OREANDA-NEWS. OJSC PricewaterhouseCoopers completed the audit of the consolidated financial statements of VSMPO - AVISMA Corporation for 2005 prepared in accordance with the accounting principles generally accepted in the United States of America. In the auditor’s opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2005 and 2004 and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

The consolidated financial results for 2005 of the VSMPO - AVISMA Group were as follows: sales revenue - US$ 728,19 mln.; gross profit - US$ 315,95 mln.; production costs - US$412,24 mln.; income before taxes - US$130,2 mln.; net income - US$74,61 mln.; EBITDA - US$161,15 mln.

For comparison, the financial results for 2004 were as follows:
sales revenue - US$522,73 mln.; gross profit - US$205,63mln.; production costs - US$317,09 mln.; income before taxes - US$85,6 mln.; net income - US$50,29mln.;
EBITDA - US$102,46 mln.


The financial results increased in 2005 from 2004 results as follows:
sales revenue + 39,3%; gross profit + 53,6%; production costs + 30%; income before taxes + 52,1%; net income + 48,4%; EBITDA + 57,3%.

The full text of the consolidated financial statements is available on the Company’s website at www.vsmpo.ru.