Irkut Corporation has published consolidated financial results to US GAAP standards for the year 2002, audited by KPMG. Irkut Corporation is the first Russian company in the defence sector to publish its financial results according to US GAAP standards.

The Corporation’s revenue was US$528 million in 2002, a 71% increase over 2001 (US$308 million). Earnings before interest, taxes, depreciation and amortisation were US$103 million, more than twice the corresponding figure in 2001 (US$45 million). Operating profit rose to US$88 million, which is almost three times greater than in the previous year (US$31 million). The operational efficiency of the Corporation increased by 7% and the operating margin was 17% compared to 10% in 2001. The profit before taxes and minority interest was US$9 million.

Irkut Corporation’s Senior Vice President for Corporate Finance, Sergey Tsivilev, commenting on the 2002 results, noted that the significant growth in revenue and operating profitability was a result of the manufacturing and financial activities of the Corporation. In line with the Corporation’s long-term business plan for 2004 to 2014, it plans to increase sales volumes, profitability and dividends on a yearly basis.

The Corporation has demonstrated its continued policy of disclosure according to international standards, undertaking the audit and publication of financial accounts according to US GAAP standards for the third year in a row.