Russian Helicopters EBITDA Increases 27%, Revenues Grow 10% in 2013
14.03.2014 / Moscow
Russian Helicopters, a part of State Corporation Rostec, a leading global designer and manufacturer of helicopters and manufacturer of some of the world’s most innovative and widely operated models, announces its consolidated operating and audited financial results for the year ended 31 December 2013 under IFRS.
  • Revenue grew by 10.0% to RUB 138.3 billion;
  • EBITDA1 rose 27.0% to RUB 26.3 billion, representing a solid EBITDA margin of 19.0%;
  • Profit totaled RUB 9.5 billion.
  • Helicopter deliveries reached 275 units;
  • Firm backlog totaled 808 helicopters as of 31 December 2013;

RUB, million



Change, y-o-y (%)









EBITDA margin



2.5 pp










Firm backlog




Alexander Mikheev, CEO of Russian Helicopters, commented: “We are pleased with the results for 2013, particularly the growth in the key indicators of revenue and EBITDA. The Company’s consolidated revenue was fixed close to the target level of RUB 140 billion rubles while EBITDA exceeded our target for the year. The slight decline in the number of helicopters delivered was due to rescheduling of deliveries to customers and is not associated with a reduced order book or slowdown in production – in fact Russian Helicopters companies manufactured 303 helicopters in 2013. All this situation illustrates that our focus on improving operational efficiency has yielded results. As a result, the Company achieved a record EBITDA margin in 2013 of 19.0%.”

“This year, to achieve the high strategic targets we have set, we will continue to focus on increasing profitability, expanding our model range and global market presence, and developing our after-sales service offering.”

“In 2014 we will continue to work hard to strengthen the Company’s position among the leading global aerospace and defense enterprises, with a reputation for high levels of efficiency and competitive production facilities.”

2013 Full Year Financial Highlights

Consolidated revenues in 2013 totaled RUB 138.3 billion, an increase of 10.0% compared to RUB 125.7 billion in 2012. Revenue from helicopter sales amounted to RUB 115.8 billion in 2013, while revenue from services and support reached RUB 15.4 billion.

Cost of sales increased by 6.5% compared to 2012 and amounted to RUB 88.0 billion in 2013. Operating expenses increased by 6.0% year-on-year and totaled RUB 29.6 billion.

EBITDA rose 27.0% year-on-year and reached RUB 26.3 billion in 2013. EBITDA for the helicopter sales segment amounted to RUB 23.2 billion, and EBITDA for the services and support segment amounted to RUB 3.0 billion.

Profit grew slightly by 1.3% year-on-year and totaled RUB 9.5 billion for the year.

Cash CAPEX increased by 25.0% compared to 2012 and amounted to RUB 16.2 billion in 2013, including investments in production facilities of RUB 8.3 billion, an increase of 8.5% compared to 2012.

Development costs increased by 48.4% compared to 2012 and amounted to RUB 7.9 billion in 2013. The Company continues to pursue a strategy designed to foster innovation.

2013 Full Year Operating Highlights

Helicopter deliveries in 2013 totaled 275 units, down 15 units or 5.2% compared to 2012. The Company delivered nine types of helicopters to clients from 10 countries during the year.

The firm backlog reached 808 units, with an order value of more than RUB 401.2 billion in 2013. The delivery plan for 2014 is 100% secured with firm orders.

1 - The Company defines EBITDA as operating profit before depreciation and amortization, adjusted for gain /loss on disposal of property plant and equipment, impairment of property, plant and equipment with share in results of associates included. EBITDA is a non-IFRS financial measure; therefore the Company’s definition of EBITDA may differ from similar measures defined by other companies.

Russian Helicopters, JSC is a subsidiary of UIC Oboronprom, which in turn is a part of State Corporation Rostec. It is one of the global leaders in helicopter production and the only helicopter design and production powerhouse in Russia. Russian Helicopters is headquartered in Moscow. The company comprises five helicopter production facilities, two design bureaus, a spare parts production and repair facility, as well as an aftersale service branch responsible for maintenance and repair in Russia and all over the world. Its helicopters are popular among Russian ministries and state authorities (Ministry of Defence, Ministry of Internal Affairs, Emergency Control Ministry), operators (Gazpromavia, UTair), major Russian corporations. Over 8000 helicopters of Soviet/Russian make are operated in 110 countries worldwide. Traditionally the demand is highest in the Middle East, Africa, Asia-Pacific, Latin America, Russia, and CIS countries. Russian Helicopters was established in 2007. In 2012 its IFRS revenues increased 21% to RUB 125,7billion. Deliveries reached 290 helicopters.

UIC Oboronprom, JSC is a multi-profile industrial and investment group established in 2002. It is a part of Russian Technologies State Corporation. Its main tasks include: helicopter engineering (Russian Helicopters, JSC) and engine-building (United Engine Industry Corporation managing company).

Rostekhnologii State Corporation (Rostec) is a Russian corporation established in 2007 in order to facilitate the development, manufacturing and export of high-technology industrial products of military and civil purposes. Today it comprises over 663 companies, which form 8 military-industrial and 5 civil industry holdings. Rostec’s subsidiaries are located in 60 regions of Russia and supply their products to over 70 countries worldwide. In 2012 revenues of the Corporation amounted to RUB 931 billion, net profits were RUB 38.5 billion and total taxation exceeded RUB 109 billion.
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