Milkiland EBITDA plunges 80% yoy in 2018

Revenue at Ukrainian dairy firm Milkiland (MLK PW)
slid 5.6% yoy to EUR 132.6 mln, while its EBITDA plunged 79.5% yoy to EUR 2.1
mln in 2018, according to its annual report published on Apr. 30. The company’s
net loss swelled 2.7x yoy to EUR 20.1 mln.

Net debt of Milkiland remained nearly flat yoy at EUR
85.6 mln, implying a worsening of its Net Debt to EBITDA ratio to 40.5x as of
end-2018, from 8.3x a year before. The company is still in negotiations with
its creditors on possible debt restructuring.

Alexander Paraschiy: Achieved revenue and EBITDA metrics in 2018 are the worst in the
company’s history as a public company. Moreover, its annual 2018 EBITDA was 53%
lower than in 9M18, implying the company’s performance worsened closer to the
year’s end. With such results, the company’s prospects to remain afloat are as
weak as never before.