Stupino Machine Production Plant Manufacture of components
Russian Helicopters Announces 36% EBITDA Increase, 42% Growth in Revenues
03.10.2012 / Moscow
Russian Helicopters, JSC (“the Company”), a leading global designer and manufacturer of helicopters, and producer of some of the world’s most iconic, innovative and widely operated models, announces its consolidated operating and audited financial results for the first half of 2012 under IFRS.
  • Firm backlog increased to 921 helicopters as of 30 June 2012;
  • Revenue grew by 42.3% to RUB 60.3 billion;
  • EBITDA1 surged 36.3% to RUB 9.2 billion, representing an EBITDA margin of 15.2%;
  • Profit was up 12.9% and totaled RUB 3.1 billion.

Million RUB

1H2012

1H2011

Change, y-o-y

Revenue

60,292

42,369

42.3%

EBITDA

9,153

6,716

36.3%

EBITDA margin

15.2%

15.9%

-0.7 pp

Profit

3,057

2,707

12.9%

CEO Dmitry Petrov commented: “Our financial and operating results for the first half of 2012 demonstrate that demand for our helicopters both in Russia and around the world continues to grow rapidly. Moreover, our robust growth during this period represents a continuation of the positive growth dynamic we have seen over the past few years. Most importantly, these results show that we continue to deliver on our strategy and to reinforce our position as one of the world’s leading and most profitable helicopter businesses.”

Financial Highlights

The Company’s consolidated revenues in 1H2012 totaled RUB 60.3 billion, an increase of 42.3% year-on-year, driven by growing demand for the helicopters produced by the Company. Revenues from helicopter sales amounted to RUB 47.3 billion, while revenues from services and support reached RUB 9.3 billion.

Cost of sales increased by 44.8% year-on-year and amounted to RUB 36.2 billion. Operating expenses increased by 48.3% year-on-year and totaled RUB 17.6 billion.

EBITDA surged 36.3% year-on-year and reached RUB 9.2 billion. The EBITDA margin was 15.2%.

Profit grew 12.9% year-on-year to RUB 3.1 billion.

Backlog

The Company’s order book increased to 921 units, with a total value exceeding RUB 460 billion.

1 The Company defines EBITDA as operating profit before depreciation and amortization, adjusted for gain/loss on disposal of property plant and equipment, and 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.

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Russian Helicopters, JSC is a subsidiary of UIC Oboronprom, which in turn is a part of Russian Technologies State Corporation. 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.

Partners of Russian Helicopters: AirTaxi Service (interior completions and maintenance); Tranzas (software, navigation systems, aviation simulators); CSTS Dinamika (technical training means for aviation flight and engineering personnel); BETA AIR (testing equipment and aviation electronics); Ural Works of Civil Aviation (repair of helicopter engines and components, as well as gearboxes).

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).

Russian Technologies State Corporation was established in November 2007 to support Russian industry in developing, producing and exporting civil and military high-tech industrial products. In total Russian Technologies comprises 660 companies. The Corporation includes 17 holdings, of which 12 are in the defense sector and five in civil industry. The Corporation has its headquarters in Moscow, and has a presence in 60 of Russia’s regions. It exports its products to 70 countries.