Aeroflot announces results of Board of Directors meeting

PJSC Aeroflot (Moscow Exchange ticker: MOEX) announces the results of a meeting of its Board of Directors held on 5 April 2021 by joint attendance. 

The meeting agenda included the following items.

Development of the Krasnoyarsk regional hub

Following the resolution by the Management Board, the international regional hub at Krasnoyarsk will be launched on 1 June 2021. In the summer schedule, flights from Krasnoyarsk will operate to Sochi, Krasnodar, Simferopol, and Blagoveshchensk.  

Results of implementation of Aeroflot Group’s consolidated budget targets for the full year 2020

Total passenger traffic for the Russian air travel market in 2020, including international carriers flying to and from Russia, was 73.3 million passengers. Aeroflot Group’s market share was 42.3%. Aeroflot Group posted a net loss of 123.2 billion rubles, according to the IFRS financial results. Dynamics of key operational and financial metrics of the Group for the year 2020 is comparable to that of international competitors likewise facing a considerably reduced demand amid COVID-19 pandemic.

The PJSC Aeroflot Auditor Report on the Group’s IFRS financial statements for the full year 2020

The Auditor (JSC Price Waterhouse Coopers) acknowledged that timing compliance for the Group’s IFRS financial statements preparation and issuance was in line with the global aviation industry’s best practices.

Annual accounting statements, including the Company’s financial results for the 2020 financial year

COVID-19 pandemic has significantly affected financial results for the year 2020.  Coronavirus spread–induced restrictions on air travel between Russia and foreign countries, on the back of growing key foreign currencies exchange rates against the ruble led to the weaker operational results.

The PJSC Aeroflot Auditor Report on the Company’s RAS financial statements for the full year 2020

The Audit of the accounting (financial) statements was carried out by JSC HLB Vneshaudit. The auditor noted that the financial statements accurately reflect PJSC Aeroflot’s financial position as of 31 December 2020. 

Implementation of Aeroflot Group’s long-term development programme (LDP) and achievement of key performance indicators (KPIs) for the full year 2020

Most KPIs under the Group’s LDP implementation in 2020 were achieved. Non-achievement of certain KPIs is the result of COVID-19 pandemic effects.

PJSC Aeroflot’s incentive system

The individual KPI’s for 4Q 2020 and FY 2020 of PJSC Aeroflot’s deputy CEOs and other Management Board members as well as PJSC Aeroflot’s Chief Accountant were largely delivered on. The non-delivery on certain KPIs is the result of COVID-19 pandemic effects

About Aeroflot

Aeroflot  is Russia’s flagship carrier and a proud member of the SkyTeam global airline alliance.

Aeroflot ranks among the 20 largest airlines globally.

In 2020, Aeroflot carried 14.6 million passengers (30.2 million passengers as Aeroflot Group including subsidiaries).

Aeroflot was the world’s most on-time mainline airline in 2019 according to Cirium’s On-Time Performance Review. 

Aeroflot holds 4-Star Airline status from Skytrax and was named Best Airline in Eastern Europe for the eighth time at the 2019 Skytrax World Airline Awards. Aeroflot has also been awarded a five-star global airline rating by US aviation association APEX.

Aeroflot  was named the strongest brand in Russia in 2020 and the world’s strongest airline brand according to leading brand strategy consultancy Brand Finance. Aeroflot ranks fourth in the industry for digitalisation, according to Bain & Company research.

Find out more at http://www.aeroflot.com/