OREANDA-NEWS. On 17 June 2008 was announced, that OJSC PAVA, the largest grain processor of Siberia and the Far East, received a financial record for 2007, drawn up according to the International Accounting Standards (IAS). The stated indicators show positive dynamics of the company's last year activity.

By the IAS-based data PAVA almost doubled its net assets value. Today they stand at 1,074,274 thousand roubles. The growth of retained earnings (the profit remaining after taxes and dividends are paid and reinvested in business development) also looks impressive. Retained earnings increased by 60% as compared to 2006. The company's net profit stood at more than 115 mln. roubles in 2007.

To recap, PAVA began to use IAS in its financial records together with the Russian accounting standards since 2002. IAS-based financial statements depend on the principles of transparency which is a key factor of encouraging investment in the company.

The significant increase of financial indicators makes the grain processor more attractive for investors. This is especially relevant while the company is implementing its advanced wheat-based BioRefinery project. Russian banks also rely on the IAS-based data when they make a decision about collaboration with any given company.