Results of Activities in the Reporting Period

Key Financial Performance Indicators

Key financial indicators, RUR mln

Item	2009	2010	2011	2011 on 2010, %
Revenue	80,317	83,261	70,514	84,7
Production cost	-54,243	-57,027	-46,024	80.7
Gross profit	26,074	26,234	24,490	93.4
Business expenses	-1,686	-2,512	-2,342	93.2
Management expenses	-1,769	-1,812	-1,770	97.7
Income/(loss) from sales	22,619	21,910	20,378	93.0
Other income and expenses	-1,813	-628	-2,444	389.2
Loan interest expense	-2,344	-1,008	-795	78.9
Profit before tax	18,462	20,275	17,139	84.5
Profit tax, including deferred tax assets and deferred tax liabilities	-3,924	-4,340	-3,820	88.0
Other payments from profit	-17	0	0	0
Net profit	14,521	15,935	13,319	83.6
For reference: Earnings before Interest, Taxation, Depreciation and Amortisation (EBITDA)	20,876	21,370	19,488	91.2

EBITDA

Net profit

The major factor in the reduction of EBITDA (–8.8%) in the reporting year compared to 2010 was a decrease in the revenue due to the events in Japan and the fulfillment of the contract for providing the technical assistance to the 4^th construction stage of a gas centrifuge plant in China, as well as the strengthening of the rouble in relation to foreign currencies.

A decrease in net profit (–16.4%) compared to 2010, along with a decrease in revenue from sales has been caused by an increase in a negative credit balance of other income and expenditure, which resulted largely from a rouble revaluation of the Company's foreign currency credit portfolio.

Profitability ratios, %

Item	2009	2010	2011
Profitability of sales based on gross profit	32	32	35
Profitability of core operations (EBITDA)	26	26	28

Liquidity indicators

Item	2009	2010	2011
Current liquidity ratio	1.37	1.52	1.53
Quick liquidity ratio	0.74	1.00	0.94

Ratios:

Current ratio

Quick ratio

Ratios:

Debt to equity ratio

Equity ratio

Financial Stability Indicators

Item	2009	2010	2011
Debt to equity ratio	2.74	2.26	2.31
Equity ratio	0.05	0.14	0.13
Net equity, RUR mln	18,140	20,900	19,116
Assets, RUR mln	63,833	65,495	70,018
Net equity share in total equity, %	28.4	31.9	27.3

Key profitability and financial stability indicators in 2011 remained largely the same as in 2010. It is a satisfactory result and is continuously monitored by the Company and the State Atomic Energy Corporation ROSATOM.

During 2011 the net equity of the Company decreased by 8.5%, largely due to the payment of interim dividends for the nine months of 2011 pursuant to the sole shareholder's resolution.

Assets, RUR mln

Net assets, RUR mln