Milkiland reports 37% y-o-y EBITDA growth in 2010

Milkiland (WSE: MLK PW) reported its consolidated non-audited financials for 2010 yesterday in a press release: its revenue grew by 29.5% y-o-y to EUR 259 mln, EBITDA increased by 37% y-o-y to EUR 44.6 mln (margin increased 1 pp y-o-y to 17.2%). Milkiland said its total debt as of December 31, 2010 was EUR 79.8 mln (net debt to EBITDA was 0.9x). The company said its strategic priorities for 2011 included creating a full value chain from milk production to finished dairy products. It plans to modernize its Oxtirsk Cheese Plant and Ostankino Dairy Plants this year, and to raise augment its dairy herd by an additional 6,000 heads. Milkiland also said it continued to consider acquisitions in Ukraine and Russia.