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 4th 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