Published on : Friday, August 1, 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
Income statement
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 and commercial expenses 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.
Balance sheet
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.
Source:-Aeroflot
Tags: Aeroflot Announces 1H 2014 RAS Results, Airline News
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