In 2011 GAZ Group achieved the highest results in the history of the company in terms of net profit, net profit margin, and revenue per employee. In 2011 the revenue of the company increased by 37%, EBITDA – by 49%, and net profit – by 4 times.
Bo Andersson, President/CEO of GAZ Group: “In 2011 we fulfilled all tasks that we had aimed at strengthening the company’s competitiveness. We increased sales, considerably improved financial results, renewed the model range and started implementation of joint projects with international automakers”.
GAZ Group, a part of Russia’s biggest business group Basic Element, has summed up 2011 results according to the International Financial Reporting Standards (IFRS). The revenue of GAZ Group in 2011 was RUR 132.4 billion, which is 37% higher vs. 2010. The bulk of the revenue – over 45% of the total amount – was generated by Gorky Automobile Plant (about RUR 61 billion). The company’s export revenue grew by 43%.
In 2011 EBITDA of GAZ Group increased by 49% and reached RUR 14 billion with the margin of 10.5%. The net profit increased by 4 times and reached RUR 8.5 billion with the margin of 6.4%. It is the highest level of net profit in the history of the company. In 2011 GAZ Group also reached record high revenue per employee: last year it was RUR 191 thousand per month, which is 37% higher vs. 2010.
Bo Andersson, President/CEO of GAZ Group: “I am glad to say that in 2011 we fulfilled all tasks that we had aimed at strengthening the company’s competitiveness. We increased sales, considerably improved financial results, renewed the model range and started implementation of joint projects with international automakers. At the same time we have high business targets for 2012. The main resource that lets us aim at high results is the qualification and dedication of our employees. To improve the motivation of our employees we’ve been implementing a profit sharing program for two years in a row. The total remuneration for the 2011 achievements was RUR 1.5 billion, out of which around 70% was paid to the workers and support staff of our plants”.
Source: http://eng.gazgroup.ru/news/news/?id=4406
