The net profit of Russia’s Severstal-Auto, also known as Severstal-Avto, rose 49.1% year on year to 1.342 billion rubles in 2004, as calculated under International Financial Reporting Standards (IFRS), the company’s general director Vadim Shvetsov told Prime-Tass on Monday.

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Revenue increased 18.8% to 23.029 billion rubles in 2004, Shvetsov said, adding that revenue from exports rose 48.4% on the year to 3.594 billion rubles. EBITDA rose 34.7% on the year to 3.362 billion rubles in 2004 and EBITDA margin was 14.6% in 2004, up from 12.9% in 2003.


Sales of engines fell 4.6% to 273,722 in 2004, Shvetsov said.


Severstal-Auto plans to pay dividends for 2004, but has not yet determined how much it will pay out, Shvetsov said.


Severstal-Auto was established in March 2002, and controls the Ulyanovsk Automobile Plant (UAZ) and the Zavolzhsky Engine Plant (ZMZ).


Severstal-Auto is controlled by Russia’s Severstal Group, Prime-Tass noted.

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