Aug 20, 2011

URALVAGONZAVOD is Flagship of Corporation

Financial performance of URALVAGONZAVOD, the parent company of the UVZ Corporation, has a significant positive trend as follows from the report for the second quarter 2011.

Revenue for the 6 months of the year 2011 amounted to 30 billion (the revenue for the same period of the year 2010 was twenty-one billion five hundred fifteen million). The increase in earnings was achieved due to a significant growth in demand for products of railway equipment and machines. Gross profit totaled eight billion one hundred thirteen million rubles, which is by nine hundred eighty-five million more than in the first half-year period of the last year (seven billion one hundred and eight million rubles).The amount of net profit increased by more than 4 times compared to the same period of the year 2010 and exceeded three billion six hundred sixty-five million rubles (eight hundred forty-eight million rubles for the first half-year period of the year 2010). The increase in net profit relates to revaluation of bank credits in foreign currencies, bank credit interest paid and efficient management.

Due to the significant increase in demand for railway products the amount of revenues  generated by this type of activity grew by 225.43%, during the reported period it totaled twenty five billion four hundred sixty-eight million rubles.

Return on equity increased by 3.3% and reached 9.2% (against 5.9% for the first half period of the last year). Return on sales amounted to 18.3%, which is slightly lower than the last year rate and is connected with the growth of production cost.

The Company net asset value in the first half-year period of the year 2011 amounted to 39 billion rubles, which exceeds considerably the net asset value for the same period of the year 2010 (twenty eight billion two hundred twenty-three million rubles in 2010). This increase was achieved due to growth of non-current asset value, which in its turn was caused by an increase in long-term financial investment and a decrease in long-term and short-term liability value, which happened due to a significant reduction of loans and credits as well as due to government support.

The ratio of borrowings to capital and reserves dropped by 46.7% and the ratio of the amount of short-term liabilities to capital and reserves decreased by 21%. These two facts can be explained by a considerable decline of the amount of bank credits and testify to a decrease in financial dependence of the Company from borrowings.

The enterprise is experiencing a dynamic development: labour productivity at URALVAGONZAVOD has grown by 36% (774 million rubles for the first half-year period of 2010 and 1058.9 million rubles in 2011). Funds have been actively invested into modernization of production, which can be proved by a decrease in ratio of amortization to the amount of revenue, which reached 2.4% in the first half-year period of 2010 and 1.8% in the first half-year period of 2011.

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