1 1 2002 us gaap financial results july, 2003 moscow

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1 2002 US GAAP financial results July, 2003 Moscow

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Page 1: 1 1 2002 US GAAP financial results July, 2003 Moscow

11

2002 US GAAP financial results

July, 2003Moscow

Page 2: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 3: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 4: 1 1 2002 US GAAP financial results July, 2003 Moscow

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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%

Page 5: 1 1 2002 US GAAP financial results July, 2003 Moscow

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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

Page 6: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 7: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 8: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 9: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 10: 1 1 2002 US GAAP financial results July, 2003 Moscow

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

Page 11: 1 1 2002 US GAAP financial results July, 2003 Moscow

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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