The financial results of LSR Group for 2009 compared to 2008 according to its preliminary combined Russian Financial Reporting Standards (RFRS)-based financial statements are as follows:
• Revenue increased by 3.8 % to reach approx. RUR 50.6 Bn
• Net profit decreased by 2.3 % to reach approx. RUR 6 Bn
|
RUR Million |
2008 |
2009 |
Change, % |
|
Revenue
|
48.702 |
50.570 |
3.8% |
|
Net profit
|
6.130 |
5.992 |
-2.3% |
|
|
31.12.2008 |
31.12.2009 |
|
|
Bank loans and
bond issues
|
34.309 |
38.289 |
11.6%* |
*The increase in liabilities in 2009 compared to 2008 occurred due to the cement plant construction of LSR Group. To ensure necessary funding for the cement plant construction, LSR Group opened credit facilities in State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”. It is anticipated that the plant will be put into operation in the second half of 2010.
Elena Tumanova, CFO of LSR Group comments:
“We positively assess our combined RFRS-based financial statements for 2009 especially taking into consideration that 2009 was a tough period for our sector. From our point of view the company’s results show that not only we succeeded in ensuring stable operation of the company under difficult economic conditions but also continued realization of our largest investment project – cement plant construction”.
| 
