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24 August 2015

“Technodinamika” of Rostec State Corporation will publish for the first time its consolidated financial statements according to International Financial Reporting Standards (IFRS) for financial year 2014. The holdings’ IFRS financial statements will be audited.

“No strict requirements on reporting standards are imposed on us, but it is more convenient for banks and customers to see the international standards data”, said Maxim Kuzyuk, CEO of “Technodinamika”. “Financial institutions and our partners are used to analyzing data in a specified form; in addition, reporting under international standards reflects some consolidated data more fully as compared to accounting statements.

“Currently, “Technodinamika” is going through the audit process. Financial statements for 2014 will not contain comparisons to the prior year results”, notes Alexander Barinov, CFO of “Technodinamika”. This is due to the fact that most part of subsidiaries’ shares was transferred to the holding only in 2013 and comparison with the previous period will not reflect the information in full. Comparison will appear for the first time in 2015 results, which will be published in April 2016.

In 2014, “Technodinamika” of Rostec State Corporation has increased its consolidated net income to 1 billion 470 million rubles according to Russian Accounting Standards (RAS). In 2013, this value was at the level of 1 billion rubles; the increase is 46.7%.

The holding's revenue has increased to 20 billion 763 million rubles. In 2013, this value was 20 billion 145 million rubles under RAS. The increase is in excess of 3%. In 2014, the holding also managed to increase the overall production to the level of 18 billion 29 million rubles. In 2013, this value was 15 billion 394 million rubles.