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AUDIT REPORT on VSMPO-AVISMA Corporation Fi- Nancial Statements for 2005

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AUDIT REPORT on VSMPO-AVISMA Corporation Fi- Nancial Statements for 2005 The Annual Report was preliminary approved by the Board of Directors of VSMPO – AVISMA Corporation on May 12, 2006 COMPANY INFORMATION Full Company Name State Registration Number Public Stock Company 1026600784011 VSMPO-AVISMA Corporation Independent Auditor Company’s Site Joint Stock Company 1, Parkovaya Str., Analytic-Express Verkhnaya Salda, Sverdlovsk Region, Russia Company’s Print Newspaper “Novator” Company’s Mailing Address Newspaper “Metallurgist” 1, Parkovaya Str., Verkhnaya Salda, Web-server: www.vsmpo.ru Sverdlovsk Region, www.avisma.ru Russia, 624760 E-mail: State Registration Date [email protected] February 18th, 1993 [email protected] [email protected] Registration Number 162 II ВИ Annual report 2005 CONTENTS A LETTER TO SHAREHOLDERS ________________________________________________________ 5 BOARD OF DIRECTORS _____________________________________________________________ 6 KEY PERFORMANCE INDICATORS_____________________________________________________ 7 ANTICIPATED 2005 NET PROFIT DISTRIBUTION __________________________________________ 8 PRODCUTION AND MARKETING ACTIVITY ____________________________________________ 9 Titanium Production _____________________________________________________________ 10 Aluminum Production _____________________________________________________________ 12 Steel and Nickel-Base Alloy Products ______________________________________________ 13 Manufacturing Engineering ________________________________________________________ 14 QUALITY AND CERTIFICATION _____________________________________________________ 15 INNOVATIONS ___________________________________________________________________ 17 Capital Construction, Reconstruction and Modernization ______________________________ 17 Melting _________________________________________________________________________ 17 Forging _________________________________________________________________________ 18 Rolling _________________________________________________________________________ 19 Bar Rolling ______________________________________________________________________ 20 Die Forging Machining Shop Construction ___________________________________________ 20 LABOR PROTECTION AND SAFETY ENGINEERING ______________________________________ 22 ENVIRONMENTAL PROTECTION _____________________________________________________ 23 PERSONNEL MANAGEMENT _________________________________________________________ 25 SOCIAL SPHERE __________________________________________________________________ 27 Medicine ________________________________________________________________________ 28 Culture __________________________________________________________________________ 29 Sports __________________________________________________________________________ 30 Health Improvement and Recreation _________________________________________________ 31 Social Project «Cadet School» ____________________________________________________ 32 Social Assistance and Charity _______________________________________________________ 33 AVISMA - AFFILIATE _______________________________________________________________ 34 ACCOUNTING ____________________________________________________________________ 43 Balance Sheet ____________________________________________________________________ 44 Profit-and-Loss Statement _________________________________________________________ 46 Cash Flow Statement _____________________________________________________________ 47 AUDIT REPORT __________________________________________________________________ 49 SHAREHOLDER INFORMATION ______________________________________________________ 51 RISK FACTORS ____________________________________________________________________ 52 OBSERVANCE OF THE CORPORATE GOVERNANCE CODE ______________________________ 53 Annual report 2005 A LETTER TO SHAREHOLDERS In 2005 we faced a unique situ- computer control systems were in- ation: along with the significant gr- troduced at all the conversion st- owth of the global aircraft build-ra- ages in accordance with customer tes, the airplane structure has been requirements and material prope- considerably changing. Aluminum rties. We extended our capabilities is replaced with composites and for product quality inspection by titanium, and titanium content in purchasing new fluorescent pene- the airplane structure is increasing. trant and multizone ultrasonic in- The rapidly developing nuclear spection units. The sixth tube-we- power industry will also require a lding line was launched. And fi- lot of titanium. nally, our high road into the future Thus, the Corporation is seei- – rough machining of large-size co- Vladislav Tetyukhin: ng great prospect and our present mplex shape die forgings. New ma- «2005 was a success for task is to be prepared to meet the chines were purchased and put us. All the plans are being growing titanium demand from into operation in the machining fa- implemented» conventional and emerging econ- cility. omic sectors. It would be even be- Customers cognized as a producer of high-qu- tter if we could be ahead of such Whilst we have become the nu- ality value-added products. demand. In the past 2005 our joint mber one supplier to Airbus seve- Salaries efforts were aimed at achieving th- ral years ago, only in 2005 we ma- The positive trend is observed ese objectives. naged to become the strategic su- in one of the most important indic- VSMPO and AVISMA pplier to Boeing which introduced es of the company’s competitiven- July 1, 2005 is the date of offi- into the market its revolutionary ess - output per man in money te- cial registration of our Corporation project B787 with the increased ti- rms. Salary has also grown and am- that unites with the single process tanium content. And of course we ounted to RR 11 000 in 2005 (20% cycle two companies which have maintain our cooperation with do- increase compared to 2004). been working together for a long mestic customers as we are practi- Social Sphere time. cally their only supplier of titanium Every year the Company’s soci- Titanium Production products and we fully meet their ti- al expenses are increasing. In 2005 Since 2000, titanium products tanium demand. they amounted to RR 321.1 mln, output in tons has increased 2 ti- Development which is 17% higher compared to mes, in money terms – 3 times. Ex- We manage to maintain our le- 2004. These means are used to sup- port volumes have grown 3.5 times ading position and credibility in the port sports, medicine, culture, and and domestic shipments - 2.4 ti- world market through constant re- social assistance. mes. In this way, while Vladimir Pu- construction and upgrading of eq- So, the results of the Compan- tin is planning to double the gross uipment, process improvement, y’s activities in 2005 are quite im- domestic product by 2010, the Co- regular and capital repairs. Investm- pressive. There is a lot of difficult, rporation has achieved it by 2005. ents are made into production de- intensive, interesting work to be Upgrading velopment and conversion. In 2005 done, which means the Company During 2005 we upgraded die- we spent USD 54 mln for these pu- will live and develop further. forging and sheet-rolling equipm- rposes (in 2004 – USD 30 mln). Pr- ent in the main production shops oduct complexity was significantly Vladislav Tetyukhin of the Company. State-of-the-art increased. Currently VSMPO is re- Annual report 2005 BOARD OF DIRECTORS Vyacheslav Chairman of the Board of Directors I. BRECHT Dennis Chief Financial Officer KELLY VSMPO-Tirus US, USA Director Wasil Maintenance, Reconstruction and Repair A. BESEDIN AVISMA-Affiliate VSMPO-AVISMA Corporation Vladislav Director General V. TETYUKHIN VSMPO-AVISMA Corporation Director Nikolai Production Planning and Management K. MELNIKOV VSMPO-AVISMA Corporation John President MONAHAN VSMPO-Tirus US, USA Director Pavel Investment Banking Services A. RIZANENKO Renaissance Capital Annual report 2005 KEY PERFORMANCE INDICATORS Units 2002 2003 2004 2005 in millions Sales Revenue (net of VAT) 8 769 8 370 10 572 16 800 rubles Costs per Ruble of Product Sold in kopecks 68 76 83 76 in millions Net Profit 1 390 1 279 1 601 3 174 rubles in millions Balance-Sheet Total 8 121 10 063 12 407 20 447 rubles Average Listed Number of Personnel in persons 14 866 15 234 15 280 18 846 Average Monthly Salary in rubles 6 471 7 436 9 000 11 563 Annual report 2005 ANTICIPATED 2005 NET PROFIT DISTRIBUTION Net Profit for the Reporting Period RR 3 174 137 K Undistributed Profit of the Reporting Year shall be allocated as follows: 1.Payment of Dividends for 2005 RR 436 739 K 2. Capital Investments RR 2 255 198 K 3. Remuneration to the Members of the Board of Directors RR 840 K 4. Remuneration to the Members of the Auditing Committee RR 360 K 5. Consumption Fund RR 481 000 K Dividend per share: 37.88 rubles Dynamics of Dividend Payments per Share (in rubles) * Growth vs the previous year, % Annual report 2005 PRODCUTION AND MARKETING ACTIVITY In 2005, VSMPO product sales in The Company has consistent gr- Association, Irkut Corporation (Ir- value terms were RR 16 800 mln. Ex- owth of its production output and kutsk), Salut (Moscow), Saturn (Mo- port share was 69% of the sales vo- hence, stable profit increase ensur- scow), Kiev Aircraft Plant “Aviant” lume. The general increase of the Co- ing production reconstruction and (Kiev), Gas and Turbine Construction mpany’s product sales was primarily development. Facility “ZORIA” – “MASHPROJECT”, due to export of titanium mill produ- The major CIS market customers Motor-Sich (Zaporozhye), Kazakhm- cts and ferrotitanium.
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