UAC Announces Standalone Net Profit for 2013
OREANDA-NEWS. April 10, 2014. Joint Stock Company "United Aircraft Corporation" (MOEX: UNAC) announces audited standalone financial statements for 2013 in compliance with the Russian Accounting Standards (RAS).
Revenue for the reporting period exceeded the result of previous year and amounted to RUB 12.1 bln.
In 2013, as part of an optimized scheme of federal funding JSC "UAC" was a subsidized in the amount of RUB 1.8 bln to compensate expenses for 5th coupon on the bond issue 4-01- 55306- E as of February 22, 2011. Such subsidy helped to increase net profit by 9.77 % compared with 2012 .
Moreover, the Company reduced other expenses due to (including but not limited to) reduction of negative exchange rate differences. As a result, the delta of other income/expenses amounted to almost 2.2 RUB bln - this allowed to achieve the positive financial result in the amount of RUB 0.7 bln, net profit margin of 5.8 % , and reduce the accumulated loss of JSC "UAC" to RUB 1.5 bln.
Net debt of JSC "UAC" compared to the beginning of the year reduced by more than 13.85% and amounted to about RUB 31.0 bln. Company’s financial liabilities also showed positive trends in reducing the share of short-term loans in the total debt of the Company from 14.68% to 8.72% compared with the beginning of the year and reducing interest expenses by 3.42 % in relation to 2012.
Cash flows performance showed that operating cash flow had amounted to almost RUB 5.9 bln. Despite the growth of the investing cash by almost 6 times the Company achieved positive free cash flow and, accordingly, got opportunities to reduce dependence of it’s business from external sources of funding.
Summing up the results of reporting period JSC "UAC" Vice-President for Economics and Finance (CFO) Vladimir Chirikov said: "Getting the Company 's net profit and yield a positive free cash flow are important reference points of JSC "UAC"’s financial strategy”.
Financial statements of JSC "UAC" for 2013 in compliance with RAS are available for download at the Company’s website (in Russian):