Russia’s United Aircraft Corporation pays critical debts, set to become profitable in 2024 - RUSSIAN AVIATION

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Russia’s United Aircraft Corporation pays critical debts, set to become profitable in 2024

Russian Aviaton » Wednesday November 17, 2021 14:14 MSK

© Alexey Kondratov

Russia’s United Aircraft Corporation (UAC, part of Rostec) has repaid all critical debts it had accumulated, routinely servicing a 250 bln rubles ($3.4 bln) debt now, Chief Executive Officer of Russia's state hi-tech corporation Rostec Sergey Chemezov told reporters on the sidelines of the Dubai Airshow on Monday, adding that UAC is expected to become profitable following the financial recovery procedure approximately in 2024.

"We have virtually repaid all critical debts. All today’s loans are routinely serviced," he said, adding that the loans are worth 250 bln rubles. "There are debts there that we have restructured for 15 years," CEO said, adding that "all those debts are serviced and are not critical."

The program for UAC’s financial recovery implies that the corporation will become profitable in 2024, Chemezov said. Moreover, the process of merging assets is currently underway in the corporation, he added.

Net loss of UAC under International Financial Reporting Standards (IFRS) was up 2.7-fold by the end of 2020 compared to the previous year at 165.5 bln rubles ($2.27 bln).

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