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Integra brochure
(pdf - 1.6 mb)


April 24, 2009

Integra Group Notification of Final 2008 Financial Results

Moscow, 24 April 2009. Integra Group (LSE:INTE), will release its audited Consolidated Financial Statements for the twelve months ended 31 December 2008 on Thursday 30th April 2009.

Due to sharp changes in the global economic environment and recent significant volatility of financial markets, the results are expected to include several impairments, provisions and other extraordinary charges which will materially affect the reported financial results. These extraordinary charges are currently estimated at the following levels:

  • Goodwill impairment of US$99.1million in the Group’s Drilling, Workover, IPM and Technology Services segment, primarily as a result of the current low level of demand resulting in reduced future margins and profitability.
  • Accelerated amortization of long term customer and supplier relationships of US$53.7 million due to termination of such relationships in 2008.
  • Provisions for impairment of receivables and inventory values of US$52.0million.
  • Foreign exchange translation loss of US$20.4 million due to significant drop in the value of Russian Ruble and resulting effect on Group’s US$ denominated liabilities.

The audited financial statements may include numbers which will differ to some extent from those disclosed in this statement

Integra’s management will host a conference call for investors and analysts followed by a Q&A session.

The details of the conference call are:

Date: Thursday, 30 April 2009

Time: 17.00 Moscow / 14.00 London / 09.00 New York

Title: Integra Group – 2008 results

Dial-in numbers: Will be distributed on the results announcement date

For further information please contact:

Andrei Machanskis
Head of Investor Relations

Phone: +7 (495) 933 0621 E-mail: amachanskis@integra.ru
Sergey Beldinsky
Head of Public Relations

Phone: +7 (495) 933 0621 E-mail: sbeldinsky@integra.ru

 
Forward looking statements: Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Integra Group. You can identify forward-looking statements by terms such as «expect,» «believe,» «anticipate,» «estimate,» «intend,» «will,» «could,» «may» or «might,» or the negative of such terms or other similar expressions. These statements are only predictions and actual events or results may differ materially. Integra Group does not intend to or undertake any obligation to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in Integra Group’s projections or forward-looking statements, including, among others, general economic and market conditions, Integra Group’s competitive environment, risks associated with operating in Russia, rapid technological and market change, and other factors specifically related to Integra Group and its operations.

This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Integra Group, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of Integra Group.

This communication is directed only at (i) persons who are outside the United Kingdom or (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the «Order») and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as «relevant persons»). Any person who is not a relevant person should not act or rely on this document or any of its contents.

Information contained in this document is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia.