Rus News Journal

Autovases has endured crisis with profit

motor industry

On Friday of Open Society of Autovases declared financial results of the first quarter. The car factory net profit has grown in 262,5 times in comparison with the similar period of last year: from 8 million to 2,1 mlrd rbl. According to analysts, result in 2,1 mlrd the rbl. is a normal indicator for a motorcar giant, and they consider last year`s figure catastrophic.
under the information a press - services the Autovase, in the first quarter it has let out 173 866 cars - on 27,1 % more than one year ago. The gain has made 29 mlrd rbl., indicator EBITDA (profit to taxes, payments of percent and amortisation) - 4,45 mlrd rbl., net profit - 2,1 mlrd rbl. Factor of current liquidity the Autovase - 1,26, security factor own circulating assets - 0,2.
In a press - to service the Autovase a difference between last year`s and present net profit indicators explain crisis it is sold in the autumn of 2002. Then the factory some times on two - stopped three weeks manufacture, and all first quarter 2003 dealers sold warehouse stocks. For comparison: the net profit the Autovase following the results of the first quarter 2002 has made 1,681 mlrd rbl., and following the results of a year - all 700 million rbl.: all have eaten losses of the third and fourth quarters. In the autumn of 2002 of Autovases has been compelled to correct a financial position at the expense of the short-term credits which repayment was necessary on the beginning of last year. And in 2,1 mlrd rbl. in a press - service explain profit positive market condition this year. As the representative of car factory Alexander Gromkov, in the beginning of April has informed warehouse stocks at dealers were slightly more low standard indicators (20 - 40 thousand cars).
As Yury Lopukhin, an analyst of Bank of corporate financing considers, such sharp difference in indicators can be caused changes in the program of the financing, different activity the Autovase in the capital market: the Autovase it is necessary to become interesting to investors, to show them more attractive results. Reporting formation is a creativity, and still it is not known, for the Autovase it is possible to consider what indicator normal - present or last year`s . Vladimir Skoptsov, expert BKG, explains such changes by that the financial result on time and the maintenance does not correspond to natural indicators . He names last year`s figure in 8 million rbl. catastrophic for such giant, as Autovases also considers what to estimate an enterprise condition only on this indicator incorrectly.
EKATERINA - SAFAROVA