Sukhoi Gets $1 billion in government guarantees for Superjet
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.