OREANDA-NEWS. On August 31, 2009 System Capital Management, managing company of SCM Group, announced completion of the audit of its 2008 financial statements carried out by PricewaterhouseCoopers. Consolidated statements are prepared in conformity with the International Financial Reporting Standards (IFRS) and contain information on the financial performance of all companies of SCM Group, reported the press-centre of SCM.
 
Key consolidated indicators of SCM's activity in 2008:
 
Consolidated assets of SCM Group as of late 2008 made US18.075 bn. (US 19.944 bn as of end of 2007).

Consolidated gross income of SCM Group in 2008 made US 15.985 bn (US 9.563 bn in 2007).  

Consolidated profit of SCM Group in 2008  before taxes made US 3 bn. (US 1.786 bn in 2007)

Consolidated income tax expense of SCM Group in 2008 made US 0.805 bn (US 0.379 bn in 2007).

The Group employs over 150,000 people.

This has been the fifth consolidated report of SCM Group developed in compliance with IFRS (first consolidated financials were prepared for 2004) and assured by an international consultancy. SCM has been the first national financial and industrial group to reveal core consolidated financials, which went through an international auditing process.
 
"I am sure that we all won't forget 2008 easily. It started with a rapid growth of almost every industry and ended with an equally rapid slump triggered by the general downturn in the global economy. However, the position of SCM Group is largely stable", said CEO of SCM Oleg Popov. "In 2008 we were focused on improving efficiency of our business areas, avoiding the investment, which was not in compliance with the Group's development strategy and using market opportunities to ensure a safety margin in Group's core industries.  We completed creation of the SCM Group ownership structure, which is clear and understandable for national and foreign audiences. Also, in 2008 we continued improving the quality of our corporate governance".
 
Important is the fact that the amount of taxes paid by SCM Group businesses has more than doubled, according to 2008 reports.
 
"Today, in the challenging financial and economic conditions, our major goal is to set priorities properly and use the available resources efficiently. An essential objective for us today is to ensure sufficient liquidity of SCM's businesses and meet all obligations accurately. Firstly, I mean obligations to employees of our companies and also to the national budget. SCM Group enterprises have been and remain the biggest contributors to Ukraine's budget", added Mr Popov.