Akhmetov’s company finished 2014 with $1.84 bln loss

Source : 112 Ukraine

"System Capital Management" (SCM) has finished 2014 with $1.84 bln consolidated pre-tax loss, while in 2013 the Group's profit was $1.205 bln.
19:35, 7 July 2015

Leading financial and industrial group in Ukraine Company "System Capital Management" (SCM), 100% owned by Ukrainian businessman Rinat Akhmetov, has finished 2014 with $1.84 bln consolidated pre-tax loss, while in 2013 the Group's profit was $1.205 bln. This information was shown by a press release, published on the official website of SCM.

 The gross income of SCM is $18.457 bln, while in 2013 it was $24.465 bln. Expenses for income tax amounted are $0.181 bln, while in 2013 they were $0.650 bln. Taxes and fees paid by the Group to the budgets of all levels (including pension funds) amounted to UAH 32.4 billion (in 2013 - 28 billion UAH). "Despite 2014 year was extremely difficult for the Ukrainian society and the economy, SCM Group paid out the highest amount of taxes to the budgets of all levels and extra-budgetary funds – 32.4 billion UAH. At the same time, all the wages, which are higher than average national wages, were completely paid, capital and social investments were carried out,” as stated in the release.
Average wages in SCM enterprises was 5.9 thousand UAH, and it is more than 70% higher than the average Ukrainian salary. Social investments amounted to 6.6 bln UAH (in 2013 - 6 bln UAH), including investments in security labor and environmental protection amounted to 5.8 bln UAH. SCM remains socially responsible, and actively develops efficient business.
Akhmetov's business assets fell by almost half for the first time in the recent history. Among the reasons is a weak demand from the steel industry of the world market. This year prices in China and Europe fell by more than 10%. At the end of 2014, and consumption of steel in the CIS countries decreased by 3.8%, to 56.9 mln tons due to the crisis in Ukraine and the economic sanctions against Russia.

SCM activities are concentrated in three main business areas: mining and metals, power generation and financial, as well as telecommunications, media, real estate, retail trade, production of mineral raw materials, petroleum products trade, agriculture, engineering and transportation.
Rinat Akhmetov leads the Forbes Rich list 2015 for Ukraine.

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