JSC „UAC” announces standalone net profit for 2013

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%

UAC

Source / Author: UAC