Power Machines OJSC announces its financial results for 2011

Power Machines OJSC, Russia’s largest manufacturer of power generating equipment, announces its financial results for the 12 months of 2011, compiled in compliance with International Accounting Standards (IAS). 

The Company’s revenue for the 12 months of 2011 amounted to 1,702,856 thousand US dollars which is up by 1.69% compared to the same inex in 2010. The production cost decreased by 4.22% and reached 1,133,250 thousand US dollars at year-end 2011. 

The gross profit margin for the 12 months of 2011 amounted to 569,606 thousand US dollars which corresponds to a 15.91% increase of the given indicator compared to the reporting period of 2010.

The net profit of Power Machines OJSC increased by 26.36% and amounted to 323,044 thousand US dollars according to the results of the year 2011.

The EBITDA increased by 22.20% and totalled 443,860 thousand US dollars for the year 2011.

The growth of financial indicators was 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 shipments of manufactured equipment. 

 Key indicators of the 12M 2011 financial statements of Power Machines OJSC in accordance with International Accounting Standards

Indicator

12 M 2011,
thsd USD

12 M 2010,
thsd USD

%

Revenue

1,702,856

1,674,621

101.69%

Production cost

(1,133,250)

(1,183,203)

95.78%

Gross profit

569,606

312,859

115.91%

Operating profit

373,647

312 859

119.43%

Profit before taxation

390,084

300,312

129.89%

Net profit

323,044

255,655

126.36%

EBITDA

443,860

363,233

122.20%