OREANDA-NEWS. August 1, 2012. Return on investments in organic development of SCM's operating companies and new acquisitions drive growth of our businesses. The achieved results will help SCM to ramp up its investment in production modernisation and social projects in the regions of our presence.

The SCM Group has revealed its IFRS financial statements 2011 audited by PriceWaterhouseCoopers. The group has been preparing its IFRS financial data audited by an international audit company for eight years in a row.

SCM Group's key consolidated financial indicators for FY 2011:

Assets - USD 28,466m (USD 22,675m in 2010).

Gross revenue - USD 19,542m (USD 12,819m in 2010).

Profit before tax - USD 3,128m (USD 1,299m in 2010).

Profit tax payments - USD 870m (USD 449m in 2010).

SCM CEO Oleg Popov welcomed the results, "The good progress in 2011 came not only from a favourable market environment and continued consolidation of new businesses under umbrellas of Metinvest and DTEK. Along with that we enjoyed a strong return on our multi-million investment in development and upgrade of our companies in 2011. We are happy with the last year's performance and plan to re-invest our profit to further modernise businesses, ensure professional development of our employees and improve social infrastructure in the regions of our operations. These efforts will make SCM even more competitive domestically and internationally. In 2012, we'll invest at least USD 2bn in modernisation and at least USD 20m in social projects."

Improved financial performance has come from better operating results delivered by the group's mining & metals and energy holdings. In 2011, SCM's steel business showed a 51.6% revenue growth to USD 14,189m. Its EBITDA rose 39.7% to USD 3,565m. Similarly, DTEK's revenue soared 63% to USD 4,969m and EBIDTA went up 75.9% to U.S.1,270m.