OREANDA-NEWS. Power Machines OJSC, Russia’s largest manufacturer of power generating equipment, announces financial results for the first six months of 2013, compiled in accordance with International Accounting Standards (IAS).

The consolidated statements were compiled for the group of companies within Power Machines OJSC and with account for subsidiary companies. The statements were audited by KPMG.

The Company's revenue for the six months of this year has amounted to 979,049 thousand US dollars, which exceeds the same indicator for 2012 by 6%. The Company's net profit for the six months of 2013 has increased by 21% in comparison to the same indicator for 2012 and amounted to 190,519 thousand US dollars.

Following the results of the six months of 2013, EBITDA amounted to 279,283 thousand US dollars – a 19% year-on-year increase.

The financial indicators consistently demonstrate the Company’s sustainable growth. The growth of financial indicators has been significantly influenced by the implementation of an investment program aimed at improving the productivity, reducing costs and minimizing production expenditures, increasing the rate of production capacities utilization and the volume of manufactured equipment shipments.

In the period from 2012 to 2014, the Company’s management, guided by the best international practices, implements a comprehensive programme Business System of Power Machines OJSC, which is targeted at enhancement of internal efficiency. In compliance with this programme, which is geared towards ensuring continuous optimization of production processes, perfecting design developments, improving occupational safety, satisfying customers’ demands and enhancing business processes, the Company plans to reduce costs and strengthen competitive advantages.
 
Indicator 6 M 2013, thousand USD 6 M 2012, thousand USD %

Revenue  979,049  925,279  106%
Production cost  (661,464)  (637,096)  104%
Gross profit 317,585  288,183  110%
Operating profit  219,197  180,335  122%
Profit before taxation  228,829  189,864  121%
Net profit 190,519  156,920  121%
EBITDA 279,283  234,757  119%