OREANDA-NEWS. September 10, 2008. According to SCM consolidated financial statements, consolidated assets of SCM Group, the biggest privately-owned financial and industrial group in Ukraine, made some USD20 bn, a 75% year-on-year increase, reported the press-centre of SCM.

Consolidated statements are produced to International Financial Reporting Standards (IFRS) and include data from financial statements of all enterprises within SCM Group*. SCM consolidated statements were audited by PricewaterhouseCoopers.

SCM key consolidated performance indicators 2007:

CM Group consolidated assets at the end of 2007 made USD 19.903 bn (USD 11.372 bn at the end of 2006).

SCM Group consolidated gross income for 2007 made USD 9.563 bn (USD 6.719 bn for 2006).  

SCM Group consolidated pre-tax profit for 2007 made USD 1.745 bn (USD 1.053 bn for 2006).

SCM Group consolidated profit tax payments made USD 0.379 bn in 2007 (USD 0.349 bn in 2006).

The Group employs 165,000 people.

"SCM Group business development strategy is a strategy of stable and continuous growth. To keep this growth going we continuously adopt state-of-the-art technologies, cutting-edge knowledge, and best practices. Development of our business is driven by principles of corporate social responsibility. We believe that impressive economic and financial performance of our Company is the best proof that we are following the right path," stated SCM CEO Oleg Popov.

"SCM Group growth is intimately associated with economic development of regions of our operations, growing salaries of our 165,000 employees, and increasing payments to state and local budgets, which makes SCM the biggest donor of Ukrainian budget. In other words, by achieving high results we contribute to development of Ukrainian economy and thus – improve quality of living of every Ukrainian.

"In creating world-class Ukrainian company we are governed by principles of business openness and transparency. Under such development strategy, we publish on a regular basis SCM Group key performance indicators and thus introduce in Ukraine the global standards for doing business," added Mr Popov.

This is the fourth time SCM Group prepares its consolidated statements to IFRS (for the first time SCM Group generated IFRS consolidated statements for 2004) audited by international auditing firm. SCM was the first national financial and industrial group to publish its key data from consolidated statements audited by international auditing firm.

Rapid growth of SCM Group consolidated assets was achieved through organic growth of finance, mining and metals, and energy businesses of the Group last year, and through integration into Metinvest Group (SCM mining and metals sub-holding) of Ingulets Ore Mining and Processing Plant [InGOK] in late 2007.

Significant increase in consolidated gross income and consolidated pre-tax profit of the Group resulted from organic growth of these indicators at SCM core businesses. Calculation of consolidated gross income and pre-tax profit does not include performance of large companied integrated into the Group in 2007 year, in particular InGOK.
 
* SCM Group enterprises include all enterprises and organizations directly or indirectly controlled by managing company ZAO SCM (i.e. ZAO SCM owns or manages controlling stakes in, or has the majority in the management bodies of, such companies).