GAZ Group 2012 performance, 2013 production of new gen LCV GAZelle NEXT, new variants for Sochi Olympics, and new military vehicle
GAZ Group a part of Basic Element and a leading industrial group have declared their performance for the past year which is in accordance with International Financial Reporting Standards (IFRS). During past year 2012, the group has achieved highest profit margin and revenue per employee to date.
Revenue during 2012 period was 4% lower than what was achieved during 2011 as it stood at RUR 127 billion though revenue from commercial vehicles increased by 6% as did export revenues which increased by 7% during 2012 period. Increased financial results has permitted the company to invest in production modernization and product portfolio renovation while this year new models of buses for the Sochi Olympics will also get off to a flying start along with new military vehicle which is under development at the companyâ€™s Ural plant.
Commenting on the results Bo Andersson, GAZ Group President/CEO said, â€śThe positive financial results allow us to invest in production modernization and product portfolio renovation: the 2012 CAPEX amounted to RUR 11.8bn. As a result in 2013 the production of the new generation LCV GAZelle NEXT and new models of buses for the Sochi Olympics were launched, a new military vehicle was developed at the URAL plant and the manufacturing of vehicles with leading global OEMâ€™s VW, GM and Daimler was started. Overall the past few years have seen GAZ Group update 75% of its model rangeâ€ť.