Power Machines OJSC announces its 6M 2012 financial results

Power Machines OJSC, Russia’s largest manufacturer of power generating equipment, announces its financial results for the first six months of 2012 in accordance with International Accounting Standards (IAS).

The Company’s revenue for the six months of this year has amounted to 925,279 thousand USD which exceeds the same indicator for 2011 by 7%. The Company’s net profit for the six months of 2012 has increased by 14% in comparison to the same indicator for 2011 and amounted to 156,920 thousand USD. The gross profit for the six month period of 2012 has amounted to 288,183 thousand USD which is up by 7% compared to this indicator for the reporting period of 2011.

The EBITDA has increased by 19% and amounted to 234,757 thousand US dollars for the six months of 2012.

The growth of financial indicators has been significantly influenced by the implementation of a large-scale investment program aimed at improving the productivity, reducing costs and minimizing production costs, increasing the rate of production capacities utilization and the volume of manufactured equipment shipments.

Key financial statements of Power Machines OJSC for the 6 months of 2012 according to International Accounting Standards

Indicator

6M 2012,
thousand USD

6M 2011,
thousand USD

%

Revenue

925,279

866,926

107%

Production cost

(637,096)

(598,680)

106%

Gross profit

288,183

268,246

107%

Operating profit

180,335

178,231

101%

Profit before taxation

189,864

166,882

114%

Net profit

156,920

138,018

114%

EBITDA

234,757

197,983

119%