1 1 2002 us gaap financial results july, 2003 moscow
TRANSCRIPT
11
2002 US GAAP financial results
July, 2003Moscow
22
Four years of steady growthFour years of steady growth
0
50
100
150
200
250
300
350
400
450
$ m
ln
1999 2000 2001 2002
313
241
94
Sales (US GAAP)435
33
Income Statement HighlightsIncome Statement Highlights
$ mln 2000 20012001/2000 2002
2002/2001
Sales 241.0 313.1 1.30 435.4 1.39
Gross margin 20.0 63.2 3.16 96.3 1.52
EBITDA -11.2 23.0 N/a 46.3 2.01
EBIT -31.8 0.9 N/a 20.6 22.55
EBT 5.1 5.4 1.06 63.8 11.79
Net Income 0.3 6.0 17.73 39.0 6.48
44
ProfitabilityProfitability
2000 2001 2002
Sales, $ mln 241.0 313.1 435.4
Gross margin 8.3% 20.2% 22.1%
EBITDA -4.6% 7.4% 10.6%
EBIT -13.2% 0.3% 4.7%
EBT 2.1% 1.7% 14.7%
Net Income 0.1% 1.9% 8.9%
55
Balance Sheet HighlightsBalance Sheet Highlights
$ mln 2000 2001 2002
Current Assets 301.8 318.7 346.0
Total Assets 505.7 517.4 592.5
Current Liabilities 346.5 305.4 283.7
Total Liabilities 376.8 387.3 394.0
NWC -44.7 13.3 62.3
66
Key RatiosKey Ratios2000 2001 2002
Current ratio 0.87 1.04 1.22Quick ratio 0.28 0.28 0.34NWC to Total Assets -0.09 0.03 0.11Total Liabilities to Total Assets
0.75 0.75 0.66
ROA 0.1% 1.2% 7.0%Turnover (days)
Assets 645 596 465Inventories 177 220 177Trade accounts receivable 49 49 43NWC N/a N/a 52
Interest coverage N/a 2.8 3.7
77
Doubtful accounts dropDoubtful accounts drop
$ mln 2000 2001 2002
Trade accounts receivable
48.8 57.0 60.5
Allowance for doubtful accounts
-12.7 -8.4 -5.9
Trade accounts receivable, net
36.0 48.7 54.6
88
Taxes Payable DropTaxes Payable Drop
$mln 2000 2001 2002
Taxes payable short term
79 47 36
Taxes payable long term
25 50 33
Total 114 97 69
99
ValuationValuationDec 31
2000Dec 31 2001
Dec 31 2002
30 Jun 2003*
Cap**, $mln 49.6 138.1 213.8 257.3
EV***, $mln 41.7 150.2 245.2 288.7
EV/S 0.17 0.48 0.56 0.66
EV/EBITDA N/a 6.52 5.29 6.23
Debt/EBITDA N/a 2.88 2.54 2.54
Debt/EV 0.51 0.44 0.48 0.41
P/E 146.4 23.0 5.5 6.6
P/S 0.21 0.44 0.49 0.59
EPS, $ 0.01 0.17 1.10 1.10* management estimation ** fully diluted basis *** EV = Cap + LT Debt - Cash
1010
Cash flow growthCash flow growth
2000 2001 2002
CF before change in working capital, $ mln
-10.5 19.6 23.9
CF before change in working capital per share, $
-0.30 0.55 0.68
1111
Sales segmentationSales segmentation$ mln2000 2001 2002
O&G equipment 19.5 45.8 141.3
NPP equipment 23.6 58.7 74.3
Shipbuilding - 18.6 46.5
Mining equipment 34.0 36.5 37.8
Special Steel 62.8 57.2 46.4
Metallurgical equipment 53.9 47.6 47.8
Other 47.3 48.8 41.2
Total 241.0 313.1 435.4