October 29, 2008. IBS IT Services, the member company of IBS Group Holding Limited, has commenced building a system for transformation and consolidation of financial statements at OAO Mechel, one of the top Russian metals companies.
The project will automate collection of statements from all companies within Mechel Group and provide generation of consolidated US GAAP statements based on those collected. The new system will enable analysis of both consolidated indicators of the group and indicators of individual companies. The system will be based on the SAP SEM-BCS software platform.
The project is expected to provide an efficient tool for generation of consolidated US GAAP statements, reduce work routine and thus speed up preparation of financial statements of OAO Mechel.
Profiles of Project Participants
OAO Mechel, established in 2003, is one of the leading Russian mining and metals companies. Mechel conducts business in mining, metals and energy segments. Mechel comprises producers of coal, iron ore concentrate, nickel, steel, rolled products, ferroalloys, high-level processing goods, heat energy and electricity operating in 12 Russian regions and also in Kazakhstan, Romania, Bulgaria and Lithuania. The company also includes three trade ports and a transport company. Mechel is the first and only Eastern European and Russian mining and metals company whose shares are listed on the New York Stock Exchange.
Mechel is among Russia’s three largest coal producers and Russia’s largest coking coal producer controlling 25 per cent of the coking coal washing capacity in Russia.
Mechel is Russia’s second largest rolled section producer and Russia’s largest producer of special steels and allows, offering the widest range of such products.
In 2007 Mechel had net income of USD 913 million and consolidated revenue of USD 6.7 billion.
IBS IT Services (IBS) is the leader in the Russian IT services market. Along with Luxoft and DEPO Computers, it is part of IBS Group Holding Limited. Its core lines of business span management consulting, implementation of business applications, IT outsourcing and IT infrastructure. IBS headcount is about 3,000 employees including over 1,500 certified consultants. IBS customer base includes 34 of Russia’s top 50 companies. For more information on IBS, please visit http://www.ibs.ru/.
For further information about the company, please contact Lada Scherbakova, PR Director at 007 (495) 967 8080, or by e-mail at lada@ibs.ru.
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