Aeroflot announced financial results for 12 months 2012

JSC “Aeroflot” summed up financial results for 12 months 2012 in accordance with Russian Accounting Standards (RAS).

Income statement

Revenue of JSC “Aeroflot” for 12 months 2012 totaled 177.906 bln rub., which is 42.105 bln (+31.0 per cent) more compared to the result of 2011.

Improvement of air carriage demand pushed up sales volume and resulted in revenue growth.

Cost of goods sold for 12 months 2012 totaled 142.555 bln rub., which is 31.505 bln (+28.4 per cent) more compared to the result of 2011. Higher cost of goods sold is justified by higher volume of air carriage operations.

Revenue growth rates (+31.0 per cent) outpacing cost of goods sold growth rates (+28.4 per cent) indicate effective cost management in the Company.

Gross profit totaled 35.351 bln rub., which is 10.600 bln (+42.8 per cent) more compared to the result of 2011.

Net income for 12 months 2012 totaled 4.939 bln rub., which is 5.544 bln rub. (-52.9 per cent) less compared to the result of 2011. Lower net income in 2012 is justified by other expenses growth by 6.028 bln rub. (+89.9 per cent), which mainly is a result of creation of provisions in 2012 due to consolidation of subsidiaries.

Balance sheet

Total assets of JSC “Aeroflot” increased by 10.851 bln rub. (+11.2 per cent) and totaled 107.576 bln rub. compared to the beginning of 2012.

The main drivers for assets improvement were: increase of number of aircraft, higher volume of cash and cash equivalents and agents’ current liabilities increase due to sales growth.

Company’s long term liabilities lowered to 9.442 bln rub owing to reclassification of two bond issues to short term liabilities due to maturing in less than 1 year. Short term liabilities amounted to 46.596 bln rub.