August 2, 2011, Moscow – JSC “Aeroflot” summed up financial results for 6 month 2011.
Income statement
Revenue of JSC “Aeroflot” totaled 58 bln rub., which is 9.76 bln (+20.2 per cent) more compared to results of the same period in 2010.
Improvement of air carriage demand pushed up sales volume and resulted in revenue growth.
Revenue growth rate (+20.2 per cent) is in line with passenger turnover growth rate (+20.6 per cent) based on results of 6 month 2010.
Cost of goods sold increased by 10.07 bln rub. (+24.5 per cent) and totaled 51.17 bln rub. Increasing in jet fuel price (+27.6 per cent in ruble equivalent compared to 6m2010) became the main driver for the cost of goods sold growth.
Gross profit, profit before tax and net profit totaled 6.84 bln rub., 8.59 bln rub. and 6.689 bln rub. respectively. Profit before tax increased by 71.5 per cent, net profit grew by 2.79 bln rub (+67.7 per cent) compared to results of the same period in 2010. The main reasons for net profit improvement were increasing value of work done and sale of stakes in following subsidiary and affiliated organizations: OJSC “Insurance Company “Moscow” (100% of stock capital), CJSC “TZK “Sheremetyevo” (31% of stock capital), CJSC “DATE” (50% of stock capital), CJSC “Nordavia” (100% of stock capital).
Balance sheet
Total assets of JSC “Aeroflot” increased by 18.44 bln rub. (+25.4 per cent) and totaled 91.19 bln rub. compared to the beginning of 2011.
The main drivers for assets improvement were increasing of pre delivery payments to leasing companies for aircraft and agents’ current liabilities growth due to sale growth.
Company’s long term liabilities mainly consisted from two bond issue in sum of 12 bln rub with 3 year maturity performed insignificant change. Alteration caused by increase in deferred taxes liabilities. By the end of 6 month of 2011 long term liabilities totaled 12.41 bln rub.
Aeroflot - Russia’s leading air carrier, member of the global SkyTeam alliance with a consolidated route network covering 898 destinations in 169 countries. In 2010, the Aeroflot Group carried 14.07 million passengers.
Aeroflot is the first Russian carrier to have entered the IOSA Registry, and to have regularly confirmed the certificate. Aeroflot has successfully passed the ISAGO (IATA Safety Audit for Ground Operations) procedure. The company’s Quality Management System is certified for compliance with ISO 9001:2008.
Aeroflot enters the world top 25 airlines by Air Transport World magazine for financial and economic results (“operating profit” and “net profit” category) in 2009.
Aeroflot operates one of Europe’s youngest air fleets that consists of 101 aircraft. Aeroflot is based in Moscow, in Sheremetyevo International Airport. Find more at www.aeroflot.ru.
Department of public relations and liaison with governmental bodies.
