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OMZ

July 1, 2004

OMZ (Uralmash-Izhora Group) releases its audited consolidated financial results for 2003 prepared under IFRS Standards

OMZ (Uralmash-Izhora Group) announced today its audited consolidated financial results for 2003 prepared under International Financial Reporting Standards (IFRS).

 

Consolidated sales for 2003 reached US$547 million, a 26% increase over 2002 when sales totaled US$434 dollars.  Shown below are key financial figures for 2003.

 

Million US$

2003 2002
Sales 547 434,4
Adjusted EBITDA 32 23
Operating profit 40 21
Net income 23 31
Assets 835 540
International sales 257 157

Adjusted EBITDA in 2003 amounted to US$32 as compared to US$23 in 2002.  Operating profit amounted to US$40, a 91% increase over 2002.  International sales, including sales to CIS countries, grew by US$100 million in 2003 to reach US$257 million.  Total assets of the Company increased by US$295 and stood at US$835 million at the end of 2003.

The complete annual 2003 financial accounts of OMZ (Uralmash-Izhora Group) can be viewed on the Company’s website www.omz.ru and will be available at the Document Viewing Facility of the UKLA at The Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, UK.

 

For further information please contact Marina Nacheva, Head of Investor Relations, on (++7095) 974 6021 or by e-mail at mnacheva@omz.ru.

 

 

 

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