Highlights of full year 2008:
On a constant currency basis (in roubles), revenue grew 3.2%, operating profit increased 28.3% and Ebitda rose 24.0% in the fourth quarter of 2008 compared to the same period of 2007.
“Wimm-Bill-Dann achieved solid growth and profitability in 2008, a reflection of the resilience of the business, both in terms of the strength of our market position and our focus on improving the already solid fundamentals of the company,” said Tony Maher, Wimm-Bill-Dann’s CEO. “We continue to face the significant headwinds of the current unprecedented global economic turmoil, but despite these challenges, we achieved double-digit revenue growth across all our business segments in 2008, highlighted by the continued significant growth in our baby food segment. We also strengthened our already solid financial foundation, generating $321.2m in operating cash flow, and recently repaid our $130m bond, reflecting our strong liquidity position and improving our already healthy debt levels.
“Despite undeniable challenges in the near-term, the opportunities for the company over the long-term continue to be excellent. Therefore, we remain focused on delivering on our long-term strategy and maintaining our strong financial foundation.”
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