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PAVA says net assets quadrupled in 2008
Major Russian grain processor discloses a four-time increase of net assets value in 2008 after significant expansion of land bank and streamlining company structure
BARNAUL, RUSSIA, May 21, 2009 /Agriculture PR News/ -- PAVA has announced 2008 year-end increase of 4.1 times in the company's net asset value, according to the estimates based on IFRS. A major player of the Russian agribusiness sector said that in 2008 its net assets stood at USD178,958,000, indicating an unprecedented rise from the prior year when the figure was USD43,766,000.
The strong growth dynamics is mainly attributable to PAVA's current investment strategy as the company builds up a vertically integrated agroindustrial holding and expands the agricultural production base. In 2008, Russian Agricultural Division (PAVA subsidiary) made large-scale acquisitions of farmland, bringing the total land bank to over 160,000 ha.
Furthermore, these assets have undergone revaluation as farmland prices across the globe continued to escalate. The unlocked value of land ensured significant growth prospects for the company and heightened investors' interest in the new projects.
PAVA has also gone through a re-organization process to consolidate its various units and streamline operations, which enhances market value of the company.
"We plan to maintain strong investment pace over the next 2 years," commented Sergey Balaenkov, PAVA Chief Financial Officer. "The agricultural project possesses unique advantages in the current environment, and company's value is set to grow as new areas of business are launched".
About PAVA OJSC
OJSC PAVA is known as one of the three leading operators on the Russian grain processing market. Its principal activities are manufacturing and distribution of such products as flour of different grades, cereals, confectionery and animal feed.
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Press Release Contact Information:
Yulia Chebotareva
PAVA OJSC
PR manager
Pushkina 38
Barnaul, Altay Region
Russia 656049
Voice: +7 3852 630155
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