JSC Shipbuilding plant «Severnaya verf» reported preliminary IFRS results of 2006. According to the yard’s press center, its pre-tax net profit grew from $7 to $15 million, index of business efficiency — EBITDA profitability grew from 15.7% to 16.3%. Sergei Yurchuk, the company’s Director of Economic and Financial Affairs, EBITDA report enables the companies make correct estimation of their results as compared with that of Russian accounting standards.
As of today Severnaya verf is engaged in construction of 4 guard-ships project 20380 for Russian Navy; frigate project 22350 for Russian Navy; special communications vessel project 18280 for Russian Navy; as well as in repair of the Vice-Admiral Kulakov frigate and the Rastotopny destroyer of the Northern Fleet.
The yard’s major shareholders are International Industrial Bank CJSC (72.23%) and RFFI (20.96%).