The KAMAZ group has sold its automobile marketing and service business in Ukraine to a foreign partner, as stated by the press service of the Ukrainian Motor Vehicle Manufacturers Association (UkrAutoprom).
KAMAZ's decision to dispose of this business was motivated by the uncertainty of the economic and political situation in Ukraine and the sliding hryvnia exchange rate against the major currencies resulting in a weaker liquidity position, shrinking borrowing opportunities and more stringent loan terms.
At the end of 2013, the group's balance sheet assets exposed to risks arising from the situation in Ukraine amounted to ca. RUB 760 million. As a result of this transaction, the group has realized RUB 58 million in income.
OJSC KAMAZ Group (tax number: 1650032058) includes 13 principal subsidiaries engaged with the development, production and assembly of automotive vehicles and vehicle sets and sales of finished products. In total, KAMAZ Group consists of 110 enterprises including joint ventures in the CIS countries and foreign assembly facilities.
KAMAZ's major shareholders are Russian Technologies / Russian Technologies (49.9%), Avtoinvest Limited (24.53%), Daimler (11%), KAMAZ International Management (4.25%), EBRD (4%), Decodelement Services Limited (2.73%).
IFRS net profit of KAMAZ for 2013 decreased by 25.12% to RUB 4.356 billion. Revenue decreased by 3.54% to RUB 114.317 billion from RUB 118.51 billion, operating profit by 28.16% to RUB 5.805 billion from RUB 8.08 billion.
RAS net loss of KAMAZ for Q1 2014 was RUB 1.366 billion against a profit of RUB 644.096 million the year before.
AK&M "M&A Market"
"AK&M", 05.05.2014 15:08