1 Oct 2014 15:57
1 October 2014
AVANGARDCO INVESTMENTS PUBLIC LIMITED
Results of AGM
Кyiv, Ukraine - AVANGARDCO INVESTMENTS PUBLIC LIMITED (LSE: AVGR) (the "Company" or "AVANGARDCO IPL"), the largest producer of shell eggs and egg products in Ukraine and number one producer in Eurasia, announces the results of its Annual General Meeting of shareholders ("AGM") held on Tuesday, 30 September 2014.
The AGM approved:
· the reports of the Directors and Auditors of the Company and the audited financial statements of the Company for the year ended 31 December 2013;
· the Annual Report of the Company for the year ended 31 December 2013;
· the reappointment of and the fixing of the remuneration of the statutory auditors;
· the ratification of dividend payments for the financial year ended 31 December 2013.
Dividend declaration:
The Board of Directors of AVANGARDCO IPL has declared the total dividend payment of US$29.5 mln, representing US$4.625 per ordinary share (1 share = 10 GDRs). The dividend payment will be made by 31 December 2014 to shareholders of record as of 14 October 2014.
As a result of the challenging economic environment in Ukraine AVANGARDCO IPL is focused on maintaining a cautious fiscal policy and adequate foreign currency reserves in order to meet all its outstanding financial obligations. The Board of Directors has prudently set the dividend payout ratio at 12.5% of net income for the financial year ended 31 December 2013, and below the target payout ratio of 25%. The Company is committed to serving the interests of all investors.
In addition, the Сompany announces its intention to buy back its Eurobonds in the market. The timing and the size of the buyback will be disclosed separately at the appropriate time.
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For investor's inquiries: Valeriya Myagkohod AVANGARDCO IPL Investor Relations Manager phone.: +38 044 393 40 50 mob.: +38 067 223 46 88 e-mail: ir@avangardco.ua
| FTI Consulting London Larisa Kogut-Millings +44 (0) 20 3727 1364
Elena Kalinskaya +44 (0) 20 3727 1279
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Information for editors
AVANGARDCO IPL is one of the largest agro-industrial companies in Ukraine, specializing in the production of shell eggs and dry egg products. As of 30 June 2014, the Company holds a 55% share of the industrial shell egg marketand a 92% share of the dry egg products market in Ukraine. As of 30 June 2014, the Company has the largest population of laying hens in Ukraine with 22.8 mln heads.
AVANGARDCO IPL is a vertically integrated company with the Company's facilities located in 14 regions of Ukraine and the Autonomous Republic of Crimea. The Company has 19 farms for laying hens, 3 second order breeder farms, 10 farms for rearing young laying hens, 6 feed mills, 3 long-term storage facilities and the Imperovo Foods egg processing plant, which is one of the most technologically advanced facilities for processing eggs in Europe.
The Company exports its products to 33 countries, with its primary export markets in the Middle East, Africa, Asia and the CIS.
As of 30 June 2014, the Company's revenues amounted to US$262.7 mln (1H 2013: US$304.3 mln) and EBITDA was US$79.0 mln (1H 2013: US$134.7 mln).
The Company's shares, in the form of Global Depositary Receipts, have been trading on the London Stock Exchange since May 2010. The Eurobond issue for approximately US$200 mln with a maturity on 29 October 2015 was included in the official list of the UK Listing Authority (UKLA) and admitted to trading on a regulated market of the London Stock Exchange on November 1, 2010.
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Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Avangardco IPL. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might", the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in the Company's geographical locations, rapid technological and market changes in our industry, as well as many other risks specifically related to Avangardco IPL and its operations.