Scandal on the Vase: "Rosoboronexport" has transformed the company from profitable to unprofitable

Scandal on the Vase: The highest officials of the country explained the change management team "AVTOVAZ", "pre-crisis" state enterprise. But as far as this picture is close to the truth, investors became obvious only yesterday: the company's net profit under RAS for the past year fell four times, and the fourth quarter and had become unprofitable. This indicator shocked the market.According to the official commentary of the plant, the fall in profit is due to increased cost of production. Unofficially the company by reason of falling profit called the unprecedented growth of administrative expenses of a new team of managers of the plant, came to the factory of "Rosoboronexport" in the autumn of last year, says "Kommersant".The plant's net profit for 2005 amounted to $ 1.4 billion. Other financial indicators the plant was not disclosed, but this is the only figure we can understand that at AVTOVAZ was going wrong.By the end of trading on Thursday, shares of the Vase fell by 8.3%. The last time the shares of the plant fell stronger only 27 October 2003, when down after the arrest of Yukos head Mikhail Khodorkovsky walked the whole market. And last week's paper AVTOVAZ lost almost 17%, while the market grew.At the end of the third quarter of last year net profit of AVTOVAZ was $ 3.6 billion. Thus, only one, the last quarter of last year, the plant has managed to earn 2.1 billion net loss. And failure in the financial performance of the company coincided with the advent of "AVTOVAZ" team of "Rosoboronexport"."Last year, outstripping growth rates were tariffs for services of natural monopolies, as well as more expensive raw materials: metal, rubber products and so on," justified by the press Secretary of the head of the Board of Directors of AVTOVAZ Vladimir Artyakov Ivan Skrynnik. However, experts doubt that the reason for such a large fall in profits may be due to these circumstances: if we make a loss on the number of cars (about 180 thousand), it turns out that every car VAZ sold with a loss of $ 400. This is hard to believe.Kommersant says that the reason is different: new managers dramatically increased administrative costs. Rosoboronexport has purchased a fleet of Toyota Land Cruiser for guidance (the minimum price of 50 thousand dollars), the top management of the plant too often used for flights Charter flights, the Vice-President of AVTOVAZ appeared numerous advisers receiving unimaginable rewards.It is assumed that will be disappointing and the results of the plant this year. The sources of Kommersant argue that since the beginning of 2006 taking into account losses from marriage and theft, which amounts to 1.5% of revenue", the plant is already running at a loss. In addition, the entire first quarter of 2006 AVTOVAZ worked without an approved budget, which was finally converted into only the other day.NEWSru.com28.04.2006.



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