12-Sep-2013 Source: Russian Helicopters
Russian Helicopters (“the Company”) – a subsidiary of Oboronprom, part of State Corporation Rostec – announces its consolidated financial results for the first half of 2013 under IFRS.
| RUB, million |
1H2013 |
 1H2012 |
Change, y-o-y (%)  |
| Revenue |
64,470 |
60,292 |
6.9% |
| EBITDA |
11,791 |
9,120 |
29.3% |
| EBITDA margin |
18.3% |
15.1% |
3.2 pp |
| Profit |
3,049 |
3,056 |
-0.2% |
Financial Highlights
The Сompany’s consolidated revenues in 1H2013 totaled RUB 64.5 billion, an increase of 6.9% year-on-year. Revenues from helicopter sales amounted to RUB 54.4 billion, while revenues from services and support reached RUB 6.9 billion.
Cost of sales increased by 5.9% year-on-year and amounted to RUB 38.4 billion. Operating expenses decreased by 0.7% year-on-year and totaled RUB 17.5 billion.
EBITDA surged 29.3% year-on-year and reached RUB 11.8 billion. The EBITDA margin was 18.3%.
Profit in 1H2013 totaled RUB 3.0 billion.
Backlog
The Сompany’s order book reached 870 helicopters, with a total value of about RUB 384 billion.
1 – The Сompany defines EBITDA as operating profit before depreciation and amortization, adjusted for gain /loss on disposal of property plant and equipment, impairment of property, plant and equipment with share in results of associates included. EBITDA is a non-IFRS financial measure; therefore the Сompany’s definition of EBITDA may differ from similar measures defined by other companies.
Russian Helicopters, JSC is a subsidiary of UIC Oboronprom, which in turn is a part of Russian Technologies State Corporation. It is one of the global leaders in helicopter production and the only helicopter design and production powerhouse in Russia. Russian Helicopters is headquartered in Moscow. The company comprises five helicopter production facilities, two design bureaus, a spare parts production and repair facility, as well as an aftersale service branch responsible for maintenance and repair in Russia and all over the world. Its helicopters are popular among Russian ministries and state authorities (Ministry of Defence, Ministry of Internal Affairs, Emergency Control Ministry), operators (Gazpromavia, UTair), major Russian corporations. Over 8000 helicopters of Soviet/Russian make are operated in 110 countries worldwide. Traditionally the demand is highest in the Middle East, Africa, Asia-Pacific, Latin America, Russia, and CIS countries. Russian Helicopters was established in 2007. In 2012 its IFRS revenues increased 21% to RUB 125,7billion. Deliveries reached 290 helicopters.
UIC Oboronprom, JSC is a multi-profile industrial and investment group established in 2002. It is a part of Russian Technologies State Corporation. Its main tasks include: helicopter engineering (Russian Helicopters, JSC) and engine-building (United Engine Industry Corporation managing company).
Rostekhnologii State Corporation (Rostec) is a Russian corporation established in 2007 in order to facilitate the development, manufacturing and export of high-technology industrial products of military and civil purposes. Today it comprises over 663 companies, which form 8 military-industrial and 5 civil industry holdings. Rostec’s subsidiaries are located in 60 regions of Russia and supply their products to over 70 countries worldwide. In 2012 revenues of the Corporation amounted to RUB 931 billion, net profits were RUB 38.5 billion and total taxation exceeded RUB 109 billion.
