VSMPO-Avisma boosts RAS net profit 3.6-fold in 2015
YEKATERINBURG. March 28 (Interfax) - VSMPO-Avisma increased net profit to Russian Accounting Standards (RAS) 3.6-fold in 2015 to 14.4 billion rubles, the company said in a report.
Revenue rose 32.65% to 72.66 billion rubles.
The report materials said that revenue from the sale of titanium products was 67.57 billion rubles (93% of total revenue), in particular from sales on the domestic market - more than 21.38 billion rubles (down 3% in comparison with 2014), from exports to non-CIS countries - about 43.85 billion rubles (up 62%), to CIS countries - more than 2.34 billion rubles (up 35%).
The company explained earlier that revenue growth was affected by the change in the structure of products, the change in the selling price for the products in dollars and a change in the dollar's exchange rate.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was 21,85 billion rubles against 8.3 billion rubles in 2014.
Main financials for PJSC VSMPO-Avisma Corporation ('000 rubles):
| 2015 | 2014 | |
| Sales revenue | 72 660 167 | 54 776 368 |
| Cost of sale | 36 238 591 | 31 268 505 |
| Gross profit | 36 421 576 | 23 507 863 |
| Profit from sales | 29 315 787 | 17 508 610 |
| Pretax profit | 17 806 876 | 4 820 836 |
| Net profit | 14 413 708 | 4 018 664 |
The company's accounts receivable rose from 15.78 billion rubles as at December 31, 2014 to 17.52 billion rubles as at December 31, 2015, payables rose from 6.81 billion rubles to 7.29 billion rubles.
PJSC VSMPO-Avisma shipped products for $1.3 billion to customers in 2015. In total about 29,000 tonnes of projects were shipped. In the last several years, annual production has been maintained at 28,000-30,000 tonnes. In 2016 the company is also planning to keep production level with 2015.
VSMPO-Avisma is the world's largest titanium product producer and is the main supplier for many companies of the world's aerospace industry. Rostec controls 25% + 1 share of VSMPO-Avisma, and the company's management owns 65%.
