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OMZ(Uralmash-Izhora) (OMZD)

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Thursday 30 April, 2009

OMZ(Uralmash-Izhora)

OMZ Annual Financial Results

RNS Number : 5286R
OAO OMZ (Uralmash-Izhora Group)
30 April 2009
 



OMZ (Uralmash-Izhora Group) (RTS: OMZZ; LSE: OMZD) has announced its audited consolidated financial results for 2008 prepared in accordance with International Financial Reporting Standards (IFRS). 


In 2008 the Company's revenues from continuing operations rose 22% to US$ 1,174.6 million.  Gross and operating profit for the year reached US$ 252.2 million and US$ 107.4 million, respectively.


Throughout 2008 OMZ experienced stable growth in its main business segments.  The Company's Nuclear Equipment business grew 24% y-o-y to reach US$ 318.3 million. Revenues in the Specialty Steel segment (production of semi-finished metallurgical products for machine building and other sectors) increased 22% to reach US$ 662.5 million.  Sales of Mining Equipment and Services grew 21% and reached US$ 193.5 million.  Cash flow used in investment activities totaled US$ 170 million.


Commenting on OMZ's 2008 financial results, OMZ's CEO, Mr. Victor Danilenko, said: 'We achieved very good results in 2008 in spite of the slow down in the global economy that began in the 3rd quarter. We believe this is due to the initiatives we launched several years ago in cost cutting, optimization of the product line and improvement in the corporate governance structure.'


The 2008 consolidated financial results of the Company were audited to International Financial Reporting Standards (IFRS) by KPMG.  The complete set of accounts 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 WharfLondon E14 5HSUK.


For further information please contact: 

Marina Nacheva, Head of Investor Relations, on (+7495) 662 1040, ext. 1494 or by e-mail at m.[email protected]

Alexander Karlashov, Head of Public Relations, on (+7495) 662 1040, ext. 1612 or by e-mail at [email protected]


This information is provided by RNS
The company news service from the London Stock Exchange
 
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