1 1 2002 us gaap financial results july, 2003 moscow
TRANSCRIPT
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2002 US GAAP financial results
July, 2003Moscow
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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
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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
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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%
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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
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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
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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
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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
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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
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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
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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