Regarding import restrictions to the Russian Federation

        Print
| Source: Pieno Zvaigzdes
multilang-release

Vilnius, Lithuania, 2014-08-13 19:32 CEST (GLOBE NEWSWIRE) -- Milk products import from all EU and other countries to Russian Federation was stopped from 6th August 2014 by decision of Russian authorities. Pieno Zvaigzdes export to Russian Federation accounted from 30% to 35 % of total sales. Partly these sales will be compensating by sales to other markets (with lower profitability). But it will not be possible to compensate all lost sales by the end of this year. Based on present situation and taking into account actual sales of this year expected sales for the whole year of 2014 will be around 800 million litas (230 million EUR). Sales restriction to the Russian market does not pose a threat to the continuity of company’s business, but will have a negative impact on the company's profitability.

 

Audrius Statulevicius

CFO

(+370 5)246 1419