OREANDA-NEWS. February 03, 2011. Joint Stock Company “United Aircraft Corporation” [RTS ticker: UNAC; MICEX ticker: UNAC] announces its preliminary unaudited results for the year 2010.
• Revenue totaled 165 billion roubles, y-o-y increase of 44.7%
• Debt decreased by 6.4%, amounting to 147.6 billion roubles
• Sukhoi Superjet 100 serial production was launched
• Tu-204SM certification tests program started
• Capital increased by 57.03 billion roubles

Preliminary unaudited financial results

According to preliminary management accounts UAC’s consolidated revenue in 2010 increased by 44.7% in comparison with 2009 and amounted to about 165 billion roubles.

Sales of defense aircraft in 2010 increased by 36.0% and amounted to approximately 117 billion roubles. Sales of commercial aircraft in 2010 grew by 60.0% and reached 20 billion roubles. The firm commercial aircraft order portfolio formed by UAC’s subsidiaries in 2009-2010 and advance payments coming from customers supported significant revenue growth in civil sales segment. The increase in financing of research and development from the Russian Federation and commercial customers amounted to 80.6%. Total R&D revenues in 2010 reached about 28 billion roubles.

In 2010 exports volumes grew by more than one-third, reaching 94 billion roubles, compared with 69 billion roubles in 2009. Domestic sales of aircraft and R&D services showed significant growth, increased by 57.8% and reached 71 billion roubles. State orders and commercial aircraft contracts with Russian airlines and leasing companies were the major drivers for continued sales in the domestic market.

UAC`s consolidated debt was reduced by 6.4% y-o-y and totaled 147.6 billion roubles in 2010. State support measures received by UAC and its subsidiaries in 2010 led to significant changes in UAC’s debt structure. Now repayment of the loan portfolio is secured with the revenue coming through the signed contracts.

Aircraft Deliveries

In 2010, UAC manufactured and delivered to its customers more than 75 aircraft (together with kit aircraft). Decrease in the number of deliveries is related to agreements signed with a number of customers to transfer their aircraft deliveries to the first half of 2011.

In 2010, seven commercial aircraft were delivered to customers, including four An-148 and three Tu-204/214. During 2010 more than 45 aircraft were repaired and upgraded by UAC’s enterprises.

By the end of 2010, UAC’s order book amounted to more than 1.10 trillion roubles, of which about 50% were the civil aircraft orders.

First firm contracts for the MC-21 medium range aircraft and successful launch of the fifth generation aviation complex and Tu-204SM civil aircraft programs were among the most significant milestones for UAC in 2010.

Share capital changes and Shareholders' equity

In 2010, UAC’s charter capital rose by 57.03 billion roubles (in nominal value). 43 billion additional shares were placed with the Russian Federation and Vnesheconombank, followed by another 14.03 billion additional shares placed with the Russian Federation and private investors. Additional share issues of UAC were paid in with cash.

*Reporting date or date of State registration of the issue report.

By the end of 2010 UAC’s charter capital totaled 188,632,912,598 roubles. The share of the Russian Federation in UAC amounted to 81.75%; VEB holds 10.60% and private investors – 7.64%.

UAC shares are admitted to trading on the RTS Stock Exchange and B-listed on the MICEX Stock Exchange. As of December 31, 2010, market capitalization of UAC exceeded 75.6 billion roubles.