OREANDA-NEWS. May 14, 2010. In an interview the CEO of Russian Helicopters Holding Andrey Shibitov disclosed the following information, reported the press-centre of OTKRITIE Financial Corporation:

Russian Helicopters may hold an IPO in 2012, or afterward.

The preliminary 2009 consolidated RAS revenue of Russian Helicopters rose 44% YoY to USD1.9bn, while the holding’s consolidated net income climbed 50% YoY to USD142m.

In 2010, Russian Helicopters anticipates total output to rise 17% YoY to 214 helicopters.

View: From our standpoint, this implies that could be a delay of the consolidation of helicopter companies, which in turn could ease uncertainty about possible violations of minority shareholders’ rights. This is the first time that Russian Helicopters has disclosed its financials.

According to preliminary data, FY09 revenue of Kazan Helicopters (USD472m) could contribute 25% to the holding's total revenue. Meanwhile, according to the companies’ preliminary net income figures and our estimates, Kazan Helicopters, Ulan-Ude Aviation and Rostvertol together should comprise 94% of the total net income of Russian Helicopters, which implies marginal net profits or even net losses by the holding’s 13 remaining subsidiaries.

Valuation and Action: We reiterate our BUY ratings for Kazan Helicopters and Ulan-Ude Aviation.