Sukhoi Gets $1 billion in government guarantees for Superjet

Aviation International News » February 2013
February 2, 2013, 3:35 AM

The Russian government has granted Sukhoi Civil Aircraft loan guarantees worth $1 billion under the credit line opened by Kremlin-controlled VEB bank to finance work related to the manufacture of Superjet SSJ-100s. The government decree, issued on December 29, calls for SCAC to repay the VEB loan within 12 years starting in January 2015. The government guarantees expire in July 2026.

In a recently published third-quarter 2012 report, SCAC acknowledges “uncovered losses,” or losses not covered by the government, Sukhoi or parent company United Aircraft, of 11.1 billion roubles ($367 million) between the time of its establishment in 2000 and Sept. 30, 2012. Losses totaled 856 billion roubles ($283 million) as of December 2011 and 4.7 billion roubles ($155 million) at the end of 2010. The report says that in the first nine months of 2010 SCAC sold three SSJ-100s for 1.658 billion roubles, or some $18.4 million per airplane, and six in the same period of 2012 for 3.713 billion roubles, or roughly $20.5 million per airplane. Rough calculations based on the report’s figures suggest SCAC spends $28 million to manufacture a Superjet. The report notes that SCAC paid about 2,500 employees total salaries of 1.52 billion roubles, which equates to some $2,233 per employee a month.

Share this...

Please Register

In order to leave comments you will now need to be a registered user. This change in policy is to protect our site from an increased number of spam comments. Additionally, in the near future you will be able to better manage your AIN subscriptions via this registration system. If you already have an account, click here to log in. Otherwise, click here to register.

 
X