"Aeroflot" in the first half net profit increased more than 20-fold, to $ 376.8 million This was mainly due to sale of several airline subsidiaries, including "Nordavia". This deal also helped the "Aeroflot" to reduce by 11% of net debt.
Net profit of "Aeroflot" for January-June, in accordance with International Financial Reporting Standards (IFRS) amounted to $ 376.8 million, which at 21.5 times greater than in the first half of 2010 ($ 17.5 million). Proceeds of "Aeroflot" has increased by 26.4% to $ 2.3 billion, while earnings from operations rose 21.3% to $ 1.9 billion, EBITDA was $ 330.9 million (an increase of 20.5%). Operating expenses increased by 26.2% to $ 2.1 billion of "Aeroflot" explained the rise in prices for jet fuel, as well as an increase in the volume of work performed.
One of the main reasons for the sharp growth in profit of the carrier - for sale in the first half of 2011, 100% shares of OJSC "IC" Moscow "," 31% of JSC "Airport Refuelling," 50% of JSC "Date is" and 100% of CJSC "Nordavia." Regional airlines in June, bought the structure of GMK "Norilsk Nickel" for $ 235 million, of which $ 228 million in debt had "Nordavia" (see "Kommersant-Online" from June 14).
Financial performance of "Aeroflot" was higher than analysts' expectations. Cyril Tachennikov of UBS notes that "Aeroflot" was nearly triple the revenue from the operation of JSC "Terminal" (it controls the terminal D at the Sheremetyevo airport), as well as to compensate for rising fuel costs by raising prices. Agrees with him and Andrei Rozhkov of IFC "Metropol". He pointed out that the profitability of "Aeroflot" per passenger on an annualized basis grew by 6% to $ 0.09 per passenger-kilometer. The greatest increase in this index have provided transportation in Russia and CIS (the yield increased by 19.7%), and the Middle East and Africa (up 9.7%). As a result, according to analysts, despite higher prices for jet fuel and other costs (including personnel expenses increased from $ 308 million to $ 420.8 million), "Aeroflot" has managed to keep a high level of profitability on EBITDA (it was 14% vs. 15% in the first half of 2010).
Cyril Tachennikov adds that the deconsolidation of subsidiaries sold primarily "Nordavia" helped "Aeroflot" is also substantially reduce the level of debt (net debt group compared with the end of 2010 decreased by 11% to $ 1.31 billion). The analyst expects to further reduce the debt burden of "Aeroflot" has approximately $ 900 million due to the planned end of the year deconsolidation of the "Terminal" by combining the terminal Sheremetyevo ("Aeroflot" in exchange for 53% of "Terminal" will receive 9% stake in the airport).
Investors also welcomed the statements of "Aeroflot". The company's shares on MICEX by the middle of the day went up by almost 3% while the index of less than 2.5%.
Net profit of "Aeroflot" for January-June, in accordance with International Financial Reporting Standards (IFRS) amounted to $ 376.8 million, which at 21.5 times greater than in the first half of 2010 ($ 17.5 million). Proceeds of "Aeroflot" has increased by 26.4% to $ 2.3 billion, while earnings from operations rose 21.3% to $ 1.9 billion, EBITDA was $ 330.9 million (an increase of 20.5%). Operating expenses increased by 26.2% to $ 2.1 billion of "Aeroflot" explained the rise in prices for jet fuel, as well as an increase in the volume of work performed.
One of the main reasons for the sharp growth in profit of the carrier - for sale in the first half of 2011, 100% shares of OJSC "IC" Moscow "," 31% of JSC "Airport Refuelling," 50% of JSC "Date is" and 100% of CJSC "Nordavia." Regional airlines in June, bought the structure of GMK "Norilsk Nickel" for $ 235 million, of which $ 228 million in debt had "Nordavia" (see "Kommersant-Online" from June 14).
Financial performance of "Aeroflot" was higher than analysts' expectations. Cyril Tachennikov of UBS notes that "Aeroflot" was nearly triple the revenue from the operation of JSC "Terminal" (it controls the terminal D at the Sheremetyevo airport), as well as to compensate for rising fuel costs by raising prices. Agrees with him and Andrei Rozhkov of IFC "Metropol". He pointed out that the profitability of "Aeroflot" per passenger on an annualized basis grew by 6% to $ 0.09 per passenger-kilometer. The greatest increase in this index have provided transportation in Russia and CIS (the yield increased by 19.7%), and the Middle East and Africa (up 9.7%). As a result, according to analysts, despite higher prices for jet fuel and other costs (including personnel expenses increased from $ 308 million to $ 420.8 million), "Aeroflot" has managed to keep a high level of profitability on EBITDA (it was 14% vs. 15% in the first half of 2010).
Cyril Tachennikov adds that the deconsolidation of subsidiaries sold primarily "Nordavia" helped "Aeroflot" is also substantially reduce the level of debt (net debt group compared with the end of 2010 decreased by 11% to $ 1.31 billion). The analyst expects to further reduce the debt burden of "Aeroflot" has approximately $ 900 million due to the planned end of the year deconsolidation of the "Terminal" by combining the terminal Sheremetyevo ("Aeroflot" in exchange for 53% of "Terminal" will receive 9% stake in the airport).
Investors also welcomed the statements of "Aeroflot". The company's shares on MICEX by the middle of the day went up by almost 3% while the index of less than 2.5%.
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