Hi there
It can mean a few things
... your HR person hasn't caught them yet :)
... they don't see the value in performance reviews and feedback
... they don't know how to do one
... they are afraid of your reaction
... there is no money in the budget to pay for additional training or pay rises for you
My advice to you - if you have a HR department talk with them. If not talk with your manager (pick you moment) and ask for some feedback on how you are performing. Don't ask for a review - just feedback. That way you will get some idea of how you are perceived by your boss. If you get useful information then you can ask why you don't do formal reviews.
Good luck
Ingrid