22 October 2015

The unqualified report was approved by the Nexia Pacioli auditing company, a member of Nexia International, an international network of independent audit and advisory firms included in the TOP-10 list of the largest audit and advisory networks.

"We have decided to shift to the international standard, although we were not required to submit information in IFRS format," says Maxim Kuzyuk, the CEO of Technodinamika. "However, financial institutions and our partners are accustomed to analyzing data in a certain form, and besides, the international financial statements reflect certain consolidated data in more detail as compared to the accounting reports, making us more transparent to our partners."

In addition, according to Maxim Kuzyuk, the Holding will issue unaudited IFRS statements based on the results of each quarter. A special expert group is being set up at the Holding for this purpose.

According to the document, in 2014 Technodinamika cleared a profit of RUB 2 bln, 448 mln. The revenues for this period amounted to RUB 162 bln, 638 mln rubles and EBITDA amounted to RUB 2 bln, 161 mln.

"The figures stated in the IFRS statements differ from those in the RAS statements," notes Alexander Barinov, Deputy CEO of the Holding in charge of Economics and Finance. "Thus, the revenues turned out smaller because several companies whose shares were acquired in 2014–2015 were outside the perimeter. The profit according to IFRS exceeds the profit according to RAS by about RUB 1 bln due to non-recurring asset revaluation. The statement for next year will include the figure cleared of this factor in order to present the real dynamics. In this case, our stable state demonstrates a 12.99% EBITDA profitability."

This year's IFRS statement does not contain a comparison to the previous period's results because it was drawn up in compliance with the standard requirement, "First use of the International Financial Reporting Standards." It contains the consolidated data for the previous period to show the dynamics in the first full IFRS statement for 2015, which will be published in 2016.