Zaporizhia car plant ZAZ halves losses in 2016

Zaporizhia car plant ZAZ, a large Ukrainian vehicle manufacturer, which is part of the Ukravto corporation, posted UAH 602.81 million in net loss in 2016, which was half of its losses in 2015.

As was reported, ZAZ's losses in 2015 fell by 58.3% from 2014, to UAH 1.196 billion.

Its uncovered loss by the beginning of 2017 was UAH 4.028 billion UAH (a year earlier it was UAH 3.426 billion), it said in the agenda of a general meeting of shareholders scheduled for April 20.

Over the past year, current obligations of the plant decreased by 15.2%, to UAH 1.575 billion, long-term ones grew by 19.2%, UAH 2.531 billion.

ZAZ's total accounts receivable as of January 1, 2017 were UAH 143.83 million, which was 64.3% down on the same date in 2016. Its assets in total were estimated at UAH 1.112 billion (30% down).

ZAZ's equity capital was negative and stood at UAH 3 billion ("minus" UAH 2.4 billion a year ago).

Its charter capital is UAH 605.97 million.

The plant's personnel grew by 45 people in 2016, to 1,643 people (In 2014, the number of employees was 66.7% down on 2013, whereas in 2015 it decreased by another 178 people).

PJSC ZAZ is currently producing vehicles under the ZAZ brand (Lanos, Sens, Lanos van, Forza, Vida), trucks and buses on chassis and with units of Indian TATA.

In 2016, ZAZ assembled 526 vehicles which was 86.7% down on 2015 (in January-September 2016 it was virtually standing idle). In particular, it produced 403 passenger cars (88.9% down), the output of commercial cars almost halved, to 118 vehicles. It assembled only 5 buses against 84 buses in 2015.