Key Developments: Kamaz OAO (KMAZ.MM)

KMAZ.MM on Moscow Interbank Currency Exchange

24 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Moody's ratings of Kamaz OAO, Vertolety Rossii OAO, AK Alrosa OAO unaffected by Russia's sovereign rating action
Tuesday, 21 Oct 2014 09:45am EDT 

Kamaz OAO:Moody's Investors Service has said that the ratings and outlooks of government-related issuers (GRIs) KAMAZ (Ba2 negative), Vertolety Rossii OAO (Ba2 negative), AK ALrosa OAO (ALROSA) (Ba3 positive) are unaffected by the weakening of Russia's credit profile.The corporate family ratings of the aforementioned GRIs, which are positioned in the Ba2 (KAMAZ, Vertolety Rossii OAO) or Ba3 (ALROSA) categories, are primarily driven by their standalone baseline credit assessment (BCA).As such, their ratings remain unaffected by the sovereign action despite their linkage with the Russian economy.Moody's believes that the weakening of Russia's credit profile, as reflected by Moody's downgrade of Russia's government bond rating to Baa2 from Baa1 on Oct. 17, has not affected the degree of government support for the GRIs.The rating agency assesses this support as being strong for KAMAZ, Vertolety Rossii OAO, and moderate for ALROSA.Moody's expects that the probability of the aforementioned GRIs receiving support from the sovereign remains largely unchanged.  Full Article

Kamaz OAO to sell military vehicle subsidiary-Interfax
Tuesday, 21 Oct 2014 01:33am EDT 

Kamaz OAO:Kamaz will sell its wholly owned Special Automobiles Plant by the end of this year or early next, a representative of the Russian truck maker told Interfax-Interfax.Special Automobiles Plant, based in Tatarstan, makes the Typhoon armoured personnel carriers and Vystrel infantry combat vehicles.It is the Russian truck maker's last military asset.The Vedomosti newspaper said the plant would be sold to a company affiliated with plant management.Kamaz now plans to produce civilian products only.  Full Article

Moody's downgrades Kamaz OAO CFR to Ba2
Monday, 13 Oct 2014 03:40am EDT 

Kamaz OAO:Moody's Investors Services has downgraded to Ba2 from Ba1 the corporate family rating (CFR) and to Ba2-PD from Ba1-PD the probability of default rating (PDR) of KAMAZ.The outlook is negative.The downgrade of the BCA to b2 is triggered by Moody's expectation that KAMAZ's financial metrics will weaken in 2014 and 2015.The negative outlook reflects Moody's concerns that challenges for the Russian economy as well as in Russian truck market may be deeper and longer than the rating agency currently anticipates.  Full Article

Kamaz OAO appoints acting finance director-Interfax
Friday, 12 Sep 2014 05:19am EDT 

Kamaz OAO:Andrey Maksimov has been appointed acting finance director at Kamaz, the company's statement says-Interfax.Maksimov held the post of chief accounting officer at the company.  Full Article

Kamaz OAO CFO leaving company-Interfax
Thursday, 4 Sep 2014 11:33pm EDT 

Kamaz OAO:Deputy General Director - Chief Financial Officer of Kamaz, Elena Milinova, is leaving her position, Kamaz press service said-Interfax.Milinova is moving to the respective post at X5 Retail Group.The CFO post at Kamaz has not been filled yet.  Full Article

Government to provide Kamaz OAO state guarantees-Interfax
Tuesday, 19 Aug 2014 04:53am EDT 

Kamaz OAO:The government will provide truck maker Kamaz with 35 billion Russian rubles in state guarantees for a term of up to 15 years, Prime Minister Dmitry Medvedev said at a meeting with Kamaz CEO Sergei Kogogin-Interfax.The state guarantees will be provided on corporate bonds, according to the text of the resolution published on the Cabinet's website.Kamaz's investment project for expanding the model lineup and modernizing capacity was selected to receive the state guarantees, it said.  Full Article

Kamaz OAO and Palfinger AG agree on two joint ventures in Russia
Monday, 18 Aug 2014 08:00pm EDT 

Kamaz OAO:Says that PALFINGER AG and Kamaz have agreed to establish two joint venture companies in Russia.The PALFINGER Group will hold 49 per cent and the KAMAZ Group 51 per cent in the joint venture focusing on mounting, which will specialize in truck bodies.The joint venture company will equip trucks with loading and handling systems.In addition to the existing dealer network of KAMAZ, the establishment of a separate network of dealers and service centres is planned.The company will have its registered office in Naberezhnye Chelny in Tatarstan, not far from the headquarters of the KAMAZ Group.The objective is to deliver more than 3,000 truck bodies per year by 2019.PALFINGER’s stake in the cylinder production joint venture will be 51 per cent.PALFINGER will acquire this interest in the existing cylinder production of KAMAZ in Neftekamsk in the Bashkortostan region and will invest in modernization of the plants.A targeted 80,000 cylinders for cranes, trucks and building machinery are to be built there by the year 2019.Subject to the necessary approvals, the closing of both transactions and hence the foundation of the new joint venture companies is planned for the end of Nov.  Full Article

Kamaz OAO comments on FY 2014 guidance-Interfax
Tuesday, 1 Jul 2014 09:24am EDT 

Kamaz OAO:Kamaz may see net profit drop 23.1 percent to 3.35 billion Russian rubles in 2014 under international financial reporting standards (IFRS), the company said in its annual report, which sets out the targets for 2014 approved by the board of directors-Interfax.Revenue may decline 2.3 percent to 111.7 billion rubles.Earnings before taxes, depreciation, and amortization (EBITDA) are forecast at 10.6 billion rubles, 22.9 percent above the 2013 level.Target EBITDA margin is 9.5 percent and net profit margin 3 percent.The company is planning to cut expenses by 5.7 billion rubles, including direct material expenses by 2.5 billion rubles, energy 1.2 billion rubles, and overhead expenses 1.9 billion rubles.Kamaz expects to sell 43,000 vehicles in 2014, 1.8 percent less than in 2013.In Russia, sales are expected at 37,200 vehicles, down 2.6 percent, while 5,800 vehicles are expected to be exported, up 1.75 percent.In addition, the company is planning to sell 13 billion rubles in spare parts, 760 busses, 7,300 trailers and 11.3 billion rubles in diversification products.FY 2014 revenue 116,736 million rubles, net income 3,768 million rubles and EBITDA 7,930 million rubles - Thomson Reuters I/B/E/S.  Full Article

Kamaz OAO intends to place bonds-AK&M
Monday, 26 May 2014 08:00pm EDT 

Kamaz OAO:The board of directors of Kamaz decided to place the BO-02d - BO-10th series bonds in the total volume of 27 billion Russian rubles, the company informed-AK&M.The issues include 3 million pcs of 1,000 rubles par each.They will be placed through the open offering for 15 years in maturity.  Full Article

Kamaz OAO could pay out 2013 dividends at 0.29 rubles per share-Interfax
Friday, 23 May 2014 03:01am EDT 

Kamaz OAO:Kamaz may pay dividends for 2013 totaling 10 percent of net profit under Russian accounting standards (RAS), CEO Sergei Kogogin told Interfax on the sidelines of the St. Petersburg International Economic Forum-Interfax.It was reported that the company had net profit to RAS of 2.056 billion Russian rubles in 2013, meaning dividends could total 205.58 million rubles.The company's charter capital consists of 707,229,559 shares, meaning dividends could be paid at 0.29 rubles per share.For the first time since 1992, the company paid out dividends for 2012 at 0.69 rubles per share, totaling around 487.95 million rubles.  Full Article

Russian truckmaker Kamaz says to halt production for 3 days

MOSCOW, Sept 24 - Russian truck maker Kamaz will partially suspend production this month for three days due to a deteriorating Russian truck market, the company said on Wednesday.

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