Joint Stock Company „United Aircraft Corporation” (MOEX: UNAC) announces audited consolidated financial statements for the year ended 31 December 2013 in compliance with IFRS.
Last year the Corporation achieved significant growth in production, revenue and other key key indicators.
The consolidated revenue amounted to RUB 220,065 mln from RUB 171,019 mln in 2012/
As a part of realization of aircraft construction contracts Corporation sold 111 aircrafts in 2013 (compared to 94 in 2012).
The growth is based not only on military aircraft segment but also on civil aircraft segment: sales of SSJ 100 increased from 12 machines in 2012 up to 25 jets in 2013.
Starting of production at installed capacity on several programs at lower costs per aircraft causes the growth of EBITDA and operating profit in absolute and relative terms in 2013.
Due to the high growth of operating margin the level of Corporation’s leverage decreased in terms of net debt / EBITDA by more than 3 times to a value of 11.1 .
The final financial result of the Corporation for 2013 in addition to the operating results also was affected by:
Summing up the results of reporting period JSC „UAC” Vice-President for Economics and Finance (CFO) Vladimir Chirikov said: “Growth of production, appropriate reduction of operating expenses per unit and yield a positive net profit margin are the main priorities of the Corporation for the near future”.
The consolidated financial statements of JSC „UAC” for 2013 in compliance with IFRS are available for download at the Company’s website: http://www.uacrussia.ru/en/investors/reports/ias_ifrs_financials/.
Source / Author: UAC