Azovstal Posts Net Income Increase Of 10% In 2005.

The company (AZST: SELL) disclosed its 2005 financials according to which its sales grew 39% in 2005, 2% below our forecast. At the same time, reported EBITDA (up 22%) and Net Income (up 10%) beat our projections by 10% and 26%, respectively.

               USD mln   2005   2004   Chg, %   Our forecasts, 2005    Chg vs. forecasts, %

Sales                     2420.2  1739.1  39.2%               2465.5               -1.8%

EBITDA                  378.7  311.1    21.7%                344.1                  10.1%

NI                         226.9  206.3   10.0%                 180                     26.0%