Power Machines OJSC publishes its consolidated financial statements for 2013 compiled in accordance with international accounting standards (IFRS)

Power Machines OJSC, a group of companies being the Russia’s largest manufacturer of power engineering equipment, announces its consolidated financial results including those of the subsidiaries for 12M 2013 stated in accordance with international accounting standards (IFRS).

The KPMG company has performed an audit of the statements.

The key totals of 2013 show a stable financial position of the Company and have an upward trend compared to the previous year.

The net profit of Power Machines OJSC increased by 4% compared to the results of 2012 and amounted to 393.4 million US dollars at year-end of 2013.

The EBITDA increased by 5.2% and amounted to 587.9 million US dollars at year-end of 2013.

The Company’s12M 2013 revenue amounted to 2.034 billion US dollars. The 12M 2013 gross profit amounted to 663.2 million US dollars.

The stability of financial indicators was positively influenced by the Power Machines Business System comprehensive program being implemented since the middle of 2012 and aimed at continuous optimization of production processes, cost reduction, design developments improvement, personnel operational safety growth, customer demands satisfaction and increase in business processes efficiency.

Key indicators of the 12M 2013 financial statements of Power Machines OJSC according to the international accounting standards

Indicator

12 months of 2013,
USD thousand

12 months of 2012,
USD thousand.

%

Revenue

2,033,923

2,094,596

97%

Production cost

(1,370,724)

(1,405,205)

98%

Gross profit

663,199

689,391

96%

Operating profit

482,353

487,339

99%

Profit before taxation

479,252

460,600

104%

Net profit

393,399

377,337

104%

EBITDA

587,898

558,603

105%