Some adjustments were made in the financial statements of the Group for Q1 2017, including to the balance sheet and profit and loss account.
The results of Q1 2017 confirmed the recently published preliminary results of Milkiland Group reflecting the positive dynamic of the Group’s financials in the reporting period.
Milkiland N.V. (“the Company") has been informed by the Company’s auditors, namely BDO Audit and Assurance B. V., on the additional time required for issuance of an independent auditors report on the consolidated financial statements of Milkiland Group as at 31 December 2016, to be included into the Annual Report of Milkiland Group for 2016.
In Q1 2017 Milkiland’s EBITDA advanced by c.8% on y-o-y basis to EUR 2.16 million according to the preliminary data. This growth was, to a great extent, triggered by the development of the Russian segment of the Group’s business. It contributed more than 90% of the Group’s consolidated EBITDA in the above mentioned period.
By selling of two agri-susidiaries of the Group controlled by the Group’s main agri-subsidiary LLC Milkiland-Agro, namely PJSC “Iskra” and LLC “Uspikh-Mena”, in November 2016 and February 2017, respectively, Milkiland fulfilled the conditions of the Amendment agreement to the Loan Facility Agreement with PJSC Credit Agricole Bank (hereinafter, “the Creditor” and “the Restructuring agreement”).