-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Настоящий документ был использован для сопровождения устного доклада и не содержит полного изложения данной темы.
Aeroflot Group
Consolidated financials (IFRS)
9M2011
Moscow
December 20, 2011
Speaker:
Shamil Kurmashov
Deputy Director General
Finance and investments
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Table of contents
1.Introduction
2.Market position of the Group
3.Operating highlights
4.Financial results
5.Conclusions
6.Appendix
2
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Key highlights for the 9 month 2011
• November 15, 2011 JSC “Aeroflot” completed the transaction of receiving airlines owned by State
Corporation “Russian Technogies”. LLC “Aeroflot-Finance” received stakes in JSC “Vladivostok Avia”
(52.156%), JSC “Saratov Airlines” (51%), JSC “SAT Airlines” (100%), JSC “Rossiya Airlines”(75% minus 1
share) , JSC “Orenburg Airlines” (100%) in exchange for 3.55% stake of charter capital of JSC “Aeroflot –
Russian Airlines”.
• Aeroflot received the award «Russian Business Travel & MICE Award» in category «Best company for
business travelers». «Russian Business Travel & MICE Award» is an annual award established by Business
Travel magazine and internet portal Conference.ru.
• Aeroflot was awarded by SAP Company for best implementation SAP’s products in transport sector. SAP
ERP system has been implementing in JSC ‘Aeroflot” since 2009.
• According to the rating of the Boston Consulting Group (BCG) – the world leader in operating consulting and
business strategy developing, JSC “Aeroflot” took seventh place among top ten transport and tourist
companies. Pursuant to the research total shareholder return, volume of sales, margin performed certain
growth in recent years.
• Aeroflot took first place in roadmap of innovation development award “ROADMAP 2011”. Aeroflot’s
innovation projects are carried out in cooperation with relevant universities, scientific organizations and
entities of small and medium business.
3
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Table of contents
1.Introduction
2.Market position of the Group
3.Operating highlights
4.Financial results
5.Conclusions
6.Appendix
4
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
22.0 24.0 28.0 32.0
35.0 38.0 45.0 50.0 45.1
57.0 49.4
63.5
11.6 11.1 14.1 11.8*
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 9m2011 2011E
Source: TCH***, Ministry of Transportation
Source: TCH Source: TCH
Market share of the Group for 9m2011
[% of passenger turnover]
Market share of the Group for 6m2011
[% of passenger traffic]
Passenger traffic of the Russian civil aviation
[mln. pax.]
• At the end of 9 months of 2011 the share of Aeroflot Group in RCA amounted for 23,8%
• According to the Ministry of Transportation the estimated passenger traffic of RCA will reach about 63.5
million people, which is 11% more than in 2010
23.2% 24.6%
24.8%
RCA** Aeroflot Group market share in RCA Aeroflot Group
23.8%
Russian air transportation market
* Passenger traffic of the Group includes passengers carried by Aeroflot, Donavia for 9m2011 and by Nordavia as of 10.06.2011.
5
26.2 29.2 21.7
Total IAL DAL
23.8 28.3
19.5
Total IAL DAL
*RCA – Russian civil aviation
**Transport Clearing House
IAL – International airlines
DAL – Domestic airlines
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Source: IMF, Ministry of Transport of the Russian Federation
2,3
3
1,1
0,3
1
0 1,5 3
Development potential of the Russian air
transportation market
2010 2025
UK
USA
Europe
Russia
4%
1,7% 1,5%
3,7% 3,3%
Source: Bloomberg
• The Russian air transportation market has a significant growth potential due to forecasted GDP increase,
which exceeds other countries’ expectations
• As per Ministry of transportation the estimated mobility index could reach the same level as this of EU
countries by 2025
Source: TCH, Ministry of Transportation
Passenger traffic of the Russian civil aviation
[mln. pax.]
Trips per capita GDP Growth Projections for 2011
[%]
6
22 24 28 32 35 38
45 50 45 57 61
78
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2011E 2013E
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Market position of the Group
Passenger traffic [mln.pax.] Passenger turnover [bln.pkm.]
Growth rates of basic operating indicators
[%, 9m2011 to 9m2010]
Source: TCH Share in RCA Source: TCH
Source: АЕА, estimates of Aeroflot
* АЕА – Association of European Airlines (scheduled flights data)
• Aeroflot is the leader of the Russian Civil Aviation
• The growth pace in operational performance of Aeroflot Group exceeds the dynamics of
Association of European Airlines 7
33,3
24,9
10,4 8,0
5,5
Aeroflot Group Transaero S7 Group UTair Orenavia
26,2%
19,6%
8,2% 6,3%
4,3%
11,8
6,6 4,9 4,2
2,7
Aeroflot Group Transaero S7 Group UTair RossiyaAirlines
23.9%
13.3% 9.9% 8.5%
5.5%
11,9 8,8 9,3
6,3 11,7
8,5
Aeroflot Group АЕА*
Passenger capacity (ASK) Passenger traffic (PAX) Passenger turnover (RPK)
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Table of contents
1.Introduction
2.Market position of the Group
3.Operating highlights
4.Financial results
5.Conclusions
6.Appendix
8
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
0
5000
10000
MiddleEast
Europe Russia CIS &Baltic
mln
ask
0
4000
8000
America Asia Russia
mln
ask
Route network – schedule for winter
2011/2012
9
+17%
+30%
+16%
+20%
+25% +38%
+51%
Schedule «Winter10/11» Schedule «Winter 11/12»
• From January till September of 2011 Aeroflot operated its own flights to 127 destinations in 54 countries
• Apart from the flights of its own from Sheremetyevo Airport, the Company operates 134 flights under code
sharing agreements
• The transit passenger traffic of the Company increased by 19% during the nine months of 2011 compared
to the same period of 2010 and amounted to 3.93 million passengers, or 34.7% of the total passenger
traffic volume of the company
0
333
0
400
mln
ask
9
Planned ASK increasing according to the winter schedule 2011/2012
ASK increasing break-down by regions in the winter schedule 2011/2012
Long-haul destinations Middle-haul destinations Regional destinations
16%
27%
DAL IAL
Long-haul destination
38%
28%
DAL IAL
Middle-haul destinations
+333 mln
DAL
Regional destinations
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Fleet of the Group as of 30.09.11
• The operated fleet includes mainly modern fuel-efficient aircraft. As of the end of September 2011 69%
of the Group's aircraft were under operating lease agreements, 25% – under financial lease agreements
• The average age of Aeroflot’s aircraft in operation is 5,2 years
Type of aircraft Aeroflot Donavia Total
Ilyushin Il-86 1* 1
Ilyushin Il-96-300 6 6
Tupolev Tu-154 1* 1
Total number of aircraft owned 7 1 8
Airbus A-319 4 4
Airbus A-320 1 1
Airbus A-321 18 18
Airbus A-330 2 2
Boeing 737 5 5
Total number of aircraft under finance lease 25 5 30
Airbus A-319 11 11
Airbus A-320 42 42
Airbus A-330 10 10
Boeing B-737 5 5
Boeing B-767 9 9
McDonnell Douglas MD-11 3 3
SSJ 100 2 2
Total number of aircraft under operating lease 77 5 82
Total number of aircraft 109 11 120
* As of 30.092011 operation of this aircraft was terminated
10
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Order and phase off plan of JSC
“Aeroflot”
By the year 2015 Aeroflot is planning to replenish its fleet with 87 modern aircraft.
Delivery schedule in accordance with contracts in force
Phase off schedule of aircraft
Type of aircraft 2011 2012 2013 2014 2015
Regional
SSJ-100 6 14 2 8 -
Medium-haul
A-320 8 - - - -
A-321 - 3 5 - -
Long-haul
A-330 4 8 - - -
B-777 - - 4 6 3
B-787 - - - 8 8
TOTAL 18 25 11 22 11
Type of aircraft 2011
Medium-haul
Il-86 1
TOTAL 1
11
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
243,8291,3
9m2010 9m2011
Fleet efficiency of JSC “Aeroflot”
• In the nine months of 2011 the Company increased its flight hours by 19.5% compared to the same
period in 2010
• Fuel consumption per ton-km rose insignificantly by 2.9% year-on-year as a result of reduction in the
average flight distance due to increased operations on domestic flights
Flight hours [ths.hours] Specific fuel consumption [gr/tnkm]
Weighted average fuel price of JSC “Aeroflot” [$/tn]
+19,5%
+2,9%
311 320
9m2010 9m2011
12
546
468 474 476 482 494537 525
575 585623 647
630 635 642663 651 626 634 650 637 648
668708
759809
859 870896 896 904 892 886 893
300
400
500
600
700
800
900
1 000
2009 2010 2011
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Headcount and labor productivity
• The labor productivity of JSC "Aeroflot" and Aeroflot Group performed growth of in the nine months of
2011
• The headcount of JSC "Aeroflot" increased by 8% due to the enhanced cabin crew on the back of
growing aircraft fleet and number of work done
Passenger turnover/Average
headcount [mln.pkm/units]
Passenger traffic/Average
headcount [ths.pers./units]
9m2010
9m2011
+11% +10% +7%
Labor productivity
Revenue/Average headcount [$ ths./units]
+18% +22%
* Headcount of CJSC “Nordavia” as of 31.05.2011 totaled 1 351
+14%
Headcount 30.09.10 30.09.11 vly
Aeroflot 14 001 15 171 8%
Aeromar 2 079 2 262 9%
Donavia 1 470 1 090 -26%
Nordavia 1 344 0* -100%
Terminal 721 681 -6%
Aerofirst 465 388 -17%
Sherotel 283 278 -2%
Aerofot-Finance 2 4 100%
TOTAL 20 365 19 874 -2%
13
2,0 1,57 2,2
1,73
JSC "Aeroflot" Aeroflot Group
0,66 0,57
0,75 0,61
JSC "Aeroflot" Aeroflot Group
214 167
253 203
JSC "Aeroflot" Aeroflot Group
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Operating indicators of Aeroflot Group
Passenger traffic
[ths.pax.]
Seat load factor
[%]
Passenger turnover
[mln.pkm.]
• In spite of the sale of CJSC "Nordavia" in June 2011, the majority of operational performance measures are higher than the previous
years indicators
• Minor arrears in the seat load factor compared to 2010 could be explained by introduction of new long-haul transportation and,
consequently, by increasing passenger capacity
Passenger capacity
[mln.pkm.]
14
740
634 721 750
909
1 025
1 175 1 219
1 084 996
884 926 941
876
1 008 992
1 199
1 365
1 506 1 519
1 363
1 229
1 055 1 019
1 063
1 005
1 157 1 203
1 315
1 417
1 571 1 577 1 459
1 338
2 132
1 773 1 960 1 984
2 351
2 675
3 128 3 312
2 930 2 758
2 436 2 469 2 667
2 443
2 832 2 769
3 204
3 705
4 211 4 207
3 794
3 428
2 944 2 903
3 123
2 889
3 275 3 339 3 588,5
3 960
4 509 4 529
4 115
3 787
60,9 60,5 62,2 62,0
65,9
72,4
78,6
81,3
77,7
74,4
69,4 69,9 70,1
72,7 74,6 75,4
75,9 77,9
84,9
83,4 81,2
79,3
72,6 71,0 70,9
73,4 75,1
76,3
74,9
77,5
83,7
84,4
80,6
78,5
3 430
2 926
3 222 3 183
3 557
3 687 3 975 4 072
3 765 3 694 3 500 3 603
3 789
3 365
3 797 3 674
4 217 4 676
4 990
5 039 4 705
4 405
4 054
4 092
4 403
3 935
4 364 4 378
4 790
5 110
5 389 5 369 5 079
4 824
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Revenue rates
The revenue rates of the Group grew up in the nine months of 2011 reflecting the increased
demand for Aeroflot Group services in the passenger transportation market
Yield
PAX revenue / RPK
[US cents / pkm.]
RASK
PAX revenue / ASK
[US cents / ask.]
Cargo yield
Cargo revenue / CTK
[US cents / tkm.]
+8% +9% +7% +7% +14% +13%
15
6,6 6,7
7,2 7,2
JSC "Aeroflot" Aeroflot Group
8,4 8,6
9,1 9,2
JSC "Aeroflot" Aeroflot Group
25,3 25,7
28,8 29,0
JSC "Aeroflot" Aeroflot Group
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
JSC “Aeroflot” operating indicators
dynamic by region
• Following the approved strategy of strengthening positions on the popular tourist directions, Aeroflot
significantly increased its long-haul transportation capacities. The largest growth was demonstrated in
Europe, Asia, Russia and CIS
• Growth rates of passenger capacity temporarily exceeds the passenger turnover as a result of growing
presence in the Asian market
* according to management accounting.
* *
* *
[%, 9m2011 vs 9m2010]
*
16
+17.0% +14.8%
+1.9% +4.3%
RPK ASK SLF Yield
America +20.4%
+17.6%
+2.4% +5.0%
RPK ASK SLF Yield
Europe
+15.8% +15.3%
+0.5%
+17.9%
RPK ASK SLF Yield
Russia & CIS
+4.4%
-0.3%
+4.8%
+13.3%
RPK ASK SLF Yield
Middle East & Africa
+32.2% +37.1%
-3.6% -3.0%
RPK ASK SLF Yield
Asia
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Traffic revenue of Aeroflot Group by
region
The substantial growth in revenue from scheduled passenger carriages is observed primarily
due to the growing traffic capacity of the Group in Asia, Europe and Russia
Revenue from regular passengers carriages
[$ mln.]
Revenue from regular cargo carriages
[$ mln.]
+21% +4%
17
2 515
3 047
286 116 15 48
67 178
185 1
0,2
7 3
4
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Table of contents
1.Introduction
1.Market position of the Group
2.Operating highlights
3.Financial results
4.Conclusions
5.Appendix
18
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R: 59
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B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Key financials
• The revenue of JSC "Aeroflot“ increased by 27% and the operating profit by 16%
• EBITDA of JSC "Aeroflot“ and Aeroflot Group went up by 14% and 2% respectively
• The net income of JSC "Aeroflot“ grew by 35%, while that of the Group – by 37%
* EBITDAR = EBITDA + Operating lease expenses
** EBITDA = Operating income + Amortization + Custom duties
Index unit JSC “Aeroflot” Aeroflot Group
9m2010 9m2011 vly 9m2010 9m2011 vly
Revenue $ mln. 2 793 3 560 27% 3 160 3 919 24%
Operating costs $ mln. 2 335 3 031 30% 2 692 3 455 28%
EBITDAR* $ mln. 808 910 13% 888 912 3%
EBITDA** $ mln. 585 668 14% 641 653 2%
Operating income $ mln. 458 529 16% 468 464 -1%
Net income $ mln. 350 472 35% 281 384 37%
EBITDAR margin % 29% 26% -3 p.p. 28% 23% -5 p.p.
EBITDA margin % 21% 19% -2 p.p. 20% 17% -3 p.p.
19
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R: 59
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B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Aeroflot Group’s financial indicators
dynamic
EBITDAR increased by 3%. Net income grew up by 37%.
Key financial indicators of the Group
[$ мmln]
+3%
+28%
+24%
9m2010 9m2011
+37%
20
3 160
2 692
888
281
3 919
3 455
912
384
Revenue Operating costs EBITDAR Net income
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
• The main financial indicator of JSC “Aeroflot” demonstrated a stable growth during the nine
months of 2011
• EBITDAR raised by 13%, while the net income of JSC "Aeroflot" increased by 35%
Dynamic of the financial indicators of JSC
“Aeroflot”
Key financial indicators of JSC “Aeroflot”
[$ mln]
+27%
+30%
+13%
+35%
9m2010 9m2011
21
2 793
2 335
808
350
3 560
3 031
910
472
Revenue Operating costs EBITDAR Net income
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
428653
178185
2 554
284
250225
3 081
Group’s revenue factorial analysis
• The substantial increase in Aeroflot Group’s revenue is caused primarily by the growing passenger
traffic
• Other income rose by 53% as a result of Aerofirst consolidation and Terminal’s revenue growth
Revenue of the Group
[$ mln] Traffic
volume
Air carriage
tariff Others
Passenger traffic + 21%
Freight traffic + 4%
Other income + 53%
Σ 3 160 Σ 3 919 Total revenue of the Group + 24% 9m2010 9m2011
22
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G: 196
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R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
472
384
12 4
98 9 50 24
19 4 56
40
Structure of the Group’s net income
• Financial result of the Group was significantly affected by deconsolidation of the accumulated losses
from disposal of subsidiaries and associates
• JSC “Terminal“, subsidiary company, undertook a significant loss due to the foreign exchange effect
Elements of Aeroflot Group’s net income
[$ mln]
* Financial result from deconsolidation of accumulated loss from disposal of subsidiaries and associates.
** Elimination of released in Aeroflot debt provision of Aeroflot-Cargo
*** Including elimination of intercompany balance .
23
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G: 196
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R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
350
472
431
245 89
102
364
146
186 31 18
Factorial analysis of the net income of
JSC “Aeroflot
• The revenue grew due to the raised traffic volumes as well as higher tariffs. Increase in
operating income exceeded the increase in operating expenses
• The net profit of the Company was positively affected by the sale of Nordavia, "Moscow"
Insurance Company" and "TZK "Sheremetyevo" companies
Alteration of the net income of JSC “Aeroflot”
[$ mln]
* The main share is attributed to the revenue from fueling and income from airline agreements
** Profit from disposal of investments in associated and subsidiary
24
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R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
281 384
284
250
225
200
335
154
274 77
9 7
Factorial analysis of the Group’s net
income
• The growth of non-aviation revenue is stipulated primarily by Aerofirst consolidation and
increase in income of JSC “Terminal”
• Financial result of the Group was positively affected by the disposal of "Nordavia",
"Moscow" Insurance Company" and "TZK "Sheremetyevo" companies
Alteration of the Group’s net income
[$ mln]
* The main share is attributed from revenue of duty free trading , fueling, airport services and income from airline agreements
** Including financial result from selling of investments in subsidiaries and affiliates and deconsolidation of accumulated loss
25
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G: 196
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R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Operating income of the subsidiaries
• Significant operating loss of JSC “Donavia“ is caused by reorganization of route network
and cancellation of charter flights from/to Sheremetievo
• During the nine months of 2011 JSC "Terminal" received operating profit in amount of $52
million
9m2010
Operating income / loss of the subsidiaries
[$ mln]
9m2011 * Is primarily stipulated by operating loss of CJSC “Aerofirst”
26
6
(9)
15
4
(9)
(0)
(24)
(4)
16
6
52
(8)
JSC"Donavia"
CJSC"Aeroflot-Cargo"
CJSC"Aeromar"
CJSC"Sherotel"
JSC"Terminal" Other companies*
-
R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
TOTAL DEBT / EBITDA* [x]
Debt leverage of Aeroflot Group
• The debt leverage of JSC ‘Aeroflot’ and the Group is rather low
• Following the deconsolidation of JSC “Terminal” planned in the fourth quarter of 2011, the Total
Debt/EBITDA ratio should decrease from 3.1x to 2.2x
NET DEBT / EBITDA* [x]
Aeroflot Group JSC “Aeroflot” Group debt leverage excluding Terminal
* EBITDA is annualized.
Indicators unit JSC “Aeroflot” Aeroflot Group
31.12.10 30.09.11 vly 31.12.10 30.09.11 vly
Borrowings $ mln. 402 438 9% 1 313 1 372 4%
Finance lease liabilities $ mln. 719 831 16% 734 840 14%
Pension liabilities $ mln. 14 13 -7% 14 13 -7%
Custom duties $ mln. 89 3 -97% 91 3 -97%
Total debt $ mln. 1 224 1 285 5% 2 152 2 228 4%
Cash and short term investments $ mln. 668 639 -4% 666 559 -16%
Net Debt $ mln. 556 646 16% 1 486 1 669 12%
4,1
2,8
2,32,1
1,7
2,32,0
1,10,9 0,9
0,3
0,9
1,3
31.12.09 30.06.10 30.09.10 31.12.10 30.06.11 30.09.11
27
4,4 4,0
3,2 3,0 2,9
3,1
2,2 2,6
2,1 1,9
1,7 1,8
2,2
31.12.09 30.06.10 30.09.10 31.12.10 30.06.11 30.09.11
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G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
19%
10%
4%
13% 16%
9% 6%
8%
Aeroflot Group DeutscheLufthansa
Air France-KLM Turkish Airlines
3.3 3.5
12.1
2.7 3.2 2.2
6.6
9.1
Aeroflot Group DeutscheLufthansa
Air France-KLM Turkish Airlines
Indicators unit 9m2010 9m2011 vly 9m2010 9m2011 vly 9m2010* 9m2011* vly 9m2010 9m2011 vly
Financial indicators Revenue $ mln. 3 160 3 919 24% 26 495 31 199 18% 22 828 25 837 13% 4 131 5 183 25%
EBITDA** $ mln. 604 629 4% 2 703 2 727 1% 984 1 528 55% 538 398 -26%
Net income $ mln. 281 384 37% 646 437 -32% 356 -766 -315% 167 -307 -284%
Total Debt*** $ mln. 2 002 2 212 10% 10 053 8 298 -17% 14 870 14 333 -4% 1 917 4 239 121%
Operating indicators Passenger turnover bln.pkm 30 33 10% 146 158 8% 152 163 7% 36 43 19%
Passenger capacity bln.ask 38 43 13% 183 203 11% 186 199 7% 48 60 25%
Seat load factor % 78% 78% 0% 80% 78% -2p.p. 82% 82% 0% 74% 73% -1p.p.
• Revenue of the Group increased by 24%, exceeding the performance of major European airlines.
Moreover, Aeroflot Group demonstrates one of the highest EBITDA margin
• Growth rates of the Group’s operating indices exceed those of numerous major European companies
9m2010
In comparison with European airlines
DEBT / EBITDA [x] EBITDA margin [%]
* Financial and operating indicators for the period form January, 1 till September, 30 of 2011
** EBITDA = Operating income + Amortization
*** Total Debt = Borrowings + Financial lease liabilities
9m2011
Source: Bloomberg
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G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Table of contents
1.Introduction
2.Market position of the Group
3.Operating highlights
4.Financial results
5.Conclusions
6.Appendix
29
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G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Conclusions
• The nine months of 2011 resulted in growth of main operating indicators. The actions
taken to refine the route network as well as wise revenue rates management speeded up
the operating and financial indicators growth during the nine months of 2011
• Revenue of Aeroflot rose by 27% compared to the same period in 2010, operating profit
rose by 16%. EBITDA of JSC ‘Aeroflot’ and the Group increased by 14% and 2%
respectively. The net profit of JSC "Aeroflot“ went up 35%, while that of the Group – 37%
• The debt leverage of JSC ‘Aeroflot’ and the Group is rather low. Following the
deconsolidation of JSC “Terminal” planned in the fourth quarter of 2011, the Total
Debt/EBITDA ratio should decrease from 3.1x to 2.2x
30
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R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Table of contents
1.Introduction
2.Market position of the Group
3.Operating highlights
4.Financial results
5.Conclusions
6.Appendix
31
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R: 182
G: 196
B: 204
R: 135
G: 157
B: 179
R: 59
G: 100
B: 135
Цвета заливки графиков и фигур
R: 22
G: 44
B: 66
R: 178
G: 178
B: 178
Цвет контура
R: 0
G: 176
B: 80
R: 0
G: 112
B: 192
R: 255
G: 255
B: 255
R: 0
G: 0
B: 0
R: 255
G: 0
B: 0
R: 1
G: 40
B: 120
R: 0
G: 128
B: 0
Цвет текста
Operating indicators
The nine months of 2011 resulted in growth of main operating indicators compared to the same
period in 2010
Indicators unit JSC “Aeroflot” Aeroflot Group
9m2010 9m2011 vly 9m2010 9m2011 vly
Passenger turnover mln.pkm 26 252 31 552 20% 29 832 33 328 12%
international flights 17 732 21 728 23% 19 043 22 293 17%
domestic flights 8 520 9 824 15% 10 789 11 035 2%
Passenger capacity mln.ask 33 659 40 225 20% 38 252 42 817 12%
International flights 23 073 27 953 21% 24 590 28 702 17%
domestic flights 10 586 12 272 16% 13 662 14 115 3%
Cargo tonne mln.tkm 3 049 3 469 14% 3 379 3 635 8%
International flights 2 130 2 452 15% 2 249 2 504 11%
domestic flights 919 1 017 11% 1 130 1 131 0%
Passenger traffic ths.pax. 8 533 10 541 24% 10 769 11 769 9%
International flights 5 379 6 600 23% 6 006 6 909 15%
domestic flights 3 154 3 941 25% 4 763 4 860 2%
Cargo / mail tonne 118 345 111 927 -5% 123 600 115 525 -7%
International flights 88 321 84 063 -5% 88 614 84 348 -5%
domestic flights 30 024 27 864 -7% 34 986 31 177 -11%
Seat load factor % 78.0% 78.4% +0.4 p.p. 78.0% 77.8% -0.2 p.p.
International flights 76.8% 77.7% +0.9 p.p. 77.4% 77.7% +0.3 p.p.
domestic flights 80.5% 80.1% -0.4 p.p. 79.0% 78.2% -0.8 p.p.
Налет ВС часов 243 774 291 343 20% 284 063 327 077 15%
32