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News / Milkiland N.V.

Milkiland published results for 1-st quarter of 2017

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.

Postponement of the publication of the Annual Report of Milkiland Group for 2016

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.

Milkiland to restore EBITDA growth in the first quarter of 2017

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.

Milkiland to fulfil the conditions of the restructuring of the indebtedness to one of the largest creditors of the Group

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”).

Changes in the Board of Directors of Milkiland N.V.

The duties of Mr. Vitaliy Strukov as a Non-executive director of the Board of Directors of Milkiland N.V. were terminated since 10 January 2017 by mutual consent of the parties.