Rus News Journal

Autovases asks to submit to it on honesty

In the first half of the year of Autovases in fifty times has increased an operational loss on MSFO. It means that the factory is not capable to continue work without state financing. The understanding who should give it, neither at the Autovase, nor at the government is not present - the largest creditors of factory are not interested in converting of its debt in the action, and the partner in the name of the French concern of Renault does not agree to invest money in an active. The commission of the first vitse - prime minister Igor Shuvalov promises in which already time to discuss a situation round factory. But already only on November, 10th.
yesterday Autovases has published the reporting on MSFO for the first half of the year. The factory gain has fallen to 46 %, to 53,1 mlrd rbl. the Cost price has decreased only on 39,9 %, to 51,8 mlrd rbl. therefore the total profit of factory was reduced at once to 89,7 %, to 1,3 mlrd rbl. However on - to the present failure was unprecedented, at once in fifty times, increase in a loss from operational activity - to 18,6 mlrd rbl. Dead loss has grown in 9,5 times - to 19,6 mlrd rbl.

Occurrence of so large operational loss speaks three main reasons: a monthly stop of the conveyor in January (it has managed in 5,7 mlrd rbl. the basic part from which has left for the salary worker), administrative expenses the Autovase for a half-year (8,2 mlrd rbl.) and creation of reserves under depreciation of actives and factory debt receivables (an order 5 mlrd rbl.). Administrative costs though the administrative personnel salary has made in them no more than 3,4 mlrd rbl. (in the first half of the year 2008 - 5,2 mlrd rbl.) were the largest item of expenses That is Autovases works over its reduction, Michael Pak from IK " marks; Aton . The basis of administrative costs was made by creation of reserves, and also fee of various advisers.

the published figures mean that Autovases is not capable to continue the activity without state financing, Michael Pak considers. The published data rather pitiable though unexpectedness for anybody did not become, Cyril Tachennikov from IK " agrees; Opening . The factory also recognised in the reporting that counts on the help the governments of the Russian Federation and the structures connected with it . Autovases already asked the first vitse - prime minister Igor Shuvalov to allocate 70 mlrd rbl. for repayment of debts (54 mlrd rbl.) And investment program start (see from October, 6th).

However understanding as there should be a state financing the Autovase at anybody is not present. Yesterday the assistant to the head of the Ministry of Finance Alexander Novak has told that the debt, for example, can be converted in the action an Autovase the basic creditors of factory - the Savings Bank and VTB become which holders. In banks on it officially did not make comments, but a source in one of them has told that it is more preferable to receive back the money, and the idea of converting of a debt in the capital at least demands discussion . That is one of variants, mister Novak recognised also. Autovases, in turn, has informed that has solved a question with investment program financing - it will be financed together with Renault concern, the owner of a block package the Autovase.

However though this arrangement has published not only the president of factory Igor Komarov, but also Igor Shuvalov, in Renault to confirm it refuse, underlining that negotiations about participation of concern in financing proceed. The Reuters agency has informed that Renault can give the Autovase not money, and the equipment for assemblage Logan (about the same possibility spoke also sources ) But estimation of cost of this equipment neither at factory, nor at Renault while is not present. That negotiations are not ended yet, in the evening have officially told already on to the Autovase.

Renault for certain will refuse to participate in refinancing of a debt of factory because it demands monetary injections so the share of the French concern in the Autovase can be washed away, Cyril Tachennikov believes. Prime minister Vladimir Putin already spoke About probability of such succession of events two weeks ago. Michael Pak agrees what to influence the State Banks - VTB, the Savings Bank or veb - and to convince them to give the Autovase money much easier, than on the French concern. Whether becomes Renault as owner of 25 % of actions to block dopemissiju the Autovase in favour of the State Banks, analysts not undertake to predict. Certain clearness that will occur to factory further, can be brought after November, 10th - the next session of the anti-recessionary commission of mister Shuvalov is appointed to this date.