Russian Helicopters posts robust 2011 growth

Russian Helicopters has posted strong results for 2011, reporting a 12.5% year-on-year increase in IFRS net profit to 7 billion rubles ($238 million at the current exchange rate) and a 27.8% growth in revenue to 103.9 billion rubles.

Russian Helicopters puts this healthy growth down to a surge in deliveries and an assortment of new orders received throughout 2011. A total of 262 airframes were delivered last year, 22.4% up on the 2010 results. The annual sales revenue amounted to 82 billion rubles. The company had 859 firm orders as of 31 December 2011, compared to 430 the year before. This growth was largely due to several long-term contracts from the Russian Defense Ministry, which had ordered in excess of 600 helicopters with deliveries to continue until the year 2020. The manufacturer’s 2012 production plans are backed by firm orders to 100%, and those for 2013 – to 94%.

Russian Helicopters saw its operating costs go up 23.3% last year to reach 25.9 billion rubles. Its capital expenditure grew by 90.3% to 13.7 billion rubles, including 9.1 billion rubles invested in the expansion and renovation of production capacities (65.5% up on the 2010 levels). R&D spending amounted to 4.6 billion rubles, up 2.7% on the 2010 results. Much of this went into the Kamov Ka-226/226T, Ka-62, Mil Mi-38 and Mi-171A2 programs, as well as in the project to develop a high-speed helicopter.

"We will continue to develop our aftersales support network, invest in production equipment, upgrade our capacities, and further enhance our management system," promised Russian Helicopters CEO Dmitry Petrov.