According to the information given at the briefing by Mikhail Belov, chief accountant of ZAO Moscow Foot Factory "Parizhskaya Kommuna", the enterprise is planning to receive profit in the amount of 650million rubles by the end of 2002. Net profit over 9 months has reduced by 30% to 60.6 million rubles as compared with the same period of the last year.
According to M. Belov this is connected with the expansion of the network of company-owned shops in the regions. In 2002 forty new shops were opened, another twenty are yet to be opened.
Operation profit over 9 months has grown by 15% up to 140.9 million rubles, gross income has grown by 24% to 493.5 million rubles. The output has grown by 18% to 736 thousand pairs of footwear, including children footwear - by 12.1% up to 583 thousand pairs. Wholesale turnover has grown by 40% to 365 million rubles, shop turnover has grown by 17% to 306million rubles, tax payments over 9 months reached 94 million rubles (for 2001 total 107 million rubles).
Parizhskaya Kommuna is planning in 2003 to attract 350million rubles on the internal financial market by issuing bonds or attracting a credit for 4 year-term. These resources are necessary for building a wholesale distributing footwear centre in Moscow with 20 thousand square metres floor space on the basis of Kotlyakovo warehouse zone (Kashirskoye shosse).
The construction is planned to be started in 2003 and to be completed it in 9 months. The estimated recoupment period of the project is 3-4 years. It is not yet determined whether the funds will be drawn by placing bonds issue against guarantee, or by a long-term credit against new construction. At present the project is being discussed with the Moscow government.
Controlling stake of the footwear factory belong to the General Director Alexander Nikitin, 91.5 % is in the possession of the top management.

The source: MFD-InfoCentre
13.11.2002