United Heavy Machinery to present its financial statements today

United Heavy Machinery, one of the Russia's leading machine-buildingfactories, will present its financial statements according to US GAAP for2001 and statements in accordance with the Russian accounting standards forthe first half of 2002 today, a source in the company reported. Accordingto preliminary estimates, the company's net profit reached $6.01m in 2001according to US GAAP standards, which was more than 17-fold more ascompared to 2000, when the net profit was registered at $339,000.According to US GAAP standards, confirmed by the auditor Ernst&Young, thevolume of sales of United Heavy Machinery, reached $313.1m in 2001, whichwas 29.9 percent more against 2000. Profits from the company's corebusinesses saw a more than three-fold increase and hit $63m. The share ofexport revenues in the total volume of the company's revenues went up from20 percent in 2000 to 27 percent in 2001. Export revenues of United HeavyMachinery amounted to $84m, which was 74 percent more than in 2000. Thecompany's core exports are equipment for atomic power stations.According to Russian accounting standards, the net profit of United HeavyMachinery amounted to about 1.21bn rubles (about $38m at the currentexchange rate) in 2001, which was 2.7 times more than in 2000. Thecompany's accounts receivable went up 14.6 percent - from about 2.67bnrubles ($84m) in 2000 to 3.058bn rubles ($97m) in 2001 - while its accountspayable dropped 21.5 percent to 5.63bn rubles ($178m)..

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