At their respective extraordinary general meetings held on January 11 and January 9, the shareholders of OJSC Aviadvigatel and OJSC Permskiy Motorny Zavod made a decision to transfer the authority of the sole executive body to NPO Saturn while creating the Civil Aviation Engines arm, NPO Saturn informed.
According to Valery Nikulin, NPO Saturn deputy CEO for corporate ordinance and legal counsel, referred to in the company's statement, the boards of directors of all the companies integrated in the Civil Aviation Engines arm will have to approve the transfer of authority of the sole executive body to NPO Saturn in the nearest future. Russia's Federal Antimonopoly Service has already approved this transfer.
All the companies in the Civil Aviation Engines division will be fully subordinated to the sole executive body starting February 1, 2013, the company points out, adding that some new appointments could follow.
OJSC Permskiy Motorny Zavod (English as per Articles: Perm Engine Company, tax number: 5904007312) is a series manufacturer of aircraft engines for civil and military aircraft, industrial gas-turbine units for power stations and gas transportation lines. It is part of Obyedinennaya Dvigatelestroitelnaya Korporatsiya (English: United Engine Corporation) which itself if a 100% specialized subsidiary of OJSC OPK Oboronprom for managing engine manufacturing assets.
Net profit (RAS) of OJSC Permskiy Motorny Zavod for 2011 decreased 5.5-fold to RUB 1.859 million from RUB 9.778 million for 2010. Revenue increased by 5.1% to RUB 14.303 billion from RUB 13.603 million, sales profit decreased 2.4-fold to RUB 512.546 million from RUB 1.225 billion, pre-tax profit 2.8-fold to RUB 24.041 million from RUB 66.2 million.
OJSC NPO Saturn (English: Research and Production Association Saturn, tax number: 7610052644) was established on the basis of OJSC Rybinskiye motory and the design bureau A. Lyulka-Saturn in July 2001. Saturn is a leading engine building company specializing in the development, production and service of gas turbine engines for military and civil aircraft, ships of the navy fleet, power generating and gas compressor units.
The authorized capital of the merged company is RUB 3.984 billion represented by 3,983,657,690 common shares at par value of 1 ruble. The R&D company Saturn is part of United Engine Corporation (ODK) which is a 100% specialized subsidiary of OJSC OPK Oboronprom for managing engine manufacturing assets.
Net loss (RAS) of OJSC NPO Saturn for January-September 2012 increased 2.29-fold to RUB 1.675 billion from RUB 731.642 million for 9 months 2011. Revenue rose by 6.72% to RUB 5.32 billion from RUB 4.985 billion, sales loss 3.67-fold to RUB 1.255 billion from RUB 342.1 million, loss before tax 2.27-fold to RUB 2.396 billion from RUB 1.054 billion.