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fulfilling obligations by a foreign defendant or its Russian “daughter”.
One way or another, now the sale of FGR assets is frozen by interim measures. And if GAZ wins the case, they may not remain attractive to Avilon with a weight of almost 16 billion rubles.
Why is it important On the one hand, the GAZ lawsuit looks mysterious, on the other hand, we do not know the main thing about the deal - its price. Theoretically, the goal of an “outside” attack can be to reduce it, and the amount of damage can serve as a guideline for the discount.
The shake-up of the Russian automotive industry with the participation of the state-owned NAMI should not be discounted either: it recently became known that the state-owned company will receive the Toyota plant in St. Petersburg for transfer to domestic manufacturers of electric vehicles. For the main VW plant in Kaluga, the most natural technology partner is FAW, which has a joint venture with Volkswagen in China and cars for the domestic market, very close to the Volkswagen Polo produced in Russia a year ago.
9.2.3 Aviation corporate news
9.2.4 Construction & Real estate corporate news
The US has introduced sanctions against Russian aircraft companies Aviatech and Aviazapchast over actions violating the US national security or foreign policy interests, according to a document of the Department of Commerce seen by PRIME late on Tuesday. Five Chinese firms, Nicaraguan and Myanmarese companies were also blacklisted.
Leading Russian property developer Etalon Group reported a four-fold increase in net profit under International Financial Reporting Standards (IFRS) in 2022 y/y to RUB13bn rubles ($168mn), thanks to a deal with YIT on favourable terms, according to the company's report released on March 29.
Revenues fell by 7.5% in 2022 to RUB80.6bn rubles ($1bn) from RUB87.1bn rubles in 2021. But gross profit increased from RUB27.8bn rubles to RUB28.2bn rubles. The gross profit margin also exceeded the company's strategic target of 35%, rising y/y from 36% to 38%.
In the company's main segment of residential development, pre-PPA profit margin also increased from 38% to 40%, according to Etalon Group CEO, Gennady Shcherbina, reports Prime. EBITDA, however, fell by 7.8% to RUB16.5bn rubles ($213mn) from RUB17.9bn rubles in the previous year.
According to the company's Chief Financial Officer, Ilya Kosolapov, Etalon Group maintained its leverage at a comfortable level and kept the cost of debt
189 RUSSIA Country Report Russia April 2023 www.intellinews.com