aeroflot group 6 months 2014 financial results · 2018. 11. 9. · 22 44 66 1 40 120 1 0 128 0...

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Aeroflot Group

6 Months 2014 Financial Results

Moscow

August 28, 2014

Speaker:

Shamil Kurmashov

Deputy CEO for Finance, Network and Revenue Management

Giorgio Callegari

Deputy CEO for Strategy and Alliances

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Table of Contents

1. Key Highlights

2. Market Update

3. Operating Performance

4. Fleet Overview

5. Financial Performance

6. Capital Structure and Liquidity

7. Appendix

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Key Highlights

• Aeroflot Group continued to outperform the Russian market in passenger traffic, solidifying

its leading position across domestic and international routes

• Revenue growth of 9.4% year-on-year supported primarily by stronger traffic, as positive FX

effect was offset by lower fares in weaker economic environment

• Significant impact on cost base and profitability from:

- Rouble decline against USD and EUR

- Non-recurring events

• Aeroflot’s strategy remains intact with increased focus on cost control and efficiency

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Table of Contents

1. Key Highlights

2. Market Update


4. Fleet Overview



7. Appendix

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Russian Air Transportation Market

• Russia remains high-growth air transportation market with an expected CAGR of 6% over the next 3

years

• Aeroflot continues to grow above market further improving its market share

Source: TCH, Company estimates 1 Incl. foreign carriers’ traffic. 2 Market based on passenger traffic of both domestic and foreign carriers.

Russian Total Passenger Traffic Growth /

Aeroflot figures for 2011-2013 and

6M2014:

\\Iblns003vf\east2013\03

Presentations\20140515 6M

Reporting\Excel\Russian Air Market

Dynamics 02.xlsx

5.0 4.9 6.2 7.0 11.5 14.0 6.2 7.7

6.6 6.2 7.9 9.4

16.0 17.4

8.0 7.9 11.6 11.1

14.1 16.4

27.5 31.4

14.1 15.7

2008 2009 2010 2011 2012 2013 6m 2013 6m 2014

Domestic Routes International Routes

26.2 23.8 29.2 32.7 35.4 39.2

17.3 20.2

35.3 32.8 41.2 47.3

56.2 64.4

28.7 30.0

61.5 56.7 70.5

80.1 91.6

103.7

45.9 50.2

2008 2009 2010 2011 2012 2013 6m 2013 6m 2014

Aeroflot Group Passenger Traffic (m PAX)

Russian Total Passenger Traffic (m PAX)1

31% 30% 20% 20% 20% 19% 31%

International2 19% 19% 19% 20% 28% 27% 28% 26%

Domestic2 19% 21% 21% 21% 33% 35% 36% 38%

CAGR

2008-13 2014-17F

7%

5%

CAGR 2008-2013

Aeroflot Overall Market Share2

30%

13%

8%

21%

23%

9%

11%

//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/Russian Air Market Dynamics 02.xlsx

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15.7

5.8

4.5 4.4

2.2

8.7 8.8

AeroflotGroup

Transaero S7 Group UTairGroup

UralAirlines

ForeignCarriers

Others(Over 40RegionalCarriers)

Aeroflot Group Market Position

31%

12%

9%

18%

Market Share1

9%

Continuing growth of market share controlled by top-5 leading domestic players led by Aeroflot

Source: TCH, Rosaviatsia, Company estimates 1 Based on passenger traffic of both domestic and foreign carriers.

Passenger Traffic (6 months 2014, m PAX) Russian Passenger Traffic1

17%

Passenger Traffic (6M 2014)



Reporting\Excel\Airline Market Statistics -

6M 2014.xlsx

53 % 56 % 55 % 58 % 63 % 64 % 65 %

28 % 24 % 25 % 22 % 18 % 18 % 18 %

19 % 20 % 19 % 20 % 19 % 18 % 17 %

2008 2009 2010 2011 2012 2013 6M 2014

Top 5 Carriers Other Russian Carriers Foreign Carriers

4%

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Table of Contents

1. Key Highlights

2. Market Update


4. Fleet Overview



7. Appendix

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Networks Operated and Key Statistics

# of Flights Dynamics of Aeroflot Group by Region

(6M 2014 / 6M 2013)

Transit Passenger Traffic of Aeroflot Group in

Sheremetyevo

Average Weekly Flight Frequency per Route of Aeroflot Group

6M 2013 6M 2014 Change

Scheduled 8.0 9.0 12.5%

Charter 0.8 0.3 (62.5)%

International Scheduled 6.0 7.0 16.7%

Domestic Scheduled 10.0 11.0 10.0%

Medium-haul1 7.8 8.8 12.8%

Long-haul1 5.0 5.3 6.0%

Overall2 8.0 9.0 12.5%

Source: TCH, Ministry of Transportation 1 Scheduled flights

2 Passenger flights including charter flights.

Summer 2014 Season Overview

• In summer 2014 season (30-Mar to 25-Oct), Aeroflot Group is

operating flights to 141 destinations in 54 countries

• Aeroflot and its partner airlines under code share agreements are

operating 356 destinations to 66 countries

• New destinations in Russia (Novyi Urengoy) and CIS (Karaganda)

• Seasonal summer destinations: Gelendzhik, Iraklion, Thessaloniki,

Dubrovnik, Split and Tivat

Backup file:

\\Iblns003vf\east2013\03 Presentations\20140515 6M Reporting\Excel\01 Network Operated Key Statistics.xlsx

Moderate growth of destinations without more significant increase in frequencies on scheduled routes,

continuing downscale of charter operations

9.7%

6.5%

6.8%

(18.4)%

17.0%

5.7%

4.8%

Total

Middle East and Africa

North and Central America

Asia

Russia

CIS

Europe

33%

41% 36% 38%

42% 40%

International Flights Domestic Flights Total Flights

2013 2014

Backup file:

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(0.1)%

-2.4 %

0.1 %

(2.0) p.p

Passengerscarried

RPK ASK SLF

Traffic and Capacity Development by

Regions

North and Central America Europe Russia

2.1 %

0.8 %

3.0 %

(1.5) p.p

Passengerscarried

RPK ASK SLF

24.8 %

17.6 % 13.8 %

2.5 p.p

Passengerscarried

RPK ASK SLF

(0.6) %

(7.3) %

(4.7) %

(2.2) p.p.

Passengerscarried

RPK ASK SLF

1.0 %

(0.5)%

(1.1)%

0.4 p.p.

Passengerscarried

RPK ASK SLF

• Russian market – the star performer in H1 2014 • Weaker performance on European routes due to RUB depreciation vs EUR and overall cautious

consumer sentiment • Decline in PAX and RPK growth on Asian routes mostly as a result of charter network downscaling • CIS region declined due to lower frequency of flights to Ukraine • North American market was stable, while our Middle Eastern and African flights continued to be under

pressure due to macroeconomic headwinds

(%, 6M 2014 vs. 6M 2013)

Middle East and Africa CIS

Source:

\\Iblns003vf\east2013\03 Presentations\20140515 6M Reporting\Excel\02

Charts.xlsx

Passengers Carries Data:

\\IBLNS003VF\EAST2013\07 Due diligence\Financial statements disclosure (H1

2104 results)\6M2014 Financials.xlsx

Source: Data presented based on management accounting

Asia

(7.0)%

(3.3)%

1.3 %

(3.6) p.p

Passengerscarried

RPK ASK SLF

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4,879 4,518

5,100 5,381 5,833

6,972

7,896 8,141 7,510

6,560

5,980 5,848 5,929

5,418 6,506 6,392

6,929

8,098

8,909

9,138

8,044 7,295

6,363 6,253 6,180

5,650

6,528 6,622

7,341

8,606

9,761

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jul-2014 9,761

% ∆ vs Jul-2013 9.6%

% ∆ vs Jun-2014 13.4%

% ∆ 7M 2014 vs 7M 2013 5.2%

Key Operating Indicators

1,745 1,620

1,842 1,984

2,244

2,649

2,979 3,072 2,803

2,389 2,101 2,044

2,022 1,883

2,241 2,306

2,610

3,080

3,394 3,453 3,018

2,703

2,365 2,316

2,256 2,157

2,481 2,542

2,858

3,371 3,797


Monthly Passenger Traffic (‘000 PAX) Monthly Passenger Turnover (m pkm)

Monthly ASK (m ask) Monthly Seat Load Factor (%)

• Strong PAX growth rate

• Moderate growth of ASK and RPK impacted by restructuring of fleet at subsidiaries level

• Gradually improving seat load factor

Jul-2014 3,797

% ∆ vs Jul-2013 11.9%

% ∆ vs Jun-2014 12.6%

% ∆ 7M 2014 vs 7M 2013 11.0%

6,776 6,186

6,834 7,156 8,065

8,800 9,219 9,380 8,920

8,386 7,867 8,005

8,097 7,128

8,281 8,395 9,447

10,159 10,590 10,665

9,844 9,454 8,412 8,591

8,538 7,771

8,753 8,536

9,869 10,599 11,273


72% 73% 75% 75% 72%

79%

86% 87%

84%

78% 76%

73%

73%

76%

79%

76% 73%

80% 84%

86%

82%

77% 76%

73%

72% 73% 75%

78% 74%

81%

87%


Jul-2014 11,273

% ∆ vs Jul-2013 6.4%

% ∆ vs Jun-2014 6.4%

% ∆ 7M 2014 vs 7M 2013 5.2%

Jul-2014 86.6%

∆ vs Jul-2013 2.5 p.p.

∆ vs Jun-2014 5.4 p.p

∆ 7M 2014 vs 7M 2013 (0.0) p.p

2012 2013 2014

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Revenue Breakdown

Revenue from Scheduled Passengers Carriages (RUBm)1

1 Data presented based on management accounting. 2 Includes CIS, Middle East and Africa

Traffic Revenue Breakdown by Type (H1 2014)

6M 2013 6M 2014 Y-o-y

Change

Russia 37,351 42,965 15.0%

Europe 28,415 30,855 8.6%

Asia 14,170 15,378 8.5%

North and Central

America 6,580 7,665 16.5%

Other2 13,936 13,960 0.2%

Source:


Charts.xlsx

Scheduled Traffic Revenue Breakdown by Region (H1 2014)

Scheduled Passenger Flights91.0%

Charter Passenger Flights

5.9%

Cargo

3.1%

Russia

38.8%

Europe27.8%

Asia13.9%

North America and Central

6.9%

Other

12.6%

Revenue growth across all regions with most notable increases in Russia and North and Central America

//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx

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6M 2013 6M 2014

2.92 2.91 2.99 2.85

International Domestic

2.19 2.19 2.21 2.21

International Domestic

2.76 2.88

6M 2013 6M 2014

2.11 2.18

6M 2013 6M 2014

Revenue Units

Yield: PAX Revenue / RPK (RUB / RPK)

RASK: PAX Revenue / ASK (RUB / ASK)

Yield (RUB / RPK)1,2 RASK (RUB / ASK)1,2

• Total yield increased by 4.3% in RUB terms, which was a combination of decreasing yields on domestic

market and improving yields on international market

• Increased RASK by 3.3% in RUB terms as a result of improved commercial performance

4.3%

Source:

\\IBLNS003VF\EAST2013\03

Presentations\20140515 6M Reporting\Excel\02

Charts.xlsx

1 For scheduled flights of Aeroflot Group (excluding charter flights)

2 Data presented based on management accounting

3.3%

//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx

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Table of Contents

1. Key Highlights

2. Market Update


4. Fleet Overview



7. Appendix

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Aeroflot Group Fleet in Operation

• Continued renewal of fleet, replacing old aircraft with modern fuel-efficient aircraft

• Average age of JSC Aeroflot’s aircraft fleet in operation is 4.0 years, one of the youngest fleets in the

industry

• Disciplined approach to adding new capacity to the market

1 As of 30-Jun-2014. 2 Aircraft not in operation – to be phased out in 2014. 3 Excluding 4 Mi-8 helicopters and 1 An-24 aircraft.

Aeroflot Subsidiaries Total Owned

Financial

Lease

Operating

Lease Total Change

Type1 30-Jun-2014 30-Jun-2014 30-Jun-2014 30-Jun-2014 30-Jun-2014 30-Jun-2014 31-Dec-2013 31-Dec-2013

Lo

ng

-hau

l

Boeing B-767 2 3 5 - - 5 8 (3)

Airbus A-330 22 - 22 - 8 14 22 -

Tu-204 - 2 2 - 2 - 6 (4)

Boeing B-777 10 3 13 - 10 3 7 6

Ilyushin Il-96-3002 6 - 6 6 - - 6 - McDonnell Douglas

MD-112 3 - 3 - - 3 3 -

Total 43 8 51 6 20 25 52 (1)

Me

diu

m-h

au

l

Airbus A-319 8 31 39 - 13 26 39 -

Airbus A-320 64 13 77 - 1 76 67 10

Airbus A-321 26 - 26 - 21 5 26 -

Boeing B-737 5 30 35 - 2 33 30 5

Total 103 74 177 - 37 140 162 15

Sh

ort

-hau

l DHC 8 Series 200 - 3 3 - - 3 2 1

DHC 8 Series 300 - 4 4 - - 4 3 1

Antonov An-148 - 6 6 - 6 - 6 -

SSJ-100 9 1 10 - - 10 10 -

Total 9 14 23 - 6 17 21 2

Total fleet3 155 96 251 6 63 182 235 16

Source:


Presentations\140312 FY 2013 Results\Excel\Slide

25 Состав парка Группы Аэрофлот 31-

01-2014.xlsx

//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 25 Состав парка Группы Аэрофлот 31-01-2014.xlsx

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Aeroflot Group Fleet Order and Phase-Out

Schedule

Total Aircraft Delivery Schedule in Accordance with Existing Contracts1

Type of Aircraft Delivered as at 30-Jun-2014 2014 2015 2016 2017

Long-haul² 51 - 3 5 9

A-330 22 - - - -

B-767 5 - - - -

B-777 13 - 3 3 -

B-787 - - - 2 9

Medium-haul 177 11 13 31 26

A-319 39 - - - -

A-320 77 1 - 9 7

A-321 26 - - 7 4

B-737 35 10 13 15 15

Short-haul 23 8 12 - -

An-148 6 - - - -

SSJ-100 10 8 12 - -

DHC-8 7 - - - -

Total 251 19 28 36 35

Aircraft Phase-Out Schedule in Accordance with Existing Contracts1

Type of Aircraft Total Phase-Out: July 2014-2017 2014 2015 2016 2017

Long-haul 14 8 - 4 2

B-767 3 2 - - 1

B-777 2 - - 1 1

Ilyushin Il-96 6 6 - - -

MD-11 3 - - 3 -

Medium-haul 43 5 6 16 16

A-319 7 - 4 - 3

A-320 15 4 1 7 3

A-321 3 - - 3 -

B-737 18 1 1 6 10

Short-haul 5 - 3 1 1

DHC-8 5 - 3 1 1

Total 62 13 9 21 19

Source:


Presentations\140312 FY 2013 Results\Excel\Slide

26 Поступления и выбытия Группа АФЛ

28.02.2014.xlsx

1 Excluding 4 Mi-8 helicopters and 1 An-24 aircraft.

2 Including six Il-96, two Tu-204 and three MD-11

• Aeroflot has flexibility in terms of aircraft additions

• A320 family and SSJ aircraft can be financed via operating or finance lease and B737NG will be phased-in under operating lease

• By the end of 2014, Aeroflot plans to phase out all Il-96, two B-767, one B-737 and five А-320 family aircraft as result of expiring lease term

//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx//IBLNS003VF/EAST2013/03 Presentations/140312 FY 2013 Results/Excel/Slide 26 Поступления и выбытия Группа АФЛ 28.02.2014.xlsx

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Table of Contents

1. Key Highlights

2. Market Update


4. Fleet Overview



7. Appendix

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Key Financial Results of Aeroflot Group

• Revenue growth driven by expanding passenger traffic

• Declining EBITDAR and net income as a result of RUB depreciation impact on costs and non-recurring

expenses

• Higher cash flow generation due to growth of unrealized transportation revenue (cash sales)

Backup file: \\Iblns003vf\east2013\03


Charts.xlsx

1 EBITDAR = EBITDA + operating lease expenses;

² Operating Free Cash Flow = net cash flow from operations - net capex on tangible and intangible assets + net pre-delivery payments for aircraft.

³ Non-recurring expenses include provision on accounts receivable in relation to doubtful debtors (Ideal-tur and PGS) (RUB1,817m), provision for pre-term return of MD-11 (RUB874m), gain on pre-term return of TU-204

(RUB594m (RUB411m for Net Income))

RUBm 6M 2013 6M 2014

6M 2014 (ex. non-recurring

expenses³)

Revenue

EBITDAR¹

Net Income / (loss)

Operating Free Cash Flow²

128,180

–

140,281

+9% growth

140,281

+9% growth

18,754

13% margin

375

0% margin

26,476

+20% growth

16,657

12% margin

19,967

16% margin

(1,905)

neg. margin

45

0% margin

26,476

+20% growth

22,096

–


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128,180 140,281

10,791

10,084 (9,383)

609

6M 2013 Volume Currency Pricing Other 6M 2014

Revenue Analysis

Revenue growth was a result of traffic volume growth, as currency effect was offset by softer fares on the

back of macroeconomic headwinds and intensified market competition

Net positive impact of 701m

RU

Bm

9%

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6M 2014,

RUBm 6М 2013

6М 2014

(excl. currency and

non-recurring

expenses)2,3

6M 2014

Y-o-y Change

(excl. currency and

non-recurring

expenses)

Y-o-y Change

Fuel 36,942 39,256 40,236 6.3% 8.9%

Opex (ex. Fuel) 86,057 95,516 101,429 11.0% 17.9%

Aircraft, Traffic and

Passenger Servicing 24,239 26,604 27,714 9.8% 14.3%

Staff 21,357 24,304 24,304 13.8% 13.8%

SG&A1 9,039 8,974 8,974 (0.7)% (0.7)%

Maintenance 8,675 8,582 9,268 (1.1)% 6.8%

Operating Lease 9,053 10,313 11,627 13.9% 28.4%

D&A and custom duties 5,733 6,414 6,414 11.9% 11.9%

Other Expenses² 7,961 10,325 13,128 29.7% 64.9%

Total Opex 122,999 134,772 141,665 9.6% 15.2%

6.5%

6.3%

28.4%

Cost Analysis

Operating costs impacted by non-recurring events and rouble depreciation which mostly affected cost of

operating lease, maintenance and aircraft, traffic and passenger servicing costs

17.2%

1 Includes sales and marketing expenses and administration and general expenses. 2 Non-recurring expenses include provision on accounts receivable in relation to doubtful debtors (Ideal-tur and PGS) (RUB1,817m), provision for pre-term return of MD-11 (RUB874m), gain on pre-

term return of TU-204 (RUB594m) 3 Currency impact on both fuel cost for operations and resale to third parties with latter accounted as other expenses

8.2%

19.6%

9.9 %

Source:


Charts.xlsx

3.9%


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7.70

(0.08)

0.03

(0.18)

(0.05)

(0.05)

0.05

(0.02) (0.02)

7.38

0.11 7.49

CA

SK

6M

201

3

Δ in

Sta

ff (

ex.

SB

C¹)

Δ in

SB

C¹

Δ in

Fu

el²

Δ in

M

ain

ten

an

ce

Δ in

A

ir, T

raff

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PA

X

Δ in

O

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g L

ea

se

Δ in

D

&A

an

d C

D³

Δ in

O

the

r co

sts⁴

(ex.N

RE⁵)

CA

SK

6M

20

14

(ex.N

RE⁵)

NR

E⁵

CA

SK

6M

2014

Group Unit Costs

Cost Per ASK ($ cents)

Cost per ASK declined by 2.7% positively impacted by decline of staff, fuel, maintenance and air, traffic and PAX costs and negatively by introduction of share-based compensation programme, operating lease and non-recurring expenses, including provisions for doubtful accounts receivable from tour operators 1 Share-based compensation 2 Refers to both fuel costs for operations and resale of fuel to third parties accounted as other expenses 3 Customs duties 4 Other costs include SG&A and other expenses 5 Non-recurring expenses include provision on accounts receivable in relation to doubtful debtors (Ideal-tur and PGS), provision for pre-term return of MD-11 and gain on pre-term return of TU-204 Note: Costs and expenses converted at 31.02 and 34.98 RUB per $ for H1 2013 and H1 2014 respectively

Source:

\\Iblns003vf\east2013\03 Presentations\20140515

6M Reporting\Excel\CASK calculation 06_USD.xls

(4.2)%

1.5%

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6M 2013 6M 2014

$915/ton

(c.RUB28,300/ton)

$900/ton

(c.RUB31,500/ton)

201 198

6M 2013 6M 2014

Managing Fuel Costs

Fuel Consumption per ATK (gr/ATK)

Fuel Consumption per ASK (gr/ASK)

Average Fuel Price ($/ton)

Backup file:

\\Iblns003vf\east2013\03 Presentations\20140515 6M

Reporting\Excel\02 Charts.xlsx

Aeroflot is achieving efficiency gains in fuel costs as new aircraft are put into operation, while old and less fuel-efficient ones are in the process of phase out

• Continuous fuel supply optimisation

– 5-year supply contract at Sheremetyevo and 1-year supply

contracts in 29 regional airports across Russia

• Majority of fuel purchased in Russia (83%) and almost all

fuel at international airports supplied at formula-linked price

– Jet fuel price = NW Europe (FOB Rotterdam) price x

Discount x FX rate1 x 1.182 + Storage/Fuelling/Supply fees (if

any of these applicable)

• Average fuel purchase price of $900/ton (c.RUB31,500/ton3)

in H1 2014 vs $915/ton (RUB28,300/ton4) in H1 2013 (1.7% y-

o-y decrease in USD terms)

25 24

6M 2013 6M 2014

(4.0)%

(1.5)%

1 USD/RUB exchange rate as per the Central Bank of Russia 2 Assuming 18% VAT rate 3 Based on average H1 2013 exchange rate of 31.02 RUB/USD 4 Based on average H1 2014 exchange rate of 34.98

RUB/USD

(1.7)%


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3,603 3,734

6M 2013 6M 2014

469 496

6M 2013 6M 2014

1.30 1.30

6M 2013 6M 2014

RPK / Avg. Headcount (m pkm per employee)

Headcount Overview and Labour

Productivity

Traffic Revenue / Avg. Headcount (RUB ‘000 per employee)

PAX Traffic / Avg. Headcount (passengers per employee)

H1 2013 H1 2014 Y-o-y Change

Aeroflot JSC 16,083 17,321 7.7%

Aeromar 2,865 3,225 12.6%

Subsidiary Airlines 8,742 8,677 (0.7)%

Other1 2,435 2,376 (2.4)%

Total 30,125 31,599 4.9%

Sizeable improvement in labour productivity has resulted in increasing traffic revenue and PAX traffic per

employee

Airlines Labour Productivity2

(0)% 6% 4%

1 Other includes AeroMASH AB, Aeroflot Riga, Sherotel and Aeroflot-Finance. 2 Based on Aeroflot JSC and subsidiary airlines average headcount.

Headcount Source:


Charts.xlsx


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Adjusted Operating and Net Income

Analysis

6M Adjusted Operating Income Build-Up (RUBm)

Aeroflot Group remained profitable on operating and net income basis adjusted for non-recurring

provisions

Operating Income NRE

bridge



Reporting\Excel\NRE adjustments

03.xls

Net Income NRE bridge



Reporting\Excel\NRE

adjustments_Net Income_01.xls

(1,384)

1,817

874

(594)

713

Operating Income 6M 2014 Provision on accounts receivablein relation to doubtful debtors

(Ideal-tur and PGS)

Provision for pre-term return ofMD-11

Gain on pre-term return of TU-204

Adjusted Operating Income 6M2014

6M Adjusted Net Income Build-Up (RUBm)

(1,905)

1,817

874

(411)

375

Net Income 6M 2014 Provision on accounts receivablein relation to doubtful debtors

(Ideal-tur and PGS)

Provision for pre-term return ofMD-11

Gain on pre-term return of TU-204

Adjusted Net Income 6M 2014

//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls//Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/NRE adjustments 03.xls

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5,181

10,791609

(9,383)

10,084

(4,796)

(2,730)

(2,947)

(2,365)(1,260) (681)

(1,790 )

713

(2,097) (1,384)

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Group Operating Income Analysis

6M Operating Income Evolution, y-o-y basis (RUBm)

* Excluding currency impact

** Custom Duties

*** Other operating expenses include SG&A, maintenance costs, other operating expenses (excluding currency effect and non-recurring expenses; including leased aircraft return provision)

**** Non-recurring expenses include provision on accounts receivable in relation to doubtful debtors (Ideal-tur and PGS), provision for pre-term return of MD-11 and gain on pre-term return of TU-204

Revenue growth driven by higher passenger volumes offset by increased costs due to FX movement and

non-recurring provisions



Reporting\Excel\Operating Income Analysis 06.xlsx

Total revenue change of 12,101m

Total recurring expenses change of 16,569m

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1,835

(708)

(527)

163

(3,143)

407 52267

(251)(1,905)

2,280 375

(293)

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Group Net Income

Continuing restructuring of subsidiaries combined with non-recurring expenses contributed to negative

reported net income for the period

Aeroflot Group Net Income (RUBm)

Total net loss of subsidiary airlines of 3,808m

Source:

\\Iblns003vf\east2013\03 Presentations\20140515

6M Reporting\Excel\Waterfa

ll5.xlsm

1 Non-recurring expenses include provision on accounts receivable in relation to doubtful debtors (Ideal-tur and PGS), provision for pre-term return of MD-11 and gain on pre-term return of TU-204 2 Net income for 6M 2013 adjusted for non-recurring gain on disposal of Aerofirst (RUB338m)

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Table of Contents

1. Key Highlights

2. Market Update


4. Fleet Overview



7. Appendix

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30-Jun-2013 30-Jun-2014 Change

Borrowings 13,638 14,403 5.6%

Finance Lease

Liabilities 76,389 97,308 27.4%

Pension Liabilities 722 735 1.8%

Customs Duties 402 300 (25.4)%

Total Debt 91,151 112,746 23.7%

Cash and Short Term

Investments 23,464 36,817 56.9%

Net Debt 67,687 75,929 12.2%

Leverage and Liquidity

Debt (RUBm)

5,588 10,434 10,629 10,330

60,327

H2 2014 2015 2016 2017 2018+

Finance Lease Repayment Schedule (RUBm)2

Borrowings Structure by Currency

91%

9%

• Manageable debt level

• Cash position of RUB 36,817m and undrawn credit lines of RUB19,817m

3.8 x

2.6 x

4.3 x

30-Jun-2013 31-Dec-2013 30-Jun-2014

Total Debt / LTM EBITDA¹

Source \\IBLNS003VF\EAST20

13\03 Presentations\2014051

5 6M Reporting\Excel\Lever

age.xlsx




Finance Lease Structure by Currency

3%

97%

88% 12% RUB USD

1 Total debt does not include capitalised operating lease expenses 2 Future payments in dollars converted into roubles at exchange rate of 33.6306 RUB per USD

//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Leverage.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx

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(1,205)

5,586

2,244

(1,361)

1,766 7,030

19,673 26,703

(2,396)

2,169 26,476

22,096

Profit BeforeIncome Tax

D&A InterestExpense

UnrealizedNet FX Loss

Other Adj.before

WorkingCapital

Changes

Cash Flowsfrom

OperatingActivities

beforeWorkingCapital

Changes

WorkingCapital

Changesand Income

Tax

NetCash Flows

fromOperatingActivities

NetCapital

Expenditures

NetPre-deliveryPayments

for Aircrafts

FreeCash Flow6M 2014

FreeCash Flow6M 2013

Operating Free Cash Flow

Substantial cash flow generation over the last 6 months and ahead of summer season

6M 2014 Operating Free Cash Flow (RUBm)

Source:



Charts.xlsx

19.8%

Waterfall



Reporting\Excel\Waterfall1.xlsm

//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/Waterfall1.xlsm

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Table of Contents

1. Key Highlights

2. Market Update


4. Fleet Overview



7. Appendix

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Key Operating Data for JSC Aeroflot and

Aeroflot Group

JSC Aeroflot Aeroflot Group

Unit 6M 2013 6M 2014 Change 6M 2013 6M 2014 Change

Passenger Turnover m pkm 27,774 31,171 12.2% 39,272 40,927 4.2%

International Routes 19,064 20,205 6.0% 26,397 25,787 (2.3)%

Domestic Routes 8,711 10,966 25.9% 12,875 15,140 17.6%

Passenger Capacity m ASK 36,036 40,749 13.1% 51,508 54,066 5.0%

International Routes 25,094 27,065 7.9% 34,373 34,560 0.5%

Domestic Routes 10,941 13,684 25.1% 17,136 19,507 13.8%

Tonne-Kilometres m tkm 3,013 3,113 3.3% 4,086 4,009 (1.9)%

International Routes 2,115 2,003 (5.3)% 2,779 2,508 (9.8)%

Domestic Routes 898 1,111 23.7% 1,307 1,501 14.8%

Passenger Traffic ‘000 PAX 9,542 10,962 14.9% 14,142 15,666 10.8%

International Routes 5,666 5,918 4.4% 7,957 7,948 (0.1)%

Domestic Routes 3,876 5,044 30.1% 6,185 7,717 24.8%

Cargo and Mail Carried tonnes 91,449 66,511 (27.3)% 105,338 75,993 (27.9)%

International Routes 66,583 38,671 (41.9)% 68,552 40,058 (41.6)%

Domestic Routes 24,866 27,840 12.0% 36,786 35,935 (2.3)%

Seat Load Factor % 77.1 % 76.5 % (0.6)p.p 76.2 % 75.7 % (0.5)p.p

International Routes 76.0 % 74.7 % (1.3)p.p 76.8 % 74.6 % (2.2)p.p

Domestic Routes 79.6 % 80.1 % 0.5p.p 75.1 % 77.6 % 2.5p.p

Flight Hours hours 243,526 266,194 9.3% 369,073 383,432 3.9%

Yield RUB / pkm 286 298 4.2% 276 288 4.3%

RASK RUB 220 228 3.6% 211 218 3.3%

Source;




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Key Financial Data for JSC Aeroflot

Backup file:



1 RPK = revenue passenger kilometre. 2 Yield = PAX Traffic Revenue / RPK. 3 EBITDAR = EBITDA + operating lease expenses. 4 EBITDA = operating income + depreciation & amortisation + customs duties. 5 Net Debt = borrowings + finance lease liabilities + pension liabilities + custom duties – cash and short-term investments.

Note: Financial data as per IFRS before intercompany eliminations.

RUBm, Unless Otherwise Stated 6M 2013 6M 2014 Change

Revenue 97,388 113,790 16.8%

RPK1 (m pkm) 27,774 31,171 12.2%

Yield2 (RUB/pkm) 2.9 3.0 3.4%

EBITDAR3 15,377 15,024 (2.3)%

Margin (%) 15.8% 13.2% (2.6)p.p

EBITDA4 9,597 6,904 (28.1)%

Margin (%) 9.9% 6.1% (3.8)p.p

Operating Income 4,963.0 1,578.0 (68.2)%

Margin (%) 5.1% 1.4% (3.7)p.p

Net Income 2,035 1,835 (9.8)%

Margin (%) 2.1% 1.6% (0.5)p.p

Net Debt5 43,671 57,086 30.7%


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Key Financial Data for Aeroflot Group

Backup file:



1 RPK = revenue passenger kilometre. 2 Yield = PAX Traffic Revenue / RPK. 3 EBITDAR = EBITDA + operating lease expenses. 4 EBITDA = operating income + depreciation & amortisation + customs duties. 5 Net Debt = borrowings + finance lease liabilities + pension liabilities + custom duties – cash and short-term investments.

Note: Financial data as per IFRS before intercompany eliminations.

RUBm, Unless Otherwise Stated 6M 2013 6M 2014 Change

Revenue 128,180 140,281 9.4%

RPK1 (m pkm) 39,272 40,927 4.2%

Yield2 (RUB/pkm) 2.8 2.9 3.0%

EBITDAR3 19,967 16,657 (16.6)%

Margin (%) 15.6% 11.9% (3.7)p.p

EBITDA4 10,914 5,030 (53.9)%

Margin (%) 8.5% 3.6% (4.9)p.p

Operating Income / (loss) 5,181 (1,384) NM

Margin (%) 4.0% (1.0)% (5.0)p.p

Net Income / (loss) 45 (1,905) NM

Margin (%) - (1.4)% (1.4)p.p

Net Debt5 67,687 75,929 12.2%


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Donavia Rossiya

Airlines Orenair

Vladivostok

Air Aurora Dobrolet Total

Passenger Traffic

(‘000 PAX)

6M 2014 794 2,177 1,244 5 466 19 4,704

6M 2013 576 1,930 1,430 546 119 4,601

Change, % 37.8% 12.8% (13.0)% (99.1)% 291.6% 2.2%

Passenger Turnover

(m pkm)

6M 2014 1,134 4,145 3,679 8 766 24 9,756

6M 2013 840 3,922 5,360 1,263 112 11,497

Change, % 35.0% 5.7% (31.4)% (99.4)% 583.9% (15.1)%

Seat Load Factor, %

6M 2014 69.1 % 72.4 % 75.8 % 56.4 % 72.9 % 88.6 % 73.3 %

6M 2013 64.5 % 73.0 % 80.5 % 64.9 % 56.5 % 74.3 %

Change, p.p 4.6p.p (0.6)p.p (4.7)p.p (8.5)p.p 16.4p.p (1.0)p.p

Flight Hours, hours

6M 2014 16,602 54,810 32,483 122 12,970 251 117,238

6M 2013 13,223 50,494 39,867 17,884 4,080 125,548

Change, % 25.6% 8.5% (18.5)% (99.3)% 217.9% (6.6)%

Revenue1, RUBm 6M 2014 4,847 14,660 8,474 138 4,911 77 33,107

Net Income1, RUBm 6M 2014 163 (708) (3,143) (527) 407 (188) (3,996)

Key Operating Data of Subsidiary Airlines

1 According to IFRS, before intercompany eliminations.

Aurora

Source:



file://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsxfile://Iblns003vf/east2013/03 Presentations/20140515 6M Reporting/Excel/02 Charts.xlsx

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Summary Financial Tables

Income Statement

6 months

30-Jun-2013

6 months

30-Jun-2014

Traffic Revenue 113,667 121,796

Other Revenue 14,513 18,485

Revenue 128,180 140,281

Operating Costs (96,600) (109,009)

Staff Costs (21,357) (24,304)

Depreciation and Amortisation (5,052) (5,586)

Other (Expenses)/Income, Net 10 (2,766)

Operating Costs (122,999) (141,665)

Operating Profit 5,181 (1,384)

Finance Income 1,979 2,615

Finance Costs (6,616) (2,434)

Share of Results of Equity Accounted Investments 13 (2)

Profit Before Income Tax 557 (1,205)

Income Tax (512) (700)

Profit for the Period 45 (1,905)

Attributable to:

Shareholders of the Company 151 (1,745)

Non-controlling Interest (106) (160)

Source:



Statements.xlsx

//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/01 Statements.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/01 Statements.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/01 Statements.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/01 Statements.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/01 Statements.xlsx//IBLNS003VF/EAST2013/03 Presentations/20140515 6M Reporting/Excel/01 Statements.xlsx//IBLNS003VF/EAST2013/03 Present

aeroflot group 6 months 2014 financial results · 2018. 11. 9. · 22 44 66 1 40 120 1 0 128 0...

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