PRELIMINARY FINANCIAL OUTCOME FOR THE YEAR
URALVAGONZAVOD has published its preliminary 2011 consolidated financial statement (apart from «CHTZ-URALTRACK» Ltd, JSC «Electric Machine Building Works LEPSE», OJSC «Specmash», OJSC «UralNITI», OJSC «Elektroavtomat»). The financials show that the year revenue in 2011 was up to $3 billion, profit on sales — $0.46 billion and net income — $0.33 billion.
Expressed in percentage terms the sales revenue has the following correlation: 68% — Division of Railway Vehicles, 30% — Division of Special Equipment, 2% — other. While the correlation of profit on sales is 85% — Division of Railway Vehicles, 15% — Division of Special Equipment. Return on sales amounts to 15.6% (19.2% — Division of Railway Vehicles, 8.4% — Division of Special Equipment). EBITDA equals 16 billion rubles, debt/EBITDA ratio — 2, loan interest/EBITDA ratio — 8.6%. In terms of financial and economic activity UVZ unified its budget and put into practice budget committees in 2011. Creditor position management is now centralized at the Corporation Management Center.
UVZ has unified the lending rate and service terms for all the enterprises of the Corporation. Nominal cash pooling allowed UVZ to cut financing costs when dealing with balance remaining on accounts. UVZ has begun adjusting its accounting policies and procedures to Russian Accounting Standards and International Financial Reporting Standards.