Aero significantly increased its profit
Vodochody, 30 June 2023 – For the financial year from 1 January to 31 December 2022, AERO Vodochody AEROSPACE a.s. ended with an operating profit before tax, depreciation, amortisation and interest of CZK 974.5 million. CZK. For the financial year 2021 this profit amounted to CZK 70.2 million. CZK.
“The year 2022 was marked by significant events and can be considered a turning point. For our latest developed aircraft, the L-39NG, we obtained type certification without restrictions, which is the main prerequisite for the registration of individual aircraft with customers. This marks the end of a decade of development, certification, testing and extensive investment required to successfully launch the L-39NG into series production,” explains Viktor Sotona, President and CEO, Aero. „We have restructured and optimized costs, increased profitability of our programs and streamlined our organizational structure. As a result, Aero has begun to grow and, in addition to the turnaround of our ongoing overhaul and aerostructures programs, we have begun to see revenue from L-39NG orders after years of investment. We were able to raise capital and we also strengthened our financial position and cash.”
The balance sheet total at 31 December 2022 was EUR 9 766 million. CZK 7,676 million (as at 1 January 2022: CZK 7,608 million), equity amounted to CZK 1,270 million (as at 1 January 2022: CZK 7,608 million). CZK 1,270 million (1 January 2022: CZK 130 million). Shareholders’ equity as at 31 December 2021 was still negative at CZK -1,777 million. However, thanks to a number of remedial steps in 2022, in particular the elimination of intercompany loans as part of the merger project and the capitalisation of debt, the company managed to bring its equity values into the black. In 2022, the company generated net sales of 5,295 million. The company has a total of CZK 5,295 million.
For 2022, Aero generated a net profit of NOK 192 million. This was also due to the realization of partial revenues from the first contracts of the new L-39NG aircraft, from the Iraq program and also from the overhaul of L-159 aircraft for the Czech Army. Pre-tax profit of CZK 190 million was generated in the first half of 2011. The operating profit of CZK 190 million was made up of an operating profit of CZK 360 million. CZK 190 million and a loss on financial activities of CZK -170 million. CZK 250 million, which was mainly due to financial costs related to interest of CZK 250 million. CZK 250 million. However, these were partially offset by the positive development of the Czech koruna exchange rate against the euro, which led to unrealised exchange gains. As at 31 December 2022, the Company held assets totalling CZK 9,766 million. CZK 7,608 million as at 1 January 2022.
In 2022, Aero is focused on completing the development and production of the new L-39NG trainer jet. L-39NG production continued under both the signed Vietnam program with a contract for 12 aircraft and the newly signed contract with Hungary. In total, Aero has entered into four contracts for the delivery of 34 L-39NGs, and additional new contracts are under negotiation. In the fourth quarter of the year, the Czech state also became a customer through the state-owned company LOM Praha, with which Aero signed a contract for the delivery of four L-39NG trainer aircraft to be used for training by pilots of the Czech Army. Aero will deliver the first production L-39NG aircraft to the customer in the second half of 2023. In addition, the company will continue to focus on active support of existing customers for the L-39 and L-159 aircraft and on the continuation and development of strategic cooperation programs, in particular deliveries for the C-390 Embraer and A220 Airbus aircraft. In 2023, the company expects further growth in sales and, consequently, a strengthening of profitability.
AERO Vodochody AEROSPACE a.s. focuses on the development, production, maintenance and improvement of civil and military aircraft and is the largest aircraft manufacturer in the Czech Republic and one of the oldest aircraft manufacturers in the world. In the field of own aircraft, AERO is a permanent partner of a number of military air forces and has a strong position in the market for military trainer and light combat aircraft. With 11,000 aircraft produced in its 100 years of existence, hundreds of L-39 Albatros aircraft still in service with dozens of military operators and a number of demo teams, and especially with its new L-39NG aircraft, AERO has established itself as a leader in the global jet trainer market. In the civil aviation sector, AERO works with major aircraft manufacturers on a wide range of projects and is a partner in several risk-sharing programs, where it is responsible not only for the manufacture and assembly of aircraft assemblies, but also for their development.
Radka Černá, PR & Communications Manager
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