Another Successful Year for Aerostar with Continuing Growth in Commercial Aircraft Business and Stable Defence Performance
Bacau, Romania...... Aerostar S.A the leading Romanian aerospace company has released its financial results for 2014 recording another successful financial year, with turnover up 23 percent, and net profits increased by 25 percent.
Exports represented 70 percent of turnover, there was continued Investment in plant, machinery and training, with employment remaining stable at around 1900 people.
Aerostar continued implementing its strategy of creating a broadly balanced aerospace and defence company with growing emphasis on the commercial aircraft business whilst remaining as a front rank supplier to the Romanian Ministry of National Defence.
During 2014, turnover on civil aircraft aerostructures and aviation production rose to over 49 percent of turnover, and turnover on civil aircraft MRO activities also rose to just under 18 percent. Nearly 29 percent of turnover was accounted for by work on defence activities.
Grigore Filip, President and Director General of Aerostar said today: “We have made continued progress following our strategic path of steadily building up our commercial aircraft activities to about 70 percent of our turnover. Our mission for the immediate future is to increase this sector further to reach around 75 percent of annual turnover, with defence activities remaining stable at about 20 percent.
He added: “We continue to invest wisely in new machinery, facilities, processes and comprehensive training of our employees to improve our capabilities and service to customers. Aerostar is a strong growth business in the Romanian economy with high added value. Despite the very competitive global market in which we operate, Aerostar has become a significant player in the aeronautical and defence industry.”
Aerostar’s commercial aviation MRO offering to the market is based upon quality work, on-time delivery and cost-effective pricing. Existing customers are coming back for repeat business, new customers are being won, and the company is steadily building up a portfolio of customers from West and Eastern Europe, the Middle East, and Africa.
The civil aerostructures and aviation products business continues to grow steadily with Aerostar now counted as a prominent Tier 2 supplier in the international aviation supply chain. The company is a major subcontractor or parts and assemblies to companies such as GKN Aerospace and Fokker for a variety of commercial aviation programmes, including those from Airbus, Gulfstream and Dassault, Further qualifications/approvals for Boeing and Bombardier programmes are underway.
Aerostar is also a significant subcontractor for the production of systems and components for landing gears and hydraulic systems. Working primarily with Messier-Bugatti-Dowty, Aerostar produces significant components for aircraft such as the Airbus A320 family, A330, A350XWB and Boeing 787. The company is also the sole supplier of undercarriages for the Daher-Socata TBM 700 executive turboprop aircraft.
In the defence business Aerostar is a major supplier of aero and ground systems and it continues to offer a comprehensive military aircraft MRO and upgrade service for the MiG-21 fighter and L-39 trainer. It also has particular expertise in IFF (Identification Friend and Foe) systems and has extended its range of supply of systems and equipment plus integration of identification, communication and control systems.
Results in brief according to International Financial Reporting Standards (IFRS)
2014 2013
Turnover (Lei thousands) 261,051 212,023
(Euros thousands) 58,734 47,983
Export Sales (Lei thousands) 183,846 182,941
(Euros thousands) 41,364 41,402
Export percentage of turnover 70% 86.3%
Net Profit (Lei thousands) 19,744 14,864
(Euros thousands) 4,442 3,364
