Joint Stock Company „United Aircraft Corporation” (MOEX: UNAC) announces audited standalone financial statements for 2013 in compliance with the Russian Accounting Standards (RAS).
Revenue for the reporting period exceeded the result of previous year and amounted to RUB 12.1 bln.
In 2013, as part of an optimized scheme of federal funding JSC „UAC” was a subsidized in the amount of RUB 1.8 bln to compensate expenses for 5th coupon on the bond issue 4-01- 55306- E as of February 22, 2011. Such subsidy helped to increase net profit by 9.77 % compared with 2012 .
Moreover, the Company reduced other expenses due to (including but not limited to) reduction of negative exchange rate differences. As a result, the delta of other income/expenses amounted to almost 2.2 RUB bln – this allowed to achieve the positive financial result in the amount of RUB 0.7 bln, net profit margin of 5.8 % , and reduce the accumulated loss of JSC „UAC” to RUB 1.5 bln.
Net debt of JSC „UAC” compared to the beginning of the year reduced by more than 13.85% and amounted to about RUB 31.0 bln. Company’s financial liabilities also showed positive trends in reducing the share of short-term loans in the total debt of the Company from 14.68% to 8.72% compared with the beginning of the year and reducing interest expenses by 3.42 % in relation to 2012.
Cash flows performance showed that operating cash flow had amounted to almost RUB 5.9 bln. Despite the growth of the investing cash by almost 6 times the Company achieved positive free cash flow and, accordingly, got opportunities to reduce dependence of it’s business from external sources of funding.
Summing up the results of reporting period JSC „UAC” Vice-President for Economics and Finance (CFO) Vladimir Chirikov said: „Getting the Company 's net profit and yield a positive free cash flow are important reference points of JSC „UAC”’s financial strategy”.
Financial statements of JSC „UAC” for 2013 in compliance with RAS are available for download at the Company’s website (in Russian): http://www.uacrussia.ru/ru/investors/reports/financial_reports/.
Statement of financial position in compliance with RAS (short form)
|
thousand RUB |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|---|---|---|---|
| Non-current assets | 140 322 113 | 128 318 648 | 126 840 283 |
| Current assets | 143 316 995 | 130 157 274 | 115 358 146 |
| Trade receivables | 108 360 611 | 100 436 808 | 90 468 161 |
| Short-term investments | 4 585 832 | 7 734 845 | 2 505 897 |
| Cash and cash equivalents | 24 509 659 | 19 832 419 | 19 430 564 |
| Equity and reserves | 196 181 512 | 191 280 972 | 176 319 960 |
| Share capital | 188 903 119 | 219 654 789 | 201 925 962 |
| Accumulated loss | (1 498 360) | (32 952 166) | (32 882 364) |
| Non-current liabilities | 75 360 004 | 48 523 780 | 57 881 682 |
| Long-term loans and borrowings | 50 662 572 | 47 615 588 | 53 480 674 |
| Current liabilities | 12 097 592 | 18 671 170 | 7 996 786 |
| Short-term loans and borrowings | 4 837 717 | 8 190 902 | 1 381 476 |
| Trade payables | 3 826 060 | 9 888 652 | 5 697 224 |
| Total assets/Total equity and liabilities | 283 639 108 | 258 475 922 | 242 198 429 |
Profit and loss statement in compliance with RAS (short form)
|
thousand RUB |
2013 |
2012 |
Growth |
|---|---|---|---|
| Revenue | 12 110 524 | 11 993 614 | 0,97%TD> |
| Gross profit | 633 621 | 715 054 | -11,39%TD> |
| Operating profit | (892 290) | (316 770) | 181,68% |
| Profit before tax | 585 803 | (63 511) | 1022,36% |
| Net profit | 702 135 | (69 590) | 1108,96% |
| Net profit margin | 5,80% | -0,58% |
Cash flows statement in compliance with RAS (short form)
|
thousand RUB |
2013 |
2012 |
Growth Изменение |
|
|---|---|---|---|---|
| CFO | 5 852 890 | (13 248 594) | 144,18% | |
| CFI | (5 739 072) | (965 836) | 494,21% | |
| CFF | 3 882 678 | 15 165 493 | -74,40% | |
| Net increase in cash & cash equivalents | 3 996 496 | 951 063 | 320,21% |
Source / Author: UAC