November 15, 2010, Moscow. JSC Aeroflot Russian Airlines assessed its fiscal performance in the 9 months of 2010 according to Russian Accounting Standards.
Profit and loss statement
In the 9 months of 2010 the JSC Aeroflot Russian Airlines proceeds reached 82.7 billion rubles, which is 15.8 billion rubles (23.6%) more than in the respective period of 2009.
The increase in the proceeds has been triggered by the recapturing of demand that led to the increase in sales.
In the 9 months of 2010 the proceeds growth rate (+23.6%) has been lower than the passenger turnover growth rate (+31.3%) that is accounted for by the slower growth in the tariffs.
The production costs of goods, products, work and services in the 9 months of 2010 were 65.66 billion rubles, the increase being 12.17 billion rubles (+22.8%). The growth rate is smaller than the proceeds growth rate. The rise in production costs has been caused by the increase in the scope of work and the cost of jet kerosene (17.9% in ruble equivalent) compared to the respective period of 2009.
The growth margin has reached 17.1 billion rubles, with the pretax profit of 14.8 billion rubles (+39.8%), the net profit of 11.8 billion rubles, which is 4.2 billion rubles more (+55.3%) than in the respective period of 2009. The main causes of the increase were a rise in the scope of work as well as 53.4 million Swiss franks received in the third quarter of 2010 on the basis of the ruling of the Federal Judge of Switzerland as of 07.07.2010 within the framework of the criminal case of misappropriation of JSC Aeroflot Russian Airlines money resources.
In the 9 months of 2010 the total assets of JSC Aeroflot Russian Airlines increased and reached 77.51 billion rubles, which is 29.13 billion rubles (+60.2%) more than at the beginning of 2010.
The increment in assets was made possible due to the increase in short-term financial investments connected to granting short-term loans as well as to allocation of financial resources in demand deposit accounts.
The company’s debt load reached 12.33 billion rubles compared to the early 2010 which was caused by issuing two bonded loans totaling 12 billion rubles for a period of 3 years.
Aeroflot is a leading air transport company in Russia as well as a member of SkyTeam, a global airline alliance. The cumulative network of routes comprises 898 destinations in 169 countries of the world. In 2009 Aeroflot transported 8.755 ml people while the Aeroflot Group of Companies transported 11.1 ml.
Aeroflot came first among European members of SkyTeam in the quality of its passenger service in economy class on short and medium range flights and in business class on long haul flights. The leadership of Aeroflot was established based on the SkyTeam Onboard Survey over the period of April – September 2009.
Aeroflot is one of the 25 leading world airlines in terms of financial and economic activity in 2009 (operating and net profit), according to the Air Transport World magazine.
Aeroflot was the first Russian carrier to enter the IOSA registry and has kept up the standard ever since. The airline has been successfully audited in terms of its compliance with the ISAGO safety requirements for ground operations. The company complies with ISO 9001:2000.
Aeroflot has one of the youngest aircraft fleets in Europe comprising 103 planes. Aeroflot headquarters are in Moscow in the international airport Sheremetyevo. For more information see www.aeroflot.ru.
Department of public relations and liaison with governmental bodies