GAZ group halves IFRS earnings to 4 bln rubles in 2013
MOSCOW. April 30 (Interfax) - The GAZ automobile group saw its net profit to International Financial Reporting Standards (IFRS) plummet 54.5% in 2013 to 4 billion rubles, the company said in a report.
Sales revenue grew nearly 13% to 143.4 billion rubles.
Cost of sales grew 16.3% to 117.738 billion rubles.
Administrative expenses rose 12.5% to 9.975 billion rubles, commercial expenses rose 14.2% to 5.989 billion rubles and other income fell, by one-third to 1.366 billion rubles.
Group earnings before taxes, depreciation and amortization (EBITDA) fell 1.2% last year to 12.7 billion rubles due to one-off investments in a "whole range of major projects across the business" and which "led to an increase in costs and working capital requirement."
GAZ invested 8.9 billion rubles updating its model range and technology last year and expects the effect from its cost-cutting program to be between 4 billion and 5 billion rubles in 2014.
Long-term liabilities fell 85% to 6.918 billion rubles, with loans falling 90% to 4.3 billion rubles. Short-term liabilities tripled to 81.982 billion rubles, with loans up 17-fold to 56.27 billion rubles.
