OREANDA-NEWS. July 15, 2010. PricewaterhouseCoopers has completed the audit of consolidated reports for 2009 of System Capital Management, the managing company of SCM Group. 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.[1] This has been the sixth consolidated report of SCM Group developed in compliance with IFRS (first consolidated financials were prepared for 2004) and assured by an international consultancy.

CEO of SCM Oleg Popov commented on the results of the reporting period: "The year 2009 was an endurance test for all of us. In our view, SCM Group has passed the exam successfully. Financial results of the year not only meet our expectations, but also exceed them. In the reporting period classic financial indicators such as revenue, profit, etc. faded to the background as we set somewhat different objectives. In particular, our major priorities in 2009 included: keeping the market positions, ensuring financial stability, increasing the efficiency of each business area of the Group, servicing our financial liabilities in full and on time and using available resources, both financial and human ones, efficiently".

Key consolidated indicators of SCM in 2009:

·          Consolidated assets of SCM Group as of the end of 2009 made  USD 18.539 bn (as of the end of 2008  - USD 18.075  bn)

·          Consolidated gross revenue of SCM Group in 2009 made USD 8.151 bn (in 2008 - USD 15.985 bn)  

·          Consolidated profit of SCM Group in 2009 before taxes made USD 0.283 bn (in 2008 - USD 3 bn)

·          Consolidated expenses on profit tax of SCM Group in 2009 made USD 0.186 bn (in 2008 - 0.805 bn)

In 2010 our focus has not changed: ensuring operational efficiency, implementing key investment projects, carefully studying all M&A opportunities arising in the market and, certainly, taking advantage of those, which fit our strategy. I am confident that all the goals we set are attainable. We believe that the key to our future success lies in the strategy of reasonable business diversification and a well-coordinated work of SCM team", Mr. Popov added.