Power Machines OJSC declares its financial results for the first semester of 2010

Power Machines OJSC has prepared its accounting statements for the first six months of 2010 in accordance with International Accountancy Standards (IAS). Power Machines’ net profit reached $ 97,815 thousand, an increase of 84% as compared to 2009.

Revenue for the first semester of 2010 remained at the level of the previous year and amounted to $ 710,795 thousand.

Gross profit for the first six months of 2010 attained $ 212,371 thousand, which makes up a 28% increase over the corresponding figure ($ 166,476 thousand) reported for the accounting period of 2009.

Due to the implementation of a large-scale investment program aimed at lowering costs and minimizing production expenditures, the company’s EBITDA totalled $ 147,811 thousand which exceeds the reported figure for 2009 by 1.6 times.

Power Machines company shows positive dynamics of its major performance indicators reflecting the company’s strong financial position.

Financial Statements of Power Machines OJSC for the first
semester of 2010 in accordance with International Accountancy Standards

Indicator

First semester of 2010
$ thousand

First semester of 2009
$ thousand

Revenue

710,795

721,397

Cost of sales

(498,424)

(554,921)

Gross profit

212,371

166,476

Operational profit

119,178

70,179

Profit before taxation

114,783

66,180

Net profit

97,815

53,100

EBITDA

147,811

91,878