Raport.

MILKILAND NV Raport okresowy roczny skonsolidowany za 2017 RS

WYBRANE DANE FINANSOWE w tys. z? w tys. EUR 2017 2017 2016 Revenues 140,411 146,758 Operating profit 588 -5,495 Profit before tax -7,242 -36,724 Net profit -7,346 -38,906 Cash flows provided by operating activities 10,996 9,540 Cash flows used in investing activities -2,811 -2,315 Cash flows provided by financing activities -7,924 -7,102 Total net cash flow 261 123 Total assets 160,415 168,456 Current liabilities 122,859 134,548 Non-current liabilities 24,634 26,994 Share capital 3,125 3,125 Total equity 12,922 6,914 Weighted average number of shares 31,250 31,250 Profit (loss) per ordinary share, EUR cents -0,25 -1,24

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  • Annual Report
    201 7




    1

    Contents

    FIVE YEAR SUMMARY OF FINANCIAL HIGHLIGHTS AND RATIOS ................................ ........................ 3
    Consolidated statement of comprehensive in come for the year ended 31 December ........................ 3
    Consolidated balance sheet as at 31 December ................................ ................................ ...... 4
    Key data, ratios and multiples of the Group a s at and for the year ended 31 December .................... 5
    CEO AND CHAIRMAN'S STATEMENT ................................ ................................ ......................... 6
    REPORT OF THE BOARD OF DIRECTORS ON OPERATIONS FOR THE YE AR 2017 ................................ ..... 7
    The Group Overview ................................ ................................ ................................ ....... 8
    Key Products, Production and Sales ................................ ................................ ................... 11
    Financial Performance and Financial Position ................................ ................................ ....... 22
    Income Statement ................................ ................................ ................................ ........ 23
    Financial Position ................................ ................................ ................................ ......... 26
    Key Investments in 2017 and Sources of their Financing ................................ .......................... 30
    Investment Plans for 2018 and Sources of their Financing ................................ ........................ 30
    Shareholder Structure ................................ ................................ ................................ .... 30
    Share Price Performance ................................ ................................ ................................ 31
    Management and Personnel ................................ ................................ ............................. 32
    Corporate Social Responsibility ................................ ................................ ......................... 33
    Material Factors and Events ................................ ................................ ............................. 34
    Going Concern Assumptions ................................ ................................ ............................. 36
    Fulfilment of Strategy in 2017 and Outlook for 2018 ................................ ............................... 37
    Material Risk Factors and Threats to the Group ................................ ................................ ..... 40
    CORPORATE GOVERNANCE REPORT ................................ ................................ ....................... 43
    REPRESENTATIONS OF THE BOARD OF DIRECTORS ................................ ................................ ..... 53
    Representation of the Boa rd of Directors on the Compliance of Annual Financial Statements ............. 53
    Representation of the Board of Directors on Appointment of an Entity Qualified to Audit Annual
    Financial Statements ................................ ................................ ................................ ..... 53
    Representation of the Board of Directors Relating to the System of Internal Control ....................... 53
    CONSOLIDATED FINANCIAL STATEMENTS AS AT AND FOR T HE YEAR ENDED 31 DECEMBER 2017 ............... 55
    Notes to the consolidated financial statements ................................ ................................ ..... 60
    1 The Group and its operations ................................ ................................ ........................ 60
    2 Summary of significant accounting policies ................................ ................................ ....... 63
    3 Significant accounting estimates and judgments ................................ ................................ . 75
    4 Segment information ................................ ................................ ................................ .. 76
    5 Balances and transactions with related parties ................................ ................................ .. 78
    6 Cash and cash equivalents ................................ ................................ ............................ 78
    7 Trade and other accounts receivable ................................ ................................ ............... 79
    8 Inventories ................................ ................................ ................................ .............. 80
    9 Other ta xes receivable ................................ ................................ ................................ 81
    10 Goodwill ................................ ................................ ................................ .............. 81
    11 Property, plant and equipment and intangible assets ................................ ....................... 82
    12 Investment property ................................ ................................ ............................... 83
    13 Biological assets ................................ ................................ ................................ .... 84


    2

    14 Trade and other payables ................................ ................................ ......................... 87
    15 Other taxes payable ................................ ................................ ................................ 87
    16 Interest bearing loans and borrowings ................................ ................................ .......... 88
    17 Share capital ................................ ................................ ................................ ........ 90
    18 Revaluation reserve ................................ ................................ ................................ 90
    19 Currency translation reserve ................................ ................................ ..................... 90
    20 Divid ends per share ................................ ................................ ................................ 90
    21 Revenue ................................ ................................ ................................ .............. 90
    22 Change in fair value of biological assets ................................ ................................ ....... 90
    23 Cost of sales ................................ ................................ ................................ ......... 91
    24 Selling and distribution expenses ................................ ................................ ................ 91
    25 Administrative expenses ................................ ................................ .......................... 91
    26 Other income/(expenses), net ................................ ................................ ................... 92
    27 Finance income ................................ ................................ ................................ ..... 92
    28 Finance expenses ................................ ................................ ................................ ... 92
    29 Income tax ................................ ................................ ................................ ........... 92
    30 Contingent and deferred liabilities ................................ ................................ .............. 96
    31 Capital management p olicy ................................ ................................ ....................... 96
    32 Financial risk management ................................ ................................ ....................... 97
    33 Earnings per share ................................ ................................ ................................ . 102
    34 Audit fees ................................ ................................ ................................ ........... 102
    35 Subsequent events ................................ ................................ ................................ 103
    COMPANY FINANCIAL STATEMENTS AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2017 /Milkiland N .V./ 104
    Notes to the company financial statements ................................ ................................ ........ 107
    1. General ................................ ................................ ................................ ................. 107
    2. Significant accounting policies ................................ ................................ ..................... 107
    3. Goodwill ................................ ................................ ................................ ................ 108
    4. Investments in participating interests ................................ ................................ ............. 108
    5. Receivables ................................ ................................ ................................ ............. 109
    6. Shareholder's equity ................................ ................................ ................................ .. 110
    7. Trade and other payables ................................ ................................ ........................... 110
    8. Loans and borrowings ................................ ................................ ................................ 111
    9. Administrative expenses ................................ ................................ ............................. 111
    10. Finance income ................................ ................................ ................................ .... 111
    11. Finance expenses ................................ ................................ ................................ .. 111
    12. Remuneration of Board of Directors members ................................ ............................... 112
    INDEPENDENT AUDITOR'S REPORT ................................ ................................ ....................... 113
    CORPORATE INFORMATION ................................ ................................ ................................ 121





    3

    FIVE YEAR SUMMARY OF FINANCIAL HIGHLIGHTS AND RATIOS
    Consolidated statement of comprehensive income for the year ended
    31 December
    EUR thousands 201 7 201 6 201 5 201 4 201 3
    Revenue 140,411 146,758 191,447 288,725 340,973
    Cost of sales (116, 988 ) (125,592) (163,793) (233,837 ) (268,810)
    Change in fair value of biological assets 269 (52) 105 1,405 1,305
    Gross profit 23,69 2 21,114 27,759 56,293 73,468
    Operating income (expense), net (23,104 ) (26,609) (54,638) (56,950) (54,276)
    Operating profit 588 (5,495) (26,879) (657) 19,1 92
    Net finance expense and other non -operating
    income (expense) (7,8 30) (31,229) (46,195) (73,991) (5,472)
    Profit (loss) before tax (7,242 ) (36,724) (73,074) (74,648) 13,720
    Income tax (expense) benefit (10 4) (2,182) (222) 2,233 (2,060)
    Net profit (los s) (7,346 ) (38,906) (73,296) (72,415) 11,660
    Other comprehensive income (loss) 13,354 9,879 14,64 3 (6,241) (11,005)
    Total comprehensive income 6,00 8 (29,027) (58,65 3) (78,656) 655
    Net profit (loss) attributable to equity holders
    of the parent company (7,672 ) (38,80 4) (72,807) (71,835) 10,835
    Weighted average common shares outstanding,
    thousand 31,250 31,250 31,250 31,250 31,250
    Earnings per share, basic and diluted
    (EUR cents) (25) (124) (233) (229.87 ) 34.67




    4

    Consolidated balance sheet as at 31 De cember
    EUR thousands 201 7 201 6 201 5 201 4 201 3
    Cash and cash equivalents 1,416 1,044 907 10,431 13,056
    Trade and other receivables 19,406 20,042 19,506 50,615 62,088
    Inventories 8,713 12,878 12,193 17,779 29,763
    Other current assets 7,279 8,269 7,985 12,809 24,338
    Total current assets 36, 814 42,233 40,591 91,634 129,245
    PPE 99,679 98,763 117,787 135,401 187,974
    Investment property 16,732 19,971 20,065 - -
    Deferred income tax assets 2,472 2,223 3,159 6,366 8,405
    Other non -current assets 4,7 17 5,266 4,948 6,450 10,863
    Total non -current assets 123, 601 126,223 145,959 148,217 207,242
    Total assets 160,415 168,456 186,550 239,851 336,487
    Trade and other payables 40,778 43,054 24,659 22,535 26,948
    Short -term loans and borrowings 75,800 87,293 103,410 96,389 79,284
    Other current liabilities 6,281 4,20 1 2,469 2,447 2,510
    Total current liabilities 122,859 134,5 48 130,538 121,371 108,742
    Long -terms loans and borrowings 10,756 14,993 4,061 5,531 24,475
    Deferred income tax liability 13,760 11,771 14,706 18,005 27,177
    Other non -current liabilities 118 230 1,304 351 657
    Total non -current liabilities 24,634 26,99 4 20,071 23,887 52,309
    Total liabilities 147,493 161,54 2 150,609 145,258 161,051
    Share capital 3,125 3,125 3,125 3,125 3,125
    Revaluation and oth er reserves 90,048 83,598 79,902 71,344 79,162
    Retained earnings (81,481 ) (80,91 8) (48,377) 17,676 88,050
    Total equity attributable to equity holders of
    the parent company 11,692 5,80 5 34,650 92,145 170,337
    Non -controlling interests 1,230 1,109 1,291 2,448 5,099
    Total equity 12,922 6,91 4 35,941 94,593 175,436
    Total liabilities and equity 160,415 168,456 186,550 239,851 336,487



    5

    Key data, ratios and multiples of the Group as at and for the year ended
    31 December
    EUR thousands 201 7 201 6 201 5 201 4 201 3
    EBITDA 10,279 5,443 9,852 17,106 33,437
    Net Debt 85,140 101,242 106,564 91,489 90,703
    EBITDA Margin,% 7.3% 4% 5% 6% 10%
    Net Profit Margin,% (5.2 %) (27% ) (38% ) (25% ) 3%
    ROE (62.8 %) (670. 22%) (211.53% ) (78.59% ) 6.85%
    ROA (20.0 %) (92% ) (181% ) (79% ) 9%
    Market Capitalization 11,538 14,184 10,780 10,851 94,190
    Enterprise Value (EV) 97,149 116,535 118,635 104,788 189,992
    EV / EBITDA 9.45 21.41 12.04 6.13 5.68
    EV / SALES 0.69 0.79 0.62 0.36 0.56
    Net Debt / Equity 6.59 14.6 4 2.96 0.97 0.52
    Net Debt / EBI TDA 8.28 18.60 10.82 5.35 2.71
    Net Debt / Sales 0.61 0.69 0.56 0.32 0.27
    Total Debt Ratio 0.92 0.96 0.81 0.61 0.48
    Debt / Equity 11.41 23.3 6 4.19 1.54 0.92
    Current Ratio 0.30 0.31 0.31 0.75 1.19
    Quick Ratio 0.23 0.22 0.22 0.61 0.91
    P/E (1.41 ) (0.28) (0.15) (0.15) 8.69
    EPS , EUR cents (24.55 ) (124.1 7) (232.98) (229.87) 34.67

    Formulae for calculation of financial indicators
    EBITDA Operating profit (loss) + depreciation and amortization, net of the effects of
    non -recurring expenditure from the oper ating segments such
    as restructuring costs, legal expenses, non -current assets impairments and
    other income and expenses resulted from an isolated, non -recurring events
    NET DEBT Short -term finance debt + long -term finance debt, net of cash and cash
    equiva lents
    EBITDA MARGIN, % EBITDA/ Revenues
    NET PROFIT MARGIN % Net profit / Revenues
    RETURN ON EQUITY (%) Net Profit / Shareholders equity
    RETURN ON ASSETS (%) Net Profit / Total assets
    MARKET CAPITALIZATION Number of shares at end of financial period mu ltiplied by closing price on last
    trading day of the financial period
    ENTERPRISE VALUE (EV) Market capitalization + net debt + minority interests
    TOTAL DEBT RATIO (Total current liabilities + total non -current liabilities) / Total assets
    CURRENT RATIO Total current assets / Total current liabilities
    QUICK RATIO (Total current assets – inventories) / Total current liabilities
    P/E Closing price on last trading day of financial year / Earnings per share
    EPS Net profit attributable to equity holders o f the parent company / Average
    number of shares during the financial period




    6

    CEO AND CHAIRMAN'S STATEMENT

    Dear Consumers, Shareholders, Partners,

    After 2017, we are now more confident to state that Milkiland is successfully withstanding challenges put
    to its business back in 2014, when Ukraine -Russia conflict instantly put to nil our dairy exports to Russia.
    We suddenly lost more than 40% of sales, and even more in EBITDA. Additionally, we could not
    compensate this damage from our Polish plant, since Po lish exporters were also banned by Russia.
    However, our businesses in three countries have found their ways to respond to crisis. We are opening new
    markets; we are back to introducing new products; we are connecting back our business disconnected by
    polit ical misfortunes.

    Despite of lots of difficult tasks ahead of Milkiland, we believe our company is set back to growth.
    Our markets started to turn their heads up, and we found new attractive destinations to develop.
    In revenue, we had some minor correcti on compared to 2016, but its quality improved; our EBITDA was
    better than in two previous years. We did significant steps to stabilize Milkiland financially, having
    achieved restructuring agreements with several creditors. Our debt during 2017 reduced in E UR by 16%;
    this, combined with increased EBITDA, substantially improved our debt servicing ability. All above should
    clear the way to final settlement of all outstanding financial claims of our creditors.

    Our Russian business is currently the biggest ope rations of the company, holding over 60% in consolidated
    revenues in 2017. Russian policy of imports restrictions in some ways turned beneficial to local food
    producers, providing opportunities to capture market share and enhance the bottom -line. In additi on to
    traditionally strong fresh dairy business of Ostankino, we continue to build up our cheese production in
    Russia, in order to get back to our Russian customers with famous hard cheese of Milkiland. Profitability of
    our Russian segment significantly im proved, the team is in place, and we believe this part of our company
    is on good track to recovery.

    Ukrainian business was the most heavily hit by political turmoil, since most of its revenues and profits
    came from exports to Russia. We had to do a lot o f cost cutting and operational turnaround. Our
    management is working hard to find new angles to our cheese and dry milk operations in Ukraine,
    exploring new geographies. In 2017 we started supplies to several new markets, including Israel, China,
    Denmark, and the Netherlands. We are positive that ongoing Free Trade agreements process will open
    new opportunities for Milkiland -Ukraine, providing easier access to European markets. It is our aim to
    develop Ukrainian business as our exports champion, given low c ost base and our sophisticated production
    facilities in Ukraine.

    Our agricultural division also posted positive result in 2017, supported with higher yields and better
    EBITDA margin. Our milk farms in 2017 supplied about 11% of total milk intake in Ukrai ne, and our
    strategic goal to have 20 -25% of own milk remains intact.

    In Poland, our Ostrowia plant is plotting its way to earn its share in highly competitive European market.
    Put in operations in 2014, Ostrowia is still facing challenges of scarce milk supply and underdeveloped
    sales channels. In 2017, Ostrowia’s relied mainly on its dry milk products, such as WPC and permeat, and,
    in financial terms, essentially replicated the result of the previous year. Our key goal towards Polish
    business is to full y restore its branded goods sales, in order to balance the volatility of commodity prices.

    We believe that our team deserved a lot for its efforts in 2017, and this is evidenced by much better
    financial performance of Milkiland. In ongoing year, we will focus on profitability and sustainability of our
    Company, aiming to settle all financial issues and thus enable our further business development. Our
    people are well motivated to perform, our assets are in good shape, and our business partners are with us.




    Oleg Rozhko, Anatoliy Yurkevych,
    Chairman of the Board Chief Executive Officer




    7














    REPORT OF THE BOARD OF DIRECTORS
    ON OPERATIONS FOR THE YEAR 201 7



    8

    The Group Overview
    Milkiland (the Company or the Group) is a n
    internationa l, diversified dairy producer with
    core operations in Ukraine, Russia and Poland.
    The Group’s holding company Milkiland N.V.
    is incorporated in the Netherlands, while
    commercial activities are conducted through its
    subsidiaries in respective geographies.
    The Group’s aggregated structure chart is
    presented below.

    The Group’s business in Ukraine includes dairy
    business (Milkiland Ukraine controlling 10 dairy
    plants) and milk farming (Milkiland Agro), also
    the Company controls extensive milk coll ection
    sys tem throughout the country . Milkiland Ukraine
    collect s and proce sses a bout one third of the
    Group’s milk , and produc es a wide range of
    products that it sells both locally and overseas.
    Milkiland Agro is a farming subsidiary of
    Milkiland N.V. ope rating 2,62 5 cattle livestock,
    including c.1,660 milking cows. The total land
    area cultivated by Milkiland Agro is about 12 ,000
    hectares.
    The Group’s Russian business con sists of
    Ostankino Dairy (Ostankino) and Milkiland RU.
    Ostankino is the Moscow -based producer o f
    whole milk products ranking No. 3 in the local
    Moscow market, the largest regional CIS dairy
    market. Milkiland RU is responsible for
    distribution of the Group’s cheese products in
    Russia, and development of Milkiland’s
    production base in this country .
    In 2012 , the Group launched it s EU business,
    having acquired Polish -based cheese plant
    Mazowiecka Spółdzielnia Mleczarska Ostrowia .
    Ostrowia is a modern cheese plant capable to
    produce a wide range of dairy products such as
    hard cheese (up to 15,000 tons p.a. ), curd ,
    processed cheese , yoghurts and variety of dry
    milk products .
    The Group’s Mi lkiland Intermarket was
    established in 2012 for the purpose of marketing
    the Group ’s products globally. Intermarket’s
    product line mainly consists of dry milk products,
    butter, and hard cheese.
    The Group’s total annual milk processing
    capacity exceeds 1.3 million tons; product line
    consists of whole milk products, various types of
    cheese, butter, and dry milk products.
    In 201 7, Milkiland’s consolidated revenues were
    EUR 140 million , representing c. 4% slide
    compared to 201 6, as the result of the
    Company’s f ocus at margin contributing
    products.
    Annual revenue, EUR million

    Milkiland develops as universal milk processor
    with production assets diversified across its local
    markets , and with a significant level of vertical
    integration, to enable reliable access to raw milk
    – one of the core restraints for dairy producers
    in Ukraine . Such model makes possible to offer a
    wide range of quality products to the Group’s
    customers, while controlling costs and sustaining
    margins. Milkiland’s business model is outlined in
    the diagram below:



    Milkiland N.V.
    Milkiland
    Ukraine
    Milkiland
    Agro
    Milkiland
    Intermarket
    Ostankino JSC
    Milkiland
    RU
    Milkiland
    EU
    100%
    100%
    100%
    100 %
    100%
    100%
    Raw milk collection
    system
    Agricultural business
    12,000 hectares of land
    1,660 milking cows Grains
    Butter
    Full cream powder
    Skimmed milk powder
    Milk powder business
    1 pl ant in Ukraine
    Hard cheese
    Fresh cheese
    Processed cheese
    Cheese with mould
    Dry whey
    Cheese business
    5 plants in Ukraine
    1 plant in Poland
    1 plant in Russia
    Fresh dairy business
    4 plants in Ukraine
    1 plant in Russia
    Drinking milk
    Yoghurts
    Cultured products
    Curd products
    Raw milk


    9

    Milkiland’s milk procurement comprises its own
    dairy farming business ( Milkiland Agro) and
    extensive raw milk collection system from third
    party farms and individual farmers. In order to
    secure larger volumes of in -house milk, in 20 12
    the Group commenced construction of the
    modern 6,800 stalls dairy farm. The first section
    of new dairy farm was put in operation . As of
    end -2017 , the number of milking cows operated
    by Milkiland Agro totaled to c. 1,66 0. The per
    cow milk yield in 2017 improve d by c. 16 % on y -
    o-y basis . Milkiland Agro provided for c. 12 % of
    the Group’s total milk intake in Ukraine .
    In order to secure milk supply from third parties,
    especially small farms and individual farmers ,
    Milkiland established long -term partnership with
    nation -wi ilk cooperative Moloko -Kraina that has
    grown to provid e c. 36 % of the Group’s raw milk
    intake in Ukraine in 2017 .
    Raw milk collected by the Group is delivered to
    three core production streams: fresh dairy,
    cheese, and milk powder s. This allow s to deliver
    higher flexibility and better profitability of the
    business , as Milkiland can quickly switch between
    product lines.
    Whole milk dairy and cheese are Milkiland’s core
    product segments providing together c. 82%
    of the Group’s revenues in 201 7.
    Who le milk dairy business includes Moscow -based
    Ostankino and 4 dairy plants in Ukraine,
    producing a wide range of fresh dairy such as
    drinking milk, kefir, yoghurts, sour cream,
    ryazhenka, tvorog etc. Milkiland’s fresh dairy
    is sold nation -wide in Ukraine an d mainly focused
    on Moscow city and Central region s of Russia.
    The Group’s cheese business is comprised of five
    production units in Ukraine and Polish -based
    Ostrowia cheese plant. Also, Milkiland controls
    a cheese plant Rylsk Syrodel in Russia (Kursk
    reg ion). Milkiland is one of the leading CIS
    players in this segment offering a wide variety of
    cheeses such as hard, fresh, curd and processed
    cheese. The Group is successful in introducing
    high value added specialty products such as
    cheese with white and bl ue mould, being one of
    the few local playe rs in this attractive segment.
    The Group sell s its cheese primarily in Ukraine,
    Russia and Kazakhstan, being one of the major
    CIS players in this segment .
    Revenue breakdown by product in 201 7-201 6

    Milkiland’s mil k powder business has one of the
    largest and most efficient drying facilities in
    Ukraine, operating mainly in high season, when
    raw milk is produced in large quantities. Milk
    powder and butter are sold both locally and
    abroad to more than 30 countries worl dwide .
    Starting from 2012 , Milkiland reinforced its
    positions in this segment by acquiring of
    Ostrowia plant, which is equipped with state -of-
    the -art facilities for production of high value
    added dry milk products ( WPC -80 and permeate ).
    Sales of milk powd er products are mostly done
    on B2B basis, with large international traders and
    food -processing companies being the Group’s
    major customers. B2B sales comprised around
    18% in the total revenue in 201 7.
    All Milkiland’s brands are targeting a wide
    audience o f families that are keen of healthy
    diet and natural dairy products. Most of the
    Group’s products are medium priced and widely
    affordable.
    The Company’s key brands are : Dobryana ,
    Ostankinsk oye, 36 kopeyek and Ostrowia .
    Dobryana is positioned as the Group ’s
    international brand actively deployed in Russian ,
    Ukrainian and other CIS markets, as well as in
    Poland. Dobryana is also the largest selling brand
    of the Group .
    Ostankinsk oye is a traditional “medium +” brand
    for whole milk products produced by Ostanki no
    Dairy , well known by Moscow consumers . The
    another Group ’s trademark in Russia is
    36 kopeyek, “medium –“ brand.
    Under Ostrowia brand, the Group mar kets
    products locally in Poland .
    In 2017 , all key brands of the Group
    were exp anded with new products, e .g. the
    Group entered the vast kosher products market
    and butter market in EU .


    10

    Revenue breakdown by geography in 201 7






    In terms of geographical revenue breakdown ,
    Russia is the largest market for Milkiland
    contributing about 62% to the Group’s tota l
    consolidated revenue in 201 7. In Russia, the
    Group is active in whole milk products and hard
    cheese.
    Sales in Ukraine account for about 27 % of the
    Group’s revenue and include all range of dairy
    products. Poland secured 8% of the Group’s total
    revenue in 201 7, whi le other countries account
    for 3 %.
    The geographical br eakdown somewhat shifted
    in 2017 from Ukraine and Russia to other markets
    in response to the Group’s strategy to develop
    sales on its key operational markets and find new
    export markets . For mo re information, refer to
    Key Products, Production and Sales section.


    62%
    27%
    8%
    3% 2017


    11

    Key Products, Production and Sales
    Global milk supplies grew, butterfat prices went
    sky high and skim milk powder prices remained
    depresse d. This is in short what the global dairy
    sector experienced in 2017.
    Relatively strong global demand for dairy
    products appears to have contributed to the rise
    of prices in 2017, especially for products with
    high milk -fat content. Consumer perceptions of
    butterfat have changed in recent years as several
    studies have indicated possible lower risks of
    consuming butterfat and detrimental effects of
    alternative trans fats. In 2017, global dairy prices
    have diverged - butter and cheese prices posted
    gains while prices for whole milk powder (WMP)
    and skimmed milk powder (SMP) dropped by 12%
    and 28% y -o-y, respectively.
    The stellar performer was butter with prices
    climbing by 40% y -o-y to peak at $6,275 per ton
    FOB Oceania in September 2017 . In the European
    Union , this rise was more spectacular with values
    peaking at $8,140 per ton amid reports of
    shortages in countries such as France. The
    strength in global demand for milk fat has
    resulted in a global surplus of skim solids. At the
    end of 2017, the European Union held 0.4 million
    tons of skim milk powder in public storage from
    its intervention program. Most of the stocks were
    more than a year old. In 2017, EU shipments of
    SMP are estimated to have grown by nearly one
    third. In 2018, EU exports are forecast ed
    to ex pand by another 3%.
    For 2018, the global dairy price outlook points to
    a continued sharp correction in butter prices
    although strong consumer demand should keep
    prices from dropping far below $4,000 per ton.
    Cheese and WMP will likely decline moderately
    wh ile SMP prices will continue to struggle at
    prices below $2,000 per ton due to ample
    exportable supplies in the European Union and
    the United States.
    Several factors, including the drought in New
    Zealand, could well affect global dairy prices
    in 2018 . Also , the fa ct that intervention stores
    were open ed in Europe since March 1, 2018, with
    the European Commission carrying 376,000 tons
    of skim milk powder. Another one factor is t he
    risk of a US exit from NAFTA after 5 rounds of
    ‘modernizing’ the agreement has failed to
    advance amendments to the existing agreement.
    Two more round s are scheduled for 2018. Change
    of Chinese regulations towards t ightening
    environmental protection regulations, with local
    government zones prohibiting animal farming in
    certain region s, is an additional factor of the
    influence . Furthermore, tensions in the Middle
    East have escalated, although this didn’t lead to
    discernible impacts on the dairy market yet.
    According to the USDA estimations, world milk
    production during 2017 expanded by 1.4% y -o-y;
    a sharp correction from the 0.2% growth
    registered in 2016. Further strong production
    growth around 1 .8% is expected for 2018 , with
    the US and EU being the largest contributors to
    that growth .
    Since structural changes in Russi an economy
    began in the 1990’s , the dairy sector has
    struggled for decades with insufficient financing
    for modernization and replacement of local dual
    purpose (milk and beef) cattle with highly
    productive dairy breeds. Russian milk farms
    depended on state subsidies rather than
    consumer demand and did n ot generate profits
    for decades. Thus, Russia’s milk production
    sector remains far less modernized and
    consolidated compared to pork, poultry, sugar,
    and grains. The key weakness of Russia’s milk
    production sector is its ineff iciency, but the high
    cost of capital has long constrained
    development; over time these factors resulted in
    high milk production costs in Russia compared to
    the countries that export processed dairy to
    Russia. As a result, the markets for raw milk and
    proc essed dairy products remain strongly
    dependent on the price of imports. The share of
    imported processed dairy from Belarus and other
    non -restricted suppliers remains high because
    the total capacity of all Russia’s milk farms
    remains below the country’s dem and.
    For the first time in at least a decade in Russia,
    milk production was more profitable than poultry
    or grain production in 2017. Global high prices
    for milkfat made milk and dairy produced in
    Russia price competitive to imports. Milk remains
    dependent on imports so further growth of
    industrial milk production is possible and could
    come at the expense of imports. However, world
    market experts anticipate some decline of world
    butter prices in 2018, which would affect
    forecasts. Per cow yields at commerci al farms
    continues growing. The share of industrially
    processed milk is increasing at the expense of
    shrinking on farm consumption of fluid milk. The
    top 50 biggest farms, which currently account for
    4.8% of total milk production in Russia, will
    continue t o grow and increase their share in the
    market. Leading commercial farms benefit from
    replacing the local dual -purpose breeds with
    highly productive modern dairy cattle. However,
    the existing national regulation system of
    breeding operations is structurally inherited from
    the soviet times, and constrains the development
    of the industry.
    The milking herd in Russia is forecasted to
    decrease 2.8 % y -o-y to 6.8 million head in 2018
    due to low investment in cattle in the past two
    years , down from 7.0 million hea d reported in


    12

    2017 . Russia’s milk production totalled 30.6
    million tons in 2017, up 0.3 % y -o-y. Milk
    production in 2018 is forecast ed at almost the
    same level , only 0.2 % less than in 2 017 , declining
    less than cow herd thanks to large farms improve
    per cow yields . Commercial dairies are expected
    to increase milk production in 2018, while
    backyard farms continue to decrease the output .
    Backyards have been reducing productivity by
    2.5 -3% each year over the last decade; however,
    the total raw milk supply in Rus sia has stabilized
    at the level of 30.5 -30.6 million tons due to
    improvements in per cow yields by commercial
    farms. Cows in backyard farms average annual
    3.5 tons yield compared to the average yield in
    the commercial sector of annual 5.7 tons per
    cow in 2 017 (up 5.2% y -o-y). Private household
    still contribute large share in total raw milk
    supply in Russia, a 44% of total in 2017.
    Wholesale prices for raw milk in RUB in 2017
    were on average 14% higher y-o-y. If calculated
    in U S dollars, the prices were 35% percent
    higher, due to r ouble appreciation. High world
    prices on milkfat were the main reason for
    growth of commodity prices on raw milk in
    Russia.
    Higher dairy prices may ease the impact of
    uncertain state support. The major concern of
    milk producers in Russia is the uncertainty with
    the traditional “per one liter” subsidies in the
    budget for 2018. “Subsidies for increase of dairy
    cattle productivity” remained the only dairy
    sector specific program in 2017, and replaced
    the “subsidies per one kg of milk s old for
    processing”. The federal government allocated
    7,964 million Russian rubles (c. EUR 120.8
    million) specifically for dairy sector under this
    program in 2017. The amended program
    continued to subsidize each kg of milk sold for
    processing in 2017, but the rules for the farms to
    qualify for the subsidies have been changed.
    On the trade barriers on Russian dairy market, on
    June 30, 2017, President Putin signed decree No.
    293 extending Russia’s ban on the import of
    agricultural products (including milk an d dairy)
    from the countries that applied economic
    sanctions against Russia. The market remains
    favorable for domestic dairy processors as the
    counter -sanctions trade restrictions on
    significant western exporters have been
    extended until December 31, 2018 .
    In Ukraine , fluid milk production decreased in
    2017 and is expected to remain on a slight
    downward trend in 20 18. Ukraine lost a
    significant cheese export market in Russia
    in 2014 and since than t he domestic market was
    unable to absorb additional quantiti es of cheese
    or alternative dairy products. In 2016 -17,
    Ukrainian consumers were unable to sustain
    existing dairy product consumption levels due to
    the on -going economic and political crisis.
    2017 milk output in Ukraine reached 10.3 million
    tons, down 0.5 % y -o-y due to decreased demand
    from the processors in 2014 -16. Milk production
    responds to market signals with significant lag.
    Availability of new export markets for Ukrainian
    butter and dry milk products in 2017 positively
    impact ed the milk production in the country and
    could be a factor of its further growth in the
    current year .
    Ukraine’s milking cows he adcount declined by
    3.2 % to 2.1 million heads in 2017, while average
    yields improved by 6.4% y -o-y to 5.6 tons annual
    thus supporting only slight overa ll raw milk
    production decline . The favorable world dairy
    market prices observed in 2017 partially
    alleviated the production decline, inspiring some
    investments into industrial milk production.
    Households also slowed down their animal
    number contraction. H owever, the combined
    impact of these investments is not sufficient to
    reverse the overall production decline. Over 65%
    of raw milk is produced in households and this
    situation is unlikely to change significantly unless
    changes in government support of the industry .
    Simultaneously, Ukrainian processors are
    increasing the share of industrially processed
    milk. In 2017, it reached 60% of total fluid milk
    purchases, in comparison to 52% in 2014.
    In 2018, Ukraine’s governme nt plans to allocate
    UAH 4 billion (c. EUR 133 million) in state budget
    for dairy industry support, including new dairy
    farms construction through credit refund and
    construction costs compensation; a 1,500 Hryvnia
    per cow annual support for existing farms ; 50%
    value refund for the cattle purcha se; 20% value
    refund for the newly purchased agricultural
    equipment. In 2017, state budget support for
    dairy totaled UAH 170 million (EUR 5. 66 million ).
    In 2017, the exchange rate in Ukraine lost its
    dominating influence on milk and dairy product
    product ion and trade. The industry is slowly
    recovering from the vast currency devaluation of
    2014 -16. The exchange rate remained almost
    stable throughout 2017. Producers benefit from
    reduced uncertainty over exchange rates,
    currency regulations, finance availabi lity
    (including foreign investments), domestic prices,
    and stable demand, as well as uninterrupted
    imports of inputs. Simultaneously, Ukrainian
    producers lost their competitive advantage in the
    form of shrinking costs that are fixed in local
    currency.
    Ukr ainian milk producers and processors
    concentrated on the domestic market and
    actively searched for new foreign markets for
    their value -added dairy products in 2017 . The
    country was able to respond to high world


    13

    market dairy prices by slightly increased
    pro cessing activity and re -direction of selected
    dairy products from the domestic market to
    foreign markets. The industry was slow to react
    to price fluctuations due to the significant
    momentum associated with current animal
    productivity levels and inability to increase milk
    production rapidly. However, high world market
    butter prices inspired exporters which pushed
    Ukraine into the top 15 butter exporters.
    Ukraine’s i ncreased state support of the industry
    in 2018 should positively affect raw milk
    production if actively utilized. However, lack of
    investments due to still vulnerable
    macroeconomic environment may constrain
    production growth.
    According to USDA, r aw milk production in
    Ukraine is expected to decrease further
    0.5% y-o-y in 20 18 to 10.25 million ton s.
    Ukraine will continue to export dried milk
    products and butter to utilize excess milk supply.
    Industry’s efficiency will be improving due to
    increased investments in industrial milk
    production.
    Milkiland defines its home market as former
    Soviet Union re gion, namely Russia and Ukraine.
    This is one of the largest food markets globally,
    ranking No.5 after China, EU, USA, and India, and
    a very dynamic one with strong growth
    fundamentals. Starting from 2013, upon
    launching of Ostrowia operations, the Group is
    also active in the Polish and EU market.
    While per capita consumption of dairy products
    in Russia and Ukraine is significantly lower than
    in the developed EU countries, there are a l ot of
    opportunities for using local competence to
    develop in these countr ies.
    From the macroeconomic perspective, 2017
    became a period of further m acroecono mic
    stabilisation started in 2016 . In particu lar, real
    GD P of Ukraine in 2017 grew by 2.5 % y -o-y on the
    back of stronger performance of agri -sector and
    restoration of global prices for steel , while
    Russian GDP grew by 1.5% on y -o-y basis fuelled
    by growing adding value in the processing sectors
    of the economy . The inflation ra te in Ukraine
    and Russia in 2017 stood at 13.7 % and historically
    low 2.5 %, respectively in comparison with 12.4%
    and 7.3% in 2016 , respectively. The real income
    of the Uk rainian population was almost flat (0.2 %
    of growth y -o-y), Russians even fac ed a decline
    of this rate by 1.7% in comparison with 2016 ,
    thus triggering the further stagnation of the
    consum er markets of these countries.
    In Russia, the Dairy market is dominated by two
    categories, Cheese and Milk, which constitute
    over 60% of the Russian market by value. The
    third -largest product category, Yoghurt,
    accounts for another 20% of the market. Afte r
    Russian authorities introduced a ban on dairy
    imports from the EU and Ukraine in mid -2014,
    per capita consumption of dairy products shrunk
    considerably limited by the supply and continued
    decline throughout 2015 . In 2016 -17, Russian
    consumer diets change d towards cheaper dairy
    products, causing per capita consumption of
    dairy products to increase notwithstanding lower
    disposable incomes.
    Per capita consumption of dairy in Russia, kg

    Source: http://www.clal.it
    In Ukraine, drinking milk represents about half of
    the total dairy products consumption. Only about
    40% of total raw milk produ ced went into
    processing in 2017 (flat y -o-y). Cheese and butter
    represent another 28% of the total dairy
    consumption. In 2017 , following a considerable
    drop in the consume r purchasing power,
    consumers continued switch to cheaper locally
    produced varieties, while the general dairy
    consumption remained stable in Ukraine .
    Per capita consumption of dairy in Ukraine, kg

    Source: http://www.clal.it





    14

    Milkiland is active in al l main segments of the
    dairy market. Contrary to many players focusing
    on a certain market segment, the Group
    welcomes diversification, as additional flexibility
    across the product line s helps to manage prices
    fluctuation, both in raw materials and end
    pro ducts.
    The Group allocates its product portfolio into
    three main groups based mainly on consumer
    base, marketing and logistics:
     Whole milk product group (white palette)
    includes all types of packaged fresh dairy with
    relatively short shelf life;
     Cheese a nd butter group (yellow palette) are
    in general longer shelf life consumer products
    that could be sold in package, or repackaged
    in retail outlets, or by weight;
     Ingredients are mainly B2B dairy products sold
    in bulk such as skimmed milk powder, full
    crea m powder, dry whey, permeate, etc. Also,
    this segment included agricultural products of
    Milkiland’s farms sold to third parties.
    Milkiland’s core strategic product groups for
    markets of its presence are whole milk products
    and cheese , where the Group sees the most
    significant growth potential. Milkiland consider s
    butter and dry milk products as the basement for
    its export operations, including the admission to
    new export markets.


    15

    Whole Milk Products Segment
    Whole milk is the largest and the most divers e
    dairy segment in the CIS region. It includes a
    variety of products such as drinking milk and
    highly popular cultured products (sour cream,
    kefir, ryazhenka etc.), and also curd based
    snacks (tvorog, curd desserts etc.). Yoghurts are
    a relatively new prod uct to the market, but their
    consumption has been developing.
    From the market perspective , 2017 was a
    challenging year for the Ukrainian whole milk
    producers. Declining consumer purchasing power
    and a conflict in the Eastern Ukraine, as well as
    annexation of Crimea in spring 2014 led to a
    continuous reduc tion in demand for dairy
    products throughout 2015 -17 . Industry statistics
    showed that Ukrainian market for drinking milk
    solely showed an increase of 2% y -o-y to 0.9 5
    million tons in 2017 . Production of tv orog and
    other curd desserts totalled 67 ,000 tons , down
    c.4% y -o-y, while yoghurt, sour cream and other
    whole milk products (kefir, ryazhenka etc.)
    volumes shrank almost 3% y -o-y to 406,000 tons
    in 2017.
    On the supply si de, raw milk p rices grew by
    c. 36 % y -o-y in Hryvnia terms as a response to
    higher input prices correlated with international
    soft commodities markets caused by the
    Ukrainian Hryvnia devaluation. The unusually
    high demand for raw milk in autumn 2016 and
    further high demand on internat ional butter
    market favouring Ukrainian export of this
    product ca used Ukraine’s price for raw milk
    purchased by industrial processors skyrocket
    throughout 2017 and average 7,500 UAH per ton
    of m ilk net of VAT for the year .
    In Russia, restrictions introduce d by Russian
    authorities on food products imported from a
    number of countries, including the EU and
    Ukraine , contributed to higher demand for
    locally produced food products . Nevertheless ,
    the decline in disposable income caused
    consumer demand for all dair y products to
    decrease in Russia in 2017.
    For the first time in the last five years the
    production of whole milk products (WMP)
    in Russia in 2017 decline d c.1.0% y -o-y to about
    11.8 million tons. In particular, drinking milk and
    tvorog output both fell by 1.5% y -o-y and other
    whole milk products , such as sour cream, yoghurt
    etc. fell by 1.0%. At the same time, the freed
    supply of raw milk on the market were processed
    into piling up dairy stocks in butter, cheese and
    skimmed milk powder, that could be store d
    longer than WMP with a short shelf life of
    maximum two weeks.
    Even with trade barriers imposed against
    imported dairy, in 2017 Russia remained the
    importe r of whole milk products . In raw milk
    equival ent the country imported about 13% of
    overall dairy p roducts . Belarus delivered 90 % of
    overall whole milk p roducts import to Russia in
    2017 while overall country’s whole milk product s
    import continued declining ( -5% y -o-y) in 2017 .
    On the supply side, prices for raw milk in Russia
    grew on average by over 12% y-o-y in Rouble
    terms to 24,520 RU B per ton net of VAT in 2017.
    Thanks to Russian Rouble appreciation against
    Euro in 2017, the country’s raw milk price grew
    26% y -o-y in Euro terms to 373.5 Euro per ton
    in 2017.
    Russia’s commodity prices for raw milk in
    2016 -18, net of VAT

    Source: Rosstat, CLAL
    Russian embargo also created additional pressure
    on the local EU market where the raw milk price
    drop ped since late 2014 , as additional volumes of
    milk became available for processing. However,
    strict subsidizi ng and production volume controls
    in EU -countries finally resulted in industry
    restructuring and turned raw milk price trend
    into posi tive territory in 2016 -17 . In Poland, the
    average effective raw milk price grew 25 %
    on average in 2017 and continued incre asing 9%
    in first quarter 2018 .
    The Group’s total 2017 whole -milk produ cts
    volume sales decre ased by 26 % on the back of
    decline of those products sales in Ukraine and
    Russia , also due to reorientation to high value -
    added products production and sales .
    The Group’s subsidiaries in Russia benefitted
    from import substitution , retained its strong
    market share in the WMP segment . Ostankino
    accounted for over 3 % of WMP segment sales and
    proved its TOP -8 player position in this segment
    of Russian dairy market with the solid presence
    in national retail chains. Ostankino Dairy is also
    No.3 player in Moscow city market, the largest
    regional market consuming over 1.5 million tons
    of fresh dairy annually.
    In Ukraine, the Group retained its positions of a
    TOP -14 player in the segment with the market
    share of c.1 % (down 0.9pp y -o-y) in 2017 .


    16



    Ukraine’s whole milk pr oducts market by
    company in 2017 , volume terms, %

    Because of a decline of th e Group’s output in the
    segment but still higher y -o-y average prices ,
    the Group’ s total revenues in the fresh dairy
    segment declined by c. 10 % and amounted to
    EUR 73.2 million in 201 7. The segment’s EBITDA
    skyrocketed 227% y -o-y to EUR 5.4 million mainly
    thanks to improved segment EBITDA on the
    Group’s Ostankino subsidiary in Russia .
    The segment’s 2017 EBITDA margin increased by
    5.4 pp y -o-y to 7.4% .
    The share of fresh dairy in the Group’s 2017
    con solidated revenues stood at 52 %, 4 pp. less
    than in 201 6.
    Whole milk dairy segment remains Milkiland’s
    strong strategic priority, as the G roup sees high
    growth potential here.



    Russia’s whole milk products market by
    company in 2017, value terms, %
    Milkiland’s management believes, that the
    continuation of the economic growth in the key
    marke ts of Ukraine and Russia expected in 2018 ,
    will lead to growing demand for WMP products.
    Also, a ccording to the Company’s estimations,
    c.40% of fresh dairy consumption in its core
    markets still falls to home -made products.
    Such informal consumption will diminish
    in favour of industrially processed dairy ,
    thus being significant additional growth driver
    for the Group’s business .
    The Group believes that it has good assets
    in right places both in Russia and Ukraine to
    capitalize on these trends . Ostankino is uniquely
    located to serve Moscow population with f resh
    short shelf life dairy. Milkiland’s Ukrainian whole
    milk plants are also favourably positioned nearby
    large cities such as Kyiv, Kharkiv, Sumy, Lviv,
    Dnepr and Kryvyi Rig.

    11%
    12%
    10%
    9%
    7% 6% 6% 5%
    4%
    4% 3% 1%
    22%
    Danone
    Milk Alliance
    Lustdorf
    Wimm-Bill-Dann
    Laсtalis
    Pridneprovsky
    Terra Food
    Ternopilsky
    GK Formula
    Galychyna
    Milk Sloboda
    Milkiland Ukraine
    Other
    25%
    24%
    6% 5% 4% 3% 3% 3% 2%
    25%
    Danone
    PepsiCo
    Rostagroexport
    Savushkin Product
    Ekomilk
    Dmitrovsky
    Molvest
    Milkiland OMK
    Balmiko
    Other


    17

    Cheese and Butter Segment
    Cheese is the second -largest dairy market in the
    CIS after whole milk products.
    In Russia, the food embargo hit the supply of
    cheese harder than any other dairy category.
    Disrupted supplies of cheese from the EU
    resulted in a spike in cheese prices and empty
    shelves in September -October of 2014.
    The Rus sian industry has gained sufficient
    capacity to fill the shelves in the economy
    product category after three years of counter -
    sanctions trade restrictions. Local products
    started replacing Belarusian imports; however,
    Russian products in the premium group still can’t
    compete with quality European -made cheese.
    Consumer purchasing power is anticipated to
    recover in the current year , thus the demand for
    quality cheese will encourage imports in 2018.
    Current trends, such as growing supply of raw
    milk for proces sing from commercial dairies, and
    forecasted increase of cheese consumption, are
    shaping a favourable outlook for cheese in 2018.
    Both trends encourage increase of cheese
    production, as additional raw milk will be
    available for cheese.
    Some of produced ch eese volumes were not
    absorbed by the market and formed quite large
    ending stocks, which stood at 64 ,000 tons
    (excluding “tvorog”), as of end -2017, the 86%
    above the 5 -year average . These stocks will be
    consumed in the current year on the back of
    growing c onsumption of cheese in Russia.
    In 201 7, cheese market in Russia continued to be
    constrained by supply , as trade restrictions
    imposed by government on the EU and Ukrainian
    producers cut imports, while local cheese
    production however was reviving . As a resu lt, the
    tot al Russian cheese consumption in creased by
    c. 6% y-o-y to approximately 1.14 million tons
    (source: FAS -USDA estimations ) and is expected
    to increase further by 0.9% y -o-y, to 1.15 million
    tons in 2018 despite expected price growth on
    dairy produ cts in Russia.
    Cheese production increased 7% y-o-y to 925 ,000
    tons in 2017 as a result of processi ng the spare
    raw milk volumes in the market freed from lower
    demand for whole milk products.
    Russian government authorities forecast 935,000
    tons of cheese and curd production in 2018,
    1% growth from the revi sed production estimate
    of 2017 on the back of reviving consumer
    demand .
    Multiple trends from the current m arket will
    likely remain in 2018 , including weak consumer
    demand for premium high -margin cheese and
    strong competition from non -banned exporters in
    the market. Additionally, higher prices on quality
    raw milk suitable for cheese production are
    expected to constrain the growth of cheese
    sector. Stable supplies of recognizable cheese
    and tvorog brands from reputable producers and
    further expansion of private labels will
    contribute to the anticipated growth of cheese
    consumption in Russia in 2018 .
    Further growth may be seen after significant
    recovery of the purchasing power of households,
    when the consu mer interest shifts back to the
    premium and middle product categories. The
    macroeconomic f orecasts available to date
    anticipate further GDP recovery by 1.8% y -o-y in
    2018 (compared to 1.7% growth seen in 2017) ,
    likely followed by growth in disposable incom e in
    Russia , so the market will remain balanced with
    ch eese supplies comparable to 2017 when large
    cheese stocks were formed .
    As Ro sstat reported in September 2017 , average
    producer prices for hard cheese increased 8%
    from RUB 376,348 per ton in January 20 17 to RUB
    408,272 per ton in September 2017; meanwhile
    butter prices declined 2% during the same
    period. Prices on ‘tvorog’, which was a dairy
    product of choice for Russian consumers during
    the crisis, were on average two times less than
    prices for other c heeses in 2017 , also increas ed
    c.8% y -o-y during nine months of 2017 . The
    cheese market is balancing near its saturation,
    and manufacturers are switching their focus to
    quality of their products and efficiency of
    operations to maintain sales.
    Despite stabi lization of cheese supplies in the
    medium and economy market segments in
    Russia, there is no adequate replacement of
    premium imported cheeses. Local producers
    were not able to fill in the segment of premium
    cheeses, and consumers continue to prefer the
    les s expensive grocery items within product
    groups. As a result , the middle price range
    varieties of cheese remain the bestselling hard
    and semi -hard cheeses and are increasing their
    share in the market. “Rossiysky” is the most
    popular variety of cheese, with over 60% share of
    total consumption.
    Imports of cheese to Russia covered primarily by
    Belarus (84 % of total) remained flat y -o-y in 2017
    at 223 ,000 tons and accounted for c. 20 % of total
    consumption. All the key cheese exporters, who
    could influence the R ussian cheese market,
    remain excluded from c ompetition until the end Treść w podglądzie może zawierać błędy powstałe podczas konwersji plików pdf.

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WSZYSTKIE KOMUNIKATY SPÓŁKI
Informacje o spółce
Nazwa:Milkiland NV
ISIN:NL0009508712
NIP:
EKD:
Adres: Reinwardtstraat 232 1093 H Amsterdam
Telefon:+ 380443695253
www:www.milkiland.com
Kalendarium raportów
2018-08-31Raport półroczny
2018-11-15Raport za III kwartał
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2018-05-25 11-05-07
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