Last update: 17.06.2021 07:52 (GMT+3)

VLP: 2006 first half a year results

28.07.2006, Vilkyškių pieninė, VLN
JSC Vilkyškių pieninė             Stock Exchange Release              28-07-2006

2006 first half a year results

Lithuanian cheese producer Vilkyškių pieninė increased its half-year revenues
to LTL 44.2 million (EUR 12.8 million), up by 31% year over year. Profit before
taxes in first half a year was LTL 203 thousand (EUR 59 thousand).

“Rapid growth in revenues was reached due to the increased volumes of raw milk
purchases and completed cheese production line modernization. So far the company
surpasses its annual revenue target, so revenues for whole year might be higher
than planned” – told Vilkyskiu pienine CEO Gintaras Bertasius.

Due to the production line modernization and onetime expenses related to
the initial public offering, operating costs increased by 27%.

Company’s first half a year profit before taxes reached LTL 203 thousand
(EUR 59 thousand) and was 80% lower than a year ago. According to G. Bertašius,
due to the lower cheese (down by 3.4%) and cream (down by 7.3%) prices,
company lost respectively LTL 1.15 million (EUR 0.33 million) and LTL 0.57 million
(EUR 0.17 million) in revenues. Therefore, gross profit margin decreased
to 8.4% from 11.6% a year ago. Bigger decrease in gross profit margin was
limited by the 1.3% lower raw milk prices.

According to G. Bertasius, second quarter was more profitable than the first
due to the business seasonalit, June was the most profitable month in the first
half a year. “Higher profitability should be sustained during the forthcoming
few months, when the major part of the annual profit is earned” – told G. Bertasius.
Therefore company is not considering reviewing annual profit forecasts earlier
than the end of the third quarter.

In 2006 Vilkyskiu pienine is planning to reach LTL 113 million (EUR 32.73 million)
in revenues and LTL 6.2 million (EUR 1.8 million) in net profit. In 2007 company
expects revenues to increase up to LTL 126 million (EUR 36.49 million) and net
profit up to LTL 8.3 million (2.4 million). Currently cheese maker is undergoing
LTL 7.63 million (EUR 2.21 million) investment program, LTL 3.45 million
(EUR 1 million) of which is financed through the EU funds.

Gintaras Bertasius,
Director General
Tel.: +370 441 55330, 55102

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