Wimm-Bill-Dann RL 20 A
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| Eröffnet am: | 24.07.07 16:46 | von: monkey | Anzahl Beiträge: | 31 |
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wer immer sich an meinungs- oder erfahrungsaustausch beteiligen will, ist willkommen.
hier mal einige links zum milchprodukte-, babyfood-, getränkeproduzenten wimm-bill-dann (danone hält anteile) für alle interssierten:
www.wbd.com
http://www.russlandaktien.info/Firmen/...ill_Dann/wimm_bill_dann.html
(wahnsinnschart!!)
http://www.finanznachrichten.de/nachrichten-aktien/wimm-bill-dann.asp
http://www.uptotrade.de/talk/...89fc9869ad1474ba4&t=1300&page=4&pp=25
http://www.capitallinkrussia.com/companies/50010325/
ältere infos:
http://www.dei.de/dei/live/fachartikelarchiv/.../detail/10025235.html
http://www.boersenreport.de/...en.asp?msg=003009000000000550000000000
http://www.proleit.com/de/Customers/Fachartikel/...nn_Timaschevsk.php
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hier noch 2 links:
http://www.meineaktien.de/
http://de.finance.yahoo.com/q/ta?s=WBD
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credit suisse http://www.fin-rus.com/newtopics/news03896/default.asp
und citigroup http://biz.yahoo.com/ap/070822/wimm_bill_dann_foods_mover.html
erkannt. die beiden ihre ziele auf 116 bzw 119,5 usd erhöht haben. (aktueller kurs war 90 usd)
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MOSCOW--(BUSINESS WIRE)--Wimm-Bill-Dann Foods OJSC (NYSE: WBD) will host a conference call and
Web cast on September 4, 2007 at 5 PM Moscow Time, 2 PM London Time and
9 AM New York Time, to discuss the Company's second quarter 2007
financial results. Hosting the call will be Tony Maher, chief executive
officer, and Dmitry Anisimov, chief financial officer.
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11:05 04.09.07
MOSCOW--(BUSINESS WIRE)--Wimm-Bill-Dann Foods OJSC [NYSE: WBD]
today announced its financial results for the second quarter and
half-year ended June 30, 2007.
Highlights of the first half of 2007:
Strong sales growth in all segments, with net sales up 40.5% to
US$1,147.8 million
Gross profit increased 48.8% to US$377.8 million
Operating income rose 44.3% to US$108.4 million
Net income increased 40.8% to US$65.8 million
EBITDA1 increased 40.3% to
US$147.2 million
Earnings per share grew to US$1.50 from US$1.06
Operating cash flow increased 31.3% to US$110.3 million
I'm very pleased with the excellent results
we achieved during the second quarter and first half of the year as our
business segments delivered a healthier sales mix and solid volume
growth," commented Tony Maher, chief executive officer of Wimm-Bill-Dann
Foods OJSC. "Our group sales for the quarter increased a record 40.8 %
over the prior year period to US$605.0 million driven by strong organic
growth, which generated 31.7% of total revenue growth while acquisitions
contributed 9.1%. We are also pleased with the continuous improvement in
our gross margins for the quarter and first half of the year despite an
extremely challenging cost environment worldwide for raw materials. This
is a significant achievement and a credit to our cost management efforts.
Mr. Maher continued, For the first half of
the year sales in our Dairy division increased 43.4% to US$858.4 million
year on year, significantly exceeding industry growth rates, with gross
margins expanding to 30%. We continued to make meaningful progress in
our Beverages division turnaround strategy, achieving revenue of
US$212.1 million for the first half of the year, an increase of 29.6%,
with gross margins expanding significantly to 40.8% as compared to 33.8%
in the prior year period. Our Baby Food revenue increased a solid 40.7%
for the first half of the year to US$77.3 million with gross margin
improving to 45.3%. I am pleased with the continued successful execution
of our long-term strategy and am confident in our plans for the full
year and our ability to continue to deliver sustainable growth across
all business units.
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http://www.ariva.de/...lution_from_Wimm_Bill_Dann_n2393388?secu=32416
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Der führende russische Molkereiproduzent Wimm-Bill-Dann gab heute bekannt, Übernahmen in den USA, Osteuropa und China zu planen.
Der CEO des Unternehmens sagte, dass man zwar nicht gleich morgen mit Übernahmen beginnen werde, das Unternehmen habe aber weitreichende Pläne.
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Wimm-Bill-Dann Acquires Georgian Foods
MOSCOW--(BUSINESS WIRE)--Wimm-Bill-Dann Foods OJSC [NYSE: WBD],
Russias leading producer of healthy food
products, today announced the acquisition of Georgian Foods Ltd, which
is based in Tbilisi, Georgia. The acquisition is in line with
Wimm-Bill-Danns declared strategy of growing
its business by purchasing successful companies with leading market
positions and strong brand portfolios.
Georgian Foods is the third largest dairy producer in Georgia and one of
the largest dairy factories in Tbilisi. The factory began operations in
2002 and produces both traditional and local varieties of dairy
products, including milk, matsioni, sour cream and cottage cheese. The
plant has been equipped with state-of-the-art equipment from Tetra Pak.
The Georgian Foods plant is Wimm-Bill-Danns
first production facility in the Caucasus region. In addition to serving
local demand in Georgia, the factory will also supply nearby markets in
Armenia and Azerbaijan.
Some of the information contained in this press release may contain
projections or other forward-looking statements regarding future events
or the future financial performance of Wimm-Bill-Dann Foods OJSC, as
defined in the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. We wish to caution you that these
statements are only predictions and that actual events or results may
differ materially. We do not intend to update these statements to
conform them to actual results. We refer you to the documents
Wimm-Bill-Dann Foods OJSC files from time to time with the U.S.
Securities and Exchange Commission, specifically, the Company's most
recent Form 20-F. These documents contain and identify important
factors, including those contained in the section captioned "Risk
Factors" in our Form 20-F, that could cause the actual results to differ
materially from those contained in our projections or forward-looking
statements, including, among others, potential fluctuations in quarterly
results, and risks associated with our competitive environment,
acquisition strategy, ability to develop new products or maintain market
share, brand and company image, operating in Russia, volatility of stock
price, financial risk management, and future growth
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Wimm-Bill-Dann said 9-mth net 1.18 bln roubles vs 585.2 mln yr-earlier
Moscow (Thomson Financial) - Wimm-Bill-Dann Foods (Nachrichten) OJSC said nine months net profit according to Russian Accounting Standards (RAS) rose to 1.18 bln roubles from 585.2 mln roubles, Interfax reported.
Sales in the period increased more than five fold to 31.4 bln roubles from 5.6 bln.
France's Group Danone owns an 18.36 pct stake in the Russian milk and juice producer.
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GROWTH FOR NINE MONTHS 2007 AGAINST CHALLENGING GLOBAL COST ENVIRONMENT
Wimm-Bill-Dann Foods OJSC (NYSE:WBD) today announced its financial
results for nine months and the third quarter ended September 30, 2007.
Highlights of nine months 2007:
Group sales saw impressive 40.4% growth to US$1,758.3 million
Gross profit increased 43.4% to US$578.4 million
Underlying* operating income rose
30.2% to US$168.3 million
Underlying net income increased 33.4% to US$105.6 million
Underlying EBITDA1 increased 30.9%
to US$229.4 million
Earnings per share grew to US$2.40 from US$1.50
Commenting on the results, Tony Maher, Wimm-Bill-Danns
chief executive officer said, We are very
pleased with the strong results we achieved for the first nine months of
2007 especially in the most challenging raw material cost environment.
Despite a sharp rise in raw milk prices, we continued to improve our
EBITDA margin to 13.5% in the third quarter of 2007 compared to 12.7% in
the second quarter of 2007. During the nine months of 2007 net profit
growth was a solid 33.4% and we continued to show impressive revenue
growth of 40.4% at the group level.
Our beverages business continues to progress
well realizing a solid 28.6% sales increase and a significant margin
improvement to 40.4% in the first nine months of 2007 from 34.4% in the
same period last year. Our dairy division delivered strong results
during first nine months of 2007 with sales increasing 43.1% to
US$1,328.7 million, while gross margins decreased only slightly
a significant achievement given the sharp rise in the price of raw milk.
Our baby food division continued to gain momentum with sales increasing
44.0% to US$119.0 million while gross margins expanded to 44.4% from
41.3% in the prior year period.
In conclusion, I am pleased with our
performance for the 9 month period as we continue to successfully
execute on our strategy and deliver on our commitment to improve our
route-to-market and invest in building consumer preference in our
brands. I am confident that Wimm-Bill-Dann is well positioned to
continue to achieve consistently strong results and significant value
for our customers and stockholders.
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MOSCOW--(BUSINESS WIRE)--
Wimm-Bill-Dann Foods [NYSE: WBD], the largest Russian producer of healthy food products, today announced the launch of a major project to implement a new Enterprise Resource Planning (ERP) information system. The company has chosen Oracle, the leading global provider of enterprise software, as vendor. The project, which will be the largest such project in the Russian food industry, will allow Wimm-Bill-Dann to substantially increase the efficiency of its performance.
The project will encompass all key areas of corporate activity, including finance, production, purchasing, logistics and distribution at all of Wimm-Bill-Danns enterprises in Russia. The optimization of these processes will create a reliable foundation for making quick and effective management decisions and ensure they are seen through to completion. In addition, the new ERP system will make the companys financial reporting to both Russian and international accounting standards even more transparent and timely.
Over last 15 years the steady expansion of production facilities and trading affiliates allowed Wimm-Bill-Dann to become a leading food company in Russia. The further development of the company will require not just growth in its sheer scale but also the more efficient use of resources and an increase in the transparency of business processes, noted Tony Maher, the CEO of Wimm-Bill-Dann.
Leading international consulting companies are participating in the project. Deloitte is advising on the development of the business model, with BearingPoint engaged in the implementation of the information system. The vendor of the ERP solution is providing Oracle E-Business Suite software and technical support. The primary stage of the installation of the ERP system is due to be completed by the end of 2009.
Wimm-Bill-Dann Foods OJSC was founded in 1992 and is the largest manufacturer of dairy products and a leading producer of juices and beverages in Russia and the CIS. The company produces dairy products (main brands include: Domik v Derevne, Neo, 2Bio, 33 Korovy, Chudo and more), juices (J7, Lubimy Sad, 100% Gold), Essentuki mineral water and Agusha baby food. The company has 37 manufacturing facilities in Russia, Ukraine, Kyrgyzstan, Uzbekistan and Georgia with over 21,000 employees. Wimm-Bill-Dann became the first Russian dairy producer to receive approval from the European Commission to export its products into the European Union.
In 2007 Standard & Poor's Governance Services confirmed WBD's Corporate Governance Score 7+ (7.7 accordingly on the Russian national scale), which makes the Company's score the highest rating in Russia. That result reflects the effective work of the Board of Directors and, in particular, the real influence of independent directors in the decision-making process and the adherence of the controlling shareholders to the highest standards of corporate governance.
Some of the information contained in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Wimm-Bill-Dann Foods OJSC, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We wish to caution you that these statements are only predictions and that actual events or results may differ materially. We do not intend to update these statements to conform them to actual results. We refer you to the documents Wimm-Bill-Dann Foods OJSC files from time to time with the U.S. Securities and Exchange Commission, specifically, the Company's most recent Form 20-F. These documents contain and identify important factors, including those contained in the section captioned "Risk Factors" in our Form 20-F, that could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, potential fluctuations in quarterly results, and risks associated with our competitive environment, acquisition strategy, ability to develop new products or maintain market share, brand and company image, operating in Russia, volatility of stock price, financial risk management, and future growth.
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ST PETERSBURG, Russia--(BUSINESS WIRE)--
Wimm-Bill-Dann Foods OJSC [NYSE: WBD], the leading producer of health and wellness foods in Russia and the CIS, today announced the opening of a diary mega-farm just outside St Petersburg. Wimm-Bill-Dann is putting a lot of effort in developing its own farms in order to ensure the high quality of the whole manufacturing chain from raw milk to the final product.
The mega-farm complex was built in Volosovsk District near St Petersburg, on the base of the Trud collective farm, which was acquired by Wimm-Bill-Dann in 2005. The new farm is one of the most advanced livestock facilities not only in Northwest Russia but in the whole of the country. Wimm-Bill-Dann invested more than US$12 million in the construction of the mega-farm, which is designed for 1,200 Holstein milking cows.
The farm is equipped with state-of-the-art Swedish equipment made by the DeLaval company. Due to the innovative method of maintaining cows in free stalls and the constant monitoring of the health of the animals with the aid of computer equipment, Wimm-Bill-Danns experts anticipate achieving productivity of 8,500 kilograms of high-quality milk per forage cow.
The construction of the mega-farm was undertaken with the support of the Russian federal and regional governments as part of a national project for the development of the countrys agricultural sector. Wimm-Bill-Dann is an active participant in this program. This is the fourth such major project for the company in developing Russias livestock industry. Wimm-Bill-Dann is completing a mega-farm for 2,700 cattle in Krasnodar Region and is carrying out the reconstruction of two livestock farms in the Kuban. The total investment of the company in developing the agricultural sector over the past three years exceeds US$40 million.
Wimm-Bill-Dann Foods OJSC was founded in 1992 and is the largest manufacturer of dairy products and a leading producer of juices and beverages in Russia and the CIS. The company produces dairy products (main brands include: Domik v Derevne, Neo, 2Bio, 33 Korovy, Chudo and more), juices (J7, Lubimy Sad, 100% Gold), Essentuki mineral water and Agusha baby food. The company has 37 manufacturing facilities in Russia, Ukraine, Kyrgyzstan, Uzbekistan and Georgia with over 19,000 employees.
Wimm-Bill-Dann became the first Russian dairy producer to receive approval from the European Commission to export its products into the European Union. In 2007, Standard & Poor's Governance Services confirmed WBD's Corporate Governance Score (CGS) 7+ (7.7 accordingly on the Russian national scale), which makes the Company's score the highest rating in Russia. The increase in the score reflects the effective work of the Board of Directors and, in particular, the real influence of independent directors in the decision-making process and the adherence of the controlling shareholders to the highest standards of corporate governance.
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Wimm-Bill-Dann has grown significantly over the last two years and has successfully built leading positions in many categories, such as baby food, yogurts and desserts, premium cheese, beverages, traditional dairy and functional products.
At the same time, Wimm-Bill-Dann has been aggressively simplifying its legal structure. It has, as of today, halved its number of legal entities from 68 to 34. In addition, some functions such as procurement, key account management, legal and information technology, have already been centralized.
Over the past fifteen years Wimm-Bill-Dann has accumulated in-depth knowledge of all aspects of food manufacturing, marketing, and sales. The companys new organizational structure will facilitate the best use of its central functional expertise, at the same time preserving regional proximity to customers. In the evolving competitive environment, and in the face of ever increasing retail consolidation, Wimm-Bill-Dann will have a more focused approach and clear demarcation between headquarters and the regional management.
Hence, as of March 1st, 2008, the companys organizational structure will be re-aligned to further support accelerate growth. The main changes in Wimm-Bill-Danns organization are:
Dairy, Baby Food and the Holding company will be combined into a single WBD Foods structure;
WBD Beverages support functions will be either centralized under the new structure or aligned with WBD Foods;
WBD Foods will have a functional structure at the top level, with the creation of the two new roles of Vice President Operations and Vice President Sales; and
WBD International, a new entity, will develop and accelerate activities in Ukraine, Central Asia, the Caucasus region and exports to the rest of the world.
Commenting on the changes, Tony Maher, CEO of Wimm-Bill-Dann, said: I believe these steps will allow us to manage successfully our current and future growth as we work to achieve our ambitious strategic goals for the next five years and beyond. This restructuring will reduce the number of layers of management and will make the company leaner and more efficient. While we have exploited many synergies over the past number of years, we see additional opportunities that will make us an even stronger force in the marketplace and help reduce costs and accelerate revenue.
Effective March 1st, 2008, Oleg Kuzmin will assume the position of Vice President Operations and Grant Winterton will become Vice President Sales. Gary Sobel will take over the role of Vice President Marketing and Innovation.
Oleg Kuzmin, VP Operations
Previously served as the Head of the Dairy Business Unit, a position he has held since August 2004. Oleg joined Wimm-Bill-Dann in 1995 and has served in a number of management positions across the group. Olegs extensive expertise in manufacturing and his world class knowledge of the dairy industry will play a vital role in streamlining our operations at every level throughout the company.
Grant Winterton, VP Sales
Has served as WBD Group Head of Marketing and Innovation since November 2006. He has extensive experience in sales and marketing with multinational companies, including Wella Haircare, Campbell Soup Company (Arnotts Snacking) and Coca-Cola in Australia, Russia, Ukraine, Belarus and China. Grants comprehensive knowledge of the standards of world class partnership with the modern retail trade, as well as his experience in independent retail trade distribution and activation, will allow us to build a single company-wide professional sales force which further improves customer service and retail execution.
Gary Sobel, VP Marketing and Innovation
Has served as Head of the Baby Food Business Unit since March 2007. He previously worked for Procter & Gamble for over 13 years in various senior positions in Canada, the US, the UK and Russia, and as an MD for Cadbury LLC. Gary has extensive experience in marketing and brand management, as well as specific experience with multinational companies in innovation and new product development that will be a real benefit for Wimm-Bill-Dann. At the same time, Garys in-depth knowledge of Russia and other Central & Eastern European markets, from 8 years of experience, will help him further develop, streamline and renovate WBDS strong brand portfolio.
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17:05 06.03.08
MOSCOW--(BUSINESS WIRE)--
Wimm-Bill-Dann Foods OJSC (NYSE: WBD), the leading producer of healthy foods in Russia and the CIS, today announced the successful placement of five-year bonds for a total sum of RUR5 billion.
The placement of Wimm-Bill-Dann Foods OJSCs third series of bonds on the Moscow Inter-bank Currency Exchange (MICEX) was completed over a single day on March 5th, 2008. The issue attracted considerable interest among investors with the market seeing the largest number of orders received for the last nine months and the issue was nearly two-times over-subscribed.
As the result of an auction, the interest rate of the first coupon was established at an annual rate of 9.30% and the bond yield to the annual offer amounted to 9.52% annually. The funds from the placement will be directed towards refinancing and the development of the company.
The issue was lead-managed by Raiffeisenbank and Renaissance Capital. Sberbank acted as a co-lead manager.
The underwriters of the issue were: Alliance Rosno, UniCredit Bank, Commerzbank (Eurasia) WestLB East, Kapital Investment Company, Promsvyazbank and Transcreditbank. The following institutions acted as co-underwriters: Arbat Capital, Deutsche Bank, Region Investment Group, Rosbank, Uralsib and Everest.
The bonds, with a total nominal value of RUR5 billion, have a maturity of five years and coupons are paid on a half-yearly basis. The interest rates for both coupons in the first year are equal and amount to 9.30% annually and the rates for subsequent coupons will be set by the issuer. The issue includes built-in 1-year put option.
Wimm-Bill-Dann Foods OJSC was founded in 1992 and is the largest manufacturer of dairy products and a leading producer of juices and beverages in Russia and the CIS. The company produces dairy products (main brands include: Domik v Derevne, Neo, 2Bio, 33 Korovy, Chudo and more), juices (J7, Lubimy Sad, 100% Gold), Essentuki mineral water and Agusha baby food. The company has 37 manufacturing facilities in Russia, Ukraine, Kyrgyzstan, Uzbekistan and Georgia with over 21,000 employees. Wimm-Bill-Dann became the first Russian dairy producer to receive approval from the European Commission to export its products into the European Union.
In 2007 Standard & Poor's Governance Services confirmed WBD's Corporate Governance Score 7+ (7.7 accordingly on the Russian national scale), which makes the Company's score the highest rating in Russia. That result reflects the effective work of the Board of Directors and, in particular, the real influence of independent directors in the decision-making process and the adherence of the controlling shareholders to the highest standards of corporate governance.
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The conference call will also be broadcast live through a link on the Wimm-Bill-Dann Web site at http://www.wbd.com. Please go to the Web site at least 15 minutes prior to the call to register, download and install any necessary audio software.
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Wimm-Bill-Dann Foods OJSC, the largest Russian and the CIS producer of health and wellness foods, today announced the launch of production of Agusha baby food and Imunele functional products in Omsk Region.
The baby-food production facility is located on the territory of Wimm-Bill-Danns Manros-M factory, the largest milk-processing plant in Omsk Region. The new production complex has its own reception point for raw-milk deliveries, a warehouse for finished products and three production lines by Tetra Pak, Hassia and Ave. It is the largest production site for dairy products for children in Russia located east of the Ural Mountains. Its designed production capacity is over than 50 tons per day. The total investment in the facility amounted to US$14 million.
The full range of baby foods under the Agusha brand as well as Imunele functional products will be manufactured at the Omsk plant. Manros-M will supply the products to all of Russias regions from the Urals to the Far East.
The launch of production of the baby food and Imunele at Omsk is a strategic step forward in the development of the company, noted Dmitry Mironchikov, who heads up Western Siberia for Wimm-Bill-Dann. We are seriously strengthening our presence in one of the fastest growing segments of the food market in Siberia and making it far simpler to supply the Urals, Eastern-Siberian and Far-East regions.
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Wimm-Bill-Dann Foods OJSC [NYSE: WBD] today announced the appointment of Dmitry Ivanov as Chief Financial Officer (CFO). Mr Ivanov has 17 years of financial experience in leading Russian and international companies.
He most recently served as Chief Financial Officer at Sitronics, a publicly listed company within the AFK Sistema group, where he was responsible for capital market transactions, corporate financial strategy and all financial processes, including annual budgeting and forecasting, cash management and treasury functions. Mr Ivanov played a key role in taking Sitronics through the IPO process, establishing a world class finance department, and leading the company through other capital market activities, including the issue of Eurobonds and financing of cross-border M&A transactions.
Commenting on the appointment, Tony Maher, Wimm-Bill-Danns Chief Executive Officer, said: We are very pleased that Dmitry has decided to join our team. He is a versatile finance officer and we were very impressed with his extensive track record in financial management and corporate finance. Dmitry brings a unique set of experiences and skills in M&A, debt raising, and organizational restructuring. He also has the rare experience of taking a company public. His seven years of service within the AFK Sistema group and two years as the CFO of Multon gives Dmitry a deep understanding of our industry and the demands on the CFO of a public company. We are looking forward to together taking Wimm-Bill-Danns finance department to yet another and even stronger level.
I am very excited at this new opportunity, Dmitry Ivanov said. Wimm-Bill-Dann is one of the most progressive Russian public companies and I am honored to join such a well regarded company. I bring a strategic and analytical approach to building and developing finance functions. Coupled with my knowledge of the FMCG sector gained during my time at Multon, and in Small Enterprise Assistance Funds I will help drive Wimm-Bill-Danns financial strategy going forward, as well as enhancing day-to-day financial management throughout all the 37 production facilities based around Russia and the CIS. I also have extensive experience in ERP implementation, and I will be personally overseeing the implementation process.
Mr Ivanov was born in St Petersburg, Russia and has worked in a variety of senior finance roles within the AFK Sistema group, Multon (today part of Coca-Cola Company), Creditanstalt Investment Bank and Small Enterprise Assistance Funds. He graduated from the St Petersburg Shipbuilding University in 1991 and the same year received a Certificate in Accounting from the St Petersburg University of Economics. He holds an MBA from Vlerick Leuven Gent Management School
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Der russische Molkereiproduzent Wimm-Bill-Dann Foods OJSC teilte am Freitag mit, dass er im ersten Quartal einen Gewinnanstieg um 30,6 Prozent verbuchen konnte.
Der Nettogewinn belief sich demnach auf 41,9 Mio. Dollar bzw. 95 Cents pro Aktie, nach 32,1 Mio. Dollar bzw. 73 Cents pro Aktie im Vorjahr. Der Umsatz kletterte um 34,8 Prozent auf 731,9 Mio. Dollar.
Analysten waren im Vorfeld von einem Gewinn von 96 Cents pro Aktie und einem Umsatz von 715,7 Mio. Dollar ausgegangen. Für das laufende Quartal rechnen sie mit einem EPS-Ergebnis von 98 Cents sowie Erlösen von 771,7 Mio. Dollar.
Die Aktie von Wimm-Bill-Dann Foods schloss gestern an der NYSE bei 127,83 Dollar. (aktiencheck.de AG) -
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Group sales rose 34.8% year-on-year to US$731.9 million
Gross profit increased 26.2% to US$219.5 million
Operating income increased 23.2% to US$63.4 million
EBITDA1 increased 29.0% to US$90.7 million
Net income increased 30.6% to US$41.9 million
Commenting on first quarter 2008 results, Tony Maher, Wimm-Bill-Danns Chief Executive Officer said: We are pleased with the very solid performance we achieved this quarter, in particular our sales growth of 34.8% on a year-over-year basis.
Our baby food business continued its impressive growth with sales increasing 67.1% year-on-year, outpacing market growth and strengthening our leading market share position. Gross margin for the baby food business strengthened as well, increasing to 47.5% in the first quarter, up from 44.8% for the same period last year. Our beverage business achieved 25.8% growth in sales year-on-year. Finally, our dairy business delivered 34.1% growth in the first quarter in comparison to the same period last year. Despite the challenging raw materials pricing environment that continued well into the first quarter, gross margin was relatively stable at 26.4% in comparison with 26.9% lasting the fourth quarter of 2007.
Group gross profit for the first quarter 2008 grew 26.2% over the same period last year driven by a healthier product mix and higher sales. EBITDA increased 29.0% over the same period last year. Our EBITDA margin rebounded from last quarter to 12.4%, an improvement of 193 basis points, despite challenging raw materials pricing environment.
In conclusion, I would like to emphasise, that despite the raw material cost environment which continued well into the first months of the year, the first quarter was a very solid start to 2008.
Key Financial Indicators of 1Q 2008
1Q2008 1Q2007 Change
US$ mln US$ mln
Sales 731.9 542.8 34.8%
Dairy 555.4 414.2 34.1%
Beverages 116.8 92.9 25.8%
Baby Food 59.7 35.7 67.1%
Gross profit 219.5 173.9 26.2%
Selling and distribution expenses 110.0 82.0 34.1%
General and administrative expenses 42.1 41.7 0.8%
Operating income 63.4 51.4 23.2%
Financial income and expenses, net 3.4 5.7 (41.2)%
Net income 41.9 32.1 30.6%
EBITDA 90.7 70.4 29.0%
CAPEX excluding acquisitions 49.9 23.7 100.5%
Dairy
Sales in the Dairy Segment increased 34.1% to US$555.4 million in the first quarter of 2008 from US$414.2 million in the first quarter of 2007 driven mainly by selling price increases. The average dollar selling price rose 34.9% to US$1.36 per 1 kg in the first quarter of 2008 from US$1.01 per 1 kg in the first quarter of 2007 driven mainly by the average ruble price growth. Our raw milk purchasing price grew 62.3% year-on-year in ruble terms (76.2% in US dollar terms) in the first quarter of 2008. The gross margin in the Dairy Segment decreased to 26.4% from 29.2% in the first quarter 2007, but despite such a sharp rise in raw milk prices decreased only slightly from 26.9% in the fourth quarter 2007.
Beverages
Sales in the Beverage Segment grew 25.8% to US$116.8 million in the first quarter of 2008 compared to US$92.9 million in the first quarter of 2007 driven primarily by product mix and selling price increases. The average selling price increased 27.1% to US$1.02 per liter in the first quarter of 2008 from US$0.81 per liter in the first quarter of 2007. The gross margin in the Beverage Segment decreased to 38.0% from 39.9% year-on-year, due to rising raw materials cost pressure, which commenced in the latter part of 2007. Apple concentrate purchasing price almost doubled in the first quarter of 2008 compared to the same period last year. Despite such a sharp rise in raw material costs, gross margin in the first quarter 2008 remained in line with the fourth quarter 2007.
Baby Food
Sales in the Baby Food Segment grew 67.1% to US$59.7 million in the first quarter of 2008 from US$35.7 million in the first quarter of 2007. This increase was driven mainly by improved mix, volume growth and selling price increases. The average selling price rose 31.2% to US$2.42 per 1 kg in the first quarter of 2008 from US$1.84 per 1 kg in the first quarter of 2007. This increase was driven mainly by a healthier mix and the ruble price growth. The gross margin in the Baby Food Segment increased to 47.5% from 44.8% driven by constantly improving sales mix.
Key Cost Elements
In the first quarter of 2008, selling and distribution expenses as a percentage of sales remained almost flat at 15.0% comparing to 15.1% in the first quarter of 2007. General and administrative expenses as a percentage of sales decreased to 5.8% in the first quarter of 2008 from 7.7% in the same period of 2007.
Operating profit increased 23.2% to US$63.4 million in the first quarter of 2008. EBITDA grew 29.0% to US$90.7 million.
Net financial expenses during the first quarter of 2008 decreased 41.2% to US$3.4 million compared to US$5.7 million in the same period of 2007. This was mainly a result of increased foreign currency gain. In the first quarter of 2008 foreign currency gain amounted to US$9.0 million compared to US$3.2 million for the same period of 2007.
Income tax expenses totalled US$17.2 million in the first quarter of 2008 compared to US$13.1 million in the first quarter of 2007. The effective tax rate remained 28.7%.
Net Income
Net income increased 30.6% to US$41.9 million in the first quarter of 2008 from US$32.1 million in the first quarter of 2007.
Attachment A
Reconciliation of EBITDA and EBITDA margin to US GAAP Net Income
EBITDA is a non-U.S. GAAP financial measure. The following table presents reconciliation of EBITDA to net income (and EBITDA margin to net income as a percentage of sales), the most directly comparable U.S. GAAP financial measure.
3 months ended 3 months ended
March 31, 2008 March 31, 2007
US$ mln % of sales US$ mln % of sales
Net income 41.9 5.7% 32.1 5.9%
Add: Depreciation and amortization 27.3 3.7% 19.0 3.5%
Add: Income tax expense 17.2 2.3% 13.1 2.4%
Add: Interest expense 12.6 1.7% 9.3 1.7%
Less: Interest income (0.8) (0.1)% (0.9) (0.2)%
Less: Currency remeasurement gains, net (9.0) (1.2)% (3.2) (0.6)%
Add: Bank charges 0.8 0.1% 0.5 0.1%
Add: Minority interest 0.9 0.1% 0.5 0. 1%
Add:(Gain)/Loss on sales/purchase of currency. (0.2) (0.03)% (0.05) (0.01)%
EBITDA 90.7 12.4% 70.4 13.0%
EBITDA represents net income before interest, income taxes and depreciation and amortization, adjusted for interest income, currency remeasurement gains, bank charges and other financial expenses and minority interest. EBITDA margin is EBITDA expressed as a percentage of sales.
We present EBITDA because we consider it an important supplemental measure of our operating performance. In particular, we believe EBITDA provides useful information to securities analysts, investors and other interested parties because it is used in the debt to EBITDA debt incurrence financial measurement in certain of our financing arrangements.
EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as substitute for analysis of our operating results as reported under U.S. GAAP. Moreover, other companies in our industry may calculate EBITDA differently or may use it for different purposes than we do, limiting its usefulness as a comparative measure.
EBITDA also should not be considered as an alternative to cash flow from operating activities or as a measure of our liquidity. In particular, EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.
Wimm-Bill-Dann Foods
Consolidated Balance Sheets (unaudited)
(Amounts in thousands of U.S. dollars)
March 31,
2008
December 31,
2007
ASSETS
Current assets:
Cash and cash equivalents $ 204,349 $ 33,452
Trade receivables, net 196,153 157,608
Inventory 262,880 261,254
Taxes receivable 67,924 65,689
Advances paid 48,969 43,924
Net investment in direct financing leases 1,153 1,349
Deferred tax asset 20,187 17,479
Other current assets 12,929 11,903
Total current assets 814,544 592,658
Non-current assets:
Property, plant and equipment, net 810,785 767,654
Intangible assets 37,204 34,015
Goodwill 133,918 129,391
Net investment in direct financing leases
long-term portion
927 972
Long-term investments 0 38
Deferred tax asset long-term portion 2,470 2,947
Other non-current assets 6,035 5,427
Total non-current assets 991,339 940,444
Total assets $ 1,805,883 $ 1,533,102
Wimm-Bill-Dann Foods
Consolidated Balance Sheets (unaudited)
(continued)
March 31,
2008
December 31, 2007
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Trade accounts payable $ 127,271 $ 130,729
Advances received 11,157 13,626
Short-term loans 95,528 98,819
Long-term loans current portion 6,252 6,455
Current portion of long-term bonds payable 300,000 300,000
Taxes payable 20,180 14,351
Accrued liabilities 56,987 51,877
Government grants current portion 81 77
Dividends payable - 116
Other payables 52,102 40,156
Total current liabilities 669,558 656,206
Long-term liabilities:
Long-term loans 45,840 34,631
Long-term notes payable 280,664 105,922
Other long-term payables 13,395 17,372
Government grants long-term portion 1,000 974
Deferred taxes long-term portion 34,258 31,011
Total long-term liabilities 375,157 189,910
Total liabilities 1,044,715 846,116
Minority interest 15,431 13,862
Shareholders equity:
Common stock: 44,000,000 shares authorized, issued and outstanding with a par value of 20 Russian rubles at March 31, 2008 and December 31, 2007 29,908 29,908
Share premium account 164,132 164,132
Retained earnings 410,809 368,913
Accumulated other comprehensive income:
Currency translation adjustment 140,888 110,171
Total shareholders equity 745,737 673,124
Total liabilities and shareholders equity $ 1,805,883 $ 1,533,102
Wimm-Bill-Dann Foods
Consolidated Statements of Income and
Comprehensive Income (unaudited)
(Amounts in thousands of U.S. dollars, except share and
per share data)
Three months ended
March 31,
2008 2007
Sales $ 731,930 $ 542,792
Cost of sales (512,402) (368,867)
Gross profit 219,528 173,925
Selling and distribution expenses (110,029) (82,046)
General and administrative expenses (42,083) (41,731)
Other operating incomes and expenses, net (4,020) 1,297
Operating income 63,396 51,445
Financial income and expenses, net (3,379) (5,742)
Income before provision for income taxes
and minority interest
60,017 45,703
Provision for income taxes (17,195) (13,132)
Minority interest (926) (489)
Net income $ 41,896 $ 32,082
Other comprehensive income
Currency translation adjustment 30,717 6,250
Comprehensive income $ 72,613 $ 38,332
Net income per share - basic and diluted $ 0.95 $ 0.73
Weighted average number of shares outstanding 44,000,000 44,000,000
Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands of U.S. dollars)
Three months ended
March 31, 2008 2007
Cash flows from operating activities:
Net income $ 41,896 $ 32,082
Adjustments to reconcile net income
to net cash provided by operating activities:
Minority interest 926 489
Depreciation and amortisation 27,346 18,917
Currency remeasurement gain relating to bonds payable, long-term payables, investments in foreign subsidiaries, and fixed assets of foreign subsidiaries (12,134) (3,513)
Change in provision for obsolescence and net realizable value (241) (691)
Provision for doubtful accounts 791 1,536
(Gain) /loss on disposal of property, plant and equipment 1,073 (1,399)
Earned income on net investment in direct financing leases (129) (164)
Deferred tax benefit 387 270
Non-cash rental received 639 258
Accrual of tax contingent liability 118 908
Write off of long-term investments 29 11
Impairment of tangible assets and intangible assets 48 929
Write off of unrecoverable
investments in direct finance lease (207) 57
Amortization of bonds issue expenses 473 625
Changes in operating assets
and liabilities net of acquisitions:
Inventory 9,928 35,690
Trade accounts receivable (31,867) (22,666)
Advances paid (3,059) 176
Taxes receivable 790 5,030
Other current assets (140) 3,079
Other long-term assets (639) -
Trade accounts payable (8,773) (1,694)
Advances received (2,959) (4,728)
Taxes payable 4,946 6,901
Accrued liabilities 1,814 4,147
Other current payables 12,346 4,614
Other long-term payables (2,106)
Total cash provided by operating activities $ 43,402 $ 78,758
Consolidated Statements of Cash Flows (unaudited)
Three months ended March 31, 2008 2007
Cash flows from investing activities:
Cash paid for acquisition
of subsidiaries, net of cash acquired $ (293 ) $ (5,118 )
Proceeds from disposal of subsidiary 113
Cash paid for intangible assets and property, plant and equipment (43,357 ) (26,665 )
Cash paid for acquisition of investments (1,115 )
Proceeds from disposal of property, plant and equipment 1,665 3,957
Cash paid for net investments in direct financing leases (25 )
Cash invested in short-term bank deposits (22,798 )
Total cash used in investing activities (41,985 ) (51,651 )
Cash flows from financing activities:
Proceeds from long-term notes payable 166,188 151,061
Short-term loans and notes, net (7,385 ) (120,890 )
Proceeds from long-term loans 10,458 1,612
Repayment of long-term loans (1,706 ) (904 )
Repayment of long-term payables (3,260 ) (4,617 )
Total cash provided by (used in) financing activities 164,295 26,262
Total cash used in operating, investing and financing activities 165,712 53,369
Impact of exchange rate differences on cash and cash equivalents 5,185 189
Net decrease in cash and cash equivalents 170,897 53,558
Cash and cash equivalents, at beginning of period 33,452 40,310
Cash and cash equivalents, at the end of period $ 204,349 $ 93,868
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Wertpapier: Wimm-Bill-Dann Foods AD |
(13:10 28.08.08)
Wimm-Bill-Dann Foods OJSC [NYSE: WBD] today announced its financial results for the second quarter and half-year ended June 30, 2008.
Highlights of the first half of 2008:
Revenue growth in all segments
Group revenue up 30.0% to US$1,492.1 million
Gross profit increased 24.5% to US$470.4 million
Operating income rose 16.3% to US$126.0 million
Net income increased 19.4% to US$78.6 million
EBITDA1 increased 24.9% to US$183.8 million
EPS increased to $1.79 from $1.50
I am pleased with the results we achieved in the second quarter of 2008 and first half of the year, said Tony Maher, Wimm-Bill-Danns Chief Executive Officer. Strong performance across each of our businesses drove overall sales growth of 25.6% for the second quarter and 30.0% for the first half of the year versus the comparable periods in 2007. Despite the uncertain macroeconomic environment and the dramatic worldwide increase in food prices, our business remains very solid and our position continues to improve.
Our dairy business delivered 23.8% sales growth in the second quarter versus the same period in 2007. Despite the slowdown in market growth we continued to improve our market share in all of our business units, pointed out Mr. Maher. Due to company-wide measures undertaken by us, our gross margin in Dairy improved sequentially to 30.1% in the second quarter from 26.4% in the first quarter of 2008. Our baby food business continued its impressive growth with sales increasing 63.4% in the second quarter versus the same period in 2007, outpacing market growth and strengthening our leading market share position. Gross margin in Baby Food in the second quarter of 2008 stood at 45.9%, up from 45.6% in the second quarter of 2007. Our beverage business achieved 19.3% growth in sales in the second quarter of 2008 versus the same period in 2007. Gross margin for the beverage business remained solid at 38.0% in the second quarter.
Group gross profit for the second quarter grew 23.0% over the same period last year driven by improved cost structure and enhanced efficiency. EBITDA for the second quarter increased 21.2% over the same period last year.
Key Financial Indicators for the first half and 2Q 2008 vs. 2007
1H2008 1H2007 Change 2Q2008 2Q2007 Change
US$ mln US$ mln US$ mln US$ mln
Sales 1,492.1 1,147.8 30.0 % 760.1 605.0 25.6 %
Dairy 1,105.4 858.4 28.8 % 550.0 444.2 23.8 %
Beverages 259.0 212.1 22.1 % 142.1 119.2 19.3 %
Baby Food 127.7 77.3 65.1 % 68.0 41.6 63.4 %
Gross profit 470.4 377.8 24.5 % 250.9 203.9 23.0 %
Selling and distribution expenses 241.1 185.9 29.7 % 131.1 103.8 26.2 %
General and administrative expenses 96.8 86.3 12.2 % 54.7 44.6 22.8 %
Operating income 126.0 108.4 16.3 % 62.6 56.9 10.0 %
Financial expenses, net 11.8 12.5 (5.9 %) 8.4 6.8 23.9 %
Net income 78.6 65.8 19.4 % 36.7 33.7 8.8 %
EBITDA 183.8 147.2 24.9 % 93.1 76.8 21.2 %
CAPEX excluding acquisitions 112.1 69.1 62.2 % 62.2 45.4 37.0 %
Dairy
Sales in the Dairy Segment increased 28.8% to US$1,105.4 million in the first six months of 2008 from US$858.4 million in the same period of 2007. The growth was organic, driven by pricing and offset somewhat by decline in volume. The average dollar selling price rose 37.0% to US$1.40 per kg in the first six months of 2008 from US$1.02 per kg in the same period of 2007 driven primarily by average ruble price growth. Our raw milk purchasing price grew 48.6% year-on-year in ruble terms (61.9% in US dollar terms) in the first six months of 2008. Despite such a sharp rise in raw milk prices the gross margin in the Dairy Segment decreased relatively slightly to 28.3% from 29.9% in the first six months of 2007. The gross margin in the Dairy segment improved to 30.1% the second quarter 2008 from 26.4% in the first quarter 2008.
Beverages
Sales in the Beverages Segment increased 22.1% to US$259.0 million in the first six months of 2008 from US$212.1 million in the same period last year, driven mainly by a healthy balance of price, volume and mix. The average selling price increased 19.6% to US$0.98 per liter in the first six months of 2008 from US$0.82 per liter in the first six months of 2007. The gross margin in the Beverages Segment decreased to 38.0% in the first six months of 2008 from 40.8% in the first six months of 2007, due to continued concentrate cost pressure. Apple concentrate purchasing price grew 92.2% in the first six months of 2008 compared to the same period last year. Despite such a sharp rise in raw material costs, the gross margin in Beverages remained solid at 38.0% in the second quarter of 2008, and in line with two previous quarters, due to improved product mix and efficiency.
Baby Food
Sales in the Baby Food Segment increased 65.1% to US$127.7 million in the first six months of 2008 from US$77.3 million in the same period last year. This was driven by a healthy balance of volume and pricing. The average selling price rose 31.4% to US$2.42 per kg in the first six months of 2008 from US$1.84 per kg in the first six months of 2007. The gross margin in the Baby Food Segment increased to 46.7% in the first six months of 2008 from 45.3% in the first six months of 2007.
Key Cost Elements
In the first six months of 2008, selling and distribution expenses as a percentage of sales remained flat at 16.2% compared to the same period of 2007. General and administrative expenses as a percentage of sales decreased to 6.5% in the first six months of 2008 from 7.5% in the same period of 2007.
Operating profit increased 16.3% to US$126.0 million in the first six months of 2008. EBITDA grew 24.9% to US$183.8 million.
In the first six months of 2008, net financial expenses decreased 5.9% year-over-year to US$11.8 million, as a result of foreign currency gains. In the first six months of 2008 foreign currency gains amounted to US$11.3 million compared to US$5.6 million for the same period of 2007.
Income tax expenses totaled US$32.9 million in the first six months of 2008 compared to US$28.5 million in the first six months of 2007. Our effective tax rate decreased to 28.8% in the first six months of 2008 from 29.7% in the same period of 2007.
Net Income
Net income increased 19.4% to US$78.6 million in the first six months of 2008 from US$65.8 million in the first six months of 2007.
Attachment A
Reconciliation of EBITDA and EBITDA margin to US GAAP Net Income
EBITDA is a non-U.S. GAAP financial measure. The following table presents reconciliation of EBITDA to net income (and EBITDA margin to net income as a percentage of sales), the most directly comparable U.S. GAAP financial measure.
6 months ended
6 months ended
June 30, 2008
June 30, 2007
US$ mln % of sales US$ mln % of sales
Net income 78.6 5.3 % 65.8 5.7 %
Add: Depreciation and amortization 57.8 3.9 % 38.8 3.4 %
Add: Income tax expense 32.9 2.2 % 28.5 2.5 %
Add: Interest expense 25.0 1.7 % 18.6 1.6 %
Less: Interest income (2.9 ) (0.2 %) (1.7 ) (0.1 %)
Less: Currency remeasurement gains, net (11.3 ) (0.8 %) (5.6 ) (0.5 %)
Add: Bank charges 1.1 0.1 % 1.1 0.1 %
Add: Minority interest 2.8 0.2 % 1.6 0.1 %
Add:(Gain)/Loss on sales/purchase of currency. (0.2 ) (0.01 %) 0.1 0.01 %
EBITDA 183.8 12.3 % 147.2 12.8 %
EBITDA represents net income before interest, income taxes and depreciation and amortization, adjusted for interest income, currency remeasurement gains, bank charges and other financial expenses and minority interest. EBITDA margin is EBITDA expressed as a percentage of sales.
We present EBITDA because we consider it an important supplemental measure of our operating performance. In particular, we believe EBITDA provides useful information to securities analysts, investors and other interested parties because it is used in the debt to EBITDA debt incurrence financial measurement in certain of our financing arrangements.
EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as substitute for analysis of our operating results as reported under U.S. GAAP. Moreover, other companies in our industry may calculate EBITDA differently or may use it for different purposes than we do, limiting its usefulness as a comparative measure.
EBITDA also should not be considered as an alternative to cash flow from operating activities or as a measure of our liquidity. In particular, EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business.
Condensed Consolidated Balance Sheets
(Amounts in thousands of U.S. dollars, except share data)
June 30,
2008
December 31,
2007*
Unaudited
ASSETS
Current assets:
Cash and cash equivalents $ 148,280 $ 33,452
Trade receivables, net 182,698 157,608
Inventory 310,896 261,254
Taxes receivable 57,259 65,689
Advances paid 53,536 43,924
Deferred tax asset 30,418 17,479
Other current assets 17,117 13,252
Total current assets 800,204 592,658
Non-current assets:
Property, plant and equipment, net 850,747 767,654
Intangible assets 39,857 34,015
Goodwill 134,251 129,391
Deferred tax asset long-term portion 1,813 2,947
Other non-current assets 10,729 6,437
Total non-current assets 1,037,397 940,444
Total assets $ 1,837,601 $ 1,533,102
Condensed Consolidated Balance Sheets
(Amounts in thousands of U.S. dollars, except share data)
(Continued)
June 30,
2008
December 31, 2007*
Unaudited
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities:
Trade accounts payable $ 164,851 $ 130,729
Advances received
12,244 13,626
Short-term debt 258,020 405,274
Taxes payable 28,790 14,351
Accrued liabilities 49,824 51,877
Other payables 62,059 40,349
Total current liabilities 575,788 656,206
Long-term liabilities:
Long-term debt 410,308 140,553
Other long-term payables 13,417 18,346
Deferred taxes long-term portion 35,477 31,011
Total long-term liabilities 459,202 189,910
Total liabilities 1,034,990 846,116
Minority interest 17,324 13,862
Shareholders equity:
Common stock: 44,000,000 shares authorized, issued and outstanding with a par value of 20 Russian rubles at June 30, 2008 and December 31, 2007 29,908 29,908
Share premium account 164,132 164,132
Accumulated other comprehensive income:
Currency translation adjustment 143,752 110,171
Retained earnings 447,495 368,913
Total shareholders equity 785,287 673,124
Total liabilities and shareholders equity $ 1,837,601 $ 1,533,102
Condensed Consolidated Statements of Operations and
Comprehensive Income (unaudited)
(Amounts in thousands of U.S. dollars, except share and per share data)
Six months ended
June 30,
2008 2007
Sales $ 1,492,052 $ 1,147,786
Cost of sales (1,021,644 ) (769,966 )
Gross profit 470,408 377,820
Selling and distribution expenses (241,098 ) (185,880 )
General and administrative expenses (96,831 ) (86,310 )
Other operating income and expenses, net (6,471 ) 2,741
Operating income 126,008 108,371
Financial income and expenses, net (11,785 ) (12,524 )
Income before provision for income taxes
and minority interest
114,223 95,847
Provision for income taxes (32,885 ) (28,463 )
Minority interest (2,756 ) (1,589 )
Net income $ 78,582 $ 65,795
Other comprehensive income
Currency translation adjustment 33,581 10,338
Comprehensive income $ 112,163 $ 76,133
Net income per share - basic and diluted $ 1.79 $ 1.50
Weighted average number of shares outstanding 44,000,000 44,000,000
Condensed Consolidated Statements of Cash Flows (unaudited)
(Amounts in thousands of U.S. dollars)
Six months ended
June 30,
2008 2007
Cash flows from operating activities:
Net income $ 78,582 $ 65,795
Adjustments to reconcile net income to net cash provided by operating activities 46,188 34,704
Changes in operating assets and liabilities (14,832 ) 9,822
Total cash provided by operating activities 109,938 110,321
Cash flows from investing activities:
Cash paid for acquisition of subsidiaries, net of cash acquired (526 ) (19,432 )
Cash paid for property, plant and equipment (98,348 ) (63,824 )
Cash invested in short-term bank deposits and other current assets - (12,496 )
Other investing activities 2,457 2,006
Net cash used in investing activities (96,417 ) (93,746 )
Cash flows from financing activities:
Proceeds from bonds and notes payable, net of debt issuance costs 208,068 150,340
Short-term loans and notes, net (65,107 ) (119,874 )
Repayment of long-term loans and notes (304,967 ) (1,560 )
Proceeds from long-term loans, net of debt issuance costs 265,757 5,869
Repayment of long-term payables (6,100 ) (7,584 )
Total cash provided by financing activities 97,651 27,191
Impact of exchange rate differences on cash and cash equivalents 3,656 1,270
Net change in cash and cash equivalents 114,828 45,036
Cash and cash equivalents, at beginning of period 33,452 40,310
Cash and cash equivalents, at the end of period $ 148,280 $ 85,346
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Wertpapier: Wimm-Bill-Dann Foods AD |
11:57 13.01.09
Endingen (aktiencheck.de AG) - Die Experten vom "Emerging Markets Investor" empfehlen, die Aktien von Wimm-Bill-Dann Produkty (Profil) zu kaufen.
Das Unternehmen sei der führende Anbieter von Milchprodukten in Russland und eines der größten vier Getränkeunternehmen des Landes. Der Börsenwert liege bei rund einer Milliarde USD. Das Unternehmen profitiere vom steigenden Einkommen der Russen, sowie von der Landflucht und von laufenden Restrukturierungsmaßnahmen, Portfolioerweiterungen, rückläufigen Preisen für (Roh-)Milch und immer wieder aufkommenden Gerüchten über einen potenziellen Aufkäufer. Die Aktie habe sich von den Tiefstständen bereits wieder verdoppelt. Das nächstjährige KGV liege bei 6.
Die Experten vom "Emerging Markets Investor" empfehlen, die Aktien von Wimm-Bill-Dann Produkty zu kaufen. (Ausgabe 1 vom 12.01.2009) (13.01.2009/ac/a/a)
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Wertpapier: Wimm-Bill-Dann Foods AD |
