Avtovaz posts FY 2009 net loss of 49.2 billion roubles

17 Jun, 2010 08:16 / Updated 15 years ago

Russian automaker, Avtovaz, has posted a FY 2009 net loss of 49.2 billion roubles under IFRS.

The net loss was double the FY 2008 net loss of 24.6 billion roubles, with sales slumping from 168.4 billion roubles to 92 billion roubles, and with current liabilities exceeding current assets by 53 billion roubles.

The Company said in the statement that sales slump “has placed an increasing pressure on the Group’s financial resources and worsened liquidity,” and noted that at the end of 2009 the Group had a heavy debt burden, which included loans and borrowings due in 2010 of 40.7 billion roubles, excluding the loan of 25 billion roubles payable to the Russian Technologies State Corporation.

The Company also underlined the importance of Governmental support to its business and said that despite the economic uncertainty its management is confident that “the Group will continue as a going concern in the foreseeable future and has no plans to discontinue or significantly reduce its activities.”