On Monday, July 21, 2003 OMZ released its 2002 consolidated financial results under GAAP prepared by the Company and audited by Ernst & Young CIS Ltd.
Sales in 2002 grew by 40% and reached $435 million compared to $313 million in 2001. The table below contains the key performance indicators:
|
|
2000 |
2001 |
2002 |
Sales |
241 |
313 |
435 |
|
EBITDA |
-11 |
23 |
46 |
|
Operating profit |
-31.8 |
0.9 |
20.6 |
|
Net income |
0.3 |
6.0 |
39.0 |
|
Assets |
506 |
517 |
593 |
|
Net working capital |
-45 |
13 |
62 |
|
Share of international sales |
17% |
26% |
36% |
EBITDA in 2002 amounted to $46 million compared to $23 in 2001. Operating profit grew 23 times as compared to 2001 and reached $20.6 million. Net income amounted to $39 million which is 6.5 times the net income for the previous year.
The share of oil drilling equipment, shipbuilding and nuclear power plant equipment together contributed 60% to OMZ’s 2002 sales. International sales almost doubled and reached $155 million. Total assets grew by 15% and at the end of 2002 amounted to $593 million.
Sergei Nikolaev, deputy general director of OMZ, commenting on the financial results, said: “OMZ is a dynamic company which is demonstrated by the 2002 GAAP financial results. We achieved good financial and operating performance results in 2002 and we will continue our efforts to improve productivity and operating efficiency.
For further information please contact Marina Nacheva, OMZ head of investor relations, at (++7095) 974 6021, ext. 1494, e-mail mnacheva@omz.ru.
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