg products to the reduction in production and sales volume we are powder exports soared from 1% in 2014 to 40% in 2015. The history of the company begins with the purchase of European Union. On 18 August 2014 the company’s eggs confident that in the future it will pay off and pave the This successful development was especially helpful the Avangard poultry farm located in West Ukraine not and dry egg products become Kosher certified. In 2014, way towards sustainable growth and long-term given the partial loss of trading volume with MENA. far from Ivano-Frankivsk. The holding company was later the company suspended and recognised impairment profitability. named after the first poultry farm acquired. the following assets: the laying farm "Yuzhnaya- What is particularly remarkable is that Avangardco IPL Holding", rearing farm "Yuzhnaya-Holding", laying farm has been successfully expanding egg powder trade with and hatchery "Ptytsecomplex" due to the annexation of the EU despite the lean duty-free quotas it has extended A BOND RESTRUCTURING the Autonomous Republic of Crimea, as well as the laying to Ukraine as part of a free trade agreement, which only 2003-2009 farm "Chervonyi Prapor", rearing farm "Chervonyi goes to show that Avangard’s quality and price are DEAL SECURING VITAL Prapor", laying farm "Interbusiness" and "Vyhlehirskyi competitive in the EU market even when burdened by The company implements a strategy of expansion feed mill" due to a military conflict in Eastern Ukraine. customs duty. BREATHING SPACE through mergers and acquisitions, as well as organic The company also reduced the number of laying hens at growth. During this period, the company purchased the farms lying close to the conflict zone. Thus, as of As the crisis deepened when sales dropped dramatically, additional 18 laying farms, 3 hatcheries, 3 rearing farms assets in Crimea and Eastern Ukraine had to be December 31, 2014 the Company’s total available STRENGTHENING SALES and 4 feed mills. In order to cover production needs for capacity for laying hens amounted to 21.7 million hens. suspended and severe local currency depreciation was replacement flock, the company also constructed CHANNEL MIX taking a very heavy toll on company earnings, it became additional rearing farms. During the same period, the increasingly evident that it would be extremely difficult company constructs warehouses for long-term egg We continued our efforts to strengthen the company’s for the company to redeem its USD 200 million bond at storage as well as 2 feed mills. This strategy ensures the 2015 sales channel mix with an increasing share of sales made maturity in late October 2015. company’s presence in 14 regions of Ukraine and Crimea In 2015, despite the difficult situation in the Ukrainian through leading Ukrainian retail chains in the home and allows for the development of a vertically integrated economy and demand contraction in the home market market and down the export channel. Fortunately, we succeeded in persuading our business. In 2009, the company commissioned a modern bondholders to agree to a restructuring giving us the and overseas, the company scored a number of egg processing plant, Imperovo Foods, which was important achievements. In 2015, the contribution to total sales from trade vital breathing space so badly needed to address the constructed by the company and outfitted with In particular, we added 7 new country markets to our through supermarkets reached a hefty 44%. While manifold and difficult challenges presented by the state-of-the-art equipment in partnership with Sanovo, a export destinations for a total of 42. expanding sales through retail chains we are at the same current crisis. world leader in the manufacture of egg processing The share of the EU in our egg powder exports rose to time reducing our exposure to egg wholesalers that equipment. As a result, the company became the largest 40%. Trade through retail chains became our largest represent a riskier and less lucrative home market With the maturity of our Eurobond moved to 2018 we producer of shell eggs and and dry egg products in sales channel for the first time in company history.
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