Power Machines OJSC publishes its 2014 financial statements compiled in accordance with International Accounting Standards (IAS)

Power Machines OJSC publishes its 2014 financial statements compiled in accordance with International Accounting Standards (IAS)

Power Machines OJSC, Russia’s largest producer of power engineering equipment, announced its consolidated financial results, including those of its subsidiaries, for 12M 2014. The KPMG company performed an audit of the statements.

 Key summary indicators of 2014 are as follows:

  • The company’s revenues increased by 7.5% against the previous year and amounted to 69.776 billion rubles (2013: 64.898 billion rubles). The revenue growth, inter alia, was achieved through the implementation of the redevelopment project that involved residential housing construction in part of the industrial area.

  • The EBITDA rose 5.7% year-on-year to reach 19.893 billion rubles (2013: 18.810 billion rubles) due to operational improvements and the effect from the implementation of a comprehensive programme, The Business System of Power Machines OJSC, which is aimed at continuous optimization of production processes, as well as at cost reduction.

  • The net profit of Power Machines OJSC decreased by 18.4% and amounted to 10.275 billion rubles (2013: 12.596 billion rubles). The decrease of this indicator was attributed, among other things, to the company’s increased loan portfolio and higher interest charges on loans and bonds.

Key indicators of the 12M 2014 financial statements of Power Machines OJSC according to the International Accounting Standards

Indicator

12 months of 2014,
thousand rubles

12 months of 2013,
thousand rubles

%

Revenue

69,775,760

64,897,559

107.5

Production cost

(51,629,738)

(43,725,260)

118.1

Gross profit

18,146,022

21,172,299

85.7

Operating profit

11,028,656

15,425,303

71.5

Profit before taxation

 

13,087,342

15,344,403

 

85.3

Net profit

10,274,533

12,596,368

81.6

EBITDA

19,892,749

18,810,363

105.7