PAVA Net Assets Up by 13.64% in Q3 2008

According to OJSC PAVA financial statements, in Q3 2008 the amount of the company’s net assets increased by 13.64%, indicating the gain in the company’s value.

19/01/09 According to OJSC PAVA financial statements, in Q3 2008 the amount of the company’s net assets increased by 13.64%, indicating the gain in the company’s value.

This dynamics was accounted for by PAVA’s total assets growth, accompanied by the decrease in liabilities on credits and loans which was also reflected in 15.8%-reduction of financial leverage.

The source of lower debt, and consequently net assets increase, was the company’s earnings. The figure was influenced by the boost in export shipments and enlarged share of these higher-margin operations in the total volume of the company’s sales.

Notably, in 2008 PAVA recorded a substantial growth of export sales, and strengthened its positions abroad. Over the first three quarters the grain processor shipped about 37,000 tonnes of flour to its overseas partners. In November, for the first time in the company’s history, the share of PAVA sales abroad made up 29.2% of the total Russian flour exports.