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Pieno Zvaigzdes

Interim / Quarterly Report • Sep 25, 2018

2253_ir_2018-09-25_96fd0496-516a-4f8c-95c9-62d6cdf8968c.pdf

Interim / Quarterly Report

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Pieno Žvaigždės, AB Confirmation of the Management

Vilnius, September 2018

Financial statements and the Report for the 6 months 2018

We, Aleksandr Smagin, Chief Executive Officer and Audrius Statulevičius, Chief Financial Officer, hereby confirm that, to the best of our knowledge, Interim Report for the six months of 2018 includes a fair review of the development and performance of the business.

We, Aleksandr Smagin, Chief Executive Officer and Audrius Statulevičius, Chief Financial Officer, hereby confirm that, to the best of our knowledge, Interim Financial Statements of the six months of 2018 prepared in accordance with IFRS, give true and fair view of the assets, liabilities, financial position, profit or loss and cash flows of AB "Pieno žvaigždės".

CEO

Pieno Žvaigždės, AB Aleksandr Smagin

CFO

Pieno Žvaigždės, AB Audrius Statulevičius

PIENO ŽVAIGŽDĖS, AB

INTERIM FINANCIAL STATEMENTS

And

INTERIM REPORT

For the 6 months 2018

VILNIUS, SEPTEMBER 2018

TABLE OF CONTENT

1. Accounting Period for which the present Report has been Prepared3
2. Key Data on the Issuer3
3. Type of the Issuer's main activities3
4. Agreements with intermediaries of public trading in securities3
5. The Issuer's authorized capital3
6. Securities admitted to the trading lists of the stock exchanges3
7. The objective review of the Company's state, activity performance and development; the
description of the main risk types and uncertainties encountered by the enterprise4
8. Analysis of financial and non-financial activity results, information related to environment
and personnel issues7
9. The number of the own shares acquired and transferred during the reporting period,
where they are acquired or transferred against payment
7
10. Information about branches and representative offices7
11. Significant events occurred after the end of the six months of year8
12. Information about research and development activity8
13. Shareholders
8
14. Staff
8
15. Change of the issuer's Articles of Association9
16. Management:9
17. Additional notes about financial statements10
18. Information on the major related parties' transactions10
19. Significant up-to-date developments in the issuer's performance
11
20. Future plans11
21. Financial statements
12
21.1. Statement of financial position12
21.2. Statement of comprehensive income13
21.3. Statement of cash flows14
21.4. Statement on changes in equity
15
21.5. Notes to the financial statements16

1. Accounting Period for which the present Report has been Prepared

The present Report has been prepared for the 6 months 2018

2. Key Data on the Issuer

Company name Public Limited Liability Company
"Pieno žvaigždės"
Registration date and time The company was reregistered on 23 December 1998
Company code 124665536
VAT payer code LT246655314
Authorized capital 13,088,981.51 Euro, divided into 45,134,419
0,29 euro
nominal value shares.
Address Perkūnkiemio str. 3, LT-12127 Vilnius, Lithuania
Telephone (+370 5) 246 14 14
Fax (+370 5) 246 14 15
E-mail [email protected]
Internet website www.pienozvaigzdes.lt

3. Type of the Issuer's main activities

The Company's main activity is manufacturing of Milk products.

4. Agreements with intermediaries of public trading in securities

Joint-Stock Company Siauliu Bankas (company code 12025254, registered address Šiaulių m. Sav. Šiauliai. Tilžės g. 149, tel. 1813 e-mail: [email protected]) is accountant of AB Pieno Zvaigzdes shares.

5. The Issuer's authorized capital

The authorized capital registered in the Register Centre is 13,088,981.51 EUR. The authorized capital divided into 45 134 419 ordinary shares (nominal value 0.29 EUR). All ordinary registered shares of AB Pieno Zvaigzdes are fully paid up.

6. Securities admitted to the trading lists of the stock exchanges

6.1. The ordinary registered shares of AB Pieno Zvaigzdes were admitted to the Official List of the NASDAQ OMX Vilnius Stock Exchange. Type of shares – Ordinary registered shares; Number of shares – 45 134 419; Total nominal value – 13 088 981.51 EUR;

ISIN code – LT0000111676;

All information about Pieno zvaigzdes, AB securities trading available on Nasdaq Vilnius stock exchange site.

  • 6.2. Currently the Company has no debt securities issues.
  • 6.3. Currently the Company has no own shares.

7. The objective review of the Company's state, activity performance and development; the description of the main risk types and uncertainties encountered by the enterprise

Pieno Žvaigždės, AB was established on 23 December 1998 after merger of independent milk processing companies operating in Lithuania: AB Mažeikių Pieninė and AB Pasvalio Sūrinė. Later, AB Kauno Pienas and in 2004 AB Panevėžio Pienas were also merged into Pieno Žvaigždės, AB. The current structure of the Company enables to specialise production in separate branches and reach the highest efficiency as well as even distribution of raw milk collection capacities in the country.

Pieno Žvaigždės, AB is the largest milk processing company in Lithuania, which currently produces more than 500 different products. The Company operates not only in the local market but also exports production to the countries of the European Union, CIS, and Asia. Different types of ferment cheese, whey flour and fresh milk products produced by Pieno Žvaigždės, AB are the main products produced for export which are well known for their irreproachable quality. The products are awarded with quality certificates.

The main activity of the Issuer is processing of milk. The mentioned business is risky due to eventual changes in product and raw materials markets, competition as well as eventual legal, political, technological and social changes, which are directly or indirectly related to the Issuer's business and may have a negative influence on the Issuer's cash flows and operating results.

The main raw material used by the Issuer is milk, the sales quota for processing of which to the EU milk processing companies is limited by national milk quota. Limitations put on supply of raw milk may result in lack of raw milk and an increase in prices for raw milk. These changes may have a negative influence on the cash flows and operating results of the Issuer.

The Issuer's business (especially collection and transportation of milk) is a labour consuming activity. The lack of human resources and an increase in salary costs may negatively affect the operating results of the Issuer.

Information on financial risks is presented in the annual financial statements (note 21 of the explanatory information).

Pieno Žvaigždės, AB has integrated the quality and environment management system as to the requirements of ISO 9001:2008 and ISO 14001:2004. As of March 2012 the Company is implementing the food safety management system as to ISO 22000:2005, which will be integrated into the existing management system. In December 2013, the affiliate Pasvalio Sūrinė received the certificate confirming the implementation of food safety management system complying with requirement of FSSC 22000. Other three affiliates of Pieno Žvaigždės, AB have finalised the implementation of the food management system and received certificate according to the requirements of FSSC 22000 at the beginning of the year 2015.

Assurance of the quality of dairy products, especially of their safety, i.e. harmlessness to consumers, is one of the major tasks of the Company. The functioning food safety system allows to monitor risk factors and important control points that are related to milk production processes, transportation, consumption and improves the quality control. The Company has prepared, implemented and operate the programs which provide for conditions, measures and behaviour rules to prevent biological, chemical, allergic and physical contamination and ensure high quality and safety of the dairy products.

During the years 1998–2002 the State Food and Veterinarian Office assigned the affiliates of Pieno Žvaigždės, AB with certificates for export to EU, which allow exporting dairy products bearing identification marks to the EU countries. Furthermore, all the branches of the Company are approved for export to Russia and Belarus.

A primary certification of the quality management system in the Company's affiliates was performed in 2002. The granted certificates proved that the establishment, documentation and maintenance of the quality management system complied with the ISO 9001 standard. The certification audit in the affiliates and issuance of the certificates was performed by an international certification firm TUV CERT. During 2005–2006, the environment management system complying with the requirements of ISO 14001 standards was integrated into the quality management system, and in February 2007 Pieno Žvaigždės, AB received the certificate confirming the integrated quality and environment management system complying with the requirements of ISO 9001 and ISO 14001 standards operates in the Company. Every year, the certifying firm performs supervision audits of the Company, and every 3 years the recertification takes place. Pieno Žvaigždės, AB aims to continuous improvement and better efficiency of its operations and processes, thus, for the purpose of more efficient use of external audit results for company improvement, in 2013, Pieno Žvaigždės, AB changed the certification firm. As of 2013, external audit of management systems is performed by certifying firm DNV.

In order to further improve the quality control, in September 2016, the branch Pasvalio Sūrinė and in September 2017, the branch Mažeikių Pieninė were certified as to the IFS Food Standard requirements. This International Food Standard (IFS) was introduced by the retail trade association IFS Food of Germany, France and Italy to meet the requirements of private retailers in Germany, France, Italy, the Benelux and other countries. A company that complies with the IFS requirements ensures that it can manage the risks throughout all the stages of food production process, can produce a safe and high-quality product. The greatest attention is paid to the products that must meet the expectations of the ultimate customer and, most importantly, the consumer.

Meanwhile, in April 2017, the branch Kauno Pienas was granted a BRC certificate (Global Standard for Food Safety). In 1998, the British Retail Consortium (BRC) established and implemented the BRC food technical standard, which is used for evaluation of foodstuff manufacturers. The purpose of the standard is to assist the food processing companies in the production and supply of safe and high quality foodstuff. This ensures consumer confidence in the company's food safety. Due to clarity and versatility of the BRC standard requirements and control, they are acknowledged globally.

The Company's affiliates Kauno Pienas an Panevezio Pienas are certified for production of ecological products (ecological yogurts, ecological sour cream, ecological curd and cottage cheese). After each annual review, a public company Ekoagros issues a new certificate on the Company's compliance with the requirements. Production of ecological dairy products requires adhering to strict requirements set not only for production processes but also for their compound parts. The certified ecological products are marked with the following additional information: certification mark of ecological products, code of the certifying firm, and reference to the growth place of agricultural goods used for production.

Certain products of the Company are assigned with specific quality certificates HALAL (whey powder and cream) and KOSHER (whey powder).

The Company's management has undertaken to produce safe and high-quality dairy products that satisfy the clients' needs and expectations, with low impact on environment to the maximum extent, all being defined in the Company's policy on the safety and quality of food and environment protection.

8. Analysis of financial and non-financial activity results, information related to environment and personnel issues

2018
06
30		 2017
06
30
Key figures, million EUR
Turnover 86,5 80,9
Gross profit 15,7 12,3
Profit before tax, interest and depreciation
(EBITDA)
Investment in property, plant and equipment		 5,4
2,8		 1,6
3,0

Main quality management and environmental principles:

  • The quality management system is oriented towards a customer, thus a lot of attention is devoted to fulfilling customers' needs and expectations;
  • Principles of cleaner production must be adhered to; the aspects that significantly influence the environment must be identified and managed, and proper preparation for emergency situation must be insured.
  • Management of the Company sets united aims and goals. Heads of the Company create environment where all employees take part in order to achieve aims.
  • Employees of all levels are involved in Company's work.
  • All activities of the Company, as well as the recourses related to them are managed as a process.
  • Interconnected processes are defined, understood and managed as a system, and this increases Company's capacity and efficiency.
  • Company's target is constant improvement. Improvement activities are integrated with Company's strategy and every worker seeks improvement of a product, process and systems.
  • High-scoring solutions are based on data and information analysis.
  • A lot of attention is devoted to connections with suppliers.

Enjoyment of the ISO 9001 and ISO 14001 certificates proves that the structure, duties and responsibilities are strictly defined in the Company, processes and procedures set out, major documents controlled and constantly renewed, checked and that management activities are carried out regularly, while the non-conforming ones are identified, analysed and corrected, even more, the prevention of environmental is ensured.

The Company's top management annually reviews and confirms food safety, quality and environmental policies

9. The number of the own shares acquired and transferred during the reporting period, where they are acquired or transferred against payment

Through the 6 months of 2017 the Company did not purchase or sell any own shares.

10. Information about branches and representative offices

Pieno Žvaigždės, AB comprises four production branches:

  • ✓ Branch Kauno Pienas, Taikos pr. 90, LT-51181 Kaunas;
  • ✓ Branch Mažeikių Pieninė, Skuodo St. 4, LT-89100 Mažeikiai;
  • ✓ Branch Pasvalio Sūrinė, Mūšos St. 14, LT-39104 Pasvalys;
  • ✓ Branch Panevėžio Pienas, Tinklų St. 9, LT-35115 Panevėžys.

11. Significant events occurred after the end of the six months of year

No significant events have occurred after the end of six months of the financial year.

12. Information about research and development activity

The Company continuously makes investments and searches for new ways how to ensure a constant and better efficiency growth of its activity.

13. Shareholders

Based on the latest data available (July 4, 2018) the Company had 3 734 shareholders. The shareholders holding by the right of ownership or in trust more than 5 percent of the Company's authorized capital:

Names of shareholders Number
shares, units		 Share of
the capital
%		 Share of votes % /
Share of votes with
related persons %
ŽŪKB "SMILGELĖ" J.TUMO VAIŽGANTO 8/27-3.
VILNIUS, ĮM.K. 2490652		 6 677 200 14.79 14.79
UAB "AGROLITAS IMEKS LESMA" LAISVĖS PR.125,
VILNIUS, ĮM.K. 2191855		 6 228 459 13.80 13.80
SEB ESTONIA AS CUSTODIAN FOR BANK AUSTRIA
EEEEUH002 TORNIMAE 2 15010, TALLINN		 5 122 022 11.35 11.35
Kvaraciejus Julius 7 085 907 15.70 15.70 / 32.36
Kvaraciejienė Regina 2 126 959 4.71 4.71 / 32.36
Klovas Voldemaras 3 142 567 6.96 6.96 / 32.36
Klovienė Danutė 878 328 1.95 1.95 / 32.36
Smagin Aleksandr 1 323 536 2.93 2.93 / 32.36
Gžegož Rogoža 46 150 0.10 0.10 / 32.36

14. Staff

2018 06 30 2017 06 30
Average number of employees 1 653 1 753
With university education 378 393
With further education 347 405
With secondary education 790 853
With not completed secondary education 138 102
2018 06 30 2017 06 30
Average number of employees 1 653 1 753
Managers 61 62
Specialists 384 404
Workers 1 208 1 287
2018 06 30 2017 06 30
Average payroll, EUR
Managers 2 086 1 810
Specialists 961 907
Workers 726 689

15. Change of the issuer's Articles of Association

Pursuing the Articles of Association of the Company, the Articles may be exclusively changed by the general meeting of shareholders, according to the Law of the Republic of Lithuania.

16. Management:

The managing bodies of the company are as follows: General shareholders' meeting, the Management Board and the Chief Executive Officer.

The Management Board is a collegial management body comprised of 7 (seven) members. The Board members are elected for the 4 years period.

The competence and procedure of announcement of the shareholders' meeting complies with the competence and procedure of announcement of the shareholders' meeting established by the Law on Joint Stock Companies.

Name, surname Official
duties		 Number
shares,
units		 Share of the
capital %		 From Until
Julius Kvaraciejus chairman 7 085 907 15.70 2018 04 26 2022 04 25
Voldemaras Klovas member 3 142 567 6.96 2018 04 26 2022 04 25
Aleksandr Smagin member 1 323 536 2.93 2018 04 26 2022 04 25
Gžegož Rogoža member 46 150 0.10 2018 04 26 2022 04 25
Regina Kvaraciejienė member 2 126 959 4.71 2018 04 26 2022 04 25
Artiom Smagin member - - 2018 04 26 2022 04 25
Vitalis Paškevičius member - - 2018 04 26 2022 04 25

Management Board

Administration

Name, surname Official duties Number shares,
units		 Share of the
capital %
Aleksandr Smagin CEO 1 323 536 2.93
Audrius Statulevičius CFO - -

Positions held by the board members and the head of administration in Pieno Žvaigždės AB and other companies:

Name, surname Position held in Pieno Žvaigždės
AB		 Position held in other
companies
Aleksandr Smagin General Director, member of the
board		 None
Julius Kvaraciejus Member of the board, Director for None
Business Development
Regina Kvaraciejienė Member of the board, consultant None
Voldemaras Klovas Member of the board, Deputy None
General Director
Member of the board, General
Gžegož Rogoža Director of the branch Kauno None
Pienas
Artiom Smagin Member of the board, Marketing
Project Manager		 None
Member of the board; Director of UAB Bobketa
Vitalis Paškevičius Logistics Director (company code 302808827,
Kelpių 25-1, Tarandė, Vilnius r.)

17. Additional notes about financial statements

The financial statements prepared according to the IFRS. Financial statements for the 6 months 2018 are not audited. All additional information about financial statements is presented in the notes to the financial statements.

18. Information on the major related parties' transactions

No significant or unrepresentative agreements or transactions were concluded between related parties in the first 6 months of 2018.

19. Significant up-to-date developments in the issuer's performance

All the publicly disclosed information available on the company's web site www.pienozvaigzdes.com

Date Market Subject

20. Future plans

The company did not change its plans and forecasts for the year 2018.

21. Financial statements

Prepared according to IFRS, not audited

21.1. Statement of financial position

Thousand EUR 2018.06.30 2017.12.31
Assets
Property, plant and equipment 44 070 44 839
Intangible assets 100 101
Investments available for sale 22 22
Long-term receivables 1 094 1 077
Deferred tax
Total non-current assets 45 286 46 039
Inventories 13 115 16 078
Receivables
Cash
and cash equivalents		 16 390
510		 12 903
256
Total current assets 30 015 29 237
Total assets 75 301 75 276
Equity
Share capital 13 089 13 089
Share premium 7 891 7 891
Own shares - -
Reserves 2 200 2 200
Retained earnings 2 161 752
Total equity 25 341 23 932
Liabilities
Government grants 534 593
Interest-bearing loans and borrowings 27 725 37
Deferred tax 784 1 011
Total non-current liabilities 29 043 1 641
Provisions
Interest-bearing loans and borrowings 3 223 32 692
Income tax payable - -
Trade and other amounts payable 17 694 17 011
Total current liabilities 20 917 49 703
Total liabilities 49 960 51 344
Total equity and liabilities 75 301 75 276

21.2. Statement of comprehensive income

Thousand EUR 2018.01.01 -
2018.06.30		 2017.01.01 -
2017.06.30
Revenue 86 496 80 891
Cost of sales (70 836) (68 636)
Gross profit 15 660 12 255
Other operating income, net 256 185
Sales and administrative expenses (13 990) (14 397)
Operating profit before finance costs 1 926 (1 957)
Finance income 84 229
Finance expenses ( 602) ( 525)
Finance income/expenses, net ( 518) ( 296)
Profit before tax 1 408 (2 253)
Corporate income tax 1 500
Profit for the year 1 408 ( 753)
Earnings per share (EUR) 0,03 -
0,02
Thousand EUR 2018.04.01 -
2018.06.30		 2017.04.01 -
2017.06.30
Revenue 45 839 42 722
Cost of sales (36 674) (35 617)
Gross profit 9 165 7 105
Other operating income, net 121 98
Sales and administrative expenses (6 996) (8 151)
Operating profit before finance costs 2 290 ( 948)
Finance income 44 106
Finance expenses ( 284) ( 258)
Finance income/expenses, net ( 240) ( 152)
Profit before tax 2 050 (1 100)

Corporate income tax 0 1 500 Profit for the year 2 050 400 Earnings per share (EUR) 0,05 0,01

21.3. Statement of cash flows

Thousand EUR
Cash flows from operating activities		 2018.06.30 2017.06.30
Net profit 1 408 (753)
Adjustments:
Depreciation and amortisation 3 577 3 666
Amortisation of government grants (59) (79)
Result of disposal of property, plant and equipment (50) (23)
Change in financial instruments (2) (103)
Change in vacation reserve 249 -
Change in impairment loss of inventories (1 232) (701)
Interest income/expenses, net 480 375
Income tax - -
Cash flows from ordinary activities before changes
in the working capital		 4 371 2 382
Change in inventories 4 195 (2 336)
Change in receivables (3 503) (2 254)
Change in trade and other payable amounts 207 2 568
Cash flows from operating activities 5 270 360
Interest paid (502) (431)
Income tax paid 0 284
Net cash flow from operating activities 4 768 213
Cash flows
from investing activities
Acquisition of property, plant and equipment (2 820) (2 978)
Acquisition of intangible assets (31) (20)
Proceeds on sale of property, plant and equipment 95 101
Interest received 22 56
Net cash flow used in investing activities (2 734) (2 841)
Cash flows from financing activities
Loans received 3 922 8 939
Repayment of borrowings (5 696) (3 000)
Dividends paid - (3 804)
Financial leasing (6) -
Net cash from/(used in) financing activities (1 780) 2 135
Change in cash and cash equivalents 254 (493)
Beginning cash 256 841
Ending cash 510 348

21.4. Statement on changes in equity

000 EUR Share
capital		 Share
premiu
m		 Own
shares		 Compul
sory
reserve		 Revalua
tion
reserve		 Other
reserve
s		 Retained
earnings		 Total
equity
As at 1 January 2017 13 089 7 891 0 1 570 0 560 6 495 29 605
Profit allocation
Dividends
Change of share		 70 ( 70)
(3 945)		 0
(3 945)
capital
Own shares buyback
Depreciation of		 0
0
revaluated part 0
Other income 0
Net profit for 2017 ( 753) ( 753)
As at 30 June 2017 13 089 7 891 0 1 570 0 630 1 727 24 907
As at 1 July 2017 13 089 7 891 0 1 570 0 630 1 727 24 907
Profit allocation 0
Dividends
Change of share		 ( 117) ( 117)
capital
Revaluation of fixed		 0
assets
Depreciation of		 0
revaluated part 0
Other income 117 117
Net profit for 2017 ( 975) ( 975)
As at 31 December
2017		 13 089 7 891 0 1 570 0 630 752 23 932
As at 1 January 2018 13 089 7 891 0 1 570 0 630 752 23 932
Profit allocation 0
Dividends 0
Change of share
capital		 0
Own shares buyback 0
Revaluation of asstes 0
Other income 0
Net profit for 2018 1 409 1 409
As at 30 June 2018 13 089 7 891 0 1 570 0 630 2 161 25 341

21.5. Notes to the financial statements

AB Pieno Žvaigždės was established by way of merger of stock companies Mažeikių Pieninė, Pasvalio Sūrinė, Kauno Pienas and Panevėžio pienas.

The main office of the Company is located in Vilnius and the branches – in Mažeikiai, Pasvalys, Kaunas and Panevėžys.

Ordinary shares of the Company are quoted in the NASDAQ Vilnius Stock Exchange.

The Company is engaged in production and sales of milk products to retail stores directly and through distributors.

Statement of compliance

These are the financial statements of a separate company AB Pieno Žvaigždės, which have been prepared in accordance with International Financial Reporting Standards (IFRS).

Main indicators of the Company's' performance

Ratios 2018.01.01 -
2018.06.30		 2017.01.01 -
2017.06.30
Sales, Thousand EUR 86 496 80 891
Gross profit, Thousand EUR 15 660 12 255
EBITDA, Thousand EUR 5 444 1 631
Current ratio (at the end of period) 1,38 1,29
Book value per share (at the end of period), EUR 0,56 0,55
Net profit per share 0,05 -0,02
Ratios 2018.04.01 -
2018.06.30		 2017.04.01 -
2017.06.30
Sales, Thousand EUR 45 839 42 722
Gross profit, Thousand EUR 9 165 7 105
EBITDA, Thousand EUR 4 029 854
Current ratio (at the end of period) 1,38 1,29
Book value per share (at the end of period), EUR 0,56 0,55
Net profit per share 0,03 0,01

Inventories

Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

The cost of inventories is based on the first-in first-out principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of overheads based on normal operating capacity.

Inventories, Thousand EUR 2018.06.30 2017.12.31
Raw materials 5 266 4 886
Stored production 7 763 11 082
Goods for resale 86 110
Total: 13 115 16 078

Segment reporting

A segment is a distinguishable component of the Company that is engaged either in providing products or services (business segment), or in providing products or services within a particular economic environment, which is subject to risks and rewards that are different from those of other segments. Company sales production mainly in domestic market, and EU.

Sales
by geographical markets, Thousand
EUR		 2018.01.01 -
2018.06.30		 2017.01.01 -
2017.06.30
Lithuania 46 474 46 384
Other EU countries 28 422 24 500
Other non EU countries 11 600 10 007
Total: 86 496 80 891
Sales
by products groups, Thousand
EUR		 2018.01.01 -
2018.06.30		 2017.01.01 -
2017.06.30
Fresh
milk products		 58 154 55
005
Dry milk products 3 679 5
323
Cheese 19 448 16
557
Other products 5 215 4
006
Total: 86 496 80 891
Sales
by geographical markets, Thousand EUR		 2018.04.01 -
2018.06.30		 2017.04.01 -
2017.06.30
Lithuania 24 432 24 076
Other EU countries 16 524 13 680
Other non EU countries 4 883 4 966
Total: 45 839 42 722
Sales
by products groups, Thousand
EUR		 2018.04.01 -
2018.06.30		 2017.04.01 -
2017.06.30
Fresh
milk products		 28 897 28
258
Dry milk products 1 456 2
120
Cheese 11 142 9
229
Other products 4 344 3
115
Total: 45 839 42 722

Post balance sheet events

There were no other significant events after the balance sheet date.

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