OREANDA-NEWS. July 11, 2013. GAZ Group, part of Basic Element, one of Russia’s largest diversified industrial groups, summed up its performance for 2012 in accordance with International Financial Reporting Standards (IFRS).

In 2012, GAZ Group improved its key indicators by achieving the highest profit margin and revenue per employee in the entire history of the Company. The GAZ Group EBITDA amounted to RUR 14.3bn with an EBITDA margin of 11.2%. The EBIT amounted to RUR 13.1bn with an EBIT margin of 10.3%. The net profit grew up to RUR 8.8bn with a net profit margin of 6.9%. The revenue per employee reached RUR 194,000 per month.

In 2012 the Company’s revenue amounted to RUR 127bn, 4% lower than in 2011. The major part of the revenue, amounting to 50% of the total, was generated by the Nizhny Novgorod production site of GAZ Group (approximately RUR 60bn). The revenue from sales of GAZ commercial vehicles grew by 6%.

In 2012, the Company increased its export revenue by 7%: the revenue of sales of vehicles to the CIS and non-CIS export markets amounted to RUR 20.3bn and reached 16% of total revenue.

Commenting on the results Bo Andersson, GAZ Group President\CEO said: “The positive financial results allow us to invest in production modernization and product portfolio renovation: the 2012 CAPEX amounted to RUR 11.8bn. As a result in 2013 the production of the new generation LCV GAZelle NEXT and new models of buses for the Sochi Olympics were launched, a new military vehicle was developed at the URAL plant and the manufacturing of vehicles with leading global OEM’s VW, GM and Daimler was started. Overall the past few years have seen GAZ Group update 75% of its model range”.