Milkiland revenue drops 6%, EBITDA 45% in 9M18

Dairy firm Milkiland generated EUR 98.9 mln net revenue
in 9M18, or 6% less yoy, according to its interim report published on Nov. 15.
Its EBITDA amounted to EUR 4.5 mln, or 45% less yoy, and its bottom line was
negative in 9M18 at EUR 13.4 mln (vs. EUR 4.5 mln profit a year before). The
company’s total debt stood at EUR 86.2 mln at the end of September 2018, or
0.4% less YTD. Its net debt to LTM EBITDA ratio amounted to 12.9x as of
end-September, a dramatic increase compared to 8.3x at the year’s start.

Milkiland’s 9M18 results imply that in the third
quarter alone, the company’s revenue was EUR 32.8 mln (up 5% yoy) while EBITDA
amounted to just EUR 0.97 mln (a 69% plunge yoy).

Alexander Paraschiy: After encouraging operating and financial results in 2017, the company continues to disappoint this year.
Weak fundamentals, as well as increased pressure from the company’s creditors, offer few chances for the company to survive in
the mid-term.