Rusnano denies ?multibillion ruble loss? media reports

Rusnano denies ?multibillion ruble loss? media reportsRusnano, Russia?s nanotech giant, has publicly denied media reports regarding its alleged ?multibillion ruble losses,? and talked about ?natural risks.?

Rusnano, Russia?s nanotech giant, has publicly denied media reports regarding its alleged ?multibillion ruble losses? for last year. ?We find it essential to underscore that this information contradicts the reality,? the company said in its April 23 statement. According to Rusnano?s explanation, the company formed ?a reserve to offset a possible decline in the valuation of Rusnano?s project companies??a move required by the Russian accounting regulators. The reserve was included in the 2012 books. The amount published?21.8 billion rubles, or about $703m??is not any loss but rather reflects possible investment risks,? Rusnano emphasized. The company added that ?the presence of such risks is natural for investment projects.? The nanotech firm pointed out that in 2012, its portfolio companies sold $755m worth of nanotech products, which was way over the planned $320m target. The company also drew attention to the fact that ?over the five years of Rusnano?s activity 44 modern production lines have been launched across Russia from St...





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