July 7, 2011

Davachi Broiler OJSC's retained earnings decrease

The key producer of chicken meat in Azerbaijan, Davachi Broiler OJSC, declared that previous year's retained earnings declined from AZN18.13 million (US$23 million) to AZN16.8 million (US$21.4 million) but that did not stop the company from accumulating dividends of AZN4 million (US$5.1 million).

Company's assets reduced from AZN34.3 million (US$43.6 million) to AZN32.9 million (US$41.8 million), including the cost of land, buildings and equipment from AZN7.6 million (US$9.7 million) to AZN7.4 million (US$9.4 million).

The DB equity capital remained unchanged at the level of AZN3.6 million (US$4.6 million), while tax liabilities decreased from AZN147,976 (US$188,145) to AZN146,196 (US$185,882). Last year, payable bills totalled AZN434,247 (US$552,126) and accounts receivable AZN4.1 million (US$5.2 million).

Among the DB shareholders are 11 individuals and two legal entities. At that, Hidayat Guliyev holds a 37.31% stake, Baku Investment Company 37.3101%, and Azerbaijan Investment Company 25%. DB itself has a 50% stake in Ozak Azerbaycan LLC.