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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. 

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8:04am EDT