“Helicopters of Russia” in 2015 doubled net profit under IFRS

“Helicopters of Russia” in 2015 doubled net profit under IFRS

Revenue of the company for the year 2015 amounted to 220 billion rubles. The achievement of this indicator was affected by the devaluation of the ruble and export-oriented business portfolio, said the Director of “Helicopters of Russia”.

MOSCOW, 21 APR. Net profit holding company “Helicopters of Russia” (part of state Corporation rostec) under IFRS in 2015 increased two times compared with the previous year and amounted to 42.2 billion rubles, the company said on Thursday.

Revenue of the company for 2015 has increased by 29.5% and amounted to 220 billion rubles. In particular, revenue from sales of helicopters amounted to 177 billion rubles, from service and after-sales service is 38.3 billion. EBITDA increased by 39.5 per cent to 65.6 billion rubles, the EBITDA margin was 29.8% compared with 27.7% the year before.

“To achieve such high results influenced by the devaluation of the ruble and export-oriented portfolio, denominated in foreign currency”, — given in the message words of the General Director of the holding Alexander Mikheyev.

The “Helicopters of Russia” in 2015, reduced the supply of helicopters by 21.8% to 212 units. In 2015 the company has supplied helicopters in 17 countries. “This (reduction of supply – ed), primarily due to the global trend of market saturation and, consequently, falling demand for products,” — said Mikheyev. According to him, currently the world’s helicopter market is shrinking, including in connection with the reduction of military budgets of the countries — potential customers of products of the holding.

“We anticipate that this process will continue in the long term. Against this background, in view of the difficult foreign policy situation, we rather conservatively estimate future sales and we expect growth of sales of cars for civilian use. The special attention today we give after-sales maintenance of helicopters. We expect that in this direction the company will get an impressive additional income”, — said Mikheev.

The portfolio of firm orders for the company at the end of 2015 amounted to 494 of the helicopter. Its cost is estimated at 396,1 billion. The delivery plan by 2016, the report said, have commissioned more than 100%.