Some adjustments were made in the financial statements of the Group for Q1 2017, including to the balance sheet and profit and loss account.
Comment of Oleksandr Androshchuk, CFO, Milkiland N.V.:
“This year we had to publish the results for Q1 2017 before the final approval of audited annual report of Milkiland Group for 2016. Thus, publication of the audited results of Milkiland for the full 2016 year led to several changes of the inputs for the financials for Q1 2017. Those changes, inter alia, were addressed to the cancellation of fixed assets revaluation for JSC “Ostankino Dairy” in accordance with IFRS 5 for the total Group consolidation, to the input residual balance data of the fixed assets value and also to the ‘capital’ items in a balance sheet.
I’d like to stress, that the adjustments of the Group’s financials at the P&L level were minor and Milkiland saved a positive dynamics of the financials in the reporting period. While the corrected EBITDA of the Group was by c. 2% lower in comparison with the respective result published on 15 of May 2017 and stood at c. EUR 2.4 million, the Group’s net profit remained unchanged at the amount of EUR 1.1 million.
The full corrected version of the Q1 2017 Report of Milkiland Group you could find by the following link:
The information about the reason of the postponement publication of the Annual Report of Milkiland Group for 2016 you could find by the following link: http://www.milkiland.nl/en/news/2017/postponement_of_the_publication_of_the_annual_report_of_milkiland_group_for_2016/