Milkiland major dairy producer in Ukraine and Russia, will invest the entire net profit for 2010 amounting to 21,99M EUR in development and will not pay dividends. The corresponding decision was taken by a meeting of shareholders held on June 17 according to meeting update by Milkiland on July 6.

In addition, the shareholders delegated to the board the right to buy the next 18 months to 50% of the shares or, alternatively, to issue additional up to 10% (plus up to 10% in cases of mergers or acquisitions). As reported, the holding company Milkiland NV owns 100% of Milkiland-Ukraine, which includes 10 processing plants and four agricultural companies with 15.7 thousand hectares, as well as Ostankino Dairy Plant in Russia. The total capacity of processing milk is 1.1 million tons annually.

In 2010 the company increased net profit by 2.7 times compared with 2009 - up to 21, 99M EUR. Its revenues last year rose by 29.2% - up to 258,5M EUR, which is less than during the period of 2008, when revenues reached 270,42M EUR. In November 2010, Milkiland carried out an initial public offering of 22.4% shares on the Warsaw Stock Exchange.

UAIndex