Power Machines Publish their 9M 2011 Financial Statements in accordance with IAS

Power Machines have compiled their accounting statements for the nine month period of 2011 in accordance with International Financial Reporting Standards (IAS). The Company’s net profit amounts to 238,855 thousand US dollars which is up by 36.7% compared to analogous indicator in 2010.

The revenue for the nine month period of 2011 amounts to 1,294,646 thousand US dollars which is up by 15.6% compared to the revenue for the nine month period of 2010.

The gross profit for the nine month period of 2011 amounts to 433,402 thousand US dollars which corresponds to a 26% increase of this indicator compared to the reporting period of 2010.

The net profit of OJSC Power Machines amounts to 238,855 thousand US dollars which is up by 36.7% compared to similar indicator in 2010.

Due to the implementation of a large-scale investment program aimed at reducing costs and minimizing production expenses the EBITDA of this joint stock company exceeds similar indicator in 2010 by 35.6% and amounts to 338,909 thousand US dollars.

A once-for-all effect of price escalation obtained under the Barh TPP contract has also contributed to the achieved positive dynamics of the indicators mentioned above.

ÍMAIN INDICATORS OF THE 9M 2011 FINANCIAL STATEMENTS OF POWER MACHINES, OJSC ACCORDING TO IAS

USD thsd
unless otherwise stated


9M 2011,
USD thsd,
,

9M 2010,
USD thsd;

Delta,%

Revenue

1 294 646

1 119 995

115,6

Production cost

(861 244)

(776 521)

110,9

Gross profit

433 402

343 474

126,2

Operating profit

276 956

206 144

134,3

Operating margin, %

21,4

18,4

-

Profit before taxation

291 453

199 085

146,4

Net profit

238 855

174 744

136,7

EBITDA

338 909

249 848

135,6

EBITDA margin, %

26,2

22,3

-