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Fitch Affirms Russian Helicopters at 'BB'; Outlook Stable

Fitch Ratings has affirmed Russian Helicopters JSC's (RH) Long-Term local and foreign currency Issuer Default Ratings (IDR) at 'BB', the rating agency informed

The Long-term National Rating is affirmed at 'AA-(rus)', the short-term foreign currency IDR and the short-term National Rating at 'B' and 'F1+(rus)' respectively. The Outlooks on the Long-Term IDR and the Long-term National Rating are Stable.

In line with Fitch's parent-subsidiary linkage methodology, the ratings incorporate a one-notch uplift for support for the company from the ultimate parent, the Russian Federation (BBB/Negative).

At present, the company's ratings are not affected by any sanctions imposed by the European Union and the US government against certain Russian companies. If Russian Helicopters was to have sanctions placed on it in the future, such an occurrence will be treated as event risk by Fitch.

JSC Russian Helicopters (tax number: 7731559044) is a subsidiary of JSC OPK Oboronprom which itself is part of the corporation Rostekhnologii. It controls and manages the following helicopter industry enterprises: Mil Moscow Helicopter Plant, Kamov, Ulan-Ude Aviation Plant, Kazan Helicopters, Rostvertol, Progress Arsenyev Aviation Company named after N.I. Sazykin, Kumertau Aviation Production Enterprise, Stupino Machine Production Plant, Reduktor-PM, Novosibirsk Aircraft Repairing Plant and Helicopter Service Company. In 2013, the company supplied 275 helicopters.

IFRS net profit of JSC Russian Helicopters for 2013 grew by 1.29% to RUB 9.473 billion from RUB 9.352 billion the year before. Revenue increased by 9.95% to RUB 138.263 billion from RUB 125.749 billion, operating profit by 36.47% RUB 20.614 billion from RUB 15.105 billion, pre-tax profit by 18.96% to RUB 14.548 billion from RUB 12.229 billion, EBITDA by 26.99% to RUB 26.304 billion c RUB 20.714 billion.

According to the DataCapital information retrieval system, RAS net profit of Russian Helicopters for H1 2014 grew by 27.21% to RUB 3.679 billion from RUB 2.892 billion the year before. Revenue increased by 4.47% to RUB 781.724 million from RUB 748.245 million, sales loss by 69.99% to RUB 704.02 million from RUB 414.165 million, pre-tax profit by 46.91% to RUB 3.871 billion from RUB 2.635 billion

"AK&M", 20.08.2014


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