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Russian Helicopters Posts 35% Net Profit Growth in 2012

RIA Novosti

18:00 28/03/2013

MOSCOW, March 28 (RIA Novosti) – Russian Helicopters, which designs and manufactures civil and military rotorcraft, posted an IFRS net profit of 9.442 billion rubles ($305.5 million) for 2012, up 35 percent from the previous year, the firm said in a statement Thursday.

The company's consolidated revenues grew by 21 percent in the reporting period to 125.7 billion rubles ($4 billion), "driven primarily by 10.7-percent growth in helicopter deliveries." Revenues from helicopter sales amounted to 99 billion rubles in 2012, while revenues from services and support reached 18.4 billion rubles.

The cost of products and services grew by 26.3 percent from 2011 to 79.9 billion rubles in 2012, while operating expenses increased by 18.2 percent year-on-year to 30.6 billion rubles.

Cash capital expenditures decreased by 5.5 percent compared with 2011 to 13 billion rubles in 2012, including investments in production facilities of 7.6 billion rubles, down by 16.4 percent from the previous year.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased by 16 percent year-on-year to 20.8 billion rubles in 2012. EBITDA for the helicopter sales segment amounted to 15.4 billion rubles and EBITDA for the company's services and support segment totaled 4.2 billion rubles.

Helicopter deliveries in 2012 increased to 290 units, 28 units or 10.7 percent up on 2011. "The company delivered nine types of helicopters to clients from 19 countries in 2012," the statement said.

The company's backlog reached 817 units and its value exceeded 359.9 billion rubles last year. In 2012, the company signed several significant contracts for the supply of helicopters through 2016 with India, China and Brazil. The delivery plan for 2013 is 100-percent secured with definite orders.

"Last year was another year of steady growth and successful achievements for the company," Russian Helicopters CEO Dmitry Petrov was quoted as saying in the statement.

"Throughout 2013 we will continue to focus our activities on key strategic areas: We will continue to modernize and diversify our model range, to develop our aftermarket service network and to increase operational efficiency."

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