Press release

EMALLIANCE submitted their IFRS consolidated financial statements & reports for the year 2009

23.06.2010

On 23 June, 2010 published is the audited consolidated financial statements & reports for the year 2009, covering the companies of EMAlliance Group, that has been prepared in accordance with the International Financial Reporting Standards (IFRS). The said financial statements & reporting was duly audited by ZAO «BDO».

The earnings from main operating activities amount to 9 593 million RR that is by 29% higher as against the same performance indicator in 2008. This Group’s positive performance development was influenced mainly by an increase in stock of orders within the implementation of the Investment Programs by power generating companies aimed at long-term development strategy. In this connection, it should be noted that the Company’s order book for the year 2009 has been increased from 35 reaching 41 milliard RR, and currently the orders on hand exceed 43 milliard RR.

The net profit for the year 2009 amounts to 355 million RR that is by 76% greater than the profit in 2008.

EBITDA is 1 218 million RR that is by 16% below the same performance characteristics in the year 2008. The correction of this indicator in the last year was determined by active measures taken for restructuring the Group companies, increasing expenditures for introduction of the most promising IT-technologies as well as due to relative correction of the cost effectiveness of contracts concluded in business environment burdened with financial crisis.

The debt under credit of the EMALLIANCE Group in 2009 is 3 897 million RR that exceeds by 23% the same indicator related to the end of 2008. The borrowings were used for financing capital costs, working capital and development of the Group engineering business.

Commenting the data on the above IFRS reporting, Mr. Timur Avdeenko, the President of the JSC EMAlliance, notes that the results of the Company’s operation in the severe crisis-burden business environment show the stability and the stable development prospects of the Group business. “We have created a good basis which can be used by us to target further development of the business and increase in orders on hand within new programs for modernization of the existing power stations and erection of the new power generating plants both in Russia and abroad” he says.

Reference:

JSC “Energomashinostroitelny Alliance” (EMalliance) is one of the leaders of domestic power machine-building industry, having international experience and competence in designing, fabrication and complete supply of “boiler islands” for TPP, including EPC-contracts. “EMAlliance” possesses more than 70,83% of common shares of Plant “Krasny Kotelschik”. EMA’s engineering branches are located in Taganrog, Podolsk, Barnaul and Ivanovo. Enterprise personnel is 6000 employees, among them 700 highly qualified designers. The present day the company is able to design boilers with steam generation from 100 to 4000 tones per hour, (inc. for the equipment with to-, above-, ultra supercritical steam conditions. EMAlliance possesses the technology of designing and fabrication of HRSG for CCP and performs engineering, complete supply of the equipment for WtE plants and bio fuel processing enterprises and develops new technologies in renewable energy sources, pollution abatement system, coal gasification, SCC.

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