JSC “Sukhoi Civil Aircraft” published its financial results for 2012 in accordance with RAS

JSC “Sukhoi Civil Aircraft” on the 3rd of April published its financial results for 12 months 2012 in accordance with Russian Accounting Standards (RAS). 

Revenue of JSC “Sukhoi Civil Aircraft” for 12 months 2012 totaled 9,520 bln rub., which is 177% higher compared to the result of 2011. The revenue increase is mostly caused by the sales volume growth. In 2012 the company delivered 12 aircraft vs. 5 aircraft in 2011. The start of export sales realized by the company should be given special attention. At the moment the SSJ100 firm orders portfolio amounts for 179.

Cost of goods sold for 12 months 2012 totaled 11,528  (+106% year-on-year). Higher cost of goods sold is mostly justified by higher volume of production.

Revenue growth rates (+177%) outpacing cost of goods sold growth rates (+106%) indicate effective production cost management in the company.

Notwithstanding the fact that net income (loss) for 12 months 2012 totaled -4,581 bln rub., net profit margin improved considerably and totaled -48% vs. -112% in 2011.

Total assets of JSC “Sukhoi Civil Aircraft” by the end of  2012 totaled 77,700 bln rub. That is 28% more compared to the end of 2011.

The main drivers for assets improvement were: further development of LR version, development of new options for customers, significant investments into current assets caused by the growth of serial production volume.

Financial results of JSC “Sukhoi Civil Aircraft” for 2012 were initially forecasted while planning its financial activities in 2011. JSC “Sukhoi Civil Aircraft” is expected to reach net profit in 2015.

Special consideration needs the fact that the company is at its initial stage of market entry and the first aircraft are sold to launch customers with considerable discounts. This has negative impact on financial results of the company.

Besides that SSJ100 is the only project of JSC “Sukhoi Civil Aircraft” at the moment and its gradual market entry cannot be supported by successful development of other projects of the company.

In 2013 – 2015 JSC “Sukhoi Civil Aircraft” is expected to increase the aircraft production volume together with decrease of launch customers share. This trend will have a positive effect on net profit and financial results in general.