WBD plans to keep capex at $150 mln in 2010
MOSCOW. Sept 4 (Interfax) - OJSC Wimm-Bill-Dann Foods (WBD) expects its capital expenditures to remained at the same level in 2010 as in 2009, the company's CEO, Tony Maher, said during a conference call.
The forecast for this year is being kept at $150 million but total investments could be lowered, Maher said.
WBD's capex in the first half of 2009 came to $45.9 million, halving from $112.1 million posted in the same period of 2009.
The company's revenue in the first half of 2009 came to $1.07 billion, a year-on-year decrease of 2008. Net profit fell by 17.4% to $64.9 million.
WBD's net debt in the first half shrank by 49% to $280.8 million. Operational cash flow increased by 64% to $180.3 million. Free cash flow went up from $13.5 million in the same period of last year to $131.1 million in the first half of 2009.
Wimm-Bill-Dann Foods, one of the leading producers of dairy and juice products in Russia, was formed in 1992 and includes 36 plants in Russia and the CIS, as well as affiliates in 26 cities.
France's Danone owns an 18.36% stake in the company. More than 30% of WBD shares are traded on the NYSE as ADR.