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Main article: Aeroflot
2024
Revenue growth of 43.3% to ₽712,9 billion
In 2024, Aeroflot raised ₽712,9 billion, which is 43.3% more than a year earlier. This is evidenced by the company's reporting data on Russian accounting standards (RAS), published in early February 2025.
According to Interfax, the largest Russian air carrier for the first time since 2019 showed a positive financial result for the full calendar year. Representatives of the Aeroflot press service emphasized to the agency that the company has reached its maximum revenue figures in the entire history of its activities. The gross profit of the air carrier for the twelve months of 2024 increased 6.2 times compared to the same period in 2023.
In the ownership structure of the airline, the state controls 73.8% of the shares, while 1.2% are quasi-treasury shares, management owns 0.0001% of the securities, and 25% are in free float on. Moscow Stock Exchange The group of companies includes, in addition to the main carrier, also airlines "Victory" and. "Russia"
Analysis of quarterly indicators shows stable revenue growth throughout 2024. In the first quarter, revenue amounted to ₽156,2 billion, in the second - ₽178,4 billion, in the third - ₽191,5 billion, reaching a peak in the fourth quarter at the level of ₽186,8 billion.
Aeroflot's gross profit in the fourth quarter of 2024 increased 2.1 times compared to the same period in 2023, reaching ₽6,6 billion. For the full 2024, this figure grew 6.2 times and amounted to ₽44,9 billion against ₽7,3 billion a year earlier.
The company showed a significant improvement in sales profit, which reached ₽23,7 billion in the twelve months of 2024, while a loss of ₽9,8 billion was recorded in 2023. In the fourth quarter of 2024, the loss from sales decreased by 81.9% compared to the same period of the previous year.[1]
Passenger traffic growth by 16.8% to 55.3 million people
At the end of 2024, Aeroflot Group transported 55.3 million passengers, which is 16.8% more than in 2023. TAdviser got acquainted with such data of the air carrier in January 2025.
According to Aeroflot, 42.6 million passengers were transported on domestic lines, which is 12.8% more than in 2023. International passenger traffic reached 12.7 million people, showing an increase of 32.7%.
The total passenger turnover of the group increased by 20.8%, and the maximum passenger turnover increased by 18%. Passenger seat occupancy rate was 89.6%, an increase of 2.1 percentage points. On international lines, this figure reached 86%, on domestic lines - 91.8%.
Aeroflot Airlines itself increased its transportation by 19.3% to 30.1 million passengers. Passenger turnover of the airline increased by 24.9%. On international routes, the company transported 8.9 million passengers, which is 25.7% more than in 2023, on domestic routes - 21.1 million people, increasing the figure by 16.8%.
The number of flights performed by the group increased by 14.8% and amounted to 360.5 thousand. On international lines, the growth amounted to 23.5% - up to 73.4 thousand flights, on domestic - 12.8%, reaching 287.1 thousand flights. The total flight of the group's aircraft increased by 15.1% to 1.03 million hours.
The group's freight and postal traffic grew by 14.5% to 256.1 thousand tons. On international lines, growth amounted to 32%, reaching 80.7 thousand tons, on domestic lines - 7.9%, increasing to 175.4 thousand tons.
In December 2024, the Aeroflot group transported 4 million passengers, which is 7.4% more than in December 2023. On domestic lines, passenger traffic amounted to 3 million people, an increase of 6.4%, on international lines - 1 million passengers, showing an increase of 10.7%.
Commercial occupancy of the group's aircraft reached 73.4% in 2024, an increase of 1.3 percentage points. On international flights, the figure was 68.4%, on domestic flights - 76.5%.[2]
2023
Growth in net loss by 2 times to 29.46 billion rubles
At the end of 2023, Aeroflot raised 497.51 billion rubles, which is 49.5% more than a year earlier. The group's net loss during this time more than doubled - from 14.31 billion to 29.46 billion rubles. The airline announced such results under RAS on February 12, 2024.
The carrier attributed a significant increase in revenue in 2023 to the expansion of the flight program, an increase in the employment of passenger seats and the restoration of revenue rates after their decline in 2022.
It follows from the Aeroflot report that, excluding exchange rate revaluations, the company in 2023 received an adjusted net profit of 50.5 billion rubles against 40.4 billion rubles of an adjusted loss for the previous year.
The loss from other activities of the company in 2023 exceeded 21 billion rubles compared to a profit of 58.2 billion rubles in 2022. The decrease in the result is mainly due to the negative dynamics of the exchange rate of foreign currencies, which led to significant expenses in the form of a negative exchange rate difference, which amounted to 99.9 billion rubles, the press service of Aeroflot explained. They recalled that the main factor in calculating negative exchange rate differences is the need to revalue the company's foreign exchange liabilities in accordance with the FSBU 25/2018 standard.
The cost of sales of Aeroflot in 2023 amounted to 490 billion rubles, an increase of 28.1%, which is lower than the growth rate of revenue. Cost growth factors - an increase in the production program, an increase in prices for purchased products and services. For example, jet fuel has risen in price by 39.8 billion rubles. At the same time, 65.5% of the growth is accounted for by an increase in the volume of kerosene purchases to expand the transportation program, and 34.5% - by the price factor. Another factor in the increase in costs is the cost of aircraft maintenance and repair due to high standards for aviation safety. These expenses in 2023 amounted to 33 billion rubles.[3]
Increase in passenger traffic by 16.3% to 47.3 million people
In 2023, 47.3 million passengers were transported by Aeroflot flights, which is 16.3% more than a year earlier, and also 3.3% higher than in 2021. The Russian air carrier disclosed its annual operating results on January 17, 2024.
According to TASS, citing Aeroflot materials, in 2023, 37.7 million passengers were transported on the company's domestic lines, 6.8% more than in 2022, and comparable to 2021.
On international lines, transportation reached 9.6 million passengers, 4.2 million and 1.1 million more passengers than in 2022 and 2021. respectively. Passenger turnover (the product of the number of passengers per transportation distance) increased by 25.4% compared to 2022, including 33.6% for Aeroflot.
Passenger seat employment in 2023 increased by 3.9 percentage points compared to 2022 and amounted to 87.5%, which is the highest annual result of the group. On internal lines, the indicator amounted to 90.0%, an increase of 4.1 pp.
In December 2023, the group's passenger traffic amounted to 3.7 million people (+ 22.3% compared to December 2022), of which Aeroflot Airlines transported 2.1 million (+ 37.3%). Passenger turnover at the group increased by 32%, at Aeroflot - by 39.6%. Despite the low season, seat occupancy reached a record high of 84.2% (+ 2.3 pp). Pobeda Airlines had a 92.4% load.
 | We managed to significantly stabilize the business, ensure the continuity of operations and main production processes, including the operation and maintenance of aircraft. We were able to restore the indicators of transportation on domestic lines, launched more than 70 international lines and identified new goals and benchmarks for ourselves, which formed the basis of a long-term development strategy until 2030, "said Andrei Chikhanchin, First Deputy General Director for Commerce and Finance of PJSC Aeroflot[4] |  |
2022
Decrease in passenger traffic to 20.5 million people
In 2022, Aeroflot transported 20.5 million passengers, which is less than a year ago at 21.4 million. The airline announced this at the end of January 2023.
According to the carrier, in 2022 its passenger turnover amounted to 56.5 billion passenger kilometers (+ 9.5% by 2021), seat employment reached 81% (+ 6.7 percentage points). Passenger transportation on flights within Russia increased by 7.6% and reached 16.7 million people. Passenger turnover on domestic lines increased by 30.3% to 41.8 billion passenger-kilometers (+ 30.3%), and the percentage of seat occupancy reached 83.7%, which is 4.7 percentage points. higher than a year earlier.
The total volume of transportation of Aeroflot airlines in 2022 amounted to 40.7 million people against 45.6 million a year earlier. The passenger turnover of the group in 2022 amounted to 98.4 billion passenger-kilometers (-1.7%), seat occupancy - 83.6% (+ 3.3 pp).
| | The operational results of 2022 and their dynamics relative to past periods should be considered in the context of the influence of environmental factors on them - the foreign policy situation and flight restrictions. After the restrictions imposed, the main focus was the normalization of operating activities, the group actively restored passenger traffic in domestic as well as available international destinations, Aeroflot said in a statement. | |
In 2022, RBC noted that over the past five years, the group has already had a drop in passenger traffic: by 50% at the end of 2020 due to lockdowns in the COVID-19 pandemic. By 2022, against the background of tough international sanctions against the Russian aviation industry, the reduction in passenger traffic is several times less. According to the results of the first half of 2022, it decreased by 7.4%, to 17.2 million people, in the second quarter - by 22.4%, to 8.7 million.[5]
Decrease in the volume of international traffic after the start of the special operation of Russia in Ukraine
In March 2022, the number of passengers of the company on international flights decreased to 189 thousand people.
2021
Decrease in losses by 3.6 times, to 34.46 billion rubles
Aeroflot, following the results of its work in 2021, registered a net loss of 34.46 billion rubles, which is 3.6 times less than the monetary losses of a year ago. Such data were published by the Russian airline in early March 2022.
Aeroflot's revenue in 2021 was equal to 491.73 billion rubles, an increase of 1.6 times compared to 2020. EBITDA grew 4.3 times and reached 116.54 billion rubles.
The air carrier's reports also report that revenue from regular passenger traffic in 2021 increased by 76.4% compared to 2020 and amounted to 398.22 billion rubles, which is due to the restoration of passenger traffic and an increase in the percentage of seat employment by 6.7 percentage points., up to 80.3%.
Revenue from freight transportation increased by 28.5% to 34.41 billion rubles against the background of an increase in the volume of cargo and mail transportation by 23.5%. Other revenues increased by 8.9%, to 34.51 billion rubles.
Operating expenses for 2021 increased by 26% compared to 2020 and amounted to 496.75 billion rubles, which was due to the restoration of operating activities - the capacity allocated increased by 35%.
Aviation fuel costs increased by 67.5% and amounted to 129.75 billion rubles amid rising fuel prices, as well as the volume of transportation and flight hours. The average fuel price for 12 months of 2021 increased by 21.1% compared to the same period in 2020.[6]
According to Dmitry Puchkarev, an expert at BCS World of Investments, Aeroflot's financial results in 2021 can be called good relative to 2020, but by March 2022 their importance for investors' perception of the company is small. Sanctions risks come to the fore, as well as related effects that could cause tangible damage to the company in the future.
Increase in traffic volume by 56%, to 45.8 million people
Aeroflot in 2021 increased passenger traffic by 56% compared to 2020 - up to 45.8 million people. Such data were published by the Russian airline at the end of January 2022.
Compared to 2019, when there was no coronavirus pandemic, COVID-19 due to which air travel at first became much less, Aeroflot's transportation in 2021 increased by 22.4%. In 2021, 37.3 million passengers were transported on domestic lines (+ 59% by 2020, + 15% by 2019), on international lines - 8.5 million (+ 43%, -68%, respectively).
According to the press service of the air carrier, the pandemic continued to affect operational results, but the indicators are beginning to recover. Transportation on domestic lines in the second quarter of 2021 exceeded the level of 2019 and exceeded the same indicators of 2019 during the rest of the year. International air traffic remained significantly limited, however, in this segment there was a gradual recovery of operations: by the end of 2021, about half of the passenger traffic was restored, the company said.
Aeroflot data states that in 2021 the group's lead carrier increased transportation by 47.1%, to 21.4 million passengers. Pobeda increased transportation over the year by 58.8%, to 14.43 million passengers, Rossiya - by 74.5%, to 9.96 million passengers. Taking into account the results of Aurora in 2020, the transportation of the Aeroflot group in 2021 increased by 51.9%, to 45.81 million passengers.
In December 2021, the group commissioned five SSJ100 aircraft (Rossiya Airlines). Aeroflot Airlines withdrew one Airbus A330-200 from the fleet and transferred one SSJ100 to Russia. At the end of the year, the group's fleet consisted of 356 aircraft.[7]
2020
Debt growth by 5.5 times to 88.9 billion rubles
To close the "hole" from the decline in sales during the coronavirus pandemic, Aeroflot attracted 80 billion rubles from the additional issue of the share, 22.4 billion rubles from short-term loans and 50.5 billion rubles from long-term ones. As a result, the company's financial debt for the year increased 5.5 times - from 15.8 to 88.9 billion rubles.
A sharp increase in debt (including both loans and lease obligations) led to the fact that the book value of Aeroflot became negative. As of December 31, 2020, the company's liabilities exceeded its assets by 115.346 billion rubles.
Decrease in revenue by 58.4%, to 229.77 billion rubles
In 2020, Aeroflot's revenue according to international financial reporting standards amounted to 229.77 billion rubles, which is 58.4% less than a year earlier. Net loss reached 96.53 billion rubles, while in 2019 there was a net profit of 5.29 billion rubles.
The deterioration in Aeroflot's financial performance is associated with the COVID-19 coronavirus pandemic, due to which the number of international flights has greatly decreased and restrictive measures have been introduced in the regions, which led to a drop in demand for flights within Russia. In this regard, the passenger traffic of Aeroflot in 2020 decreased by 61%, which in itself led to a decrease in part of the costs:
- from operations under code sharing agreements - by 43%, to 58.2 billion rubles,
- for aviation fuel - by 63.8%, up to 46.6 billion rubles,
- for ground service at airports - by 53.1%, up to 16.5 billion rubles,
- on board passengers - by 64.8%, up to 7.4 billion rubles.
As a result of the optimization measures, the company managed to achieve a combined reduction in management and commercial expenses by 37.2% (these items of expenses include expenses for the remuneration of management personnel, general economic, consulting, marketing expenses, as well as costs for booking systems).
Aeroflot noted that optimization initiatives, raising additional capital, state support measures made it possible to ensure the preservation of qualified personnel and the company's production base, as well as to ensure a high level of flight safety in an extremely difficult pandemic situation.
Thanks to optimization initiatives and the gradual restoration of the company's capacities in strict connection with demand and economic effect in the second half of 2020, it was possible to provide additional revenues, in particular from freight transportation, avoid suboptimal costs and thus partially contain the negative impact of crisis events on the financial result of the year, the carrier said.[8]
Notes
- ↑ Aeroflot in 2024 received 22 billion rubles of net profit under RAS
- ↑ Aeroflot Group Announces December 2024 Operating Results
- ↑ Aeroflot publishes financial results for 2023 according to RAS
- ↑ Aeroflot Group at the end of 2023 increased transportation by 16.3%
- ↑ Aeroflot passenger traffic decreased in 2022
- ↑ Aeroflot reported losses for 2021
- ↑ Aeroflot Group at the end of 2021 increased transportation by 56%
- ↑ Aeroflot publishes financial results for the fourth quarter and twelve months of 2020 according to RAS
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