Avangardco Investments Public Limited announced audited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, revenue was $74.5 million against $194.7 million last year. EBITDA amounted to $23.6 million against $97.9 million last year. Operating profit was $17.6 million against $91.1 million last year. Net loss amounted to $17.8 million against net profit of $76.1 million last year. The 62% year-on-year decrease in the consolidated revenue was primarily due to the sharp Ukrainian Hryvnia devaluation against the US dollar in the fourth quarter of 2014, the decline in production and sales volumes of shell eggs and dry egg products and the decrease in average sales price of dry egg products. It was further negatively affected by the decline in export volumes.

For the year, revenue amounted to $419.6 million against $661.2 million last year. EBITDA amounted to $129.5 million against $303.6 million last year. Operating profit was $84.1 million against $278.1 million last year. Net loss amounted to $26.9 million against net profit of $238.1 million last year. In 2014, the company's consolidated revenue decreased by 37% year-on-year. The decline in the consolidated revenue was primarily due to the 49% devaluation of the Ukrainian Hryvnia against the US dollar, the decrease in production and domestic sales volumes of shell eggs by 10% and 16% respectively, the decline in sales volumes of dry egg products by 7%, as well as the decrease in the average sales price of dry egg products by 18% in dollar terms. However, the decline in the company's consolidated revenue was partially offset by the increased share of shell egg sales to high margin channels, such as export and retail chains, coupled with the increase in average sales price of shell eggs in the Ukrainian Hryvnia. EBITDA decrease was due to decreased revenue together with declining profit from the revaluation of biological assets, and from the special VAT regime, as well as a write-off of current assets. Operating profit fell by 70% year-on-year. This was due to an impairment of closed assets of $23.6 million in the third quarter of 2014, a loss of $18.7 million resulting from the writing-off of accounts receivables and inventories of these enterprises, as well as the writing-off of provisions for bad debts and decreased profit from special VAT regime. Net cash flow from operating activities amounted to $41.2 million against $187.4 million last year, due to the increase in prepayments, taxes recoverable and prepaid and inventories at the end of the period. Net debt amounted to $225.9 million against $166.0 million at December 31, 2013. Payments and receipts - property, plant and equipment were $77.0 million against $184.8 million last year.