OVOSTAR UNION ANNUAL REPORT
FINANCIAL YEAR ENDED 31 DECEMBER 2021
CONTENTS
MANAGEMENT REPORT | |
Corporate summary | 5 |
Market Overview | 10 |
Key Financials | 12 |
Segment Activities | 13 |
Financial Results | 16 |
Outlook for 2022 | 18 |
Human Resources | 19 |
Risk Management and Internal Control | 20 |
Shareholders and Share Information | 26 |
CORPORATE GOVERNANCE | |
The Board of Directors | 28 |
Committees of the Board of Directors | 32 |
Meetings with Shareholders | 33 |
Corporate Governance and Control | 35 |
Non-financial Information | 37 |
FINANCIAL STATEMENTS | |
Consolidated financial statements | 40 |
Company financial statements | 85 |
MANAGEMENT REPORT 1
CEO's
Statement
Dear Shareholders,
While reporting on the results of the financial year 2021 we have to at all times bear in mind the tragedy that befell Ukraine on February 24, 2022. Once a peaceful flourishing country was blatantly attacked by the Russian military forces who ever since keep bringing chaos and destruction to our homes and taking lives of our people. On the background of these horrible events Ovostar Union strives to make its modest contribution to the common effort aimed at defending Ukraine. As a producer of basic foods like eggs and egg products, we realize how important our work is for the country's food security. Since the beginning of the invasion our productions sites never stopped operating producing and delivering nutrition to the people. I want to thank everyone from Ovostar team for their dedication and courage that has been leading the company through the hardest of times. I also
want to say words of appreciation to our suppliers and customers and, of course, to the brave men and women who are fighting for our victory over the enemy. Back in 2021 Ovostar had many plans for the year ahead. The company had progress in terms of operational efficiency that together with favorable market conditions laid solid basis for further development. The Group became #1 egg producer in Ukraine and remained one of the biggest exporters to Europe. Today, however, like most Ukraine-located businesses we have to shift focus and adjust the strategy to the new business environment full of risks and uncertain- ties. We believe that the day is close when the justice will be restored and the enemy defeated.
Sincerely,
Borys Bielikov
2021 ANNUAL REPORT 3
MANAGEMENT REPORT
MANAGEMENT REPORT 1
CORPORATE SUMMARY
COMPANY OVERVIEW
Ovostar Union Public Company Limited is a holding entity originally incorporated under the laws of the Netherlands in 2011 and re- domiciled to Cyprus in 2018. It consolidates companies with production assets located in Ukraine and non-Ukrainiantrading companies in Latvia, British Virgin Islands and United Arab Emirates (hereinafter referred to as "we, us"). Our shares have been quoted on the Warsaw Stock Exchange since June 2011.
Our goal has been to produce ecologically clean and healthy food for our clients in Ukraine and abroad. We are growing organically by gradually increasing the volume of eggs produced and expanding the range of egg products offered. For over a decade Ovostar Union has been one of leaders of the local egg industry belonging to the top 3 producers in Ukraine.
With focus on developing the export mar- kets, we are expanding our sales geography supplying shell eggs and egg products of consistently high quality around the countries of Europe, Middle East, Africa and Asia.
Within the egg segment, we possess shell egg portfolio of over 20 sub-brands and supply our branded eggs to the largest retail chains in Ukraine. As a result of export markets development we are gradually increasing the deliveries of shell eggs outside of Ukraine.
Within the egg products segment, we offer the full range of egg products of both liquid and dry forms. We enjoy loyalty of the largest food processing companies in Ukraine and abroad by adjusting our products to the clients' needs while maintaining the superior quality.
2021 ANNUAL REPORT 5
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Ovostar Union NV published this content on 05 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2022 15:42:09 UTC.