Kamaz Group

Profit Statement 2015 2016 2017
Sales RUB mil 97,455 133,540 158,667
Gross Profit RUB mil 32,382 38,730 50,613
EBITDA RUB mil 2,512 5,778 10,397
EBIT RUB mil -1,073 2,474 6,998
Financing Cost RUB mil 923 1,186 1,593
Pre-Tax Profit RUB mil -2,591 1,288 5,405
Net Profit RUB mil -2,074 635 3,367
Dividends RUB mil 0 308 ...
Balance Sheet 2015 2016 2017
Total Assets RUB mil 110,637 133,473 160,139
Non-Current Assets RUB mil 44,103 46,368 68,210
Current Assets RUB mil 66,534 87,105 91,929
Working Capital RUB mil 15,503 18,103 19,968
Shareholders' Equity RUB mil 37,333 37,997 38,754
Liabilities RUB mil 73,304 95,476 121,385
Total Debt RUB mil 35,115 47,521 58,763
Net Debt RUB mil 14,071 38,601 54,269
Ratios 2015 2016 2017
ROE % -5.38 1.69 8.77
ROCE % -3.45 1.02 4.41
Gross Margin % 33.2 29.0 31.9
EBITDA Margin % 2.58 4.33 6.55
EBIT Margin % -1.10 1.85 4.41
Net Margin % -2.13 0.476 2.12
Net Debt/EBITDA 5.60 6.68 5.22
Net Debt/Equity % 37.7 102 140
Cost of Financing % 3.13 2.87 3.00
Valuation 2015 2016 2017
Market Capitalisation USD mil 332 557 621
Enterprise Value (EV) USD mil 525 1,194 1,563
Number Of Shares mil 681 681 681
Share Price RUB 35.6 49.7 52.6
EV/EBITDA 14.0 13.8 8.89
EV/Sales 0.360 0.597 0.583
Price/Earnings (P/E) -11.7 53.2 10.6
Price/Book Value (P/BV) 0.648 0.890 0.923
Dividend Yield % 0 0.911 ...

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summary Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Sales RUB mil ... ... ...             106,830 118,510 114,317 110,599 97,455    
Gross Profit RUB mil ... ... ...             33,254 40,654 37,850 37,081 32,382    
EBIT RUB mil ... ... ...             3,689 8,080 5,695 2,243 -1,073    
Net Profit RUB mil ... ... ...             1,778 5,761 4,367 149 -2,074    
ROE % ... ... ...             5.77 16.5 11.4 0.379 -5.38    
EBIT Margin % ... ... ...             3.45 6.82 4.98 2.03 -1.10    
Net Margin % ... ... ...             1.66 4.86 3.82 0.135 -2.13    
Employees ... ... ... ... ... ... ... ...   46,019 45,536 40,700 38,995 38,000    
balance sheet                                
Total Assets RUB mil ... ... ...             77,431 77,777 81,313 96,414 110,637    
Non-Current Assets RUB mil ... ... ...             37,199 37,731 37,508 39,691 44,103    
Current Assets RUB mil ... ... ...             40,232 39,613 43,805 56,723 66,534    
Shareholders' Equity RUB mil ... ... ...             31,732 37,894 38,724 39,831 37,333    
Liabilities RUB mil ... ... ...             45,699 39,883 42,589 56,583 73,304    
Non-Current Liabilities RUB mil ... ... ...             14,273 15,898 14,229 15,243 31,541    
Current Liabilities RUB mil ... ... ...             31,426 23,985 28,360 41,340 41,763    
Net Debt/EBITDA ... ... ...             1.65 1.05 1.29 2.27 5.60    
Net Debt/Equity % ... ... ...             32.4 30.0 30.1 32.0 37.7    
Cost of Financing % ... ... ... ...           4.94 0.872 -1.37 2.71 3.13    
cash flow                                
Total Cash From Operations RUB mil ... ... ...             6,252 3,643 6,763 5,667 43.0    
Total Cash From Investing RUB mil ... ... ...             -4,341 1,388 -3,594 -9,191 -1,542    
Total Cash From Financing RUB mil ... ... ...             -2,449 -7,691 -2,774 3,907 9,908    
Net Change In Cash RUB mil ... ... ...             -538 -2,660 395 383 8,409    
valuation                                
Market Capitalisation USD mil ... ... ...             774 867 1,071 293 332    
Number Of Shares mil ... ... ...             707 731 719 681 681    
Share Price RUB ... ... ...             35.2 37.5 51.7 26.2 35.6    
Earnings Per Share (EPS) RUB ... ... ...             2.51 7.88 6.08 0.219 -3.05    
Book Value Per Share RUB ... ... ...             44.9 51.9 53.9 58.5 54.8    
Dividend Per Share RUB ... ... ... ... ... ... ... ... ... 0 0.590 0.270 0 0   ...
Price/Earnings (P/E) ... ... ...             14.0 4.75 8.51 120 -11.7    
Price/Book Value (P/BV) ... ... ...             0.784 0.723 0.960 0.447 0.648    
Dividend Yield % ... ... ... ... ... ... ... ... ... 0 1.57 0.522 0 0   ...
Earnings Per Share Growth % ... ... ... ...           -333 214 -22.9 -96.4 -1,492    
Book Value Per Share Growth % ... ... ... ...           6.19 15.6 3.90 8.57 -6.27    
income statement Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                
Sales RUB mil ... ... ...             106,830 118,510 114,317 110,599 97,455    
Cost of Goods & Services RUB mil ... ... ...             73,576 77,856 76,467 73,518 65,073    
Gross Profit RUB mil ... ... ...             33,254 40,654 37,850 37,081 32,382    
Staff Cost RUB mil ... ... ...             15,863 17,717 17,673 19,000 21,000    
Other Cost RUB mil ... ... ...             11,177 12,151 11,131 12,471 8,870    
EBITDA RUB mil ... ... ...             6,214 10,786 9,046 5,610 2,512    
Depreciation RUB mil ... ... ...             2,525 2,706 3,351 3,367 3,585    
EBIT RUB mil ... ... ...             3,689 8,080 5,695 2,243 -1,073    
Financing Cost RUB mil ... ... ...             1,080 168 -235 560 923    
Extraordinary Cost RUB mil ... ... ...             -6.00 89.0 400 1,075 595    
Pre-Tax Profit RUB mil ... ... ...             2,615 7,823 5,530 608 -2,591    
Tax RUB mil ... ... ...             791 2,006 1,263 397 -208    
Minorities RUB mil ... ... ...             46.0 56.0 -100 62.0 -309    
Net Profit RUB mil ... ... ...             1,778 5,761 4,367 149 -2,074    
Dividends RUB mil ... ... ... ... ... ... ... ... ... 0 431 194 0 0   ...
growth rates                                
Total Revenue Growth % ... ... ... ...           44.8 10.9 -3.54 -3.25 -11.9    
Operating Cost Growth % ... ... ... ...           46.2 10.5 -3.56 9.26 -5.09    
EBITDA Growth % ... ... ... ...           47.0 73.6 -16.1 -38.0 -55.2    
EBIT Growth % ... ... ... ...           132 119 -29.5 -60.6 -148    
Pre-Tax Profit Growth % ... ... ... ...           -452 199 -29.3 -89.0 -526    
Net Profit Growth % ... ... ... ...           -333 224 -24.2 -96.6 -1,492    
ratios                                
ROE % ... ... ...             5.77 16.5 11.4 0.379 -5.38    
ROCE % ... ... ... ...           3.56 10.6 7.43 0.244 -3.45    
Gross Margin % ... ... ...             31.1 34.3 33.1 33.5 33.2    
EBITDA Margin % ... ... ...             5.82 9.10 7.91 5.07 2.58    
EBIT Margin % ... ... ...             3.45 6.82 4.98 2.03 -1.10    
Net Margin % ... ... ...             1.66 4.86 3.82 0.135 -2.13    
Payout Ratio % ... ... ... ... ... ... ... ... ... 0 7.48 4.44 0 0   ...
Cost of Financing % ... ... ... ...           4.94 0.872 -1.37 2.71 3.13    
Net Debt/EBITDA ... ... ...             1.65 1.05 1.29 2.27 5.60    
balance sheet Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                
Non-Current Assets RUB mil ... ... ...             37,199 37,731 37,508 39,691 44,103    
Property, Plant & Equipment RUB mil ... ... ...             27,774 28,583 28,454 2,887 29,712    
Intangible Assets RUB mil ... ... ...             2,317 3,031 3,842 5,077 5,874    
Current Assets RUB mil ... ... ...             40,232 39,613 43,805 56,723 66,534    
Inventories RUB mil ... ... ...             18,101 21,929 22,060 26,126 24,249    
Receivables RUB mil ... ... ...             6,080 8,315 10,977 10,131 15,447    
Cash & Cash Equivalents RUB mil ... ... ...             11,274 5,603 5,723 11,191 21,044    
Total Assets RUB mil ... ... ...             77,431 77,777 81,313 96,414 110,637    
Shareholders' Equity RUB mil ... ... ...             31,732 37,894 38,724 39,831 37,333    
Of Which Minority Interest RUB mil ... ... ...             1,051 1,066 934 911 878    
Liabilities RUB mil ... ... ...             45,699 39,883 42,589 56,583 73,304    
Non-Current Liabilities RUB mil ... ... ...             14,273 15,898 14,229 15,243 31,541    
Long-Term Debt RUB mil ... ... ...             10,557 12,493 10,951 11,825 24,654    
Deferred Tax Liabilities RUB mil ... ... ...             774 742 665 692 646    
Current Liabilities RUB mil ... ... ...             31,426 23,985 28,360 41,340 41,763    
Short-Term Debt RUB mil ... ... ...             10,994 4,480 6,422 12,102 10,461    
Trade Payables RUB mil ... ... ...             8,276 12,116 8,877 15,417 24,193    
Provisions RUB mil ... ... ... ... ...         313 381 253 281 396    
Equity And Liabilities RUB mil ... ... ...             77,431 77,777 81,313 96,414 110,637    
growth rates                                
Total Asset Growth % ... ... ... ...           10.5 0.447 4.55 18.6 14.8    
Shareholders' Equity Growth % ... ... ... ...           6.19 19.4 2.19 2.86 -6.27    
Net Debt Growth % ... ... ... ...           -5.72 10.6 2.46 9.32 10.5    
Total Debt Growth % ... ... ... ...           -2.63 -21.2 2.36 37.7 46.8    
ratios                                
Total Debt RUB mil ... ... ...             21,551 16,973 17,373 23,927 35,115    
Net Debt RUB mil ... ... ...             10,277 11,370 11,650 12,736 14,071    
Working Capital RUB mil ... ... ...             15,905 18,128 24,160 20,840 15,503    
Capital Employed RUB mil ... ... ...             53,104 55,859 61,668 60,531 59,606    
Net Debt/Equity % ... ... ...             32.4 30.0 30.1 32.0 37.7    
Cost of Financing % ... ... ... ...           4.94 0.872 -1.37 2.71 3.13    
cash flow Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                
Net Profit RUB mil ... ... ...             1,778 5,761 4,367 149 -2,074    
Depreciation RUB mil ... ... ...             2,525 2,706 3,351 3,367 3,585    
Non-Cash Items RUB mil ... ... ... ...           5,856 -2,601 5,077 -1,169 -6,805    
Change in Working Capital RUB mil ... ... ... ...           -3,907 -2,223 -6,032 3,320 5,337    
Total Cash From Operations RUB mil ... ... ...             6,252 3,643 6,763 5,667 43.0    
Capital Expenditures RUB mil ... ... ...             -2,727 -2,622 -3,845 -4,763 -4,133    
Other Investments RUB mil ... ... ...             -1,614 4,010 251 -4,428 2,591    
Total Cash From Investing RUB mil ... ... ...             -4,341 1,388 -3,594 -9,191 -1,542    
Dividends Paid RUB mil ... ... ... ... ... ... ... ... ... 0 -431 -194 0 0   ...
Issuance Of Debt RUB mil ... ... ... ...           -583 -4,578 400 6,554 11,188    
Total Cash From Financing RUB mil ... ... ...             -2,449 -7,691 -2,774 3,907 9,908    
Net Change In Cash RUB mil ... ... ...             -538 -2,660 395 383 8,409    
ratios                                
Days Sales Outstanding days ... ... ...             20.8 25.6 35.0 33.4 57.9    
Days Sales Of Inventory days ... ... ...             89.8 103 105 130 136    
Days Payable Outstanding days ... ... ...             41.1 56.8 42.4 76.5 136    
Cash Conversion Cycle days ... ... ...             69.5 71.6 98.0 86.6 58.2    
Cash Earnings RUB mil ... ... ...             4,303 8,467 7,718 3,516 1,511    
Cash Earnings Per Share RUB ... ... ...             6.08 11.6 10.7 5.16 2.22    
Price/Cash Earnings (P/CE) ... ... ...             5.78 3.23 4.82 5.06 16.0    
Free Cash Flow RUB mil ... ... ...             1,911 5,031 3,169 -3,524 -1,499    
Free Cash Flow Yield % ... ... ...             8.40 18.7 9.28 -25.7 -6.76    
other data Unit 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                
ROA % ... ... ...             2.41 7.42 5.49 0.168 -2.00    
Gross Margin % ... ... ...             31.1 34.3 33.1 33.5 33.2    
Employees ... ... ... ... ... ... ... ...   46,019 45,536 40,700 38,995 38,000    
Cost Per Employee USD per month ... ... ... ... ... ... ... ...   977 1,044 1,136 868 689    
Cost Per Employee (Local Currency) RUB per month ... ... ... ... ... ... ... ...   28,726 32,423 36,186 40,604 46,053    
Staff Cost (As % Of Total Cost) % ... ... ...             15.4 16.0 16.3 17.5 21.3    
Effective Tax Rate % ... ... ...             30.2 25.6 22.8 65.3 8.03    
Enterprise Value (EV) USD mil ... ... ...             1,094 1,239 1,426 503 525    
EV/EBITDA ... ... ...             5.18 3.57 5.02 4.20 14.0    
EV/Capital Employed ... ... ...             0.662 0.678 0.760 0.505 0.642    
EV/Sales ... ... ...             0.301 0.325 0.397 0.213 0.360    
EV/EBIT ... ... ...             8.72 4.76 7.98 10.5 -32.7    
Domestic Sales RUB mil ... ... ...             94,321 104,638 99,902 96,856 80,812    
Capital Expenditures (As % of Sales) % ... ... ...             2.55 2.21 3.36 4.31 4.24    
Revenues From Abroad RUB mil ... ... ...             12,509 13,872 14,415 13,743 16,643    
Revenues From Abroad (As % Of Total) % ... ... ...             11.7 11.7 12.6 12.4 17.1    
Price Per Vehicle Sold USD ... ... ...             79,426 78,873 95,913 73,596 51,262    
EBIT Per Vehicle Sold USD ... ... ...             2,743 5,378 4,778 1,493 -564    
Net Profit Per Vehicle Sold USD ... ... ...             1,322 3,834 3,664 99.1 -1,091    
Sales From Automotive RUB mil ... ... ...             84,096 92,388 93,440 101,456 89,191 ... ...
Production of Vehicles vehicles                   45,754 48,375 43,612 38,848 ... ... ...
Production of Vehicles - Trucks vehicles                   45,716 48,362 37,411 32,109 28,456    
Sales of Vehicles vehicles ... ... ... ... ... ...       45,800 46,500 37,411 32,109 28,456    
Exports Of Vehicles vehicles ... ... ... ... ... ...       6,200 6,300 5,700 6,100 5,800    
Exports (As % Of Total Vehicles Sold) % ... ... ... ... ... ...       13.5 13.5 15.2 19.0 20.4    

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Kamaz (Kamskiy avtomobilny zavod) is a Russian truck manufacturer located in Naberezhnye Chelny, Tatarstan, Russian Federation. It is the largest automobile corporation of the Russian Federation and it ranks 13th among the world's top heavy truck manufacturers. The company was established in 1969 and the first Kamaz truck rolled off the main assembly line in 1976. Since the launch of production, more than 2 million vehicles have been assembled. Nowadays, the factory produces over 40,000 trucks a year and its trucks are heavily used by the Russian army. Kamaz heavy duty models are exported to many areas of the world including Eastern Europe, Latin America, China, the Middle East, and North Africa. The largest shareholdings belong to the state and commercial banks. The trucks have won the Dakar Rally a record ten times