Wimm-Bill-Dann Foods OJSC today announced its financial and operational results for the three months ended 31 March, 2002 and the full year ended 31 December, 2001.
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During the first quarter of 2002, Wimm-Bill-Dann successfully raised net proceeds of approximately US$161.7m via an Initial Public Offering on the New York Stock Exchange on 8 February, to fund further growth.
In the first quarter 2002, Wimm-Bill-Dann reported significant increases in sales and a strong net profit margin, as well as growth in EBITDA and net income. Sales in the first quarter of 2002 were US$197.4m, an increase of 17.1% compared to average quarterly sales, which is made up of a 14.9% increase in sales volumes and a 2.2% increase in average product prices. For the first quarter of 2002, Wimm-Bill-Dann reported EBITDA of US$21.8m, growth of 18.5% compared to the average quarterly EBITDA in 2001 of US$18.4m; net income of US$9.6m, and a strong net profit margin of 4.8%.
The year 2001 was the third consecutive year of profitable growth (after Russia’s financial crisis of 1998) as Wimm-Bill-Dann reported strong sales, increasing market share and significant progress in its national and international expansion. During 2001, Wimm-Bill-Dann also reported continued growth in EBITDA and net income. For the year ended December 31, 2001, Wimm-Bill-Dann reported sales of US$674.6m, up 45.0% year-on-year from US$465.4m in 2000; EBITDA of US$73.7m, a year-on-year growth of 57.1% from US$46.9m in 2000; and net income of US$31.8m, a year-on-year growth of 48.6% from US$21.4m in 2000.
According to the AC Nielsen study of nine major Russian cities, in the year 2001, Wimm-Bill-Dann was the leader in many packaged dairy markets with a market share, in terms of sales volume, of 34% in traditional, 41% in enriched, and 48% in yogurt and dessert dairy products.
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By GlobalDataIn 2001, Wimm-Bill-Dann’s share in the Russian juice market was 37.5% in terms of sales volume, and 42.6% in terms of value (49.1% and 53.5% in Moscow, respectively) according to the AC Nielsen study of 11 major Russian cities.
Wimm-Bill-Dann has a strong and diversified branded portfolio. Its dairy brands include `Little House in the Village’ and `Chudo’, and its best known juice brand, `J-7′, enjoyed 99% brand awareness in Moscow as of July 2001 according to a study conducted by Independent Marketing Consultants Association (IMCA), a Russian market research company.
In line with its long-term regional expansion strategy during 2001, Wimm-Bill-Dann signed cooperation agreements with the regional governments of Bashkortostan and Krasnodar, and entered these two strategically important regions. Through acquisitions and expansion of its distribution network, the company strengthened its operational regional presence in Russia, Ukraine and Kyrgyzstan. As of 31 March, 2002, Wimm-Bill-Dann’s dairy products were produced at 14 factories, including four in Moscow, four in Central Russia, four in the Asian part of Russia and two in other countries of the Commonwealth of Independent States (CIS). Over the past year the company established nine further regional affiliates and branched out into new segments of the Russian consumer market: cheese and bottled water production.
Commenting on today’s announcement, David Iakobachvili, Chairman of the Board of Wimm-Bill-Dann Foods OJSC, said: “The first quarter of 2002 was the most exciting time for all of us at Wimm-Bill-Dann – the founders, the management and the employees! On February 8, 2002, we became the first Russian consumer company to have listed on the New York Stock Exchange. We believe that Wimm-Bill-Dann’s story is the epitome of the “American Dream”, and we are proud and honoured that our hard work and our dedication over the past ten years have now been recognised internationally.”
