Moscow, 01 August 2014 — Aeroflot (Moscow Exchange ticker: AFLT) today announces the financial results of JSC Aeroflot for the six months ended 30 June 2014 in accordance with Russian Accounting Standards («RAS»). RAS results are presented on an unconsolidated basis for JSC Aeroflot only.
1H 2014 Highlights
• Revenue of RUB 105,676 million
• Cost of sales of RUB 92,386 million
• Gross profit of RUB 13,290 million
• Net profit of RUB 3,391 million
JSC Aeroflot’s revenue for 1H 2014 increased to RUB 105,676 million, up 14.8% from RUB 92,014 million in 1H 2013. This growth was primarily due to a significant increase in traffic volume in the first six months of 2014.
Cost of sales for 1H 2014 was RUB 92,386 million, up 17.7% year-on-year. This growth was primarily due to the increase in traffic volume, higher costs associated with servicing the Company’s expanded fleet (the fleet grew by 23 airplanes between the end of 1H 2013 and the end of 1H 2014) and changes in foreign currency exchange rates.
Commercial expenses in 1H 2014 totalled RUB 14,420 mln, growing on the back of higher booking costs due to greater traffic volumes, increased spending on advertising ahead of the summer season and changes in the rouble exchange rate against major international currencies.
Cost of sales grew faster than revenue in 1H 2014 due to the seasonality of traffic volumes versus fixed costs related to maintaining the fleet and ground equipment. This trend is traditional for the Company as it actively prepares for the summer season.
Net profit for 1H 2014 was RUB 3,391 million, a decline of 36.2% vs. 1H 2013.
JSC Aeroflot’s total assets as of 30 June 2014 amounted to RUB 131,414 million, an increase of 20.7% from 31 December 2013.
As of 30 June 2014, JSC Aeroflot’s long-term liabilities amounted to RUB 14,420 million, a decrease of 0.7% from 31 December 2013. Non-current debt as of 30 June 2014 stood at RUB 5,283 million, down 6.8% from 31 December 2013.
JSC Aeroflot’s current debt totalled RUB 912 million as of 30 June 2014, up 2.1% from the end of 2013.
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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 178 countries worldwide. Aeroflot operates one of the most modern and youngest fleets in Europe, numbering 156 Airbus, Boeing and Sukhoi airliners with an average age of 3.9 years. 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 compliant. In 2014 Aeroflot was named by SKYTRAX as the Best Airline in Eastern Europe for the third time. Find more at www.aeroflot.com.