29 Aug 2022 11:30

Kamaz not publishing H1 financials to IFRS for first time in decade

MOSCOW. Aug 29 (Interfax) - Kamaz has decided not to publish financial results to IFRS for the first half of 2022, a spokesman for the Russian truck maker told Interfax.

The company is not commenting on this decision.

Kamaz CFO Andrei Maximov told Interfax in mid-August that the company had not yet decided whether to publish IFRS financials for the first half. "But in principle, we did alright," he said.

Kamaz CEO Sergei Kogogin said in mid-June that the company's IFRS results for the first half were expected to be on par with a year earlier. "For the first half of the year our financial results, by my calculations, will not be worse than last year's. Let's put it this way, at the level of last year. Obviously, most of the good work and earnings were in the first three months of the year. Subsequently figures are falling," Kogogin told reporters, without providing actual forecasts.

Kamaz's IFRS revenue jumped 40.2% to 118.853 billion rubles in the first half of 2021, and the company posted a net profit of 3.969 billion rubles, compared to a loss in the same period of 2020.

Kamaz, Russia's largest manufacturer of full-size 14-40 tonne trucks, was hit by sanctions by the European Union, UK, United States, Australia, Canada, New Zealand and Switzerland after the start of Russia's military operation in Ukraine. Kamaz's principal shareholder, state corporation Rostec (with 47.1%) is subject to UK and U.S. sanctions.

Kogogin said in mid-June that, despite the anticipated drop in revenue in 2022 due to a decrease in sales of higher-margin modern models, Kamaz still intended to sell 39,000 trucks in Russia this year. He also said the company could export 4,000-5,000 trucks.

The company forecast that the Russian market for full-size (14-40 tonnes) trucks would tumble by 30-40% from last year's 79,000 vehicles.