Content

Introduction

I. Essence and types of financial condition

1.1 Concept, essence of financial condition and indicators characterizing it

1.2 Types of financial condition

II. Analysis of the financial condition of the enterprise

2.1 Brief economic characteristics of JSC "Wimm-Bill-Dann"

2.2 Structural analysis of assets and liabilities

2.5 Assessment of financial condition by relative indicators

II. Negotiable

7 633 529 13 113 420 36 46 +5 479 891 +10 +75 Total assets 21 112 309 28 428 438 100 100 +7 316 129 0 +100

Coefficient

ratios

negotiable and

non-current assets

0,57 0,86 × × +0,29 × ×

Based on table 2, we can conclude that the increase in the sources of funds of the enterprise was mainly aimed at increasing the working capital (75%). The ratio of current and non-circulating assets increased its value (+0.29). However, it is impossible to draw specific conclusions about the financial condition of the enterprise, since the value of this coefficient is largely due to the sectoral characteristics of the turnover of enterprise funds.

A more specific analysis of the structure of assets and its changes is carried out separately for each consolidated type of assets (tables 3, 4).

Table 3 Analysis of the structure of non-current assets(in thousand rubles)

Indicators	Absolute values				Changes
	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific weights	in% to the change in the total value of non-circulating
1	2	3	4	5	6	7	8
Intangible assets	72 131	69 680	0,5	0,4	-2 451	-0,1	-0,13
Main funds	8 448 586	9 783 620	62,7	63,9	+1 335 034	+1,2	+72,7
Construction in progress	2 705 578	2 896 392	20,1	18,9	+190 814	-1,2	+10,4
Income. attachments in mat. values	-	-	-	-	-	-	-
Long-term fin. attachments	1 983 868	2 264 035	14,7	14,8	+280 167	+0,1	+15,25
Deferred tax assets	268 617	301 291	2	2	+32 674	0	+1,78
Long term accounts receivable indebtedness	-	-	-	-	-	-	-
Other noncurrent assets	-	-	-	-	-	-	-
Total non-current assets	13 478 780	15 315 018	100	100	+1 836 238	0	+100

For the purposes of analysis, the structure of non-current assets reflects long-term receivables, since these funds actually fall out of the current circulation of the enterprise.

The largest contribution to the increase in the total value of non-current assets was made by the increase in fixed assets (72.7%). We can also highlight a less significant increase in construction in progress (10.4%) and long-term financial investments (15.25%).

The largest part of non-current assets is represented by production fixed assets (63.9%) and construction in progress (18.9%). Together with a high proportion of their growth, this characterizes the orientation of the enterprise towards creating material conditions for the expansion of core activities.

Table 4 Analysis of the structure of current assets(in thousand rubles)

Indicators	Absolute values		Specific gravity (%) in total		Changes
	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific weights	in% to the change in the total value of circulating
1	2	3	4	5	6	7	8
Stocks	2 974 314	3 369 776	39	25,7	+395 462	-13,3	+7,21
VAT on purchased assets	133 626	150 219	1,75	1,15	+16 593	-0,6	+0,3
Short-term accounts receivable indebtedness	4 383 916	8 031 431	57,43	61,25	+3 647 515	+3,82	+66,56
Short-term fin. attachments	71 026	397 397	0,9	3,02	+326 371	+2,12	+5,96
Den. funds	64 933	1 160 398	0,85	8,85	+1 095 465	+8	+20
Other current assets	5 714	4 199	0,07	0,03	-1 515	-0,04	-0,03
Total circulating	7 633 529	13 113 420	100	100	+5 479 891	0	+100

The largest contribution to the increase in the total value of current assets was made by the increase in short-term receivables (66.56%), which has an extremely negative effect on the activities of the organization. The increase in accounts receivable is directly related to the increase in sales. However, the growth rate of debt (83.2%) is much higher than the growth rate of sales proceeds (66.3%). Accordingly, the enterprise needs to look for reasons and solutions to this problem.

Cash growth (20%) cannot be assessed unambiguously. It is in the interests of the company to keep on accounts the minimum required amount of funds that are needed for current operational activities. Since cash, being in the cash desk or in bank accounts, does not generate income, it must be kept available at a safe minimum level.

The share of reserves in the total structure is decreasing (-13.3%). Comparing the small growth rate of reserves (13.3%) with the growth rate of the company's financial results, we can conclude that raw materials and materials were used much better in the reporting period compared to the previous one. This indicates an increase in business activity.

The rest of the indicators have changed slightly.

Analysis of the structure of liabilities

Generally, the sources of funds can be divided into own and borrowed. The structure of liabilities is characterized by:

autonomy ratio calculated as the ratio:

k А = Real equity capital / The total value of the sources of funds of the enterprise = И С / В, (3)

where AND C - the value of the real equity capital of the enterprise at the reporting date;

B - the total amount of liabilities (sources of funds) of the enterprise at the reporting date;

debt to equity ratio calculated by the formula:

k z / s = (Adjusted long-term liabilities + Adjusted short-term liabilities) / Real equity = (K T + K t + R p) / IS, (4)

where K T - long-term liabilities of the enterprise (long-term loans and borrowings received and other long-term liabilities) at the reporting date;

K t - short-term loans and borrowings received at the reporting date;

R p - accounts payable and other short-term liabilities and liabilities (including the company's debt to participants (founders) for the payment of income, reserves for future expenses, etc.) at the reporting date.

Normal odds constraints:

k A ³ 0.5, k s / s ≤ 1 (5)

When calculating these ratios, the real equity capital coincides with the value of net assets. The total amount of the sources of funds of the enterprise is formed as the difference between the total balance and the debt of the participants (founders) for contributions to the authorized capital.

The calculation of real equity and adjusted borrowings is presented in tables 5 and 6.

Table 5 Real equity(in thousand rubles)

To obtain the real equity capital of the enterprise, it is necessary to increase the result of section III "Capital and reserves" of the balance sheet liability (line 490) by the amount under the item "Deferred income" (line 640) of section V "Short-term liabilities" and reduce by the amount of debt of participants (founders) for contributions to the authorized capital (section II, line 244). Deferred income is considered within equity because actually reflect the organization's debt to itself.

Table 6 (in thousand rubles)

Adjusted borrowed funds are obtained by reducing the sum of the totals of sections IV "Long-term liabilities" and V "Short-term liabilities" by the amount under the item "Deferred income" line 640 from section V "Short-term liabilities".

A preliminary analysis of the structure of liabilities is carried out on the basis of the data in Table 7.

Table 7 Analysis of the structure of liabilities(in thousand rubles)

Indicators	Absolute magnitudes		Specific gravity (%) in total liabilities		Changes
	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific weights	in% to the change in the total value of liabilities
1	2	3	4	5	6	7	8
Real own	11 835 136	14 297 255	44	50	+2 462 119	-6	+34
Adjusted debt	9 277 173	14 131 183	56	50	+4 854 010	+6	+66
Total sources of funds	21 112 309	28 428 438	100	100	+7 316 129	0	+100
Coefficient autonomy	0,56	0,5	×	×	-0,06	×	×
Coefficient ratios borrowed and own funds	0,78	0,99	×	×	+0,21	×	×

The increase in borrowed funds (66%) had the greatest impact on the increase in the property of the enterprise for the reporting period. Although the values ​​of relative indicators still correspond to normal limits (5) and the company's liabilities can be covered by its own funds, it can be said that the financial independence of the company is decreasing. This is confirmed by a decrease in the autonomy ratio and an increase in the ratio of borrowed and own funds.

To increase the level of financial independence, it is necessary to replenish real equity capital and reduce short-term receivables.

A detailed analysis of the structure of liabilities and its changes is carried out separately for each consolidated type of liabilities (tables 8, 9).

Table 8 Analysis of the structure of real equity capital(in thousand rubles)

Indicators	Absolute magnitudes		Specific gravity (%) in total liabilities		Changes
	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific weights
1	2	3	4	5	6	7	8
	390	431	0,0033	0,003	+41	-0,0003	+0,002
Additional	2 623 132	2 690 130	22,16	18,82	+66 998	-3,34	+2,721
Spare	52	108	0,0004	0,0008	+56	+0,0004	+0,002
Undestributed profits (uncovered loss)	9 131 771	11 542 261	77,16	80,73	+2 410 490	+3,57	+97,903
revenue of the future periods	104 930	64 325	0,89	0,45	-40 605	-0,44	-1,649
Negative adjustments
Own shares repurchased from shareholders	25 139	0	0,21	0	- 25 139	-0,21	-1,021
Debts of participants (founders) on contributions to authorized capital	-	-	-	-	-	-	-
Total real own	11 835 136	14 297 255	100	100	+2 462 119	0	+100

In the structure of the real equity capital of the enterprise, the largest part is retained earnings (80.73% at the end of the period), a fairly large share in comparison with other items is additional capital (18.82% at the end of the period).

Table 8 shows that the increase in real equity capital was due to an increase in retained earnings (97.9%). The rest of the articles have changed slightly.

In accordance with the decision of the Annual General Meeting of Shareholders dated June 27, 2008 on non-payment of dividends to shareholders in 2008, part of the net profit received from the results of operations in 2007 was used to finance capital investments and further develop the production base of OJSC VBD ...

The company's strategy in relation to the accumulation of equity capital is determined by equity accumulation ratio, which shows the share of sources of own funds allocated for the development of core activities:

k n = (Reserve capital + Retained earnings (uncovered loss)) / Real equity = (IS res + R h) / IS, (6)

where AND C res - the reserve capital of the enterprise as of the reporting date;

R h - undistributed profit (uncovered loss);

And C - the real equity capital of the company at the reporting date.

k n = (52 + 9 131 771) / 11 835 136 = 0.77 - at the beginning of the year;

k n = (108 + 11 542 261) / 14 297 255 = 0.81 - at the end of the year.

The positive dynamics of the coefficient indicates the progressive accumulation of equity capital as a result of the profitable activity of the enterprise.

Table 9 Analysis of the structure of borrowed funds (adjusted)(in thousand rubles)

Indicators	Absolute magnitudes		Specific gravity (%) in total liabilities		Changes
	for the beginning of the year	at the end of the year	for the beginning of the year	at the end of the year	in absolute terms	in specific weights	in% to the change in the total amount of equity capital
1	2	3	4	5	6	7	8
Long-term loans and borrowings	3 674 257	5 012 925	39,6	35,5	+1 338 668	-4,1	+27,6
Deferred tax commitments	402 739	359 740	4,3	2,5	-42 999	-1,8	-0,9
long term duties	125 925	35 187	1,4	0,3	-90 738	-1,1	-1,8
Short-term loans and credits	1 499 737	1 806 488	16,2	12,8	+306 751	-3,4	+6,3
Short-term payables indebtedness	3 442 886	6 729 743	37,1	47,6	+3 286 857	+10,5	+67,7
Debts to participants (founders) for the payment of income	-	-	-	-	-	-	-
forthcoming expenditures	131 629	187 100	1,4	1,3	+55 471	-0,1	+1,1
Short-term liabilities	-	-	-	-	-	-	-
Total borrowed	9 277 173	14 131 183	100	100	4 854 010	0	+100

The increase in borrowed funds is more influenced by the growth of short-term accounts payable (67.7%) and, to a lesser extent, long-term loans and borrowings (27.6%). The most rational structure of borrowed funds is considered to be a structure in which long-term credits and loans make up the majority of them, contributing to an increase in the financial stability of the enterprise, therefore, the large growth rates of short-term accounts payable and its large share (47.6%) have a negative effect on the financial stability of the enterprise.

Ratio of the ratio of short-term liabilities and permanent capital calculated by the formula:

k k.o / p.k = Adjusted short-term liabilities / (Real equity + Adjusted long-term liabilities) = (K t + R p) / (IS + K T), (7)

where K t - short-term loans and borrowings received at the reporting date;

R p - accounts payable and other short-term liabilities and liabilities (including the company's debt to participants (founders) for the payment of income, reserves for future expenses, etc.) as of the reporting date;

And C - the value of the real equity capital of the enterprise at the reporting date;

K T - long-term liabilities of the enterprise (long-term loans and borrowings received and other long-term liabilities) at the reporting date.

k s / s> 1 is admissible if k c.o / p.k ≤ 1. (8)

k k.o / p.k = 5 074 252 / (11 835 136 + 4 202 921) = 0.32 - at the beginning of the year;

k k.o / p.k = 8 723 331 / (14 297 255 + 5 407 852) = 0.44 - at the end of the year.

An increase in the value of this ratio indicates a decrease in the financial independence of the enterprise, mainly due to a significant increase in short-term liabilities.

2.3 Financial Soundness Analysis

Analysis of the availability and sufficiency of real equity capital

The difference between the real equity capital and the authorized capital is the main initial indicator of the stability of the financial condition of the enterprise.

= (Real equity) - (Share capital) = (Additional capital) + (Reserve capital) + (Retained earnings) + (Deferred income) - (Uncovered losses) - (Treasury shares repurchased from shareholders) - (Debt of participants (founders) on contributions to the authorized capital). (9)

The positive terms of this expression can be conventionally called increase in equity after the formation of the enterprise, negative terms - diversion of equity, which, among other things, may be associated with capital losses due to losses.

As can be seen from table 10, the growth of equity capital is many times greater than the diversion of equity capital, and, therefore, the minimum condition for the financial stability of the enterprise is met. The increase in the difference between real equity and authorized capital for the reporting period (2,462,078 thousand rubles) was mainly due to the growth of retained earnings (2,410,490 thousand rubles).

Table 10 Analysis of the difference between real equity and authorized capital(in thousand rubles)

Index	For the beginning of the year	At the end of the year	Changes
1	2	3	4
1. Additional capital	2 623 132	2 690 130	+66 998
2. Reserve capital	52	108	+56
3. Retained earnings	9 131 771	11 542 261	+2 410 490
4. Deferred income	104 930	64 325	-40 605
5. Total increase in equity after the formation of the enterprise	11 859 885	14 296 824	+2 436 939
6. Uncovered damages	-	-	-
7. Own shares repurchased from shareholders	25 139	0
8. Debts of participants (founders) for contributions to the authorized capital	-	-	-
9. Total distraction of your own capital	25 139	0	- 25 139
10. The difference is real self capital and authorized capital	11 834 746	14 296 824	+2 462 078

Analysis of the supply of reserves with sources of their formation

The ratio of the value of stocks and the values ​​of own and borrowed sources of their formation is one of the most important factors in the stability of the financial condition of an enterprise, along with the ratio of real equity capital and authorized capital. This is due to the fact that stocks and costs characterize the production cycle, i.e. due to them, the continuity of activities is ensured.

Total stocks(denoted by the symbol Z below in the formulas) of the enterprise is equal to the sum of the values ​​under the inventory items of section II "Current assets" of the balance sheet (including VAT on acquired values, since before it is accepted for reimbursement according to calculations with the budget, it must be financed from the sources of the formation of reserves).

To characterize the sources of formation of reserves, the following indicators are used, reflecting the different degree of coverage of different types of sources:

availability of own working capital, calculated as the difference between the amount of real equity capital and the sum of the values ​​of non-current assets and long-term receivables:

E C = I C -F, (10)

where And C - real equity;

F - non-current assets (at residual value) and long-term accounts receivable;

availability of long-term sources of formation of reserves calculated by increasing the previous indicator by the amount of long-term liabilities:

E T = E C + K T, (11)

where Е С - availability of own circulating assets;

K T - long-term liabilities;

the total value of the main sources of formation of reserves is equal to the sum of long-term sources and short-term loans and borrowings:

E S = E T + K t, (12)

where Е T - the presence of long-term sources of formation of reserves;

K t - short-term loans and borrowings.

Three indicators of the availability of sources of formation of reserves correspond to three indicators of the provision of reserves with sources of their formation:

surplus or shortage of own working capital, equal to the difference between the amount of own circulating assets and the amount of reserves:

dE C = E C - Z; (13)

surplus or lack of long-term sources of stock formation, equal to the difference between the value of long-term sources of formation of reserves and the value of reserves:

dE T = E T - Z; (14)

surplus or shortage of the total amount of the main sources of formation of reserves, equal to the difference between the size of the main sources of formation of reserves and the amount of reserves:

dE S = E S - Z. (15)

Calculation of three indicators of the supply of reserves by the sources of their formation makes it possible to classify financial situations according to the degree of their stability and express through a system of indicators' limitations:

1) absolute stability of the financial condition:

2) normal financial stability:

3) unstable financial condition:

dE T< 0,(18)

4) crisis financial condition:

dE T< 0,(19)

Table 11 Source endurance analysis(in thousand rubles)

Index	For the beginning of the year	At the end of the year	Changes
1	2	3	4
1.Real equity	11 835 136	14 297 255	+2 462 119
2.Non-current assets	13 478 780	15 315 018	+1 836 238
3. Availability of own working capital	-1 643 644	-1 017 763	+625 881
4.Long-term liabilities	4 202 921	5 407 852	+1 204 931
5 having long-term sources formation of reserves	2 559 277	4 390 089	+1 830 812
6.Short-term loans and credits	1 499 737	1 806 488	+306 751
7.Total value of the main sources of formation of reserves	4 059 014	6 196 577	+2 137 563
8.Total inventory	3 107 940	3 519 995	+412 055
9. Surplus (+) or deficiency (-) own working capital	-4 751 584	-4 537 758	+213 826
10. Surplus (+) or shortage (-) of long-term sources of formation of reserves	-548 663	+870 094	+1 418 757
11. Surplus (+) or deficiency (-) total major sources formation of reserves	+951 074	+2 676 582	+1 725 508
12. Type of financial condition	Unstable	Normal stability	×

Table 11 shows that the company's own circulating assets are not enough to form stocks. However, the successful activity of the company in 2008 brought it out of an unstable financial condition. To a greater extent, this was facilitated by the attraction of long-term credits and loans (+1 418 757). Also, the financial stability of the enterprise (reducing the lack of its own circulating assets) was positively influenced by a decrease in the share of non-current assets (table 2) by 10%; decrease in the share of stocks in the total value of current assets (table 4) by 13.3%; increase in real equity capital at the expense of retained earnings (table 8). The absence of long-term accounts receivable has a positive effect.

Coefficient of provision of reserves with long-term sources is calculated as a ratio:

k about = E Т / Z, (20)

Indicator limitation:

k about ≥ k a.i. (21)

k about = 2 559 277/3 107 940 = 0.82 (at the beginning of the year);

k about = 4 390 089/3 519 995 = 1.25 (at the end of the year).

Own sources supply ratio :

k О = Own current assets / Current assets, (22)

Normal limitation:

k О ≥ 0.1. (23)

k О = -1 643 644/7 633 529 = -0.2 (at the beginning of the year),

k О = -1,017,763 / 13,113,420 = -0.08 (at the end of the year).

When calculating the following financial ratios, the organization's long-term liabilities are also included in its own working capital, since the enterprise can freely dispose of these funds for a long time.

Maneuverability coefficient calculated by the formula:

k m = E Т / И C. (24)

k m = 2 559 277/11 835 136 = 0.22 (at the beginning of the year);

k m = 4 390 089/14 297 255 = 0.31 (at the end of the year).

Coefficient of autonomy of sources of formation of reserves :

k a.i = ET / E S. (25)

k a.i = 2 559 277/4 059 014 = 0.63 (at the beginning of the year);

k a.i = 4 390 089/6 196 577 = 0.71 (at the end of the year).

The coefficient of supply of reserves with long-term sources corresponds to the limitation (21), has a positive trend (+0.43).

The values ​​of the coefficient of provision with own sources at the beginning and at the end of the year do not correspond to the limitation (23). At the same time, it is recommended in the economic literature to evaluate the structure of the balance sheet of the enterprise as unsatisfactory. The dynamics of changes in the indicator is positive (+0.12).

The coefficient of maneuverability at the end of the reporting period (0.31) shows that 31% of its own funds are in mobile form and the company can relatively freely maneuver them. The value of the indicator increased compared to the previous year (+0.09), which indicates a positive trend in the financial stability of the enterprise and confirms the conclusions drawn on the basis of Table 11.

The coefficient of autonomy of sources of formation of stocks at the end of the year (0.71) shows that the share of own circulating assets in the total amount of the main sources of formation of stocks is 71%. The growth of the coefficient (+0.08) is assessed positively, since reflects the tendency to decrease the dependence of the enterprise on borrowed sources (in this case, on short-term).

2.4 Analysis of liquidity and solvency

The analysis of balance sheet liquidity consists in comparing funds for an asset, grouped by the degree of their liquidity and arranged in descending order, with liabilities for liabilities, grouped by maturity and arranged in ascending order.

Depending on the degree of liquidity, i.e. the rate of conversion into cash, the assets of the enterprise are divided into the following groups:

A1) absolutely and most liquid (realizable) - cash and short-term financial investments (securities);

A2) quickly realizable - accounts receivable, payments for which are expected within 12 months after the reporting date, other current assets;

A3) slow-moving - the group of items "Inventories" of section II of the balance sheet asset (together with VAT), with the exception of the item "Deferred expenses", the item "Profitable investments in material assets" and "Long-term financial investments" of section I of the balance sheet asset, accounts receivable, payments for which are expected more than 12 months after the reporting date;

A4) difficult to sell - items of section I of the balance sheet asset "Non-current assets" with the exception of items accounted for in the previous group, as well as "Deferred expenses" of section II of the balance sheet.

Balance sheet liabilities are grouped by degree of urgency their payment:

P1) the most urgent liabilities - accounts payable, debts to participants (founders) for the payment of income and other short-term liabilities; P2) short-term liabilities - short-term loans and credits; P3) long-term and medium-term liabilities - long-term loans and credits; A4) permanent liabilities, i.e. own funds - articles of section III of the balance sheet liability. To maintain the balance of assets and liabilities, the total of this group is reduced by the amount of losses (section III of the liability) and increased by the values ​​under the items "Deferred income", "Provisions for future expenses".

Table 12 Balance sheet liquidity analysis(in thousand rubles)

Assets	For the beginning of the year	At the end of the year	Liabilities	For the beginning of the year	At the end of the year	Payment surplus or deficiency
						For the beginning of the year	At the end of the year
1	3	4	5	7	8	9	10
1. The most liquid	135959	1557795	1. Most urgent	3442886	6729743	-3306927	-5171948
implemented	4389630	8035630	2. Short-term	1499737	1806488	2889893	6229142
3. Slowly implemented	5020082	5703898	3. Long and medium term	4202921	5407852	817161	296046
implemented	11566638	13131115	4. Permanent	11966765	14484355	-400127	-1353240
Balance	21112309	28428438	Balance	21112309	28428438	×	×

The balance is considered absolutely liquid if:

A3 ≥ P3, (26)

When comparing the results of the first group for assets and liabilities (A1 and P1, terms up to 3 months), there is a discrepancy with condition (26), from which it can be concluded that the liquidity of the balance is somewhat different from the absolute. That. current receipts do not completely cover current payments. The shortage in one group of assets is compensated by the surplus in the other (A2), although compensation takes place only in value, since in a real payment situation less liquid assets cannot replace more liquid ones.

The comparison of the remaining groups satisfies condition (26).

Comparison of the results of the second group in terms of assets and liabilities (A2 and P2, terms from 3 to 6 months) shows a tendency of increasing current liquidity in the near future, testifies to the solvency of the organization for the next period of time.

Comparison of slow-moving assets with long-term and medium-term liabilities (A3 and P3) reflects prospective liquidity and solvency in the relatively distant future.

The analysis of balance sheet liquidity carried out according to the above scheme is approximate, mainly due to the fact that the correspondence of the degree of liquidity of assets and the maturity of liabilities in liabilities is tentatively planned.

To assess the liquidity of an enterprise, three relative indicators are used, which differ in the set of liquid assets considered as coverage of short-term liabilities.

Instant liquidity of the enterprise is characterized by absolute liquidity ratio :

k a.l = (Cash + Short-term financial investments) / Adjusted short-term liabilities. (27)

The liquidity of the enterprise, taking into account the forthcoming receipts from debtors, characterizes current liquidity ratio :

k l = (Cash + Short-term financial investments + Short-term receivables) / Adjusted short-term liabilities. (28)

The projected payment capacity of the enterprise, subject to the repayment of short-term receivables and the sale of existing inventories reflects overall coverage ratio :

k p = (Cash + Short-term financial investments + Short-term receivables + Inventories including unwritten VAT) / Adjusted short-term liabilities. (29)

Table 13 Analysis of liquidity indicators of the enterprise(in thousand rubles)

It should be noted that the coefficients' standards (column 2) officially recommended and widespread in the economic literature should be considered somewhat overestimated. The difference between the real coefficients and the normative ones is influenced by: the specifics of the industry, the activities of enterprises, the domestic economy in comparison with the foreign one, the heterogeneous structure of the debt maturity.

The absolute liquidity ratio having at the end of the year value of 0.18, shows that every day 18% of short-term liabilities are subject to repayment. The value of the coefficient has increased significantly compared to the previous period, and although it does not correspond to the normal limit, it should be assessed positively. To increase the level of absolute liquidity, an enterprise needs to restrain the growth of accounts receivable, monitor its uniform and timely repayment, and reduce the level of short-term liabilities.

The current liquidity ratio, which has a value of 1.1 at the end of the year, shows that cash and forthcoming receipts from current activities cover current debts. Table 13 shows that the situation has become much better compared to the previous period (+0.21). Correlating this fact with the data in Table 11, we can conclude that the increase in the current liquidity ratio was facilitated by the growth in the provision of stocks with own circulating assets and long-term credits and loans.

The coverage ratio at the beginning and at the end of the period did not change its value and does not correspond to the officially recommended limit. The fact that k p> 1 should already be estimated positively. The value of the coefficient (1.5) means that by the end of the reporting period current assets exceed short-term liabilities by 50% and indicates that the company may have difficulties in case of urgent repayment of short-term debt. To increase the ratio, the enterprise needs to replenish its real equity capital.

Solvency ratio calculated by the formula:

k o.p = Enterprise assets / Adjusted borrowed funds of the enterprise = 1 + И С / (R P + K t + K T). (30)

Normal ratio limitation:

k o.p ³ 2. (31)

k o.p = 21112309/9277173 = 2.28 (at the beginning of the year);

k o.p = 28428438/14131183 = 2.01 (at the end of the year).

Although the dynamics of the change in the coefficient is negative, its value corresponds to the normal limitation (31), from which it can be concluded that the organization remains solvent.

The fact that the company actively uses borrowed funds, i.e. banks and financial lending companies evaluate the company as an important paying client and finance its activities.

To summarize the results of the calculations, it is necessary to bring all the relative indicators characterizing the financial condition of the enterprise into a summary table.

Table 14 Summary table of the main coefficients characterizing the financial condition of the enterprise

Index	Normal limitation	For the beginning of the year	At the end of the year	The change
1	2	3	4	5
1. Ratio of current and non-current assets	-	0,57	0,86	+0,29
2. Coefficient of autonomy	³ 0.5	0,56	0,5	-0,06
3. Ratio ratio borrowed and own funds	≤ 1	0,78	0,99	+0,21
4. Accumulation rate equity capital	-	0,77	0,81	+0,04
5. Ratio of the ratio of short-term liabilities and permanent capital	≤ 1	0,32	0,44	+0,12
6. Coefficient of maneuverability	0,5	0,22	0,31	+0,09
7. Coefficient of autonomy of sources of formation of reserves	-	0,63	0,71	+0,08
8. Coefficient of supply of reserves with long-term sources	≥ k a.and	0,82	1,25	+0,43
9. Security ratio own sources	≥ 0,1	-0,2	-0,08	+0,12
10. Coefficient of absolute liquidity	³ 0.2	0,03	0,18	+0,15
11. Ratio of the current liquidity	³ 1	0,89	1,1	+0,21
12. Coverage ratio	³ 2	1,5	1,5	0
13. Coefficient of total solvency	³ 2	2,28	2,01	-0,27

In order to more accurately study the dynamics of the coefficients and their influence on the state of the enterprise, ideally, it is necessary to use the values ​​of these indicators according to the data of the enterprise in the optimal year of operation (i.e. the best indicators) or a trend series. In the absence of such information, financial benchmarks are used that are common in the economic literature.

The dynamics of the ratio of current and non-current assets is positive. An increase in its value is associated with an increase in the share of circulating assets and, accordingly, with a decrease in the share of circulating assets in the structure of the company's balance sheet. The value of the coefficient is largely due to the sectoral features of the turnover of the enterprise's funds. However, in the course of the analysis, it turned out that the largest increase in the company's working capital is associated with an unjustifiably large increase in short-term receivables (page 20), therefore, an increase in the value of the indicator under these conditions cannot be assessed positively.

A decrease in the autonomy ratio and an increase in the ratio of borrowed and own funds indicate an increase in the financial dependence of the enterprise on borrowed funds. However, the values ​​of these indicators correspond to the normal limits. Therefore, it cannot be said that their change had a negative impact on the activities of the enterprise.

The change in these ratios is largely due to an increase in short-term liabilities (table 9), which negatively affects the financial condition of the enterprise. However, there is also a significant increase in long-term liabilities (table 9), which contributed to the exit of the enterprise from an unstable financial condition (table 11). Accordingly, this was reflected in the positive dynamics of the relative indicators of the financial condition of the enterprise - the coefficient of maneuverability, the coefficient of autonomy of sources of formation of reserves, the coefficient of provision of reserves with long-term sources.

The dynamics of the relative indicators of the liquidity of the enterprise is positive - this is due to an increase in cash and short-term receivables (table 4). The value of the absolute liquidity ratio does not correspond to the recommended ones, this is also confirmed by the failure to fulfill the condition A1 ≥ P1 (table 12). This is mainly due to the large share of short-term receivables (table 4). Therefore, the current liquidity ratio corresponds to the normal limitation, which indicates the company's ability to cover current liabilities, subject to the repayment of receivables.

The coverage ratio does not correspond to the limitation widespread in the literature. However, the standard is overestimated and for a specific industry can be determined only on the basis of statistical processing of data from a number of enterprises. To increase the level of this ratio, it is necessary to replenish the real equity capital, to restrain the growth of non-current assets and long-term receivables. At this enterprise, the real equity capital is large enough and does not require a large increase, there is a decrease in the level of non-current assets and there are no long-term accounts receivable. There is no change in the value of the indicator. It can be concluded that k p = 1.5 is optimal for the enterprise.

The dynamics of the general solvency ratio is negative, which is associated with the attraction of a large amount of borrowed funds. However, the value of the coefficient corresponds to the normal limit, and the enterprise remains solvent.

Summing up, we can say that the company has improved its financial condition, therefore the measures that need to be recommended should be aimed at maintaining and consolidating the achieved position.

Provisions for increasing the efficiency of this enterprise should be based on reducing the share of short-term receivables and cash.

Because the growth rate of short-term accounts receivable (83.2%) is higher than the growth rate of sales proceeds (66.3%), it can be said that a sharp increase in accounts receivable is associated not only with an increase in sales volumes, but also with an incorrect credit policy of the enterprise in relation to to buyers and customers, other debtors.

We can propose the following ways to optimize credit policy in relation to debtors:

Timely execution of settlement documents;

Providing discounts for early debt repayment;

Release of goods on a prepayment basis;

Registration of a transaction with buyers with a commercial bill with receipt of interest for a deferred payment;

Introduction of penalties for late payment;

Assignment of the right to claim;

Factoring;

Insurance protection.

Optimization (reduction) of the size and proportion of receivables will increase the capital turnover and minimize the risks associated with non-repayment of debts, which will have a favorable effect on the financial results and financial condition of the enterprise.

The amount of cash that a well-managed enterprise needs is a safety stock designed to cover short-term cash flow imbalances. The increase in cash balances in bank accounts is due to the level of imbalance in cash flows. The growth rate of cash in the analyzed period was 1687%. The surplus of free funds can be used to pay off liabilities, invest in tangible assets and securities, and replenish the reserve capital.

A decrease in short-term receivables and cash on hand and on the current account will entail a decrease in the value of current assets, which will accordingly accelerate the turnover of current assets, increase the profitability of current assets, as a result, will cause an increase in sales proceeds, sales profit, net profit.

In order to determine the effect of the implementation of measures, it is necessary to calculate the turnover ratio of current assets (ko .a.), The ratio of profit from sales to current assets (k p / o.a.) And the profitability ratio of current assets (R o.a. ). These coefficients show how many rubles of proceeds from sales, profit from sales, net profit, respectively, received per 1 ruble of current assets:

k o. a. = Sales revenue / Current assets; (32)

k p / o.a. = Profit from sales / Current assets; (33)

R o.a. = Net Income / Current Assets, (34)

where current assets is their average value for the period, calculated as: Current assets = (7 633 529 + 13 113 420) / 2 = 10 373 474.5 thousand rubles.

k o. a. = 44 739 813/10 373 474.5 = 4.31 rubles. from 1 ruble;

k p / o.a. = 2 658 214/10 373 474.5 = 0.26 rubles. from 1 ruble;

R o.a. = 1 282 688/10 373 474.5 = 0.12 rubles. from 1 ruble.

Using these coefficients, it is necessary to calculate the change in sales revenue (∆В), profit from sales (∆П) and net profit (∆П h) after the implementation of measures.

Average amount of accounts receivable for the period = (4 383 916 + 8 031 431) / 2 = 6 207 673.5 thousand rubles.

Reduction of accounts receivable by 25% i.e. by 1,551,918.375 thousand rubles. will entail the following changes in performance results:

∆В = 1,551,918.375 thousand rubles. × 4.31 rubles. from rub. = 6 688 768 thousand rubles.

∆П = 1,551,918.375 thousand rubles. × 0.26 rubles. from rub. = 403 499 thousand rubles.

∆P h = 1,551,918.375 thousand rubles. × 0.12 rubles. from rub. = 186 230 thousand rubles.

The average amount of funds for the period = (64 933 + 1 160 398) / 2 = 612 665.5 thousand rubles.

Reducing free funds by 80% i.e. by 490,132.4 thousand rubles. will entail the following changes in performance results:

∆В = 490,132.4 thousand rubles. × 4.31 rubles. from rub. = 2 112 471 thousand. rub.

∆П = 490,132.4 thousand rubles. × 0.26 rubles. from rub. = 127 434 thousand. rub.

∆P h = 490,132.4 thousand rubles. × 0.12 rubles. from rub. = 58 816 thousand rubles.

Accordingly, all other things being equal, the financial results of the enterprise will take the values ​​shown in Table 15.

A decrease in short-term receivables should also lead to a decrease in the share of short-term liabilities and an increase in the share of equity capital in the company's liabilities, respectively, the relative indicators of the company's financial condition will improve. Below are the calculations of some of them.

Decrease in accounts receivable at the end of the reporting period by 25% will amount to 2,007,857.75 thousand rubles, respectively, the same amount will decrease short-term liabilities and increase the company's equity at the end of the reporting period. Hence:

the autonomy ratio at the end of the reporting period will take on the value:

k A = (14 297 255 + 2 007 857.75) / 28 428 438 = 0.57;

debt to equity ratio:

the ratio of short-term liabilities and permanent capital: k k.o / p.k = (8723331-2007857.75) / (14297255 + 5407852 + 2007857.75) = 0.31;

total solvency ratio:

k o.p = 28 428 438 / (14 131 183 - 2 007 857.75) = 2.35.

Table 15 Financial results of the enterprise(in thousand rubles)

Index	Actual value	Value after implementation of measures	Rate of change,%
Reduction of accounts receivable
Current assets	10 373 474,5	8 821 556,125	-15
Sales revenue	44 739 813	51 428 581	15
	4,31	5,83	35,3
Sales profit	2 658 214	3 061 713	15,2
	0,26	0,35	34,6
Net profit	1 282 688	1 468 918	14,5
	0,12	0,17	41,7
Decrease in free funds
Current assets	10 373 474,5	9 883 342,1	-4,7
Sales revenue	44 739 813	46 852 284	4,7
Turnover ratio of current assets, rub. from 1 ruble	4,31	4,74	10
Sales profit	2 658 214	2 785 648	4,8
Ratio of profit from sales to current assets, rub. from 1 ruble	0,26	0,28	7,7
Net profit	1 282 688	1 341 504	4,6
Profitability ratio of current assets, rub. from 1 ruble	0,12	0,14	16,7

conclusions

The work performed allows us to draw the following conclusions:

1. The financial condition of JSC "Wimm-Bill-Dann" at the end of the reporting period is normally stable. During the reporting period, the company improved its financial condition - at the beginning of the year it was unstable.

2. The improvement of the financial condition of the enterprise was facilitated by the attraction of long-term sources for the formation of reserves (+1 830 812 thousand rubles) and an increase in real equity capital (+2 462 119 thousand rubles), mainly due to retained earnings (an increase of 97, 9% in real equity change)

3. The financial results of the company have a positive trend. In the reporting period, OJSC VBD used assets more efficiently, as evidenced by the excess of the growth rate of proceeds from sales (66.3%) over the growth rate of assets (34.7%).

4. In the reporting period, the company used raw materials much better than last year - the growth rate was only 13.3%. The high share of changes in fixed assets in the total value of non-current assets (72.7%) indicates the company's orientation towards creating material conditions for expanding its activities. The absence of long-term receivables is also positive. However, there are significant negative aspects in the activities of the enterprise: high growth rates of short-term receivables (83.2%) and cash on hand and on the current account (1687%). Therefore, the company should take a number of measures to strengthen the financial condition, mainly in relation to reducing the share and growth rate of accounts receivable and free cash.

5. To reduce accounts receivable, the company is recommended the following measures:

· Delivery of goods to buyers and customers on a prepayment basis. This is expedient from the point of view that JSC "VBD" is a large well-known enterprise that produces quality products, so buyers and customers will take such a measure in order to maintain beneficial relations;

· Registration of transactions with buyers with a commercial bill with receipt of interest for deferred payment. Receiving a bill of exchange does not reduce the volume of accounts receivable as part of the company's current assets, however, it provides the bill holder with more options for managing and optimizing accounts receivable. The presence of a bill of exchange guarantees the holder of a bill of exchange the receipt of the specified amount after a certain period of time, allows himself to settle this bill with his counterparties for the goods or services received. If necessary, the holder of a bill will receive funds on this bill of exchange earlier than the term specified in the bill of exchange, having sold it to third parties;

· For other debtors it is advisable to introduce or increase penalties for late payment;

· If there is an untimely compilation of settlement documents, then it is necessary to optimize this process as well.

6. It is advisable to use a part of free funds for long-term financial investments, since at the same time, the value of current assets will decrease, which will accelerate their turnover, and additional income will flow.

7. Reduction of short-term receivables by 25% leads to an increase in sales proceeds by 6,688,768 thousand rubles. (15%), profit from sales for 403 499 thousand rubles. (15.2%) and net profit by 186,230 thousand rubles. (14.5%). An 80% decrease in cash on hand and on the company's current account leads to an increase in sales proceeds by 2,112,471 thousand rubles. (4.7%), profit from sales for 127 434 thousand rubles. (4.8%) and net profit by 58,816 thousand rubles. (4.6%). The implementation of these measures in aggregate will increase the sales proceeds by 8,801,239 thousand rubles. (19.7%), profit from sales for 530,933 thousand rubles. (20%) and net profit by 245,046 thousand rubles. (19.1%). The dynamics of effective performance indicators will positively affect the financial condition of the enterprise. The relative indicators of the financial condition of the enterprise will improve. That. after the implementation of the measures, the financial condition will remain stable, but the prerequisites will be created for its preservation.

List of used literature

1. Bakanov M. I., Melnik M. V., Sheremet A. D. Theory of economic analysis. Textbook. / Ed. M.I.Bakanova. - 5th ed., Rev. and add. - M .: Finance and statistics, 2005, - 536 p: ill.

2. Berdnikova TB Analysis and diagnostics of financial and economic activities of the enterprise: Textbook. allowance. - M .: INFRA-M, 2007 .-- 216 p. - (Higher education).

3. Kovalev V. V. Financial management: theory and practice. - 2nd ed., Rev. and add. - M .: TK Welby, Prospect Publishing House, 2007 .-- 1024 p.

4. Melnik MV, Gerasimova EB Analysis of the financial and economic activities of the enterprise: textbook. - M .: FORUM: INFRA-M, 2008 .-- 192 p. - (Professional education).

5. Savitskaya G. V. Analysis of the economic activity of the enterprise: Textbook. - 5th ed., Rev. and add. - M .: INFRA-M, 2009 .-- 367 p. - (Higher education).

6. Sheremet AD Analysis and diagnostics of financial and economic activities of the enterprise: Textbook. - M .: INFRA-M, 2009 .-- 367 p. - (Higher education).

7. Sheremet AD Complex analysis of economic activity. - M .: INFRA-M, 2006. - 415. - (Higher education).

8. Sheremet A. D., Negashev E. V. Methodology of financial analysis of the activities of commercial organizations. - M .: INFRA-M, 2003 .-- 237 p.

9. Sheremet AD, Negashev EV Methods of financial analysis of the activities of commercial organizations. - 2nd ed., Rev. and add. - M .: INFRA-M, 2010 .-- 208 p.

10. Official site of JSC "Wimm-Bill-Dann" http://www.wbd.ru.

Applications

Annex 1

Appendix 2

"ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY" WIMM-BILL-DUNN FOOD PRODUCTS "for 2008 2 I. INFORMATION ABOUT THE COMPANY ..."

-- [ Page 1 ] --

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 2

I. INFORMATION ABOUT THE COMPANY

OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN PRODUCTS

SUPPLY "(hereinafter referred to as the" Company ") is created and operates in accordance with

joint stock companies ", the Law" On foreign investments in the Russian Federation "

and other applicable Russian legislation and the Articles of Association of the Company.

Full corporate name of the Company:

In Russian - OPEN JOINT STOCK COMPANY "WIMM-BILLDANN FOOD PRODUCTS";

In English - Open Joint Stock Company "WIMM-BILL-DANN FOODS".

Abbreviated name of the Company:

In Russian - JSC "VBD PP";

In English - "WBD FOODS".

1.3. Location of the Company (legal address): 109028, Moscow, Yauzsky Boulevard, 16/15, room. 306.

The mailing address of the Company: 109028, Moscow, Yauzsky Boulevard, 16/15, room. 306.

1.4. Date and number of the state registration of the Company - registered by the State Registration Chamber under the Ministry of Justice of the Russian Federation on May 31, 2001 No. P-15968.16.

The main state registration number (OGRN) 1037700236738 dated February 19, 2003, registered by the Interdistrict Inspectorate of the Ministry of Taxes and Duties of Russia No. 39 in Moscow.

1.5. Information about the authorized capital of the Company.

The authorized capital of the Company is 880,000,000 (Eight hundred and eighty million) rubles and is divided into 44,000,000 (Forty four million) ordinary registered shares with the same par value of 20 (Twenty) rubles each.

There were no changes in the capital of the Organization during the reporting period.

The number of shares issued and fully paid as at 31 December 2008 was 44,000,000.

Information about promotions:

Number of securities in the issue: 35,000,000 pieces Total volume of the issue: 700,000,000 rubles

Information on the state registration of the issue:

Number of securities in the issue: 9,000,000 pieces Total volume of the issue: 180,000,000 rubles

Information on the state registration of the issue:

Registration date: 30.10.2001 Registration number: 1-02-06005-А State registration body: Federal Commission for the Securities Market of Russia Consolidation of securities issues By order of the Federal Commission for the Securities Market of Russia dated February 6, 2004 No. 04-305 / r, additional issues of equity securities were consolidated , as a result of which the state registration number 1-02-06005-A of October 30, 2001 was canceled.

The specified issue of ordinary registered uncertified shares of Open Joint Stock Company Foodstuffs was assigned Wimm-Bill-Dann state registration number 1-01-06005-А dated February 6, 2004.

The number of securities of the combined issue: 44,000,000 pieces. Total volume of the issue: 880,000,000 rubles.

1.6. The number of persons registered in the register of shareholders is 15.

1.7. Information about the auditor of the Company:

By the decision of the annual general meeting of shareholders (Minutes No. 27-06 dated 03.07.2008) by the auditor of Wimm-Bill-Dann Foods Open Joint Stock Company

Ernst & Young LLC was appointed

Full corporate name - Limited Liability Company "Ernst & Young"

The number and date of the license to carry out auditing activities is No. E 002138 dated September 30, 2002, issued by the Ministry of Finance of the Russian Federation.

1.8. The register of shareholders of OJSC Wimm-Bill-Dann Foods is maintained by a specialized registrar - OJSC Central Moscow Depository, license number 10-000-1-00255 dated September 13, 2002.

Location: 107078, Moscow, Orlikov per., Building 3, bldg. "V".

Postal address: 105082, Moscow, st. Bolshaya Pochtovaya, house 34, building 8.

1.9. The list of mass media in which information about the Company is published: Wall Street Journal (New York, USA), Supplement to the Federal Financial Markets Service Bulletin, Moskovskaya Pravda.

1.10. The structure of the management bodies of the Company.

The General Meeting of Shareholders is the supreme governing body of the Company;

Board of Directors - the company's management body in the intervals between general meetings of shareholders;

Chairman of the Management Board - the sole executive body of the Company;

The Management Board is a collegial executive body of the Company.

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 4

1.11. Composition of the Board of Directors of the company, including information on changes in the composition of the Board of Directors of the company that took place in the reporting year, and information on the members of the Board of Directors of the company, including their brief biographical data and ownership of shares in the company during the reporting year; information on transactions for the acquisition or disposal of shares of the joint-stock company:

Membership of the Board of Directors of the Company elected at the Annual General Meeting of Shareholders on June 27, 2008 (Minutes No. 27-06 of the Annual General Meeting of Shareholders of Wimm-Bill-Dann Foods Open Joint Stock Company dated July 03, 2008)

- & nbsp– & nbsp–

1. Guy de Selye

2. Dubinin Mikhail Vladimirovich

3. Yushvaev Gavril Abramovich

4.E. Linwood (Tip) Tipton

6. Orlov Alexander Sergeevich

7. Plastinin Sergey Arkadevich

8. Yakobashvili David

9. Yasin Evgeny Grigorievich

10.Kostikov Igor Vladimirovich

11. Jacques Vincent During the reporting year, the members of the Board of Directors of the joint-stock company made the following transactions on the acquisition or disposal of shares of the Open Joint-Stock Company

Society "Wimm-Bill-Dann Foods":

Sale and purchase transaction, in accordance with which on August 21, 2008, 500,000 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were written off from the account of David Yakobashvili (transfer of shares into a short-term loan while preserving the rights of beneficial ownership of shares ).

Sale and purchase transaction, according to which on September 11, 2008, 1,000,000 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were written off from the account of David Yakobashvili (transfer of shares into a short-term loan with preservation of the beneficial ownership of shares ).

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 6

Sale and purchase transaction, according to which 344899 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were written off from the account of David Yakobashvili (transfer of shares into a short-term loan with preservation of the rights of beneficial ownership of shares ).

Sale and purchase transaction, according to which on 11.01.2008 120,000 GDRs (ISIN US97263M3079) were written off from S.A. Plastinin's account.

A sale and purchase transaction, according to which on March 11, 2008, 100,000 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were written off from the account of Sergei Arkadievich Plastinin.

A sale and purchase transaction, according to which on March 12, 2008, 27,000 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were written off from the account of Sergei Arkadyevich Plastinin.

Purchase and sale transaction, in accordance with which on April 9, 2008, 104,000 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were written off from the account of Sergei Arkadyevich Plastinin.

07.06.2008 Plastinin S.A. transferred 155,000 shares to a legal entity as a contribution to the authorized capital.

06.11.2008 Plastinin S.A. transferred to a legal entity 150,000 GDRs (ISIN US97263M3079) as a contribution to the authorized capital.

Sale and purchase transaction, according to which on April 9, 2008, 104,000 ordinary shares (state registration number of the issue 1-01A dated February 6, 2004) were credited to the account of A.S. Orlov.

1.12. Information about the person holding the position of the sole executive body (manager, managing organization) of the company and members of the collegial executive body of the company, including their curriculum vitae and ownership of shares in the company during the reporting year; information on transactions for the acquisition or disposal of shares of the joint-stock company:

- & nbsp– & nbsp–

During the reporting year, the members of the Collegial Executive Body of the joint-stock company did not make any transactions on the acquisition or disposal of shares in the Open Joint-Stock Company “Wimm-Bill-Dann Foods”.

1.13. The composition of the Auditing Commission:

1.Ieshkina Irina Nikolaevna

2. Kozlova Elena Alekseevna

3. Popov Alexander Dmitrievich

4. Dzhemelinskaya Victoria Valerievna

5. Davidyuk Alexander Anatolievich

6. Nazarova Tatiana Anatolyevna

7. Lesya Mikhailovna Gavrilenko

1.14. List of all enterprises, banks, firms, organizations and other legal entities, both in the Russian Federation and abroad, in which the Company owns more than 5% of shares (stakes):

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 8

- & nbsp– & nbsp–

1.15. Report on the payment of declared (accrued) dividends on the company's shares.

In 2008, dividends were not paid to the shareholders of the Company in accordance with the decision of the meeting of shareholders on non-distribution of profits (clause 3 of the adopted decisions of the annual general meeting of shareholders, Minutes No. 27-06 dated July 03, 2008).

1.16. Information on the observance by the company of the Code of Corporate Conduct.

Corporate behavior in the Company is based on respect for the rights and legitimate interests of its members and contributes to the efficient operation of the Company, including increasing the value of the Company's assets, creating jobs and maintaining the financial stability and profitability of the Company.

1. The practice of corporate conduct provides shareholders with a real opportunity to exercise their rights related to participation in the Company.

2. The practice of corporate conduct ensures equal treatment of shareholders holding an equal number of shares of the same type (category). All shareholders have the opportunity to receive effective protection in case of violation of their rights.

3. The practice of corporate conduct ensures the implementation by the Board of Directors of strategic management of the Company's activities and effective control on its part over the activities of the executive bodies of the Company, as well as accountability of the members of the Board of Directors to its shareholders.

4. The practice of corporate conduct provides the executive bodies of the Company with the opportunity to reasonably, in good faith, exclusively in the interests of the Company, to effectively manage the current activities of the Company, as well as accountability of the executive bodies to the Board of Directors of the Company and its shareholders.

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 9

5. The practice of corporate conduct ensures the timely disclosure of complete and reliable information about the Company, including its financial position, economic performance, ownership and management structure in order to ensure the possibility of making informed decisions by the Company's shareholders and investors.

6. The practice of corporate conduct ensures effective control over the financial and economic activities of the Company in order to protect the rights and legitimate interests of shareholders.

Provisions of the Code of Corporate Conduct observed by the Company:

1. The shareholder has the opportunity to add an issue to the agenda of the general meeting of shareholders or demand the convocation of a general meeting of shareholders without providing any documents, if his rights to shares are recorded in the register keeping system, and if his rights to shares are recorded on a depo account , - with the provision of an extract from the depo account for the exercise of the above rights.

2. The presence in the internal documents of the Company of the procedure for registration of participants in the general meeting of shareholders.

3. The presence of at least 3 independent directors in the Board of Directors of the Company who meet the qualification standards of directors set forth in the Code.

4. The presence in the charter of the joint-stock company of the requirement to elect the Board of Directors only by cumulative voting.

5. Absence of persons in the Board of Directors of the Company who were found guilty of committing crimes in the field of economic activity or crimes against state power, the interests of civil service and service in local government bodies, or to whom administrative penalties were applied for offenses in the field of entrepreneurial activity or in the field finance, taxes and fees, the securities market.

6. The Board of Directors is elected by cumulative voting. The board of directors holds at least four regular scheduled meetings a year, as well as additional meetings if necessary.

7. Availability in the internal documents of the Company of a description of the procedure for holding meetings of the Board of Directors.

8. Availability of internal documents approved by the Board of Directors stipulating the procedure for the formation and operation of the committees of the Board of Directors.

9. Availability of a special committee of the Board of Directors - the audit committee.

Committee members: Markus Rhodes, (Chairman), I. Kostikov, E. Yasin E.G. Functions

Committee:

assessment of candidates for auditors of the Company and provision of the results of such assessment to the Board of Directors;

assessment of the opinion of the auditor of the Company prior to its presentation at the general meeting of shareholders;

evaluation of the effectiveness of the internal control procedures in force in the Company and preparation of proposals for their improvement.

10. Availability of only independent directors in the audit committee. The Audit Committee is chaired by an independent director.

11. The presence of a committee of the Board of Directors - a committee for personnel and remuneration.

The composition of the committee: Yasin E.G. (Chairman), Orlov A.S., Yushvaev G.A.

ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS OPEN JOINT STOCK COMPANY for 2008 10 The HR and Remuneration Committee assists the Board of Directors in developing criteria for the selection of candidates to the Board of Directors, in the selection or preparation of recommendations to the Board of Directors on candidates for the Board of Directors to be presented at the next general meeting of Shareholders; in the development and preparation of recommendations to the Board of Directors on improving corporate governance.

The HR and Remuneration Committee also assists the Management Board in the following:

Creation and implementation of a unified personnel policy for working with personnel for all enterprises included in the company;

Creation of policies and standards for recruitment, assessment, rotation, release, training and development of personnel, administrative accounting;

Creation of a wage and compensation policy, as well as other programs of motivation and remuneration of personnel (option, pension plans, social programs);

Creation of a corporate culture and communications policy.

Management succession planning is one of the main tasks of the Board of Directors. The HR and Remuneration Committee together with the Board of Directors annually revises the succession plans of management. The policy and procedures for analyzing the performance of the Chairman of the Management Board, as well as the policy regarding the issue of continuity in the event of an emergency or the resignation of the Chairman of the Management Board, are regularly reviewed.

12. Absence of the Company's officials in the HR and Remuneration Committee.

13. Availability of the Board of Directors' Committee for Investments and Strategic Planning. Committee members: Michael O'Neal (Chairman), MV Dubinin, S.A. Plastinin

14. Availability of a Corporate Governance Committee.

Committee members: Guy de Selye (Chairman), D. Yakobashvili, Michael O'Neill.

15. Absence in the composition of executive bodies of persons who are a participant, general director (manager), a member of a management body or an employee of a legal entity competing with the joint stock company.

16. The absence of persons in the executive bodies of the Company who were found guilty of committing crimes in the field of economic activity or crimes against state power, the interests of public service and service in local government bodies or to whom administrative penalties were applied for offenses in the field of entrepreneurial activity or in the field finance, taxes and fees, the securities market.

17. Availability of special subdivisions of the Company, the Audit Commission - performing the functions of internal control over the financial and economic activities of the company, the Internal Audit Service - assessing the effectiveness and reliability of the internal control system.

18. Absence in the composition of the Audit Commission and the Internal Audit Service of persons who were found guilty of committing crimes in the field of economic activity or crimes against state power, the interests of the civil service and service in local self-government bodies, or to whom administrative penalties were applied for offenses in the field of entrepreneurial activity or in the field of finance, taxes and fees, the securities market.

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 11

19. Absence in the composition of the Auditing Commission and the Internal Audit Service of persons who are members of the executive bodies of the Company, as well as persons who are participants, general director (manager), members of management bodies or employees of a legal entity competing with the Company.

20. The presence in the internal documents of the Company of a clause on the obligation of the Audit Commission to report revealed violations to the Board of Directors of the Company. The Internal Audit Service submits to the Audit Committee under the Board of Directors a report on the state of the internal control system.

21. Regular submission by the Audit Committee to the Board of Directors of information on violations detected in the course of business operations in the form of reports, which provide comprehensive information on these violations, including on the persons guilty of their commission, as well as on the reasons and conditions that contributed to them committing.

22. The Company has a website on the Internet and regular disclosure of information about the Company on this website.

23. The presence in the joint-stock company of a special official (corporate secretary of the Company, whose task is to ensure that the bodies and officials of the joint-stock company comply with procedural requirements that guarantee the implementation of the rights and legitimate interests of the company's shareholders.

24. In order to ensure the operational management of the Company, the Board of Directors appoints the Management Board. The Management Board of the Company is accountable to the Board of Directors. It carries out its activities in accordance with the rules established by the Board of Directors and systematically reports to the Board of Directors on its activities. The Management Board is responsible to shareholders. The main goal of the Management Board is to develop proposals for long-term development plans, discuss them with the Board of Directors, as well as conscientious and competent management of the current activities of the Company, ensuring its long-term profitability.

25. Stipulation in the charter or internal documents of the Company of the procedure for electing the corporate secretary of the Company and the duties of the corporate secretary of the Company.

26. The company's charter does not exempt the acquirer from the obligation to offer shareholders to sell their ordinary shares of the Company (equity securities convertible into ordinary shares) upon takeover.

By the decision of the Board of Directors of Wimm-Bill-Dann Foods OJSC in 2004.

the Corporate Governance Code was approved. In 2008, by the decision of the Board of Directors, a new version of the Code was adopted (Minutes No. 20-05 dated 20.05.2008).

The Code sets forth the Company's commitment to the principles of corporate governance developed by the World Economic Forum and the Russian Union of Industrialists and Entrepreneurs, previously announced by the Board of Directors, as well as the system of relations between the shareholders of the Company, the Board of Directors, its Committees, the Secretary of the Company and the Management Board.

In its work, the Company is guided by the principles of corporate governance developed jointly by the World Economic Forum and the Russian Union of Industrialists and Entrepreneurs, and declares its desire to follow them in practice in order to improve the corporate governance system.

The principle of good governance.

The management policy has long-term guidelines and is aimed at increasing shareholder value. Management acts in the interests of all groups of shareholders Financial Discipline Principle 2.

ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS FOR 2008 12 The Company discloses on time and in full the consolidated financial statements prepared in accordance with the US Generally Recognized Accounting Principles1, as well as unconsolidated financial statements prepared in accordance with Russian Accounting Standards. RAS), certified by qualified independent auditors. The Company's management is personally responsible for the completeness and accuracy of the information disclosed.

The principle of transparency of the ownership structure 3.

The disclosed information allows one to assess the degree of control of the main groups of shareholders, including the interests of the real owners in the structure of the share capital.

The principle of information transparency 4.

The Company timely and in full discloses information on the main results, plans and prospects of its activities, and responds to requests from shareholders. Principle of rights guarantee.

The company guarantees all shareholders the opportunity to exercise their rights. In particular, the Company guarantees the exercise of the right to participate in the work of the management bodies of the Company in accordance with the share of the shareholder. The Company also guarantees the observance of the principle “one share - one vote” to the owners of voting shares.

The principle of effective control.

The Board of Directors of the Company includes independent directors and, in practice, is accountable to all shareholders.

The principle of fair remuneration 7.

The Company has a system for evaluating the work and remuneration of directors and management, which stimulates work in the interests of all groups of shareholders and is disclosed by the Company.

Principle of legality and ethics 8.

The Company acts in strict accordance with the laws of the jurisdiction in which it operates, principles of business ethics and internal documents.

The internal documents of the Company are developed on the basis of the requirements of the legislation and the norms of corporate and business ethics.

By the decision of the Board of Directors of Wimm-Bill-Dann Foods OJSC in July 2005, the Code of Ethics was approved (Minutes No. 15-07 of 18.07.2005) The principle of active assistance 9.

The company is an active participant in legislative initiatives and a dialogue with the executive branch in matters of improving corporate governance.

In addition to the principles developed by the World Economic Forum and the Russian Union of Industrialists and Entrepreneurs, the Company independently developed and adopted the principle of intra-corporate social responsibility.

The principle of intracorporate social responsibility 10.

The company supports the basic principles of joint responsibility of business to society, contributes to sustainable economic development and an improvement in the quality of life of Russian citizens.

US GAAP

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 13

II FINANCIAL AND ECONOMIC ACTIVITIES OF THE COMPANY

2.1. Description of the production and commercial activities of the Company for the reporting year:

2.1.1. Company position in the industry Wimm-Bill-Dann Foods OJSC owns 39 manufacturing enterprises, as well as sales centers in 24 cities of Russia and abroad. The company has a large diversified portfolio of brands with more than 900 types of dairy products and more than 150 types of juices, fruit nectars, non-carbonated drinks and mineral water, as well as more than 50 types of baby food.

The Wimm-Bill-Dann Group is one of the largest producers of dairy products and juices. More than 74% of the WBD Group's revenue comes from the sale of dairy products, 17% of the revenue comes from the drinks segment, which includes sales of juices and mineral water, 9% of the group's revenue comes from sales of baby food.

Since its foundation in 1992, the WBD Group has been at the forefront of the Russian food market.

The WBD Group has a number of advantages over other Russian manufacturers. These benefits include: large, underutilized production capacity, which allows for organic growth without additional capital investment, higher quality of manufactured products, a high degree of innovation and opportunities for new product development and marketing.

Other important competitive advantages of the WBD Group, which, in the opinion of the Company, will allow it to maintain a leading position in the Russian market of dairy products and juices, are: strong and diversified trademarks, stable access to sources of raw materials, emphasis on the development of new products, a modern production base and technology, outside funding opportunities and strong leadership. The WBD Group intends to take advantage of its advantages by implementing a strategy to promote its trademarks with an emphasis on improving product quality and developing new products that are not inferior to Western products in their taste and consistency. However, some Russian manufacturers have certain advantages over the WBD group associated with lower production costs, in particular, due to lower advertising and transport costs. Recent industry trends also indicate that consolidation of the industry may lead to the emergence of large domestic producers that can significantly compete with the WBD Group in the market.

Foreign companies producing dairy products have a solid advertising budget, improved production know-how, allowing them to offer quality products for sale on the market based on the latest technologies through streamlined product distribution systems.

Some of these companies, such as Danone, Parmalat, Campina and Erhmann, have begun investing in Russian manufacturing facilities, which could lead to a decrease in the competitiveness of WBD Group products compared to competitors who are able to manufacture their products in Russia.

Due to the increased production of yoghurts and dairy desserts in Russia, the aforementioned foreign companies have become the main competitors of the WBD Group in this market sector.

The main task of the WBD Group is to provide buyers with high quality food products through careful selection of raw materials, use of modern production technology and strict quality control. All products of WBD Group 14 ANNUAL REPORT 2008 WBD Group 14 are made according to its own recipes and indicates that the WBD Group is trying to take into account the tastes of domestic consumers.

2.1.2. Priority Areas of the Company The main activity of the Company is the control and management of a group of its subsidiaries and other companies affiliated with the Company that produce and sell dairy (fermented milk) products, drinks (juice products and mineral water), as well as baby food (hereinafter in conjunction with The company is called the WBD group). Also, the Company provides for use trademarks, the owner of which it is, through the conclusion of licensing agreements.

At the same time, the plans for the current and future activities of the Company are inextricably linked with the plans of the WBD Group.

Open Joint Stock Company "Wimm-Bill-Dann Foods" in 2008 provided comprehensive consulting services in the field of management, services for the installation, implementation and maintenance of an automated ERP Oracle information system, as well as services for the provision of trademarks owned by it , by concluding licensing agreements, both on the territory of the Russian Federation and in the CIS countries: Kyrgyzstan and Ukraine. The company also provided loans to subsidiaries.

The volume of sales of goods and other goods and materials in 2008 amounted to 53,649,094 thousand rubles, the volume of sales of services for the provision of trademarks for use - 1,065,985 thousand rubles.

rubles, the volume of sales of other services - 1,340,279 thousand rubles.

Report of the board of directors (supervisory board) of the company on the results 2.2.

development of society in the priority areas of its activities.

Main indicators of the financial activity of the Company for the reporting year.

2.2.1. The main provisions of the accounting policy of the Company in 2008 were:

Basic Approaches to the Preparation of Annual Financial Statements Accounting in the Company is maintained in accordance with Federal Law No. 129-FZ of November 21, 1996 "On Accounting" (as amended on July 23, 1998, March 28, December 31, 2002 No. , January 10, May 28, June 30, 2003) and "Regulations on accounting and financial reporting in the Russian Federation" approved by Order of the Ministry of Finance of the Russian Federation No. 34n dated July 29, 1998 (as amended on December 30, 1999 No. and March 24, 2000), as well as applicable accounting regulations. The accounting statements of the Company for 2008 were prepared in accordance with the specified Law and regulations.

Fixed assets

Fixed assets are accepted for accounting at their initial cost.

The historical cost of fixed assets acquired for a fee is the amount of the organization's actual costs for the acquisition, construction and manufacture, excluding value added tax and other recoverable taxes (except for cases provided for by the legislation of the Russian Federation). The cost of fixed assets is repaid through depreciation. In 2008, the depreciation method for property, plant and equipment was carried out on a straight-line basis.

ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS OPEN JOINT STOCK COMPANY for 2008 15 The useful life for fixed assets is determined on the basis of the order of the head of the Company approving the useful life for each code of fixed assets according to the All-Russian Classifier of Fixed Assets (OKOF) in in accordance with the depreciation groups defined in the Decree of the Government of the Russian Federation No. 1 dated 01.01.2002.

The useful lives of property, plant and equipment used in 2007 for depreciation are shown below:

- & nbsp– & nbsp–

A change in the initial cost of fixed assets, in which they are accepted for accounting, is allowed in cases of completion, additional equipment, reconstruction, partial liquidation and revaluation of fixed assets.

In 2008, the Company did not revaluate the object of fixed assets. The Company does not create a reserve for the forthcoming repair of fixed assets.

The accounting policy for 2009 introduced a clause:

Objects with a cost of less than 20,000 rubles per unit are accounted for as part of inventories and are recognized in expenses as they are transferred to operation.

Analytical accounting is carried out on a sub-account opened to account 10, when writing off the cost of objects to expenses, a sub-account on account 10 is used (similar to accounting for the IBE).

Intangible assets

Intangible assets are accepted for accounting at their initial cost. The initial cost of intangible assets acquired for a fee is determined as the sum of actual acquisition costs, excluding value added tax and other reimbursable taxes (except as provided for by the legislation of the Russian Federation).

Intangible assets are depreciated on a straight-line basis.

Depreciation charges on intangible assets are reflected in the accounting records of the reporting period to which they relate, and are accrued regardless of the results of the organization's activities in the reporting period.

ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS FOR 2008 16 Useful lives of intangible assets for amortization purposes are shown below:

- & nbsp– & nbsp–

Intangible assets for which it is impossible to determine the useful life are considered intangible assets with an indefinite useful life. In relation to such intangible assets, the presence of factors is annually considered that indicate the impossibility of reliably determining the useful life of the asset. In the event that these factors cease to exist, the useful life and the method of its depreciation are determined.

The resulting adjustments are reflected in the accounting records and financial statements at the beginning of the reporting year as changes in estimated values.

Accounting for inventories Accounting for inventories is carried out on the basis of the accounting regulation "Accounting for inventories" PBU 5/01, approved by order of the Ministry of Finance of the Russian Federation dated 09.06.2001 No. 44n.

Production stocks, containers and goods are reflected in the accounting and reporting at their actual cost. To account for various groups of inventory items, special sub-accounts are provided. The actual cost is determined based on the cost of purchasing them.

The actual cost of material resources upon disposal is determined by the average cost of a unit of each type, which is determined for each type of inventory as a quotient from dividing the total cost of the type of inventory by their quantity, which are summed up, respectively, from the cost price and quantity by the balance at the beginning of the month and by the inventory received as of the write-off date or disposal. The average cost is determined for each type of inventory, taking into account all analytical data on the accounts of material resources.

Inventories for which during the reporting year the market price has decreased, or they are morally obsolete, or have completely or partially lost their original qualities, are reflected in the balance sheet at the end of the reporting year at the current market value, taking into account the physical condition of inventories. A decrease in the cost of inventories is reflected in the accounting records in the form of an accrual of a provision for impairment of inventories.

A reserve for a decrease in the cost of tangible assets is created for each unit of inventories adopted in accounting.

In the financial statements, the amount of raw materials, materials and similar values ​​is shown taking into account the created allowance for impairment of goods and materials.

Accounts receivable 2008 ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS OPEN JOINT STOCK COMPANY 17 The Company creates a reserve for doubtful debts. In the financial statements, the amount of accounts receivable is shown taking into account the created allowance for doubtful debts.

Income Revenue accepted for accounting is recognized in the amount calculated in monetary terms, equal to the amount of cash and other property receipts and (or) the amount of receivables (taking into account the provisions of paragraph 3 of the Accounting Regulations "Income of the organization" PBU 9/99 N 32n "(as amended on December 30, 1999, March 30, 2001). If the amount of receipts covers only part of the proceeds, then the proceeds accepted for accounting are determined as the sum of receipts and receivables (in the part not covered by receipts ).

Revenue is recognized by the Company in the accounting records if the following conditions are met simultaneously (clause 12 of PBU 9/99):

the organization has the right to receive this proceeds arising from a specific contract or otherwise confirmed in an appropriate way;

the amount of revenue can be determined;

there is confidence that an increase in economic benefits will occur as a result of a particular transaction;

the service is accepted by the customer;

the costs that are or will be incurred in connection with this operation can be determined.

For tax purposes, revenue is recognized on shipment.

Revenue from sales of products is recorded taking into account premiums provided to customers for fulfilling the terms of contracts.

In 2009, revenue from the sale of inventories will be recognized as other income.

Expenses Expenses are recognized in the reporting period in which they occurred, regardless of the time of actual payment of funds and other form of settlement.

The organization's expenses for ordinary activities are formed by:

costs associated with the purchase of raw materials, materials, goods and other inventories;

expenses arising directly in the process of selling goods (expenses for the maintenance and operation of fixed assets and other non-current assets, as well as for maintaining them in good condition, commercial expenses, administrative expenses, etc.).

Administrative and selling expenses are recognized as an expense for ordinary activities in full in the period in which they are incurred.

ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS OPEN JOINT STOCK COMPANY for 2008 18 Administrative and commercial expenses are allocated between activities in proportion to the proceeds (excluding VAT) from the sale of products (works, services) received from various activities.

In 2008, the Company created a reserve for future expenses for vacation payments.

The reserve is created as follows:

1. The salary fund planned for the reporting year is determined, taking into account the UST.

2. The amount of expenses for the payment of vacations, taking into account the UST, planned for the reporting year, is determined. These costs are determined as the product of the number of vacation days and the average daily earnings for the enterprise. To determine the average daily earnings, the planned payroll is divided by the planned number of employees, then by 12 and by 29.6 (the average number of calendar days per month for calculating vacation pay).

3. The percentage of deductions to the reserve is determined by the formula:% of deductions = item 2 / item 1 * 100.

The percentage of deductions is rounded to the second decimal place according to the rounding rules.

4. Amounts of monthly deductions to the specified reserve are calculated according to the formula: Amount of monthly deductions = actual payroll (including UST) for the month * percentage of deductions.

5. On the last day of the current reporting year, an inventory of the reserve is carried out (comparison with the amounts actually spent on vacation payments).

The reserve for future expenses for the payment of vacations to employees should be adjusted based on the number of days of unused vacation, the average daily amount of expenses for the remuneration of employees (taking into account the established methodology for calculating average earnings) and mandatory deductions of the unified social tax.

Accounting for loans and credits and the cost of servicing them

The accounting of debts on loans and credits received by the company, as well as costs associated with the fulfillment of obligations on received loans and credits, is carried out in accordance with PBU 15/01 "Accounting for credits and loans", approved by order of the Ministry of Finance of the Russian Federation dated 02.08.01, No. 60n ...

The principal amount of the debt on the loan or credit received from the lender is accounted for in accordance with the terms of the agreement in the amount of funds actually received or in the value of other things stipulated by the agreement at the time of the actual transfer of money or other things as part of accounts payable.

Debt on loans and borrowings received is transferred from long-term loans and borrowings and is reflected in short-term debt on loans and borrowings when 365 days remain before the principal amount is repaid.

The costs of loans and credits received are recognized as expenses of the period in which they were incurred (hereinafter - current expenses), except for the part of them that is to be included in the cost of the investment asset.

The company shall accrue interest on loans and credits received in accordance with the procedure established in the loan agreement and credit agreement.

Additional costs incurred by the company in connection with obtaining loans and credits, issuing and placing debt obligations may include costs associated with:

Provision of legal and consulting services to the borrower;

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 19

Carrying out copying - duplicating works;

Payment of taxes and fees (in cases stipulated by the current legislation);

Conducting examinations;

Consumption of communication services;

Other costs directly related to obtaining loans and credits, placement of debt obligations.

Inclusion by the company of additional costs associated with obtaining loans and credits, placement of borrowed obligations, in the expenses of the reporting period is made in the period in which the specified expenses were recognized.

Methods of property valuation Property, liabilities and business transactions for reflection in accounting and reporting are subject to valuation. The assessment is carried out in monetary terms by summing the actual costs incurred.

Assessment of property purchased for a fee is carried out by summing up the actual expenses incurred for its acquisition; property received free of charge - at market value as of the date of posting; property; property produced by the society itself - at the cost of its production.

Depreciation of fixed assets and intangible assets is accrued regardless of the results of the organization's economic activity in the reporting period.

The use of other valuation methods, including by means of reservation, is allowed in cases stipulated by the legislation of the Russian Federation and regulations of the bodies regulating accounting.

Accounting for the organization's foreign currency accounts and operations in foreign currency is maintained in rubles based on the conversion of foreign currency at the exchange rate of the Central Bank of the Russian Federation as of the date of the transaction.

Accounting for financial investments Accounting for financial investments is carried out in accordance with RAS 19/02, approved by order of the Ministry of Finance dated December 10, 2002 No. 126n.

Financial investments include securities, including debt securities, contributions to the authorized capital of other organizations, loans provided to other organizations on the territory of the Russian Federation and abroad, deposits in credit institutions, accounts receivable acquired on the basis of assignment of the right of claim, etc. ...

In the financial statements, financial investments are presented with a subdivision, depending on the maturity (maturity) for short-term (maturity less than a year) and long-term (maturity more than a year).

Long-term financial investments, the maturity of which is less than 365 days, are reflected in a separate subaccount 58.03 "Long-term financial investments (short-term part)".

ANNUAL REPORT OF THE OPEN JOINT STOCK COMPANY "WIMM-BILL-DUNN FOOD PRODUCTS" for 2008 20 Financial investments are accounted for on separate sub-accounts of account 58.

Interest accrued on debt securities, as well as on loans granted, are reflected in the Dt account 76-03.

Financial investments for which the current market value can be determined are reflected in the financial statements at the end of the reporting period at the current market value by adjusting their valuation as of the previous reporting date. The organization makes the specified adjustments on a quarterly basis.

The difference between the appraisal of financial investments at the current market value at the reporting date and the previous appraisal of financial investments is charged to financial results as part of operating income or expenses.

Upon disposal of financial investments, their value is determined based on the valuation determined by the unit cost method.

Other Accounting for assets and liabilities, the value of which is denominated in foreign currency.

Accounting for assets and liabilities, the value of which is expressed in foreign currency, is maintained in accordance with the Accounting Regulations PBU 3/2000 “Accounting for assets and liabilities, the value of which is expressed in foreign currency”.

The exchange rate difference is reflected in the accounting and financial statements in the reporting period to which the date of fulfillment of payment obligations belongs or for which the financial statements are drawn up.

The exchange rate difference is to be credited to the financial results of the organization as non-operating income or non-operating expenses.

When accounting for business transactions carried out in 2008 and made in foreign currencies, the official exchange rate of foreign currency against the ruble was applied, which was in effect on the day of the transaction. Cash in foreign currency accounts with banks and in cash, short-term financial investments and funds in foreign currency are reflected in the financial statements as of December 31, 2008 in rubles based on the official exchange rates in effect on December 31, 2008. date 29.3804 rubles. for 1 US dollar; RUB 41.4411 for 1 euro. Exchange rate differences arising during the year on transactions with assets and liabilities in foreign currency, as well as on their translation as of the reporting date, are charged to balance sheet account 91 “Other income and expenses”.

Future expenses

The expenses incurred by the Company in the reporting period, but related to the following reporting periods, are reflected in the balance sheet as a separate item as deferred expenses and are subject to straight-line write-off over the period to which they relate.

Deferred expenses subject to write-off over a period of more than 1 year are reflected in form No. 1 "Balance sheet" in line 150 "Other non-current assets".

ANNUAL REPORT OF WIMM-BILL-DUNN FOOD PRODUCTS OPEN JOINT STOCK COMPANY for 2008 21 Other provisions The Company has separate structural divisions. Separate structural subdivisions include branches operating on the basis of the Regulations on the branch, developed by the parent company and approved by the head of the Company.

The company prepares consolidated financial statements based on the data of the branches and the parent company.

OKP 43 8140 TN VED TS 9031 20 0000 Vector calibration comparison devices "UPVK-ME 61850" Form MS2.702.502 FO Manufacturer: NPP Mars-Energo LLC Legal address: Russia, 199034, St. Petersburg, 13th line V. O., d. 6-8, lit. A, room 41H CONTENTS Introduction 1 General instructions 2 Basic information 2.1 Purpose 2.2 Certificates 3 Basic technical characteristics 3.1 Unit design. 3.2 Metrological characteristics 3.3 General technical characteristics 4 Completeness 5 Warranties ... "

“COLOSSIANS 3: 16–4: 6 2001 in you abundantly, with every advantage you will receive an inheritance, for you are a monster; teach and admonish serve the Lord Christ. 25 But whoever does one another in psalms, praising the praises of the right, he will receive according to his unrighteousness, He has no lyceum and spiritual songs, singing in grace in your hearts acceptance. To the Lord. 17 And whatever you do, CHAPTER 4, in word or deed, do everything in Consistency in prayer. the name of the Lord Jesus Christ, thanks to the prudence God and the Father through Him. G 18 ... "

“Federal Chamber of Lawyers of the Russian Federation Center for Legal Research, the Bar and Additional Professional Education of the Federal Chamber of Lawyers of the Russian Federation E. N. Kalacheva ACTIVITIES OF THE LAWYER ON PROVIDING LEGAL ASSISTANCE TO MINORS Monograph Moscow UDC 347.965 LBC 67.75 K17 Author: E. N. Kalacheva Advocate Chamber the city of Moscow. Reviewers: Yu. S. Pilipenko, First Vice-President of the RF FPA, Managing Partner of the Moscow Collegium ... "

“Background information Community-based rehabilitation CBR guidelines WHO Library Cataloging-in-Publication Data Community-based rehabilitation: CBR guidelines.1. Rehabilitation. 2. Disabled persons. 3. Community health services. 4. Health policy. 5. Human rights. 6.Social justice. 7.Consumer participation. 8. Guidelines. I. World Health Organization. II.UNESCO. III.International Labor Organization. IV. International Disability Development Consortium. ISBN 978 92 4 154805 2 (NLM classication: ... "

“NEW ARRIVALS OF LITERATURE IN THE LIBRARY OF VGMKhA in December 2014 Sigla storage: Subscription of scientific and educational literature; AB Reference and information department; SIO Reading room; ChZ Hall of normative and technical documentation; NTD Subscription of fiction; AHL Computer class. КК 1. 65.052я73 Abdukarimov I. T. A 139 Accounting (financial) statements of commercial enterprises (characteristics of forms and articles, methods of reading, monitoring and preliminary analysis): textbook. allowance: for ... "

"Innovative technologies (IGUPIT) Publish an article in the journal http://publ.naukovedenie.ru" Naukovedenie "Internet magazine # 3 2012 Trunov Ivan Trofimovich Trynov Ivan Trofimovich Rostov State University of Civil Engineering The Rostov state building university Professor / Professor Fedotov Nikita Olegovich Fedotov Nikita Olegovich Rostov ... "

"In the current period of 2015 AUK VO" Voronezh Concert Hall "APPROVED by the decision of the Board of the Control and Accounts Chamber of the Voronezh Region dated 31.08.2015 No. 28 (166) Grounds for the control event: the law" On the Control and Accounts Chamber of the Voronezh Region " work plan of the Control and Accounts Chamber of the Voronezh Region for ... "

"Management", Krasnodar, Russia (350040, Krasnodar, st. Stavropolskaya, 216), e-mail: [email protected] This article examines the collision problems of the transfer of ownership and the risk of destruction of goods in private international law. International agreements, one way or another affecting the regulation of this issue, are being investigated ... "

"RUSSIAN UNIVERSITY OF PEOPLE'S FRIENDSHIP V. D. Bordunov INTERNATIONAL AIR LAW Moscow LEU VKS" Aviabusiness " Deputy General Director of JSC Aeroflot - Russian Airlines; Eliseev B. P., Doctor of Law, Professor, Honored Lawyer of the Russian Federation, Deputy General Director of JSC Aeroflot - Russian Airlines, Director of Legal ... "

"The information is provided by the Legal Department of the Duma of the city district of Samara. REVIEW No. 4 of federal and regional legislation for April 2013 1. Federal legislation.1.1. Federal law of 05.04.2013. No. 38-FZ "On Amendments to the Housing Code of the Russian Federation and the Federal Law" On the Fund for Assistance to Reforming the Housing and Utilities Sector "Entered into force on 19.04.2013. This Federal Law introduces the following changes to the Housing Code of the Russian Federation. In accordance with the part ... "

“Approved by the Director of the MU“ Central Library ”ICDO“ Ukhta ”OG Tkachenko Work plan of the Reference and Bibliographic Department of the MU "Central Library of the ICDO" Ukhta "for 2015 Ukhta "For the readers and the population of the city through traditional and new bibliographic technologies, services and services ...."

STATE TATARSTAN COMMITTEE OF THE REPUBLICASYN OF THE REPUBLIC OF TATARSTAN TARIFLAR BUENCHA DLT ON TARIFFS COMMITTEES dated August 29, 2013 No. 29-PR Kazan APPROVED Acting. Chairman of the State Committee of the Republic of Tatarstan on Tariffs Shtrom A.L. MINUTES of the meeting of the Board of the State Committee of the Republic of Tatarstan on Tariffs Members of the Board: Simkachev DA, Deputy Chairman; Sadykova E.D., Head of the Legal Department; Khabibullina L.V., head of the regulation department ... "

«UDC 347.191.1 Zakharenko Diana Sergeevna Zakharenko Diana Sergeevna Candidate of Legal Sciences, PhD in Law, Lecturer, Lecturer at the Civil Law Department, Kuban State University Kuban State University ORGANIZATIONS Abstract: Summary: The article considers the modern approaches to the ... "

"On the organization of recreation, health improvement and employment of children and youth in 2015 in the Kolomensky municipal district. In accordance with the Decree of the Government of the Moscow region dated March 12, 2012 No. 269/8" On measures for the organization of recreation and health improvement of children in the Moscow region, " Of the Moscow Regional Coordinating Council for the Organization of Recreation, Recreation and Employment of Children dated 02.04.2015, by the Decree of the Government of the Moscow Region dated 27.03.2015 No. 173/11 "On approval ..."

2016 www.site - "Free electronic library - Scientific publications"

The materials on this site are posted for review, all rights belong to their authors.
If you do not agree that your material is posted on this site, please write to us, we will delete it within 1-2 business days.

Description of the enterprise

Financial statements 2011 and 2010

1. Balance sheet 2011

   Profit and Loss Statement 2011

   Balance sheet 2010

   Income statement for 2010

Analysis of financial and economic activities

1. Analysis of the composition and structure of the property of the enterprise

   Calculation of the availability of own circulating and non-circulating assets

   Analysis of the composition and structure of sources of the enterprise

   Calculation of net assets

   Solvency assessment

   Analysis of financial stability indicators

   Analysis of profit and its use

   Analysis of profitability indicators

   Comparative analytical balance sheet of the enterprise

Determination of the type of situation at the enterprise for the reporting year

Analysis of the liquidity of the company's balance sheet

Financial analysis report

1. Description of the enterprise

Wimm-Bill-Dann is the market leader in dairy products and baby food in Russia and one of the leading players in the non-alcoholic beverage market in Russia and the CIS. Wimm-Bill-Dann owns over 35 processing plants in Russia, Ukraine and Central Asia. The Wimm-Bill-Dann company has created a unified production network in the regions of Russia and the CIS countries, becoming a nationwide Russian manufacturer.

Now the group of companies "Wimm-Bill-Dann" includes 37 manufacturing enterprises. WBD's strategy is to produce dairy products in the region where they are consumed, supplying the best dairy products to the Russian market at affordable prices.

Each plant, each enterprise of the company is unique, but they are united by one thing - the high quality of products. A total of more than 18 thousand people work at these enterprises and in the trade branches of WBD.

Our most recognizable brands are Domik v Derevne, Miracle, Vesely Molochnik, Bio-Max, Imunele and Lambert. We own the most famous Russian juice brand - J7. No less popular are the brands Lyubimy Sad, Miracle Yagoda, Essentuki. Our brand "Agusha" is the most recognizable brand of baby food in Russia.

Mission company reflects our fundamental values:

Wimm-Bill-Dann helps people by delighting them every day with tasty and healthy food for the whole family.

One of the most important reasons for the successful business of Wimm-Bill-Dann was the cooperation with the transnational corporation Tetra Pak - the world leader in the production of equipment and materials for aseptic packaging of liquid food products. About half a century ago, Tetra Pak specialists developed the now famous rectangular cardboard packaging for drinks, which, due to its reliability and convenience, has gained wide popularity among consumers around the world. The partnership between Wimm-Bill-Dann and Tetra Pak can literally be called strategic and aimed at long-term mutually beneficial cooperation.

The Wimm-Bill-Dann Group also maintains partnership relations with such well-known companies as SIG Combibloc, GEA Finnah, Senaplast, APV. Installation of TBA filling machines, GEA Finnah lines, sterile air production systems and Mariani (Italy) washing systems at Wimm-Bill-Dann enterprises makes it possible to improve the quality and consumer properties of products, provide products with convenient packaging for the buyer, and optimize production processes.

The cooperation between Wimm-Bill-Dann and the multinational company Cargill, the world's largest supplier of juice concentrates, deserves special mention. In cooperation with Cargill, we managed to create the J-7 series of juices, which is the “calling card” of our company and the best-selling juice brand in Russia. Thanks to cooperation with Cargill, J-7 has become a recognized benchmark for all Russian producers of juices and juice drinks.

One of the main missions of Wimm-Bill-Dann is to work for the benefit of the Russian economy, striving to make the most of the opportunities of Russian suppliers of raw materials, equipment and packaging. Today Wimm-Bill-Dann cooperates with such manufacturers of packaging materials as Ruskart, Soyuz and BFK-Invest. Currently, the enterprises of the Wimm-Bill-Dann group use the services of 286 suppliers, including 251 Russian companies. The number of Wimm-Bill-Dann suppliers is constantly growing.

Wimm-Bill-Dann is particularly proud of the high appraisal of its products by the largest Western corporations operating in the Russian market. For example, Wimm-Bill-Dann became a supplier of Russian fast-food restaurants of the McDonald’s chain. The agreement with McDonald’s envisages increasing the supply of milk from Wimm-Bill-Dann as new restaurants of the chain open in Russian cities.

Another strategically important partner of Wimm-Bill-Dann is Kellog's, a world-renowned producer of cereals and breakfast cereals. Tastings of Kellog’s dry breakfast cereals using dairy products from Wimm-Bill-Dann are regularly held in Moscow stores.

Financial statements 2011 and 2010

Balance sheet

The form № 1 according to OKUD
Date (year, month, day)
Organization JSC "Wimm-Bill-Dann" by OKPO
Taxpayer identification number TIN
Kind of activity Dairy productionproducts on OKVED
Public corporation/ private property according to OKOPF / OKFS
Unit of measurement: thousand rubles. by OKEI
Location (address) 127591, Moscow, Dmitrovskoe highway, etc. 108
Date of approval
Date of dispatch (acceptance)
	Indicator code	At the beginning of the reporting year	At the end of the reporting period
I... FIXED ASSETS Intangible assets
Fixed assets
Construction in progress
Profitable investments in material assets
Long-term financial investments
Deferred tax assets
Other noncurrent assets
TOTAL but section I

Form 0710001

IICURRENT ASSETS
including: raw materials, materials and other similar values
animals for growing and fattening
work in progress costs
finished goods and goods for resale			1 .749.843
goods shipped
Future expenses
other supplies and costs
Value added tax on acquired assets
Accounts receivable (payments but which are expected more than 12 months after the reporting date)
Accounts receivable (expected to be paid within 12 months after the reporting date)
including: buyers and customers
Short-term financial investments
Cash
Other current assets
TOTAL but section II
BALANCE

Form 071 LLC 1 p.

	Indicator code	At the beginning of the reporting year	At the end of the reporting period
III... CAPITAL ANDRESERVES Authorized capital
Own shares repurchased from shareholders
Extra capital
Reserve capital
including: reserves formed in accordance with the legislation
reserves formed in accordance with the constituent documents
Retained earnings (uncovered loss)
TOTAL for Section III
IVLONG TERM DUTIES Loans and credits
Other long-term liabilities
TOTAL but section IV
VSHORT-TERM LIABILITIES Loans and credits
Accounts payable
including: suppliers and contractors
debt to the organization's personnel
indebtedness to state extra-budgetary funds
debts in taxes and duties
other creditors
Debts to participants (founders) for the payment of income
Revenue of the future periods
Provisions for future expenses
Other current liabilities
TOTAL but section V
BALANCE
Certificate of availability of valuables recorded on off-balance sheet accounts Leased fixed assets
including leasing
Inventories accepted for safekeeping
Goods accepted for commission
Debt of insolvent debtors written off at a loss
Security obligations and payments received
Security for obligations and payments issued
Depreciation of the housing stock
Deterioration of objects of external improvement and other analogies \ objects
Intangible assets received for use
Materials accepted for processing
Equipment accepted for installation
Forms of strict reporting
Fixed assets on lease
including those transferred to subleasing

PROFITS AND LOSSES REPORT

per January December 20 11 g

Form No. 2 according to OKUD Date (year, month, day)

Organization OJSC "Wnmm-Bnl.p-Dann"

ID dead taxpayer

Kind of activity

Organizational and legal form / form of ownership

Public limited company / private property

Unit of measurement: thousand rubles.

Index		During the reporting period	For the same period of the previous year
Name
Income and expenses from ordinary activities Revenue (net) from the sale of goods, products, works, services (net of value added tax, excise taxes and similar mandatory payments)
Cost of goods, products, works, services sold
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales		3, 726388
Other income and expenses Interest receivable
Percentage to be paid
Income from participation in other organizations
Other income
Other expenses
Profit (loss) before tax			4, 272.169
Deferred tax assets
Deferred tax liabilities
Current income tax
Current income tax (previous reporting periods)
Other similar payments (tax sanctions)
Other profits (losses)
Net income (loss) reporting period
REFERENCE Permanent tax liabilities (assets)
Vase profit (loss) per share
Diluted earnings (loss) per share

by OKOPF / OKFS by OKEI

BALANCE SHEET

on31 December _ 2010_ G.

Organization JSC "Wimm-Bnll-Dann"

Taxpayer identification number

Kind of activity Dairy production

Form No. 1 according to OKUD

Date (year, month, day)

Full name: WIMM-BILL-DUNN JSC

INN: 7713085659

Type of activity (according to OKVED): 10.51 - Production of milk (except raw) and dairy products

Ownership: 16 - Private property

Form of incorporation: 12200 - Joint Stock Companies

Reporting is compiled in thousand rubles

See detailed counterparty verification

Financial statements for 2011-2018

1. Balance sheet

Indicator name	Code	# DATE #
ASSETS
I. NON-CURRENT ASSETS
Intangible assets	1110	#1110#
Research and development results	1120	#1120#
Intangible search assets	1130	#1130#
Tangible search assets	1140	#1140#
Fixed assets	1150	#1150#
Profitable investments in material assets	1160	#1160#
Financial investments	1170	#1170#
Deferred tax assets	1180	#1180#
Other noncurrent assets	1190	#1190#
Total for Section I	1100	#1100#
II. CURRENT ASSETS
Stocks	1210	#1210#
Value added tax on acquired assets	1220	#1220#
Receivables	1230	#1230#
Financial investments (excluding cash equivalents)	1240	#1240#
Cash and cash equivalents	1250	#1250#
Other current assets	1260	#1260#
Total for Section II	1200	#1200#
BALANCE	1600	#1600#
PASSIVE
III. CAPITAL AND RESERVES
Authorized capital (share capital, authorized capital, partners' contributions)	1310	#1310#
Own shares repurchased from shareholders	1320	#1320#
Revaluation of non-current assets	1340	#1340#
Additional capital (without revaluation)	1350	#1350#
Reserve capital	1360	#1360#
Retained earnings (uncovered loss)	1370	#1370#
Total for Section III	1300	#1300#
IV. LONG TERM DUTIES
Borrowed funds	1410	#1410#
Deferred tax liabilities	1420	#1420#
Estimated liabilities	1430	#1430#
Other liabilities	1450	#1450#
Total for Section IV	1400	#1400#
V. SHORT-TERM OBLIGATIONS
Borrowed funds	1510	#1510#
Accounts payable	1520	#1520#
revenue of the future periods	1530	#1530#
Estimated liabilities	1540	#1540#
Other liabilities	1550	#1550#
Total for Section V	1500	#1500#
BALANCE	1700	#1700#

Brief balance sheet analysis

Graph of changes in non-current assets, total assets and capital and reserves by years

Financial indicator	31.12.2018	31.12.2017	31.12.2016	31.12.2015	31.12.2014	31.12.2013	31.12.2012	31.12.2011
Net assets	29892708	33668986	29351141	28544519	22177681	21531191	20133326	16799624
Autonomy coefficient (norm: 0.5 and more)	0.56	0.61	0.57	0.57	0.51	0.52	0.5	0.41
Current liquidity ratio (norm: 1.5-2 and above)	1.3	1.2	1.1	1.1	0.9	0.9	1.1	0.8

2. Profit and loss statement

Indicator name	Code	# PERIOD #
Revenue	2110	#2110#
Cost of sales	2120	#2120#
Gross profit (loss)	2100	#2100#
Business expenses	2210	#2210#
Administrative expenses	2220	#2220#
Profit (loss) from sales	2200	#2200#
Income from participation in other organizations	2310	#2310#
Interest receivable	2320	#2320#
Percentage to be paid	2330	#2330#
Other income	2340	#2340#
other expenses	2350	#2350#
Profit (loss) before tax	2300	#2300#
Current income tax	2410	#2410#
incl. permanent tax liabilities (assets)	2421	#2421#
Change in deferred tax liabilities	2430	#2430#
Change in deferred tax assets	2450	#2450#
Other	2460	#2460#
Net income (loss)	2400	#2400#
REFERENCE
Result from revaluation of non-current assets, not included in the net profit (loss) of the period	2510	#2510#
Result from other operations not included in the net profit (loss) of the period	2520	#2520#
Aggregate financial result of the period	2500	#2500#

Brief analysis of financial results

Graph of changes in revenue and net profit by years

Financial indicator	2018	2017	2016	2015	2014	2013	2012
EBIT	7791621	7866739	5071713	8311411	5154804	3482603	4792427
Return on sales (profit from sales in each ruble of revenue)	8.1%	7.8%	4.7%	6.8%	6.2%	5.3%	7.5%
Return on Equity (ROE)	19%	18%	13%	25%	17%	11%	19%
Return on assets (ROA)	11.1%	10.8%	7.5%	13.6%	8.6%	5.4%	8.7%

4. Cash flow statement

Indicator name	Code	# PERIOD #
Cash flows from current operations
Income - total	4110	#4110#
including: from the sale of products, goods, works and services	4111	#4111#
lease payments, royalties, royalties, commissions and other similar payments	4112	#4112#
from the resale of financial investments	4113	#4113#
other supply	4119	#4119#
Payments - total	4120	#4120#
including: to suppliers (contractors) for raw materials, materials, work, services	4121	#4121#
in connection with the remuneration of employees	4122	#4122#
interest on debt obligations	4123	#4123#
corporate income tax	4124	#4124#
other payments	4129	#4129#
Balance of cash flows from current operations	4100	#4100#
Cash flows from investment operations
Income - total	4210	#4210#
including: from the sale of non-current assets (except for financial investments)	4211	#4211#
from the sale of shares of other organizations (participation interests)	4212	#4212#
from the return of loans provided, from the sale of debt securities (rights to claim funds against other persons)	4213	#4213#
dividends, interest on debt financial investments and similar receipts from equity participation in other organizations	4214	#4214#
other supply	4219	#4219#
Payments - total	4220	#4220#
including: in connection with the acquisition, creation, modernization, reconstruction and preparation for the use of non-current assets	4221	#4221#
in connection with the acquisition of shares of other organizations (participation interests)	4222	#4222#
in connection with the acquisition of debt securities (rights to claim funds against other persons), the provision of loans to other persons	4223	#4223#
interest on debt liabilities included in the cost of an investment asset	4224	#4224#
other payments	4229	#4229#
Balance of cash flows from investment operations	4200	#4200#
Cash flows from financial transactions
Income - total	4310	#4310#
including: obtaining credits and loans	4311	#4311#
monetary contributions of owners (participants)	4312	#4312#
from the issue of shares, an increase in participation interests	4313	#4313#
from the issue of bonds, bills and other debt securities, etc.	4314	#4314#
other supply	4319	#4319#
Payments - total	4320	#4320#
including: to the owners (participants) in connection with the redemption of shares (participation interests) of the organization from them or their withdrawal from the list of participants	4321	#4321#
to pay dividends and other payments	4322	#4322#
on the distribution of profits in favor of the owners (participants) in connection with the redemption (redemption) of bills of exchange and other debt securities, the return of loans and borrowings	4323	#4323#
other payments	4329	#4329#
Balance of cash flows from financial transactions	4300	#4300#
Balance of cash flows for the reporting period	4400	#4400#
Balance of cash and cash equivalents at the beginning of the reporting period	4450	#4450#
Balance of cash and cash equivalents at the end of the reporting period	4500	#4500#
The magnitude of the impact of changes in the exchange rate of foreign currency in relation to the ruble	4490	#4490#

6. Report on the intended use of funds

Indicator name	Code	# PERIOD #
Remaining funds at the beginning of the reporting year	6100	#6100#
Funds received
Entry fees	6210	#6210#
Membership fee	6215	#6215#
Targeted contributions	6220	#6220#
Voluntary property contributions and donations	6230	#6230#
Profit from the organization's income-generating activities	6240	#6240#
Other	6250	#6250#
Total funds received	6200	#6200#
Funds used
Spending on targeted activities	6310	#6310#
including:
social and charitable assistance	6311	#6311#
holding conferences, meetings, seminars, etc.	6312	#6312#
other events	6313	#6313#
Management costs	6320	#6320#
including:
expenses related to labor remuneration (including accruals)	6321	#6321#
non-wage payments	6322	#6322#
business travel and business travel expenses	6323	#6323#
maintenance of premises, buildings, motor vehicles and other property (except for repairs)	6324	#6324#
repair of fixed assets and other property	6325	#6325#
others	6326	#6326#
Purchase of fixed assets, inventory and other property	6330	#6330#
Other	6350	#6350#
Total funds used	6300	#6300#
Balance at the end of the reporting year	6400	#6400#

2018 2017 2016 2015 2014 2013 2012

No data for this period

Indicator name	Code	Authorized capital	Own shares, redeemed from shareholders	Extra capital	Reserve capital	Undestributed profits (uncovered loss)	Total
The amount of capital on	3200
Per Capital increase - total:	3310
including: net profit	3311	NS	NS	NS	NS
revaluation of property	3312	NS	NS		NS
income attributable directly to capital increases	3313	NS	NS		NS
additional issue of shares	3314				NS	NS
increase in the par value of shares	3315				NS		NS
	3316
Decrease in capital - total:	3320
including: lesion	3321	NS	NS	NS	NS
revaluation of property	3322	NS	NS		NS
expenses directly attributable to capital deductions	3323	NS	NS		NS
reduction in the par value of shares	3324				NS
decrease in the number of shares	3325				NS
reorganization of a legal entity	3326
dividends	3327	NS	NS	NS	NS
Change in additional capital	3330	NS	NS				NS
Change in capital reserve	3340	NS	NS	NS			NS
The amount of capital on	3300

Additional checks

Check counterparty Download data for financial analysis

* The asterisk marks the indicators that have been corrected in comparison with the Rosstat data. The correction is necessary in order to eliminate obvious formal inconsistencies in reporting indicators (discrepancy between the sum of lines and the total value, typos) and is carried out according to an algorithm specially developed by us.

Reference: The financial statements are presented according to Rosstat data disclosed in accordance with the legislation of the Russian Federation. The accuracy of the given data depends on the accuracy of data submission to Rosstat and the processing of these data by the statistical department. When using this reporting, we strongly recommend checking the figures with the data of the paper (electronic) copy of the reporting posted on the official website of the organization or received from the organization itself. The financial analysis of the presented data is not part of the Rosstat information and is carried out using a specialized

Drawing up the balance sheet and profit statement of the company. Calculation of the availability of own circulating and non-circulating assets. Assessment of solvency, calculation of net assets. Analysis of financial stability indicators and profitability indicators.

Send your good work in the knowledge base is simple. Use the form below

Students, graduate students, young scientists who use the knowledge base in their studies and work will be very grateful to you.

Posted on http://www.allbest.ru/

1. Description of the enterprise

2. Financial statements 2011 and 2010

2.1 Balance sheet for 2011

2.2 Profit and loss statement for 2011

2.3 Balance sheet for 2010

2.4 Income statement for 2010

3. Analysis of financial and economic activities

3.1 Analysis of the composition and structure of the property of the enterprise

3.2 Calculation of the availability of own circulating and non-circulating assets

3.3 Analysis of the composition and structure of sources of the enterprise

3.4 Calculation of net assets

3.5 Assessment of solvency

3.6 Analysis of indicators of financial stability

3.7 Analysis of profit and its use

3.8 Analysis of profitability indicators

3.9 Comparative analytical balance sheet of the enterprise

3.10 Determination of the type of situation in the enterprise for the reporting year

3.11 Analysis of the liquidity of the balance sheet of the enterprise

Report on the financial analysis of Wimm-Bill-Dann OJSC

1. Description of the enterprise

balance solvency financial profitability

Wimm-Bill-Dann is the market leader in dairy products and baby food in Russia and one of the leading players in the non-alcoholic beverage market in Russia and the CIS. Wimm-Bill-Dann owns over 35 processing plants in Russia, Ukraine and Central Asia. The Wimm-Bill-Dann company has created a unified production network in the regions of Russia and the CIS countries, becoming a nationwide Russian manufacturer.

Now the group of companies "Wimm-Bill-Dann" includes 37 manufacturing enterprises. WBD's strategy is to produce dairy products in the region where they are consumed, supplying the best dairy products to the Russian market at affordable prices.

Each plant, each enterprise of the company is unique, but they are united by one thing - the high quality of products. A total of more than 18 thousand people work at these enterprises and in the trade branches of WBD.

Our most recognizable brands are Domik v Derevne, Miracle, Vesely Molochnik, Bio-Max, Imunele and Lambert. We own the most famous Russian juice brand - J7. No less popular are the brands Lyubimy Sad, Miracle Yagoda, Essentuki. Our brand "Agusha" is the most recognizable brand of baby food in Russia.

Mission company reflects our fundamental values:

Wimm-Bill-Dann helps people by delighting them every day with tasty and healthy food for the whole family.

One of the most important reasons for the successful business of Wimm-Bill-Dann was the cooperation with the transnational corporation Tetra Pak - the world leader in the production of equipment and materials for aseptic packaging of liquid food products. About half a century ago, Tetra Pak specialists developed the now famous rectangular cardboard packaging for drinks, which, due to its reliability and convenience, has gained wide popularity among consumers around the world. The partnership between Wimm-Bill-Dann and Tetra Pak can literally be called strategic and aimed at long-term mutually beneficial cooperation.

The Wimm-Bill-Dann Group also maintains partnership relations with such well-known companies as SIG Combibloc, GEA Finnah, Senaplast, APV. Installation of TBA filling machines, GEA Finnah lines, sterile air production systems and Mariani (Italy) washing systems at Wimm-Bill-Dann enterprises makes it possible to improve the quality and consumer properties of products, provide products with convenient packaging for the buyer, and optimize production processes.

The cooperation between Wimm-Bill-Dann and the multinational company Cargill, the world's largest supplier of juice concentrates, deserves special mention. In cooperation with Cargill, we managed to create the J-7 series of juices, which is the “calling card” of our company and the best-selling juice brand in Russia. Thanks to cooperation with Cargill, J-7 has become a recognized benchmark for all Russian producers of juices and juice drinks.

One of the main missions of Wimm-Bill-Dann is to work for the benefit of the Russian economy, striving to make the most of the opportunities of Russian suppliers of raw materials, equipment and packaging. Today Wimm-Bill-Dann cooperates with such manufacturers of packaging materials as Ruskart, Soyuz and BFK-Invest. Currently, the enterprises of the Wimm-Bill-Dann group use the services of 286 suppliers, including 251 Russian companies. The number of Wimm-Bill-Dann suppliers is constantly growing.

Wimm-Bill-Dann is particularly proud of the high appraisal of its products by the largest Western corporations operating in the Russian market. For example, Wimm-Bill-Dann has become a supplier of Russian fast-food restaurants of the McDonald's chain. The agreement with McDonald's envisages an increase in the supply of milk from Wimm-Bill-Dann as new restaurants of the chain open in Russian cities.

Another strategically important partner of Wimm-Bill-Dann is Kellog "s, a world-renowned producer of cereals and breakfast cereals. Moscow stores regularly organize tastings of Kellog" s dry breakfast cereals using Wimm-Bill-Dann dairy products.

2. Financial statements 2011 and 2010G.

2.1 Balance sheet for 2011

BALANCE SHEET

The form № 1 according to OKUD
Date (year, month, day)
Organization JSC "Vimm-Bill-dunn " by OKPO
Taxpayer identification number TIN
Kind of activity Dairy productionproducts on OKVED
Organizational and legal form / form of ownership Public corporation/ private property according to OKOPF / OKFS
Unit of measurement: thousand rubles. by OKEI
Location (address) 127591 , Moscow, Dmitrovskoe highway, etc. 108
Date of approval
Date of dispatch (acceptance)
	Indicator code	At the beginning of the reporting year	At the end of the reporting period
I... FIXED ASSETS Intangible assets
Fixed assets
Construction in progress
Deferred tax assets
Other noncurrent assets
TOTAL but section I

Form 0710001

IICURRENT ASSETS
including: raw materials, materials and other similar values
			1 .749.843
goods shipped
Future expenses
other supplies and costs
Accounts receivable (payments but which are expected more than 12 months after the reporting date)
Accounts receivable (expected to be paid within 12 months after the reporting date)
Cash
Other current assets
TOTAL but section II
BALANCE

Form 071 LLC 1 p.

	Indicator code	At the beginning of the reporting year	At the end of the reporting period
III. CAPITAL ANDRESERVES Authorized capital
Extra capital
Reserve capital
including: reserves formed in accordance with the legislation
TOTAL for Section III
IVLONG TERM DUTIES Loans and credits
TOTAL but section IV
VSHORT-TERM LIABILITIES Loans and credits
Accounts payable
debts in taxes and duties
other creditors
revenue of the future periods
Provisions for future expenses
TOTAL but section V
BALANCE
including leasing
Goods accepted for commission
Security for obligations and payments issued
Depreciation of the housing stock
Deterioration of objects of external improvement and other analogies \ objects
Intangible assets received for use
Forms of strict reporting
Fixed assets on lease
including those transferred to subleasing

2.2 Profit and loss statement for 2011

Index	During the reporting period	For the same period of the previous year
Name
Income and expenses from ordinary activities
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales		3, 726388
Other income and expenses Interest receivable
Percentage to be paid
Other income
other expenses
Profit (loss) before tax			4, 272.169
Deferred tax assets
Deferred tax liabilities
Current income tax
Current income tax (previous reporting periods)
Other profits (losses)
Net income (loss) reporting period
REFERENCE
Vase profit (loss) per share

2.3 Balance sheet for 2010

		At the beginning of the reporting	At the end of the reporting
	indicator
I... FIXED ASSETS
Intangible assets
Fixed assets
Construction in progress
Profitable investments in material assets
Long-term financial investments
Deferred tax assets
Other noncurrent assets
TOTAL for Section I
II. CURRENT ASSETS
including: raw materials, materials and other similar values
animals for growing and fattening
work in progress costs
finished goods and goods for resale
goods shipped
Future expenses
other supplies and costs
Value added tax on acquired assets
Accounts receivable (expected to be paid more than 12 months after the reporting date)
Accounts receivable (expected to be paid within 12 months after the reporting date)
including: buyers and customers
Short-term financial investments
Cash
Other current assets
TOTAL for Section II
BALANCE

	Indicator code	To the beginning reporting period	At the end of the reporting period
III... CAPITAL AND RESERVES Authorized capital
Own shares repurchased from shareholders
Extra capital
Reserve capital
including: reserves formed in accordance with the legislation
reserves formed in accordance with the constituent documents
Retained earnings (uncovered loss)
TOTAL for Section III
IV. LONG TERM DUTIES Loans and credits
Deferred tax liabilities
Other long-term liabilities
TOTAL for Section IV
V. SHORT-TERM OBLIGATIONS Loans and credits
Accounts payable
including: suppliers and contractors
debt to the organization's personnel
indebtedness to state extra-budgetary funds
arrears of taxes and duties
other creditors
Debts to participants (founders) for the payment of income
revenue of the future periods
Provisions for future expenses
Other current liabilities
TOTAL for section V
BALANCE
Certificate of availability of valuables recorded on off-balance sheet accounts Leased fixed assets
including leasing
Inventories accepted for safekeeping
Goods accepted for commission
Debt of insolvent debtors written off at a loss
Security obligations and payments received
Security for obligations and payments issued
Depreciation of the housing stock
Deterioration of objects of external improvement and other similar objects
Intangible assets received for use
Materials accepted for processing
Equipment accepted for installation
Forms of strict reporting
Fixed assets on lease
including those transferred to sublease

2.4 Income statement for 2010

Index	For the reporting	For the same period
Name			previous year
Income and expenses from ordinary activities Revenue (net) from the sale of goods, products, works, services (net of value added tax, excise taxes and similar mandatory payments)
Cost of goods, products, works, services sold
Gross profit
Business expenses
Administrative expenses
Profit (loss) from sales
Other income and expenses Interest receivable
Percentage to be paid
Income from participation in other organizations
Other income
other expenses
Profit(lesion) before tax
Deferred tax assets
Deferred tax liabilities
Current income tax
Current income tax (previous reporting periods)
Other similar payments (tax sanctions)
Other profits (losses)
Net profit (loss) of the reporting period
REFERENCE Permanent tax liabilities (assets)
Basic earnings (loss) per share
Diluted earnings (loss) per share

3. Analysis of financial and economic activities

3.1 Analysis of the composition and structure of the property of the enterprise

Table 1

Analysis of the composition and structure of property
Indicators	At the beginning of the reporting period	at the end of the reporting period	changes for the previous period	% to total rev.en (structure-rbetrayal of assets
	thousand roubles	% to total (assets)	thousand roubles	% to total (assets)	thousand roubles	% by the beginning of the yeartotal asset.
	Fixed assets:	Fixed assets:
intangible assets
fixed assets
Construction in progress
long-term financial investments
Other noncurrent assets
			assets:
stocks and costs
settlements with debtors
short-term financial investments
cash
Other current assets
total:
Total:

Consider the table above. It shows that the balance sheet currency for the reporting period increased by almost 8 billion rubles, i.e. by 0.25%, which is a positive trend. Income code 110 for the reporting period increased by 11 billion rubles, which amounted to almost 122%. (See Form 2 for 2011)

Such good results were achieved primarily due to the increase in production volumes, respectively, the volumes of inventories and costs increased by 3.25%. As a result, the volume of the company's cash grew by 1%, but such a small increase may cause some concerns among creditors. Other current assets increased by 0.8% during the reporting period, which was facilitated by the purchase of own shares for further resale. In total, the group of current assets grew by 0.66% over the year, which amounted to 3,648,914 thousand rubles, despite the fact that the indicators of short-term financial investments fell by more than 2.5%

Non-current assets for the year increased by 0.24, which in monetary terms amounted to 4,177,875 thousand rubles. The calculations show that in general, the group does not observe negative dynamics, but the increase is not significant, on average it was 0.5. It is worth noting that this group also reflected its own shares purchased by the plant, as well as the investment of money for the construction of a plant in St. Petersburg.

In general, we can observe that non-current assets occupy a large share in the balance sheet currency, which indicates a high level of quality of non-current assets, but over the year they grew 3 times less than the fixed assets, which suggests that the shareholders were not interested in a long-term investment, and were aimed at maximizing profit from the enterprise.

3.2 Calculation of the availability of own circulating and non-circulating assets

Table 2-a Calculation of the availability of own working capital

P / p No.	indicators	at the beginning of the reporting period	at the end of the reporting period	ChangeI'm for reporting period
	sources of own funds (section 3 of the liability)
	long-term loans and borrowings (section 4 of the liability)
	sources of own funds (1 point + 2)
	non-current assets (1 section of the asset)
	availability of own working capital (paragraph 3-4)
	the amount of working capital (%) (3: 5)

Table 2-b

P / p No.	indicators	at the beginning of the reporting period	at the end of the reporting period	ChangeI'm for reporting period
	stocks and costs
	cash
	settlements with debtors
	Other current assets
	total working capital
	short-term loans, settlements and other liabilities
	availability of own circulating assets (5 indicator-6)
	share of own working capital in total the amount of working capital (%) (7: 5)

From the above calculations, the following conclusions can be drawn:

Own funds in current assets are about 25%, which is most likely due to the peculiarities of production. Since the cycle of production and sale of goods takes on average 2-5 days, the deferral for debit payments is 3-5 days, for key customers on average 14 days. That is, the money spent on production is partially returned after 5 days, and the whole amount is credited to the company's accounts in 14 days. Thus, it is cheaper for organizations to resort to short-term loans from time to time than to raise funds from non-current assets, etc.

It is worth noting that own funds (SOS) in the considered accounting period do not cover the amount of borrowed funds, which can indicate the illiquidity of the enterprise.

However, as we can see, even in the negative trend there are positive aspects, the share of SOS did not rise, but did not go down, on the basis of which, we can conclude that the company is fighting this phenomenon. Also, the stability of the results gives us the right to assume that the company has its own constant market share, and we should work to increase this share in future periods.

3.3 Analysis of the composition and structure of sources of the enterprise

Table 3 Analysis of the composition and structure of sources of the enterprise

Indicators	At the beginning of the reporting period	at the end of the reporting period	changes for the reporting period	% to total betrayals (structure change- niya passi- wwii)
	thousand roubles	% to total (liabilities)	thousand roubles	% to total (liabilities)	thousand roubles	% by the beginning of the year (total of liabilities)
Equity (capital and reserves):
authorized capital
Extra capital
Reserve capital
earmarked funding and earmarked income
retained earnings
uncovered loss
Borrowed funds and liabilities:
long-term loans and borrowings
short-term loans and borrowings
accounts payable
settlements for devidends
revenue of the future periods
reserves for future expenses and payments
other short-term liabilities

It can be seen from this table that during the reporting period it was not possible to bring own funds and borrowed funds to a 50/50 ratio. Despite all the efforts of the top management: an increase in the authorized capital, the introduction of additional capital, the amount of borrowed funds increased by 22% compared to last year, while equity funds grew by only 2% over the same period, which amounted to 6 billion. rub. and 700 million rubles. respectively.

However, in spite of the large change in the structure of liabilities towards an increase in equity and liabilities, the company managed to stay within the framework of a close to the optimal ratio of equity and debt capital. This was mainly achieved by increasing accounts payable (as can be seen from the balance sheet of the enterprise, 70% of this debt is debts to suppliers.), Which made it possible to increase the volume of inventories, and as a result, the volume of production.

Thus, we can conclude that the organization formed working capital at the expense of debts to suppliers. And if at the beginning of the year the organization could still cover its debts and come out with + 9%, then at the end of the year the situation changed exactly the opposite, since by the end of the year the amount of borrowed funds increased by 6 billion rubles, and the SS by only 705,071 thousand. r., i.e. by 110%

3.4 Calculation of net assets

Table No. 4

Similar documents

Economic essence and types of profit. The theory of enterprise profit management. The main groups of profitability indicators. Analysis of the main financial and economic indicators of the corporation "Wimm-Bill-Dann". Assessment of indicators of profitability of the corporation.

term paper added 11/11/2014


Consideration of the features of calculating the availability of the company's own circulating assets. Description of the main indicators of financial stability, the stages of calculating net assets. Analysis of the comparative analytical balance sheet of the enterprise for the reporting period.

test, added 04/04/2013


The concept of solvency and approaches to its assessment. Solvency ratios. Analysis of the composition, structure and dynamics of assets and sources of formation of the organization's property, financial stability, turnover of current assets.

term paper, added 05/26/2015


Calculation of indicators of dynamics and structure of the balance. Analysis of indicators of stability, liquidity and solvency of the enterprise. Analysis of the turnover of working capital. Assessment of the level and dynamics of indicators of the balance sheet and net profit of the enterprise.

test, added 04/29/2011


Analytical grouping and analysis of the assets of the balance sheet of the enterprise. General characteristics and assessment of net current assets. The dynamics of own circulating assets and the size of the sources of formation of stocks and costs. Solvency ratios.

presentation added 06/15/2011


The concept of financial condition and indicators that characterize it. Brief economic characteristics of JSC "Wimm-Bill-Dann". Analysis of financial stability, provision of reserves with sources of their formation. Analysis of liquidity and solvency.

term paper added 12/15/2010


Financial analysis of the activities of OJSC "VimpelCom". Horizontal and vertical analysis of the balance sheet. Assessment of indicators of solvency, liquidity, financial stability, business activity, profit, profitability. Cash flow calculation.

term paper, added 02/12/2012


Study of the composition, dynamics and structure of the property of the enterprise, the assessment of its property status, the structure of the invested capital. Assessment of net assets and net current assets. Analysis of financial stability, solvency of the enterprise.

test, added 09/06/2014


Analysis of indicators of liquidity and profitability of the enterprise, the structure of the asset and the liability of the balance sheet. Assessment of the organization's solvency. Study of indicators of financial stability. Calculation of indicators of business activity of a modern enterprise.

term paper, added 08/23/2014


Analysis of the influence of factors on the volume of production, indicators of movement and constancy of personnel, composition, dynamics and structure of the property of the enterprise. Assessment of net assets and current assets. Analysis of the financial stability and solvency of the enterprise.