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Aeroflot announces 9M financial results - European-Aviation.net

Aeroflot announces 9M financial results

Aeroflot Airbus A330-200
Aeroflot Airbus A330-200 (CC SA 3.0 S. Kustov)

JSC Aeroflot announced the financial results for the nine months ended 30 September 2014 in accordance with Russian Accounting Standards («RAS»). RAS results are presented on an unconsolidated basis for JSC Aeroflot only.

9M 2014 Highlights

• Revenue of RUB 176,747 mln;

• Cost of sales of RUB 143,703 mln;

• Gross profit of RUB 33,044 mln;

• Net profit of RUB 15,061 mln.

Income statement

JSC Aeroflot’s revenue for 9M 2014 increased to RUB 176,747 mln, up 14.0% year-on-year, primarily due to an increase in traffic volumes.

Cost of sales for 9M 2014 was RUB 143,703 mln, up 17.1% year-on-year. This growth was primarily due to changes in foreign currency exchange rates, an increase in traffic volume, and higher costs associated with servicing the Company’s expanded fleet.

Commercial expenses in 9M 2014 totalled RUB 24,671 mln, up 47.0% year-on-year on the back of higher booking costs due to greater traffic volumes, increased spending on advertising and changes in the rouble exchange rate against major international currencies.

Net profit for 9M 2014 was RUB 15,061 mln.

Balance sheet

JSC Aeroflot’s total assets as of 30 September 2014 amounted to RUB 127,900 mln, an increase of 17.5% from 31 December 2013.

As of 30 September 2014, JSC Aeroflot’s long-term liabilities amounted to RUB 13,642 mln, a decrease of 6.1% from 31 December 2013. The Company’s non-current debt decreased by 10.1% during the first nine months of the year to RUB 13,642 mln as of 30 September 2014.

JSC Aeroflot’s current debt increased to RUB 2,755 mln as of 30 September 2014, mainly due to the Company raising funds via a bank loan.

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