On August 17, 2015, Milkiland N.V. entered into the Professional Services Agreement with “Deloitte & Touche” Ltd., a member firm of Deloitte Touche Tohmatsu Limited. The Agreement envisages the provision by “Deloitte & Touche” Ltd. of Company’s Business Review and review of short-term liquidity forecast.

Milkiland N.V. has published its consolidated annual report for the year 2014. A new strategy developed in order to address the market challenges.

Entering 2014 with healthy organic growth expectations, we primarily targeted our efforts on capitalization on growing export opportunities for the Group’s business both in the Customs Union and the EU markets. Those efforts were based on our diversified production base located in Ukraine and Poland. Unfortunately, our expectations were to a large degree disrupted by the escalation of the conflict between Russia and Ukraine, which led to sanctions and also limitations in multilateral trade between Russia, Ukraine and EU.    

On February 20, 2015, The Federal Service for Supervision of Consumer Rights Protection and Human Well-being of the Russian Federation (Rospotrebnadzor) has suspended the imports to Russia of cheese products and imitation cheese produced in Poland, including imitation cheese under Jolly Cow brand by Milkiland’s Polish subsidiary Ostrowia.