OREANDA-NEWS. December 2, 2009. AvtoVAZ changes the corporate management structure at the subs, the company informed.

Dec. 1 the conference of the heads of above 200 entities working under AvtoVAZ control was carried on to consider the management system restructuring.

The anticrisis measures were discussed along with the targets of the program covering the optimization of the structure, sale of non profile assets, keeping-up of the assets value through the financial control, regulation of debt burden, reduction of the risks etc.

The subs will be restructured with respect to the type of their activity and enlarged through the merger.

AvtoVAZ is one of the leading car makers in the Eastern Europe. In 2007 it produced 735.897ths cars; sales being up 6.2% to reach 663.5ths; exports rose 7.9% to 106.9ths. The 11-month output increased 10.3% to 742.8ths.

The 9-month 2008 net profit declined 9 fold (RAS) to 834mln rub.; revenues being up to 126.63bn rub from 109.62bn rub.

The share capital is worth 9.25bn rub. split in 1388289720 common and 461764300 preferred stocks of 5 rub. par.
Rostekhnologii, Renault Concern and Troika Dialog IC have 25%+1 stock each. The net losses in 2008 gained (RAS) 6.684bn rub. against 3.951bn rub. in profit prior year; revenues moved up 4% to 160.238bn rub. from 154.626bn rub.

The IH consolidated losses (IAS) gained 19.363bn rub.; revenues from sales - 53.077bn rub.; EBITDA coming to minus 12.9bn rub.