OREANDA-NEWS. On 19 August 2009 was announced, that Veles Capital IC published Consolidated Financial Statement data for the year ended December 31 2008. According to the report, Veles Capital’s net profit increased + 30% and formed USD 5,7 mln (USD 4,4 mln in 2007 ).

Retained earnings increased + USD 5,6 mln and formed USD 14 mln (USD 8 mln in 2007). Authorized capital was also increased and as of December 31 formed USD 25,5 mln (USD 19,2 mln in 2007).

Equity capital increased + 26% compared to 2007 results and formed USD 39,9 mln. During the last several years Veles Capital has been demonstrating constant increase of equity capital, thus showing the owner’s liable approach to risks estimation and readiness to increase capital adequacy even in the situation of financial crisis. Since 2006 Veles Capital’s equity capital increased + 75%

Substantial growth (+ 125%) showed company’s cash flow - by the end of the year it exceeded USD 17 mln (USD 7,6 mln in 2007). Thus Veles Capital meets all investment and financial requirements, successfully manages the company’s liquidity.

Analyzing fund market’s risks independent auditors pointed out that Veles Capital has adequate experience and recourses to manage risks of liquidity decrease and Russian fund market instability; Veles Capital has not any assets and liabilities nominated in foreign currency thus influence of the currency risks on the company stability is limited. Also Veles Capital’s management monitors interest rates fluctuations and takes steps to limit this risks borrowing and lending money by the fixed rates and optimizing the urgency of the company’s assets and liabilities.

Consolidated financial statement refers to Veles Capital group, including foreign representative offices in Ukraine and Cyprus.

Veles Capital IC has been operating on the Russian financial market since 1995 and is rated amongst TOP-10 of the largest Russian investment companies on total turnover of securities. The company is acknowledged leader on the promissory notes market, is rated amongst TOP-3 of the largest bond market operators and TOP-20 of the largest stock market operators (Kommersant Publishers rating – 2007 results). Veles Capital brand unites also Veles Management – asset management company , is rated amongst TOP-3 of the largest asset management companies by assets and equity capital dynamics (NRA ranking, 2008 results); TOP-30 amongst largest companies managing real estate funds (Kommersant Publishers rating, 2007 results). Veles Capital Development – real estate investment projects in Russia and abroad. Veles Lex – legal services, corporate law, business defense, tax consulting, legal and financial audit, judicial defense, due diligence. HR-company Veles Personnel – recruitment and staff consulting services). Also Veles Capital group unites subsidiary investment companies in Ukraine and Cyprus.