Aeroflot Group Announces Operating Results for Q2 and 6 months 2022

26 July 2022

Aeroflot PJSC (Moscow Exchange ticker: AFLT) today announces Aeroflot Group operating results for Q2 and 6 months 2022 [1]

Key highlights of Q2 2022:

  • Group’s operating results in Q2 2022 were affected by the current geopolitical situation and significant flight restrictions.
  • Aeroflot Group actively recovered transportation volumes after a decrease in March 2022, the average monthly growth rate in Q2 was 19.5%: international flights were partially restored, dynamics
    of domestic flights improved.
  • In domestic segment Group’s RPK increased by 0.4% year-on-year, Aeroflot’s RPK increased by 23.7% vs. 2021.
  • In international segment in June the Group recovered RPK to 50.8% of 2021 levels, which compares to 15.4% recovery level in April 2022.
  • Operational efficiency has improved: passenger load factor amounted to 83.7%, up by 5.6 percentage points year-on-year. Pobeda Airlines recorded the highest absolute load indicator: passenger load factor was 95.3%, up 1.5 percentage points vs. Q2 2021.

Key highlights of 6 months 2022:

  • Aeroflot Group carried 17.2 million passengers, including 14.7 million passengers in domestic segment.
  • Passenger load factor was 79.9%, up by 1.0 percentage point year-on-year, in domestic segment passenger load factor was 82.6%, a 1.5 percentage points increase vs. 2021.
  • Group’s total RPK increased by 3.7% year-on-year, in domestic segment Group’s RPK improved by 4.9% year-on-year.

Aeroflot Airlines Operating Results

Q2 2022 Q2 2021 Change 6M 2022 6M 2021 Change
Passengers carried, thousand PAX 4,182.1 5,094.6 (17.9%) 7,945.8 8,364.8 (5.0%)
- international 408.1 1,223.3 (66.6%) 1,684.2 1,900.1 (11.4%)
- domestic 3,774.0 3,871.3 (2.5%) 6,261.6 6,464.7 (3.1%)
Revenue Passenger Kilometres, mn 11,205.1 12,165.1 (7.9%) 21,341.2 19,790.9 7.8%
- international 1,441.2 4,270.5 (66.3%) 6,042.4 6,741.2 (10.4%)
- domestic 9,763.9 7,894.5 23.7% 15,298.8 13,049.7 17.2%
Available Seat Kilometres, mn 13,881.2 16,889.2 (17.8%) 28,577.4 27,226.2 5.0%
- international 1,664.2 6,053.5 (72.5%) 9,017.6 9,778.5 (7.8%)
- domestic 12,217.0 10,835.6 12.7% 19,559.8 17,447.7 12.1%
Passenger load factor, % 80.7% 72.0% 8.7 p.p. 74.7% 72.7% 2.0 p.p.
- international 86.6% 70.5% 16.1 p.p. 67.0% 68.9% (1.9 p.p.)
- domestic 79.9% 72.9% 7.1 p.p. 78.2% 74.8% 3.4 p.p.
Revenue flights 28,010 39,883 (29.8%) 57,920 67,280 (13.9%)
- international 2,212 7,460 (70.3%) 12,078 12,773 (5.4%)
- domestic 25,798 32,423 (20.4%) 45,842 54,507 (15.9%)
Flight hours 81,879 105,653 (22.5%) 173,704 178,808 (2.9%)

Pobeda Airlines Operating Results

Q2 2022 Q2 2021 Change 6M 2022 6M 2021 Change
Passengers carried, thousand PAX 2,459.0 3,642.7 (32.5%) 5,568.3 6,397.7 (13.0%)
- international 2.9 62.2 (95.4%) 245.4 222.8 10.2%
- domestic 2,456.1 3,580.4 (31.4%) 5,322.9 6,174.9 (13.8%)
Revenue Passenger Kilometres, mn 4,815.7 5,906.3 (18.5%) 10,530.1 10,488.1 0.4%
- international 2.4 154.3 (98.4%) 672.9 549.5 22.5%
- domestic 4,813.2 5,752.0 (16.3%) 9,857.2 9,938.6 (0.8%)
Available Seat Kilometres, mn 5,054.5 6,298.2 (19.7%) 11,286.4 11,267.8 0.2%
- international 2.7 194.4 (98.6%) 778.6 661.5 17.7%
- domestic 5,051.8 6,103.9 (17.2%) 10,507.8 10,606.3 (0.9%)
Passenger load factor, % 95.3% 93.8% 1.5 p.p. 93.3% 93.1% 0.2 p.p.
- international 89.6% 79.4% 10.2 p.p. 86.4% 83.1% 3.4 p.p.
- domestic 95.3% 94.2% 1.0 p.p. 93.8% 93.7% 0.1 p.p.
Revenue flights 13,701 20,568 (33.4%) 31,655 36,412 (13.1%)
- international 17 416 (95.9%) 1,494 1,424 4.9%
- domestic 13,684 20,152 (32.1%) 30,161 34,988 (13.8%)
Flight hours 34,932 44,696 (21.8%) 79,566 80,477 (1.1%)

Rossiya Airlines Operating Results

Q2 2022 Q2 2021 Change 6M 2022 6M 2021 Change
Passengers carried, thousand PAX 2,039.5 2,449.5 (16.7%) 3,670.5 3,794.8 (3.3%)
- international 241.7 262.6 (8.0%) 517.6 330.2 56.8%
- domestic 1,797.8 2,186.9 (17.8%) 3,152.9 3,464.6 (9.0%)
Revenue Passenger Kilometres, mn 4,462.9 5,676.2 (21.4%) 8,557.8 8,711.6 (1.8%)
- international 484.5 845.2 (42.7%) 1,572.4 1,051.3 49.6%
- domestic 3,978.4 4,831.0 (17.6%) 6,985.4 7,660.3 (8.8%)
Available Seat Kilometres, mn 5,536.6 7,229.1 (23.4%) 10,760.9 10,957.4 (1.8%)
- international 620.2 982.5 (36.9%) 1,894.0 1,218.8 55.4%
- domestic 4,916.4 6,246.6 (21.3%) 8,866.9 9,738.6 (9.0%)
Passenger load factor, % 80.6% 78.5% 2.1 p.p. 79.5% 79.5% 0.0 p.p.
- international 78.1% 86.0% (7.9 p.p.) 83.0% 86.3% (3.2 p.p.)
- domestic 80.9% 77.3% 3.6 p.p. 78.8% 78.7% 0.1 p.p.
Revenue flights 20,717 21,658 (4.3%) 36,810 33,550 9.7%
- international 3,495 1,631 2.1х 5,209 2,214 2.4х
- domestic 17,222 20,027 (14.0%) 31,601 31,336 0.8%
Flight hours 49,525 51,493 (3.8%) 90,049 80,582 11.7%

Aeroflot Group Operating Results

Q2 2022 Q2 2021 Change 6M 2022 6M 2021 Change
Passengers carried, thousand PAX 8,680.6 11,186.7 (22.4%) 17,184.7 18,557.3 (7.4%)
- international 652.7 1,548.1 (57.8%) 2,447.3 2,453.0 (0.2%)
- domestic 8,027.9 9,638.6 (16.7%) 14,737.4 16,104.2 (8.5%)
Revenue Passenger Kilometres, mn 20,483.7 23,747.5 (13.7%) 40,429.1 38,990.6 3.7%
- international 1,928.1 5,270.1 (63.4%) 8,287.7 8,342.0 (0.7%)
- domestic 18,555.6 18,477.5 0.4% 32,141.4 30,648.6 4.9%
Available Seat Kilometres, mn 24,472.3 30,416.5 (19.5%) 50,624.7 49,451.5 2.4%
- international 2,287.1 7,230.4 (68.4%) 11,690.3 11,658.8 0.3%
- domestic 22,185.2 23,186.1 (4.3%) 38,934.4 37,792.7 3.0%
Passenger load factor, % 83.7% 78.1% 5.6 p.p. 79.9% 78.8% 1.0 p.p.
- international 84.3% 72.9% 11.4 p.p. 70.9% 71.6% (0.7 p.p.)
- domestic 83.6% 79.7% 3.9 p.p. 82.6% 81.1% 1.5 p.p.
Cargo and mail carried, tonnes 35,634.3 64,445.8 (44.6%) 89,026.3 126,644.7 (29.7%)
- international 3,848.0 19,499.9 (80.2%) 22,958.8 44,478.7 (48.4%)
- domestic 31,786.3 44,945.9 (29.2%) 66,067.6 82,166.0 (19.6%)
Revenue Cargo Tonne Kilometres, mn 151.4 265.8 (43.0%) 378.3 541.1 (30.1%)
- international 16.8 104.5 (83.9%) 118.0 248.6 (52.5%)
- domestic 134.6 161.3 (16.5%) 260.3 292.5 (11.0%)
Revenue Tonne Kilometres, mn 1,995.0 2,403.0 (17.0%) 4,016.9 4,050.2 (0.8%)
- international 190.4 578.8 (67.1%) 863.9 999.4 (13.6%)
- domestic 1,804.6 1,824.2 (1.1%) 3,153.0 3,050.9 3.3%
Available Tonne Kilometres, mn 2,878.9 3,788.9 (24.0%) 6,056.7 6,356.8 (4.7%)
- international 266.9 1,046.7 (74.5%) 1,529.2 1,905.0 (19.7%)
- domestic 2,612.0 2,742.2 (4.7%) 4,527.5 4,451.8 1.7%
Revenue load factor, % 69.3% 63.4% 5.9 p.p. 66.3% 63.7% 2.6 p.p.
- international 71.3% 55.3% 16.0 p.p. 56.5% 52.5% 4.0 p.p.
- domestic 69.1% 66.5% 2.6 p.p. 69.6% 68.5% 1.1 p.p.
Revenue flights 62,428 82,109 (24.0%) 126,385 137,242 (7.9%)
- international 5,724 9,507 (39.8%) 18,781 16,411 14.4%
- domestic 56,704 72,602 (21.9%) 107,604 120,831 (10.9%)
Flight hours 166,336 201,842 (17.6%) 343,319 339,867 1.0%

Aeroflot Group Operating Results in Q2 2022

Aeroflot Group airlines: All flights

April May June Total
Passengers carried, thousand PAX 2,177.8 2,746.8 3,756.1 8,680.6
Change vs. 2021, % (27.9%) (23.5%) (17.9%) (22.4%)
Revenue Passenger Kilometres, mn 4,999.2 6,463.5 9,021.0 20,483.7
Change vs. 2021, % (20.4%) (14.6%) (8.8%) (13.7%)
Passenger load factor, % 82.6% 81.0% 86.4% 83.7%
Change vs. 2021, % 4.6 p.p. 5.2 p.p. 6.5 p.p. 5.6 p.p.

Aeroflot Group airlines: Domestic flights

April May June Total
Passengers carried, thousand PAX 2,086.7 2,529.0 3,412.2 8,027.9
Change vs. 2021, % (19.8%) (18.2%) (13.5%) (16.7%)
Revenue Passenger Kilometres, mn 4,779.8 5,822.6 7,953.2 18,555.6
Change vs. 2021, % (1.5%) (0.1%) 2.0% 0.4%
Passenger load factor, % 83.2% 81.0% 86.0% 83.6%
Change vs. 2021, % 3.6 p.p. 3.8 p.p. 4.2 p.p. 3.9 p.p.

Aeroflot Group airlines: International flights

April May June Total
Passengers carried, thousand PAX 91.1 217.8 343.8 652.7
Change vs. 2021, % (78.2%) (56.5%) (45.4%) (57.8%)
Revenue Passenger Kilometres, mn 219.5 640.9 1,067.7 1,928.1
Change vs. 2021, % (84.6%) (63.2%) (49.2%) (63.4%)
Passenger load factor, % 71.2% 81.2% 89.8% 84.3%
Change vs. 2021, % (1.8 p.p.) 9.6 p.p. 15.8 p.p. 11.4 p.p.

[1] Management accounts.