Aeroflot Announces Results of Board of Directors Meeting

26 September 2014

MOSCOW, 26 SEPTEMBER 2014 – JSC “Aeroflot” (“the Company”, Moscow Exchange ticker: AFLT) announces the results of a meeting of the Company’s Board of Directors that took place yesterday, 25 September 2014, chaired by Kirill Androsov.

The Board of Directors reviewed Aeroflot Group’s consolidated budget report for the first half of 2014. Aeroflot’s results during the period were affected by a decline in consumer demand for air travel on the backdrop of a challenging geopolitical environment, as well as the strengthening of the USD and EUR exchange rates to the Russian Rouble.

The Board of Directors also reviewed Aeroflot Group’s strategy (long-term development programme). While current market trends confirm that the current strategy for 2015-2020 is correct, certain areas require additional optimisation. The Board approved details of the strategy for 2015-2017, which takes into account current market conditions and aims to maintain the Group’s competitive advantages.

The Board approved the Group’s three-year business plan calculated in accordance with IFRS, as well as JSC “Aeroflot’s” budgeted profit and loss plan for 2015-2017.  The three-year business plan currently does not include the effect of the low-cost carrier (“LCC”).  Over the next three years, the Group plans to increase its fleet by 65 airplanes, excluding the LCC.

Development of Aeroflot Group’s customer service. Aeroflot’s progress in this area has been confirmed by several prestigious awards. In particular, Aeroflot was named best airline in Eastern Europe by Skytrax World Airline Awards. Aeroflot’s NPS customer loyalty score rose in 2014 to 67% (second only to Emirates Airlines).  During the course of the year several initiatives have been completed to further improve customer service in Sheremetyevo airport, new web services have been introduced and existing ones have been improved, on-board comfort levels and in-flight catering have been improved.  Work is underway to establish a unified product for subsidiary airlines.  JSC “Aeroflot’s” 2015 budget for developing its customer service offering is USD 32.94 million (RUB 1,180.0 million).  The primary focus will be on introducing leading-edge technologies.

Sponsorship of Russian sports clubs.  Sponsorship of the CSKA basketball club for 2014/2015 was approved.

The Board of Directors approved the  establishment of a unified treasury for JSC “Aeroflot” and its subsidiaries in order to centralise control over cash management, liquidity management and financial risks.

JSC “Aeroflot” incentive scheme. A new version of the JSC “Aeroflot” options programme, as well as a new version of the profit-sharing programme were approved. The changes make it possible to determine the exact amounts of remuneration under these programmes when reporting on performance results.


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About Aeroflot

Aeroflot is Russia’s flagship carrier and one of the largest airline groups in Europe. In 2013, its 90th anniversary year, Aeroflot carried 20.9 million passengers (31.4 million passengers as Aeroflot Group including subsidiaries), a record for any Russian airline. A proud member of the SkyTeam global airline alliance, Aeroflot and its partners serve more than 1,000 destinations in 177 countries worldwide. Aeroflot operates the youngest fleet in the World (among the major airlines), numbering 153 Airbus, Boeing and Sukhoi airliners. Aeroflot is among the global leaders in aviation safety. The company’s European Community Safety Assessment of Foreign Aircraft (SAFA) Index, which is the main globally recognized safety parameter, is comparable to global peers. The first Russian carrier to enter the IATA Operational Safety Audit (IOSA) register, renewing its registration for the fifth time in 2013, Aeroflot has successfully passed the IATA Safety Audit for Ground Operations (ISAGO) and is fully ISO 9001:2008, ISO 14001:2004 compliant. In 2014 Aeroflot was named by SKYTRAX as the Best Airline in Eastern Europe for the third time. Find more at