Pieno Zvaigzdes AB - Interim information

Pieno zvaigzdes AB, not audited financial results for the first six months of 2011

Vilnius, Lithuania, 2011-08-31 17:00 CEST (GLOBE NEWSWIRE) -- 

Based on preliminary unaudited results Company‘s sales over six months in 2011
accounted to LTL 337.2 million (97.6 million EUR), 23% better compared to a
year ago. Sales resulted in LTL 273.4 million (79.2 million EUR) over six
months in 2010. Increased demand in export markets had the major impact on
Company's financial results in the first six months of 2011. Export sales
increased by 39% and generated proceeds of LTL 176.7 million (51,2 million EUR)
compared to LTL 126.9 million (36.7 million EUR) a year ago and accounted to
52% of total proceeds over the period. 



Over the six months of the year 2011 Company's EBITDA accounted to LTL 31.1
million (9.0 million EUR), the Company earned a net profit of LTL 11 million
(3.2 million EUR) compared to a loss of LTL 0.8 million (0.2 million EUR)over
same period in 2010. Profitability in domestic market this year was limited by
on average 22% higher raw milk prices and minimal corrections of the product
sales prices. This year, similar to last year, profits were generated mainly
due to successful exports. 



The Company‘s Board is positive of financial result reached over the six months
in 2011 taking into account high raw milk price. With respect to financial
results reported over the six months in 2011 and market trends in the second
half of 2011 the Company‘s management is staying with the initial forecast for
year end 2011 results: expected sales close to LTL 700 million (close to 200
million EUR), expected EBITDA profitability around 11% and net margin around
4.0%. 



Audrius Statulevicius

CFO

(+370 5)246 1419

Attachments:

2011_2q_PZ_report_OMX_en.pdf