Net profit of Russia's heavy vehicle producer KAMAZ is going to amount to RUB 3.6bn ( USD 110mn ) in 2013 head of the company Sergei Korogin told the press without specifying the accounting standards. In 2012 IFRS net profit of the company was RUB 5.8bn and RAS net profit RUB 4.9bn . Turnover in 2013 is expected at RUB 110bn . KAMAZ reported a net profit under IFRS of RUB 2.54bn in H1/13, going down by 7.6% y/y. Revenues of the company declined by 6% y/y to RUB 53.2bn . EBITDA declined by 13% y/y to RUB 4.92bn at a margin of 9.2% vs. 9.9% a year ago. Decline in net profit was attributed to lower sales. KAMAZ recently lowered its output target for 2013 from 45,000 vehicles to 43,000. Moody's Investors Service in 2013 assigned Ba1 corporate family rating to KAMAZ , outlook Stable. The agency assigned an Aa1.ru national scale rating to the company, while its baseline credit assessment (BCA) is b1. Moody's notes high dependence between the company and the government, as well as a strong probability of state support in case of financial distress. In late 2012, Federal Antimonopoly Service (FAS) approved German carmaker Daimler acquiring another 10%+one share in KAMAZ , however the company is not yet exercising this right. Daimler is still planning to consolidate a controlling stake in KAMAZ by acquiring state technology agency's RosTekhnologii share in the company (agency proposed 25% for sale), but it is going to increase its participation in KAMAZ gradually over 3-4 years. Currently Daimler owns 11% in KAMAZ and RosTekhnologii 49.9%, Avtoinvest Limited (24.5%), EBRD (4%) and KAMAZ International Management (4.25%).
Most Popular Stories
- Crimean Referendum Violates International Law: Obama
- Florida Insurers Reach Out to Hispanics
- BP Tripled CEO's Pay Despite Deepwater Horizon
- House OKs $1 Billion for Ukraine
- Where Are the World's Most Expensive Cities?
- EU Breaks Off Talks With Russia
- Putin Gets Thumbs-up From Assad
- Nakamoto 'No Longer Involved' in Bitcoin
- Cuba Accepts Invite for Talks With EU
- Disney Lays Off 700 From Interactive Unit