Ovostar boosts EBITDA 1.9x yoy in 2011

Ovostar Union (OVO PW) released its 2011 annual report yesterday, posting revenues of USD 50.6 mln (up 37% yoy), EBITDA of USD 22.3 mln (up 93% yoy) including net change in fair value of biological assets of USD 6.9 mln (vs. USD 1.1 mln in 2010), and net income of USD 20.1 mln (up 2.2x yoy). Reported revenue is in line with the preliminary figure published on March 22, while EBITDA is 3% higher. Ovostar earned 70% of revenue from its egg segment in 2011 (vs. 73% in 2010), 27% from egg products (flat vs. 2010) and 3% from sunflower oil (vs. 0% in 2010).