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Dorogobuzh Releases 2009 RAS Statements

Today Dorogobuzh (a company in the Acron Group) announced its audited RAS non-consolidated statements for 2009.

Financial Highlights:

• Revenue totalled RUB 9.919 billion, up 1% year-on-year (2008: RUB 9.826 billion).
• Operating profit was RUB 2.318 billion, down 37% from RUB 3.703 billion in 2008.
• EBITDA* shrank 34% year-on-year to RUB 2.531 billion (2008: RUB 3.842 billion).
• EBITDA margin was 26%, down from 39% in 2008.
• Net profit in the reporting period totalled RUB 3.580 billion, including a gain of RUB 1.963 billion due to a mark-to-market revaluation of Dorogobuzh’s financial investments. Net profit before revaluation was RUB 1.617 billion, down 46% against RUB 2.967 billion in 2008.

* EBITDA is calculated as operating profit plus depreciation and amortization.

Senior Vice President Alexander Popov comments:

“Dorogobuzh’s financial performance in 2009 shows that the company is doing fairly well in the aftermath of the financial and economic crisis. By boosting output, Dorogobuzh secured a comfortable business margin and achieved higher revenue despite considerably lower prices on all our products. We overcame the economic downturn with minimal losses, due in large part to significant investments made previously during a favourable business environment.”

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