JSC Motorostroitel
GAZ (State Aviation Factory) No 24 Samara Motor-Production Organisation named for M V Frunze SEBPA (Samara Engine-Building Production Association) 443009, Samara, plant highway 29 29, Zavodskoye shosse, Samara, 443009 telephone (8462) 55-16-12 fax (8462) 55-16-00
JSC Motorostroitel [Motor Building or Engine Builder], one of the largest and longest-established factories in Russia, manufactures aircraft gas-turbine engines. The company offers engines for the aviation; rocket engines; gas turbine engines; electric power stations; and block and modular gas pumping units. It also supplies drives for gas-transfer plants. The company was founded in 1912 and is based in Samara, Russia Federation. It was previously known as GAZ (State Aviation Factory) No 24, the Samara Motor-Production Organisation named for M V Frunze. After privatisation it was also called the SEBPA (Samara Engine-Building Production Association).
The leader of Russian aviation and space motor building JSC Motorostroitel produces aircraft gas-turbine engines and drives for gas-transfer aggregates of pipelines on the basis of that engines and also outboard motors " Vikhr" for boats and yachts. The engines are characterized by high reliability, economy and long-term resource. Launchings of piloted Vostok, Voskhod, Sojus space ships and automatic space vehicle Progress were realized with the engines of our enterprise. JSC Motorostroitel is the main supplier of drives for gas-transfer plants of the RSC GASPROM. Every third blower drive of gas main is produced by the enterprise. JSC Motorostroitel is the part of RF defense branch and was able to use the possibility of conversion to manufacture civil production. At the result of it could save the infrastructure of the enterprise, the skilled personnel and manufacturing processes, using the conversion as double-purpose technology and to manufacture the production clamed both in Russia and abroad.
The Samara joint stock company Motorostroitel, an important enterprise of the aerospace engine construction of Russia, began from the small Moscow plant of Gnome, based in 1912 and let out the similar motors with a power of 60 hp. In 1923. the designer of the plant A.D.Shvetsov designed the first Soviet engine M-11 for the aircraft I-1, U-2 which sufficiently for long adapted on the domestic aircraft. Since then the history of enterprise is noted by the salient technical achievements. The world records of the 1920s-1930s, among which overflights Moscow-Peking (1925, motor M-5), Moscow-New- York (1929, motor M-17), Moscow- northern Pole-[Vancouver] (USA) (1937, motor AM-34), Russian airmen placed on the aircraft N.N.Polikarpov and A.N.Tupolev, equipped with Motorostroitel engines. The best attack aircraft of the Second World War - Il-2 flew in the motors AM-38 of Motorostroitel.
Postwar years for the aviation motor construction were marked by passage from the piston engines to the reactive and the turboprop. Engine VK-1 and its modifications were established on the combat fighters MiG-15, MiG-19, aircraft Il-28, etc. From the Fifties began the introduction into the series production of the family of the engines of NK design project leader N.A.Kuznetsov. More than 40 years connect Motorostroitel with joint stock company SNTK Kuznetsov and the daughter enterprise OAO SKBM. Engines NK-4 raised into the sky aircraft Il-18, An-10. Engines NK-12Mv and NK-12Ma were established on the passenger aircraft Tu-114 and the military transport aircraft An-22 "Antaeus".
Mastery and production of liquid propellant rocket engines occupies special position in the history of enterprise (ZhRD (liquid propellant rocket engine)). The first order for the production of such engines entered in 1957. Enterprise began mastery and release 1 and 2 steps of engines for the controlled automatic spacecraft. In 1959. with the use of engines of those prepared in Motorostroitel was brought out the predetermined trajectory the interplanetary space station of "Luna-2 ". Crown of success - on April 12, 1961. in orbit is brought out the spacecraft, with first in the world cosmonaut Yuri Gagarin aboard. Subsequently all programs of the manned space flights, cargo and transport ships were carried out on the engines of Motorostroitel production.
The engines Motorostroitel production already more than 40 years are used for fulfilling the space studies. According to data from Motorostroitel, over the time that Russia has had a spaceprogram all piloted and automatic cargo spaceships, as well as 60% of all o Russia's artificial satellites revolving around earth have been launched with the use of Motorostroitel engines.
In 1970 Samara "Motor Constructor" created Russia's first converted aircraft engine for its application as the drive of supercharger on pumping of natural gas on the main gas pipes. Since 1975. the deliveries of production engines NK, are produced (power of 6,3 mW). These engines are exploited in the composition of more than 800 gas-pumping aggregates on more than 100 compressor stations of the main gas pipes of Russia, countries of the CIS, Bulgaria, Poland. Argentina and others. The release is since 1972 mastered NK-25 of two-circuit turbojet three-stage reheat engine for the aircraft TU-22[MV].
From the 1980s the enterprise makes engine NK-32 for the Russian rocket carriers of strategic aviation TU - 160. In 1974. on the base of aviation turboprop engine NK-12[Mv], was created aviation type first gas turbine engine NK -12 T for the natural gas industry, which today adapts as the drive of supercharger on the mains of gas pipes. Later for the natural gas industry were created engines with the higher efficiency: NK-14[ST], NK-14[ST]-10, NK-14[ST]-12, NK-36[ST]. Since 1997. the production of gas turbine engines NK, began and NK -37, intended for using as the generator drive in the modular power stations. In recent years joint stock company Motorostroitel, possessing the high potential of production, proposed for the Russian and western markets the new production: block- modular GPa "Samara -25[NK]", block- modular power stations [ATG]-10 and NK-900[E] with power of 10 and 25 mW.
Motorostroitel's main customers include:
- The federal state unitary company "State Scientific-Production Rocket-Cosmic Center 'TsSKB Progress'" (production supplied - rocket engines); Motorostroitel is the only producer in Russia at present of rocket engines for production of rocket-carriers of the Soyuz and Progress series;
- Gazprom (equipment for gas compressor stations);
- Russian Ministry of Defense (Production and repairs of engines for strategic aviation, rocket engines for cosmic military operations); Motorostroitel is the only producer in Russia at present of aviation engines for certain types of planes (strategic bombers Tu-142, Tu-95??, Tu-22M3)
- RAO UES (block-module electric power stations).
The progressive technological processes, the equipment for the diamond grinding of the blades, the different types of the parts hardening, the high-speed stamping of the parts, electro- physical and electrochemical machining of the parts, the casting of the blades by means of the oriented crystallization, different types of the welding, including the welding in vacuum on the prescribed program, the vacuum inductive soldering, the plasma spraying of the sealing, wear resistant and heat shielding coatings in the atmosphere and etc. are used at the enterprise.
In early 2004 Russia's Federal Service for Financial Reorganization gave JSC Motorostroitel, one of the major industrial enterprises in Samara region, until April 2004 to stabilize its financial position. Failure to do so would mean bankruptcy for the company. JSC Motorostroitel has debts of RUB527 million as of November 1, 2003. Previous years debts were RUB432 million. The company previously sold motors at double-reduced prices to Promtekhresourse company, losing about RUB130 million in turnover. The company's financial standing is further weakened by its practice of recording main profits in the accounts of external companies.
In 2006, Motorostroitel managed to improve its financials. The revenue grew by 23% and the EBITDA margin increased from 10% to 13%. In 2007, an 8% income rise is expected. The company enjoys a monopoly in its market niches and the demand for its production and services is growing steadily.
The company's financial status depends to a significant degree on the quality of the Russian state budget and governmental policy in the field of financing military orders and the country's space program: in 1990-2000 the financial status of companies which produce "cosmic" products left a lot to be desired. Motorostroitel's business is dependent on nickel prices: the majority of the company's production costs come from nickel-carrying heat-resistant and stainless steel; in the period from 2005-2006 the prices on such alloys increased by as much as 85%. The main dangers for Motorostroitelare its dependence on consumers of its production and the weak dynamics of the company's financial figures and a worsening of its financial debt figures.
Motorostroitel exceeds Proton-PM (Proton-Permskie Motors) in terms of financial results: its revenue is more than 1.3 times higher, while EBITDA is 2 times higher and assets are 1.8 times higher. Motorostroitel also has better financial debt figures (ratio of debt to EBITDA of 3.9? as compared to 7.7? for its competitor). There was one other issuer on the market who is comparable to Motorostroitel - NPO Energomash of V.P. Glushko (this company specializes in production of rocket engines; 80% of the company belongs to the government). Both companies' financial figures are comparable, however Energomash had a higher debt load: its ratio of debt to EBITDA is 16.2?, as compared to 3.9? for Motorostroitel.
In July 2007 FundServiceBank and the investment company KapitaL arranged second corporate bonds issue of Motorostroitel-Finance, the SPV-company of OAO Motorostroitel. The government owns 38 per cent of OAO Motorostroitel shares. Observers noted an 'aggressive onrush' at the bond sale session of the issue day. The demand, with 77 bids, for the Motorostroitel-Finance bonds at the MICEX trading floor on the issue day almost twice exceeded the offer, so, the RUR 1 billion (~ $ 39.5 million) bond issue was fully sold within a few hours. Six-coupon RUR-nominated bonds should circulate within three year maturity period. Coupon interest income shall be paid every 6 months (182 days). Interest rate for the first coupon at the end of session was fixed at 10 per cent level. Underwriters of the offering were Russian banks and investment companies - among them Alfa, VTB-24, Intermational Moscow Bank, Nomos, Soyuz, Uralsib. This was the second issue arranged by FundServiceBank for Motorostroitel-Finance, the debut issue took place in the spring 2006.
In August 2007, Russian president Vladimir Putin approved the consolidation plan for the entire Russian aero engine manufacturing industry. The Oboronprom investment fund, a subsidiary of the Russian Technologies Corporation (which, in turn, was formed on the basis of the Rosoboronexport arms trading agency), was appointed as a supervisor of this merger. In addition to SNTK, the holding will include the Samara Motorostroitel and Metallist-Samara plants, as well as the Kazan Engine Manufacturing Company (KMPO). According to initial planning, the holding was to specialize in the development and production of engines for Russian strategic aviation. The only new SNTK development program - the NK-93 ducted propfan engine - was on the verge of flight tests but the market for this product was not yet defined. KMPO and Motorostroitel receive 80 percent of their orders from Russia's gas monopoly Gazprom.
JSC Motorostroitel held a Special/Extraordinary Shareholders Meeting on 22 October 2008 to approve the early termination of authorities of CEO-General Director; and to consider the transferring CEO authorities of the company to a management organization.
SNTK and Motorostroitel will work closely together because they are working on parallel projects (instruments, castings). Production at Motorostroitel is on a much larger scale, since it is a large, series-production facility, even if they are working at only 30% capacity. SNTK is also working under capacity. To continue work in this manner has no economic rationale. Reductions are planned, at SNTK in particular. But SNTK will retain assembly and testing lines and will offer services to outside companies as well. Everything relating to series production will take place at Motorostroitel. In this manner the Samara cluster will become an integral part of the engine-building holding established by Oboronprom.
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