2015 Annual Report

Transcription

2015 Annual Report

ANNUAL REPORT 2015
SET TING
THE STANDARD
FOR QUALIT Y
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CONTENTS
A
E
A E
STRATEGIC REPORT .................................................... 16
AEROFLOT GROUP PROFILE ....................................... 4
Aero ot roups A r es
esu ts
h hts
est e t se
Ke E e ts
ustr e o
to
A
Aero ot roup s uss s r est
r e roup
o e o Europe s
e
r es
the roup s
t stre the e ts
r et pos t o
th
s to ts e e t e str te
h h s e
pte to e ter
o to s
s ou e o h
prese e
ere t
r et se e ts
so to our pro t e ppro h to
ress
h
es
the e ter
e ro
e t
our o us o
s p e
r s
4
6
8
10
12
14
A E
BUSINESS OVERVIEW ................................................ 40
Oper t
esu ts
oute et or
A r r t eet
S es
te
e
ep r
S et
Se ur t
r
Ser e u t
o to
or t o
ro ure e t
e h oo
42
49
60
68
70
74
77
81
86
etter ro the h r
o the o r o
etter ro the h e E e ut e O er
r et O er e
Str te O er e
ts
ures
u
E
ro
h rt
esour es
e t
rote t o ro r
e
ro r
es
Spo sorsh p
A E
CORPORATE GOVERNANCE .................................... 120
e Stru ture
122
152
160
APPENDIXES ............................................................... 166
ABOUT THE REPORT ................................................ 276
18
20
22
28
38
A E
CORPORATE SOCIAL RESPONSIBILITY .................88
A E
FINANCIAL REVIEW .................................................. 106
orpor te o er
s
e e t
Se ur t es
re tors
Corporate website
http://www.aeroflot.ru/
Interactive Annual Report 2015 is available at
http://www.annualreport2015.aeroflot.ru/
90
98
101
Aeroflot Group Profile
Strategic Report
Business Overview
Corporate Social Responsibility
Financial review
Corporate Governance
Appendixes
AEROFLOT
GROUP’S AIRLINES
AEROFLOT
ROSSI YA
ORENA IR
DONAV I A
AUROR A
POBEDA
Aero ot s uss s
est rr er
o e o the o est r es the or
Aero ot s se
os o
t
Shere et e o A rport
oss
s o e o uss s r est
rr ers
the
r et e er
the orth est o the ou tr
se
St eters ur the o p
oper tes ost o ts o est
ter t o
hts ro
u o o
A rport
Ore r oper tes h rter
hts
s he u e
o est
hts O E A
s se t Ore ur A rport s e
s o o e o o
u o o rports
os o
o
oper t
s se
Auror s the roup s rr er
the uss
r E st t s se t
osto
u h oS h
s
Kh
ro s
rports
oper tes
hts et ee
or t es the r
E st
S er
o e
s the roup s o
ost
rr er u he to urther
re se
popu t o
o
t
o e
s se
t u o o A rport
os o
4.8
2.8
26.1
o p sse
93.5
ers
o ASK
e se t
o etres
p sse er o
79.3%
74.1
o
p sse
46
o est
87
ter
ote
4
o est
ers
11.5
o ASK
e se t
o etres
p sse er o
75.7%
tor
8.7
K
er tur o er
170 aircraft
o p sse
o
p sse
o p sse
to
routes
24
o est
37
ter
o p sse
o ASK
e se t
o etres
p sse er o
72.9%
K
er tur o er
30 aircraft
routes
tor
1.5
ers
8.7
o
p sse
6.3
to
routes
tor
1.1
ers
2.7
o p sse
o ASK
e se t
o etres
p sse er o
71.3%
1.9
K
er tur o er
19 aircraft
routes
s the r est re o
rr er
Souther
uss
o
t osto o
o Kr s o r
er
e o
rports
oper tes s he u e
hts pr
r
th
uss
to
u
er
o
ter t o
est
t o s ost
the S
o
p sse
60
o est
13
ter
to
routes
routes
17
12
o est
ter
o p sse
o ASK
e se t
o etres
p sse er o
71.6%
1.9
K
er tur o er
10 aircraft
ers
2.6
tor
3.1
o
p sse
routes
to
routes
11
o est
12
ter
5.7
tor
o ASK
e se t
o etres
p sse er o
81.2%
4.7
K
er tur o er
21 aircraft
ers
o
p sse
K
er tur o er
12 aircraft
routes
to
routes
56
2
o est
ter
to
routes
routes
Sh re o the roup s
p sse er tr
Sh re o the roup s
p sse er tr
Sh re o the roup s
p sse er tr
Sh re o the roup s
p sse er tr
Sh re o the roup s
p sse er tr
Sh re o the roup s
p sse er tr
66.3%
12.1%
7.2%
3.7%
2.9%
7.8%
ter
to
routes
2015 ANNUAL REPORT
u eo
s he u e routes o respe t e
r
tor
e
5
Strategic Report
Business Overview
Financial review
Appendixes
2015 RESULTS
Aero ot roup s stre ths re sh pe
eter
e
e e t e
str te
ts p e e t t o
he roup sets h h st
r s th t
re the e h r or the uss
r tr sport t o
r et
SET TING
THE STANDARD
FOR STABILIT Y
SET TING
THE STANDARD
FOR SC ALE
SET TING
THE STANDARD
FOR TR ANSPARENC Y
SETTING
THE STANDARD
FOR RESPONSIBILITY
SET TING
THE STANDARD
FOR CONFIDENCE
he roup s str te
prese e
ere t
r et se
e ts he p
the roup e res e t to e ter
e o o
tors
e er stro
oper t
resu ts
he roup h s
e te s e route
et or o er
uss
ore
pt
t es
or
tour st e tres
rt ersh ps
th other r es
e
ersh p
o the S
e
ee p
the roup s o er
to p sse ers
he roup o t uous str es
to
pro e ts orpor te o er
e
re se tr sp re
throu h
u
er o pro e ts
th s re
Aero ot roup t e
o tr utes
to uss s so
e e op e t
e sur
popu t o
o
t
the
ess
t o uss s re o s
he roup
s to est
sh st
e
utu
e e
tr sp re t
re t o sh ps th
st eho ers
u
o e
ts p sse ers
e p o ees
Stro
per or
e s
e pr or t or Aero ot roup
esp te the s
t
p t
o
roe o o
o t t o
the
ustr s
ho e
Aero ot su ee e
tr s or
these e ter
h e es to
r ers o the roup s per or
e
sh re o the uss
r
tr sport t o
r et
319 s
54
39.4 million passengers
re se
p sse
↑ 13.4%
↑ 32.5%
↑ 7.8%
tr
6
o est p sse
re se
re se
Aero ot
ter t o
p sse
2015 ANNUAL REPORT
he u e routes
er tr
r es
er
3
epe e t re tors
o the o r o
re tors
ou tr es
40.7%
er tr
4.4
espo s e ppro h
to e p o ees medical check-ups,
health resort treatment for flight
crew and other employees, private
pension plans
36.7%
262
sh re o ter
p sse er tr
r r t
to
the eet
Aero ot s
e
o the S e
o
e
E
er
orpor t o o o est orpor te
o er
e pr t es
o p
th the e re u re e ts
o the orpor te o er
e o e
40.9%
ree o t
e
RUB 415.2
Helping children in need
of medical treatment – o er
6.8 thous t ets ssue
o the Mercy Miles pro e t
RUB 58.7
Support for Russian sports, culture,
and cinema
e rs
er e
e o the Aero ot
r e s eet
Support for World War II veterans –
eter s
over 20 thous
o p
p sse ers rr e s p rt
o the Comrades in Arms
p
s p rt
AEROFLOT – SET TING
THE STANDARD
FOR QUALIT Y
↑ 29.8%
14.1%
o re e ue
o
E
RUB 69.7
re e ue ro th
o E
A
Aero ot r e s
ht s et e e
A
r
o
oper t
99.978%
sh o ro
t t es
72%
Aero ot r e s
et ro oter S ore
7
Strategic Report
Business Overview
Financial review
Appendixes
HIGHLIGHTS
OPER ATING HIGHLIGHTS – AEROFLOT GROUP
sse
er tr
o
A
FINANCI AL HIGHLIGHTS – AEROFLOT GROUP
sse
er o
e e ue U
tor
E
o
A
U
o
E
A
r
60.1%
24.8%
67.6%
10.7%
16.5%
14.3%
31.4
27.5
34.7
13.4%
19.0%
39.4
78.1
76.8
78.2
78.3
77.8
16.4
sse
sse
9.9%
20.5%
15.0%
158.0
2012
2013
er tr
2014
2015
2011
sse
ro th r te
er tur o er
o
K
A
2012
er o
2013
tor
e se t
o etres
2014
sse
er o
2015
tor h
2011
Revenue
e pp
E
o ASK
A U
38.5
30.1
2012
2013
2014
2015
E
2011
E
ro th r te
o
15.2%
15.2%
415.2
103.1
319.8
291.0
253.0
2011
17.5%
29.8%
A
A
et pro t
r
2012
E
U
A
51.0
48.7
2013
2014
2015
r
o
59.3%
17.6%
14.3%
74.6
85.3
5.6%
90.1
8.4%
97.6
12.0%
17.9%
14.1%
95.6
46.1
109.1
6.2%
115.8
7.7%
2012
sse
er tur o er
2013
ro th r te
2014
2015
2011
A
2012
e se t
o etres
8.2%
2014
ro th r te
2015 ANNUAL REPORT
14.4
19.0
20.9
2011
2012
2015
E
7.3
10.8
–6.5
31.8
2013
58.7
5.2
24.8
–17.1
A
* ote A uste
8
7.8%
124.7
60.0
2011
25.8
14.1%
10.9%
E
et pro t or
2013
A
2014
2015
2011
eporte
r
e
u es resu t ro
er
t es reser es
2012
et pro t oss
2013
2014
A uste
2015
et pro t
other o e o e e ts
9
Strategic Report
Business Overview
Financial review
Appendixes
INVESTMENT C A SE
AEROFLOT GROUP
№
1
THE GROUP’S STRENGTH DESCRIPTION & OBJECTIVE
BUSINESS DI VERSIFIC ATION
BA SED ON A MULTI- BR AND
he u
spute
e er o the uss
r tr sport t o
r et
ers
t
STR ATEGY
PRESENCE IN AT TR ACTI VE
se
e
pro t
e
e
uss s
e Aero ot
e
ee
other
E sur
PRODUCT
pro u t u
BUILT AROUND THE HUB
ter
se
st
e t
rr er o e
rr e
e
o p sse
t
e o er
ers
to pr e se s t e
e tere the op
uss
er tr
ter
restr t o s o
h rter
t
u
hts to ur e
r
e s p sse
re u e
hts to E
to the roup s us ess E
o s ste t
p sse
ers
h h
t to ttr
S
tr
or
the ourth t
t
ers
pt
pt
o
o
ter
o
roup p sse
to
e
the h rter
tro u e
ou ts or
ou t or
er tr
ts prese
ur e
re ot
roup p sse
er tr
er tr
routes
re se
est
to s
e
re o s
o
e e
th
ere t e
p tter s
o
e t
et or
eA
r s re o
the roup o t ue to
to o
se prese
pro ote s
Ar
se Aero ot s the est A r
e
E ster Europe or
e
For more details see page 77
to opt
AT SHEREMET YEVO AIRPORT
the
e e op e t to
tr
er es
e
t
ter
s he u e
pro e route et or
ht re ue
oute et or e p
to
tr
re se to
s t se
re
s o pro otes tr
e t
o ts tot
Aero ot
p sse
r
u
t to
re se p sse
r
etter
ht
s t tr
ro th
u
e s sh re o
ter
to
tr
er
st
er tr
EFFICIENT FINANCIAL
MANAGEMENT
CONTROL
2015 ANNUAL REPORT
p sse
Aero ot
STANDARDISED HIGH - QUALIT Y
ost opt
pe e t to o
s to
to e sure o pet t e e
AND CONSISTENT COST
10
es
ost
o e
BAL ANCED ROUTE NET WORK
e
ts o
hrou hout the e r the roup r
e ts
e ts
ret
r
o
t
o
et
e se
th the o
e t
he o
uss
roup p t s
eo r ph
r e s t e
tr s t oper t o s
Europe
As
tr s t
r ets
r
o s ste t re u t o
o prese
he
r ets
pote t
u
o su ers
e o o
so
se
se
e t
MARKET SEGMENTS
Oper tes
ou
r r t eet
e t to
t
ro
E p
he roup
t o o the roup s
t
e
2015 RESULTS
the h
e
ro
e
e t
e
resu te
ost opt
ASK ro th
s to
t t es
outp
pro
t e re e ue
e e t
ASK ro th
e o o
11
Strategic Report
Business Overview
Financial review
Appendixes
KEY EVENTS
FLEET EXPANSION
A ree e t s
e
th U te A r r t orpor t o or
Su ho Super et
s
uss
e t e er t o
r r t he
ree e t s
o o o to the e st
r
o tr t or the e er o
r ers
u r
e or
u o u erst
s
e
th S er
e s
or t e st
r r t
oe
pre ous
te e or r s ero O to er
ACCESSIBILIT Y
OF REMOTE REGIONS
ROUTE NET WORK
DEVELOPMENT
S
Aero ot
u
est
to s
Ast
At r u
e
t
re t e o o
r E st K
res
tro u e
Aero ot r e or
ss
hts o routes to the uss
r
S
eropo Apr
he
K
SUCCESSFUL DEVELOPMENT
OF LOW- COST C ARRIER
s he u e
hts to
hst
A t u A to e A
Sh
e t O to er
s
t
our e
e
e e op
o
uss
r r
the o
ts et
p sse
r es
t
ere
e
p
to
u
or
ers
e
e e
er
to o e s eet
h e routes
o e
rr e
e o e o the op
s
For more details see the Aircraft Fleet section.
For more details see the Corporate Social Responsibility section.
For more details see the Route Network section.
INVOLVEMENT IN RESOLV ING
TR ANSAERO SITUATION
STR ATEGY
UPDATE
Aero ot roup ssu e oper t o
e e t to rr
out
o p sse ers o r s ero h h e se
oper t o s o
O to er
o p sse ers ere rr e o r s ero
hts
th oper t o
o tro
u
pro e
Aero ot roup
o p sse ers ere rr e o Aero ot roup s
hts r s ero s
usto ers ot u re u
o t et pr e
u
the se re t es
ees
se the ser e
s ot re ere
Aero ot
oss
re te o er thous
pos t o s or e r s ero e p o ees Septe
er e e
er
he roup
pte ts up te
ut r
p t or to the h
r et e ro
o
the oss
Ore
r
o
s
e re o
rr er u er the oss
Septe
er
For more details see the Operating Results section.
EVENTS AFTER
THE REPORTING PERIOD
Aero ot
s
r e
St r A r e st tus
S tr
e e e o re o
t o or outst
ser e
e t
to
r
he e
o
oper t o s
e
oss
r
e
u
A e h s spe
st r r t
rep r su s
r o t e
ert
o
e e ts oper t o s
For more details see the Corporate Social Responsibility section.
12
2015 ANNUAL REPORT
he
te
te
ht
e
For more details see the Strategy Overview section.
13
Strategic Report
Business Overview
Financial review
Appendixes
INDUSTRY RECOGNITION
AND AWARDS
AWARDS
PROFESSIONAL AWARDS
R ATINGS
Aero ot
s ote
est A r e
the ourth t e t S tr
or
E ster Europe or
Ar eA r s
Aero ot o the e ers ho e pr e t A r
r sport e s A r s
S Aero ot EO t
S e e
s
e the e er o the e r
the o
to
ustr
Aero ot roup
s o e o the
r rr ers
p sse er tur o er
to the r sport or
e
est
or
Aero ot s
o
Europe s e
est
p sse er tur o er
ro th r te
to A r e us ess
e
Aero ot
so e
r e
EA r
r e ers
e the uss
us ess
s the est A r e or us ess
Aero ot o ts rst
E p o er
r sport
st
A r
o st s
A or
to r e us A r e A e t
Aero ot h the est h re s oo
e
to
s the est
A
or
r s
s
or the ourth t e
ro Aero ot o the o
st r e er e ers ho e A r s the est
uss
Ar e
Aero ot
s re o
se s the est A r r sport t o
o p
r sport
r stru ture
t
t
the r sport Se ur t
uss
to
A r s
rr ers
or
A or
to outeh pp
se r h e
o ort
e
hts Aero ot s
o
r es o
ter s o o
o r
ess or p sse ers
A or
to the ter et port
Aero ot s
ht tte
ts re
Attr t e A r e Ste r esses
Aero ot o the
to
A r or A h e e e ts
the e o r sport
r sport
r stru ture
the or u o ot o A r
or est
t t
o the e r
o e
o
tter
s
e rst
r e
ost se
s
e t
Aero ot s e
ep rt e t o top pr e
the r sport te or o the est e
ep rt e ts
o pet t o
e or
the top
ter et
Aero ot re e e the ter t o
o eA r
the est Spo sorsh p
r et
te or or ts
p rt ersh p pro e t th
hester U te
S Aero ut s
o
the ost
u e Aero ot
ts top
ht Atte
t U or s
o the
e the est
o
the So
ers r t
e the stest ro
A r e us ess
e the A r
s uss
Aero ot s
ep rt e t
s re o
se s the est
ep rt e t or orpor te o
u
to s
orpor te e t o s
uss
or
to the O
O
r t
the Asso t o o o
u
to
orpor te e
re tors
Aero ot o the
este e er Sur e
r s
the est A r e E ster Europe
sr
e
o
the top
r es th the est A r e u s e
Aero ot s
r
s
2015 ANNUAL REPORT
Aero ot s orpor te te
o the rst p
r sport Ser e te or o the or S
o pet t o
A or
to the e tre or A t o
A A
Aero ot roup r
e se o
oper t
pro t
r
o
Europe
to
rr ers
hoo o
h est
14
o
or
s
uss
or
r
e
Aero ot s A u
eport
o se er
r s
u
er o o pet t o s
u
the A u
eport o pet t o
the os o E h
e Spot ht
A r s
A
the o pet t o o
u
reports
the Kr s o r e o A
str t o So h
E o o
oru
Aero ot s
te
re e e the
e uss
S A r or the se o
e r
ro
s
e
the est the tr sport se tor Aero ot s
se o
the th ter t o
se o pet t o or
se
the uss
o
u
to s
estor
e to sA
e
15
CHAPTER 2
SETTING
THE STANDARD
FOR STABILITY
STR ATEGIC REPORT
etter ro
the h r
etter ro
the h e E e ut e O
r et O er e
Str te
ts
O er e
ures
o the o r o
er
re tors
18
20
22
28
38
Strategic Report
Business Overview
Financial review
Appendixes
LET TER FROM
THE CHAIRMAN
OF THE BOARD
OF DIRECTORS
DEAR SHAREHOLDERS,
Aero ot roup s resu ts or
prese te
th s report
e
us re so to e o
e t
the roup s uture
e the
o p e e ter
e ro
e t s e
s the e e ts
tre s th t h r ter se the e r or the
t o se tor
the e o o
s
ho e our roup s h e e e ts re ore
th
press e
spe to ts res e e
pote t
he e e ut e
e e t te
e
t
S e e
h so e
e o str te ts h h e e o pro ess o
s
e er
o e
r et r tes o oper t o
ro th
re se oper t o
pro t
t
he roup re or e
other e r o ou e
t ro th
p sse er u
ers t
ro t e re e ue
et or
e e t e ere
e e
r er
re e ue o
t re t o s to
r et o
to s
e tu e e s o s
t th t Aero ot roup stre the e ts pos t o
s the
e
r e roup o the uss
r et he roup
to
u es r es o er
se
e ts ro pre u
Aero ot to u et o e
A other
tor stre the
Aero ot s r
re
u
er
o orpor te so
respo s
t pro e ts As e
r e
the th
ers r o the e
o the Se o
or
r
our pro r
e to pro e
hts or spe
te or o
p sse ers those ho ore the u
ru t o the
r
too o p rt u r
port
e
A u
er o e ter
Aero ot ur
uss s e o o
spe
r
o t ue o t t
th s
s
the pr
so re
e te se
s
t o s or the ho
tors h
s
te e to
hese
u e the o t ue
e
e
re
es
o su er
s
t
ere urther o p
te
the e h
e r te ose
orre te
eo o
he eopo t
s tu t o
uss oper te u er ester
e e r
he ssue o
o opo st supp ers
tr
to
tor
ro th o
r e t et pr es o e
e to the
ore h s e r o p rt u r s
e ere t o s
rports to
re se t r s or the r ser es to r es h s
e s to
re t
re se
the e
pr e or r tr e
there s the
er th t t ou pro e u
ept
e
or p sse ers the
ut
te o su ers o
to
ser es
S
e
A u
er o
r es h e so pro e to h e
u sust
e pos t o s t s poss e th t other oper tors
o t ue to e e the
r et
A
he o
e o p
u er the oss
r
r
s
to ether three re o
rr ers
oss
Ore
r
o
h s ee
es
e or the
r et pr e
se
e t O e te r t o s o p ete e e pe t oss
to
e o e the se o
est r e
the ou tr
Auror ret
s ts spe
p e
the roup s s
e r
E ster re o
rr er
h s pro e to e
h h e
e ere re or
ro th r tes
o
re o
rr ers
Aero ot so oper tes
to
e pro r
es o
s ou te
res
rt u r
ote orth ur
the report
e r
s
our
t re pro r
e th t rou ht res e ts o the r
E st K
r
re o
r e the opportu t to tr e
to os o
other e tr re o s o uss
t
or
e
pr es
18
2015 ANNUAL REPORT
the h e es o utu
Aero ot roup
o e
oper t o
e e t
e sure
tr sport t o or
ost
o p sse ers o o
the
rupt e t ro the
r et o r s ero r e he
e e t te
su ess u
o p she th s th
the u et set
the o r o
re tors
to
Aero ot so steppe up to the p te to
t
te the so
p t re t
ore th
e o s or or er
r s ero st
e the h
e
e
e
p t or the o
ro th Str te
o
e t o the
Str te
o
rr er
the e o o
st
o
t o s o the
r et h h h e
ppro h to Aero ot roup s u t r
r o
re tors
e
e
e ts to our
or
esp te th s e re
roup s
t to h e e the o s set out
to e o e top e Europe
top
p sse er u
ers
re e ue ssu
ses
Ao s e
pro
r et o
to s u
e
o s ste t st te po
o
to
re o r t
port
e to our se tor
our o p
eh h
ppre te the support ro the res e t
r e
ster or e Aero ot pro e ts to
pro e so
o
t
s e
s the e orts o e s t e
e e ut e o es
to
e
o t e
pro e e ts to the e
r
e or
or r tr sport t o Aero ot te s to o t ue or
ose
th the o er
e t
St te u
the r sport
ster re u tors
o ers ht o es r
to
port t ro e
oor
t
t t es th these o es
e o s to e
ers o the o r o
re tors represe t
st te terest
oo or r to the r o t u
t e
o e e t
th s re
o
us o
ou
e to th
o e
o the
roup s e p o ees p rt ers
st eho ers or the r
o
t e t to Aero ot
o
e t th t e
e er e stro er ro the urre t h e es
o t ue
to e er
o e the e pe t t o s o our sh reho ers
p sse ers
s
the short to e u ter
e e pe
h
es
the o est
r et to o
ro th p rt u r
the o
ost
se
e ts
the r tr sport
ut esp te th t the
r et ret
s ts
pote t
s p sse ers o t ue to s
tr e
t stru tur
t ue r
pr e
r et
r et o er
e
e
o
ter
ro th
t h ro r
to r
Kirill Androsov
Chairman of the Board of Directors,
PJSC Aeroflot
19
Strategic Report
Business Overview
Financial review
Appendixes
LET TER FROM THE
CHIEF EXECUTI VE
OFFICER
DEAR SHAREHOLDERS,
or uss s r tr sport t o
e r
th s o te t
p e se
roup
o t ue to u
p st se er
e rs
o p ete
ts pos t o
s uss s e
r et
s
h e
to report th t Aero ot
o ts h e e e ts o the
the e r se urer th
e er
r e roup
o
Europe s top
e r es
o
Ks
re se o
ore th
ou e the Europe
s e ts u uest o
e oper t o
su esses
Aero ot so o p ete
t t eo
oth
ess th
re o ut o
the
th t e use
the test
s ste s A o the roup s us ess pro ess
re uto
te
th the tro u t o o three
or
p t or s S re SA
u th s S ste s s sh
the u
er o s ste s
use re o
the poss
t
o
t
up
to
utt
oper t
osts
the pro r
e pro s o
e Aero ot
t
e o p ss
u
er o pro e ts to support the roup s
o pet t e ess
r
u t t e
e e e o
ser e to our p sse ers
Aero ot roup h s o t ue to ro
p ee e
h e
e o o
o
to s
her
to our
pr
p es
t
our o us o oper t o
e
s
our osts here er poss e
pt
roup s us ess o e to h
r et o
to
20
2015 ANNUAL REPORT
o t ue
e th
sse er
up
ot r
e
ore
e
the
s
s
Our pro u t
ser e h e re e e re o
to o
ter t o
ustr e pert At the S tr
or A r e
A r s
he
t r s r sho
e our et our
sh p
rr er Aero ot
uss
A r es
s
e
est A r e
E ster Europe or the th r e r
su ess o
ourth o
s o o er
eh e
e
urther
re throu h th the
r o S tr
St r A r e st tus
putt
the uss
to
rr er
the s
e r
et s
other e ers
our se tor ro
rou
the or
he roup s pre u
rr er Aero ot r e h s
to e e t ts reput t o
s
e
o
r
ur eo
reput t o or outst
ser e
u
ers or the r e re he
o
e ro
e r A or
to A r e us ess Aero
th
Ao
hs
e see
rst o
the
press e ro th o the
roup s p sse er tr
o
h h
s ster th
the o
er e r
or the e r re he
o
p sse ers roup re e ue p sse er
o etres re
esp te
o er
e
e
the o est
r et
th
e se t
o etres
re s
e ro
e r
sse er o
tor re
e stro
th
ure or the roup o
up
per e t e po ts
p p As o the e
o the e r the roup s o
et or
e o p sse
s he u e
hts to est
to s
ou tr es
u
u
ue est
t o s ser e
our
st ro
o
ost rr er o e
he roup s
resu ts or
re e te our
h e e e ts
e er
oper t o
ro th e e ue
re he
U
o
oper t
pro t
ost
u rup e to U
o A p rt u r h h po t
our
press e pro t
t A or
to the uthor t t e
e tre or A t o
A A Aero ot s oper t
r
o
s the se o
h hest
o
Europe
e
rr ers or the e r Our E
A
r
re se
pp
e ro
e r to
h e the E
A
r
re se
pp e r o
e r to
p sse er tur o er
e ro
e r
er e
O e o se ue e o th s h s ee u
e t
h
es to
the roup s stru ture O e o the u ou te su ess stor es
o the e r h s ee the ro th o o e
our o
ost
rr er h h h s u
ust e ts
e e
tor
uss
hose
ho our o the th
ers r
o the e
o the Se o
or
r o e
rr e
o p sse ers
ts rst u e r o oper t o s
est
sh
tse
o
the top
e r es
uss
p sse er u
ers
e r
Se ure
ts pos t o
uss
te
u he
ter t o
hts th the
tro u t o o ser e to r t s
e re r
e e ers
the ttr t o o the o
ost o e or the uss
r et
e pe t t to o t ue to e
or r er o ro th or
the roup
e rs to o e
o o
re e o the roup s oper t
stru ture
e e e to o
e three o our re o
o use
r es
oss
o
Ore
r
to s
e
r et rr er u er the oss
r
o
th s
t o to the
s er es
e ro
stre
three o p
es to o e e
re te
e
e t et or th t r
s
or
e r tr sport opt o
to
o s o uss
s
to
e Our
s or the e
oo oss
to e o e the se o
r est rr er o the
uss
r et ter ts p re t o p
Aero ot h s
represe t
or step to r s our
str te
o o
e o
o
top t er p er o
o
er
su ess h e t the s
et ee
e t u
the
u to o
to
rr er to
re se so
o
t
Aero ot to
s ore th
ust
roup o o p
es
oper t
e
r et se
e ts e so p
u
er o
port t ro es o
port
e to uss
s
ho e Aero ot h s u
ue ro e s the e usto er or
re p e t o the test
o t o s o uss s r r t
u tur
ustr
ep
to
re se the sh re o
uss
u t r r t
our eet up to
o pr s
Su ho Super et
s
the s
e u
er o
s
Aero ot roup to
s e
the
or the uss
to
ustr
the o
r etp e e e e e
th t our str te
o t ue o us o e
e
e e ut o
he p us o t ue oper t o
ro th
h e e our str te
o s
there ore o tr ute to the
e e op e t o uss
e
e
o ts peop e
e er resu ts to the sh reho ers
estors
Vitaly Saveliev
Chief Executive Officer,
PJSC Aeroflot
21
Strategic Report
Business Overview
Financial review
Appendixes
MARKET OVERV IEW
AIR TRANSPORTATION MARKET
INTERNATIONAL AIR TRANSPORTATION MARKET
s
3.5 billion
passengers
rr e o
s he u e
o
hts
su ess u e r or the o
to
ustr
th p sse er tur o er
re s
or
to A A
S he u e p sse er tr
re
to
o p sse ers or
e
the p sse er o
tor
s
up
pp o
er tur o er
Europe re
the Europe
r et
s
r e
ro
ter t o
tr
he up r tre
s the resu t o
re se
p t
re u t o
res ue
to the e p s o o the o
ost se
e t
ue pr es
the
e E st o t ue to
the h hest ro th r tes th p sse
tur o er up
o
he
r
o th s ro th
s the o t ue e p
o the re o s r es to ter t o
r ets
u
throu h
usto
o Europe
rr ers
A or
to A A
ustr
e re e ue
s
US
o
o
o
r
to
p sse er
hts
ou t or the u
o the
ustr s re e ue the r sh re st
t
he e
e
re e ue s ue to
ue pr es h h e
e
rr ers to re u e
res thout
e t
pro ts A or
to A As est
tes
the
ustr s et
o e tot e
out US
o
te
e rh h
As
6.5%
ro th o
o
s he u e
p sse er tr
80.6%
p sse er o
tor
the o
to
ustr
e er
er
er
so
s
r
e se o
ter s o ro th
th p sse er tur o er ro
O e o the ro th r ers here
s
re se
o est p sse er tr
the re o
th h
e
the h r e
he orth A er
r et so e o str te
up r tre
p sse er tur o er
the re o
re
o A
re se
tr
s r e
ste
e o o
ro th
the US h h ooste the o est
p sse er tr
sse
o
o er ue pr es so h
pos t e e e t
o the
ustr s e pe ses
e pe ses
e re se
to US
o
ue
osts re
e o s ste t h h re h
o o er
e pe ses
RUSSIAN AIR TRANSPORTATION MARKET
he uss
r tr sport t o
r et s
u
e t s
e t stru tur
e
pos t o e or o
ter
ro th esp te
p sse er tr
tre
o
r
pr
r
ue to o r tes o p sse er tr e
uss
s o p re to other ou tr es
o t e t Europe he er e u
er
o
r tr ps per p t
uss
s
h h
22
2015 ANNUAL REPORT
o ers o s er
e ro th opportu t es
e the s e o the ou tr A other ro th
r er s the re str ut o o p sse er
o s et ee r
to
tre
pro
e t
re e t e rs As resu t
the sh re o
r tr sport users
the tot
u
er o p sse ers e t up ro
to
sse
er tr
per
Sour es
to
uthor t es
Aero ot est
tes
pt
uss
to
st t st s ser
es
p sse
Sour es r sport
e tre or Str te
er tr
sport t o
e r
ouse uss
ese r h Aero ot
t
r et e o ut o
s
3.4
2.7
1.6
1.5
0.8
UK
ter
USA
to
routes
ur e
EU
o est
uss
routes
s
h e
e r or uss
r
tr sport t o
th the
ustr sho
s
s
o st
to
he tot
o u e o the uss
r et
u
ore
rr ers re u e
o to
o p sse ers
A
uss
r es rr e
tot
o
o p sse ers o
o
uss
rr ers p sse er tur o er
s o
to
o p sse er
o etres
K At the s
et e
e se t
o etres re u e
to
o
r
s
t
p p e re se
the p sse er o
tor to
he uss
r tr sport t o
r et
s
e te
roe o o
tors
u
o t t
the ru e r te
the resu t
e
e
re
spos
e
o e As resu t
ter t o
p sse er tr
roppe
o
s
t
A r tr sport
tr sport
o
tr sport
to
o p sse ers he
r et
e er
et
to
pressure ro
restr t o s o
hts to E pt ur e
U r
e tro u e
e
the s
t sh re o tr
to E pt
ur e
the ter t o
se
e t these
restr t o s
e te
ter t o
p sse er
tr
h h h s ee tre
o
r
s e te
resu te
re u t o
ht re ue es
ore
rr ers
he o est
r et pro e res e t
to
roe o o
u tu t o s
o t ue
to ro
o est p sse er tr
s up
to
o p sse ers
ue to the r se o o est tour s
uss
u
the sh t ro out ou
tr e
to o
est
to s
p rt u r the
Se
ter s resorts
23
sse
u
er tr
ore
Sour es
107.2 million
passengers
r
sport
sse
u
Sour e
ouse
e er
103.7
o
A
e
Ar r
111.8
sport A e
sse
u
Sour e
er tr
ore
e er
routes
o
o est
e er
Ar r
o
A
K
Sour e
sport A e
routes
o
e se t
o ASK e
e er
Ar r
93.2
84.6
74.0
ter t o
ro th r te
o
A
sport A e
107.2
routes
er tur o er
uss
ore
rr ers
uss
rr ers
Ar r
64.1
ter t o
ro th r te
e
e r
91.6
80.1
uss
r
tr sport t o
r et
uss
rr ers
o est
o etres
u
ore
92.1
routes
Business Overview
hrou hout
the uss
r tr e
r et
sho e
e tre s Oper t
per or
e
e u er pressure s ore
r es rr e
e er p sse ers e use o the urre
stru ture o the r osts
su se ue t e re se
the
r et s pro t
t or ore
rr ers
respo se to shr
e
ore
rr ers
st rte utt
the r oper t o s to uss
est t o s
ore
rr ers p sse er
tr
e re se
he tour s
h rter se e ts ere
ter
ue e
out ou tr e restr t o s or ert
t pes o e p o ees o
th restr t o s
o
hts to ur e
E pt At the s e
t e the epre t o o the ru e ooste
the o pet t e
t eo
ou tr e
uss
rr ers
sport A e
Strategic Report
sse
er tr
Sour es
r
ro th
sport
e r
ouse
uss
e er
Ar r
Financial review
Appendixes
ser es
uss
o est tour s
so re
r p
As resu t uss
r es s
the r
p sse er tr
e
e o
U er
the
ue e o the o e
tors the tot
uss
p sse er tr
s o
o
Aero ot roup te s
e
o tr utor to the
r et
s e sur
r tr sport o e t o et ee
t es
E u
Aero ot roups r se p sse er
tr
the
r et e o str te
e
e re se the u
er o ter t o
p sse ers
r
ro th o
the o est se e t
s ore
e
rr ers
sport A e
23.4
11.2
-1.0
-1.0
225.2
166.8
241.4
226.8
195.8
250.0
216.0
283.2
302.5
284.6
Q1
uss
226.8 billion
RPK
rr ers
sse
p sse er tur o er
o uss
r es
Sour es
ter t o
ro th r te
e
sse
u
Sour es
routes
o
er o
ore
e er
Ar r
o est
routes
Q2
ter t o
ro th r te
routes
o
o est
uss
er tr
r
sport
ro th
e r
ouse
Q1
sport A e
Sour es
r
sport
e r
ouse
routes
24
2015 ANNUAL REPORT
ter
e
to
u
ers
the h rts
Q1
ot
t
es su tot
s o the
u
report re ue to rou
rr ers
ore
uss
rr ers
r et
sport A e
*
ote
u ter
Q3
r et
uss
ore
e er
Ar r
rr ers e
uss
u
p sse
Aero ot roup
er tr
sport A e
pp
pp
Q2
r et sh re
ote
Ar r
pp
p sse er o
tor or uss
r es
o est
e er
r et sh re e o ut o
rr ers
pp
routes
ore
Aero ot roup s
uss
Aero ot roup s
u
ore
to
u
Q2
Aero ot roup
ter
r et
routes
tor
uss
rr ers
79.7%
Q3
e ro
u
e r h
pp
Q3
e
ures re prese te o
o
ss
25
36.7%
Aero ot roup s
r et sh re
he uss
r tr sport t o
ustr
sh h
o so
te
th e r est
p ers
ou t
or
o the tot
p sse er tr
Aero ot roup s e ersh p
the
r et re
su
spute
Aero ot roup h
o the tot
p sse er tr
uss
u
ore
rr ers s o p re to
Aero ot roup s
r et sh re re throu hout
th the
est
s poste
h e
o er te s o o
s ue to the tr
to
sur e
t t
o re o
h rter rr ers ur
the h h
se so
Aero ot roup s
Sour es
r
sport
r et sh re e o ut o
e r
ouse
e er
Ar r
E o ut o o the uss
tr sport t o
r et
tors th t pro pte other uss
rr ers
to opt
se eet
p t
to
the roup s sh re re
s ore
rr ers
re u e the u
er o
hts to uss
est
t o s or suspe e
hts o so e
routes he ro th o the roup s o
ost
rr er o e
so o tr ute to
re se
r et sh re o
th e h
e
ter t o
tr s t oper t o s pr
r
et ee Europe
As to o pe s te or
the re u t o
po t to po t p sse er
tr
Sour es
Aero ot roup s osest o pet tors re
S roup
U r roup
ore
rr ers
re te sh re
r s ero h h h
r et sh re
the report
e r e se oper t o s
O to er
Aero ot roup s
r et sh re ro th
s
supporte
ts e e t e us ess o e
str te
h h he pe the roup u
res e e to e ter
e o o
r et
uss
p sse
er tr
u
ore
p p
p p
r
sport
e r
ouse
p sse
e er
Business Overview
er
Ar r
r
sport A e
p p
Sour es
r tr
er tr
r
sport
sport t o
e r
ouse
e er
r et
Ar r
Appendixes
tot
sport A e
AIR CARGO MARKET
A or
to A A
the
r et o u e
s est
te
to es up
o
o
re se
o
he
e
to US
o
t o ue pr es e
e
res thout o pro s
rr ers
p p
p p
uss
p sse
Financial review
Aero ot roup
Transaero
S
roup
U
r roup
Ur A r es
Other uss
rr ers
ore
rr ers
o
r r o
t
o
r o tur o er
ustr s re e ue
he e re se
re u t o
pro t
t
the uss
r r o
r et
u
ore
rr ers re
o
to
o to es ter t o
r o tr
re se
o to
thous
p p
op
rr ers
Other uss
rr ers
ore
rr ers
sport A e
p p
Strategic Report
to
tr
tr
to
es
h h s out
o the tot
the uss
r et o est
s o
to
thous
r o
r o
es
As t e r e
the u
spute
uss
th
he
o tot
o
epr roup re
e
r et e er
r o tr
Aero ot roup
e se o
our r est p ers
ou t or
r o tr
p p
uss
thous
Sour es
r r o
to es
r
sport
e r
r et o u e
u
ore
ouse
e er
Ar r
rr ers
sport A e
uss
Sour es
r
r
sport
r o
e r
r et re
ouse
e er
Ar r
o
ou e
sport A e
18
12
p p
p p
p p
p p
6
0
1,068.4 1,076.4 1,092.1 1,121.0 1,134.9
ter
to
routes
o est
routes
ter
to
o est
o
epr roup
Aero ot roup
S
roup
Transaero
Other uss
rr ers
ore
rr ers
routes
ter t o
ro th r te
26
2015 ANNUAL REPORT
routes
o
o est
routes
27
Strategic Report
Business Overview
Financial review
Appendixes
STR ATEGY OVERV IEW
DEVELOPMENT STRATEGY
Aero ot roups str te
LONG -TERM AND MEDIUM -TERM STRATEGY
Aero ot roup s str te
o
opportu t es
the uss
s to
Aero ot roup s e e op e t Str te
S Aero ot s o r o
re tors o
Aero ot roups str te
p
t
to
ter
u
e
2025 GOALS
ersh p
the o
r tr sport t o
s ppro e
Aero ot
r e
r ets
ustr
roup s e e op e t Str te
S Aero ot s o r o
re tors o
•
•
•
•
o
ost
o
the top
e Europe
r
es
p sse
er tr
re e ue
e
th
p sse
th
re e ue
o
p
ers
o p sse
p sse
ers
er tr
u
re e ue
t e st
o
e
th
st
uss
LONG -TERM STRATEGY (2025)
re se p sse er tr
the
p sse ers re h
t e st
E sure stro
• Se e t o o the roups ro th s e
r et
• Se e t o o the
rport
r stru ture t
p e e t t o o the roups
o
p
e t
to o
o str
e
Aero ot roups pro ress
er str te
e e ue
U
o
ts
rs
the
os o
th the sh re o tr
st
te
he
str te
sse
o
2011
2012
2013
2014
2015
2025
158.0
253.0
291.0
319.8
415.2
Top 5
and
top 20
er tr
A
16.4
27.5
31.4
34.7
39.4
Top 5
and
top 20
>70
STRATEGIC GOALS
o est
tr
o
e
ter p sse
h
r e
er tr
st o
p sse er
o
A
* Sour es A r e us ess A
t the o e t o report re e se
2015 ANNUAL REPORT
7.0
11.5
14.0
17.6
23.4
>30
30.1
32.7
35.5
39.2
44.2
32%
re e ue t r ets
peers
Aero ot s
sh re o tr s t
p sse ers
28
st
o s
ssess e t
o s up to
A set o oper t
t r ets or
e th the roup s o
ter
o s
tot
th
he roup s prese t
pr e
se
e ts ross
eo r ph es
rs o the eet e e op e t str te
he roups up
ers
o
Aero ot s sh re o tr
p sse ers s
r et
er tr
ro
• Str te e e e ts
−
r et
str te
− et or str te
− eet str te
•
prese
hu
er tr
p sse
re e ue
o p sse
u
uss
rr er e e op e t
pro e e t o
Shere et e o
ro th p
s
the top
rr o er
rs o Aero ot roups ro th str te
the urre t
o
s ppro e
KEY AREAS
• Ore
r s oper t o
e ro
e t
STATUS
se
s
MEDIUM -TERM STRATEGY (2016-2020)
•
o s or
ht
o
o p
est
tes r
re e ue
se o
Ar
e us ess
A
o
r
e
29
Ke
t t es
or stre
su
erp
o
ter
str te
MARKETING PRIORITIES
FINANCIAL PRIORITIES
•
•
•
•
•
•
oster
th
ross
ter t o
p rt ersh ps
or r e roups
•
usto er e per e e str te
es
e to e sure ser e
st
r s s p rt o the roups
r et
str te
ep o te h o o
o t o to e sure the roups
u
e t
t es
et or e e op e t str te
set out e route et or
e e op e t pr
p es or the
roups r es
•
•
•
est e t str te
e t
he
the roups str te
o s the e u
o
ter
pro e
our pro u t
t
ut osts to e sure the roups
st
t
the e u
o
ter
oost the roups
re e ue
r
2015 RESULTS
30
2015 ANNUAL REPORT
Aero ot roup str te
s
se o
ut r
p t or
e
te
r et se
e t he u t
p t or e
pe etr t o
ross pr e se
e ts
eo r ph es
eet e e op e t str te
e er Aero ot roups ro th
e th the ppro e route
et or e e op e t pr
p es
the roup
es
t pro ress to r s
he
ts o
ter
o s he e str te
h e e e t o the e r
s the o so
t o o Aero ot s
u
ue
t es pr
r
route et or e e op e t
ter s o re ue
o e t t throu h o s ste t
e orts to
pro e the hu
t os o Shere et e o
rport e sures ere t e to o tro ASK
to
opt
se the eet
oost s es e
e
o e
Aero ot s o
ost rr er u he
s
oo
he
Business Overview
Financial review
Appendixes
MULTI - BRAND PL ATFORM
e e ut o
STRATEGIC PRIORITIES
e e op the u t r
p t or
stre the
pos t o
s er
the Group
Strategic Report
Ke
e
e ts to the e e op e t str te
ersus
• ppro h to the e e op e t o Ore
r up te
to
tor
s
t e
e
the e sure
r et
•
ter
o s p sse er tr
eet t r ets u er
the
t
p
s or o e
re e e
e th
r et
e pe t t o s or
•
eet e e op e t str te
uste o o
h
es
the
r et e
ro
e t
orpor t
p
s
to
re se the u
er o uss
u t r r t
SS
•
ter
t r ets or p sse er tr
so e other
tors o ere
ue to the
o e
tors h e
str te
o s or
re
e u h
e
th e h o the roup s r es t r et
es the roup to
se ts
r et
Oper t
u
er o o p
es th
erse us ess
o es
pe e t
u or pro u t st
r s
o s the roup to o er usto ers
e spe tru
o ser e
sses r
ro pre u to u et
e sure th e h su s
r ret
o us o
e
te
r et se
e t
o e
t r ets the o
ost se
e t
ro
os o to uss s re o s o
ter re o
hts th
uss
o the r e s route et or
h h s
s et ee
uss
re o s he r
e e op
ter t o
route et
Aero ot r e o uses o
ress
the ee s
o the pre u p sse er se
e t
o er
est
ss ser es h h re ue
route et or
th
e te s e
ht eo r ph
ess to the route et or
o p rt ers ro the S
e
A
e o e e t
o e t
hts or ter t o
tr s t p sse ers
ou
r r t eet
O
Septe
er
S Aero ot s o r o
re tors
reso e to
pt the roup s up te
ut r
p t or
to the h
r et e ro
e t
est
sh s
e
re o
rr er
o
oss
Ore
r
o
he tr s or
to
ot e t
r
t
h
es
to the r es us ess o e s
pos t o
o est
hts
th
to
e up the u
es
e to
pro e
e so st rte
or
e o
r es
oss
Auror
o
oper te
re o
ter re o
hts he o us o
eo r ph
re s th h her pr e se s t t
pr
r
o er
the r p sse ers
hts ro the
se re o s th
o er
ht re ue
Ore
r s us ess o e
t
o use o e sure se
e t o e er the rop
e
the se
e t o er the report
per o resu te
t t
ust e t
e
o est
hts ere
u he
31
Strategic Report
Business Overview
Financial review
Appendixes
AEROFLOT GROUP’S MULTI - BRAND PL ATFORM: 2015
AEROFLOT
ROSSI YA
PRE MIU M
PRODUC T
MIDDLE - PR ICE
REGIONAL PRODUC T
S he u e
hts
S he u e
us ess o e
u
spo e o e
ter t o
o est
tr s t tr
•
h re ue
• E o o
us ess
ss
•
ht r
e
• U
te
ht r
h u
r r t
r r t
r et roup
us ess tour s
st
re s
our s
•
•
•
Sh re o
ter t o
the r e s p sse
A r r t eet
•
rro
o
•
e o
32
er
LOW - COS T
PRODUC T
REGIONAL PRODUC T
FOR FAR E A S T
r et roup
st
re s
our s
us ess tour s
Sh re o
ter t o
the r e s p sse
re t es
routes
er tr
~20-30%
the
e
hts
S he u e
o e
hts to the ost popu r
est
to s
ter t o
est
s he u e
o est
re se s e
o
hts
S he u e
us ess o e
o t to po t
hts
os o
o t to po t
hts et ee
regions
•
h p sse er o
tor
eet ut s t o
• E o o
ss
•
•
ht r
• Up to
us ess o e
sse er
hts the r E st
o
hts to re ote
est
t o s th the re o
• E o o
us ess
ss
ht r
hours
ut
r
r et roup
our s
st
re
•
s
Sh re o
ter t o
the r e s p sse
r et roup
our s
st
re
re t es
routes
er tr
Sh re o
ter t o
the r e s p sse
to s
•
s
e u
s
pre u
u et o er
e
Regional
segmentation
hu
os o
Shere et e o rport
se rports
Europe
uss prese e
the
uss
r E st
r r t
r et roup
st
re
Price
segmentation re t es
re t es
routes
er tr
0%
ter t o
u he
e
short
hts
A r r t eet
•
rro
o
r r t
•
•
resort est
S
the
•
•
hts
•
•
e
A r r t eet
•
rro
o
r r t
r r t
~20%
th
re tors reso e to
us ess
h rter
tour st
o
• Sh re o
hts
the e
•
s he u e
A r r t eet
•
rro
o
•
e o
r r t
r r t
routes
er tr
2015 ANNUAL REPORT
CH ARTE R
PRODUC T
h u
re t es
S Aero ot s o r o
AUROR A
ht r
e
• U
te
e u
•
•
•
e te s e
eo r ph
Septe
POBEDA
h rter
e
short
hts
~50%
ote O
ORENA IR
hts
us ess o e
• o t to po t
hts th
uss
•
te o e t t
• opu r ter t o
est
to s
• E o o
us ess
ss
•
A r r t eet
•
rro
o
•
e o
DONAV I A
hts
Sh re o
ter t o
the r e s p sse
~20%
As
routes
er tr
Product
segmentation s he u e
hts
h rter
ou tr es
te
p t or
33
Strategic Report
Business Overview
Financial review
Appendixes
LONG -TERM DEVELOPMENT PROGRAMME
AND PROGRESS REPORT
Aero ot roup s o
er
e e op e t ro r
e
the ro r
e
s es
e
or
e th e ree o res e t o the uss
e er t o
o
te
e e
er
ppro e
S Aero ot s o r
o
re tors o
e e
er
S Aero ot s o r o
re tors
o
ppro e the
e
e ts
e to the up te ro r
e
he
o o the ro
to e sure the roup s o
e e op e t stre the
pos t o
re te
e e
e e
pro e per or
st
t
r
e s
ter sust
e
ts o pet t e
op
o pet t e
e
he ro r
e et s str te
the roup s e e op e t
o e
t t es
to p
p e e t t o o the Str te
o
ter
he ro r
e
e p
s the e str te
set out
the Aero ot roup e
Str te
he
3.1 million
passengers
rr e
r e
o e
•
•
•
•
•
*
34
2015 ANNUAL REPORT
o e t es o the ro r
e
u e
eter
the roups urre t pos t o
the uss
o
to
ustr
s
the roups ro th prospe ts
u
to
ustr tre s
o pet t e e ro
e t
pro e te
h
es the uss
o
r
tr sport t o
r et
e t
re s
t t es to
pro e
the roups o pet t e ess
per or
e
prep r
to p
s to e sure
the h e e e t o the roups str te
e e op e t o s
s
r s s to
opportu t es
or h e
the str te
o s
pe e t
ro r
e to p
s
u
usto
o
ss o
o
e
uss
r r
re s or
u es
st
s e sur
the e u
o p e e ts
t t es
e op e t
he ro r
e pro es or
the
p e e t t o o str te
pro e ts
t t es to e sure the h e e e t
o the roup s str te
e e op e t o s
• e e op e t supporte
the u t r
p t or
• route et or
eet e p s o
• ro th the o
ost se
e t
• oster
str te
p rt ersh ps
•
o to
r e
e e op e t
t SS
the h h pote t
he ro r
e so e s es t o
p
s to oost the roup s o pet t e ess
per or
e s pres r e
uss
o er
e t re t es
•
our pro u t t ro th
re t e
o
p
te
O to er
• oper t
osts re u t o
re t e
o
p
te
r h
• r u
port su st tut o
re t e
o
p
te
Apr
o o
the stru t o o the o er
e t
o
ss o o r sport
o
u
to s
utes o
te
e e
er
S Aero ot
oor
to
th S U te
A to
orpor t o prep re
ppro e
s he u es or pro u t o
e er
to S Aero ot o uss
SS
r r t S Shere et e o ter t o
A rport
ppro e the pro e t s he u e
o p ete
the up r e
o stru t o o ter
t es
the roup poste s e
e ro th
p sse er tr
h e e ts e
e e op e t t r ets
• e sur
r p
ro th the o
ost
se
e t o e
•
pe e t
e sures to
pro e
e o o
e
e
• o
ss o
e
uss
SS
r r t
• o er o
p t o str
ts t
Shere et e o e p
the o est
hts re
eet
oper t o
t r ets
thout re re t
so e o the
hts
to
ter t e rport
e per or
e
the ro r
e ere up te
o the ro r
e see Appe
A u
eport
or ore et s o the ro r
eport o p e
tors th
or ore et
to th s
e see Appe
to th s A
s
24 SSJ100
aircraft
Aero ot roup
eet s t
e e
er
u
o o er o e
r stru ture o str
ts t
os o Shere et e o rport Aero ot roup
te s to
p e e t set o
e sures
to
re se the rport s p t
oor
to
th S Shere et e o ter t o
A rport
SUE St te A
orpor t o A r r
o tro
SUE A
str t o o
A rports
Ar e s
t o there re t o p
s
pro
or e p s o o Aero ot roups
oper t
hu t Shere et e o
to
o
o te the roups ro
e
or
re se
rport p t
respo se
to the p
e p sse er tr
ro th r te
** E p s o o the er
o est
hts re t the e pe se o the ter t o
hts re
o
the
sep r t
ter t o
o est
re s to
re se the p t o the o est
re As resu t o er
re o stru t o o p ete
o
Apr
the o est
hts re
se p
e to
p r
pos t o s e u ppe
th p sse er o r
r
es pr or
to re o stru t o there ere se e p r
pos t o s the ter t o
re h s
p r
pos t o s e u ppe
th p sse er
o r
r
es
35
Strategic Report
Business Overview
Financial review
Appendixes
DEVELOPMENT PROGRAMMES
he roup s
to e sure o
pe e t
ts str te throu h
u
er o pro r
ter
ro th
e
e t e e op e t
es es
e
KEY PROGRAMMES UNDERPINNING PJSC AEROFLOT’S GROWTH AND
DEVELOPMENT STRATEGY
est e t ro r
o
•
•
•
•
•
•
36
2015 ANNUAL REPORT
e
est e t ro r
e
s opte
S Aero ot s o r o
re tors o
o e
er
t s es
e to
ress the r rr er s str te
o e t es
e sure the e e op e t
ts us ess u ts
e
est e ts propert p
t
e up e t
est e ts so t re or
re pr
r
es
e to
e sure
te
e
rep r oper t o s
• e e op
s ste s
t
e st
pro ure too s
e u p e t to e sure
e e op e
or
t o s ste s pro ure
te
e or
t pes o
r r t
o
u
t o te epho e
o puter
est
h
r
t e e op e t
e up e t s e
s se ser e he
e sure rou
h
t the rport
os s t rports
pro ure e u p e t
usto
h er
•
est
pro e ts u er
or r r t rou
h
the
o t e e e op e t ro r
e
e e op tr
p t or
up r e
• pro e so t re so ut o s e e op
the S A
ht s u tor o e t u
the SA s ste
t
e e op
ht s u tors
oper t o to
to
the o p
s e s te o
er
su
rport
t
ses
oper t o s re te o
e
other
e sure the h h u t o p sse er
s ste s
ser es pro ure u or s or ro t
e
• pro e other t pes o
est e t
st
ter
e up e t
uses
propert p
t
e u p e t e er
to tr sport us ess
ss p sse ers
o
re s et
t t es pro ure or e r
up r e r r t o t ue the pro e t
e sure se
ess oper t o o
u
er
to te r te e e tro
e es or pre
o us ess u ts
ht
ht
e e to
r
to
or
t o o A r us A
r r t E e tro
ht
E
pro e hee h rs o o r
oe
A r us A
r r t
e p
the pro r
e to st
ht
s ste s
o stru t e
t es e er o
the pro e t or
e h
r or r r t
ser
u
e tr po er
str ut o st t o to e p
the p t
o
S Aero ot s po er r
ost utt
ro r
e
o
ost utt
ro r
e
s
p e e te
to
pro e the roup s o pet t e ess
oper t
e
e
t pro es or
u
er
o
t t es es
e to re u e Aero ot s oper t
osts he ro r
e
u e e e t e o
ost
t t es te e to e er u
resu ts
or ore et
o p
s
eport
s o the resu ts o the ost utt
ro r
e
the
pos t o see the
re e se t o o th s A
e e t
e t e ro r
s see the orpor te o er
u
or ore et
o th s A u
s see the
eport
o
to
orpor te o er
e
pro e e t ro r
e
e se t o o th s A
u
e
e
s
opte
S Aero ot s o r o
re tors
o
u e
the or
roup o
r te u
rt ersh p
o t o u er
the o er
e t o
ss o o
h e h o o es
o to o
u e
he ro r
e
e es the e o us re s o the o p
s
o t e e e op e t
e e t
e t e ro r
e
s ppro e
S Aero ot s o r o
re tors o
e e
er
he ro r
e o ers S Aero ot e p o ees
hose re u er t o s K
se
he re u er t o
sp
t the e
o the e r or eet
the et
o e t r et
epe s o the
ou t
o te
S Aero ot s e er
eet
o Sh reho ers
or th s purpose out o the tot
et
o e
he ro r
e sets the
u re u er t o
poo h h s su se ue t
str ute
o
the e p o ees
se o the r
u
o tr ut o
to the e r e
resu ts
or ore et
eport
t e e e op e t ro r
or
to
e h oo
se t o
e
orpor te o er
e
pro e e t ro r
e
s
e to the
p e e t t o o the orpor te
o er
e o e s ppro e
the o r
o
re tors o the
o uss o
r h
or ore et
eport
s see the orpor te o er
e se t o o th s A
u
37
Strategic Report
Business Overview
Financial review
Appendixes
FACTS AND FIGURES
38
2015 ANNUAL REPORT
39
CHAPTER 3
SETTING
THE STANDARD
FOR SCALE
BUSINESS OVERV IEW
Oper t
esu ts
42
oute et or
Ar r t
49
eet
60
S es
68
te
S et
e
70
Se ur t
r
Ser
o
ep r
to
ro ure e t
74
e u
or
t
to
77
e h oo
81
86
OPER ATING RESULTS
Aero ot roup oper t
h h
2011*
2012
2013
2014
2015
Passenger traffic, million PAX
16.4
27.5
31.4
34.7
39.4
change, %
16.5
67.6
14.3
10.7
13.4
Passenger turnover, billion RPK
46.1
74.6
85.3
90.1
97.6
change, %
17.6
61.9
14.3
5.6
8.4
60.0
95.6
109.1
115.8
124.7
17.9
59.3
14.1
6.2
7.7
Passenger load factor, %
76.8
78.1
78.2
77.8
78.3
change, p.p.
–0.3
1.3
0.1
–0.4
0.5
168.5
223.8
204.6
166.3
156.3
–1.3
32.8
–8.6
–18.7
–6.0
9.5
Available seat-kilometres, billion ASK
change, %
Cargo and mail carried, thousand tonnes
change, %
Revenue tonne-kilometres, billion TKM
change, %
5.1
7.9
8.7
8.8
13.0
56.3
9.3
1.9
7.0
8.1
12.2
13.4
13.9
15.1
Available tonne-kilometres, billion TKM
change, %
14.8
49.3
10.2
3.4
8.8
Revenue load factor, %
62.3
65.2
64.7
63.8
62.7
–1.0
2.9
–0.5
–0.9
–1.1
change, p.p.
Aero ot roup oper t
h h
hts
o est
2012
2013
2014
2015
23.4
7.0
11.5
14.0
17.6
change, %
12.4
65.3
21.6
26.0
32.5
15.5
24.3
29.2
35.0
44.7
change, %
11.0
57.0
19.8
19.9
27.8
19.9
31.7
37.6
43.6
56.3
change, %
11.4
59.2
18.2
16.2
29.0
77.7
76.7
77.7
80.2
79.4
change, p.p.
–0.4
–1.0
1.0
2.5
–0.8
47.0
70.7
82.8
82.0
79.1
change, %
–3.4
–4.4
50.4
17.1
–0.9
1.6
2.5
3.0
3.5
4.3
change, %
8.1
55.0
19.2
17.4
24.5
2.5
3.8
4.5
5.2
6.6
change, %
9.0
53.6
18.8
14.9
27.6
64.7
65.2
65.4
66.8
65.2
change, p.p.
–0.5
0.5
0.2
1.4
–1.6
2011*
2012
2013
2014
2015
9.4
16.0
17.4
17.1
16.0
h h
hts
ter
to
change, %
19.7
69.3
8.9
–1.7
–6.2
30.6
50.3
56.1
55.1
52.9
change, %
21.3
64.4
11.6
–1.8
–3.9
40.1
63.9
71.5
72.2
68.5
change, %
21.4
59.4
12.0
1.0
–5.2
76.3
78.7
78.4
76.3
77.3
change, p.p.
–0.3
2.4
–0.3
–2.1
1.0
121.5
153.1
121.8
84.3
77.2
0.0
26.1
–20.5
–30.8
–8.5
change, %
3.5
5.4
5.7
5.3
5.2
change, %
15.5
56.9
4.9
–6.1
–4.3
5.7
8.4
8.9
8.7
8.5
change, %
17.6
47.4
6.2
–2.4
–2.4
61.3
65.2
64.4
61.9
60.7
–1.1
3.9
–0.8
–2.5
–1.2
change, p.p.
*
s
t
e
or
u e the resu ts or Aero ot o
s the resu ts or oss
SA A r
ote
the h rts
t
es e ture
th s A
su tot s
tot s re e p
e
rou
42
2015 ANNUAL REPORT
es
u
or
Ore
eport
e ore ts
r st rt
ro
ter
Aero ot roup
pro e
r et p sse er tr
e
est e t ro the roup o
o e
er
to s
ts e oper t
he roup rr e
tot o
o
p sse ers post
ro th o
he roup s
K re
to
o
th
e se t
o etres ASK ro
Aero ot roup p sse
o
A
the
Financial review
resu ts esp te
e
Appendixes
e
to
o
he p sse er o
tor ross Aero ot roup
re se
per e t e po ts p p to
39.4 million
passengers
rr e
Group
Aero ot
Aero ot roup p sse er tur o er
o
K
p sse er o
tor
er tr
39.4
34.7
31.4
97.6
90.1
85.3
74.6
16.4
46.1
13.4%
ro th
Aero ot
roup s p sse er
tr
o est
routes
ter
Aero ot roup oper t
routes
Item
27.5
2011*
Aero ot roup oper t
uss
routes
Item
Business Overview
AEROFLOT GROUP
hts
Item
Strategic Report
Region
Russia
to
o est routes
sse er o
routes
per or
e
Passenger traffic,
million PAX
re o
ter
to
routes
tor
s he u e
Passenger turnover,
billion RPK
h rter
hts
Available seat-kilometres,
billion ASK
2014
2015
change, %
2014
2015
change, %
2014
2015
change, %
2014
2015 change, p.p.
17.6
23.3
32.7
34.9
44.6
28.0
43.4
56.1
29.4
80.4
79.5
–0.9
Europe
7.6
7.9
3.5
17.2
17.5
1.8
23.3
23.6
1.4
73.7
74.0
0.3
Asia
2.3
2.7
14.4
15.1
17.5
15.9
20.2
22.3
10.5
75.0
78.7
3.7
CIS
2.6
2.5
–2.6
4.9
4.7
–2.6
6.3
6.1
–3.4
77.0
77.7
0.7
Middle East
1.7
1.6
–3.5
4.7
4.7
1.4
6.1
6.2
2.7
77.0
76.0
–1.0
0.8
0.8
–1.7
6.9
6.8
–1.0
8.7
8.2
–4.8
79.3
82.5
3.2
32.7
38.1
16.6
83.5
89.1
6.6
107.9
114.3
6.0
77.4
77.9
0.5
2.1
1.3
–37.2
6.5
8.6
30.9
8.0
10.4
30.9
82.1
82.1
0.0
34.7
39.4
13.4
90.1
97.6
8.4
115.8
124.7
7.7
77.8
78.3
0.5
Americas
Total scheduled flights
Charter flights
Total passenger flights
u e
u t o o per e t
e h
es
43
Strategic Report
Business Overview
Financial review
Appendixes
DOMESTIC ROUTES
the tot
u er o p sse ers rr e
Aero ot roup o o est routes
re se
o to
o
sse er tur o er
re
re h
o
K h e
the
e se t o etres
re se
Aero ot roup
re
o
r
p sse
e
er tr
to
o ASK e
to s ht e re se
the p sse er o
tor
p p to
the sh re o o est p sse ers
re se ro
to
o the tot
u er
o p sse ers rr e
the roup
Aero ot roup
p sse
re
o
est
to
er tr
ter t o
tr
s so
ue e
u
er o
ht restr t o s
su h s re u e
u
er o est
to s
o o e
the
o
hts to U r
e
suspe s o o
hts to E pt
re u e re ue
o
hts to ur e
ue
to restr t o s o h rter
hts As resu t
the s he u e p sse er tr
th the S
e
e
h e
the
e E st
the re u t o re he
hts to E pt ur e
e
ou te or
o the roup s tot p sse er tr
respe t e
h e the u o p sse ers
to E pt
s rr e o h rter
hts
oper te
Ore
r ost o those tr e
to ur e t e s he u e
hts h h h e
ot ee
e te
restr t o s
out
o
o p sse ers
et ee
uss
ur e U
e the o er
uss
r et
sh re the roup s e posure to these
e
E st ou tr es
s
te
Aero ot roup o t ue to o us o As
est
t o s here the u
er o p sse
rr e o s he u e
hts re
to
o
r
the p sse er o
up
p p to
he u
er o p sse ers o
hts to orth
e tr A
ue to the roup s stre
e
the re o
e to
o o
er
e
e t
hts to oro to
u
ers
tor
s he u e
er
re u e
oper t o s
o
u
er
hts
u
u t
77.3%
Aero ot roup s
ter t o
p sse er o
tor
U r
32.5%
ro th
Aero ot
roup s o est
p sse er tr
Aero ot
oss
o e
Orenair
Donavia
Auror
he ro th s
r e
re se
e
or o est
hts sur e
o est tour s
re e
t p t
re se
u
throu h oost
the re ue
o
hts to ost popu r
o est routes
ter t o
routes
est
to s o e
r e Aero ot roup s
o
ost rr er
e s
t
o tr ut o to the roup s su ess h
rr e
o p sse ers
INTERNATIONAL ROUTES
40.7%
Aero ot roup s
ter t o
p sse er tr
Aero ot roup s ter t o
p sse er tr
e re se
o
to
o p sse ers
sse er
tur o er e
to
o
K
th the
e se t
o etres
e re s
to
o ASK
r
re se
the p sse er o
tor
p p to
hese tre s ere
r e
roe o o
h
es o
th the
to
urre
e u to
the r
p t o the o su er eh our
p sse ers pre ere es pr
r
the e sure se
e t
AEROFLOT AIRLINE
o
he
to
Aero ot r e rr e
tot
o p sse ers up
o
r e s p sse er tur o er re
o
K h e the
e se t
Aero ot r
o
A
2015 ANNUAL REPORT
o etres
ASK e
o
tor
Aero ot r
o
K
er tr
re se
to
re se
p p to
to
o
the p sse er
e p sse er tur o er
p sse er o
tor
26.1
23.6
67.1
20.9
74.1
26.1 million
passengers
60.2
17.7
50.5
14.2
rr e
r e
42.0
Aero ot
10.6%
ro th
Aero ot
r e s p sse er
tr
o est
44
e p sse
he re test e
e
s see o
ter t o
h rter
hts h e the o er
oper t
resu ts or s he u e
hts re
e
ore
st
e
S he u e p sse er tr
Europe
the roup s se o
r est
r et re
to
o p sse ers
st
rop o ess te se o pet t o
ro
ter t o
r rr ers ue to the r
stre
e oper t o s
re u e re ue
o
hts to uss
est
to s
e u to o
ht re ue
to uss
est
to s
u
er o ore
rr ers
the ro th o Aero ot s tr s t p sse er
tr
Shere et e o rport
ess t o
o oper t o s
r s ero h
pos t e e e t
o the oper t
resu ts
the ter t o
se
e t
routes
ter
to
routes
o est routes
sse er o
ter
to
routes
tor
45
Aero ot
r
e oper t
per or
e
re o
Passenger traffic,
million PAX
Region
2014
s he u e
h rter
Passenger turnover,
billion RPK
2015 change, %
2014
2015 change, %
2014
2015 change, %
2014
2015 change, p.p
Russia
11.1
12.7
13.7
24.4
27.3
11.8
29.6
33.3
12.3
82.6
82.2
-0.4
Europe
6.5
7.0
7.4
14.5
15.5
6.6
19.5
20.9
6.9
74.2
74.0
-0.2
Asia
2.1
2.5
14.8
14.8
17.2
16.0
19.7
21.6
9.9
75.1
79.3
4.2
CIS
1.7
1.9
6.6
2.9
3.3
15.1
3.7
4.2
14.3
78.5
79.0
0.5
Middle East
1.3
1.4
6.0
3.6
4.0
11.2
4.6
5.2
13.4
78.6
77.1
-1.5
Americas
0.8
0.8
-1.7
6.9
6.8
-1.0
8.7
8.2
-4.8
79.3
82.5
3.2
Total scheduled flights
23.6
26.1
10.6
67.1
74.1
10.4
85.8
93.4
8.9
78.2
79.3
1.1
Charter flights
0.01
0.01
-21.7
0.02
0.01
-28.9
0.04
0.03
-21.7
42.6
38.7
-3.9
Total passenger flights
23.6
26.1
10.6
67.1
74.1
10.4
85.8
93.5
8.9
78.2
79.3
1.1
13.7%
ro th
Aero ot
r e s o est
p sse er tr
Aero ot
re
o
the tot
u
er o p sse ers
rr e
Aero ot r e o
o est
routes
re se
o to
o
sse er tur o er re
to
o
K h e the
e
se t
o etres
re se
to
o ASK e
to s ht e re se
the p sse er o
tor
pp
to
the sh re o o est
p sse ers
re se ro
to
o the tot
u
er o p sse ers rr e
Aero ot r e
r
7.8%
e
p sse
est
to
Su s
o
Su s
ro th
Aero ot r e s
ter t o
p sse er tr
2015 ANNUAL REPORT
Appendixes
9.8
er tr
o est routes
ter t o
routes
sse er tr
oss
ter t o
sse er tr
e er te
er tr
13.3
10.5
r es
p sse
er tr
re
19.4%
o
80.6%
11.1
8.4
Orenair
o e
Su s
r es
p sse
oss
Ore
r
Donavia
Auror
o e
ter t o
routes
o est routes
Donavia
er o
tor
p p
p p
p p
p p
p sse ers e re se
o the tot
u
er
rr e
Aero ot r e
o
Aero ot r e s oper t
resu ts
re o
re e p
e
the
tors
e t
the roup s o er
per or
e
re o
e to e
o e
oss
o
*
46
r es p sse
A
p p
o
Financial review
routes
o the r tot p
th h hest o tr ut o o
o e
r es he sh re o
p sse ers
su s
r es p
s
ore th
h
o t
oss
r e
oss
Auror
o
ter t o
ro
to
o p sse ers
Su s
r es rr e
tot o
o
p sse ers h h
ou ts or
o Aero ot roup s p sse er tr
he ro th
su s
r es p sse er tr
s
pr
r
r e
the e e op e t o o e
r e Su s
r es re o use o
o est
INTERNATIONAL ROUTES
the tot
u
er o p sse ers
rr e
Aero ot r e o
ter t o
routes
re se
o to
sse er tur o er re
to
K
th the
e se t
o etres
re s
to
o ASK r
re se
the p sse er o
tor
p p to
the sh re
Business Overview
SUBSIDIARY AIRLINES
hts
Available seat-kilometres,
billion ASK
DOMESTIC ROUTES
Strategic Report
t
e
or
Orenair
h
Donavia
Auror
o e
e
u e the te r te
u e the resu ts or or
o p
es resu ts or
este ro the roup
u e
u
the per o pr or to the r
te r t o
Aero ot roup
47
Strategic Report
Business Overview
Financial review
Appendixes
ROUTE NET WORK
CARGO AND MAIL OPERATIONS
A ro ot roup oes t h e e
te
r
eet
e p o ts e
r o o e
or r o
tr sport t o
Aero ot roup rr e
thous
to es
o
r o
o
o
ue
to the
ue e o
roe o o
tors
s
to s
pose o
uss the e e
to
urre
ports
Aero ot roup r o
thous
to es
223.8
156.3
thousand
tonnes
r o
rr e
Group
oper t o s
ROUTE NETWORK DEVELOPMENT STRATEGY
the report
per o
o etres
re se
to e
o etres K
tor e t o
the
r o
to e
to
o
h e the re e ue o
p p to
Aero ot r e rr e
thous
to es o
r o
o
o
he r o
to e
o etres
re se
to
o
K
h e the re e ue o
tor e
p p to
Aero ot roup re e ue to e
o
K
re e ue o
204.6
168.5
166.3
7.9
156.3
8.7
8.8
o etres
tor
9.5
5.1
o
Aero ot
o est
Aero ot
thous
routes
ter
to
r e r o
to es
routes
oper t o s
o est routes
e e ue o
tor
Aero ot r
o
K
ter
to
e re e ue to e
re e ue o
routes
o etres
tor
Aero ot roup
p e e ts str te o
se o
ut r
o e e sur
tr sport t o
r et
the roup s prese
ere t re o s
he route et or
e e t str te
re es o
re s
re ue
o
hts
to ost popu r est
to s
pro
ht o e t o s
opt
e
s ste stru ture
ht s he u es h h
e h
es usto er e per e e
hts
to e
est
t o s re u he
se o
the
sso e
o pet t o
pote t
e
e
o e routes oth
ter s o
re t p sse er tr
o tr ut o to the route et or s er
ross the roup
e route et or e e op e t
u
o er e o the r
e
r ous pr e se
e ts ross
Aero ot roup o t ue
to
p e e t ts et or e e op e t
str te
se o the
opte
ppro h
th
e tr e ph s s o the e e op e t
o o est routes
e th the
r et
tre s
Aero ot roup s tot
et or o
pr se
s he u e routes to
ou tr es
u
u
ue routes oper te
the o
ost rr er o e
E u
the o
ost se
e t the roup s r es oper te
s he u e
hts to
est
to s
e o
e e op e ts
p
ste
ro th
the u
er o s he u e
o est routes
up
to
At the s
e t e the u
er
o s he u e
ter t o
routes o t ue
to e
e re h
the report
e r o
o
s resu t
o the su s
r es route et or opt
s to
the tot
u
er o routes e re se
to
pr
r
ue to the re u t o
the u
er o h rter
hts r e
the shr
e
or tour st
hts
the re e
t
ust e ts to the roup s
str te
th s se
e t
176.5
145.3
135.1
thousand
tonnes
o
r o
rr e
r e
135.1
5.7
6.3
6.7
7.3
4.7
o ere
Aero ot
roup s oute
et or
2015
Change, %
Scheduled
Charter
Total
Scheduled
Charter
Total
Scheduled
Charter
Total
Total
291
351
572
283
186
403
–2.7
–47.0
–29.5
International
182
292
436
160
130
260
–12.1
–55.5
–40.4
Domestic
109
59
136
123
56
143
12.8
–5.1
5.1
Long-haul
36
50
78
34
16
47
–5.6
–68.0
–39.7
255
301
494
249
170
356
–2.4
–43.5
–27.9
Medium-haul
Aero ot
o est
routes
ter
to
routes
o est routes
e e ue o
tor
ter
to
routes
*
48
54 countries
er o Aero ot roup routes
2014
160.6
s he u e u
ue
routes oper te
Aero ot roup
AEROFLOT GROUP ROUTE NETWORK
DEVELOPMENT*
u
193.9
319
2015 ANNUAL REPORT
ue to the sep r te st tus o the o
o Aero ot r e
su s
r es e
ost se
e t the
t o Aero ot roup s route et or prese te
u
o e
u ess other se st te
th s se t o
u e the routes
49
12.8%
ro th
the
u
er o Aero ot
roup s s he u e
o est routes
ur
r es o Aero ot roup
u he s he u e
hts to the o o
est
to s
• ro
os o to A t u A to e A
t
Ast
At r u Sh
e t S
r
ur h
Sh r e She h Ar h
es
h h
ur
s S r to
oro e h
• ro
uss
re o s he
s r uts
Kh
ro s Kr s o rs K
er
e
o
o os rs
er Ore ur
e ter
ur
u e U
o o r
to S
eropo
• ro
o os rs to u h o S h
s
9.2%
ro th
the
u
er o Aero ot
roup s s he u e
hts
h
e
the u
s he u e routes
er o Aero ot roup
s
–2.7%
At the s
e t e ue to e o o
other
re so s
the report
e r Aero ot roup
e e s he u e
hts to the o o
ost
ter t o
est
to s
• ro A p to S
r
• ro So h to A
t r
urt u h
st
u
sh e t
• ro
r u to
o er
• ro
he
s to u h
• ro
e ter
ur to
o er
• ro Kh
ro s to
o esh he s
• ro St eters ur to
o esh he s
sh e
er
o K r
rsh
Osh u
o r ho es
So
S
ur Os e e O
ush
e ere
er
u Khu
s e er e
o esh he s
o
• ro
os o to u ro
propetro s
s ru
U
U e ur h
Sh r e She h
ro h t K e O ess
K ro
r
• ro
er
e o to e ter
ur
• ro O s
Ore ur to r
• ro
osto to A t
Khu
• ro
osto to o o
• ro Kr s o r to Khu
h
e
the u
s he u e
hts
er o Aero ot roup
re o
s
–5.6%
–12.1%
11.8 flights
per ee
the
er e ee
re ue
o
Aero ot roup
s he u e
hts
ter
to
routes
–5.6%
–2.4%
o
A er
e u
h u routes
2015 ANNUAL REPORT
re ue
o Aero ot roup
6.0%
ro th
er e
re ue
Aero ot
s he u e
the
ee
o
roup
hts
8.5%
ro th
the
er e ee
re ue
o Aero ot
roup s ter t o
hts
hts
s
CIS
S he u e
50
ee
the roup o t ue to
re se
the re ue
o
hts to
or est
to s
th
ts route et or
or
e th
ts route et or
e e t str te
he er e ee
re ue
o s he u e
hts re
ro
to
hts
per route per ee
he ee
re ue
o s he u e
ter t o
hts
re se
A
e
e
the re ue
o o est
hts
s ue to the u h
o o re ue
routes
Ore
r s r es
o us o e ro
ter t o
to o est
r et
Appendixes
16.2%
uss
–5.6%
e
3.0%
Europe
h u routes
A er
Financial review
14.0%
Asia
12.8%
routes
the tot
u
er o Aero ot roup s
s he u e
hts re
o
ue
to ore e t o e h
es
Aero ot roup s
route et or
to the
re se
p t
o the ost popu r routes he e
ro th r er
s the s
t
re se
the u
er o s he u e
hts th
uss
to As
ue
to the sur
e
or the est
to s
these re o s he u
er o s he u e
hts to Europe re
respo se
to
to
r et opportu t es
the re o At the s
e t e the u
er
o s he u e
hts to orth
e tr
A er
e
ue to
e to
o
u
er o o
er
e
e t
hts
t r et
e sure p sse ers
he u
er o
hts to the
e E st
re u e
so ue to the
e
or ert
e sure est
to s
he e
e
the u
er o
hts
to the S ou tr es
s r e
suspe s o
o
hts to U r
e s e
s to so e other
est
t o s ro
uss
re o s o o
the route et or opt
s to
e E st
–13.2%
o est
Business Overview
9.2%
ot
ot
Strategic Report
hts
h rter
hts
ter t o
s he u e
hts
o est
s he u e
hts
e u
h u
hts
o
h u
hts
51
Strategic Report
Business Overview
Financial review
Appendixes
TRANSIT PASSENGER TRAFFIC
14.0%
o the tot
u
er o
p sse ers rr e
Aero ot r e
re ter t o
tr s t p sse ers
Aero ot roup s e
e e ope route et or
pro es p sse ers th
opportu t
to use tr s t
h opt o s
t o to re t
hts et ee
est
to s s e
s
e
es the roup to o pete or ter t o
tr s t p sse ers th other ter t o
r es
ter s o the roup s us ess
the tr s t p sse er tr
s to three
roups o est tr s t tr s t et ee
uss
other ou tr es
ter t o
tr s t Aero ot r e ser es the u
o the roup s tr s t p sse er tr
Aero ot
routes
r
es e
ter
to
r s t p sse ers
ou te or
o Aero ot r e s tot p sse er tr
s o p re to
he
re se o the tot tr s t p sse er
tr
s
r e
the ro th
the o est
ter t o
tr s t
re h
o the tot
u
er
o p sse ers rr e
the r e
respe t e
he sh re o the tr s t p sse er
tr
et ee
uss
other ou tr es
s
Sh re o tr s t p sse ers
r e tot p sse er tr
tr
st
h
e
the u
s he u e routes
–0.7%
os o
os A
e es
e
or
t
r ue
o o
Paris
Paris
er
Milan
r eo
o e st
ere
u
Sh
Seou
o
e
he tot
u
u
er o Aero ot
h rter routes e
hrou hout the e r Aero ot
to e e op ts route et or
u
er o Aero ot
r
r
e s routes
to
r
e o t ue
u he
ter
e s he u e routes ro
os o
u
s
o est routes to Ar h
es
oro e h
ur
s S r to
St ropo
se e routes to the S
ou tr es A t u A to e A
t Ast
At r u Sh
e t
S
r
S he u e
hts to
e est
t o s ere
e e
or suspe e
hts ro So h to r
urt
ro
os o to
o esh he s U
U e
u ro
s ru
K ro
r
ere
e e
ur
the e r the r e so
suspe e
hts to est
to s
U r
e
K e O ess
E pt
ro
A er
e
S he u e
e routes
o
–13.2%
A er
11.5%
s
7.7%
h u routes
h u routes
2.9%
18.5%
ee
re ue
hts
o Aero ot
h rter
hts
Charter
Total
Scheduled
Charter
Total
134
16
143
133
21
140
–0.7
31.3
-2.1
International
90
7
95
87
12
92
-3.3
71.4
-3.2
Domestic
44
9
48
46
9
48
4.5
-
-
r
ro th
er e
re ue
Aero ot
s he u e
the
ee
o
r e
hts
11.9%
CIS
Change, %
Scheduled
2015 ANNUAL REPORT
4.5%
Asia
the tot
u
er o Aero ot r e s
s he u e
hts re
o
ue
to the
re se
p t o the ost
popu r routes
the h
es the route
et or
e to e
o e he ro th
s
r e
re se the u
er
to
Total
52
routes
2.5%
uss
Charter
Long-haul
to
4.5%
routes
–13.3%
39.2%
2015
ter
44.2%
Scheduled
Medium-haul
e
12.3%
Europe
e u
2014
er o Aero ot r
re o
s
ot
ot
Aero ot
AEROFLOT AIRLINE ROUTE NETWORK
DEVELOPMENT
ot r e s route et or
he u e routes to
ou tr es
per o the u
er
o est routes o t ue
to
h e the u
er
ter t o
routes e re se
h
e
the u
s he u e
hts
e E st
o est
32.7%
e
h
–3.3%
35.5%
r
s
e A
uss
other ou tr es
o est
Aero
o ere
s
the report
o s he u e
to ro
up
o s he u e
to
er o Aero ot
s
o
hts th
uss
t
s so supporte
re se the u
er o
hts
to the S
Europe
As
the
e E st
e
hts
ter t o
s he u e
hts
o est
s he u e
hts
e u
h u
hts
o
h u
hts
Total
30
1
31
26
-
26
-13.3
-
-16.1
104
15
111
107
21
114
2.9
40.0
2.7
Aero ot r e o t ue to step
up the re ue
o ts s he u e
hts
he er e re ue
o s he u e
hts
e t up
ro
to
hts per
route per ee
hs
the
ht re ue
routes
o
re se
ter
s ue to r se
o
o est
to
routes
53
Strategic Report
Business Overview
Financial review
Appendixes
ROUTE NETWORK OF AEROFLOT GROUP
AEROFLOT AIRLINE'S ROUTE NETWORK (RUSSIA, AMERICAS, ASIA, MIDDLE EAST)
Murmansk
Novy Urengoy
Arkhangelsk
Surgut
Nizhnevartovsk
Nizhny Novgorod
Saint Petersburg
Moscow
Perm
Tyumen
Ekaterinburg
Kazan
Nizhnekamsk
Chelyabinsk
Samara
Magnitogorsk
Ufa
Orenburg
Voronezh
Saratov
Aktobe
Volgograd
Rostov-on-Don
Kaliningrad
Anapa
Simferopol
Gelendzik
Istanbul
New
NewYork
York
Washington
Antalya
Los Angeles
Tel Aviv
Astrakhan
Krasnodar
Mineralnye Vody
Stavropol
Sochi
Yakutsk
Magadan
Tomsk
Krasnoyarsk
Kemerovo
Omsk
Novokuznetsk
Novosibirk
Abakan
Barnaul
Irkutsk
Astana
Karaganda
Petropavlovsk-Kamchatsky
Chita
Khabarovsk
Yuzhno-Sakhalinsk
Ulan Bator
Almaty
Bishkek
Shymkent
Tashkent
Samarkand
Vladivostok
Bejing
Seoul
Tehran
Larnaca
Beirut
Tokyo
Cairo
Shanghai
Delhi
Miami
Dubai
Havana
Hanoi
Aeroflot airline`s routes
Guangzhou
Hong Kong
Bangkok
Ho Chi Minh city
Phuket
Aeroflot subsidiaries routes
Male
AEROFLOT GROUP ROUTE NETWORK (EUROPE AND CIS)
Oslo
REGIONAL SUBSIDIARIES' ROUTE NETWORK (RUSSIA, ASIA, MIDDLE EAST AND EUROPE FROM RUSSIAN EASTERN REGIONS)
Helsinki
Stockholm
Murmansk
Saint Petersburg
Tallinn
Copenhagen
Vilnius
Hamburg
Warsaw
Amsterdam Hannover
Dusseldorf
Berlin
Dresden
London
Prague
Brussels Frankfurt
Karlovy Vary
Paris
Stuttgart
Munich
Vienna
Zurich
Salzburg
Geneva
Budapest
Milan
Zagreb
Venice
Bologna
Pool
Belgrade
Nice
Rimini
Split
Tivat
Rome
Barcelona
Madrid
Arkhangelsk
Moscow
Riga
Sofia
Syktyvkar
Minsk
Kaliningrad
Rostov-on-Don
Krasnodar
Rhodes
Heraklion
Samara
Voronezh
Hannover
Dusseldorf
Mineralnye Vody
Sochi
Yerevan
Athens
Malaga
Odessa
Vladikavkaz
Tbilisi
Thessaloniki
Perm
Baku
Tomsk
Tyumen
Ekaterinburg
Kazan
Bucharest
Burgas
Magadan
Moscow
Kiev
Chisinau
Yakutsk
Surgut
Saint Petersburg
Ufa
Chelyabinsk
Orenburg
Novosibirk
Aktau
Astana
Krasnoyarsk
Kemerovo
Omsk
Pavlodar
Barnaul
Novokuznetsk
Blagoveshchensk
Volgograd
Rostov-on-Don
Astrakhan
Krasnodar
Simferopol Anapa
Mineralnye Vody
Varna
Namangan
Gelendzik
Almaty
Stavropol
Fergana
Sochi
Bishkek
Tashkent
Makhachkala
Navoi
Istanbul
Bukhara
Osh
Karshi
Samarkand Khujand
Khabarovsk
Yuzhno-Sakhalinsk
Harbin
Vladivostok
Bejing
Dalian
Dushanbe
Antalya
Petropavlovsk-Kamchatsky
Irkutsk
Seoul
Busan
Tel Aviv
Tenerife
Hurghada
ote
routes oper te
in
54
2015 ANNUAL REPORT
Sharm El-Sheikh
Hong Kong
55
GROUP’S SUBSIDIARY AIRLINES ROUTE
NETWORK DEVELOPMENT
to
the r e oper te s he u e
est
to s
u
o est
ter t o
routes
he pr
r o e t e o oss
r e s route
et or opt
s to
s the re t o
o the orth ester re o
tr sport hu
he r e o t ue to
re se
ht re ue
o the ost popu r routes
u
hts ro
St eters ur to Ar h
es
ur
s K
r
S
eropo e e
h
Ast
to
the r e
re se the re ue
o ts
hts ro
St eters ur to u o o
o o e o o rports
os o
hts ro St eters ur to
u
er
o
ter t o
est
t o s ere suspe e
ue
to the re so s e t o e
o e
the r e oper
to
est
t o s S he
to
or t es o the Ur
uss h e ee p e
e e t o Aero ot
o the r e s h rter
ersus
the r e oper te
hts to
est
to s
u
se so
routes ro
uss
re o s
to the
Se resorts
So h
A p
ur
the e r o e
oper te
u
ue routes h h
h e ot ee oper te
other r e th
the roup
o e
t e e p
e ts route
et or
u he o er
e routes
th
uss
hts ro
os o to Astr h
o o r
ORENA IR
hts
Business Overview
te s he u e
hts
ue
hts ro
os o
s S er
Souther
u er o
er
r e he u
er
hts e
e o s er
o e
Appendixes
e ter
ur
h h
U
er
So h Sur ut
u e
re the e
hts
o e s
route et or
ter s o p sse er tr
to
e e
er
the r e u he
ter t o
hts ro
ts
se t u o o rport to
er
o rport
r ts
hese
hts
u e
opt o o
roup tr s er to
t e tre
e
respe t e
route et or
ur
the su
er se so
hts to S
eropo ere
oper te ro te
uss
t es S he u e
hts
to ur h
Sh r e She h ro
o o e o o
Shere et e o rports
os o
ere p
e
or the
ter se so
ut the
o p sse er
hts to E pt tro u e
uss
to
uthorot es
o e
er
pro pte
re e
o oper t o s
th s re o
Arkhangelsk
Syktyvkar
Surgut
Kirov
Saint-Petersburg
Nizhnevartovsk
Khanty-Mansiysk
Moscow
Perm
Cheboksary
Ulyanovsk
Kaliningrad
Samara
Tyumen
Ekaterinburg
Kazan
Ufa
Chelyabinsk
Magnitogorsk
Omsk
Novosibirsk
Belgorod
DONAV I A
Bratislava
Rostov-on-Don
Volgograd
Astrakhan
Krasnodar
Anapa
Mineralnye Vody
Gelendzik
Vladikavkaz
Sochi
Makhachkala
Nazran
Milan
hts to
est
to s
u
o est
ter t o
routes ur
the e r the r e r u
re se
the re ue
o
hts ro
osto o
o
Kr s o r to S
eropo to
hts
u he
hts to S
eropo ro
er
e o
u o o
the su
er s he u e Upo o p et o
o the tr s er o
hts rr
t os o
Shere et e o rport to the p re t r e o
Financial review
POBEDA
the roup o t ue to opt
se su s
r es route et or s hus the re ue
o
hts
s
re se
r ets th su
e t pote t
or re t
tr s t p sse ers
s he u e
s
set up to e sure
u
ht o e t t A
or e e op e t
s the su s
r
r es
route et or opt
s t o pro pte
h
es
the
r et e ro
e t
ROSSI YA
Strategic Report
u
he
hts ro
oso o
o
er
e o
Kr s o r to u o o
o o e o rports
os o thus stre the
Aero ot roup s pos t o
the os o
r tr sport hu
o re u e oper t
osts r r t re o o er
se
t So h
rport h e
the u o the route et or or
t
ro th s
rport
s
t
e
e the e o o
s tu t o
hts ro
osto o
o
Kr s o r to Khu
ere suspe e
Seasonal routes
from Sochi and Anapa
*
56
2015 ANNUAL REPORT
outes oper te
57
Strategic Report
Business Overview
Financial review
Appendixes
INTERNATIONAL COOPERATION
СODESHARE AGREEMENTS
AUROR A
to
est
to s
u
o est
ter t o
routes A so the r
o est o
hts
hts
re o
e oper te
Auror s o use o se ur
tr sport
ess
t
o
o t
the e
or
hts
the uss
r E st
S er
the report
e r the r e
stre the e ts pos t o
the re o s ter t o
r tr sport t o
r et Auror re
s the o
Auror s o est
o
rr er oper t
hts ro
osto Kh
ro s
u h oS h
s to
r
ro
osto
to us
o ttr t tr s t p sse ers
o er the
s ooth tr e e per e e the r e
re se
ht re ue
o the routes o e t
the
or
hu s
Kh
ro s
u h oS h
s
uste ert
ht s he u es A
to
ur
the su
er se so Auror
re se
ht re ue
o the
osto
o os rs route to
hts
Aero ot roup s r es t e
ooper te
th other ore
rr ers u er o esh re
ree e ts hese rr
e e ts e
e
the roup to u
ts prese e
pro s
r ets
ootho
the
r ets here
restr t o s pp e p
the route et or
o er e
ore e
e t use o
eet
o esh re
ree e ts th S u
Ar
A r es
ru
o es
to or e
the u
er o
r et
oper te
Aero ot r e
re se ro
to
As t the e
o
e st
o esh
ree e ts
oper t
Ar r
e K
A r es
ro
A r Kore A r A
routes
e
hts
S Aero ot s
re
ree e ts
u e
here Aero ot r e s oth
r et
p rt er
th
et A t
r
e h
O o sh A r es u
r
r Ser
A Ar
t
A r Europ
ru
o es
e
r
Ke
Ar
s S u Ar
A r es
h
E ster A r es
h
Souther
A r es three
ree e ts here Aero ot
r e so
oper t
p rt er
th
u
r Ar
e E st A r es
three
ree e ts here Aero ot r e
so
r et
p rt er se
hts
oper te
ts p rt er rr ers us
ts o
o e A r Ar
s
o Ar
s
o
Ar
ro Aero ot r e so h s
tr roup o esh re
ree e ts pro
or o
er
e e t o o esh re
hts th o
oss
Auror
Ore
r r es o
er
e e t
o
ht o s o ts su s
r
r es u er
o esh re
ree e ts e
es S Aero ot
to
pe e t
o prehe s e e tr se
e e t o e or the roup s str te
ssues
u
s es re e ue
e e t
eet p
INTERLINE AGREEMENTS
As t the e
o
ter e
ree e ts
u
our su s
Dal'nerechensk
Svetlaya
Amgu
Edinka
Terney
Plastun
Dal'negorsk
Kavalerovo
Aero ot o t ue to t e
e p
ooper t o
th other e
ers
o the S
e
o
e e
ersh p
the S
e
A
ee
es Aero ot
ts su s
r
r es to e p
the r
route et or s h e o er
the r e ts
Shakhtarsk
Yuzhno-Sakhalinsk
Kurilsk
Yuzhno-Kurilsk
Vladivostok
*
58
2015 ANNUAL REPORT
uss
the S
rr ers
se e
r
es ro
MEMBERSHIP IN THE SKYTEAM ALLIANCE
Okha
Khabarovsk
S Aero ot h
th
rr ers
r
r es
e other
ess to the o
r et
es
u
ue ser es
pro
Aero ot
o us e
ers th
opportu t to e o
the e e ts o ere o the
hts o other
e
ers o the S
e
A
e
In 2015,
the S
e
A
eh
20 members,
u
Aero ot
Aero e s
Ar e t
s
Aero e o
A r Europ
Ar r
e
KLM,
A t
h
A r es
h
E ster
h
Souther
A r es
e h A r es
et Ar
es
Ke
Ar
s
Kore A r
e E st A r es
S u Ar
A r es
A O
et
A r es
e A r es
ru
o es
he S
e
A
e et or
e o p sse
1,057
destinations
in 179
countries
outes oper te
59
Strategic Report
Business Overview
Financial review
Appendixes
AIRCR AFT FLEET
FLEET DEVELOPMENT STRATEGY
Aero ot roup oper tes
e
r r t eet
th ts u t r
us ess e e op e t str te
eeps o up r
O er the st e e rs the roup h s
este
st
r s to
up r e o the eet to
the e
e
o
r r t
Aero ot roup
u h e ort
pro e
t
o ts r es
oper t o re u e
e
the t pes
ro
to
u
er o
r r
s t the e r e
r r t eet e o ut o
NARROW-BODY (REGIONAL)
A t e e e op e t st
r s to
opt
s t o o the r r t eet he pe
e re se ts er e
e et ee
the er e
eo
r r t
oper t o
roppe ro
to
e rs
2011
2015
SS
An-148
SS
An-148
An-24
236
t
Aero ot roup eet
239
233
261
or Aero ot roup
ro
to
e rs
or Aero ot r e s t the e r e
Aero ot r e s eet s o e o the ou est
the or
A er e
e rs
eo
r r
t eet
oper t o
262
92
An-12
An-24
An-26
262 aircraft
155
Aero ot roup
eet s t
e e
er
112
Tu-134
A r us A
oe
oe
Tu-154
ss
A r us A
oe
oe
ote As t the e
o
ere out o oper t o
out
A r us A
oe
oe
A r us A
oe
oe
Tu-204
18
t pes
2015 ANNUAL REPORT
s the
r r t oper te
su s
r es
ere e
prep re to e ph se
ss
WIDE-BODY (LONG-HAUL)
60
Aero ot roup
Aero ot r e
Aero ot r e
Su s
r es
NARROW-BODY (MEDIUM-HAUL)
Aero ot roup s ppro h to eet
e e t
ses the e
e
o eet st
r s to
or st
e oss
o
Auror
r es use A r us A
r r t o the r s he u e
hts h h
e
es the to o er p sse ers u or
pro u t he eet o o e
o
ost rr er
s o p ete
o pr se o oe
r r t h s t pe o
r r t s so use
Ore
r o h rter
tour st
hts
he r e uses o
h u oe
E s
or
hts to re ote resorts
At the s
et e t
s ee e e pe e t
th t Aero ot r e h h h s
r er r r t
eet
o uses o the pre u
r et
se
e t shou use oth A r us
oe
r r t spe
e u h u A
r ers respe t e
or o
h u
A r us
oe
p sse er p
se t
se t
ss
hts Aero ot r e uses
r r t
ere t
t
sses A r us A
ss
oe
E s
4.4 years
er e
Aero ot
eet
eo
r e
11
t pes
61
AEROFLOT GROUP
AIRCRAFT FLEET
Strategic Report
Business Overview
Financial review
Appendixes
NARROW-BODY (REGIONAL)
DHC 8-300
SSJ100
As t
e e
er
Aero ot roup h
r r t
u
A
o
r er
th SS
A
ets
rro
o
hts A r us A
oe
o
h u
r r t A r us A
s oe
s
r r t
re o
tur oprops o
r r t or e u h u
e o
oe
s
4 aircraft
24 aircraft
Length, m
29.94
Wingspan, m
27.8
Seating capacity, seats
87
ur
r r t three oe
s th rtee
oe
s
e ht SS
s
three A r us
s ere
e to the roup s
eet o o
e p r o the e se per o
e th
Aero ot roup s eet opt
s to
respo se to the h
r et
e ro
e t
r ers ere ph se out hus
the et
re se
the roup s eet
ou te to
o e r r t
Maximum take-off weight, kg 45,880
Engines
Power Jet SaM146
Flight range, km
2,400
AN-24
1 aircraft
Length, m
Wingspan, m
Length, m
Wingspan, m
25.7
27.4
50
Maximum take-off weight, kg
Engines
Flight range, km
18,997
PW123
1,550
2 aircraft
Length, m
Wingspan, m
AN-148
23.5
29.2
40
Engines
Flight range, km
21,800
AI-24
990
42
DHC 8-200
22.2
25.9
37
Engines
Flight range, km
DHC 6-400
6 aircraft
Length, m
29.13
Wingspan, m
28.91
75
42,500
Engines
D-438-148
Flight range, km
3,500
2 aircraft
Length, m
Wingspan, m
rro
o
re o
r r t
16,466
PW123 C
1,713
DHC 8-402
15.77
19.80
19
Engines
Flight range, km
5,670
PT6A-27
1,800
3 aircraft
Length, m
Wingspan, m
32.83
28.42
70
Engines
Flight range, km
29,574
PW150A
2,532
NARROW-BODY (MEDIUM-HAUL)
AIRBUS A319
40 aircraft
Length, m
33.84
Wingspan, m
34.1
Seating capacity, seats 116–138
AIRBUS A320
AIRBUS A321
70,000
Engines
CFM 56-5A/5B
Flight range, km
3,500–6,800
26 aircraft
Length, m
Wingspan, m
44.51
34.1
170
Engines
Flight range, km
70 aircraft
89,000
CFM 56-5B
3,800
Length, m
37.57
Wingspan, m
34.1
BOEING 737-800
BOEING 737-500
Maximum take-off weight, kg 75,500–77,000
Engines
CFM 56-5A/5B
Flight range, km
4,000–5,500
3 aircraft
Length, m
31.01
Wingspan, m
28.88
Seating capacity, seats 110
57,833
Engines
CFM 56-3C1
Flight range, km
4,500
42 aircraft
Length, m
Wingspan, m
39.5
35.8
158–189
79,015
Engines
CFM 56-7B
Flight range, km
4,500–5,765
181
rro
o
e u h u
r r t
WIDE-BODY (LONG-HAUL)
AIRBUS A330-200
BOEING 767
5 aircraft
1 aircraft
Length, m
54.9
Wingspan, m
47.6
186,800
Engines
CF6-80C2
Flight range, km
10,000–10,700
BOEING 777-200ER
Length, m
Wingspan, m
AIRBUS A330-300
58.8
60.3
241
230,000
Engines
RR TRENT 772B
Flight range, km
11,200
BOEING 777-300ER
17 aircraft
Length, m
63.7
Wingspan, m
60.3
3 aircraft
Length, m
Wingspan, m
62
13 aircraft
63.73
60.93
364
Engines
Flight range, km
2015 ANNUAL REPORT
297,556
PW 4090
14,305
Length, m
Wingspan, m
73.86
64.8
402
Maximum take-off weight, kg 317,515
Engines
GE 90-115BL
Flight range, km
11,200
ote As t
e e
230,000
Engines
RR TRENT 772B
Flight range, km
9,500
39
o
e
o
h u
r r t
er
63
Aero ot roup
Business Overview
Financial review
Appendixes
AEROFLOT AIRLINE AIRCRAFT FLEET
r r t eet
Change during the year
Aircraft fleet as at
31 December 2014
phased in phased out
Aircraft fleet as at
31 December 2015
Owned
Operating lease
Finance lease
An-148
6
–
–
6
–
–
6
An-24
1
–
–
1
1
–
–
Type of aircraft
Strategic Report
DHC 6–400
2
–
–
2
–
2
–
DHC 8–200
3
–
–1
2
–
2
–
DHC 8–300
4
–
–
4
1
3
–
DHC 8–402
–
3
–
3
3
–
–
SSJ100
16
8
–
24
–
24
–
Mi-8 (helicopter)
3
–
–3
–
–
–
–
As t
e e
er
Aero ot r e h
r r t
u
re o
r r t
rro
o
e u h u
r r t
e o
r r t
Aero ot
r
e
the eet
se p
e to
u e e
SS
oe
oe
E
r r t
r r t h hh
ee out o
oper t o s e
ere ph se out
r r t eet
Type of aircraft
31 December 2014
31 December 2015
Change
SSJ100
16
24
8
DHC 8-400
–
3
3
Narrow-body (regional)
16
27
11
Narrow-body(regional)
35
11
–4
42
5
31
6
Airbus А319
39
3
–2
40
–
29
11
Airbus А320
75
–
–5
70
–
69
1
Airbus А321
26
–
–
26
–
5
21
Boeing 737-200
2
–
–2
–
–
–
–
Airbus A319
7
5
–2
Boeing 737-500
3
–
–
3
–
3
–
Airbus A320
63
63
–
Boeing 737-800
38
13
–9
42
–
42
–
Airbus A321
26
26
–
Narrow-body (Medium-haul)
183
16
–18
181
-
148
33
Boeing 767
3
–
–2
1
–
1
–
Boeing 737
6
14
8
Airbus A330-200
5
–
–
5
–
5
–
Narrow-body (Medium-haul)
102
108
6
Airbus A330-300
17
–
–
17
–
9
8
Airbus A330
22
22
–
Boeing 777-200ER
3
–
–
3
–
3
–
Boeing 777
10
13
3
Boeing 777-300ER
10
3
–
13
–
3
10
Il-96-300
5
–
–5
Il-96
5
–
-5
–
–
–
–
Wide-body (Long-haul)
43
3
–7
39
–
21
18
Wide-body (Long-haul)
37
35
–2
Total
261
30
–29
262
5
200
57
Total
155
170
15
ote As t
e e
o p
three
oe
r r t
er
o e oe
o e oe
r r t ere out o oper t o
r r t ere e
prep re or oper t o
s t
e e
er
o e A r us A
r r t ere e
prep re to e retur e to the e s
Aero ot roup eet
rro
o
rro
o
e o
64
2015 ANNUAL REPORT
e u
re o
o
h u
t pe o
h u
r r
t
s
e
A
o p
r r
r r
t
t
ere e
three
prep re to e retur e to the e s
he opters ere out o oper t o e e e
Aero ot roup eet
Oper t
e se
e e se
O e
t pe o o
ersh p
ote
re o
Aero ot
r
rro
o
rro
o
e o
r r
t
ere pur h se
e eet
e u
re o
o
h u
t pe o
h u
S Aero ot to e tr
r r
t
s erre to Auror
Aero ot
r
r
e
e eet
t pe o o
ersh p
Oper t
e se
e e se
O e
65
SUBSIDIARIES AIRCRAFT FLEET
hrou hout
su s
r
r es ere opt
s
the r
eet Ore
r
s
e te the ost ue to
h
e
ts
pos t o
the r tr sport t o
r et Auror
so
Su s
r es
o t ue to opt
se ts
the route et or
r r t eet o o
h
es
31 December 2014
31 December 2015
Change
Airbus A319
16
16
–
Airbus A320
11
7
–4
An-148
6
6
–
Boeing 767
3
1
–2
Rossiya airline
36
30
-6
Boeing 737
24
16
–8
Boeing 777
3
3
–
Orenair airline
27
19
–8
Airbus A319
10
10
–
Donavia airline
10
10
–
Mi-8
3
–
–3
Airbus A320
1
–
–1
An-24
1
1
–
Boeing 737
5
3
–2
Airbus A319
6
9
3
DHC (6 and 8)
9
8
–1
Aurora airline
25
21
–4
Boeing 737
8
12
4
Pobeda airline
8
12
4
106
92
–14
Total
66
2015 ANNUAL REPORT
Business Overview
Financial review
Appendixes
FLIGHT HOURS
r r t eet
Type of aircraft
Strategic Report
Aero ot roup s eet e p s o
r es
pro e e t
oper t
per or
e
Aero ot roup s
ht hours
re se
o to
thous
hours Aero ot
r e poste
re se
ht hours
to
thous
o o
the e p s o
o ts oper t o s
ht hours thous
637
721
A er e
ht hours per r r
oper t o per
hours
hours
776
815
Aero ot roup s
ht hours per
r r t
oper t o per
er e
up
o
he ro th
s r e
su s
r es eet opt
s to
re se
the sh re o
rro
o
r r t Aero ot
r e s er e
ht hours per r r t
oper t o per
re se
to
hours
9.5 hours
Aero ot roup s
ht hours per
r r t
oper t o
per
t
860
5.4%
555
ro th
roup s
595
Aero ot r e
Su s
r es
Aero ot
ht hours
Aero ot roup
Aero ot r e
ote he u
er o
r r t
oper t o
the report
e r s
u te
s the er e o the u
er o
r r t s t the st rt
the e
o the per o
FUEL EFFICIENCY
h ue e
e
s
port t e e t
o the ou
eet ue osts
ou t or
or p rt o
r e s e pe ses he r
sh re
Aero ot roup s
oper t
osts
ou te to
e
r ers e ture
r ous te h
so ut o s h h e
e
re u t o
ue
other oper t
osts Spe
s e
Aero ot
h s ee oper t
the ost
e
A r us A
r ers e u ppe
th
e
ero
t ps sh r ets
he r
t e s
ue o su pt o
or
re se
ht r
e
per or
e
re u t o
to A r us
pro e t eo
Oper t
ou
r r t eet e
e
opt
s to o
te
e osts
re u e e ro
e t
ootpr t throu h
u h o er h r u O
O e ss o s
to the t osphere
or ore et s o
the eet ue e
e
see the E ro
e t
p t
er or
se t o
e
67
Strategic Report
Business Overview
Financial review
Appendixes
SALES
24.0%
sh re o
s es
Aero ot roup se s t ets throu h
r et
o o est
ter t o
h
es
u
the o
Aero ot e s te here
p sse er
u t ets oth or the r e s
hts
the
hts o ts su s
r es o
e sure s
eo
e o er
su s
r
e s tes h e ee
eep
e
th Aero ot
r e s p t or
or o
e s es o e
r e se s t ets
epe e t throu h
the r e s te or o
e oo
s ste s
the roup o t ue to stre
e
the stru ture
e
e
o ts t et s es
A e ts
ou te or the r est sh re
s es
h e ter et s es ere
s es o
es
the
e tre
ou te or
respe t e
re
ro
A
to
Aero ot r e h
e
ts
e t e pro r
e or
e ts
uss
support
the ro th o s es throu h
e ts
h
r et e ro
e t
o st u te s es
pro e
e t o t
Aero ot r e so supporte pro ot o
p
s or
se
rs to
t t o tours or s es
e ts
rr e
out o t
r et
p
s
o
o Aero ot roup re e ue
o est s es
h
e
64.4%
ter et
sh re o s es
throu h eutr
oo
s ste s
S
Author se
e ts
O
s es o
es
re
o
Aero ot roup s es
h
e
re
ro
re
ro
o
o est s es
o
o est s es e u
os o
130
S es
uss
S es
ro
ter et s es
e tre
Author se
e ts
ter et s es
O
s es o
es
e tre
A e ts
A e ts
63.3%
os o s sh re
o tot s es
uss
S es re e e te throu h uthor se
e ts
u er re t
e
ree e ts eutr
oo
s ste s r sport e r
ouse
S
uss
s es o
es Aero ot
r e s e s te
the
e tre
the report
e r the sh re o eutr
oo
s ste s
S
uss
re se
ro
to
s es o
es ro
ote
th s se t o o the A u
su s
r es u er
o
68
2015 ANNUAL REPORT
eport the roup s s es
er
e e t
os o
es
re o s
s
INTERNATIONAL SALES
DOMESTIC SALES
he h hest s es
uss
re e er te
os o
o tot s es
St eters ur
the t es o the uss
E st
o
s es o
es
represe t t e o
St eters ur
osto
u h oS h
Kh
ro s
o os rs
K
r
Others
to
ro
h e s es throu h
to
respe t e
e ts e re se
r
he o p
o t ue to or o
pro
e
e
s es stru ture
u
the reso ut o to tro u e
u s es
thresho
or uthor se
e ts e
the to ret
re t
e
ree e ts
th the r e h s
t t e
he p sh t
s es throu h
e ts to eutr
oo
s ste s
stre
e ter
oper t o s
t S Aero ot
u e re e ue o Aero ot
r
the report
e r the h hest ter t o
s es ere e er te
ester Europe
he roup o t ue ts e p s o
to Southe st As
r ets r e
o
other th
s
sh ts o tour s
o s to r s
resorts o h
et
s e
s
the ro th
o e t
hts et ee
As
Europe h s re o s s es e t up
to
orpor te usto ers u er
th the o p
s es o
r e s e s te
the
re t
ree e ts
es Aero ot
e tre
the report
e r ost s es ere e e te
throu h S A
h
e s the r sh re
ou te or
S es throu h uthor se
e ts tot e
s es throu h o
o
es
ou te or
36.0%
ester
Europe s sh re o
ter t o
s es
ter t o
s es re e e te throu h
the et or o
epe e t A A e ts th
S
A sett e e t s ste s uthor se
e ts u er re t
e
ree e ts
e
69
hrou hout the e r Aero ot r e
o e tr te ts e ort o stre the
re t o s th the ter t o
e
et or
opt
s
e
ter s o er
re
ro
o
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S
t st tes
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r tes to s es
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Author se
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e o o
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e
po
so pro es or str
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r r t e se
ree e ts
pro r
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e
rep r
p t
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s
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t o p
e
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te
e
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respo s e or r orth ess o
r r t A r r t o the roup s
ser e u er e st
te
oper te u er su e se
70
2015 ANNUAL REPORT
ep rt e ts
oper te
r es re
e o tr ts
ree e ts
e o e tr te our e ort o
the r r t
te
e u
r e
ts su s
r es
Business Overview
S Aero ot ho s
t
s ert
tes
ssue
Europe
er u
uss
to
uthor t es or
t
r orth ess o the o o
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r r t
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e
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e A he
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te
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e
te
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te
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e
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Aero ot roup
or outsour e to th r p rt e ors he roup
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te
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te
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house
MAINTENANCE AND REPAIR
Aero ot roup h s
te
e
rep
the eet o Aero ot
th r p rt usto
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Strategic Report
e tr s
t o or Aero ot
As t the e
o
S Aero ot
u e
the o o
s o s re te to r r t
te
e
rep r
• Ar r t
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t
s
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other roup r es
• A r orth ess ep rt e t
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s
r orth ess o r r t oper te
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r e
es te h
o
to
o the eet throu hout the e t re r r t
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p e e ts
S Aero ot s str te
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u t Assur
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u t
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s he u e
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r r t
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s
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e
s he u e
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se
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e h s os o
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Aero ot roup o t ues
Financial review
ts ooper t o
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A
u r
the o
ter
r r t
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te
e
rep r
ree e t o
ore
our
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A
e to or e su st tut
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o
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eer
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ert
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e to e u p e ht A r us A
r r t th e
es
e Sh r et
t ps
s o p ete
t the r ue
se
o
e h A r es e h s
utt
pro r
e p
te
ser es
e o o
Appendixes
A-Technics
s
spe
st
r r t
te
e
rep r su s
r
est
she
Aero ot roup u he ts ost
per or
e
pro e e t
e h s pro r
e pro es or
house r r t
o po e ts
e throu h re u
outsour e
h h
he p
pro e the roup s
e
e
he pro r
es
• set up o
e
o p
t u
• o stru t o o
rport to per or
o oe
•
tro u t o o
u
te
to e per or e
rport
• set up o
e
or A r us A
K
e
p rt ro
he s
he s A
he s
esto es
te
te
e
rep r
o o rport
r
t Shere et e o
s he u e
te
e
E s
e
te
e oper t o s
he s o oe
s
house t Shere et e o
eers o
he
te
e st t o s
r r t U So h
S Aero ot per or e
s o er
ee
he s
he
he s s e
ss
e r
he s
Aero ot roup eeps o re u
our te s t
o o
r e
es
t pro ress
te
e
our te s t per
s
hours
et e
Aero ot
ts
ht hour
71
Aero ot roups
r r t
te
e
rep r
Rossiya
Orenair
o
Auror
o e
A-Technics
u o o
base
Orenburg
base
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e e e op e ts
e
Aero ot roup
the r r t
te
e
rep r
ere s o o s
• E e tro
ht
s ste o e e tro
e es or pre
ht
ht
e e to r
to
or t o
E
s st e o
o r
A r us A
A r us A
r r t
• e
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t
the
re ess t tr s er s ste
s re e e
e o s ser e
t Shere et e o
IN-HOUSE CAPACITY
Shere et e o
base
60,209
HANGARS
3
1
se
Financial review
Appendixes
83,703
91,798
•
e
e u p e t to
t
the oe
Su ho Super et
o
e
spe s
e up e t
s re e e
• e too s
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s
he s o Su ho Super et
s ere
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u ts
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•
ustr
tro e
e er t o
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s o
ss o e
7,300
ee
he
s
s
our te s t per
ht hour
o Aero ot r e r r t
hour
rport
103,179
u o o
base*
74,042
1
1
Business Overview
ses
OUTSOURCED MAINTENANCE STATIONS
Aero ot
Strategic Report
3.34
3.03
2.65
2.44
2.39
933
he
he
s
1
TYPE OF AIRCRAFT
B777
B777
B767
SSJ
A
B767
B747
TYPE OF SERVICE
A-/B-/C-/Dcheck
e o
r r th
*Ar r
72
t
te
e
A-/B-/Ccheck
r
rep r o p
2015 ANNUAL REPORT
A e h
s
s est
A-/B-/Ccheck
rro
o
r r th
r
she
e e
A-/B-/Ccheck
er
73
SAFETY AND SECURITY
99.978%
ht s et o
Aero ot r e
su s
r es so
s et st
r s
Aero ot r e s
o
th
test to h h e
s et
e sures
Business Overview
A o
S Aero ot s su s
r es su ess u
p ss re u r A A
OSA oper t o
s et
u ts
e o str te stro
s et
u t e es
FLIGHT SAFETY
ht s et
t o se ur t h e
s ee
top pr or t or Aero ot roup
he roup r es h e
te r te
e e t s ste
or
ht s et
t o se ur t to e sure o p
e th
OSA ter t o
st
r s
the e er
A to
u es o the uss
e er t o
Strategic Report
t
the h hest
ht
ht s et
pro e e t
re se
ht hours
e
o the o p
s
he s et e e o Aero ot r e
hts
re he
to h t the h hest
r
eo
Aero ot s
S Aero ot oper tes s ste o supp er
e or
e e t throu h the A A
ro er Au t oo s pro
or supp er ue
e e ross the route et or
• SA O S et Au t or rou
Oper t o s
oo
•
ue u t oo
•
A
e
A t
u t o tro
oo
Financial review
Appendixes
o ssess
pro e
ht s et
the o p
so rr e out ter
u ts
o ts orpor te oper t
s o s E p o ees
re e our e to
or the
e e t
o
s et ssues o the o
to
o o
e t
t
t o the
ht
s et ep rt e t o u ts
ss
o ee
o
r
re
e
ers
o o p ete
hts
th e sures t e
s e ess r to
ress
e t e ssues
hrou hout the e r u h e ort
s so
e to
se the r s s o u
u
ter ere e srupt e p sse er eh our
e ro
e t h
r s
u
r
str es
SA A
ht s
et
e e o Aero ot
r
e
Aero ot
r
st
99.972%
AVIATION AND TRANSPORTATION SECURITY
e s SA A r t os
e
SA A
to
99.978%
99.961%
0.85
0.64
0.21
0.21
Aero ot r
SA A r t o
es
s p rt o the S et Assess e t
o ore
A r r t SA A ro r
e
the Europe
A to
o ere e
E A
rr e out ts s he u e
spe t o s
o Aero ot r e s r r t or eet s et
spe t o s the SA A ro r
e h s set up
s et r t o th the st
r
ue o
Aero ot r e s r r t e o str te
stro
SA A s et r t o o
he o p
s r r t ere re o
se to e
u o p
e th
the pp
e
s et re u t o s
S Aero ot h s
te r te
e e t
s ste the e
e
e e t e ess
o h h s re u r
o r e
epe e t
e ter
u tors he ore te r t o
p t or
or the o p
s
e e t
r
e or s ts u t
e e t s ste
74
2015 ANNUAL REPORT
h h or
e rs h s su ess u p sse
ert
to
u ts u er SO
u t
e e t S ste
re str t o s
u er A As
ustr pro r
es OSA
Oper t o
S et Au t SA O S et Au t
or rou
Oper t o s
Aero ot r e o t ue
pe e t to o
to p
to
t
h h e e o
to
tr sport t o
se ur t p sse er
st
s et
ose
ooper t o
th rport se ur t ser es
r es
e or e e t uthor t es
he o p
s e perts re t e
o e
pro
the uss
to
tr sport t o se ur t e s t o
As
e
er o the o
S
e
A
e
Aero ot r e h s o
ee e
e
ts
t o se ur t
t t es
the o p
or
se
s he u e
eet
o S
e
t o se ur t e perts A t o
Se ur t u t o
E perts AS E
roup
he
O to er
So h he e e t
s e
or
se
r
s ooth
h h urther
r se the r e s pro e o
the report
per o
S Aero ot p sse
re u r
t o se ur t
spe t o s
• OSA u t o e t o s or o
o p
es
ere ou
o o
the u t
• s he u e
spe t o
the r sport t o
Se ur t ep rt e t o the e er A r
r sport A e
os
ts
he o p
o t
e
e r
t o se ur t
o p
e ert
te
• s he u e
spe t o o Aero ot r e
ore
t es
os
ts s o
ttee
S Aero ot
s re o
se to e
o p
e th pp
e
to
se ur t
e e t re u t o s
e ru r
S
ert
to
e
er
o u te
e ter
o p
e
u to
S Aero ot or o p
e th
re u re e ts o
ter t o
st
r s
SO
u t
e e t
S ste s
SO
E ro
e t
e e t S ste s
S Aero ot
s u te u er OSA or
o p
e th the ter t o
oper t o
s et st
r s A A Oper t o
S et
Au t
75
NEW AVIATION SECURITY PROGRAMMES AND MEASURES
the A t o Se ur t
ep rt e t
o
S Aero ot p ote
Auto
te A t o
Se ur t
e e t S ste
AA SE S pro
ess to
t o se ur t up tes or e p o ees
o e
se ur t us ess pro esses h s s ste
he ps ssess the tu st tus o the se ur t s ste
ts o p
e th st
r s pro e or
the r e s se ur t pro r
e re o
e e
AO
A A st
r s
s o est
to
rport
ou tr es AA SE S
or
t o s ste h s
o u r
es
su h th t o po e ts
e
e to eet
the re u re e ts o
h
es
us ess pro esses
o
t o se ur t u ts
the o p
o
t
the o p
Aero ot s
h h e e o
t o se ur t
su ess u oper tes
e te
te r te
e ser e s
ote h
se ur t so ut o
h h e sures o s ste t re u r
spe t o s o the r e s
r stru ture
eh es
oper tes
ose
e
ro repro u t o
o s
er o sto to tr
to use
ete t o
h s ote h
se so ut o pro es or o
tor
o tor
o Shere et e o rport
t es to ete t
e p os es
e p os e e es
the o p
he e s
t te e tu
propert e e op e ts
oo
• e er
st tute o
ustr
ropert
S
re stere
p te t or
e
etho o ete t
E p os es
Other r et Su st
es
• e er
st tute o
ustr
ropert
S
re stere the O
tor
o tor
tr e
r
out
S Aero ot tr e
r ho er
se
INTERACTION WITH SUBSIDIARY AIRLINES
o e sure o o
se ur t
or
to e h
e
the o p
es
e
tro u e
ee
A t o Se ur t St tus eport to e prep re
su s
r es
t es A t o se ur t
e sures
re o
u
te to the o p
s su s
r es o
s ee e
s s Su s
r es so re e e u rter
76
2015 ANNUAL REPORT
resu ts o
o tor
ssess e t o pote t
u
u
ter ere e
S Aero ot s oper t o s o er
the pre ous per o
the te r te r s
tr
or
the route et or or the e t per o
e so o tor
tr s t o s o su s
r
r es ose u er
to
se ur t ser es
ree e ts
Strategic Report
Business Overview
Financial review
Appendixes
BRAND AND SERVICE QUALITY
Aero ot o t ue to stre the ts
e ersh p
pro ot
the r
o Aero ot
s
r rr er o er
the h hest s et
o ort o
o r
e
r r t
ro
route et or
e o
se
s the est A r e
E ster Europe
S tr
Aero ot s
top r te
o
ustr e er
u t
o ser es
the report
e r Aero ot o t ue
to e
pro u t t t
e u
p
s oth
uss
o erse s
to stre the ts pos t o o the
to
rr er
pro e orpor te
e support s es
o Aero ot roup
re se usto er
p rt er o t Aero ot e ere
ser es
o u
ue e
pro e ts us
utt
e e
ht te h o o es he o p
too p rt
the os o
ter t o
est
r e
o
ht or
se
r
su ess u e
e r r e
ht sho
or uss
t es
St eters ur
osto So h K
osto o
o
the
or t o t t
ert s
t t es ere o use o support
Aero ot s
s es oth throu h
ss
ss e
press
out oor
r
o
ert s
o
e
Aero ot r e pro ote ts ser es
o the uss
r et throu h
•
or
p
s
ou
su
er
ter
ht s he u es
•
u
o
o to s t e
rports
o the uss
e er t o
• e p s o o the uss
r et
ou
e
u he
hts
to Ar h
es
ur
s
oro e h
S r to
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re o
e
o se so s
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spe
res to usto er e s
throu hout the e r
ore
s es ere supporte
ooste
throu h t t
p
s ro e out
r
e e u the UK er
o
the USA p
h
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Ar e
t
hese
p
s ere
es
e to
pro e s es o
re t
hts
to os o
o e t
hts et ee
Europe
As
o e t
hts to uss
est
t o s so e o Aero ot s ser es s
e
s pro ote our r
the pro ess o
o
u t
the o p
spe
e ph s s o
e u
our
pr or t As
r ets h
South Kore
th
p
s o use o
u
r
re ess
pro
e
or
o e t
hts ro As to Europe
SkyTrax
he est A r e
E ster Europe
77
MARKETING RESEARCH
72%
Aero ot r
S
e
es
or er to
ee
e t
e e t
e s o s pro ot
the pro u t
o Aero ot roup r es r e our o pet t e
t es o the o
p sse er r
tr sport t o
r et
re se usto er
o t
S Aero ot o u ts re u r
r et
sur e s su h s
• ssess e t o the et ro oter S ore
S
o t
th
o p
our
S
re
p p o to re h
• sur e o o p
e th Aero ot s usto er
ser e st
r s rr e out
sso t o
th o r o tor
St
r s
ster
p sse er u t
e h o the our sur e e
u rters
s t the e
o
th s
etr re he
pro
re
e u t
o the o p
s ser es
• ssess e t o usto er s t s t o
th Aero ot r e s pro u t o
the
r ets o Europe
e E st
As
ooper t o
th A A
ts A rs t
usto er s t s t o sur e s e s
o tS
e
usto er E per e e
ese r h o er
e
er r es
e o u te
sur e to e t
spe
s o t r et usto er roups o
h ese
South Kore
r ets he resu ts
o t
e
ou
t o or
e
r
pro ot o str te o Aero ot r e or As
r ets
35 aircraft
th
points
ess
e so
se tre s
usto er
o t pro r
es
ssesse the r
pe e t to
Aero ot o us s e
s
o u te
sur e o t r et roups se s t t
to
e e h
s
or er to
re se
o su er
o e e t
o p
ter es
Strategic Report
Business Overview
he o p
o u te
o
o r usto er
sur e to ssess the per or
e o our
p rt ersh p pro e t th
hester U te
ts
ue e o usto er o t
the Aero ot r
re o
to
he sur e
resu ts re e e h h p sse er
re ess
o the p rt ersh p et ee Aero ot
hester U te
h hh s e o e
pos t e r er o the r e s
e
o
ter t o
p sse ers hose to
th
Aero ot
ue to ts p rt ersh p th
th s oot
u
tte
ue e
o th s p rt ersh p o the r ho e o
rr er
oss
r es r
s
ssesse throu h o
e uest o
res
he sur e resu ts sho e th t oss
e o s the stro est r
re ess
St eters ur S
r A er So h s e
s
o
re ue t ers t
ore th
three
hts per e r
S
S
e o Aero ot
r
56%
ht ser
e
o o er
p
Aero ot r
r r th
oe
o Aero ot s
Appendixes
o
h s
r
o
ht
rport p sse
ser es to
e the
er ser es e eep o
pro
ht s o ort
e s poss e
es
o t ue to e er o our pro r
sse ers
ht
o
o r
e s r r t As t the e r e
ess po ts
A r us A
s hus
s
ess e o
o
h u
r r t
A rport ser
e
67%
52%
Aero ot str es to pro e ts usto ers th est
ss
ht ter
e tert
e t s ste s
o er
e
e
s
Up r e ser es or us ess
ss p sse ers
u e
•
o er re er
ht e tert
e t e es ep o
S su
S
˝ t et
u er o e u
h u
hts
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tore err
o r
e
e t ts o
hts st
ore th s hours
• o p e e t r e ut pro u ts
u
e
s o
hts st
o er e ht hours
es
pro e rport e per e e st r
ser e
ee ro e out
A ster
Athe s
o
eo
oo
russe s u pest e e e e
o
r
r s r ue
o e
o o
r
urt
72%
the o p
e the o o
up r es
Shere et e o s er
•
u port
e po er
s or p sse ers
to h r e the r perso
ets ere set up
us ess ou es
• e e e tro
s es or h
u
e ere st e
t o r
tes
• u
o p
e
or ou e roo s ere re o te
58%
e ser
es
Aero ot h s o t ue to e p
ts o
e o er
u h
e hote oo
ser e
h ese
u e oo
ter e up t
our Spe
O ers
se t o
tro u
e pr e u r tee ser e
r
eo
r ser
to
u
e u he the Aero ot o e pp or
pro e u t o
t o
u
er o ser es
e te e support o
ss oo
oo e o
es
S Aero ot s su s
r es
p e e te
e
e sures to
pro e the r usto er e per e e
oss
r e
te h
ues to e
the se e t o o
pur h se o
o
tro u e
e
ppro hes
h
e
ht ser es
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e
s
s
r
s
eo
o r or
est
hts
Auror
r e tro u e
r
e o
o r
ets
us ess
e o o
sses
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us e
shes o the
ht e us o
hts to p
h
South Kore
he o p
so u he
up r e
e s te
o
o
2015 ANNUAL REPORT
IMPROVING CUSTOMER EXPERIENCE
Su s
78
Financial review
o
rports
r
e
er
tro u e
e o
o
e he
t osto
o o e o o os o
79
S
r or t
St rt
ro
Aero ot r e s
e
er
o the S
e
A
e h s ee e
S
r or t
t t e o er
e er te o p et o o ep rture
or
t es to re ue t ers ho re pr or t se
ur
the he
u
e rop o p ssport o tro
o r
e o t ue to ro out st r
e er te p ssport o tro
se ur t
S
e
e hu s
S
he
r or t
s
t
r ho ers
Aero ot o us o ers ts e
ers
opportu t to e r ree
es he
th Aero ot roup
S
e
A
p
th o r
e
r s
us
ser es rou
the o e
ree
es
e use to oo
ross Aero ot roups
S
route et or up r e the tr
roo re t
r or u other
ser es o ere
our re r s
Aero ot o us e
ers
to h r t es u er the er
Aero ot o us
e
e
p rt er
pre u
hts
e
A
es
e
ss oo
oo s
t o ue
so o te
es
es pro e t
ers
o
he pro r
e pro es or s S er o
t u t ers E te u
e
ers e e t
ro
to
pr e es o Aero ot roup
p rt er
hts
e e ro e
p rt ers s p rt
o the o us
es pro r
e es
e
p e e te the re r
t o ue
o er
e re e pt o s or p rt er oo s
ser es
e h
e our o e pps
or Aero ot o us e h e so e p
e
eo r ph o
e re e pt o s or tr e
ss
up r es t he
s o stre the the ppe
o th s
t t e
pro e usto er o us
re se retur s e he
out
spe
p
s th Aero ot o us p rt ers
Aero ot o us
18 new
partners
Aero ot o us
pro r
e
2.7
3.4
4.0
4.6
e
ers
Appendixes
t er
he
o u e t e
the o us re s
o the o p
s
o t e e e op e t
s S Aero ot s
o t e e e op e t
ro r
e the ro r
e
ppro e
S Aero ot s o r o
re tors o
u e
the s or e o
r te
u
rt ersh p
o t o u er
the o er
e t o
ss o o
h
e h o o es
o to o
u e
he u e es or
o t e e e op e t
o su s
r
r es
oss
Ore
r
o
Auror
re set out
re e
t
pro r
es ppro e
the o p
es
o r so
re tors
S Aero ot s
o t e e e op e t
ro r
e
u es the pr
p
o us
o the o p
s
o t e e e op e
or
o t e pro e ts
t
he ro r
e so o pr ses e u
o
ter t r et K s up to
u
• ost re u t o
• e er
resour e e
e
• ser e u t
pro e e t
•
re se
our pro u t t
•
pro e e ro
e t
re
ess
• e h
e
ht s et
t o se
• etter
ht pu tu t
re
t
re s
t
t es
ur t
he ro r
es t o p
to stre
e
o t e e orts
u es
t t es
to e e op
o to
e e t
s ste
e sures to re te
o t e
e os ste
oor
t
e orts th s
e u s e
us esses u ers t es
rese r h or
s to s
th
te h o o p t or p rt ersh ps e e op
te h o o es
pro e
re es
us ess pro esses he o p
h s
p e
set o
e sures e sur
the ro r
e
pe e t to
u
the e u
ter
ro r
e
pe e t to p
ro
p
pro
or o t uous
o tor
o
p e e t t o pro ress
Ke
o t o o us re s
•
eet up r e
• route et or e p s o
•
tro u t o o
te r te s ste s or ore
oper t o s rou
h
te
e
rep r
t o se ur t et
•
pro e usto er e per e e
•
te r te
pro e ts
u
u
to
er er o
s ste s ross the roup
o p
es tro u t o o u or
oper t o s re te
so ut o s uto
to
o eet
route et or
e e t
e e op e t o s
e oo
s ste
or
hts oper te
the roup r es
e e op e t o s
e s ste
or
to
ue pro ure e t tro u t o o e e t e
so ut o s to support p sse er ser es
et
pr
5.1
Financial review
INNOVATION AND INFORMATION
TECHNOLOGY
As
ustr e er Aero ot roup
heres
to the o ept o
o t e e e op e t
to sh rpe ts o pet t e e e o the o
r tr sport t o
r et
Aero ot o us s the r est re ue t er
pro r
e
uss
S
E ster Europe
the u
er o pro r
e e
ers
re se
o to
o peop e
Aero ot o us e
ers re esse t
or
u
usto er o t
re ue t
Aero ot o us er er e
hts
o
Business Overview
INNOVATION PROGRAMME
AEROFLOT BONUS
5.1 million
Strategic Report
the report
e r
o t e pro e ts ere
r
o use o
or
t o te h o o
ht s et
usto er e per e e
s
Silver
o
t u
80
2015 ANNUAL REPORT
81
Strategic Report
Business Overview
Financial review
Appendixes
KEY INNOVATIVE PROJECTS IN 2015:
ro e ts ere
p e e te
sso t o
th u ers t es
rese r h or
s to s
the e u ter the o p
te s
to e p
ts p rt er et or o u ers t es
rese r h or
s to s
the re o s
here t oper tes to u ert e o t
e orts oor
te re ru t e t tr
pro ess o
e e op e t o e p o ees
te h o o
ore st
sh r
or
to
the report
e r
u
er o o t
pro e ts ere
p e e te
th other
or
s to s
u
s
e u
s e
us esses S Es su h s
• e e op e t o ppro hes to
s
the u t o
s et o
to
r stru ture
t es
• e e op e t
pe e t to
o Aero ot
e t
e
• e e op e t o
ter t o
s ste s
e
u
A O or o
r ets
others
S Aero ot s
o
osts
se
e t
the o p
o t ue to o
or te
th
o to
re tors u
e h oo
t or A t o
o
t
A t o e h o o es
o e e t th these
o pro t or
s to s
• he ps
t te pro e ts ose re te
to the o p
s ore oper t o s
• e
es the o p
to se ure u
u
o er
e t u et u s
to
ress h e es
oth
the
ustr
S Aero ot
• supports e s o
st te
uthor t es se o the resu ts
o pre
r
o tor
o o
u
to
p t or s
• pro otes the o p
s
o t e
e e op e t
•
u
ter t e ter es et ee
the
se
re ote
ess po ts
pro e t
ese r h e e op e t
pe e t to
o
to
so t re o u e or
the st te o the rt o puter
se s ste
or pro ess o
tr
o
S Aero ot s r
re
•
o ept e
o
s ste
ro sour
rese r h
reso
the o p
• K o
S Aero ot s
osts
e
e
se
s ste
rese r her
E h
the t e o
re uests
too or e
usto er e per e e re u
respo se to p sse ers
pro
st
s
s pro
p o ee tr
• Auto
te up te o usto er
S Aero ot s
s ste s
e e t
Oper t o s
Ser es
o
er
S et
se ur t
E ro
e t
e er
82
2015 ANNUAL REPORT
e
e
U ers t es
ese r h or
s to s
Other or
s to s
u
S Es
t
he s ste represe ts
te r t o
te
h h uto
tes
out o
u oper t o s
o
es se er
so t re pro u ts re u re to re ster
usto er
the orpor te o t
ro r
e he s ste
so uto
t
he s pp
t o s su
tte
users
s
re uest or s or other ep rt e ts
thus o s er
s p
spee
up the pro ess o usto er re str t o
the orpor te o t ro r
e
e e op e t
ep o
e e t s ste
or
orpor te s es
e to
e t
s es
Auto
t o o the ter t o
th
e ts
orpor te usto ers
u
t
the usto er s pro e o er
er
eo p r
eters str ut o
o ou terp rt es
o
ers
uto
to o o
u
t o s th
ou terp rt es
e op e t
pe e t to
to or
se
ru
o o
se e ter
o pet t e
o
Aero ot p sse ers
t s s re te to
pro
s pro esses
e t e su represe t t o
o the resu ts o
p e e te pro e ts
e o str t o o
outspo e
ppro h
to p rt ers
o us o usto ers
re e pt o propos s the r
ss
pe e t to
pro
the usto er
s ts to
e
t e e e op e t
•
he s ste
e
e pro pt rep e e t
o
s es
er thout o pro s
the us ess spee up usto er
usto
pro ess o
ss
t r et
ere t o su er se
e ts
pro e s es
e
e
stre
the orpor te
usto er
e t
t
se
e e t
•
e e op e t
ep o e t o
h
s ste to pture
t o se t
t
t et pr es to h
e se r h uer es
ro o
e tr e
e es e s tes
Aero ot s e s te e e op e t
o pro e ures or up o
up t
t o se t
t
oo
sses
t et pr es or
hts oper te
Aero ot roup r es thout
ess
the oo
s ste
host
he
h
s ste
s es
e to t s
u er et ee
et se r h e
es
the S re oo
s ste
o e t
et se r h e
es
o
e
e ts
to the
he
re te
et or
o o
e r e p t
str ut o
thout
re s
tr
to the r es
oo
s ste
th s se
or
to
s ot pro e
the r es oo
s ste
ut
the
h
s ste
re t
ess to the oo
s ste
ses
the e pe ses o p
tr
to S re e
ser es
83
Strategic Report
Business Overview
Financial review
Appendixes
AVIATION SECURITY DEVELOPMENT
•
e e op e t
s es
the o
u
e
h o e tr ser es
e s te
o e pps
•
es s es o e tr ser es
Aero ot
r e s o e e s te
o e pps
Aeroe press re t
r hote oo
sur
e
e e op e t
o the o e pp
tte
ts
pe e t to
t o or
ht
E
•
e e op e t o
o puter
se s u tor
or pr t
or
o
u
to
et ee
r re
he o p et
he
sts o
A
s
se o se
t spee h
ss
A o e pp
to e
e e tro
e tr o
or
t o re te to the
ht
p
p sse er ee
uest o
res
ou t
or
str ut
sp r ts o
o r
ou t
or e tr
ht
ser es
• A
r s er p ots he
st tr
pro r
e
or A r us A
to e spee h te h o o es
se o se
t re o
t o o the p ots
utter
es he
o e
re t e
o pt o
u
t o Se
t
ss
o the p ots spee h
e the tr
pro ess ore se sust
e e t e
u
s
pote t
or us
t o oper t o s
er e e ope re s
he o p
s spe
e ph s s o
t o se ur t e e op e t
u
our
e ser e
e o t ue
our rese r h
t t es
pro
t o se ur t
th
o e e t
o s
er o s
the report
per o
Aero ot o p ete the rst ph se o ts
pro e t e e op e t o
ss
so t re to uto
te o e t s t o o o
spe t o resu ts throu h e sure e t
te r te
sso
s
er o s
ph s o o
respo ses
u he
he resu ts h e e e
e
o e u ts
o
e e t
super sor o es o t
re t e
t o the
e te
pro ress set
out
or
se report
e er
st tute o
ustr
ropert
S re stere the O
tor
o tor
tr e
r out
S Aero ot tr e
r
ho er
O ASS
re ote
he
ss
re u e the r s s
re te to u re so
e re u re e ts
to the
ur
re
t o
r
t o support to
r r t pro e
the O ASS s ste
re ote
u er e e ope
re s
e t
re s or
pro e e t
INFORMATION TECHNOLOGY DEVELOPMENT
•
•
•
•
•
84
2015 ANNUAL REPORT
or
pro e ts
p e e te
u h o S re te
e eE h
e
p t or
u to
t
u es p sse er
ot
t o o the st rt o se ser e
he
poss
t to up r e the tr e
ss the re u re e t to e ter s et s
SA E tr s t o to the e SA
A A
p t or
u h o the orpor te o t ro r
e
p e e t t o o the rst st e
o the E o
er e
t or
u to
t
u es hote oo
pur h s
sur
e po es
Aeroe press t ets
p e e t t o o the e tr s es s ste
th t ssues E
s
•
p e e t t o o the S re
ht
er s ste
s p rt o the S re
A r e tre Oper t o s Auto
to
ro r
e
•
tro u t o o the O
e
t ou her
r e u r tee ser es o the o p
s
e s te
• o
er
u h o the s es
e e t
s ste
or e t
orpor te s es
•
st
to
t t o o the ter et
o
o r
ht
ser e o three
oe
s
t o A r us A
s
85
PROCUREMENT
ro ure e t t t es t Aero ot roup
o p
th e er
o
O
ro ure e t o oo s
Ser es
ert
e
E t t es o
u
Aero ot ro ure e t o
re e
t
po es o Aero ot s su s
r es
other
pro ure e t re te re u t o s
opte
the uss
o er
e t ro ure e t
ee s o su s
r es re et oth throu h
o so
te pro ure e t pro ess
S Aero ot
u su s
r
pro e ures
ro ure e t tr sp re
o s r
to
u re so
e restr t o s
t
to pro ure ro
e poo o u t
ers
re top pr or t es or the roup
ts str e
to
se pro ure e t e
e
re u e osts
r sp re t o pet t e pro e ures
or u
se pr
opt
se ue osts
h hh s
s ee
or e pe se te
or the o p
ue pr
or u s re
e se
the
pro ess he sh re
o ue pro ure
t or u
se pr es
re he
uss
ore
rports
ue to o t e
e o o
e ro
e t or u
se pr
uss
e t o
pp o
ursu t to the or er o the eput r e
ster
p r r ph o
eet
utes
o S
pr o
o e
er
S Aero ot o uses o
re t ooper t o
86
2015 ANNUAL REPORT
Business Overview
Financial review
Appendixes
PROCUREMENT FROM SMALL AND MEDIUM
ENTERPRISES
he pro ure e t pro ess
S Aero ot
ts su s
r es s or
se
e th
the est pr t es
u
o
e
o
S Aero ot s te ers
ere or
se o
e
o et r ter s
o
supp es
s pro ure
o
e
pro ess
o
o p
th
the re u re e ts o the e er A e
or
St te ropert
e e t
stru t o
o
o
u r
E h
te er re e e
er e o
s
o
h s test es to o p ete tr sp re
o pet t e
ture o the te ers
or
se
S Aero ot
ro
terest o pote t
supp ers
ro ure e t pro esses t S Aero ot
pro e or
ro
o e e to s
e u
us esses S Es et ee
u
e e
er
supp es
o
S Aero ot ro S Es
ou te or
o the pro ure e t o u e est
she
or
e th o er
e t eso ut o
o
th supp es pro ure u er
S Eo
ou t
or
r
e ee
the sh re pres r e
the
S Es re so t e
su st tut o pro r
o e
the
port
e
he roup s o
tte to o t ue
support
S Es
t t
the r
ess to orpor te te ers
or
th the spe
s o S E p rt p t o
pro ure e t
the spe
so
to
e
S Aero ot h s e e ope
u
opte
S E ooper t o p ot
o pose
st
o oo s
ser es to e pro ure ro
s
e u
us esses
ADVISORY BOARD IN CHARGE OF INDEPENDENT AUDIT
OF PROCUREMENT EFFICIENCY
FUEL PROCUREMENT
ue supp
o tr ts ere
s
e
S Aero ot
se o resu ts
o
pro esses o
te erers ho
ou o er the est
ter s
u r tee re u re re
t
u
se ur t ssur
e
the er e
o th ue pro ure e t or Aero ot roup
r r t
uss tot e
thous
to es
o h h S Aero ot
ou te or
other roup o p
es
or
Strategic Report
th ert
te r te o pro u ers
the r su s
r es spe
s
r r t ue
s es to o
u ust e r se
ue pr es
or
rt
supp short e
At the roup e e ue pro ure e t ter s
re eter
e
e
ree e ts
he
o so
te or er o er
the e
o
roup o p
es
S Aero ot
t tes
pro ess to se e t
supp ers o ue
re te
r r t ser es
ts pursu t o pro ure
S Aero ot est
she
h r eo
epe e
e
e
he A sor
represe t t es o pu
s e t sts
pro ure
sp re
sor o r
t u t o pro ure e t
o r
u es
or
s to s
e t e perts
or
to o A
e s te http
or
e o Aero ot r e
s o te t so esh h te
sor o r s
ero ot ru
e t tr
he A sor o r
s respo s e or u t
S Aero ot
pro ure e t oper t o s
•
o tors
pe e t to
S Aero ot
o
e sures e h
ess o s
e u
us esses to orpor te te ers
•
pro es e
e
o pp e
e
te h o o es e sures tr sp re
e h
es
r o pet t o
S Aero ot s
pro ure e t pro esses
•
he A sor o r oper tes u er
p
ppro e or e h
e
r e r
to
hese rr
e e ts o er rtu
the e t re
ue ee s o su s
r
r es e u
s
u
er o uss
rports ess th
h h re ot o tr te or ter te
rports s e
s rports here ue
pro ure e t s p rt o
te r te
rou
h
ree e ts
Opt
s t o o ue pro ure e t t Aero ot
r e s
the o pete e o the
o
ss o o
S Aero ot
s su e t
to ppro
the ue o
ttee
87
CHAPTER 4
SETTING
THE STANDARD
FOR RESPONSIBILITY
CORPOR ATE
SOCIAL
RESPONSIBILIT Y
u
E
esour es
ro
e t
h rt
ro r
rote t o
es
90
ro r
e
98
orpor te Spo sorsh p
101
APPROACH TO SUSTAINABLE DEVELOPMENT
Aero ot roup t e
o tr utes to so et
re s
peop e s o
t
ess
t o
uss
re o s he roup
ts su s
r es
or to e e t
er
e o st eho ers
pr
r
ts p sse ers
e p o ees
34.0
thousand
employees
tot he
ou t o
Aero ot roup
Aero ot roups
e e t te
u
u erst
s
ssu es respo s
t ot
ust or the roups us ess su ess ut so or
uss s o er
e e op e t
o tr ut o
to
ress
so e o the ost press
h e es o to
s e s upho
the
r hts o
st eho ers here ore see
the r ht
e et ee the terests o our
us ess
so et
terests s
esse t
spe t o the roups t t es
ro th
As t ose
s ts per or
e th uss s
o er
e e op e t Aero ot roup pursues
u t p e orpor te so
respo s
t
S
pro e ts
e t o tr ut
to uss
so et pro ot
u ture
sports pro
support or u er
e roups preser
the
e ro
e t
support
other
port t
so
pro e ts
Strategic Report
Aero ot roup he
thous
peop e
ou t
o
ou t
re
Appendixes
o
e h
rep rs
Se
A rport ser
es
Other perso
to o p
e
es
S Aero ot he
thous
peop e
e
re
o
13.5%
–5.8%
o
Aero ot roup s perso
o p
es
8.2%
p t re
re
HR POLICY AND PERSONNEL STATISTICS
he
ou t
ro th
e
34.0
e
Aero ot roup s he
te or
o
–6.3%
5.6%
Aero ot roup s perso
te or
p t re
re
e h
te
e
rep rs
Se
t ets
ser es
ert s
A rport ser es
Other perso e o
to o p
es
Other perso e o o
to o p
h s
e perso e s e to Aero ot roup s o t ue su ess o s ste t
ppro h to
e e t e sures sust
e e e op e t or the roup
h h per or
e ross ts e us ess re s
trust o p sse ers
er
so et
As t
e e
er
the tot he
ou t o
Aero ot roup
s
thous
e p o ees
re se o
he he
ou t ro th
s r e
the roup s e p s o
the
pe e t to o
pro r
e to pro e
e p o e t to r s ero r e s e p o ees
As o
e e
er
Aero ot roup
pro e o s to
out thous
or er
e p o ees o r s ero r e
th ore
r s ero e p o ees o
throu h re e
pro ess A tot o
es ere o ere
to r s ero e p o ees ross Aero ot roup
Financial review
o
HUMAN RESOURCES
he roups
po
see s to u
e e t e
r
e or o e p o ee re t o s s
e
sour e o the roups o pet t e
t es
e sure e er t o o e o o
e
e
s
re s o
e e t se o
o prehe s e o s er t o o the
tors th t
ue e e p o ee ot t o e our
the to u
u
the r pote t
Aero ot o p es th
pp
e
he th
s et
e ro
e t prote t o e s t o
str
to eet the h hest o
st
r s
or orpor te so
respo s
t
h
Aero ot roups
po
s es
e to e p
the roups o
o
r et ootpr t
p sse ers trust
e re
32.2
30.5
28.8
28.4
Business Overview
t
ert s
te
ets
e
ser
es
PJSC Aero ot
S
oss
A r es
S Ore
r
S
o
S Auror A r es
o e
A r es
o
to o p
7.0%
0.9%
ou t
e re
es
S Aero ot s perso
te or
e
re
o
20.4
19.0
17.9
16.4
15.0
o
p t re
re
e h
te
e
rep rs
Se
t ets
ser es
ert s
A rport ser es
Other perso e
*
90
2015 ANNUAL REPORT
u es p ots
o
o p ots
other
ht re
e
ers
ht e
eers p ot
stru tors
others
91
S Aero ot s perso
e
e
re
o
S Aero ot s perso e
e rs th the o p
Up to
u
re
o
e er re
o
S Aero ot s
Strategic Report
Business Overview
e rs
e rs
e rs
Appendixes
ers
50.5%
e r
18 female
pilots
o
S Aero ot s
e p o ees re
o e
Men
Women
15–19
o
5–9
er
Financial review
e po e
Aero ot roup s
r es
25+
FEMALE EMPLOYEES
he roup s o
tte to e u opportu t
pro es e u support to o e
rrespe t e o pos t o s the ho
o
S Aero ot s e p o ees re o e
o e re e p o e
er
e o ro es
pro
usto er ser e oth
ht
o the rou
or
te h
pos t o s
ho
r ous o e o s
p ot
r r t here re
e
e p ots
roups r es
u
p ots
e
e p ots Aero ot t o
o e Ore
r
Auror e h
o
S Aero ot s
ers
so
h her re o e
e er re
perso e
re
o
o
e p o ees
Men
Women
92
2015 ANNUAL REPORT
PERSONNEL TRAINING AND DEVELOPMENT
o
o
S Aero ot s
S Aero ot s e
us ess t t
re
Other perso e
A rport ser es
Se
t ets
ser es
ert s
e h
te
e
rep rs
o p t re
Other
ht re
e
ers
the
o
o
A out
he
e e
e
S Aero ot pro e or rr
e
or tr
or
thous
e p o ees
so e e p o ees o p ete
ore th o e
tr
pro r
e oth
house
e ter
ross r
e o tr
retr
pro ess o
e e op e t
ert
to
pro r
es
the o p
s ep rt e t or
erso e r
e ere
to
thous
e p o ees ro
ross e
eer
ht oper t o s
rou
oper t o s
th stu e ts o p et
stru t o ourses
e
r r t t pes
re e
ht s u tor tr
p sse er
r o
ht
e e t tr
tr
SA E oo
other ourses
A
tr
to
ur
Aero ot A t o S hoo
su s
r pr te o t o
e u to
st tut o pro e tr
to out
thous
stu e ts he s hoo e ere
retr
pro ess o
e e op e t
ourses o use
o
rou
ser e
o r r t
ht tte
t tr
to
se ur t re u t o s or h
r ous r o
tr sport t o
ore
u es
o er thous
e p o ees o p ete
ourses t e ter
e u to
st tut o s u er o pu sor oper t o s
perso e tr
other tr
pro r
es
tr
E p o ees e ro e
pro r
es thous
tr
peop e
28.9
26.3
28.4
22.6
Aero ot A t o S hoo s pro r
es
ro r
es o ere
the ep rt e t
or A t o
erso e r
E ter
tr
93
Strategic Report
Business Overview
Financial review
Appendixes
AEROFLOT AVIATION SCHOOL
Aero ot A t o S hoo pr te o t o
e u to
st tut o the A t o S hoo
str es to e
t o perso e tr
uss see
to e er tr
e th
ter t o
est pr t es
13.9
thousand
employees
re e e tr
t Aero ot A
S hoo
to
the A t o S hoo e ere tr
or o p t re
re
r tr
o tro ers r r t
te
e
ht
support st
the uss
to
ustr or
e rs the S hoo h s su ess u
o
or te
th e
ter t o
ustr
or
s to s
h s
re t t o s th AO
A A
S re A
eus S A
other
ustr o es
or
s t o s the A t o
S hoo s so ert e or o p
e th SO
he A t o S hoo s r
A A Author se r
e
o
the top
e tres Europe
he A t o S hoo s re
e pro er o
o to
tr
ser es or ost r es
rports
other o p
es
e t t es
Stu e ts e ro e
Aero ot A t o
S hoo s pro r
es Aero ot roup s
e p o ees o
thous
peop e
u
er o stu e ts hose tr
u e
S Aero ot
s
57
50
32
NON - MONETARY INCENTIVES FOR EMPLOYEES
re
o
stu e ts
o Aero ot A
tr
re
t o S hoo s
17.9
14.1
t o to the ore e t o e t r ete
tr
pro r
e or the se o
e r
o p
o ers perso
s ho rsh ps to
stu e ts o
t o s hoo s to e our e
r u tes to see e p o e t th Aero ot
r e As p rt o th s pro r
e utu
ooper t o
ree e ts h e ee s
e
th U
o s
her
A t o S hoo
S
t eters ur St te U ers t o
A t o Kr s Kut
A t o S hoo
S so o
A t o S hoo
u urus
A t o S hoo
13.9
Aero ot roup ru s e p o ee re o
to
s he es s
o
ot t o too
to re o
se peop e ross the
roups r es or the r h e e e ts
o tr ut o
e o use our e orts
e h
o
e t es o
r
re o
s
Aero ot roup
e p o ees or h e e e ts per or
the r
ut es O er
e p o ees o
S Aero ot
ere re o
se
th orpor te
r s
u
se e e p o ees
r e
th Aero ot E e e e
e o ho our
e p o ees
r e
th Oper t o
E e e e Aero ot
e
e p o ees
o the
ht Oper t o s ep rt e t ere
r e
st t o s
est per or ers the roups su s
e e r te
th orpor te
r s
r s o the uss
str o r
so th re o
u
p
r es ere
ustr
sport
r s
12.3
E
ht tte
t tr
eer
perso e tr
u e tr
rou
oper t o s tr
ht oper t o s tr
COLL ABORATION WITH TECHNICAL SCHOOLS
AND UNIVERSITIES
or the th r t e Aero ot roup
p rt p te
t r ete se e t o o
prospe t e stu e ts or the
ht r
pro r
e
Stu e ts re e e tr
tU
o s
her
A t o S hoo U ers t S
t
eters ur St te U ers t o
A to
os o St te e h
U ers t o
A to
he stu e ts e ro e throu h the
94
2015 ANNUAL REPORT
t r ete se e t o pro r
es
o tr ts
o
tt
the to e e ute
e po e t
ree e t o tr t
th S Aero ot upo
r u to
or
th the o p
or
o ess th
the pres r e per o
he rst
stu e ts e ro e
the pro r
e
r u te
OCCUPATIONAL HEALTH AND SAFETY
r sport
ustr h s s
t sh re o
o s e pose to h r u
h
r ous or
o
to s h h
es he th
s et
tters ore ost pr or t
S Aero ot h s
ert
te o r
ts o p
e th
re u tor o up t o
s et re u re e ts
e o t ue o s ste t e orts to
e sure s e or
o
to s
th spe
tte t o p
to he th
s et tr
o tor
the st te o he th
s et
per or
e
pre e t
o up t o
ur es
se ses
ur
there ere
e ts o
r
se er t he
e ts ere thorou h
est te
th the he s o re e
t
us ess u ts o
u
t
to the r
su or
tes the
e t r u st
es
uses
s et r e
s pro e
ur
re ue
r tes
ere
pro e ro
the pre ous e r s resu t o the o p
s
o s ste t e orts th s re
Aero ot r e rr e out spe
ssess e t o or
o
to s t
or p es s per e er
o
O Spe
Assess e t o or
o
to s
95
esort ther p
u
er o
ur es per
S Aero ot peop e
e p o ees o
ost t e
e t r te per
S Aero ot
Business Overview
or e p o ees
the r
Financial review
Appendixes
es
ure perso
2.04
1.65
Strategic Report
46.6
As p rt o the orpor te rest ure pro r
e the
o p
s e p o ees
the r
es re se t to
r ous he th resorts o te
ere t re o s o
uss
ro
ses o
e
e ess t
tre t e t u er the other
ures re ost pro e
t the
he th resorts t
er
e o
o te
the South o uss
he pro r
e s
e us
ou t r
sur
e o er e
u s ro the u
So
sur
e u
o the uss
e er
s or e ro
sur
e o tr ut o s
o p
to sure e p o ees
st or
o up t o
se ses
ur
s hoo su
er ho
s
h re o
the o p
s e p o ees spe t t e
the St r et
h re s ho
p t the Su
e h
u
r
A spe
he th reh
t t o pro r
e or
ht re
p ots
ht tte
ts
s ru
t he th resort
K ro
r the e h epu
here
p ots
ht tte
ts re e e ree e
tre t e t
h
pro r
e est
Se o st
er spr
resorts
1.56
1.15
1.03
29.7
27.8
22.2
21.2
resort
h
he th
et o the
to
h h
e
the
e ts
the o p
pro e u s to o er he th
t o s or
e p o ees
u
or
re
ho to ether th the r p re ts re e e
SOCIAL PROGRAMMES FOR COMPANY EMPLOYEES
Aero ot roups so
po
s e e ope
p e e te
s ste
er pursu t to
S Aero ot s o e t e r
A ree e t
ppro e o
ter
re u t o s he
urre t ers o o the o e t e r
ree e t
s ppro e
s
u t
e e
er
he pr
p o e t e o our so
pro r
es s to re ru t
ret
peop e
hose per or
e o tr utes to
pro
the o p
s us ess
he
ts
str te
o s Our so
pro r
es re
O
2.5 thousand
employees
se t to he th
resorts
96
2015 ANNUAL REPORT
up t o
so
e t e e op
e o pet t e
p
t es o our peop e pro ess o
s
o stru t e tt tu es usto er o us
res e e
te
sp r t h e so
pro
ot t o
o t e es
So
e e ts o ere
so
pro r
es
re p rt o the o pe s t o p
e oster
our
e e ro
e t or e p o ees
e e t e per or
e pro
so
support
to the st
o ster
the
eo
Aero ot r e
Upo ret re e t the o p
o p e e ts the st te u e pe s o o
e p o ee p rt p t
the pr te
pro r
e or Aero ot
pe s o s he e th
orpor te pe s o
As o
e e
er
orpor te pe s o s
ere p
to
or er e p o ees
he o p
ru s ts pr te pe s o
s he e
p r e
th
e t e
s he e to pro e
tor pe s o
sur
e throu h o
e
o tr ut o s to the u u t e p rt o the
st te p
pe s o s
r
p ots p rt p te
hous
pro r
e
th the o p
su s s
p
e ts o e p o ees ort
e o s
orpor te hous
e s re
terest
or e p o ees
ur
the e r the o
the re o s ere pro
hous
ose to Shere
e p o ees o
er e
rr
e e ts
pe s o s he e
S Aero ot s pe s o s he e s
se o
o t p rt p t o o the e p o er
the
e p o ee here perso
o tr ut o s
o the s he e p rt p ts re
t he
those o the o p
t the r te o
As t the e
o
e p o ees o
S Aero ot p rt p te
the orpor te
pr te pe s o s he e
ous
p
s e e po o ees ro
e
th o p
o e
et e o rport
th
e e t
ro the ree e se
ss st
e to urre t
S Aero ot s So
o
pro e
support to
e p o ees
u t r u st
re spe
e p o ees
or er e p o ees
o
urre t
es
o pe s t o pro r
ss o
or er
e or
s
ur
o er
ere pro e
th
e e ts or the r h
e p o ees o
re spe
re
S Aero ot
o pe s t o
hese hous
opportu t es re ost pro e
t Aero ot s
ht
p
se
t O ero Kru oe
o pe
os o re o
ose to Shere et e o
rport he
p s ot ust p e or res e e
re re t o
t so pro es
ter t e
p t or to he p oster the orpor te u ture
sh re e pert se E p o ees res
t the
p
e o o ort
e
e t es
u
ree
ess to
t ess
t es
e
h
the roo s et
o er
e p o ees res e
the
p
97
ENV IRONMENTAL PROTECTION
PROGR AMME
Strategic Report
Business Overview
Spe
ue o su pt o
Aero ot roup
Financial review
Spe
ue o su pt o
Aero ot r e
Aero ot roup s u
re o ts respo s
t to so et
uture e er t o s
s the u
spute e er o the uss
to
ustr s o
tte
to e sur
sust
e e e op e t ross
re s o ts t t es he roup
o p es th
pp
e e ro
e t prote t o e s t o
str es to
eet the str test ter t o
e ro
e t st
r s
1.2%
re u t o o
spe
ue
o su pt o
ross
Aero ot roup
S Aero ot s e ro
e t
t
pro
the e er e
e ro
e t per or
e
e
pro u ts he e o us
e e t so
pro
e
e
h h he ps re u
e ro
e t
ootpr t h
t e utt
ue osts
o er
oper t
e pe ses
po
e
s
e
tors o ts
e ro
e t
r r t ue
e the o p
s
e t the s
e
or o tr utor to
t o to ue e
e
t t es
pr or t es
th s re
so
u e
•
pro
e er e
e
o oper t o s
pe e t
resour e s
po es
te h o o es
• re
se
ste
e e t
e
t re u
the e ro
e t
ootpr t
• us
e ro
e t per or
e
tors
s se e t o r ter o or supp ers
o tr tors
•
e t s
e p o ees to use resour es
sp r
e ru r
S Aero ot s te r te
e ro
e t
e e t s ste
su ess u p sse
super sor u t
o r
ts o p
e th SO
ter t o
st
r
he u t s ope
u e
re e o o u e ts re te to
the e ro
e t
e e t s ste
ssess e t o oper t o s
t es
ter s o the r
p t o the e ro
e t
FUEL EFFICIENCY
ur
to
t te e ro
e t
p t
the roups r es o t ue
pe e t
e st
pro r
es to
pro e ue
o su pt o
sh t to ore
e ue
e
e t r r t
ue e
e
t t es t roup r es
o us o
•
s s o route opt o s to se e t the est
ht routes et ee
est
to
ep rture rports
• opt
s t o o ue o su pt o
ur
to
t
• use o re u e thrust t eo pro e ures
• route
e t
• use o opt
ppro h
pro e ures
98
2015 ANNUAL REPORT
•
•
•
•
•
•
•
•
s
the r
e et ee the
pro e te
tu re e ue o s
ep rture rports
e tre o r t o tro
opt
use o u
r po er u ts
use o rou
s ste s or pre
ht r
o
to
o
r r t o pt
s
pro
r r t ero
s throu h
u t u
r r t sur e
sh
pro
r r te
ee
e
throu h
s r u t e
r r t e ht opt
s to
re u
ue o su pt o throu h
o tor
re u t o o
ter supp es
o
o r use o up te
e ht est
tes
or t he e u p e t
ht e s
Appendixes
299.2 g/TKM
Aero ot r e s
spe
ue
o su pt o
ASK
K
ote
u te
o su pt o s
ASK
K
se o
se o
ue
o
o su pt o r tes or tr sport t o oper t o s or
r es h h ere p rt o the roup s o
e e
er
Spe
ue o su pt o
ross
Aero ot roup e re se
r
es
or
o to
r
es per to e
o etre K
Aero ot r e s spe
ue o su pt o
s re u e o er the s
e
per o
h h s
oper t
r r t
u t o o Aero ot roup s ue
r
es or
to
e e e t e e or
short
e u
o
K
r
e
h u
AIR QUALITY INITIATIVES
Aero ot roup h s
p e
O2 e ss o s
o tor
e sur
s ste to e sure
o p
e th uss
Europe
re u re e ts or o tor
report
er
t o o ree house
s
e ss o s h s s ste
s
p rt u r use
t
oss
Ore
r
Aero ot r es
Aero ot r e s e t re eet o p es
th AO st
r s or o se e e s
t ospher po ut o
o re u e the e ro
e t
p to
eh es the roup s r es rr out re
e tu
o
stru e t
o tro s
s ste to e sure o p
e th per
to
t
s o e e es
rou
u r
ue
tte
u tor s
he O2 E ss o s
Aero ot s e s te
o s p sse
ssess the r o ootpr t o the r
eo
ers to
ht
u tor
s
he O
e O2 E ss o s
e e ope
e th the est
ustr
pr t es
us
AO
A A
etho o o es
he o u t r o t o s
e
p sse ers
to o set the r r o ootpr t
e use to
support ree
t t es
e
t re u
e ss o s tree p
t
prote t o o
orests
st
r eet es e
e er
t t es e
ups o
ter o es et
As p rt o ts e orts to
p e e t the r o
O set ro r
e
te
Aero ot tro
u tor too
u e
o
e O2 E ss o s
99
the o p
s e ro
e t e perts
S U
h h ser es the o p
s
O e u
e s ro o
p e e te
pro e t to o tor the
ou t
u t o
ste
ter s h r e
the o e u
s
tre t e t
t es A tot o
tests o
tre te
ste
ter s
p es ere rr e out
he resu ts su est th t
re e
t st
r s
re et
the o p
s spe
sts so
o tore the orpho etr
h r ter st s
o the K
er he
s
e use
s
put to
pro e the e e t e ess o
ter prote t o
e sures
ter resour e
e e t
WASTE MANAGEMENT
AND DISPOSAL
ENVIRONMENTAL
FEES
S Aero ot
o
uss
e
u
pro e ures
t the roups
so
ustr
e s tes
th e ter
r
o the tot
ste e er te
ere re
e Aero ot s the
r rr er to o e t
re
e
ter r r t
te
e
es
Business Overview
Financial review
Appendixes
CHARIT Y PROGR AMMES
AND CORPOR ATE SPONSORSHIP
WATER RESOURCE MANAGEMENT
E ro
e t spe
sts
o u t re u r spe t o
o su pt o
ste stor
ste spos
o tr ts
or
s to s
Strategic Report
Aero ot roup str es to e er e ts
ustr e ersh p
to o tr ute to so et o us
ost o support or
u er
e so
roups he roup
p e e ts
e
r
eo h rt
e
so
pro r
es
re o s
o oper t o Support or sports
u
ter t o
e e ts h h oost uss s reput t o s
te r
e e e t o Aero ot s po
s
to
r e
t o to h r t
spo sorsh p pro r
es Aero ot
s t e
o e
other pro r
es
e to support
o tr ute to the ou tr s so
e o o
e e op e t
CHARITY PROGRAMMES
HELPING CHILDREN
Support or h
ursu t to e er
o
O
E ro
e t
rote t o
te
u r
Aero ot roup p s e ro
e t
ees or us
tur resour es ees or
the e t e
p t re
u te
se
o the
tur
esour e User o u e
the uss
e ro
e t
t h o
ospr ro
or
ot
ees p
ts su s
r
p t o the e
S Aero ot
r es or e
ro
e t U
es o
t e
o
1.4
0.4
1.2
0.3
0.2
0.5
0.5
0.1
1.3
5.6
er
ut
pro r
e s tu t o s s
esse t
e
0.2
r e the se e th e r o the
es o
h r t pro r
e h h Aero ot r e
h
est
she
s o e o the
s to pro e
ss st
e to h re
th ser ous
esses he
p
e
es p rt p ts o the Aero ot o us
pro r
e to o tr ute the o us
es the
e r to the
ou ts o h r t
e or
s to s
p rt p t
the pro r
e
u
the
e
e h rt
e u
r Sp
o
ter t o
h r t ou
t o the uss
Ass st
e u
oper te
Ko
ers t u sh
ouse
the
e
e u
he o tr ute
es re use
the p rt p t
h r t u s to rr h re
th
ser ous he th o
t o s to ou tr es
t es
here the
et the e ess r tre t e t
0.4
2.2
4.7
0.5
0.7
tot o
t ets
o us
es ere o te to support the
o h rt
e or
s to s
ee e to
S Aero ot s S pro r
r
er
0.2
0.6
0.5
re
t
t es
o
e
ope
Aero ot r e or the te th t e too p rt
to
h r t pro r
e r
o ope
or
se
o uss
s p rt o ts h s uest o
so
pro e t he purpose s to r
the tte t o o
so et us ess peop e e e ut e o er
e t
ers to the ssue o h re
thout p re ts
to pro e ss st
e to su h h re
to or
se
eet
s th prospe t e opters
the
he r
o ope o es to t es h h
or
to st t st s h e the r est u
ers o h re
epr e o p re t
re he
esto e te th tr p
o the r
o ope rou ht to r uts e ht
es
ro the S
r e o the Kr s o r err tor the
epu
o A
e
etro
o s
e oro S
t
eters ur
os o p
to opt or ssu e
u r
sh p he
es opte
h re
Aero ot pro e
ree t ets o the os o
r uts
ht
retur t ets
4.7
3.2
6.7
6.8
2014
2015
5.1
1.7
2.1
2011
2012
Aero ot
Rossiya
Orenair
100
2015 ANNUAL REPORT
2013
Aurora
Donavia
Pobeda
Support or h
re s ho es
the o p
o t ue pro
support to
h re s ho es ross uss
u
the o ro
h re s o e
the
r e o
ur
s hoo su
er ho
s
h re spe t t e
the o
so h re s ho
p
u
r
o the e e o the e
e r ho
Aero ot r e s
o u teers rou ht e
e r
ts to h re
t the
o ro h re s o e he o p
spe t tot
o U
o o re re t o pro r
es
ts or h re
Support or A
to
tor
Aero ot pro
the e h
u
e
re s
support to A
tor
u
101
SUPPORT FOR GREAT PATRIOTIC WAR ( WWII ) VETERANS
tr ute to the re t hero
ee s o
eter s the o p
re u r support to
r eter s throu hout the e r ss st
the
o r
o r
eter
es
es
s
Ar s
u
the
p
s he o
u pre e e te
ers r o the re t
e to e e r te the th
tor
Aero ot r e rr e re or
u
ers
o
eter s
o p
perso s o er
peop e
tot
he
p
so o ere
hts oper te
su s
r
r es
u
oss
h h rr e o er
p
p rt p ts
Ore
r h h rr e
eter s
o p
perso s S
t
e
e ts ere
e to the
p
ru es Aero ot or the rst t e ssu e
o
t o s to rr
eter s
o p
perso s p
e t o the
se res
h r es
ut es he u
er o t ets
e
s
ot ppe
so or the rst t e
ht eo r ph
s so s
t e p
e
e
e p rt p ts ere pro e
th t ets o
o est
hts
to est
to s
S ou tr es
Europe
t st tes
eor
eroes o the So
o
or
o
us ess
ss t
t o
tr e
ss up r
h rt
et U o
u
ers o the Or er
p
perso s ere pro e
th
ets epe
o the o
tors
se ts Aero ot roup s r es
e
es or other
p
p rt p ts
pro e
ess to us ess
ss ou e t
rports he o
o r
r r t
eter s ere
e o
e or t e s
s th St eor e
o
ers r
other sou e r
ts the e
rou
the th
o the
tor
e support to
eter
s ro
o
2015 ANNUAL REPORT
ur
the
p
per o o er
p sse ers ere
pro e
th hote
o
o t o o er
e
ou hers ere h
e out
out
us ess
ss ou e p sses ere r te
o s or the
p
usto er
t rports
re
tr
re
s to e sure
e
support or the st
u she
orth t e st U
o U
o
to eter s
thous
orth o support
Ore
r
o u to
th the Ore ur e o So
e e op e t
str ho s
u
h rt
e
p
the e he
so K
ess As p rt o the
p
the r e pro es ree t ets o o
s he u e
hts to
Ore ur e o
t e s
ee o st te support ur
p sse ers ere rr e u er the pro r
e
u
eter s s
e perso s t e s
u t e s tu t o s or e
r ts eroes o the
uss
e er t o
eroes o So
st
our
s p rt o
t t es to e e r te
r or ers o the o
s o o the th
tor
Ore
r pro e
tot o U
support
Financial review
Appendixes
tot
s pro
e
ur
the report
e r Ore
r so pro e support
to the o p
s ret re or er e p o ees
u
support to
r the uss
A to
ter t o
o e s
other
port t tes
ers r es he ret re e p o ees ere so pro e
th
ree su s r pt o s to u h Ur
e sp per
or er
e p o ee s ho e
s re o te
he tot spe
o
support or ret re e p o ees
ou te to U
o
Aero r spe t tot o U
thous
o
h rt
e purposes
u
support or the
our
e e r t o s o stru t o o hur h Kh
os o
re o
other
t t es
eter s
ers r o the
o o
CORPORATE SPONSORSHIP
S Aero ot s so
respo s e e terpr se
t o t ue ts tr t o
spo sorsh p support to u t p e
sports u ture
other so
pro e ts
t t es
or
s t o s Aero ots spo sorsh p e orts re o use o
pro ot
uss
sports
pro
support to uss
sports or
s t o s h h re
o e
pro r
es
to pro e the per or
e e e s o uss
th etes
he p the
he eh h o s
ter t o
sports
o pet t o s Aero ot s so o use o support or e e ts
he
u tur or
s t o s to pro ote uss
u ture
ro
tor es o uss
th etes s e s u ture
rt
t t es o tr ute to o ster
the ou tr s pos t e
e
ter t o
he p oster pos t e tt tu es to r s
uss
uss
o p es
u
Aero ot roup
o
ore
u e es
S Aero ot o te
tot o U
o or
spo sorsh p support hese u s ere use pr
r to
e uss
sports
u ture s e s pro ote our
r
o
throu h ter t o
p rt ersh ps
ret re Aero ot e p o ees
S Aero ot s
e e t o r reso e to pro e
o th oo p
es to
eter s ro
o
ret re Aero ot e p o ees
th o e oo p
e
102
A spe
he
re
s es
te
t the
Shere et e o rport
th support pro e throu h
ep rture or
t es ou hers h
e out to o er
e s t the rport s
s
rest ur ts
pr or t
e re
t
he
p
p rt p ts ere o ere
re se
e
o
es
or the ser es o
rport
e stor e Aero ot
pro e hote
o
o t o to
eter s
o p
perso s th o e t o t es o
et ee
hours A the
o e ser es ere
o ere ree o h r e
As p rt o prep r t
e p o ees
re e e
to
or
to
uests
S Aero ot s su s
r es o ot ru
or h r t
pro r
es
th the e ept o o se er
t t es
pursue
Ore
r
Aero
r
pro es
r ous re s
s
he
Business Overview
CHARITABLE ACTIVITIES OF SUBSIDIARIES
p
S Aero ot rr e out ts tee th
Ar s
p
e to support
Strategic Report
S Aero ots su s
spo sorsh p support
r es
ot pro
re
o
o
S Aero ot s spe
spo sorsh p pro r
es
o
9.5%
23.0%
67.5%
oot
re te pro e ts
Other sports
t t es
u tur pro e ts
e
103
Strategic Report
Business Overview
Financial review
Appendixes
CONTRIBUTION TO SOCIAL AND ECONOMIC DEVELOPMENT OF RUSSIA
CULTURAL PROJECTS
Aero ot o t ue ts support or
OSK O
pro u t o o p
ho
ter t o
u tur e e ts to pro ote uss
e
t top ter t o
est
s
u
the Europe
r et E
er
the
es
est
the e e
est
the oro to ter t o
est
o o
est
the A er
r et A
os A e es
S t
eters ur
ter t o
e
oru
Aero ot pro e support to
u
er o
u tur
t t es ru
the re tor te o
ter t o
ro r
es ou
to
h h
he
ser es o e e ts to pro ote
uss
u ture ter t o
u
o e
A
e
o Arts
u
uss
est
t the or E po
the ou
uss
u ture
t
est
es uss
Art est
other u tur e e ts
r
e
uss
s ts Esse
uss
rt
est
er
S Aero ot tr t o
ooper tes th
e
e
out ets
e
ho
s
h h he ps
t
pos t e pro e or
Aero ot r
o
uss
o su ers
FOOTBALL CLUBS
re ter te ts o
t e t to re
the O
rr er o SKA ro ess o
oot
u Aero ot pro e support to
o e o the est per or
uss
te
s
e
ess to
ut
o
u e e
o oot
s throu h
er
eo
r et
ert s
opt o s
e h
e
s
t o Aero ot r
t
es p e
SKA oot
u se ure
rr
e e ts th oot
u s
S e
Aero ot h s ee
o
spo sor
rr er o
hester U te
o e o the ost popu r oot
u s
the or
he ho e o th s oot
u
s
p rt er re e te the r e s pos t o
e
ter t o
r ets p rt u r
As
h s p rt ersh p h s e er te
re t
o
er
e e ts
ter s o h her t et
s es
t r et ter t o
r ets
o
ter t o
p sse ers hose to
th
Aero ot
ue to ts p rt ersh p th
th s oot
u
tte
ue e
o th s p rt ersh p o the r ho e o
rr er
S e the st rt o th s p rt ersh p the tot
u e e o Aero ot s
r et
p
s
h s re he
o peop e
t o to h r t
spo sorsh p pro e ts Aero ot pursues
t t es
e to support
o tr ute to the ou tr s so
o e e t reso
rou
r s ero
the s tu t o
to r
t o o er thous
s ero e p o ees
er o other pro r
es
e o o
e e op e t
u
Aero ot roup ssu e
u
e the o
to
to rr
out
o p sse ers o r s ero
h h e se ts oper t o s o
O to er
p rt u r
o p sse ers ere rr e
o r s ero
hts h h ere
e
Aero ot roup
o p sse ers ere
rr e o the roups o
hts r s eros
usto ers ot u re u
o t ets
u
the
se re h r es
ut es
the ser e
s ot
re ere
O to er
ue to te por r short
p t o
u
er o
r E ster routes
r s ero e t out o us ess Aero ot
p t o these routes
tro u e
hts to rr p sse ers et ee
t es
uss
r E st
os o
u
eo
s
re se
to
the
es ere o ere
ross Aero ot roup
or the
r E ster
s
e er
o e
U
ers t
Aero ot
o te
U
o or the r
E ster e er U ers t s E o
e t ou
to
hese u s
e
e the uss
r E st s
e
u ers t to pursue
o t e rese r h
pro e ts th h h e o o
pote t
Oper t
o er
e t su s
se routes
Aero ot s o
tte to support
the o er
e t
spo sore pro r
eo
t
r e
p sse er ser e et ee the r E st
Europe
uss
hts to K
r
S
eropo
h h e sures tr sport
ess
t o these re ote
uss
re o s
thous
p sse ers
ere rr e u er the o er
e t su s se
p sse er ser e pro r
e
OTHER SPORTS INITIATIVES
Aero ot r e h s ee
e er
rt er o
the O
p
r
p
o
ttees o
uss s e
t o t ue
pro
support to the o
ttees
ts ro e
s the rr er o the r e e t o s
As p rt er o the uss
o e
e er t o
the uss
oot
U o
Aero ot h s pro e support or the
p rt p t o o uss
to
te
s
ter t o
o pet t o s
rr er o
104
2015 ANNUAL REPORT
Aero ot r e e
SKA ro ess o
e the o
s et
u
h s s e pro e support or the u s
p rt p t o
o est
ter t o
o pet t o s
o u to
th the uss
hess
e er t o Aero ot re u he Aero ot O E
ter t o
hess tour
e t h h o er
the e rs o ts e ste e h s
e
e se
popu r t
o
ter t o
hess p ers
Aero ot h s pro e support to Otr
oe
sho u p
u
h h hoste
Sho
u p
or
up st e
tro u t o o
t
res
Aero ot e e ope
p e e te
ts s
e r te pro r
e o er
o
hts
to est
to s
the uss
r E st
to
K
r
S
eropo he pro r
e
s
e orse
the res e t o uss
r ut
e te e
to
e e
er
Aero ot
r e tro u e t o t pes o se so
t
res o
hts to K
r
S
eropo
re u e
ter re
su
er re
thous
p sse ers ere rr e u er the
t
re pro r
e
Support o p sse
er
ee
e e
er
Aero ot u he
pro r
e
to support p sse ers ho ur e t
ee to et
to the r est
t o s st ue to or e
eure
r u st
es su h s the e th o
ose re t e
or the ee to et h h te h e
ser es e
or tr sp
t oper t o
he pro r
e o ers
h her e
o est
hts here the e st
e pe s e e o o
oo
sses re so out
105
CHAPTER 5
SETTING
THE STANDARD
FOR CONFIDENCE
FINANCIAL REV IEW
h
hts
108
e e ue
sse
108
er
Oper t
e s
osts
e e ue
E
E
e
o s
pt
E pe
e Se t K o etre
A
o e
sh
e t
110
ost per A
A
o so
109
112
112
osts
113
113
ture
te St te e t o
u
t
116
os t o
116
118
Strategic Report
Business Overview
Financial review
Appendixes
FINANCIAL HIGHLIGHTS
Ke
ures o st te e t o pro t or oss
U
o
2015
Change
Revenue
319,771
415,173
29.8%
EBITDAR
48,674
103,118
111.9%
EBITDAR margin
15.2%
24.8%
9.6 p.p.
24,840
58,703
136.3%
EBITDA margin
7.8%
14.1%
6.3 p.p.
Operating profit
11,268
44,107
>3.9x
EBITDA
Operating profit margin
Loss for the period
RUB 415.2
billion
re e ue
e e ue re
2014
Aero ot roup h e e
s
t
re se
re e ue
r e
so
oper t
resu ts
p sse er tr
ro th th the
re se
the p sse er
o
tor
pp s e
s
the roup s
pro t e ppro h to et or
re e ue
e e t throu hout the e r
3.5%
10.6%
7.1 p.p.
(17,146)
(6,494)
(62.1%)
u tu t o s these e sures ro e up our
oper t
pro t
r
s
p rt u r
E
A
E
A
re se
pp
p p o to
respe t e
respo se to the orse
r et
ro
e t Aero ot roup tro u e
u
er o
t t es to opt
se the eet
ut osts h h he pe us ur oper t
e pe ses o the
o the
to
urre
epre t o
o ether th the ore
e h
e
e e t o re e ue re se
throu h the o p
s pro t e ppro h
h h
tore
e o o
e ro
e t
REVENUE
e e ue
o
268,636
349,574
30.1%
253,613
343,428
35.4%
15,023
6,146
(59.1%)
8,718
9,631
10.5%
Cargo flights
Total traffic revenue
277,354
359,205
29.5%
Other revenue, including:
42,417
55,968
31.9%
Airline agreements
21,605
31,596
46.2%
7,685
10,275
33.7%
Other revenue
Total revenue
ote
the h rts
tot s re e p
e
2015 ANNUAL REPORT
Change
Scheduled passenger flights
Revenue from partners under frequent flyer programme
108
2015
Passenger flight revenue, including:
Charter passenger flights
re e ue ro th
he e r er o the p sse er
ht re e ue
re se
s the re e ue ro s he u e
p sse er
hts th t sho e
ro th
re he U
o o the
o
o
re se Aero ot roups
p sse er tr
h rter
ht re e ue e t o
to U
o ue to roups e s o to re u e
prese e th s
r et se
e t
the o er
e
e the e sure
r et
r o re e ue rose
re u t o
the r o
the ro th o
r o e s
t
es e ture
rou
3.4%
82.7%
7.6%
S he u e
hts
A r e ree e ts
Aero ot o us
r o tr sport t o
h rter
hts
Other re e ue
s s o re e ue ro th
U
o
o
esp te
se
e t ue to
Other re e ue
s up
o
stoo t
U
o pr
r
ue to
re se
re e ue ro
r e ree e ts e o
te
ore
urre
o o
epre t o o the
uss
urre
2014
Revenue
th s A
u
eport
ter
e
to s
13,127
14,097
7.4%
319,771
415,173
29.8%
the
u t o o per e t
e h
es su tot
s
e s he u e
ht e s
ue to ro th
e so
to
o est
est
t o s Stro
ter t o
e
ro th pr
r resu te ro the
ore
e h
ee e t s
re roups
or out ou
ou
hts
or
ter t o
tr s t
re e o
te
h r urre es o e er ue to
ter
port o o re e ue ro out ou
hts
respe t e sh re o re e ue sh pe
the
pur h s
po er o the uss
o su ers
re se
the roup s ter t o
e s
s
re se
e use o pro t e ppro h
to et or
re e ue
e e t
89,815
–8,877
S he u e
hts
h rter
hts
913
13,551
415,173
r o
revenue
Other
revenue
2015
Revenue
319,771
S he u e
ht
e s
U
e
2014
29.8%
1.5%
2.3%
2.5%
hts
PASSENGER YIELDS
U
o
o tr ut o
Aero ot roup
s the e
o tr utor to the uss
r tr sport t o
r et st
s to h
su ess u
steppe
or r s ero s p sse ers support
ot e pe se osts re te to r s ero
ou te to U
o
h hh
to
erse e e t o the roup s
per or
e
the roup
urre the et oss o U
o
h h s st
pro e e t o er the pre ous
e r
e
Aero ot roups re e ue re
o to U
o
r e
h her re e ue ro s he u e p sse er
other re e ue
re se
oth ter
25.7%
18.0%
3.86
9.2%
2.98
2014
o est
3.26
2015
e s
3.58
3.07
3.04
2014
ter
2015
to
2014
e s
ot
2015
e s
109
o er te e
ro th o
o est routes
resu te ro the roup s o us o support
the ro
o est tr
the
re s
sh re o o e
o
ost rr er
to
o est
e s
the o er A r te h h
to
to oster uss
ere supporte
s re u e ro
r es
OPERATING COSTS
Oper t
osts
U
o
2014
2015
Aircraft fuel
87,199
94,382
8.2%
% of revenue
27.3%
22.7%
(4.6 p.p.)
Operating costs, excluding aircraft fuel
221,304
276,684
25.0%
% of revenue
69.2%
66.6%
(2.6 p.p.)
Aircraft, traffic and passenger servicing
61,070
75,186
23.1%
19.1%
18.1%
(1.0 p.p.)
52,148
55,619
6.7%
16.3%
13.4%
(2.9 p.p.)
23,834
44,415
86.4%
7.5%
10.7%
3.2 p.p.
19,224
32,042
66.7%
6.0%
7.7%
1.7 p.p.
22,206
26,084
17.5%
6.9%
6.3%
(0.6 p.p.)
13,571
14,596
7.6%
% of revenue
Staff costs
20.3%
ro th
osts
% of revenue
oper t
Change
Operating lease expenses
% of revenue
Aircraft maintenance
% of revenue
Sales and marketing, administration and general expenses
% of revenue
Depreciation, amortisation and customs duties
% of revenue
4.2%
3.5%
(0.7 p.p.)
Communication expenses
7,784
12,890
65.6%
% of revenue
Other expenses, net
% of revenue
Total operating costs
% of revenue
2.4%
3.1%
0.7 p.p.
21,467
15,852
(26.2%)
6.7%
3.8%
(2.9 p.p.)
308,503
371,066
20.3%
96.5%
89.4%
(7.1 p.p.)
Strategic Report
Business Overview
St
osts e t up
o to
U
o
ue to the
roup s he
ou t ro th pro pte
the
r er s e o oper t o s s e
s ue
to h her s
r es o e p o ees o Aero ot s
represe t t e o
es
rou e ter s
to
e t ep
e ts to
re s
Oper t
e se e pe ses stoo
t
U
o
ro th o
o
h h
s pr
r re te to the e e t o
the ou e e h
e o e e ts th s te
s
ost e t re
e o
te
US o rs
Other o tr ut
tors ere the eet
e p s o the et
re se
the roup s
e se
eet
s represe te
e r r t
or
o
h her
O r te
the
report
per o
Ar r t
o
to the ou
the ore
e t up
te
te
e osts
re se
to U
o
ue
ee h
e o e e ts E u
e h
e oss these osts
r e pr
r
h her
e o u es
o tr ut o
oper t
osts
sso
U
h
2015 ANNUAL REPORT
S es
r et
str t o
e er e pe ses
e
o
re he
U
o
r e
the e p
e oper t o s
h her s es
r et
e pe ses pe e to h r urre
epre t o
ort s t o
ut es re
o
to U
o
ue to
oe
E s to Aero ot
eet u er
e e se
ree
respe t e re s t o o
to e e t
o
66,847
–16,360
A r r t ser
p sse er ser es osts
stoo
t U
o up
o
pr
r
ue to the ou e e h
e r te
o e e ts E u
the ore
e h
e
oss these osts e t up
r e
the
roup s e p s o the
re se p sse er
tr
h
es
ser e ees
2014
OpE
ote E
oss
u
h
e
e
ue
es
usto s
ou te
to so e
roup s r r t
e ts
e o
r r t
Appendixes
RUB 66.8
billion
e e to
oper t
e pe ses
u
t o e pe ses e t up
o
ou te to U
o
s resu t o h her ore
urre
e pe ses
rou e ter s o
o
str ut o s ste s
Other et
o e e pe ses e t o
to U
o
he
resu t
ue o th s te
s
ue e
re o
t o o the
o e ro the
ust e t
o A o o e sh r
ree e ts
the
o e ro re
urse e t o ue e se t
s e
s
ru s o pro s o s or
ou ts
re e
e ro
r s ero or p sse er
hts
o
Oper t
osts re
o
4.3%
3.5%
3.9%
7.0%
8.6%
*
110
Financial review
es
o
12,077
371,066
308,503
A r r t ue osts
re se
e ro
e r
to U
o
ue to the e er ru e
s e
s h her tr
E u
the ore
e h
e r te e e t r r t ue osts ere
o
e ro
e r s resu t o the
o er o pr e
the su ess o
e sures
to oost the roup s ue e
e
Oper t
osts ess r r t ue
re se
e r
o
e r to U
o
Other OpE
e
2015
OpE
A r r t ue
A r r t tr
p sse er ser
St
osts
Oper t
e se e pe ses
Ar r t
te
e
S es
r et
str t o
e er e pe ses
epre t o
ort s t o
usto s ut es
o
u
t o e pe ses
Other e pe ses et
25.4%
20.3%
15.0%
12.0%
tor
111
REVENUE AND COST PER AVAIL ABLE SEAT- KILOMETRE
E
19.2%
ASK ro th
e e ue
o etre
e t
e e t o route et or
p t re e ues
osts pro e or the
roup s ASK ro th r te outstr pp
the
ASK ro th r te
the tr
ASK
s U
per se t
o etre up
o
h e ASK
ou te to U
up
o
ost per
19.2%
e se t
o oper t
2.80
2.76
2.35
11.7%
3.33
2.66
2.97
Business Overview
pro t
oss
U
2014
2015
Operating profit
11,268
44,107
>3.9x
Finance income
2,471
15,811
>6.4x
(28,399)
(37,715)
32.8%
(1,723)
(23,746)
–
31
(17)
–
(16,352)
(1,560)
(90.5%)
(794)
(4,934)
–
(17,146)
(6,494)
(62.1%)
Finance costs
Hedging result
Loss before income tax
Income tax expense
Loss for the period
2015
r
ASK
2014
ot
2015
2014
2015
ASK
ASK
EBITDA AND EBITDAR
Aero ot roup s E
A
re se
to U
o
th E
A
r
re s
ro
to
he roup s E
A
so re
up to
U
o E
A
r
e t up
ro
ere r e
to
s
tors
E
E
A
E
A
r
A
to
r
s
e
ro th outstr pp
ost
resu t o the ore e t o e
E
A
14.1%
E
A
14.1%
t
he
re se
e osts to U
o
or
s
ue to the
p r e t
o the roup s o
to r s ero s e
s
re se
terest e pe ses
re se
osses o
er t e
he e
ou t
he re
s ttr
stru
the e
US
58,703
48,674
24,840
E
E
A
A
U
r
2015
o
As resu t o the
o e
poste
et oss or
e se
o so
te st te e t o
sh o s U
A
A
U
r
2015
o
o
2015
Change
(16,352)
(1,560)
(90.5%)
12,136
13,306
9.6%
Change in provisions
4,328
10,353
139.2%
Foreign exchange loss
14,795
849
(94.3%)
9,869
(11,885)
–
1,723
23,746
–
Interest expense
4,934
7,737
56.8%
Loss on derivative financial instruments, net
2,813
19,803
–
(1)
9,159
–
(285)
(8,021)
–
(2,439)
800
–
Loss/(gain) on sale of investments and accrual of provision for impairment of investments and loans issued
Other adjustments
Working capital changes and income tax paid/refunded
Net cash flows from operating activities
4,456
5,377
20.7%
35,977
69,664
93.6%
Purchases of property, plant and equipment and intangible assets
(6,160)
(9,196)
49.3%
Purchases of investments and deposits placement
(2,552)
(20,393)
–
1,869
6,405
242.7%
(11,741)
(14,880)
26.7%
92
(706)
–
(18,492)
(38,770)
109.7%
Proceeds from sale of investments and deposits return
Prepayments/return of prepayments for aircraft, net
Other
Net cash flows used in investing activities
2015 ANNUAL REPORT
tors the roup
o U
2014
Gain on recovery of VAT
112
Oper t
pro t
o the roup
o
(Gain)/loss on change in fair value of derivative financial instruments
2014
E
E
RUB 44.1
billion
se oss ro he
o U
o
ut
e to sett e e ts u er er t e
e ts re o
se
e ut
s e
s to
e t o re e ue he
th
t es
e e se
Hedging result
2014
Change
stru e ts ot su e t to
Depreciation and amortisation
7.8%
r
e
o e or
re se
ore th
es e r o
e r to U
o
ue to pos t e e e t ro re u t o
o er t e stru e ts ot su e t to he e
ou t
terest
o ee r e o
epos ts
s
o
103,118
Appendixes
CASH FLOWS
r
24.8%
15.2%
o
Share in results of associates
2014
Financial review
FINANCE INCOME AND COSTS
U
20.6%
Strategic Report
113
2014
2015
Change
Free cash flow
17,485
30,894
76.7%
Proceeds from loans and borrowings
18,398
73,331
298.6%
Repayment of loans and borrowings
(9,870)
(36,267)
267.4%
Proceeds from disposal of treasury shares
2
–
–
Repayment of the principal of financial lease liabilities
(15,629)
(19,455)
24.5%
Interest paid
(3,409)
(5,914)
73.5%
Dividends paid
(2,833)
(88)
(96.9%)
(1,451)
(39,682)
–
119
–
–
(14,673)
(28,075)
91.3%
Effect of exchange rate fluctuations
5,075
1,327
(73.9%)
Net increase in cash and cash equivalents
7,887
4,146
(47.4%)
Cash and cash equivalents at the beginning of the year
18,660
26,547
42.3%
Cash and cash equivalents at the end of the year
26,547
30,693
15.6%
Payments on settlement of derivative financial instruments, net
Proceeds from sale of treasury shares to non-controlling shareholders
Net cash used in financing activities
CASH FLOWS FROM OPERATING ACTIVITIES
RUB 69.7
billion
sh o
oper t
ro
t
t es
et sh o s ro oper t
t t es re he
U
o
U
o
th oss e ore
o et
ou t
to U
o
U
o Ke o
sh
ust e ts o oss e ore
o et
e
to et sh o s ro oper t
t t es or
ere re te to
• h
e pro s o s
the
ou t
o U
o
U
o
ttr ute to
ru o the pro s o
or
t es r s ero
the pro s o or
s he u e
te
e
rep r o r r t
•
o the h
e
r
ue o er t e
stru e ts o U
o
oss o U
o pr
r
ue to
tur t
e p r o ue opt o s
• he
resu t
the
ou t o
U
o
U
o
h h
re se
o
ue to
re ss
t o o the re se oss o
opt o
ree e ts to h h sh o
he e
ou t
o e
s pp e
•
•
•
•
ro the he
reser e to the he
resu t
the
ou t o U
o
U
s e s ue to the e e t o
re e ue he
th
t es
ore
urre
the
ou t o U
o
U
o
oss o
er t e
stru e ts
the
ou t o U
o
U
o
oss o s e o
est e ts
ru o
pro s o or
p r e to
est e ts
o s ssue
the
ou t o
U
o
ue to the
ru o
pro s o or
p r e t o r s ero o s
o re o er o A
the
ou t o
U
o ro re o
to o A
o o e sh r
et ee
Aero ot roup o p
es
epre t o
ort s t o o
U
o
U
o
Strategic Report
or
pt
h
rtu
U
o
o
the o o
h
es the
re or e
the st te e t o
ou ts re e
e
prep
U
o
ue to
U
o
e
s
t o
e er
s
or
pt
sh o s
e ts
re se
re se
Financial review
Appendixes
ou ts re e
e s t
e e
er
e th the re e ue ro th
sh o s ro oper t
t t es
ere r e
e te
re se
ou ts
p
e
rue
t es
e th the
ro th oper t
osts
FREE CASH FLOW
ree sh o tot e U
o
U
o or
o
h h
s r e
the
re se
et sh o s
use
est
t t es
U
o
the
re se
et sh o s
ro oper t
t t es
U
o
up
Ke r ers o
o
h
e
et sh o s
use
est
t t es re
• p e e t o epos ts tot
U
o
U
o
pur h ses o
est e ts
o s
ssue pr
r to r s ero r e or
U
o
U
o
• pro ee s ro s e o
est e ts
epos ts retur pr
r
ro
o e
r e ue to
tur t
• prep
e ts o U
o
U
o
or
A r us A
r r t e pe te to e e ere
A
A
r r t e pe te
et
U
pt
e pe
ture
.
o
sh o s
to e e ere
retur
o prep
e ts o U
o
U
o
or oe
SS
r r t
• pur h ses o propert p
t
e up e t
t
e ssets tot
U
o
U
o
the ter
o s ro oper t
e pe
ture stoo
t
r t o et
t es to p t
35,977
6,034
epre t o
ort s t o
et sh o s ro oper t
p t e pe
ture et
8,568
2015
t
t es
RUB 30.9
billion
ree
sh o
sh
sh e u
e ts re
U
o
o
to
U
o
r e
o
other
tors
the e e t o e h
e r te u tu t o s
the
ou t o U
o
U
o
sh o
ree
ro oper t
sh o
U
t t es
o
69,664
35,977
13,306
sh
t
69,664
2014
2015 ANNUAL REPORT
WORKING CAPITAL
12,136
114
Business Overview
30,894
17,485
2014
ree sh o
et sh o s ro
2015
oper t
t
t es
115
CAPITAL EXPENDITURE
pt
e pe
ture
U
oe
ssroo
ht
Aero ot roup s et
p t e pe
ture
o puter se
pur h se or U
ht s
u tor
o
ur h ses o
t
e ssets
u e SA e e op e t so t re s e
other so t re so ut o s
e es or o
other
s ste s
s
e
o
31 December 2014
31 December 2015
Change
(6,160)
(9,196)
49.3%
–
(5)
–
126
603
378.6%
–
30
–
(6,034)
(8,568)
42.0%
RUB 8.6
billion
Business Overview
Financial review
Appendixes
NON - CURRENT ASSETS
pur h ses o propert p
t
e u p e t pr
r
u e three
s pur h se
S Aero ot
or U
o to e su se ue t
tr s erre to Auror
r e o e
pur h se
Auror
r e or U
o
s e
s o e oe
u
s u tor pur h se or U
o
et
Strategic Report
Purchases of investments
Proceeds from sale of property, plant and equipment
Gain on disposal of investments
Net capital expenditure
o
urre t ssets ost
re he
U
o
ue to
the e re se
propert p
t
e up e t
U
o or
pr
r
resu t
ro
epre t o
ort s t o
o propert p
t
e up e t
the r
re ss
t o to ssets he
or s e he
h
e
o
urre t ssets
s
ue e
h
o
e
prep
e ts or
ter port o
U
r r
o
t
prep
e ts
e
or r r t
to e supp e u er pr or e rs o tr ts
re or e
s other o
urre t ssets et
h
e
prep
e ts or r r t
ou te
to U
o
h
e
prep
e ts or
short ter port o
U
r r
o
t
–16,657
22,707
16,657
–7,827
3,406
35,291
16,734
29,241
A
re u
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
o
e se
o so
te st te e t o
pos t o
U
31 December 2014
4,498
o
31 December 2015
Change
A
ASSETS
Cash, cash equivalents and short-term financial investments
27,508
Other current assets
64,705
96,696
49.4%
Total current assets
92,213
133,306
44.6%
116,044
104,494
(10.0%)
69,461
77,394
11.4%
Total non-current assets
185,505
181,888
(1.9%)
TOTAL ASSETS
277,718
315,194
13.5%
135,136
178,081
31.8%
Non-current liabilities
156,087
173,233
11.0%
Total equity
(13,505)
(36,120)
–
277,718
315,194
13.5%
Property, plant and equipment
Other non-current assets
36,610
33.1%
LIABILITIES AND EQUITY
Current liabilities
TOTAL LIABILITIES AND EQUITY
p
es
es E h
e
e
r te
ere es
o
urre t
prep
e ts
re ss e
to urre t
prep
e ts
o
urre t
prep
e ts
re ss e
to urre t
prep
e ts
CURRENT ASSETS
urre t ssets
e
U
o pr
r
r e
re se
ou ts re e
e
U
o
re ss
to o
propert p
t
e u p e t to ssets he
or s e
the
ou t o U
o
re
he
the
t o the h
e
urre t ssets
ue e
the
re se
epos ts
p e
th
s or ore th
s
or U
o
he
re se
sh
ou te to U
o
s
RUB 315.2
billion
Aero ot roup s
ssets s t
e e
er
EQUITY
Assets s t
e e
2015
33.1%
2014
2015 ANNUAL REPORT
30.7%
41.8%
ropert p
t
sh
sh e u
116
er
24.6%
23.3%
e up e t
Other urre t ssets
e ts
short ter
est e ts
25.0%
Other o
urre t ssets
11.6%
9.9%
e ut
u
o
terest roppe
U
to
e t e
ue o U
he e r er
the
re se
U
re u t o o
re u t o
o tro
o
o
eh
th s h
e
s
the he
reser e o
o
h h o pr se
er t es u er AS
o
e e se
t es
A other o tr utor to the rop
s ret
e
e r
s h h pr
r
e t o
the
oss o U
o
urre
ttr ut
e to the sh reho ers o the
o p
or ore et s o e u t
ote
to the
o so
st te e ts
pt
te
p e se see
117
CURRENT LIABILITIES
tot
o
RUB 36.6
billion
sh
sh
e u
e ts
short ter
est e ts s t
e e
er
urre t
t es h
o
U
o pr
r
r e
sur e o U
o
short ter
o s
orro
s
urre t port o o o
ter
o s
orro
s o
esser e te t the ro th
s
ttr ute to
U
o
re se
u e r e tr
re e ue U
o
re se
ou ts p
e
rue
t es U
o
re se
pro s o s or
t es urre t
t es
er t e
stru e ts e t o
U
o
Strategic Report
Business Overview
re
NON - CURRENT LIABILITIES
et e t E
Ar to
urre t
t es
re se
or
U
o
re he
U
o
he e r ers o th s
re se ere
e e se
t es h h
re
U
o
ue to the rou e
epre t o
31 December 2015
Change
24,203
68,460
182.9%
149,278
164,524
10.2%
Pension liability
659
745
13.1%
Customs duties
169
–
–
174,309
233,729
34.1%
27,508
36,610
33.1%
146,801
197,119
34.3%
5.9x
3.4x
–
Total debt
Cash, cash equivalents and short-term investments
Net debt
Net debt / EBITDA
e e se p
o
e e se
t es re e t re
e o
te
ore
urre es ho e er
o
t es u er
e e se
ree e ts
ture s te s
urther
19,504
2016
20,436
2017
e t s he u e
re
o
o tot
e t
o
e e
t es ro
s
er
Aero ot roup h
o u r
ro
ts re t
or uss
ter t o
20,902
2018
port o o s t
Bank
VTB Bank (Austria)
Sviaz-Bank
As t
U
31.5%
RUB 36.8
billion
68.5%
18,996
2019
u
r
t es
e e
2020+
re t
s t
er
o
urre t
t es
urre t
t es
Credit bank of Moscow
Sovcombank
BO–03 series bonds
e e
er
Interest rate
Currency
3M Libor+5.25%
USD
3M Libor+5%
5%
1M Libor+5.25%
Short-term loans and borrow- Long-term loans and borrowings
ings and short-term portion of
long-term loans and borrowings
10,996
–
USD
9,386
–
USD
7,304
–
USD
7,288
–
8.3%
RUB
5,103
–
Rosbank
1M Libor+4.5%
USD
4,378
–
VTB Bank
3M Libor+4.9%
USD
3,657
–
1M Libor+5%
USD
1,290
–
Nordea Bank
Alfa Bank
İŞBANK
SMP Bank
GPB
Sberbank of Russia
Other
Total
2015 ANNUAL REPORT
s
rou e
r
80.3%
BFA Bank
118
orro
er
66.9%
19.7%
Loans and borrowings
Aero ot roup s o s
orro
s ere
oth
e r te
r
e r te
ere
use to
e the or
pt
to
o s ere o t
e to
restru ture er t e
t es he sh res
o ore
urre
rou e e o
te
t es
the o
port o o re
respe t e
he sh re o ore
urre
o s
re se
ue to e o s
o t
e
ore
urre es
the h
e
e use
the rou e epre t o
e e
84,686
Finance lease
pr
r
orro
e se
s
Appendixes
33.1%
o
e e
er
tot
e t
re se
o to U
o
r e
the
re se
o s
s s e
s re u t o o
e
t es
o
s t
3.4
uss
US o
31 December 2014
As t
o
35 977
DEBT AND LIQUIDITY
U
o
urre
Financial review
5.9
o
U
e t
21%
RUB
1,200
–
4.5%
USD
1,022
–
13.75%
RUB
960
–
from 13% to 17%
RUB
760
–
from 12% to 15.5%
RUB
252
12,875
14%
RUB
18
1,500
–
USD
471
–
54,085
14,375
119
CHAPTER 6
SETTING
THE STANDARD
FOR TRANSPARENCY
CORPOR ATE
GOVERNANCE
orpor te o er
s
Se ur t es
e e t
e Stru ture
122
152
160
CORPOR ATE GOVERNANCE STRUCTURE
e e
e th top st
r s
re u re e ts
S Aero ot s orpor te o er
e
s ste
s to
p e e t the pr
p es
o tr sp re
ess
t o
or
to
out the o p
e sure
e ut
e tre t e t o
or t
or t
sh reho ers
er
S
A
S
oss
Ar
AE O
O
ES
O
es
S Aero
sh re
Business Overview
E
SU S
A
As p rt o ts e orts to
pro e orpor te
o er
e
S Aero ot st rte
pe e t
the ro
po
tro u t o
o re o
e
t o s o o pro t p rt ersh p
uss
st tute o
re tors
the o p
st rte
pe e t
the
re o
e
t o s o the orpor te o er
e
o e s ppro e
the o r o
re tors o
the
o uss o
r h
ES
r
O
S Ore
S
r
Aero ot
o
r h
S Aero ot s o r o
re tors ppro e the A t o
o
p
to
pro e orpor te o er
e pr t es
t S Aero ot
the o o
o u e ts ere ppro e
s p rt o the
e orts to
p e e t the re o
e
to so
the orpor te o er
e o e e u to
o Oper t o
u t
e e to
S
Aero ot e u t o o
s
e e t
S ste o Aero ot roup Aero ot roup s
e
S Sherote
S Auror A r
es
Aero ot A
o p
t o S hoo
e
th the uss
Ar
es
A t e se uro
osto A r
A e h
122
S Aero AS
AS
u
to
S Auror A r es S
A e h
2015 ANNUAL REPORT
s
Aero ot
S Shere et e o
osto A r s o tro e
ter
to
s
S Auror A r
es Oper t o
r
sport
e r
us ess o S
ouse
osto A r h s ee tr
Complied with
Not fully complied with
Not complied with
13
11
1*
1
Board of Directors
36
29
4
3
2
2
–
–
10
9
1
–
Risk Management System
6
6
–
–
Information Disclosure
9
8
1
–
o
s erre
e
ers o the
o r o
re tors
Shareholder Rights
Material Corporate Actions
S
11
e o e
Principles recommended
by the Code
Corporate Secretary
A rport
Appendixes
S Aero ot so o tr utes re t to the
pro e e t o the orpor te o er
e
re u t o r
e or throu h
o e e t
e
te
roups
rou
t
e s uss o s
Spe
S Aero ot s represe t t es re
e
ers o the orpor te
o er
e
pro e t roup
t
s p rt o the os o
ter t o
e tre s or e
s e
s e
ers o the Sh re ssuers
o
ttee o
os o E h
e
Total
S Aero ot so ho s
A S AU
Aero
S Aero ot ho s st e
to S Auror A r es
S Aero ot ho s st e
t o to the re o
e
to s
pro e
the orpor te o er
e o e
S Aero ot
p e e ts
o t e so ut o s
or orpor te o er
e su h s str te
eet
s
or shops th e
ers
o
S Aero ot s o r o
re tors
Aero ot roup s e
e e t
Remuneration System
S
Financial review
A t orrupt o
o
e u t o s o the
ot e or o
e t
eports to the
o r o
re tors Au t o
ttee o the
o r o
re tors e u t o s o
ter
Au t t Aero ot roup o
o E er s
S Aero ot u s tre sur Sto
e e
S Aero ot s orpor te o u t o e
A o prehe s e r s
e e t s ste
or
Aero ot roup s e
e e ope
orpor te o er
Code section
o e
CORPORATE GOVERNANCE SYSTEM
Aero ot roup stru ture
s t
Strategic Report
o p
5
4
1
–
72
69
8
4
e re tes to u s tre sur sto
ote St t st s re
se o the report o
o p
e
th the pr
p es
re o
e
t o s o the orpor te o er
e o e Appe
to th s A
u
eport
e
123
Strategic Report
Business Overview
Financial review
Appendixes
PJSC AEROFLOT CORPORATE GOVERNANCE STRUCTURE
e er
e so
erso
e
o
o r o
S Aero ot o tro s terests
ho s
sh res
the h rter p t o
u
er o
su s
r es
u
r es here S
Aero ot so e sures o p
e th the
top st
r s o orpor te o er
e
e e op e t
p e e t t o o roup
e po es
pr
p es O top o th t
the o p
e e ope
ross u t o
o er
e s ste
or ts
t o su s
r es
o Sh reho ers
re tors
E ter
u tor
e u er t o
ttee
o
Au t o
Str te
ttee
eet
o e sure o tro o er
oper
to
t t es o the
t o su s
r es
the roup e
e e h o the to h e
e
te re s o o
ttee
e up o
S Aero ot s represe t t es
t o to
re s o o
ttee spe t o s su s
r es
re su e t to spe t o s
u tor
ppro e pursu t to the re e
t
pro e ures
ttee
o
ttee
or
e th the pp
e
s
the r rt es o sso t o e h su s
r
e e ope
opte
e
te
ter
o u e ts st pu t
the respo s
t es o
ts o er
o es
Super or e pert se o
S Aero ot s
e e t te
h s ee
e
e
the us ess o
u t
re o
se
th
u
er o
r s
S Aero ot s e e e ut es ere
r e
ert
te o r t tu e ro the res e t o
the uss
e er t o
3
epe e t
re tors o the
o r
GENERAL MEETING OF SHAREHOLDERS
ter
Au t ep rt e t
e e t o r
h e E e ut e O
o
o
orpor te o er
e s e er se
S Aero ot s o er
e
super sor
o es
u
the e er
eet
o
Sh reho ers the o r o
re tors the
e e t o r the EO
the e s o
o
ttee
he respo s
t es o
S Aero ot s orpor te
se ret r re este
th the E e ut e
Se ret r o the o r o
re tors
S Aero ot s
oper t o
t t es
re u te
e ter
u tor
or
e
th oth the uss
A ou t
St
r s
AS
the ter t o
eport
St
r s
S s e s
the ter
Au t
ep rt e t
ou t e to the Au t o
ttee
o S Aero ot s o r o
re tors
124
2015 ANNUAL REPORT
er
ttee or
e
est e ts
ttee or
o
e e op e t
t e
Ke o u e ts e sur
the respe t o
S Aero ot sh reho er r hts
u e
• Art es o Asso t o o
S Aero ot
• e u t o s o the e er
eet
o Sh reho ers o
S Aero ot
• e u t o s o the o r o
re tors
o
S Aero ot
• e u t o s o the
e e t o r
o
S Aero ot
• e u t o s o the e s o o
ttee
o
S Aero ot
• e u t o s o the orpor te
or t o
o
o
S Aero ot
•
e
o
o
S Aero ot
• orpor te o u t o e o
S Aero ot
he e er
eet
o Sh reho ers s
the o p
s h hest o er
o
he respe t e s ope o o pete es
pro e ures or o e
ho
su
rs
eet
s re set orth
the o p
s Art es o Asso t o
e u t o s o the e er
eet
o
Sh reho ers he A u
e er
eet
o
Sh reho ers s he
u
o e r er th
three o ths
o ter th
s
o ths
ter the e
o the s
e r
S Aero ot o e e the A u
eet
o Sh reho ers
os o
o
u e he eet
s tte e
o ers o
o
S Aero ot s tot
ot
sto
o E tr or
r e er
eet
so
Sh reho ers ere o e e
e er
he A u
e er
eet
o Sh reho ers
ppro e the o p
sA u
eport
st te e ts
u
pro t
oss
st te e t the o r s re o
e
to so
the str ut o o the et pro t or the s
e r
the
ou t o re u er t o
ue to the e
ers o the o r o
re tors
the e s o
o
ttee he A u
eet
so ppro e
u
er o re te
p rt tr s t o s
the o p
s
o e e t th the e h o o
t or
A to
o
Asso t o
t
A
to
e h o o es
he eet
ppro e
e
o pos t o
o the o r o
re tors
the e s o
o
ttee
the o p
s u tor or
se e te pursu t the re e
t
pro e ures t so
opte the
e e
ers o s o the o o
o u e ts
o
S Aero ot Art es o Asso t o
e u t o s o the e er
eet
o
Sh reho ers e u t o s o the o r o
re tors e u t o s o the
e e t
o r
e u t o s o the e s o
o
ttee
e u to so
e u er t o o
e
ers o
the o r o
re tors
e u to so
e u er t o o
e
ers o the e s o
o
ttee
he A u
e er
eet
o
reso e
ot to p out
e
S Aero ot sh res or the s
h s reso ut o too
to
re o
e
to so
S Aero
o
re tors
s p sse
o p
s
e
o
h
th t Aero ot roup s et pro t
or s the
se or
u t
Sh reho ers
so
e r
ou t the
ot s o r
e th the
h st pu tes
u er
S
e s
125
Strategic Report
Business Overview
Financial review
Appendixes
BOARD OF DIRECTORS
S Aero ot s o r o
re tors h s o er
uthor t
o
re tors s respo s e or the o p
s oper t o
the uthor t o
S Aero ot s e er
eet
o Sh
o r
h e E e ut e O
er he pro e ures or
the o r
eet
s o
th other o r
t t es
e u t o s o the o p
s o r o
re tors
o t Sto
o p
es
126
2015 ANNUAL REPORT
o er the o p
he o r
s e u
tters th
reho ers
e e t
o e
ho
re st pu te
the
e th the e er
O
he o r s e o us re s
u e
the o p
s o
ter sust
e
e e op e t e e t e o ers ht o ts
e e ut e o es u o pro s
o ser
e
prote t o o sh reho er r hts
the r
e t
te terests
•
he
o e t es o the o r o
re tors
re to
• e e the ore re s o oper t o or the
o p
u
su s
r
r es to
re se ts oper t
pro t
• oper te or the e e t o sh reho ers
super se
p e e t t o o orpor te
t t es
•
p e e t e e op e t pro r
es
ppro e
sh reho ers
• super se the t t es o the o p
s
e e t o r
h e E e ut e
O er
•
or sh reho ers out the resu ts o
u ts o the o p
s
pos t o
• prese t reso ut o s o
tters th
the uthor t o the e er
eet
o
Sh reho ers or ppro
sh reho ers
•
s uss
ppro e us ess p
s
• eter
e the pro e ure or str ut
pro t
o er
or oss
• e e op the o p
s
e
po
or
out propos s o the
ou t o
e so
the o p
s sh res
e
p out
pro e ure
prese t the
or ppro
the e er
eet
o Sh reho ers
• ppro e
o tor per or
e o the
u
u et
•
s uss
pre ppro e r t
u reports
u
ou t
st te e ts
the
o p
s pro t
oss
ou ts
•
se u t reports
op o s o
the e s o o
ttee
prese t
o u e ts e tur
the resu ts o su h
u ts or o s er t o
the o p
s
sh reho ers
• prese t propos s to the e er
eet
o Sh reho ers o the ppo t e t o the
o p
s u tor
he reso ut o s p sse
the o r o
re tors sou ht to
o p sh so e o the
roup s e o e t es
e
• e sure
ht s et
re ue
• eter
e Aero ot roups str te
e t pr or t
es o us ess
•
p out
e e op e t str te
or
Aero ot roups r r t eet
route
et or
•
r r t eet e e op e t str te
•
pro e oper t
r et
pr t es
etho s throu h up r es
o to
p e e t t o o est
pr t es ro
o
peers
• oost Aero ot r
h
represe t t e
o e per or
e oth o est
ter t o
• e or e h her st
r s or rport
ht p sse er ser es e p
the ser e
pro e usto er e per e e
• pro ote ooper t o
th S
e
p rt ers use the e
ersh p to e p
the o p
s route et or
oost the
ter t o
ht per or
e
• pro ote str te
p rt ersh ps th r es
• oost e
e
t su s
r es
stre
e the o
ore sset stru ture
to ut u e ess r spe
re se
est e t retur s
• e e op
up r e
or
to
te h o o es
• e sure
or
t o tr sp re
u
estor re t o s
pro ure e t
• e e op
pro e orpor te po es
eter
e the po
o ssu
the
o p
s se ur t es
• ppro e the o p
s spe
re str r
the ter s
o
t o s o the
o tr t there th s e s the o tr t
ter
to
o e o the h r
o the o r o
re tors
he h r
o the o r o
re tors
• s respo s e or the e er ste r sh p o the
o r o
re tors o e es
h rs eet
s
rr
es or eep
the
utes o
eet
s
h rs the e er
eet
o Sh reho ers
• he ps e sure the t e pro s o to e
ers
o the o r o
re tors o
the
or t o
re u re to p ss reso ut o s
ote o
e
te s
• e sures pro u t e s uss o o
e
te s
o
o e e ut e
epe e t
re tors
• o tro s the e e ut o o reso ut o s p sse
the o r o
re tors
the e er
eet
o
Sh reho ers
oeo
u
o
s
st
epe
e t
re tors
epe e t re tors pro ote op o s
e e ts u
e te
re t o s th the
p
s sh reho ers or e e ut e o es s e
e so
h h e e ts
ere t roups o
eho ers
he prese e o
epe e t re tors e h
es
orpor te o er
e the o p
epe e t
e
ers o the o r o
re tors re t e
o e
the t t es o the o r o
ttees
or
e th the re u re e ts o os o
E h
e
epe e t re tors he the o r
o
re tors Au t o
ttee
erso e
e u er t o o
ttee he
or t o
e
ers
o the o r o
re tors o
ttees re so
epe e t re tors h h he ps h e e
e
epe e t pos t o o
e
te s
127
e
ersh p o the o r o
Kr
A
h r
e e
oes ot o
re tors
re tors
e
er o the erso
eo
re tors
ttee
e
o the erso
e
e u er t o
r
e
S Aero ot sh res
so
epe e t
ttee
or
E o o
S e
ro
ro
S e
e t o the uss
e
er o the o r o
re tors
the Str te
o
ttee
r u te ro
s E o o st po t
e
er o the o
to
e
er o
to
e
er o
e
er o the o
oes ot o
uss
h es A ter
e
or
r u te ro
os o
U ers t
o er
e t o the uss
e er t o
th
e ree
ro
to
Se or E pert e
E pert ep rt e t e
re tor te t the USS
str o
e
ro
to
e
o Se ur t es
E o o
A
ss
ro
to
eput h r
o the
e e t o r
ro
to
Se or
e res e t
eput h r
t os
ro
to
res e t
h r
o the
e e
S e
h r
o the
e e t o r
tU
re t
2015 ANNUAL REPORT
Ser
e
e o the uss
o er
Appendixes
o o
e o
r o
o r
the
r o
oso
o
re
so
o r
re
e
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128
r
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U ers t
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s
Financial review
u te ro
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Business Overview
or K
MEMBERSHIP OF THE BOARD OF DIRECTORS
As t
e e
er
S Aero ot s o r
o
re tors
s o pr se o the h r
o e e ut e re tor o e e e ut e
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three
epe e t re tors
Strategic Report
S Aero ot sh res
e u er t o
e
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A
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S Aero ot sh res
129
tr
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s
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the Str te
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est
t eters ur
pro
A sor to EO
e o the uss
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er o the o r o
oes ot o
2015 ANNUAL REPORT
Appendixes
o the Au t o
ttee
ttee
e
er o the erso
e
to
e to s
O
h rto
us ess S hoo o the
S Aero ot sh res
re tors
e
er o the Str te
o
ttee
r u te ro
os o St te
A
e
ro
ster o
s
e ree h
to
EO t os o
e u r o
u
to s
to
re tor o r s t o Support eput
e
o
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to
eput EO or e
ropert ssues t S
to
eput EO or S es
ropert ssues t S
EO t oss
A r es
S Aero ot sh res
or e
S hoo
the e
so
Aero ot
Aero ot
er o the o r o
oes ot o
re tors
e
er o the Str te
o
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S Aero ot sh res
he e o
er o the o r o
re tors
or
r u te ro
r uts
st tute o
to
E o o
o p ete A
e ourses t
the
t r A
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o the e er St
o the uss
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S e
EO t OS E orpor t o
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u ture
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s to
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eer
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A te o er
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Sp e orpor t o
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r he e o h s re e e h h o er
e t
r s
o
r e u
er o other prest ous
r s
oes ot o
130
or
o s
e ree
ro
o o oso
os o St te U ers t
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post r u te pro r
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E o o
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Financial review
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Business Overview
oes ot o
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o s
Strategic Report
S Aero ot sh res
131
e
ers o S Aero ot s o r o
re tors
e t per or e the r u t o s
t s s
ot thst
the r ser e o
o r so
re tors t other o p es
S Aero ot ur
the report
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report
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s
o r o
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sh res the o p
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Strategic Report
Business Overview
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the e s o o
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o r
the EO
re tors
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Financial review
Appendixes
he o r o
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s he
se t
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ot
to the o r o
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EXECUTIVE SECRETARY OF PJSC AEROFLOT’S
BOARD OF DIRECTORS
A e se
rt
ee h
p to o
o r
e
ers
o r
Board member
or
r u te ro the st tute o E o o
s
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A
str t o
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S Aero ot
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e
ou se to re u t o s r t
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o the o p
sA
str t o to orpor te
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str t e
or
t o support o the o p
s o r
o
re tors
e er
eet
o Sh reho ers
super ses o p
e
the o p
s
o es
o
ers th orpor te o er
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pro e ures set orth
the
s o the
uss
e er t o the o p
s Art es o Asso t o
ter
o u e ts
o s o sh re
the h rter
pt
o
S Aero ot
CHANGES IN THE MEMBERSHIP OF THE BOARD
OF DIRECTORS IN 2015
or Ko
steppe
o
re tors s ro
u e
the A u
e er
eet
ro
the o r o
reso ut o o
o Sh reho ers
here ere o other h
es
the
e
ersh p o
S Aero ot s o r o
re tors
Other e
ers o the o r
o
re tors ere re e e te
t the
A
Kirill Androsov
2015 ANNUAL REPORT
9
-
11
20
8
1
11
8
1
11
11
4
-
7
20
7
2
11
Igor Kogan*
Marlen Manasov
Roman Pakhomov
20
9
-
11
Dmitry Peskov
20
6
3
11
Vitaly Saveliev
20
9
-
11
Dmitry Saprykin
20
9
-
11
Vasiliy Sidorov
20
9
-
11
Yury Slyusar**
Sergey Chemezov
u
er o
eet
s he
the o r o
re tors
14
1
4
4
11
51.7%
47.5%
10.3%
15.8%
17.2%
11.9%
17.2%
17.8%
7
9
2014
2015
3.4%
2011
2012
perso
2013
se t
43.8%
31.9%
32.9%
37.0%
32.9%
11
9
9
3
5
20
11
11
8
20
tters s usse
the o r o
re tors
16
3
10
2011
> 160 agenda
items
30.1%
5.0%
7.2%
6.9%
2012
21.0%
15.7%
18.0%
5.0%
3.3%
2013
10.6%
2014
5.6%
2015
s usse
t the
o r o
re tors
eet
s
Str te
est e ts
orpor te o er
e
u et p
u
e te p rt tr s t o s
Other
he e
o the o r o
re tors eet
s
ust
u e te s propose or s uss o
sh reho ers ho
re te ho
t e st
e
e
132
Written opinion
20
THE BOARD OF DIRECTORS PERFORMANCE REPORT
he
the o r
o
re tors ur
the e r
Attendance in person
In absentia
Mikhail Alekseev
5
20
meetings
In person
Igor Kamenskoy
15
th the str te
us ess p
e ropos s
e
e
ers o the o r
o
re tors
the o p
s
e e t
re
tore
E tr or
r
eet
s
e
o e e to
e e s o s o ur e t
tters
s
20
20
e
eet
Number of meetings
attended
ur S us r e e te to the o r o
re tors
s ro
u e
reso ut o o the
A u
e er
eet
o Sh reho ers
e th the t o p
or the o r o
re tors the o r
eet
s re he
t e st
o e
o th he t o p
or the o r
o
re tors s ppro e t the e
o the e r
pre e
the e r o ere
the p
As
ru e the t o p
u es the esse t
tters o er
the o p
s oper t o s
str te
e u et
r s s hu
resour es et
h h re to e s usse
S Aero ot s o r o
re tors he
s
u
eet
s perso
eet
s
o
se tee ot
he
s
eet
s
resse o er
te s
p sse o er
reso ut o s o
tters o the
o r
eet
er o the o r o
er o the o r o
re tors up to the A u
e er
eet
o Sh reho ers he o
re tors s ro the A u
e er
eet
o Sh reho ers he o
u e
u e
133
Ke
tters
s usse
the o r o
Strategic management and investment activities
Budget planning and funding
Related-party transactions
Other
re tors
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
progress in implementation of Aeroflot Group’s Strategy;
Aeroflot Group’s Investment Programme for 2016;
Aeroflot Group’s Long-Term Development Programme update;
results of PJSC Aeroflot’s Innovative Development Programme in 2014;
progress in implementation of PJSC Aeroflot’s marketing strategy.
PJSC Aeroflot’s budget for 2016;
Aeroflot Group’s 2016 consolidated IFRS budget;
distribution of the Company’s profit and loss for the fiscal year 2014;
PJSC Aeroflot’s credit facilities.
implementation of the Corporate Governance Code;
Aeroflot Group’s Anti-Corruption Policy;
incentive programme at PJSC Aeroflot;
KPIs for PJSC Aeroflot’s CEO for 2016;
remuneration payable to members of PJSC Aeroflot’s Board of Directors and Revision Committee;
PJSC Aeroflot’s internal documents.
approval of a number of PJSC Aeroflot’s related-party transactions.
Aeroflot Group’s operational KPIs for 2016;
aircraft lease transactions;
aircraft purchase and sale transactions;
PJSC Aeroflot’s involvement with the Technology Platform Aviation Mobility and Aviation Technologies
Association;
sponsorship of Russian sports clubs.
COMMIT TEES OF THE BOARD OF DIRECTORS
o
pro e the e e t e ess o reso ut o s
p sse
the o r o
re tors e sure
ore et e pre
r
s uss o s o
ost
port t
tters
prep re re e
t
re o
e
t o s S Aero ot h s three
e
te o
ttees o the o r o
re tors
• Au t o
ttee
• erso e
e u er t o o
ttee
• Str te
o
ttee
he o r o
re tors o
the o r o
re tors
ttees re e e te
t
o p
e
th re e
t o
ttee e u t o s ppro e
the o p
s o r o
re tors he
o
ttees t s per the o r s reso ut o s
to p
se o the o r s t o
p
the o r o
re tors o
ttees
he
tot o
eet
s
ress
tters
re te to the oper t o s o Aero ot roup
su
tt
et e re o
e
to s
propos s to the o p
s o r o
re tors
e e t o r
AUDIT COMMIT TEE
he Au t o
22 meetings
he
o
o
the o r
re tors
ttees
sh reho er
o the o p
the o p
o
ttee
the Au t o
or o s er
re o
e
the o r
ttee o tors the o p
s
oper t o
t t es to prote t
terests
e sure the ro th
s ssets oor
t
th
s e e ut e o es the e s o
the ter
Au t ep rt e t
ttee prep res
su
ts
to
the o r o
re tors
to s
propos s o
tters o
tters o er
ssess e t o the r s
e e t
ter
o tro s ste s
se o the reports
the o p
s ter
Au t ep rt e t re re u r
s usse
the
134
2015 ANNUAL REPORT
Au t o
ttee o the o r o
re tors he
o u t
u ts the ter
Au t ep rt e t
r s o us o s o the per or
e o the
rs
e e t
ter
o tro s ste s
respe t o e h u te e t t
to
the ter
o tro ep rt e t
u te the pro ress o the ro
p es e
to pro e orpor te o er
e pr t es
t S Aero ot spe
to e e op
te r te r s
e e t s ste or Aero ot
roup he or t o
out the resu ts o
u ts
the pro ress o the p e e t t o
o re o
e
t o s s re u r su
tte to
the Au t o
ttee o the o r o
re tors
Strategic Report
Business Overview
Financial review
o urther pro e r s
e e t ross
e us ess pro esses th
S Aero ot the
Au t o
ttee o the o r o
re tors so
re u r re e es reports o the o p
s e
r s s he re e
t up tes re so prese te to
the o r o
re tors
•
the report
e r the Au t o
ttee he
tot o te
eet s
u
o e eet
o
se tee ot
e
ersh p o the Au t o
ttee s t
e e
er
e e te
eso ut o o the
o r o
re tors
te
Septe
er
•
s
S oro
epe e t e
er o the
o r o
re tors e o the o
ttee
•
or K e s o
epe e t e
er
o the o r o
re tors
• o
ho o
e
er o the o r
o
re tors
he
eet s s usse the o o
tters
pro e e t o ter
u t t
Aero ot roup
• Aero ot roups
S Aero ots u ets
• per or
e o Aero ot roups o so
te
u et K s
•
he
• e te
o s
• pro ure e t
• sh reho er
estor re t o s
•
r r t s e tr s t o s
• reports o the resu ts o
s s o the
o p es e t to S Aero ot
• reports o u ts o u te
the ter
Au t ep rt e t
•
Appendixes
S Aero ots ter
o u e ts
u
Oper t o
u t u e es o
S Aero ot e u t o s o Aero ot roups
s
e e t S ste Aero ot roups
est e t ro r
e e
ers o o the
e u t o s o the Au t o
ttee
PERSONNEL AND REMUNERATION COMMIT TEE
erso e
e u er t o
o
ttee
pro otes the e e op e t o the
po
super ses
tters o er
the
o p
s or
s to
stru ture se e t o
ssess e t o perso s ppo te to
the o p
s o er
o es the r
re u er t o
the re u er t o s ste
the report
e r the erso e
e u er t o
o
ttee he
tot
eet
s
u
three eet
s
se tee ot
o e ht
o
he eet
s s usse the o o
tters
• re u er t o o the o p
s
e e t e
ers o the o r o
re tors
the e s o o
ttee
p r eters o
S Aero ot s t r ete o
ter
e t e pro r
e
• EO
e e tK s
•
e per or
e
tors or
Aero ot roups o
er
e e op e t
ro r
e
• per or
e ssess e t o
e
ers o the
o r so
re tors o su s
r
r es
•
tes
propos s o the e
ers
o the o r o
re tors represe t
the terests o the uss
e er t o t
S Aero ot s o r o
re tors the
orpor te e r
•
S Aero ot s ter
o u e ts
u
e u to so
S Aero ot s
Ke er or
e
tors orpor te
o er
e o e orpor te o u t o e
the e
ers o o the e u t o s o
the erso e
e u er t o o
ttee
135
e
ersh p o the erso e
e u er t o
o
ttee s t
e e te
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re tors
te
Septe
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or K e s o
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STRATEGY COMMIT TEE
e
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or o
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e
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e e t o r
eput EO or Str te
A
es
Sh
Kur
sho
e
er o the
e e t o r
eput EO or
e
et or
e e ue
e e t
s
Audit Committee
Personnel and Remuneration
Committee
Strategy Committee
8/8
4/4
Igor Kamenskoy
3/3
8/8
Igor Kogan
7/7
5/5
7/8
3/4
10/10
8/8
4/4
3/3
4/4
Marlen Manasov
Roman Pakhomov
Dmitry Peskov
Financial review
Appendixes
S
o
re tors s uthor se to ppo t e
ers
o the
e e t o r
re o e the
ro o
e e ore the e p r t o o the r ter
he
e e t o r
ts
o p
e
th S Aero ot s Art es o Asso t o
e u t o s o the
e e t o r
s ppro e
the e er
eet
o
Sh reho ers o
S Aero ot
s t
e e
er
e e
o the
e e t o r
EO
or
r u te ro K
e
r
o te h
st tute
st tute o E
eer
E o o
s h
E o o
s
ro
to
EO t the US So et U o o t e ture
o
ro
to
h r
o the
e e t o r
t oss
ro
to
h r
o the
e e t o r
t e tep S
ro
to
eput h r
o the
e e t o r
t
ro
to
e res e t t
OS U te
o p
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est
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to
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ster o E o o
e e op e t
r
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to
rst
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e
o e e o Asset e
ee o
rst
e res e t
e
o e e o Assets t S ste
S e
EO h r
o the
e e t o r
t S Aero ot
o s
o
S Aero ot sh re
o
tt
e
r
est
t eters ur
pro
A sor to the EO t
e o the uss
e op e t t S ste
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pt
r A to o
rst
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EO or A
t o S et
or
r u te ro
os o
E
eer
st tute
ro
to
ser e
the r e or es
ro
to
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A t o S et
eput EO or A t o S et
eput EO or A t o
Oper t
S et
rst eput EO or Oper t o s t S
Aero ot
S e
rst eput EO or A t o S et t S Aero ot
o
S Aero ot sh re
pt
3/4
Vasiliy Sidorov
10/10
7/7
4/4
Yury Slyusar
136
e e t o r
o s
Dmitry Saprykin
he rst
ersh p o the
h r
o
o
Mikhail Alekseev
ote
S Aero ot s so e e e ut e o
the
EO
o e t e e e ut e o
the
e e t o r
re h r e
th
ru
the o p
so o
oper t o s
he e e ut e o es report re t to the
o r o
re tors
the e er
eet
o Sh reho ers he EO so ts s the
h r
o the
e e t o r
he o r
t
ttee s
eso ut o
Septe
er
Business Overview
MANAGEMENT BOARD
e
he Str te
o
ttee h s ee set up to
prep re re o
e
to s
propos s
to the o r o
re tors e h
the
o p
s per or
e
pro
ts
o
ter str te
Strategic Report
1/1
ure
tes the u
2015 ANNUAL REPORT
er o
eet
s tte
e
the
e
er o the o r o
re tors the se o
ure
tes the tot
u
er o
eet
s he
137
s
A
eput
Strategic Report
Business Overview
str t e
e e t
or
r u te ro
er h s
ro
to
e
o A
str t o
EO E e ut e re tor t S Aero ot
S e
eput EO or A
str t e
o s
o
S Aero ot sh re
eput
her
E
re tor o the
e e t t
eer
o e e
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A
rs
S Aero ot
pt
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EO or usto er Ser
A tu ho
EO or S es
or
oes ot o
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eput
or o
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E o o
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ro St te U ers t o
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to
re tor o
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to
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s
e t oss
A r es
to
O
h e A ou t t t o ro et
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o e
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o
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o
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e
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so
t S ste
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A sor to the EO eput EO or
e
est e t
eput EO
or o
er e
e t S Aero ot
S e
eput EO or
e
et or
e e ue
e e t t S Aero ot
oes ot o
2015 ANNUAL REPORT
Appendixes
or
r u te ro
ur
o te h
U ers t t
ro
to
o S es e
er o the o r o
re tors
the E e ut e o
ttee
t
ro
to
S es
er
e res e t or S es
e res e t or us ess
e e op e t
e res e t or A
es us ess e e op e t
ter t o
e to s
E e ut e
e res e t or A
es
Str te es t A t
S e
eput EO or Str te
A
es t S Aero ot
Sh
or
r u te ro K
e
r
o te h
st tute
ro
to
A sor to
e res e t t U te
o p
OS
ro
to
E e ut e re tor t A A
ter t o
ro
to
re tor o e e op e t
o tro t e e o Assets t S ste
orpor t o
S e
eput
e
o
t S Aero ot A sor to the EO eput EO or
138
or
r u te ro St eters ur U ers t o E o o
s
e
h
E o o
s
ro
to
eput
re tor o the ep rt e t or o er
e t e u t o o ore
r e t the
str o E o o
e e op e t
r e o the uss
e er t o
ro
to
re tor o o er
e t e t o s t S ste
orpor t o
ro
to
A sor to the EO eput EO or usto er e t o s
eput EO or
Oper t o s
u t
e e t t S Aero ot
S e
eput EO or usto er Ser e t S Aero ot
oes ot o
eput
Financial review
o
EO or A
o
S Aero ot sh res
139
eor
or
ro
S
ht S et
u te ro the A
e
o
to
eput h e
ht S et
e e t t S Aero ot
e
re tor o S et
e e t t
or
r
eput
A to
spe tor
h
eput
e h
S e e
re tor o S et
o
e
EO
e h
e e t o r o S Aero ot he
tot
u
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s
se tee ot
o
e e t o r
tters
resse
ro
os o
st tute o
A to E
o ro r
e eput
re tor o the A
e h
re tor e h
S Aero ot sh re
EO
o
er o
or
r u te ro
ro
to
o
ro
to
o
S e
eput EO
e p e t o the ho or r t t
the e
o estero
o s
o
re tor
eput
eers
us ess
EO
her o
•
•
he o o
e
tr
A
tr S pr
140
A tu ho
eput
e h
pt
•
•
•
ers e t S Aero ot s
e e t o r
sor to the eput EO or
e
et or
eput EO or S es
ropert
e e tA
2015 ANNUAL REPORT
Appendixes
e e t o r
e e t
s ppo te to
e e ue
e e t s ro
Septe
sor to the EO s ro
O to er
ere s o o s
implementation of Aeroflot Group’s Strategy;
Aeroflot Group’s Long-Term Development Programme update;
results of PJSC Aeroflot’s Innovative Development Programme in 2014;
set-up of a standalone business unit responsible for implementing the Innovative Development
Programme;
PJSC Aeroflot’s strategic partnerships;
efforts of the special strategic projects team to boost ancillary revenue within the Ancillary Revenue
project;
possible movement of all PJSC Aeroflot’s flight operations to the North terminal complex considering
the long-range construction plan based on the Sheremetyevo International Airport Development Master
Plan;
•
•
•
•
Aeroflot Group’s operational KPIs forecast for 2016;
aircraft fleet condition and potential replacement;
launch of new routes in the winter season 2015;
creation of PJSC Aeroflot’s unified aviation training centre based on Private Professional Educational
Organisation Aeroflot Aviation School;
Customer service and marketing
•
•
•
•
•
•
enhancement of service offerings within Aeroflot Group;
relations with large corporate customers;
results of the assessment of Aeroflot Group’s Net Promoter Score (based on the NPS study);
operation of Aeroflot Bonus, co-brand development within the programme;
implementation of PJSC Aeroflot’s marketing strategy;
terms and conditions of cargo and mail transportation on subsidiaries’ flights;
Finance
• review of reporting documents (annual report, annual accounting statements including the Company’s
•
•
•
•
•
•
•
•
•
•
•
S Aero ot s
e e t o r
Operations
pt
ropert
S Aero ot s
re tor
A t u
s
her S hoo o
A to
er o the A
A r S u ro
t S Aero ot
er o the A
A r S u ro
t S Aero ot
o
er o
ht Oper t o s t S Aero ot
e o the o oure
ot o the uss
e er t o
r s o o er
e t
e es
EO or S es
the
•
•
•
•
er
CHANGES IN THE MEMBERSHIP OF THE MANAGEMENT BOARD IN 2015
o
he
Strategy implementation and development
ht Oper t o s
S Aero ot sh re
32 meetings
• PJSC Aeroflot’s flight safety assessed under the SAFA programme;
• improvement of PJSC Aeroflot’s Flight Safety Management System;
• PJSC Aeroflot’s aircraft de-icing/anti-icing quality control at Russian airports;
or h
Septe
er
e e t o r
Flight safety
re tor
u te
e
o
the
eet
s
ers o the
he e
h
o s
As ro
Financial review
S Aero ot
S Aero ot sh res
or
r
ro
to
S hoo
S e
A t
t S Aero ot
eput
IN 2015
e e t
r
oes ot o
Business Overview
ACTIVITIES OF THE MANAGEMENT BOARD
t ee
re tor o
Strategic Report
income statement for the fiscal year 2014;
opinions of PJSC Aeroflot’s auditors (under RAS and IFRS) for the fiscal year 2014;
performance of Aeroflot Group’s consolidated budget KPIs for 2014;
Aeroflot Group’s consolidated budget and PJSC Aeroflot’s budget for 2016;
distribution of the Company’s profit (including dividend payout (declaration) and loss for the fiscal year
2014;
amount, terms and form of payment of dividends on PJSC Aeroflot shares for the fiscal year 2014;
handling of PJSC Aeroflot’s accounts receivable;
Aeroflot Group’s Investment Programme;
financial monitoring of agents;
progress in establishment of the unified treasury office of Aeroflot Group;
PJSC Aeroflot’s credit and documentary credit facilities;
results of efforts to improve the situation with loss-making routes;
Corporate governance and information disclosure
• results of the risk management system assessment procedure updates;
• PJSC Aeroflot’s internal documents;
• shareholder and investor relations;
Other
•
•
•
•
•
implementation of a centralised scheme for purchasing greenhouse gas emission allowance;
incentive programme and reward for sales managers in Russia and abroad;
PJSC Aeroflot’s 2014 procurement;
opening/closing of domestic and international branches and representative offices;
holding of a skills competition.
er
141
COMMIT TEES
pursu t o re o
e
to s
propos s
S Aero ot set up the o
ttee or
e
o t e e e op e t
to oost the o p
s us ess e
est e ts
the o
ttee or
e
COMMIT TEE FOR FINANCE AND INVESTMENTS
he o
s per
S Aero
s u e
e er t o
o r o
pro e
e u to
est e
ttee or
e
est e ts
e t o e t e
sor o o
ot
ts oper t o the o
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the pp
e
s o the uss
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S Aero ot s
re tors other re u t o s ru es
ures o the o p
the
s o the o
ttee or
e
ts
e
•
•
•
•
he o
ttee s h r e
o
other
th
s
th o tor
pro ress
the
p e e t t o o the o p
so o
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e pert
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est e t
pro e ts eter
the r e
e
ssess e t r ter
r t
propos s
o Aero ot roup s
e o o
r et
po es
•
•
•
•
•
the o
est e ts he
ttee or
tot o
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s
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A sor to the eput EO
or
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o s
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EO
COMMIT TEE FOR INNOVATIVE DEVELOPMENT
13 meetings
he
o
142
the
ttee or
e
est e ts
2015 ANNUAL REPORT
he o
ttee
s per
e t
S Aero ot s
up to pro e re
or the
e
o p
s us
or
o t e e e op e t
o e t e
sor o o
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t
s set
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to s
propos s
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ess e
e
ts oper t o the o
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s o the uss
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o
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e e t o r
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pro e ts or
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Strategic Report
Business Overview
e
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ttee or
o t e
e e op e t s t
e e
er
•
t
S e e
EO
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Financial review
Appendixes
• Sh
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REMUNERATION FOR MEMBERS OF THE BOARD OF
DIRECTORS AND THE MANAGEMENT
he o p
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REMUNERATION FOR MEMBERS OF THE BOARD OF DIRECTORS
u e es or o r re u er t o
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p outs re set orth
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o e
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ts o
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ter
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ro th
s pos t e
o the re u er t o
ou t
rue or
the re e
t e r sp
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the o r o
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th the
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t e r
o the re u er t o
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t e r s ot p
out ut set s e
u t the e
o the Sto Opt o
et e
e e
er
e to ether
p
s
u p su upo reso ut o o the e er
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o the o p
s Sh reho ers
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r et p t s t o
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o o
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etho
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s
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e t e
pro r
e
up to
u e
h h
so e
e to S Aero ot s
pt s to
ro th e h
r e
st
e es
peers
143
MANAGEMENT REMUNERATION
he re u er t o s ste
es
e or the
e e t
the other st
e
es the
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ter
e t es
S Aero ot s o r o
re tors ppro e the
e e t Sto Opt o
throu h
he p
o ere the EO e
ers o
the
e e t o r
ep rt e t he s
h e A ou t t
the o p
s other st
o the EO s reso ut o
he p
re es o the
s
e pr
p es s the
e t e pro r
e
or e
ers o the o r o
re tors
o th r s o the re u er t o
ou t
rue
th the sto opt o p
or the
e r sh
ep
to the p
p rt p ts o
ter th
o e o th ter Aero ot roup s
per or
e or the re e
t e r s su
e
up O e th r o the re u er t o
ou t
rue
th the sto opt o p
or
the re e
t e r sh
ot e p
out ut
reser e u t
he
ou ts p
e sh
e
e to ether
p
s
u p su
upo reso ut o o the e er
eet
o the
o p
s Sh reho ers
St rt
ro
the Sto Opt o
e rep e
the o
ter
e t e
pro r
e up to
u e
h h
e
e to S Aero ot s p t s t o
ro th
u
er o other
tors eter
the su ess o the roup s o
ter
e e op e t
ro
o
r the s ope o the EO s
K
st
th K
e hts
t r ets re
e te e to
u e
e
ers o the
o p
s
e e t o r to pro e
e t es or the
e e t to pursue
roup
e orpor te o e t es
pro e
the roup s o er
per or
e
he K s or the o p
s st
ppro e
the EO s Or er o
e e
er
ere
te
o o p
th the reso ut o o the
o er
e t o
ss o o r sport
o
u
to s
utes o
te
e e
er
pres r
the
ss
144
2015 ANNUAL REPORT
he K s or the o p
s st
ppro e
the EO s Or er o
u
o
er
pe e t to o
S Aero ot s o
e e op e t ro r
ep r
eters
pro ee
ro the ee
to up te the ro r
ep r
eters
se
o the r e s per or
e
t
to
ou t the r tr sport t o
r et
e ro
e t
ust e ts up tes
ere
e to
• Aero ot roups o
er
e e op e t
ro r
ep r
eters
• Aero ot roups u et or
• the st e hts
t r ets o the
K s th Aero ot roups o
er
e e op e t ro r
e
the
K s
or S Aero ot s EO
Apr
S Aero ot s o r o
re tors
ppro e the up te
K s st e hts
t r ets or S Aero ot s EO
utes
o
re e t
S Aero ot s K S ste
Business Overview
• O er
ro u t t K
e th the uss
re t e o
p
• Sh re o Supp es ro
S e
us esses E
E ro
e t
re
te
Aero ot roup
o er
e t
te
O to er
S
e t E er
ess K
ere
ursu t to the re t es o the uss
o er
e t S Aero ot s K s ste
e
r es
e o o
ustr
spe
tors oup e
th o us
s u
to
tors
u
•
tor
e o o
K s
ot Sh reho er etur
S
or
Aero ot roup
O
or Aero ot roup
e th the K
u e es etter
o the e er A e
or St te ropert
e e t o O
te
•
•
•
•
e u
Use
u e
Measurement unit
Financial review
Appendixes
Aero ot s K S ste
K
sts
or re e
t ep rt e t he s
e
th the uss
o er
e t re t e
o
p
te
O to er
e
E
e
K
Aero ot roup
e th
etter o the eput
ster or E o o
e e op e t o
O
te
e ru r
est e t ro r
eE
e
K s
or Aero ot roup
e th re t e
o the e er A e
or St te ropert
e e t o
te
Au ust
K use to
e the
e e t s o us
s u
to
tor
S et e e o
S Aero ot
hts
ASK K sho
re u t o o oper t
osts e pe ses
t e st
u
or ep rt e t e e e ut es
e
th the uss
o er
e t re t e
o
p
te
Apr
K t r ets or S Aero ot s EO
ppro e
S Aero ot s o r o
re tors
KPI
KPI SYSTEM
he
K
st e hts
t r ets or
S Aero ot s EO re e t
the o p
sK
s ste
ere ppro e
S Aero ot s o r
o
re tors o
e e
er
utes o
Strategic Report
utes o
te
Apr
2014*
2015**
Weight, %
Plan
Actual
Performance
to plan
Weight
Plan
Actual
Performance
to plan
10.0%
21.4%
(59.2%)
0.0%
5.0%
0.0%
68.9%
1,478.0%
15.0%
12.2%
4.6%
37.4%
15.0%
15.7%
18.5%***
117.8%
n/a
5.0%
2.3
1.7
126.1%
n/a
5.0%
80%
95%
118.8%
Total Shareholder Return
(TSR)
%
Return on Invested Capital
(ROIC)
%
Long-Term Debt / EBITDAR
–
Innovative Development
Programmes’ Efficiency
%
Investment Programme
Efficiency
–
Revenue per Available SeatKilometre (RASK)
RUB per
ASK
Punctuality
%
15.0%
PJSC Aeroflot’s Flight Safety
%
20.0%
Passenger Load Factor
%
Overall Productivity
million
ASK per
person
5.0%
0.37 million
TKM per
person
0.38 million
TKM per
person
EBITDAR
USD
million
15.0%
1,408.0
1,266.8
90.0%
n/a
Net Income
USD
million
10.0%
100
(446)
0.0%
n/a
2014 K s re
u te
2015 K s re
u te
As per the reso ut o o
p t o r s ero
10.0%
n/a
5.0%
3.8
8.7
228.9%
7.02 cent per
ASK
88.9%
5.0%
3.20
3.33
104.1%
86.0%
89.3%
103.8%
15.0%
87.0%
91.4%
105.1%
99.957%
99.972%
103.5%
20.0%
99.957%
99.978%
104.9%
n/a
10.0%
77.1%
78.3%
101.6%
103.7%
15.0%
4.066
4.060
99.8%
7.90 cent per
ASK
or Aero ot roup e ept or the u tu t O er
or Aero ot roup e ept or S Aero ot s
ht S
S Aero ot s o r o
re tors
te
e e
er
ro u t
et K
t
utes
S Aero ot s
o
the
tu
ht S
et K
ue o the O
s
Aero ot roup
K
e
u es the
145
the tu K
ues o
S Aero ot s
EO e ee e t r ets s resu t o
pe e
t to o
t t es to re u e osts
e h
e
our pro u t t
s e
s
e
e t oper t o
e e t e to
K t r ets or S Aero ot s EO
ppro e
S Aero ot s o r o
re tors
e e
o the O er
ro u t t
K
ro p
s ue to the e p o e t o o er
thous
or er e p o ees o r s ero
the ourth
u rter o
E u
r s ero st
the
K
h e e e t st
s t
e u er t o
Strategic Report
or
e
ers o
Business Overview
S Aero ot s o r o
KPI*
Weight
Measurement
unit
Plan
Total Shareholder Return (TSR)
10.0%
%
16.5%
Return on Invested Capital (ROIC)
20.0%
%
12.8%
Long-Term Debt / EBITDAR
5.0%
–
2.3
Innovative Development Programmes’ Efficiency
5.0%
%
80%**
Investment Programme Efficiency
5.0%
–
5.09
CASK Reduction
5.0%
%
2.0%
Share of State-Subsidised Funding in Total Funding Secured
5.0%
%
0%
Punctuality
5.0%
%
86.0%
PJSC Aeroflot’s Flight Safety
15.0%
%
99.957%
Passenger Load Factor
10.0%
%
78.0%
Overall Productivity***
15.0%
million ASK
per person
4.188
Kirill Androsov
3,000,000
–
1,960,000
–
Mikhail Alekseev
Aleksey Germanovich
Remuneration under the Stock
Option Plan, RUB
1,131,377
–
Igor Kogan
2,173,765
–
Igor Kamenskoy
1,336,032
1,163,968
–
Marlen Manasov
2,000,000
–
Roman Pakhomov
2,360,000
–
Dmitry Peskov
1,058,138
Vitaly Saveliev
1,800,000
–
Dmitry Saprykin
1,980,000
–
Vasiliy Sidorov
1,874,494
–
Sergey Chemezov
1,765,506
–
23,603,280
–
Total
he tot
t U
re u er t o
U
e u er t o
or
e
rue to
e
ers o
S Aero ot s
ers o
S Aero ot s
e e t o r
e e t o r
s
the uss
r e
ster A e e e
o A
te
u
o
u
the
tor sho
est e t
p t r se
the pr te e u t
r et
• the roup e e e e ue per A
e
Se t K o etre ASK K
s re o e s
e ee
the tot
u
er o K s set orth
the K
u e es o the e er A e
or St te ropert
e e t
REMUNERATION FOR THE BOARD OF DIRECTORS AND THE
MANAGEMENT BOARD IN 2015
he
u
e er
eet
o Sh reho ers
he o
u e
reso e to p
e
ers
o
S Aero ot s o r o
re tors the tot
re u er t o o U
or
th
op
e ts
e u er the Sto Opt o
the re u er t o
ou te to
U
th
to
U
u er the Sto Opt o
A K s
u te or Aero ot roup e ept or S Aero ot s
ht S et
The p
ue eter
e
or
e th the r t up te Aero ot roup s o
er
e e op e t ro r
e su
tte or o s er t o to the o er
e t
o
ss o o r sport
o
u
to s
The p
ues or the O er
ro u t t K
eter
e or the u h
e
us ess o e o the o p
the urre t r t o o
sour e
outsour e oper t o s he p
K
ue oes ot o p
th the e er e e ut e uthor t es re t e pres r
u
ro th o
e use the he
ou t o Aero ot roup
re se
Es ue to the e p o
e t o r s ero st
146
2015 ANNUAL REPORT
Appendixes
rue
Remuneration, RUB
or
stoo
rue
Remuneration type
Amount, RUB
Salary and additional compensations
198,622,972
Bonuses
he
K s or S Aero ot s EO re e t
S Aero ot s K
s ste
ere
e e
o o s ersus
• the ASK e u t o K
s
e
pursu t to the uss
o er
e t
re t e o
p
te
Apr
pres r
re u t o o oper t
osts
e pe ses
t e st
u
• the Sh re o St te Su s se u
ot
u
Se ure K
s
e
pursu t to r r ph o
stru t o o
Board member
Igor Lozhevsky
er
re tors
Financial review
163,971,298
Total
362,594,270
DIRECTORS AND OFFICERS LIABILITY INSURANCE
As p rt o the e orts to pro e sur
e
prote t o
S Aero ot h s s
e
ree e t or
t
sur
e o the
o p
s re tors
o
ers pro
or
re
urse e t or oss use to th r p rt es
rs
ro
s e
th r p rt es
st the sure
u
ue to h s her
ro
u
ts o
tte
the r
e e t
ro es A se ur t es
e
st the
o p
so o st tutes
sure e e t
he
ou t o o er s US
tot
he sur
o per
e per o s o e
USD 100
million
t
sur
e
or S Aero ot s
re tors
o
ers
e r
INTERNAL CONTROL AND AUDIT
INTERNAL CONTROL AND AUDIT
S
or
e
o
Aero ot h s
e
e t s ste
p e
ter
o tro
u t t
u es the
so o
ttee the Au t o
ttee o the
r o
re tors the o p
s o er
e
e e t o es
the ter
Au t
ep rt e t
epe
o the s e o the r us ess
re te r s s the o p
s su s
r es rr
e
or ter
u t to e o u te
e ther
S Aero ots ter
Au t ep rt e t or the
ter
u t u t or per
e t ter
u tor
o the r o
e s o su h u ts
ter
u tors o su s
r es u t o
report to
the re tor o the ter
Au t ep rt e t o
S Aero ot
he
e
ter
o tro s ste s re es e to
se the o p
s tr sp re
e o o
e
o p
e th the pp
e
s
147
REVISION COMMIT TEE
As pres r e
the respe t e e u t o s
the e s o
o
ttee he e or
ur
the
or
to o t e
the AS
se
u
st te e ts or
u
the
o e St te e t
other
o u e ts su
tte to the e er
eet
o Sh reho ers or re e
he o
ttee
e h
r e the etr s re te to the
o p
s
oper t o
t t es
the r o p
e th the
pp
e
s
se o these u ts the e s o
o
ttee
prep re
ppro e
report pro
s s o the o p
s
e sheet
resu ts he o
ttee s report
re e ts h
es
the
e sheet stru ture
e h
e r ers ssess
er
e
o the o p
s
oper t o
t t es
u
the r s
e e t
ter
o tro s ste
o p
e he
o u te
u ts
spe t o s e
e the
o
ttee to pro e re o
e
to s e t
to
pro e the o p
s us ess e
e
there
re se e r
s
ut osts
e u er t o
or
e
Member of the Revision Committee
Igor Belikov
148
2015 ANNUAL REPORT
ers o
Business Overview
Financial review
Appendixes
INTERNAL AUDIT DEPARTMENT
he e s o
o
ttee e er ses o tro
o er S Aero ot s
oper t o
t t es to pro e re so
e ssur
es
o the o p
s us ess u
eet
the
terests o ts sh reho ers
re u re e ts
set orth
the pp
e
s o the uss
e er t o
ts oper t o the e s o
o
ttee s u e
the o p
s Art es
o Asso t o
the e u t o s o the
e so
o
ttee o
S Aero ot
5 members in
the Revision
Committee
Strategic Report
ts report the e s o
o
ttee p sse
pos t e op o o the
ur
o the
o p
s
st te e ts t
o
ter
rou s to spro e the
or
to
pro e
the
e Sheet
o e
St te e t o
S Aero ot s t
e e
er
he report so pro es the o
ttee s
re o
e
t o s th re r to the
o p
s us ess e
e
he e er
eet
o Sh reho ers o
u e
utes o
te
u e
e e te
e
ers o
S Aero ot s
e so
o
ttee s o o s
•
or e o
e o the uss
st tute
o
re tors
•
r
h
A sor to the e
o the e er A e
or St te ropert
e e t
• E ter
t
A sor to the res e t
o O r sport
o t Sto
o p
r s et
•
e r
o
eput e o the
A
str t e O e o the uss
res e t
• A e e Sh hep
Se or E pert o the e
re tor te t o er o
er
eet
o
he ter
Au t ep rt e t str es to
ss st S Aero ot
he
ts str te
o s throu h pp
ho st
o s ste t
ppro h to ssess e t
pro e e t
o rs
e e t ter
o tro
orpor te o er
e pro esses
he purpose o the
e o o
e
e
S Aero ot
he
K s prote t ssets
o the o p
s
t
e sure o
pp
e
s
Au t
se
e the
e e t
to o e up th propos s o urther
pro e e ts
the o p
s e
oper t o s
th the
or t o the
su ess u
p e e te
the
e e t
ep rt e t s to support
so
per or
eo
e
oper t o
pro e or
r s osures
oper t o
p
e th the
the ter
Au t ep rt e t
o u te
tot o
u ts o the
o p
s u ts
su s
r es to e t
pote t
rs s
ssess e
e
S Aero ot s e us ess
es
pro esses
46 audits
o u te to
e t pote t
rs s
ssess
e
e
he ep rt e t re u r reports to the Au t
o
ttee o
S Aero ot s o r o
re tors
o pro ress
p e e t t o o the
u
to p
u ts
e
pp
to o
the ep rt e t s re o
e
to s
IMPROVEMENT OF INTERNAL CONTROLS AND OPERATING
he e er
eet
o Sh reho ers so
reso e to p
e
ers o the e s o
o
ttee the tot re u er t o o
U
thous
S Aero ot s e s o
he ter
o tro respo s
t es re
este
th the ter
Au t ep rt e t
est
she
the reso ut o o the o r
o
re tors o
S Aero ot
te
u
utes o
ts oper t o the
ep rt e t s u e
the ter t o
St
r s or the ro ess o
r t eo
ter
Au t
the u er
pr
p es
o
epe e e o e t t pro e
pro ess o
re
re tor o the ter
Au t
ep rt e t u t o
reports to the o r
o
re tors o
S Aero ot
to the Au t
o
ttee o the o r o
re tors
PRINCIPLES OF THE INTERNAL AUDIT DEPARTMENT IN 2015
ttee
Remuneration, RUB
432,000
Marina Mikhina
–
Natalia Sligun
–
Mikhail Sorokin
–
Alexei Shchepin
125,000
Total
557,000
S Aero ot
p e e te the o o
e
ter
o tro
pro e e t e sures s
p rt o ts ro
p to te r te the orpor te
o er
e o e
the o p
s oper t o s
• set out
ts Art es o Asso t o the
uthor t o the o r o
re tors to
est
sh pr
p es o
ppro hes to
or
s
rs
e e t
ter
o tro s ste
ppro
the roup
e
rs
e e t
ter
o tro po
u e these u t o s the o r o
re tor s t o p
• e e ope
roup
ers
e e t
po
o the s s o e er
epte
pr
p es
pr t es or r s
e e t
ter
o tro
• set up
e rs
e e tu t
• e e ope
s
e roup
ers
ssess e t
e e t r e or o
the s s o e er
epte pr
p es
pr t es or r s
e e t
ter
o tro
•
tro u e re u r reports o
roup
e
e rs
e e t resu ts su
the EO the Au t o
ttee
o
re tors
tte to
the o r
he o o
e
e sures to
pro e
ter
u t ere so
p e e te
• opt
se the or
s to
stru ture o the
ter
Au t ep rt e t
•
tro u e
pr t e o o
e t
report
to S Aero ot s o r o
re tors
the ter
Au t ep rt e t
• e e ope
ter
u t r e or
e th the est ter t o
ter
u t
pr t es
• es
e spe
u t
pr
p es or
ter
u t re s
• set out r s
se
ter
u tp
• e e ope
K
se per or
e
ssess e t pro e ure or ter
u t
• o u te e p o ee tr
t the
ter
Au t ep rt e t
ster
the
ter t o
St
r s or the ro ess o
r t eo
ter
Au t
149
46 audits
o u te to
e t pote t
rs s
ssess
e
e
•
he
u
e er
eet
o Sh reho ers
ppro e AO
OU o
utes o
te
u e
s the o p
s
e ter
u tors to pro e
epe e t
re e o
S Aero ot s
ou t
st te e ts prep re u er the uss
A ou t
St
r s AS
• o o
the resu ts o the
pu
te er or o u t
u
u ts o
S
st te e ts
the o p
s
o so
te
st te e ts prep re u er the ter t o
eport
St
r s
S ere
u te
AO r e terhouse oopers Au t
INFORMATION DISCLOSURE
oe h
e ts orpor te tr sp re
e u t stor the o p
str es
to e sure t e
s osure o o p ete
ur te
ter
or
t o o ts
oper t o s he o p
s u e
ts
or
to
s osure
re u re e ts
re o
e
t o s o e er
s the
o
uss
uss
ore
tr
hu s here
the o p
s se ur t es re ste
s e
s
orpor te o u e ts su h s the e u t o s
o the orpor te
or
to
o
the
e u to so
ro
A ess to s er
or
to
he
o e t es o the orpor te
or
t o po
re to
• e sure o p
e th the uss
re u tor re u re e ts o the se ur t es
r et
• e h
e
or
t o tr sp re
o
e e
o
u
t o s th the
o p
s sh reho ers se ur t ho ers
estors re tors
other st eho ers
e sure prote t o o the r r hts
the r e t
te terests
• o us o u
eet
the e
o
sh reho ers
estors pro ess o
se ur t
tr ers
other st eho ers or
r
s osures o the orpor te
us ess
150
2015 ANNUAL REPORT
Business Overview
Financial review
Appendixes
ANTI - CORRUPTION PRACTICES
EXTERNAL AUDIT
E h e r S Aero ot e
es e ter
u tors to o u t
epe e t ssess e t
o ts
ou t
st te e ts
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u tors re e
e throu h pu
te ers h h e sure u
se se e t o
o the su ess u
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Strategic Report
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r es Aero ot roup ope
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to
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151
RISK MANAGEMENT
he pr
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152
2015 ANNUAL REPORT
S oper t o s
se o the o o
p es
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the
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s s s p rt o
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t t es
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e or the
e per or
e
pro e o oper t o o the
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s to
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r s pp
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ter
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tes o us o s
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e
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e the
ourse o the
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e se
o the e ess r
su
e t
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t
ur te re
et e
o p ete
Business Overview
Financial review
Appendixes
RISK MANAGEMENT FLOW CHART
s
e e
e e t e
re s he respe
o
the o r
o
ttee the
RISK MANAGEMENT SYSTEM
Aero ot roup h s put
p e
te r te
rs
e e t r
e or out e
the e u t o s o Aero ot roup s s
e e t S ste
ppro e
the o r o
re tors o
S Aero ot
Strategic Report
e er
t s pp e
ross
es
u to
pro e t
t e u t o s re str ute
o
re tors the Au t
e e t o r
eet
o r o
us ess u ts o
ru s oth u t t
ssess e t
h
report o
e
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s
p e
r
e or to
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o Sh reho ers
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re tors
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re tors
•
e s o s o pro
e ess r
resour es to
S p rt p ts
• Assess
S per or
e
• e e
the r s
p
•
153
E e ut e
e e t t er
• Oper t o
e e t
o tor
o
S
•
e so so
e e to rs s
th the uthor t o
S p rt p ts t
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th the uthor t o
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e e t
Strategic Report
Risk
Risk assessment
Development, implementation, and
follow-up of risk management
Monitoring
Definitions and descriptions of risk
elements (sources, events, causes, and
implications).
Analysing risk, its implications, and
forms of impact on achievement of
Aeroflot Group’s goals.
Developing, implementing, and following
up risk management measures to achieve
the goals of the Group and the risk
management system, and linking risks to
applicable risk appetite levels.
Supervising the identification,
assessment, implementation, and followup of risk management.
RISKS AND RISK MANAGEMENT MEASURES
Risk
Description (rationale)
Measures
Currency risk is the risk of incurring losses
from potential adverse fluctuations of
exchange rates.
Commodity price risk is the risk of
incurring losses from potential adverse
changes in prices of commodities
purchased.
Risk of incurring losses from potential
fluctuations in market interest rates.
The Group pursues a policy of balancing proceeds and liabilities in each currency and
also uses currency hedges.
See below a detailed overview of the impact the realised risk may have on the Group.
Interest rate risk
Credit risk
Risk of incurring losses from a
potential failure by a counterparty to
meet its contractual obligations to
Aeroflot Group’s companies.
Risk of incurring losses from inability of
the company to fully meet its obligations
as they fall due.
Risks of incurring losses from possible
misinterpretation of laws with respect
to financial and operational activities
resulting in financial uncertainties of such
activities after tax.
Risks of incurring losses from the Group’s
inability to raise capital for its financial
and operational activities on acceptable
terms.
A systemic approach including:
• internal credit ratings assigned to agents marketing passenger flights in Russia;
• financial coverage calculated for sales of passenger and cargo flights;
• credit risk limits assigned to credit institutions.
To mitigate the implications and/or the likelihood
of these risks being realised, changes in Russian tax laws are monitored, tax systems in
foreign jurisdictions and agreements signed by the companies are reviewed, etc.
of these risks being realised, changes
in Russian tax laws are monitored, tax systems in foreign jurisdictions and agreements
signed by the companies are reviewed, etc.
Liquidity risk
Tax risks
Capital markets access risks
Other financial risks
Other risks that may affect financial
performance.
To mitigate the implications and/or the likelihood of these risks being realized, the
market environment is analyzed, the terms of service offered by financial institutions
are monitored, payments for outstanding invoices are followed up on, etc.
154
2015 ANNUAL REPORT
Hedging (transforming floating interest rates under existing lease agreements into
fixed rates).
See below a detailed overview of the impact the realised risk may have on the Group.
of these risks being realised, the market situation is monitored, a competitive
environment for credit institutions is set up, and measures to enhance the Group’s
equity story and upgrade and/or maintain our credit rating are taken.
Financial review
Appendixes
Measures
Strategic risks
Risks of incurring losses from errors
(flaws) made when making decisions on
the Group’s business and growth strategy.
To mitigate the implications and/or the likelihood of these risks being realized, the market
situation is monitored, market players and analysts are consulted, judgements and
opinions by leading global experts are used, necessity to upgrade the fleet is analyzed, and
specialized business units are involved in strategic planning.
Route network planning risks
Risks of incurring losses from wrong
decisions made when planning the route
network.
To mitigate this risk such methods as requesting slots in advance when interacting with
airports, providing standby aircraft, forecasting constraints, monitoring flight loads and
the market situation are applied.
Service quality risks
Risks of incurring losses from potential
refusal by consumers to buy goods or
services of the Group’s companies as a
result of products and services offered by
the companies failing to meet the quality
requirements of consumers.
To mitigate the implications and/or the likelihood of these risks being realized, a
process to obtain feedback from customers through a number of channels and ensure
timely, full consideration of all incoming communications and complaints has been
put in place. The demand for services offered by Aeroflot Group is also tracked, and
measures to enhance service quality, improve consumer loyalty and experience, and
monitor employee compliance with regulations are taken.
Reputational risks
Risks that an organisation would
incur losses as a result of negative
perceptions of the organisation’s image by
customers, counterparties, shareholders
(participants), business partners,
regulators, and others.
To mitigate the implications and/or the likelihood of these risks being realized,
procedures to monitor compliance with process flows and regulations and
continuously monitor and analyze the information environment around Aeroflot Group,
and maintain communications with NGOs are set up.
Aviation security risks
Risks of incurring losses from unlawful
interference with aviation activities.
To mitigate the implications and/or the likelihood of these risks being realized, situation
is monitored and analyzed and remedial measures to ensure safety at the base airport
and destination airports are taken, airports are audited on a regular basis, the level
of aviation security at destination airports and compliance with regulations are
monitored, independent experts are engaged, and the state of external and internal
access control systems is monitored on a 24/7 basis.
Flight safety risks
Forecast likelihood and severity of
implications of one or several threats
being realised with respect to: aviation
activities related to aircraft operation or
directly supporting such operation (flight
and ground, commercial and technical).
To mitigate the implications and/or the likelihood of these risks being realized, aircraft
condition, aircraft maintenance, and the operation of the corporate healthcare unit
in terms of medical examination of flight crew are monitored, medical equipment is
replaced, and operations and operating processes are continuously monitored.
Other operational risks (core and noncore business)
Operational risks (core business) are
risks of losses that are explicitly due and
directly related to air transportation of
passengers, baggage, cargoes, and mail.
Operational risks (non-core business)
are risks of losses that are due, but not
directly related, to air transportation of
passengers, baggage, cargoes, and mail.
To mitigate the implications and/or the likelihood of these risks being realized, aircraft
maintenance processes are monitored and coordinated in line with existing process
flows for pre-flight management by the Group’s business units and third parties,
existing technologies are improved, personnel is selected, trained and provided with
advanced equipment and special machinery as well as other necessary procedures are
put in place. Key operational risks of the Group are insured.
IT risks
Risks of incurring losses from the use of
information technologies by the company.
To mitigate the implications and/or the likelihood of these risks being realized, relations
with IT vendors and developers have been established, channel redundancy and data
backup procedures are implemented, skilled personnel is recruited and trained, and the
causes of IT failures are investigated.
HR risks
A group of risks that arise from, or affect,
the Group’s personnel (or an individual
employee), including the lack of required/
appropriate number of employees as
determined based on the current and
forward-looking business plans and
existing business processes. HR risks may
be viewed as any action or omission by
personnel (human resources).
To mitigate the implications and/or the likelihood of these risks being realized,
an effective recruitment process has been put in place, training and professional
development courses for our employees are organized. Also staff pay levels are
monitored in order to remain in line with the market and a range of social benefits and
guarantees is offered to employees. To mitigate the implications and/or the likelihood
of corruption-related HR risks being realized, compliance with anti-corruption
procedures and their conformity to anti-corruption (corruption prevention) laws are
monitored and safe, confidential and easy-to-use whistle-blowing procedure to report
violations of the law or internal procedures have been put in place.
Legal risks
Risks of incurring losses from failure to
comply with laws; non-conformity of
internal local regulations to laws; delays
in bringing local regulations in compliance
with laws; default on agreements;
risks connected with inconsistency or
ambiguity of legislation or changes in laws
that may adversely affect financial and
business operations of Aeroflot Group.
To mitigate the implications and/or the likelihood of these risks being realized, a
system for informing the Group’s business units on legislative changes has been put in
place and contracts are analyzed for conformity to relevant legislative requirements.
Operational risks (core business)
Financial risks
Currency and commodity price risk
Business risks
RISK MANAGEMENT STRUCTURE
Risk identification
Business Overview
Operational risks of support activities and
other risks
155
Risk
Measures
Procedural risks
Risks of incurring losses from errors in
internal processes of Aeroflot Group.
business processes are analyzed and improved, compliance with the regulatory
requirements is monitored, and personnel is provided with training.
Risks of quality of purchased spare parts,
units, components and materials
Risks of losses due to quality and
authenticity (originality) of spare parts
and units purchased by Aeroflot Group
and components and materials to support
its core business.
To mitigate the implications and/or the likelihood of these risks being realized, quality
of supplies and suppliers’ operations is monitored and analyzed, and procurement and
supplier selection procedures are improved.
Economic security risks
Risks of losses related to changes in
the corporate internal and external
environment that may lead to the relevant
item losing its economic value.
To mitigate the implications and/or the likelihood of these risks being realized, an
effective system to monitor, identify, localize and prevent threats and vulnerabilities
has been put in place, and steps to monitor employee compliance with economic and
information security requirements, and to identify and prevent offences on an ongoing
basis are taken.
Legal risks of corporate executive bodies
Risks of losses related to potential civil or
administrative prosecution of individuals
that act as sole executive bodies or are
members of collective executive bodies
for action or omission committed by them
when managing the company.
Aeroflot Group has launched a number of insurance programmes covering a
broad range of operational risks of support operations, including motor insurance,
comprehensive civil liability insurance, hazardous industrial facilities insurance, liability
insurance for temporary storage owners, liability insurance for the Board of Directors
and the Management Board, and property insurance.
Risks of impact by external
(uncontrollable) factors
Risks of losses that have external (beyond
control of the company) causes and are
inherent to any type of activities (natural
risks (natural hazards), risks of man-made
disasters, etc.).
necessary response measures, including flight suspension, route changes, extra
measures to increase flight safety and to ensure aviation security, and to enhance
sanitary and epidemiological control are taken.
Investment (project) risks
Risks of incurring potential unexpected
losses from investment uncertainties.
due diligence procedure has been set up, the progress of project implementation is
monitored, the results are assessed and budget performance is monitored, etc.
Occupational safety risks
Risks of incurring losses from factors
related to the Group’s financial and
business operations which may damage
the health and life of employees at
workplaces.
To mitigate the implications and/or the likelihood of these risks being realized, working
conditions are improved and environmental management guidelines have been drafted
in line with the requirements of ISO 14000 and approved. The fleet is upgraded by
adding last generation aircraft that offer enhanced fuel efficiency and lower harmful
emissions and comply with the requirements of Directive 2008/101/EC O, also other
measures are taken.
Other operational risks
Other operational risks.
operation of systems is monitored, measures to enhance efficiency and performance
control are taken, relations with aviation authorities are maintained, and reporting system
is improved.
Strategic Report
Business Overview
Financial review
Appendixes
IMPACT OF KEY FINANCIAL RISKS REALISED IN 2015
r s s re re te to the e hoo
th t tu per or
e ou
er ro
t r ets s resu t o
r ous
e o o
pr
r e ter
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e t
the roup Ke
r s s o the roup
u e
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urre
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tors th t
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ue pr es
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r
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e
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o
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the report
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st the US o r
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s
t e s ro th
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o e er pr e per
ue
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e
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US
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US
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u
u
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e
O
156
2015 ANNUAL REPORT
US
r
O
pr
u
u
u
sep
o t
o
e
US
157
CURRENCY AND PRICE RISKS
Aero ot roup s e pose to urre
rs s
o s er
e
ou t o
o e
e pe ses
o the o p
re
e te
u tu t o s o
EU
U
US
U r tes
• the o p
re e es re e ue ro t et
s es
ets or ost ter t o
hts
re pr e
euros
• osts o ue e se p
e ts
te
e e
osts re e o
te
US
EU
Our urre
rs
e e t pr
r
o uses o re u
the roup s e posure to
urre
rs
tors As resu t Aero ot roup
pursues po
o
pro ee s
t es
e h urre
so uses
urre
he es O top o th t Aero ot roup
s e pose to urre
r s s ro re u t o
o ssets
t es
US
EU
he
o p
oes ot he e th s r s s t oes
ot
e t ts tu
sh o s Aero ot roup s
pr e r s r ses ro the ue pur h se
o tr ts s the o tr tu pr
or u
s
e to o
o pr es
the roup s
ue e pe ses
e t
o tot oper t
e pe ses he roup uses he
stru e ts
to
e pr e r s s
19.4%
rou e epre
to
st
the US o r
E e to
h
es
r tes
other
e e t
U
roe o o
e ee re se
he pos t e
Aero ot roup s re e ue
s
o
he e t e
e e to
pe ses
s U
o
ue osts re
he pos t e
e e t o the e
o pr es the
e
e
o osts et o the
e e t
s
U
o
the pos t e e e t o
e o
te pr es ere o set
the rou e
epre t o
other
tors th t
ue e
the ro th o the roup s oper t o s
he he
po
s re se to re e t
the urre t
r et s tu t o
o r s s or
ere he e
s t
u r
s
he
e resu e
ter the e
he
po
st u er e e op e t s t
e e
er
s ppro e
he e po
re e t the o p
s
uste r s pro e
ter s o the re
o
o
pro ee
s
s et ee o pr es
the rou e
e h
e r te
A o Aero ot roup
U
o
o
66,309 –66,847
E e to
U
E e t o re e ue
U
o
21,666
703
16,360 –2,821 –5,144
6,724
24,840
e e t
o re e ue
E
A
ou e
tor
Other
tors
et o
e e t
u
e r retur o
r r to
ou ts re e
e o r s ero
158
2015 ANNUAL REPORT
r e
tor
oss
o
r e
o e ro
e e t
osts
r tte o
A re u
ue
osts
–7,404
osts
e
ssets o
o e sh r
osto A r
r tte
o
–2,311 –1,023
sse er
ser es
r r t
ser
osts
St
Oper t
osts
e se osts
o
Business Overview
Financial review
Appendixes
INTEREST RATE RISK
he r s s h
e e to
U
oper t
e
tors o E
Strategic Report
te
e
rep r
A
str
t e
r et
osts
7,652 58,703 2,031 60,734
Other
osts
A
A uste
E
A
s t
e e
respe t e
er
er
e e -
terest r s
e
t
te
terest r te
s ps e h e o terest r s he es urre t
p e
35.0%
o
the pr e
re t ru e o
RISK MANAGEMENT SYSTEM DEVELOPMENT
S Aero ot too the o o
steps
to e e op o prehe s e r s
e e t
• At ts eet
o
o e
er
utes
o
the o r o
re tors ppro e
the EO o S Aero ot
Or er o
o
e e
er
opte the e u t o s
o Aero ot roups s
e e t S ste
the e u t o s o p
t th the u ees o
r t
the e u t o s o the s
e e t S ste o the uss
str
o E o o
e e op e t ter
o tro
te r te r e or
E terpr se s
e e t
te r te r e or o the
o
ttee o Spo sor
Or
s to so
the re
o
ss o
OSO SO
s
e e t
r
p es
u e es
SO
s
e e t
s Assesse t e h ues
the re u re e ts o
re e
t pro s o s o the orpor te o er e o e ppro e
the o r o
re tors
o S Aero ot
sett
out the e er
pr
p es o
ppro hes to the stru ture
oper t o o the r s
e e t s ste
he e u t o s
o
the u
e t s
o u
e r s ssess e t
ee t etho o o
o s t s s pr
p es o
or
s to
oper t o o the orpor te
rs
e e t s ste
ppro hes
to the str ut o o r hts o
to s
respo s
t es o p rt p ts o the r s
e e t s ste
t S Aero ot
ts
su s
r es
• he reso ut o o the o r o
re tors o
o e
er
utes o
sets up
st
o ers
e e t u t o e to
− e er
oor
te r s
e e t
pro esses
− e e op u e es to o er r s
ee t pro esses
− rr
e perso e tr
rs
ee t
ter
o tro
− re e the r s port o o
e e op propos s o respo se str te
re ot o o resour es to
e respe t e
rs s
− prep re o so
te r s s reports
− per or
to
o tor
o the r s
e e t pro ess the o p
s
us ess u ts
ts o tro e e t t es
s pres r e
− prep re or t o
or the o r
o
re tors
the e e ut e o es s to
e
e
o the r s
e e t pro ess
o other
tters o te p te
the
rs
e e t Aero ot roup
• o prehe s e e orts to e sure th t S Aero ot s us ess u ts e t e
ssesse
rs s
u
the r o
r s s h e ee
rr e out
PL ANS FOR 2016
Aero ot roup s o
tte to u
u
e rs
e e t r
e or
ross
r es o the roup
se o the ppro hes
opte
S Aero ot
O eo
e e ts
E
terest r s r ses ro
h
es
terest
r tes
the o e
r et h h
e ts the
orro
osts o the roup osts u er
e se
ree e ts o Aero ot roup re
e
to
r et terest r tes US
O
O
r tes re ro
to
O
ro
to
s
e e t e e op e t p
u e
pro e e ts to the orpor
e e t s ste
oth or
u trs s s e
s ross Aero ot
e er
s or
te r s
u
roup
s re s o o s
opt e e e ts o the u e r s
e e t r e or
etho s to ssess
r s ppet te orpor te r s
rs
ee t s ste per or
e s ste o e r s
tors
rs
e e t st
r
• u
epth stu o r s s e t e
us ess u ts
u
rs e t
t o ssess e t
o tor
ppro hes etho s
pro eures
steps t e to re u e the r s e e
• rep re r s
p
r s re ster
•
p
es
159
SECURITIES
40.9%
ree
o t
ot s h rter p t
s t
er
s U
o
or
r re stere
te sh res th p r
ue o U
o p
ot ssue pre erre
St te re str t o
u
ers o
or
r sh re ssues re
u e
e ru r
he ssues
e ree o
r o the
o
ss o
te
u r
h h the ssues o
S Aero
sh res ere ss
e st te re
u
er
A
te
Business Overview
Financial review
Appendixes
SHARES AND LISTING
SHARE CAPITAL
S Aero
e e
o s st
u ert
e h he
sh res
Strategic Report
S Aero ot sh res o s
epos t r
re e pts re tr e o the sto
r et he
o p
s or
r sh res re tr e o the
uss
r et
o
epos t r re e pts
s
A er
epos t r re e pts A s
re tr e o ore
r ets
t o to outst
sh res the o p
h s the r ht to ssue
urther
o
or
r re stere sh res uthor se sh res
o
to
sh res ere ssue
S Aero ot
p
te
A
te
ere er e
e er Se ur t es
o o
ot or
r
str t o
u r
he tot
u
er o
S Aero ot s
sh reho ers s t
e e
er
s
o p re to
s t
e e
er
o pr s
ost o
u s
76.4%
S Aero ot s
r et
pt s to
ro th
Sh res o
S Aero ot re tr e o the
os o E h
e here s t
e e
er
Aero ot sh re pr e per or
S Aero ot s re ster o sh reho ers s ept
S
epe e t e str r o p
e se
o
the
ere
u e
the e e
uot t o
st A
t er Se ur t es
tr s t o s re su e t to the
tr
o e S Aero ot sh res re
u e
the
uss
sto
e es
E
E
ro
r et
E
tr sport
o p
es
S
Sour es
os o
E
h
e
oo
e s
E
e
er
100%
76.4%
75%
he re ster ho er s et s re pro
t the e
o the A u
eport
e
the o t
ts se t o
50%
26.1%
25%
or
t o o the e sh reho ers o
Holder
S Aero ot
Status*
Legal entities, including
0%
As at 31 December 2014
As at 31 December 2015
Number of shares Stake in share capital,
%
Number of shares Stake in share capital,
%
Change of stake in
share capital, p.p.
1,040,441,638
93.68
1,041,161,081
93.75
+0.07
O
568,335,339
51.17
568,335,339
51.17
–
CJSC National Settlement Depository
N
385,852,633
34.74
386,568,564
34.81
+0.07
LLC Aeroflot-Finance
O
49,918,611
4.49
49,918,611
4.49
–
Rostec Corporation
O
16,720,724
1.51
–
0.00
–1.51
LLC RT-Business Development
O
–
–
16,720,724
1.51
+1.51
LLC Aviacapital-Service
O
19,488,599
1.75
19,488,599
1.75
–
O
70,174,661
6.32
69,455,218
6.25
–0.07
O
e
s o
Sh reho
er
e
s
o
os o
E
h
e
oo
o
e
e s
oo
er A r
es
e
76.4%
50%
11.5%
1.6%
r
or
Aero ot
51.2%
450.00
393.75
337.50
281.25
225.00
168.75
112.50
e er t o
Ar
os o
E
h
e
es
oo
pr
e
tr
oo
u
u
Europe
er
u
Ar
es
sep
e
oo
o t
o
e
er
o u es
er
600
70
500
60
50
400
40
30
200
4.5%
3.3%
0.1%
20
100
10
0
0
e
r
2015 ANNUAL REPORT
o t
75%
Aero ot sh re pr e
e e t
u s tre sur sh res
st tut o
estors
u s
160
sep
er
e
34.8%
o t represe ts sh res ot o
u
100%
Sour es
ree
u
E
Aero ot sh re pr e per or
Sour es
u
0%
er stru ture
40.9%
ree o t
ote
pr
25%
ee
6.1%
uss
oste
r
Aero ot
Russian Federation (represented by
the Federal Agency for State Property
Management)
Individuals
e
e
the st te or st te
o
e
o p
es the o p
the roup s su s
r es or the o p
ou e
U
r
o
pr
Aero ot
u
u
u
sep
o t
o
e
U
e e t
161
A er
E h
e
tr
Sour es
os o
o u es o Aero ot sh res o the
os o
u
Aero ot sh re
e
E
h
e
oo
u
83
208
129
69
83.8
81.5
50.5
56.1
A er
A er
e
e
2012
tr
tr
e
e
2013
o u e thous
ou e U
2014
2011
2015
2012
2013
Sh re pr e e re se
sh res
o
Financial review
Appendixes
s the usto
A tot o
sh res
ere o erte
to
s so
e e
er
represe t
o the h rter p t
As t
e e
er
the pr e o o e
epos t r re e pt stoo
t EU
up
ur
the e r
27.1%
ro th
the pr e
o
S Aero ot s
epos t r re e pts
in 2015
46.2
44.9
32.2
2011
Outs e uss
S Aero ot sh res re tr e
s o
epos t r re e pts
s t the
o er the ou ter se t o o the r
urt Sto
E h
e
s A er
epos t r re e pts
A s o the US o er the ou ter
r et
O e
A
represe ts or
r sh res
euts he
rust o p
A er s ts
s the epos tor
euts he
83.2
50.9
Business Overview
GDR AND ADR PROGRAMMES
r et pr e per
U
er
265
Strategic Report
33.2
2014
Sh re pr e
S Aero ot
pro r
e
Programme type
Sponsored Level-1 GDRs under Regulation S and Rule 144A
2015
Ratio (shares: GDR)
5:1
re se
Ticker
AETG
ISIN
US69343R1014, US69343R2004
r e per Aero ot sh re
2011
2012
2013
2014
2015
First trading day, RUB
81.5
50.9
46.2
83.2
33.2
Programme type
Sponsored Level-1 ADRs
Maximum, RUB
81.8
55.5
85.1
88.0
61.0
Ratio (shares: GDR)
5:1
Minimum, RUB
44.0
38.8
46.2
29.9
32.5
Ticker
AERZY
Last trading day, RUB
50.5
44.9
83.8
32.2
56.1
ISIN
US69343R3093
As t
pt
up
e e
s to
o
er
o p
ou te to U
s
o
RUB 208
S e the e
o the e r per or
million Рекомендации
o
S Aero ot sh res orre te
re t
аналитиков
er e
tr
o u es
o the os o
E h
e
th the uss
sh re
r et u tu t
O to er the
t
e t e
r et re
8%
to
the o p
s
o e e t
r s
out
e
to the
up r tre
15%
62%
A
st re o
Date
e
31.12.2014
162
o
2015 ANNUAL REPORT
e
CORPORATE BONDS
er
es
ets
S Aero ot O
o s re tr e o
os o E h
e here the re
u e
the e e
uot t o
st s e
s
the
o uss s o
r
st
st o
se ur t es th t re
ept
e s o ter
or
re t repo tr s t o s
o
46%
31 December
2015
pro r
23%
62%
Buy
o s
to
ero
ter
A
e
to s
Recommendations
31 December
2014
e
the
usto
s
e e
he
pro
per or
e o the o p
sh res
s
supporte
ts stro
resu ts
S e
peer sh res ere tre
o
r s ue to epre t o o
to
urre es
e er
r ets
e
per or
eo
u
er o
r
U
e e er
r ets e e ope
r
r es sho e stro er per or
e r
up the sh re pr es
S Aero ot e e
31.12.2015
Bloomberg consensus
forecast, RUB
Target price range, RUB
Number of analysts
66.9
26.4–81.0
13
54.4
36.5–76.0
15
so
oupo s o
S Aero ot s o s
the
report
e r ere p
u
ue
t e
•
Apr
O
o
p
e ts o
U
or the ourth oupo
per o
•
O to er
O
o
p
e ts o
U
or the th oupo
per o
RUB 62.3
billion
S Aero ot s
r et p t
s to
s t
e e
er
S Aero ot
Type
Exchange-traded bonds
Full name
Number of bonds
issued
Nominal value, RUB
Coupon, %
Redemption date
Fitch credit rating
PJSC Aeroflot
BO-03
5,000,000
1,000
8.30
31 March 2016
B+
Se
163
CREDIT RATINGS
Septe
er
t h
e
ss
e
S Aero
o o s
• o
ter
ore
urre
t
t
p e
e t e
• o
ter
o
urre
t
t
p e
e t e
•
to
o
ter r t
A rus o
t
t h
ssuer e u t
t
t h
ssuer e u t
o
t
t h
e
s o
t e
r e
he
re e te the e t e tre s
the
uss
e o o
the
p t o rou e
e u t o o the tr sport t o
ustr
e er
S Aero ot e t r t o
p rt u r
r h
the re t r t
s
ss
e to S Aero ot
Septe
er
ere
r e
th Out oo h
e to St
e
e
o
s
e e e e t o the
orpor te o er
e r
e or
e sure o
o p
s per or
e
upho
the r hts o ts
estors
S Aero ot h s
p e the e u t o s
o the
e
o
te
u
h h see to
se the tr sp re
o
pro e ures use to eter
e the
ou t o
e s
p the out to the e e t o
sh reho ers
estors he e u t o s
eter
e the ppro h use
the o r o
re tors to
e re o
e
t o s or the
e er
eet
o Sh reho ers o pro t
str ut o
u
e
p out
re t r t
ss
e to S
Aero ot
t h
t
s
S Aero ot s
e
e
he e pr
p es o
S Aero ot s
e
po
re s o o s
• Aero ot roups o so
te
et pro t
u er the ter t o
eport
St
r s
S or s the se or
u t
e s
• he
ou t o
e
s
u te us
t ore s ste o r t o
tors h h
tors the resu ts o the report
e r
Aero ot roups e t r t o
ter
p
• he t r et e e o
e
p outs s set t
o Aero ot roups
S et pro t
2011
2012
2013
2014
1.09
1.81
1.16
2.50
-
Total dividends, RUB thousand
1,205,130
2,000,018
1,292,313
2,774,195
-
Total amount actually paid, RUB thousand
1,204,915
1,999,927
1,292,149
2,773,621
-
Dividend payout ratio, %
10.0
19.2
26.0
25.0
-
Accounting standards used to calculate the
net profit
RAS
RAS
RAS
RAS
IFRS
In cash
In cash
In cash
In cash
-
164
2015 ANNUAL REPORT
estor
Financial review
Appendixes
eet
s u
er
u ter
o p
e th uss
re u r
s oses
or
AS
st te e ts
prese t t o s
s
to
he o p
ts
S
ts
estor
S Aero ot t r ets
estors
the
o o
h
es
• o ere e
s th the o p
s
e e t or
estors
• e u r eet
s th
estors
sh reho ers
•
rt p t o
or o ere es hoste
ro er e houses
• S te s ts to the o p
s
t es
estor
eet
s re
o
u
eo r ph
4.5%
5.6%
80
20.2%
63
27.0%
31
Q1
re o
2010
Form and other terms of payment for
declared dividends
he o p
t
s
o t ue
o ue
th sh reho ers
estors to e sure th t
se ur t es
r et p rt p ts et o p ete
or
to
out ts t t es he o p
t e
s oses
ter
or
t o o ts
oper t o s s press re e ses
ter
ts
uthor se
s osure p t or s
u
he A u
e er
eet
o Sh reho ers
he o
u e
reso e
ot to e re
or p out
e so
S Aero ot sh res or
the s
e r
h stor
Dividend per share, RUB
he o p
s p rt u r o use o
re t o s th oth e st
prospe t e
estors
ts ter t o s th
estors
S Aero ot s o
tte to pro
o e t e re
e
o s ste t
or
to
out ts t t es
o p es th urre t
s osure st
r s see
to
re se
or
t o tr sp re
s u h s
pr t
poss e
t
DIVIDEND POLICY
В+
Business Overview
INVESTOR REL ATIONS
t
s ter t o
ot re t r t
s s
o
Strategic Report
UK
Europe
USA
Russia
Asia
Others
27
Q2
the o p
se
u
Q3
Q4
s
estor re t o s
er o
r s
ere
or
estor re t o s t t es
• Aero ot s
se o the th ter t o
se o pet t o or
se
the uss
o
u
to s
estor
e to sA
e
• Aero ot s
te
re e e the
e
uss
SA r
s
e the est
the uss
tr sport se tor
21.3%
21.3%
or A u report
• A so ute
er o the th A u Ope
A u
eport o pet t o he
the
A
str t o o the Kr s o r err tor
• est A u
eport o the o p
th
the
r et p t s t o o U
to
eport
o
or
to th A u
A r s spo sore
os o E h
e
roup
•
t u
er o the Spot ht A r
the r t A u
eport te or he
e ue o A er
o
u
to s
ro ess o
s A
r
e ourth the
op
o
u
to s
ter s o
o
165
APPENDIXES
S o so
te
Su s
or r
r es
s
s
St te e ts
168
tes
230
to s
tereste
r
A
rt
233
r
to s
s
e
to s
ers o
234
S Aero ot
E e ut e o es
239
esu ts o E e ut o o
stru t o s
o p
o
er
or
o
e e op e t ro r
ts
pe e t to
out the ro r
o su pt o
Aero ot roup Oper t
oss r
o t
e o e
t
250
e
Au t esu ts
e or
263
spos
ore Assets
E er
e t
240
th the orpor te o er
to
o
o er
re t es
e
eport o
res e t
264
Aero ot roup A r
t
es
265
267
273
or
to
A out the eport
275
276
IFRS CONSOLIDATED FINANCIAL
STATEMENTS FOR THE YEAR ENDED
31 DECEMBER 2015
o the Sh reho ers
•
•
te
e ru r
st te e ts o the roup or the e r e e
s
e o
eh
o
e e t
e e
s ose
e p
e
te
es
the
ppropr te to presu e th t the
er
re tors o
S Aero ot
te
pos t o
e ut
or t o
st te e ts o
s t
e e
sh o s or
S Aero ot
ts su s
er
the o so
otes o pr s
r es the roup
h h
te st te e ts o pro t
su
r o s
t
Our respo s
t s to e press
op o o the
r prese t t o o these o so
te
st te e ts
se o our
u t e o u te our u t
or
e th uss
e er Au t
St
r s
ter t o
St
r s o Au t
hose st
r s re u re th t e o p
th eth
re u re e ts
p
per or the u t to o t
re so
e
ssur
e out hether the o so
te
st te e ts re ree ro
ter
sst te e t
A
u t
o es per or
pro e ures to o t
u te e e
out the
ou ts
s osures
the o so
te
st te e ts he pro e ures se e te
epe
o the u tor s u
e t
u
the ssess e t o the r s s o
ter
sst te e t o the o so
te
st te e ts hether ue to r u or error
those r s ssess e ts
the u tor o s ers ter
o tro re e
t to the e t t s prep r t o
r prese t t o o the o so
te
st te e ts or er to es
u t pro e ures th t re ppropr te the r u st
es ut ot or the purpose o e press
op o o the e e t e ess o the e t t s ter
o tro A
u t so
u es e u t
the ppropr te ess o
ou t
po es use
the re so
e ess o
ou t
est
tes
e
e e t s e
se u t
the
o er prese t t o o the o so
te
st te e ts
e e e e th t the u t e
o these o so
te
e
e eh eo t
st te e ts
e
s su
e t
ppropr te to e press
op
o o the
r prese t t o
Opinion
set out o p
es
V.G. Saveliev
Sh.R. Kurmashov
General Director
Deputy General Director for Finance and Network
and Revenue Management
2015 ANNUAL REPORT
Appendixes
Auditor’s Responsibility
our op o the o so
s t
e e
er
eport
St
r s
e ru r
os o
uss
A Kor
AO r e
te
ts
st te e ts prese t
per or
e
ts
r
ter
sh o s or
respe ts the
or
e
pos t o o the roup
ter t o
th
e er t o
e Se or
er
e
terhouse oopers Au t
e o
ere
Au te e t t
168
e e t s respo s e or the prep r t o
r prese t t o o these o so
te
st te e ts
or
e
ter t o
eport
St
r s
or su h ter
o tro s
e e t eter
es s e ess r to
e
e the prep r t o o o so
te
st te e ts th t re ree ro
ter
sst te e t hether ue to r u
or error
so respo s e or
es
pe e t
t
e e t e s ste o
ter
o tro s throu hout the roup
t
proper
ou t
re or s th t s ose
th re so
e
ur
t
t e
or
to
out
pos t o o the roup
the
resu ts o ts oper t o s
sh o s
h he
e the to e sure th t the
o so
te
st te e ts o the roup o p
th
S
t
st tutor
ou t
re or s
o p
e th o
e s to
ou t
st
r s
the respe t e
ur s t o s
h h the roup oper tes
t
su h steps s re re so
e to the to s e u r the ssets o the roup
pre e t
ete t
r u
other rre u r t es
he o so
ppro e o
Financial review
th
e e t s
•
Management’s Responsibility for the Consolidated Financial Statements
st te e ts th t prese t
r the o so
resu ts o ts oper t o s
sh o s
h
eport
St
r s
S
prep r
the o so
te
st te e ts
e e t s respo s e or
• se e t
su t
e
ou t
pr
p es
pp
the
o s ste t
•
u e e ts
est
tes th t re re so
e
• st t
hether
S h e ee o p e
th su e t to
ter
ep rtures e
otes to o so
te
st te e ts
• prep r
the o so
te
st te e ts o
o
o er
s s u ess t s
roup
o t ue
us ess or the oresee
e uture
o r o
e h e u te the
o p
o so
o pr se the o so
te st te e t o
or oss o prehe s e
o e h
es
ou t
po es
other e p
tor
he o o
st te e t h h shou
e re
o u to
th the
epe e t u tor s respo s
t es st te
the
epe e t u tor s report set out e o s
e th
e to st
u sh
the respe t e respo s
t es o
e e t
those o the
epe e t u tor
re t o to the o so
te
st te e ts o u
o t Sto
o p
Aero ot uss
A r es
ts su s
r es the roup
•
•
Business Overview
INDEPENDENT AUDITOR’S REPORT
STATEMENT OF MANAGEMENT’S RESPONSIBILITIES
FOR THE PREPARATION AND APPROVAL
OF THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT AND FOR THE YEAR ENDED 31 DECEMBER 2015
e e t s respo s e or the prep r t o o o so
te
pos t o o the roup s t
e e
er
the
e u t or the e r the e e
o p
e th ter t o
Strategic Report
St te re str t o
o
u e
ert
te o
Au ust
u
A
ress o
S Aero ot
ert
epe
te
ssue
us o
the U
er re str t o
u te e t t
Ar
the
e St te e ster o
t street
uss
os o
e
e str t o
h
E t t es ssue o
e er o
er
e t u tor AO r e
St te re str t o
o
e ru r
ert
te o
Au ust
u
ert
te
ssue
us o
the U
er re str t o
ert
te o
e
ersh p
Au t h
er o uss
u t or
to s
terhouse oopers Au t
the
e St te e ster o
se re u te or
O
s to
os o
e
e str t o
h
er
E t t es ssue o
o pro t p rt ersh p
the re ster o u tors
169
Strategic Report
Business Overview
Financial review
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 31 DECEMBER 2015
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR
THE YEAR ENDED 31 DECEMBER 2015
A
A
ou ts
o so
uss
ou es u
ess other
se st te
Note
2015
2014
Traffic revenue
5
359,205
277,354
Other revenue
6
55,968
42,417
415,173
319,771
(304,214)
(239,327)
Revenue
ou ts
o so
uss
ou es u
ess other
Appendixes
se st te
Note
Loss for the year
2015
2014
(6,494)
(17,146)
-
33
Other comprehensive (loss)/profit:
Items that may be reclassified subsequently to profit or loss:
Operating costs, excluding staff costs and depreciation and amortisation
7
Translation from the functional currency to the presentation currency
8
(55,619)
(52,148)
Gain/(loss) from the change in fair value of hedging derivative financial instruments
19, 21
(13,306)
(12,136)
Effect from hedging revenue with foreign currency liabilities
9
2,073
(4,892)
Deferred tax related to the loss on cash flow hedging instruments
Operating costs
(371,066)
(308,503)
Operating profit
44,107
11,268
Staff costs
Other operating income and (expenses), net
Finance income
10
15,811
2,471
Finance costs
10
(37,715)
(28,399)
Hedging result
10
(23,746)
(1,723)
(17)
31
(1,560)
(16,352)
Share of results of associates
Income tax
11
Loss for the year
(4,934)
(794)
(6,494)
(17,146)
(5,829)
(15,471)
23
11
12,810
(16,793)
(32,911)
(43,596)
4,038
12,115
Other comprehensive loss for the year
(16,063)
(48,241)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(22,557)
(65,387)
(21,892)
(63,712)
Total comprehensive loss attributable to:
Shareholders of the Company
Non-controlling interest
TOTAL COMPREHENSIVE LOSS FOR THE YEAR
(665)
(1,675)
(22,557)
(65,387)
Loss for the year attributable to:
Shareholders of the Company
(665)
(1,675)
(6,494)
(17,146)
Loss per share - basic (in Roubles per share)
(5.5)
(14.6)
Loss per share - diluted (in Roubles per share)
(5.5)
(14.6)
Weighted average number of shares outstanding (millions)
1,056.9
1,056.9
Weighted average number of diluted shares outstanding (millions)
1,056.9
1,056.9
LOSS FOR THE YEAR
Appro e o
e ru r
s
e o
eh
o
e e t
V. G. Saveliev
Sh. R. Kurmashov
General Director
Deputy General Director for Finance
and Network and Revenue Management
he o so
o p es
170
te st te e t o pro t or oss shou
e re
to
h h re or
p rt o the o so
2015 ANNUAL REPORT
te
o u
to
th the otes set out
st te e ts
he o so
o p es
te st te e t o o prehe s e
o e shou
e re
to
h h re or
p rt o the o so
te
o u to
st te e ts
th the otes set out
171
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2015
A
ou ts
o so
uss
ou es u
ess other
Strategic Report
Business Overview
Financial review
Note
31 December 2015
Appendixes
31 December 2014
LIABILITIES AND EQUITY
Current liabilities
se st te
Derivative financial instruments
23
4,853
26,312
Accounts payable and accrued liabilities
24
54,751
48,952
28,691
22,469
1,307
799
Unearned traffic revenue
Deferred revenue related to frequent flyer programme
25
ASSETS
Provisions for liabilities
26
7,519
2,349
Current assets
Finance lease liabilities
27
19,504
16,912
Short-term borrowings and current portion of long-term loans and borrowings
28
54,085
17,343
Liabilities related to assets held for sale
20
Note
31 December 2015
31 December 2014
Cash and cash equivalents
12
30,693
26,547
Short-term financial investments
16
5,917
961
Accounts receivable and prepayments
14
Current income tax prepayment
Aircraft lease security deposits
13
76,317
56,769
Total current liabilities
2,489
668
2,658
321
Expendable spare parts and inventories
15
7,447
6,516
23
53
431
Assets classified as held for sale
20
7,732
-
133,306
92,213
7,371
-
178,081
135,136
Long-term loans and borrowings
28
14,375
6,860
27
145,020
132,366
Provisions
26
6,917
4,845
11
170
133
2,560
Deferred tax liabilities
Deferred revenue related to frequent flyer programme
25
2,941
Non-current assets
23
-
4,839
Deferred tax assets
Other non-current liabilities
29
3,810
4,484
Total non-current liabilities
173,233
156,087
351,314
291,223
Total current assets
11
Investments in associates
21,632
18,540
109
140
Long-term financial investments
16
6,118
6,115
TOTAL LIABILITIES
13
2,132
2,110
Equity
17
2,762
3,759
Share capital
Prepayments for aircraft
18
35,291
29,241
19
104,494
116,044
Accumulated profit on disposal of treasury shares
Intangible assets
21
2,690
2,762
Investment revaluation reserve
Goodwill
22
6,660
6,660
Hedging reserve
23
-
134
31
Treasury shares reserve
23, 27
Retained earnings
1,359
1,359
(3,571)
(3,571)
1,659
1,659
(5)
(5)
(64,720)
(48,657)
39,755
45,584
(25,523)
(3,631)
Total non-current assets
181,888
185,505
Equity attributable to shareholders of the Company
TOTAL ASSETS
315,194
277,718
(10,597)
(9,874)
TOTAL EQUITY
(36,120)
(13,505)
315,194
277,718
TOTAL LIABILITIES AND EQUITY
he o so
o p es
172
te st te e t o
to
h h re or
2015 ANNUAL REPORT
pos t o shou
e re
p rt o the o so
te
o u
to
th the otes set out
st te e ts
he o so
o p es
te st te e t o
to
h h re or
pos t o shou
e re
p rt o the o so
te
o u
to
th the otes set out
st te e ts
173
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2015
A
ou ts
o so
uss
ou es u
ess other
Strategic Report
Business Overview
Restricted cash
Income taxes paid
se st te
Income tax refunded
Net cash flows from operating activities
Note
2015
2014
Deposits return
Proceeds from sale of investments
(16,352)
Adjustments for:
19, 21
13,306
12,136
Charge of impairment provision for doubtful accounts receivable
9
6,106
3,103
Loss on doubtful accounts write-off
9
589
33
Change in impairment provision for obsolete expendable spare parts and inventory
Charge of provision for impairment of property, plant and equipment
276
19
Loss/(gain) on disposal of property, plant and equipment
Gain on accounts payable write-off
9
Share of financial results of associates
242
400
34
272
(1,907)
Appendixes
Note
2015
2014
12
18
(82)
(6,041)
(6,863)
180
40
69,664
35,977
6,375
1,869
Cash flows from investing activities:
Cash flows from operating activities:
(1,560)
Financial review
30
-
Deposits placement
(11,741)
(2,486)
Purchases of investments and issue of loans
(8,652)
(66)
603
126
(9,196)
(6,160)
Proceeds from sale of property, plant and equipment
Dividends received
Return of prepayments for aircraft
Payment of operating lease security deposits
(164)
(384)
17
(31)
Return of operating lease security deposits
Net cash flows used in investing activities
74
70
(22,708)
(21,361)
7,828
9,620
(1,995)
(304)
612
200
(38,770)
(18,492)
18,398
Loss/(gain) on sale and impairment of investments and loans issued
10
9,159
(1)
(Gain)/loss from change in the fair value of derivative financial instruments
10
(11,885)
9,869
Hedging result
10
23,746
1,723
Cash flows from financing activities:
Change in provisions for liabilities
26
4,264
1,271
Proceeds from loans and borrowings
73,331
Interest expense
10
7,737
4,934
Repayment of loans and borrowings
(36,267)
(9,870)
Repayment of the principal element of finance lease liabilities
(19,455)
(15,629)
(5,914)
(3,409)
10
849
14,795
Write-off of VAT recoverable
9
90
-
Gain on recovery of VAT
9
(8,021)
(285)
Change in other provisions and other assets impairments
Other operating (income)/expenses, net
Other finance income, net
Loss on derivative financial instruments, net
10
Dividend income
Total operating cash flows before working capital changes
(17)
(46)
(573)
165
(36)
(449)
19,803
2,813
(89)
(60)
64,269
31,603
Interest paid
Proceeds from disposal of treasury shares
-
2
Proceeds from sale of treasury shares to non-controlling shareholders
-
119
Dividends paid
(88)
(2,833)
Payments on settlement of derivative financial instruments, net
(39,682)
(1,451)
Net cash used in financing activities
(28,075)
(14,673)
1,327
5,075
Effect of exchange rate fluctuations on cash and cash equivalents
Net increase in cash and cash equivalents
Change in accounts receivable and prepayments
(2,251)
4,658
Change in expendable spare parts and inventories
(1,216)
(1,831)
Change in accounts payable and accrued liabilities
14,705
8,452
Total operating cash flows after working capital changes
75,507
42,882
he o so
o p es
174
te st te e t o
sh o s shou
e re
to
h h re or
p rt o the o so
2015 ANNUAL REPORT
o u
te
to
th the otes set out
st te e ts
4,146
7,887
Cash and cash equivalents at the beginning of the year
26,547
18,660
Cash and cash equivalents at the end of the year
30,693
26,547
1,781
34,472
Non-cash transactions as part of the investing activities:
Property, plant and equipment acquired under finance leases
he o so
o p es
te st te e t o
sh o s shou
e re
to
h h re or
p rt o the o so
o u
te
to
th the otes set out
st te e ts
175
Strategic Report
Business Overview
Financial review
Appendixes
CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2015
A
ou ts
o so
uss
ou es u
ess other
se st te
Note
1 January 2014
Share capital
Accumulated result on
disposal of treasury shares
less treasury shares
reserve
Investment revaluation
reserve
Accumulated currency
translation reserve
Hedging reserve
Total
Total equity
Retained earnings
1,359
(1,914)
(10)
(28)
(383)
61,122
60,146
(5,666)
54,480
Loss for the year
-
-
-
-
-
(15,471)
(15,471)
(1,675)
(17,146)
Translation from the functional currency to the presentation currency
-
-
5
28
-
-
33
-
33
Loss from the change in fair value of derivative financial instruments net of related
deferred tax
-
-
-
-
(48,274)
-
(48,274)
-
(48,274)
Total other comprehensive loss
-
-
-
-
-
-
(48,241)
-
(48,241)
Total comprehensive loss
-
-
-
-
-
-
(63,712)
(1,675)
(65,387)
Disposal of treasury shares
-
2
-
-
-
-
2
-
2
Sale of shares to non-controlling shareholders
-
-
-
-
-
2,585
2,585
(2,283)
302
Dividends declared
-
-
-
-
-
(2,652)
(2,652)
(250)
(2,902)
31 December 2014
1,359
(1,912)
(5)
-
(48,657)
45,584
(3,631)
(9,874)
(13,505)
1 January 2015
1,359
(1,912)
(5)
-
(48,657)
45,584
(3,631)
(9,874)
(13,505)
(5,829)
(5,829)
(665)
Loss from the change in fair value of derivative financial instruments net of related
deferred tax
-
-
-
-
(16,063)
-
(16,063)
Total other comprehensive loss
-
-
-
-
-
-
(16,063)
-
(16,063)
Total comprehensive loss
-
-
-
-
-
-
(21,892)
(665)
(22,557)
Dividends declared
-
-
-
-
-
-
-
(58)
(58)
31 December 2015
1,359
(1,912)
(5)
-
(64,720)
39,755
(25,523)
(10,597)
(36,120)
Loss for the year
he o so
o p es
176
te st te e t o h
to
h h re or
2015 ANNUAL REPORT
es
e u t shou
e re
p rt o the o so
te
o u
(6,494)
(16,063)
to
th the otes set out
st te e ts
177
se st te
O
e e
er
Aero ot
o the roup s r r t eet
he roup s
e
o p
u
Aero ot
Ope o t Sto
o p
Aero ot
uss
uss
A r es
S Aero ot ue to e s t o
A r es h
h
es
e
o
t t e to
u
o o
hts
ter
e ree o
Str te
o t Sto
he pr
p
t t es o the o p
re the pro s o o p sse er
r o r tr sport t o ser es oth o est
ter t o
other
t o re te ser es ro
os o Shere et e o A rport he o p
ts su s
r es
the roup
so o u t t t es o pr s
r e ter
hote oper t o s Asso te e t t es
o pr se
t o se ur t ser es
other
r ser es
As t
e e
er
the o er
or
e e t o St te ropert o e
Ar t Street
he pr
p
su s
e t o the uss
o the o p
e er t o
he o p
the
s he
represe te
u rters re o
the e er A e
te
os o
t
r es re
Company name
Registered address
Principal activity
31 December 2015
31 December 2014
JSC Donavia (“Donavia”)
Rostov-on-Don, RF
Airline
100.00%
100.00%
JSC Rossiya airlines
(“AK Rossiya”)
St. Petersburg, RF
Airline
75% minus one share
75% minus one share
OJSC Vladivostok
Avia(“Vladavia”)
Primorsk Region, RF
Airline
26.60%
26.60%
JSC Aurora Airlines
(“AK Aurora”)
Yuzhno-Sakhalinsk, RF
Airline
51.00%
51.00%
r
rr er
A e h
h h
s
s re
e to
o e
Ar
or er to oper te te h
te
Company name
Registered address
Principal activity
31 December 2015
31 December 2014
CJSC AeroMASH–AB
(“AeroMASH–AB”)
Moscow Region, RF
Aviation security
45.00%
45.00%
he t
e eo
pro
es
or
t o o the roup s
OWNERSHIP
o p
Aero ot
uss
A r es the o p
or Aero ot
s or e
s
ope e o t sto
o p
the uss
o er
e t e ree
here
ter the
e ree
he
e ree o erre
the r
o
t o s o Aero ot So et A r es
ts stru tur u ts upo the o p
u
ter o er
e t
ree e ts
ree e ts s
e
th ore
r es
e terpr ses the e o
to
o o
the
the uss
res e t o
te
Au ust
the o p
s
u e
the st o Str te
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An-24
Owned
-
-
-
-
1
-
1
Owned
-
-
-
-
1
-
1
DHC 8-Q402
Owned
3
-
-
-
-
-
3
3
-
-
-
2
-
5
Total owned
Airbus A319
Finance lease
2
-
9
-
-
-
11
Airbus A320
Finance lease
1
-
-
-
-
-
1
Airbus A321
Finance lease
21
-
-
-
-
-
21
Airbus A330
Finance lease
8
-
-
-
-
-
8
Boeing B777
Finance lease
10
-
-
-
-
-
10
An-148
Finance lease
Total finance lease
-
-
6
-
-
-
6
42
-
15
-
-
-
57
SSJ100
Operating lease
24
-
-
-
-
-
24
Airbus A319
Operating lease
3
10
7
-
9
-
29
Airbus A320
Operating lease
62
-
7
-
-
-
69
Airbus A321
Operating lease
5
-
-
-
-
-
5
Airbus A330
Operating lease
14
-
-
-
-
-
14
JSC Orenburg airlines
(“Orenburgavia”)
Orenburg, RF
Airline
100.00%
100.00%
CJSC Aeroflot-Cargo
Moscow, RF
Cargo transportation services
100.00%
100.00%
Boeing B737
Operating lease
14
-
-
16
3
12
45
LLC Dobrolet (“Dobrolet”)
Moscow, RF
Airline
-
100.00%
Boeing B767
Operating lease
-
-
1
-
-
-
1
LLC Pobeda Airlines (“Pobeda”)
Moscow, RF
Airline
100.00%
100.00%
Boeing B777
Operating lease
3
-
-
3
-
-
6
LLC Aeroflot-Finance
(“Aeroflot-Finance”)
Moscow, RF
Finance services
100.00%
100.00%
DHC 8-Q300
Operating lease
-
-
-
-
3
-
3
CJSC Aeromar
Moscow Region, RF
Catering
51.00%
51.00%
DHC 8-Q200
Operating lease
-
-
-
-
2
-
2
CJSC Sherotel
Moscow Region, RF
Hotel
100.00%
100.00%
DHC 6-400
Operating lease
LLC A-Technics
Moscow, RF
Technical maintenance
100.00%
-
178
2015 ANNUAL REPORT
e
er o te s
DHC 8-Q300
-
-
-
-
2
-
2
Total operating lease
125
10
15
19
19
12
200
Total fleet
170
10
30
19
21
12
262
As t
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TYPE OF AIRCRAFT
1. NATURE OF THE BUSINESS
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184
2015 ANNUAL REPORT
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185
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Appendixes
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th s
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186
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187
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2015 ANNUAL REPORT
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188
Appendixes
Derecognition of financial assets and liabilities
e ther tr
s to
osts re
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osts th t re re t
ttr ut
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stru e t A
re e t
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ept o o the tr s t o the re t o sh p et ee he
stru e ts
he e
e t o e t es
str te
or u ert
r ous he
tr s t o s he roup so
t he e
ept o
o
o o
ss o
hether the er t es th t re use
e t e
o sett
h
es
r
ues or sh o s o he e te s
189
he
he
r
ues o
r ous er t e stru e ts use or he
purposes re s ose
er t e s
ss e
s
o
urre t sset or
t
he the re
he e
urre t sset or
t
he the re
tur t o the he e te
s ess th
s
te
ote
he
s ore th
o ths
r
ue o
o ths
Cash flow hedge
he e e t e port o o h
es
the
r
ue o er t es th t re es
te
u
s
sh o he es s
re o
se
other o prehe s e
o e
u u te
he
reser e
e ut
he
or oss re t
to
the e e t e port o s re o
se
e
te
the o so
te st te e t o pro t or oss s sep r te
e eo
oper t
resu t o the roup
A ou ts
u u te
e u t re re ss e to pro t or oss s pro t or oss ro
t t
he the he e te
e ts pro t or oss or e
p e he the ore st s e th t s he e t es p
the ore st tr s t o th t s he e resu ts
the re o
to o
o
sset or e
pe
osses pre ous
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u e
the
t
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es
the per o s
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o e er he
e tor the
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e t o the ost o
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he
stru e t e p res or s so
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or he e
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e u t t th t t e re
s
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te
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ore st tr s t o s o o er e pe te to o ur the
u u t e
or oss th t
s reporte
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te tr s erre to the o so
th
s
osses ro
t t es s sep r te
e
Available-for-sale investments
A
e or s e
est e ts re rr e t
r
ue terest
o eo
e or s e e t se ur t es s
u te us
the e e t e terest etho
re o
se
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e
o e
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se
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t s pro
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e s
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est e t s ere o
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he u u t
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ere e et ee the
usto
ost
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r
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re o
se
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s re ss e ro other o prehe s e
o e to
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o
re
p
r e t osses o e u t
stru e ts
e
su se ue t per o the
se
e o e t e re te to
r e t oss s re erse throu h urre
o e or ore e e ts oss e e ts
t or pro o e
e
e
the
r
e
p r e t oss
e sure
s
e t oss o th t sset pre ous
osts
pro t or oss or the e r
re ot re erse
su se ue t
s re re o
se
other o prehe s e
r
ue o
e t stru e t
ss e
s
e or s e
re ses
the
e e t o urr
ter the
p r e t oss
s re o
se
pro t or oss the
t per o s pro t or oss
sh
u
re rr e
estr te
o s
per o
re
sh e u
e ts
u e sh
h
epos ts he
t
th
epos ts
th o tr tu
tur t es o
et
s or ess e r
t
ort se ost us
s
short ter h h
terest
o e
sh
u
est e ts
sh e u
e ts
es re e u e ro
sh
sh e u
e ts or the purposes o the o so
te st te e t o
sh
es restr te ro
e
e h
e or use to sett e
t or t e st t e e o ths ter the report
u e
other o
urre t ssets
the roup s o so
te st te e t o
pos t o
2015 ANNUAL REPORT
Business Overview
Financial review
Appendixes
Loans and receivables
o
t
ost
p
s
re e
es re o
er t e
ssets
th
e or eter
e
r et o s
re e
es re
u
re o
se
t
r
ue
us
the e e t e terest r te etho
ou t u
ou ts re e
e
r e t osses re
u e
other oper t
osts
the roup s o so
ep
e ts th t re ot uote
re su se ue t
e sure
t
ort se
es re ssesse
u
Impairment of financial assets carried at amortised cost
p r e
o urre
est
te
tors th
o re te
t osses re re o
se
pro t or oss he
urre
s resu t o o e or ore e e ts oss e e ts th t
ter the
t
re o
t o o the
sset
h h h e
p t o the
ou t or t
o the
uture sh o s o the
sset or roup o
ssets th t
e re
est
te
he pr
r
t the roup o s ers
eter
hether
sset s
p re re ts o er ue st tus
re s
t
o ter
p r e t osses re
s re o
se throu h
o
e
prese t
ue o e pe te
sh o s
h h e u e uture re t
or
e e t e terest r te o the sset he
u t o o the
o ter se
sset re e ts the sh o s th t
resu t
o ter
hether or ot ore osure s pro
e
ou t to r te o
the sset s rr
ou t to the
osses th t h e ot ee
urre
s ou te
t the
prese t
ue o the est
te uture
sh o s o
ro
ore osure ess osts or o t
se
the
su se ue t per o the
ou t o the
p r e t oss e re ses
the e re se
e re te o e t e to
e e t o urr
ter the
p r e t
s re o
se su h s
pro e e t
the e tor s re t r t
the pre ous
re o
se
p r e t oss s re erse
ust
the
o
e
ou t throu h pro t or oss or the e r
U o e t e ssets re r tte o
re o er the sset h e ee o p ete
pre ous
r tte o
re re te to
st the re te
p r e t oss pro s o
ter
the e ess r pro e ures to
the
ou t o the oss h s ee
eter
e Su se ue t re o er es o
ou ts
p r e t oss
ou t th the pro t or oss or the e r
the ter s o
p re
sset he
t
ort se ost re re e ot te or other se o
e e use o
u t es o the ou terp rt
p r e t s e sure us
the or
e e t e terest r te e ore the o
to o
ter s he re e ot te sset s the
ere o
se
e
sset s re o
se t ts r
ue o
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re r s
o the sset su st t
h
e
h s s or
e e e
su st t
ere e et ee the prese t
ues o the
or
sh o s
the e e pe te
sh o s
Prepayments
these o so
te
st te e ts prep
e ts re rr e
t ost ess pro s o or
p r e t A prep
e t s
ss e s o
urre t he the oo s or ser es re t
to the prep
e t re e pe te to e o t
e
ter o e e r or
he the prep
e t re tes to
sset h h
tse
e
ss e s o
urre t upo
t
re o
to
rep
e ts
to
u re ssets re
u e to the rr
ou t o the sset o e the roup h s o t
e o tro o the sset
t s
pro
e th t uture e o o
e e ts sso te
th the sset
o to the roup Other prep
e ts re r tte o
to pro t or oss he the ser es re t
to the prep
e ts re re e e
there s
t o th t the ssets oo s or
ser es re t
to prep
e t
ot e re e e the rr
ue o the prep
e t s r tte
o
or
orrespo
p r e t oss s re o
se
the roup s o so
te st te e t o pro t or oss or the e r
Trade and other payables
r ep
ost us
es re
rue
he the ou terp rt per or s ts o
to su
er the o tr
t
re
rr e
t
ort se
o s
terest
190
Strategic Report
orro
etho
s re
t
re o
se
t
r
ue
su se ue t
e sure
t
ort se
ost us
the e e t e
191
Short ter
o s
orro
s o pr se
•
terest e r
o s
orro
s th ter shorter th
• urre t port o o o
ter
o s
orro
s
o
ter
o
s
orro
s
u e
t es
th the
tur t e
ee
o e t es h e ee pro e or the o so
te
e s t e re u t o s e
te or su st t e e
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o pr ses urre t
e erre t
s re o
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the
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e re or e
th other o prehe s e
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re o
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ue
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e
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he roup
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ou t o o so ete
ts oper t o s
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e t
A
re te to s es o oo s or pro s o o ser es s re or e
s
t to the t
uthor t es o
ru s
s s o est
hts
e er
re su e t to A t
e ore
u
ter t o
hts
re su e t to A t
put A
o e
o est supp ers s e
s A p
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porte e se
r r t
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restr t o s
st output A
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put A s t p
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o the output A
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th the
t e e o ths ro the report
te s
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urre t sset here pro s o h s ee
e or u o e t e
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e t e pe se s re or e
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ou t o the
ou t re e
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A
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S e
the roup oper tes re ue t er pro r
e re erre to s Aero ot o us Su e t to the pro r
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o
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es e r e e t t e e
ers to
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er o e e ts su h s ree
hts
ht
ss up r es
re ee
es or spe
r s ro pro r
e p rt ers
or
e th
usto er o t ro r
es
u u te
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o us
es re e erre us
the e erre re e ue etho to the e te t th t the re e to e use
he
r
ue o
es
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hts s re o
se u er urre t
o
urre t e erre re e ue
re te to re ue t er pro r
e ote
th
urre t
o
urre t
t es respe t e
the roups o so
te
st te e t o
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ue o
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Aero ot o us p rt p ts or us
ser es pro e
the p rt ers o the pro r
e s e
s the
r
ue o pro o
es s re o
se
s other urre t
o
urre t
t es re te to re ue t er pro r
e otes
ou ts p
e
rue
t es
other o
urre t
t es respe t e
the roups o so
te st te e t o
pos t o
e e ue s re o
se upo the pro s o o
ser es to Aero ot o us e
ers
Employee benefits
es s
r es o tr ut o s to the uss
e er t o st te pe s o
e e o uses
o
o et r e e ts su h s he th ser es
ser es re re ere
the e p o ees o the roup
so
et
re
sur
rue
e u s p
the e r
u
e e
h h the sso
s
te
Financial review
Appendixes
ro s o s or
t es re re o
se
o
the roup h s prese t o
to
e
or o stru t e
o
p st e e t
t s pro
e e ore
e th
ot th t
out o o resour es e
o
e o o
e
e re u re to sett e the o
to
re
e est
te
e
e o the
ou t o the o
to
ro
re e e
t e h report
te
uste to re e t the urre t est est
te ote
here the e e t o
ue o
o e ss
t the
ou t o
pro s o s st te t the prese t
ue o the e pe
tures re u re
the o
to
st te e ts
or
e th e s t o us
t r tes
t the e
o the report
per o
o e t e pe se e e t
o so
te st te e t o pro t or oss or the e r u ess t
re t
e u t s e t re tes to tr s t o s h h re so
e ut
th s or
other per o
urre t t
s the
ou t e pe te to e p
to or re o ere ro
u et
urre t
pr or per o s
e pro ts or osses re
se o est
tes
uthor se pr or to
re e
tt
retur s Other t
e pe ses e ept ro
oper t
osts
the roup s o so
respe t o t
e pro ts or osses or the
the o so
te
st te e ts re
the
o et
re re or e
th other
e erre
o e t
s pro e us
the
e sheet
t
etho or t
osses
rr e or r
te por r
ere es r s
et ee the t
ses o ssets
t es
the r
rr
ou ts or o so
te
report
purposes
or
e
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t
re o
t o e e pt o
e erre t es re ot re or e or te por r
ere es r s
o
t
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to o
sset or
t
tr s t o other th
us ess o
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tr s t o
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t
re or e
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ou t
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t
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purposes e erre t
ssets
t es re e sure
tt
r tes e
te or su st t e e
te
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o the
report
per o
h h re e pe te to pp to the per o
he the te por r
ere es
re erse or the t
osses
rr e or r
e ut se
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ssets or e u t e te por r
t s pro
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e pro t
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es
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t
osses rr e or r
st h h the e u t o s
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et
e e t t or
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the
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et s s e erre t
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t es re ette o
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to the e te t th t
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ssets
t es re te to
o e t es e e
the
e e t t es here there s
te t o to sett e
th the
u
o p
es o the roup
he roup o tro s the re ers o te por r
ere es re t
to t es h r e
eo
e s ro su s
s upo the r spos
he roup oes ot re o
se e erre t
t es o su h te por r
ere es e
e te t th t
e e t e pe ts the te por r
ere es to re erse
the oresee
e uture
r es or o
ept to the
Uncertain income tax positions
he
re or
e
o t
other
roup s u ert
t
pos t o s re re ssesse
e e t t the e
o e h
e or
o e t pos t o s th t re eter
e
e e t s ore
e th
e e
the pos t o s ere to e h e e
the t
uthor t es he ssess e
s th t h e ee e
te or su st t e e
te
the e
o the report
ru
s o su h ssues
t es or pe
t es
terest
t es other th
o
e e t s est est
te o the e pe
ture re u re to sett e the o
t o s t the e
report
per o
t es re
ot to resu t
to
t es
t s
se o the terpret t o
per o
o
ourt or
e t
re re o
se
se o
o the report
per o
Pensions
Provisions for liabilities
2015 ANNUAL REPORT
Income tax
Value added taxes
192
Business Overview
o e e r
Expendable spare parts and inventories
e tor es
u
r r t e pe
e sp re p rts re
osts re eter
e o the rst
rst out
O
ss
e tor es h h the roup oes ot p
to o t ue us
Strategic Report
s resu t
e ts
s o s re
the t e
to sett e
he roup
es ert
p
e ts to e p o ees o ret re e t hese o
t o s represe t o
t o s u er
e e
e e t pe s o p
or su h p
s the pe s o
ou t
osts re ssesse us
the pro e te u t re t etho U er
th s etho the ost o pro
pe s o s s h r e to the o so
or er to spre
the
re u r ost o er the ser e
es o e p o ees A tu r
s
osses re re o
se
other o prehe s e
o e
e
te
he pe s o
t or o ret re e p o ees s
u te
se o
u
u pe s o p
e t
o ot
u e
re ses
to e
e
e e t
the uture here su h post e p o e t e p o ee e e ts
ue ore th t e e o ths ter the report
te the re s ou te us
s ou t r te eter
e
re ere e
to the o er
e t o
e s t the report
te
193
he roup so p
o tr ut o s s
o tr ut o s
so
e to the
s
urre
rt p tes
e e
o tr ut o p
u er h h the roup h s o
tte to
to
per e t e
o the o tr ut o
e
e p o ees hoos
to p rt p te
the p
e
the roup o
e e o tr ut o p
s re h r e to e pe ses he
urre
o tr ut o s re
o er
e t e so u
t the st tutor r tes
or e ur
the e r Su h o tr ut o s re e pe se
Share capital
Or
r sh res re
ss e s e u t
re e t
osts re t
ttr ut
e to the ssue o e sh res or opt o s re sho
e ut s
e u to
et o t
ro the pro ee s A e ess o the r
ue o o s er t o re e e o er the p r
ue
o sh res ssue s re or e s sh re pre u
e ut
Share-based compensation
he t t e to uture e u t o pe s t o s sh res or sh re opt o s to e p o ees or the pro e ser es s e sure
r
ue o these stru e ts t the
te o the tr s er
s re o
se
s
e p o ee e pe se
th
orrespo
re se
e u t o er the per o th t the e p o ees u o
to
e o e e t t e to these
r s
he
ou t re o
se
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uste to re
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o
t o s re e pe te to e et su h
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er o
r s th t eet the re te ser e
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est
tes
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se
pro
t
e t the u
er o
r s or h h the re te ser e
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th t the
ou t u t
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se
s
e pe se s
se o
o
r et per or
e o
t o s t the est
te he e e t
t or oss th
orrespo
ust e t to e u t
Ser es
u
e p o ee ser es re e e
e h
e or sh sett e sh re
se p
e ts re re o
se
ue o the
t
urre
re e pe se
he o su e or p t se s ssets h h re epre te or
he
t s re e sure t e h
e sheet te to ts
r
ue
th
h
es re o
se
e
te
oss
t the
r
ort se
pro t or
stru e ts the o s er t o p
u
ro e u t ttr ut
e to the o p
s o ers
p
s sh res h h re he
s tre sur sto or
roup s e u t
he s e or re ssue o su h sh res oes ot
p t et pro t or the urre t e r
s re o
se
s
h
e
the
sh reho ers e u t o the roup here su h sh res re su se ue t so or re ssue
o s er t o re e e
et o
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ttr ut
e
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o e t e e ts s
u e
e u t ttr ut
e
to the o p
s sh reho ers
e
str ut o s
p
e ts
the o p
re re or e
et o the
e
ro
e ut
the per o
h h the
re e
re
ppro e
the
Earnings/loss per share
E r
s per sh re re eter
e
the pro t or oss ttr ut
e to the o p
s sh reho ers
the e hte
er e u
er o p rt p t
sh res outst
ur
the report
e r he
u to o
ute e r
s per sh re
u es sh res p
e to e use
the opt o pro r
e he the er e
r et pr e o or
r sh res or the per o
e ee s the e er se pr e o the opt o s
194
2015 ANNUAL REPORT
Financial review
Appendixes
POLICIES
he roup
es est
tes
ssu pt o s th t
e t the
ou ts re o
se
the o so
te
st te e ts
the rr
ou ts o ssets
t es th the e t
e r Est
tes
u e e ts re o t u
e u te
re
se o
e e t s e per e e
other
tors
u
e pe t t o s o uture e e ts th t re
e e e to e re so
e u er the r u st
es
e e t so
es ert
u e e ts p rt ro those
o
est
to s
the pro ess o pp
the
ou t
po es u e e ts th t h e the ost s
t e e t o the
ou ts re o
se
the o so
te
st te e ts
est
tes th t
use s
t
ust e t to the
rr
ou t o ssets
t es th the e t
e r
u e
Useful lives and residual value of property, plant and equipment
he ssess e t o the use u
es o propert p
t
e up e t
the r res u
ue re
tters o
e e t
u e e t
se o the use o s
r ssets
pr or per o s o eter
e the use u
es
res u
ue o propert
p
t
e up e t
e e t o s ers the o o
tors
ture o the e pe te use est
te te h
o so es e e
ph s
e rA h
e e h o the o e o
t o s or est
tes
re u re the
ust e t o uture
epre t o e pe ses
Value of tickets which were sold, but will not be used
S es represe t
the
ue o t ets th t h e ee ssue
ut h h
e er e use
re re o
se s tr
re e ue
t the report
te
se o
s s o h stor
o e ro u use t ets he ssess e t o the pro
t th t
the t ets
ot e use s
tter o
e e t u e e t A h
e
these est
tes
re u re the
ust e t
to the re e ue
ou t
the o so
te st te e t o pro t or oss ote
to the u e r e tr
re e ue
the
o so
te st te e t o
pos t o
At the report
te the roup est
tes
re o
ses the
t pert
to r
es e r e
Aero ot o us
pro r
e ote
e
ers he est
te h s ee
e
se o the st t st
or
to
e to the roup
re e ts the e pe te
r
e ut s t o p tter
ter the report
te u t p e
the r ssesse
r
ue he
ssess e t o the
r
ue o
o us
e s e
s the
e e t s e pe t t o s re r
the
ou t o
es
to e use
Aero ot o us e
ers re
tter o
e e t u e e t A h
e
these est
tes
re u re
the
ust e t o e erre re e ue other urre t
o
urre t
t es re te to re ue t
er pro r
e
the
o so
te st te e t o
pos t o
ote
ust e t to re e ue
the o so
te st te e t o pro t or
oss ote
Compliance with tax legislation
o
e
the re e
t
e u te
Sh reho ers eet
3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS IN APPLYING ACCOUNTING
o p
s re te to tre sur sh res
Dividends
e s re re or e
s
sh reho ers
the e er
Business Overview
Frequent flyer programme
Treasury shares purchased
here the o p
or ts su s
r es pur h se the o p
se ut
re t
ttr ut
e
re e t
osts et o
o e t es s e u te
u t the e u t
stru e ts re
e e re ssue or spose o he o
eo
to the o p
s su s
r es re re e te
s re u t o o the
Strategic Report
e
th t
e s t o p rt u r
the uss
e er t o
s su e t to s
e rout e
h e e
the t
uthor t es he
e e t re or s pro s o
to
t p
e ts
re te pe
t es h h
ep
e the roup s t
tt
uthor t es ote
t e ree o
terpret t o
respe t o ts est est
te
o p
e s h e e
Classification of a lease agreement as operating and finance lease
e e t pp es pro ess o
u e e t th re r to the
e e se ree e ts or er to eter
e hether
s
re tr s erre to the roup
or
e th the ree e t
est
tes
re u re
ere t ppro h to r r t
ou t
ss
to o
r r t e se ree e ts s oper t
tr s s
re r s re te to the o ersh p o
sset
h hrs s
re r s re s
t A h
e these
195
Estimated impairment of goodwill
he roup tests oo
eter
e
se o
or
ue
Business Overview
IFRS 14, Regulatory deferral accounts ssue
p r e t t e st
u
he re o er
e
ou t o e h
sh e er t
use
u t o s hese
u t o s re u re the use o est
tes s urther et
u t
e
s
ote
Deferred tax asset recognition
he re o
se
e
s re or e
e te t th t re s
th t re pro
e
resu ts there ter
r u st
es
Strategic Report
u r
e e t e or
Financial review
u
per o s e
o or
Accounting for Acquisitions of Interests in Joint Operations - Amendments to IFRS 11 ssue o
per o s e
o or ter
u r
Appendixes
ter
u r
e e t e or the
Clarification of Acceptable Methods of Depreciation and Amortisation - Amendments to IAS 16 and IAS 38 ssue o
e e t e or the per o s e
o or ter
u r
erre t
sset represe ts
o e t es re o er
e throu h uture e u t o s ro
o e t e pe se
the o so
te st te e t o
pos t o
e erre
o e t
ssets re re o
se to the
t o o the re te t
e e t s pro
e he uture t
e pro ts
the
ou t o t
e e ts
the uture re
se o the e u ter
us ess p
prep re
e e t
e tr po te
he us ess p
s
se o
e e t e pe t t o s th t re e e e to e re so
e u er the
4. ADOPTION OF NEW OR REVISED STANDARDS AND INTERPRETATIONS
Equity Method in Separate Financial Statements - Amendments to IAS 27 ssue o
per o s e
u r
Au ust
e e t e or
u
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28 ssue
o
Septe
er
e e t e or
u per o s e
o or ter
u r
Annual Improvements to IFRSs 2014 ssue o
u r
Septe
Disclosure Initiative Amendments to IAS 1 ssue
e e
er
e e t e or
u
per o s e
o or
ter
New standards and interpretations effective from 1 January 2015
he o o
o the roup
e
e st
r s e
e e e t e or the roup ro
Amendments to IAS 19 – “Defined benefit plans: E p o ee o tr ut o s
per o s e
u
u r
ut
ssue
o e
ot h
e
er
ter
p
e e t e or
e e
er
e e t e or
u
per o s e
o or
ter
u
Annual Improvements to IFRSs 2013 ssue
e e
er
e e t e or
u
per o s e
o or
ter
u
New Accounting Pronouncements
st
or
r s
ter
terpret t o s h e ee ssue th t re
h h the roup h s ot e r
opte
IFRS 9 “Financial Instruments:
ss
to
e sure e t
o or ter
u r
he roup s urre t
ssess
the
p
u r
t o the e
e e t e or
st
r o ts
u
or the
st
st
e e t e or
r o ts
per o s e
st te e ts
he o o
196
other e
pro ou
2015 ANNUAL REPORT
u r
t o the
e e ts re ot e pe te to h
e
e
per o s e
e e t e or
r o ts
e e t e or
e t o ts
ter
u
o or
Recognition of Deferred Tax Assets for Unrealised Losses - Amendments to IAS 12 ssue
per o s e
o or ter
u r
he roup s urre t
ssess
the
p
st te e ts
Disclosure Initiative - Amendments to IAS 7 ssue o
u r
he roup s urre t
ssess
the
p
u
per o s o or
ter
u r
e e
U ess other
o so
te
t
er
se es r e
o e the e
st te e ts
o or
ter
st
r s
terpret t o s re ot e pe te to
e ts
the roups
5. TRAFFIC REVENUE
2015
2014
343,428
253,613
Cargo flights
9,631
8,718
Charter passenger flights
6,146
15,023
359,205
277,354
Total traffic revenue
6. OTHER REVENUE
e e
u
p t o the e
IFRS 15 “Revenue from contracts with customers” ssue o
u r
he roup s urre t
ssess
the
p t o the e
IFRS 16 “Leases” ssue
urre t
ssess
the
tor
u
Investment Entities: Applying the Consolidation Exception Amendment to IFRS 10, IFRS 12 and IAS 28 ssue
e e t e or
u per o s o or ter
u r
Scheduled passenger flights
e
e e t e or
u
Annual Improvements to IFRSs 2012 ssue
ert
u r
er
t
p
u
per o s e
st te e ts
per o s e
st te e ts
ter
u r
t o the
o or
u r
he
ter
roup s
e e t e or
e ts o ts
e
u
2015
2014
Airline agreements revenue
31,596
21,605
Revenue from partners under frequent flyer programme
10,275
7,685
Refuelling services
2,535
2,815
Catering services on-board
1,434
1,118
Sales of duty free goods
1,162
604
Ground handling
1,118
1,000
Hotel revenue
463
447
Other revenue
7,385
7,143
55,968
42,417
Total other revenue
u
per o s e
st te e ts
t o the roup
he
o or
ter
opte
197
7. OPERATING COSTS LESS STAFF COSTS AND DEPRECIATION AND AMORTISATION
Aircraft servicing and ground handling
Strategic Report
Business Overview
Financial review
Appendixes
9. OTHER OPERATING INCOME AND EXPENSES, NET
2015
2014
63,408
51,965
2015
2014
Recovery of VAT (Note 14)
8,021
285
4,658
-
614
307
Operating lease expenses
44,415
23,834
Reimbursement of fuel excise tax
Aircraft maintenance
32,042
19,224
Fines and penalties received from suppliers
Sales and marketing expenses
13,568
11,415
Insurance compensation received
513
61
Communication expenses
12,890
7,784
Gain on accounts payable write-off
164
384
Administration and general expenses
12,516
10,791
Charge of impairment provision for doubtful accounts receivable (Note 14)
(6,106)
(3,103)
Passenger services
11,778
9,105
Accrual of provision for Group liabilities (Note 26)
(4,264)
(1,271)
Food and beverages for catering services
7,766
5,980
(Loss)/gain on fixed assets disposal and impairment on fixed assets
(672)
1,872
Insurance expenses
1,941
1,358
Loss on accounts receivable write-off
(589)
(33)
Custom duties
1,290
1,435
Other expenses and income, net
(176)
(3,394)
599
362
Write-off of VAT
(90)
-
2,073
(4,892)
2015
2014
Cost of duty free goods sold
Other expenses
Operating costs less aircraft fuel, staff costs and depreciation and amortisation
Aircraft fuel
Total operating costs less staff costs and depreciation and amortisation
7,619
8,875
209,832
152,128
94,382
87,199
304,214
239,327
8. STAFF COSTS
Wages and salaries
2015
2014
44,001
42,379
8,829
7,980
Social security costs
2,789
1,789
55,619
52,148
e s o osts
u e
o pu sor p
e ts to the e s o u
o the
o tr ut o s to
o
o er
e t pe s o u
u er
e e o tr ut o pe s o p
u er h h the roup
to
pe s o o tr ut o s s
e per e t e
o the tr s ers
e perso
e p o ees p rt p t
the pro r
e
•
re se
the et prese t
ue o the uture e e ts h h the roup e pe ts to p to ts e p o ees upo
ret re e t u er
e e
e e t pe s o p
ue to ser e ost
•
•
Payments to the Pension Fund of the RF
Defined contribution pension plan
Defined benefit pension plan
Total pension costs
10. FINANCE INCOME AND COSTS
Finance income:
Pension costs
Total staff costs
Total other operating income and (expenses), net
es
the
the r
Gain on change in fair value of derivative instruments not subject to hedge accounting (Note 23)
11,885
-
3,723
958
Realised gain on derivative financial instruments (Note 23)
-
1,058
Gain on disposal of investments
-
1
203
454
15,811
2,471
2015
2014
(19,803)
(3,871)
Interest income on deposits and security deposits
Other finance income
Total finance income
Finance costs:
Realised loss on derivative financial instruments (Note 23)
Loss on sale and impairment of investments and loans issued (Note 16)
(9,159)
-
Interest expense
(7,737)
(4,934)
2015
2014
8,843
7,904
-
37
(14)
39
8,829
7,980
Loss on change in fair value of derivative financial instruments (Note 23)
Other finance costs
Total finance costs
(849)
(9,720)
-
(9,869)
(167)
(5)
(37,715)
(28,399)
2015
2014
Hedging result:
Realised loss on hedging derivative instruments (Note 23)
Ineffective portion of fuel hedging (Note 23)
Effect of revenue hedging with liabilities in foreign currency (Note 27)
Total loss on hedging
198
2015 ANNUAL REPORT
(18,654)
-
1,187
(1,187)
(6,279)
(536)
(23,746)
(1,723)
199
Strategic Report
Business Overview
Financial review
Appendixes
11. INCOME TAX
Current income tax charge
Deferred income tax expense/(benefit)
Total income tax
e o
t o o the
o et
est
te
se o the pp
et
r te to the
o et
Tax rate applicable in accordance with Russian legislation
2015
2014
3,951
6,559
983
(5,765)
4,934
794
s prese te
Unrecognised current year tax losses
Recognition of previously unrecognised tax losses
Deferred income tax, recognized as part of other comprehensive income
Total income tax
ur
e
the roup re se
r te o
the
ts est
ou t o
tes re te to the poss
U
o
t o us
eo
e erre t
osses
rr e
or
r
hese t
osses
rr e
915
915
1,508
1,552
490
54
- 31 December 2023
72
96
-
(201)
- 31 December 2024
(1,644)
(219)
Total tax losses carried forward
(50)
(147)
(4,934)
(794)
ssets o S
Ore
ur
r
es
31 December 2015
Movements for the year
31 December 2014
31 December 2013
73
(944)
1,017
560
457
16,138
6,205
9,933
8,700
1,233
Accounts payable
4,012
1,803
2,209
745
1,464
960
(5,157)
6,117
5,607
510
2015 ANNUAL REPORT
t
- 31 December 2021
Property, plant and equipment and finance lease
liabilities
200
respe t o u use
- 31 December 2022
31
Deferred tax liabilities after tax set off
ssets
(477)
44
Tax set off
t
(3,811)
(6)
Deferred tax liabilities before tax set off
e erre
(587)
(177)
Accounts payable
se
(5,245)
25
Accounts receivable
he roup h s u re o
or r e p re s o o
737
(133)
5,765
1,790
176
Customs duties related to the imported aircraft
under operating leases
(983)
3,270
716
Deferred income tax (expense)/benefit for the
year
312
201
Deferred tax assets after tax set off
(12,115)
20%
583
Tax set off
(4,038)
(16,352)
Accounts receivable
Deferred tax assets before tax set off
Less deferred tax recognised directly in equity
31 December 2013
20%
17,880
(1,560)
Tax effect of temporary differences:
Tax losses carried forward
2014
Write-off of deferred tax assets
Prior years income tax adjustments
31 December 2014
3,055
eo
Tax effect of items which are not deductible or assessable for taxation purposes:
Non-deductible expenses
2015
Theoretical income tax expense at tax rate in accordance with Russian legislation
Non-taxable income
31 December 2015
Movements for the year, net
21,967
2,799
19,168
15,429
3,739
(335)
293
(628)
936
(1,565)
21,632
3,092
18,540
16,365
2,174
(117)
(25)
(92)
2,317
(2,409)
(335)
126
(461)
140
(601)
(10)
5
(15)
-
(15)
(1)
163
(164)
(3)
(161)
(42)
(13)
(29)
(3)
(26)
(505)
256
(761)
2,451
(3,212)
335
(293)
628
(936)
1,565
(170)
(37)
(133)
1,515
(1,647)
31 December 2015
31 December 2014
Tax losses carried forward expiring by the end of:
- 31 December 2018
631
1,989
- 31 December 2019
3,909
3,909
e erre t
sset
respe t o
sh o he
o h s ee re o
se
these o so
e
te
ou t
16
160
7,051
8,621
pp e
the roup o U
o
st te e ts s p rt o other o prehe s e
e erre t
t
re t o to te por r
ere es o U
o
U
su s
r es o the roup h s ot ee re o
se
these o so
te
o tro the t
o re ers o the te por r
ere e
re ers
s ot e pe te
U
o e
o re t
to
est e ts
st te e ts s the roup s
e to
the oresee
e uture
e e t e e es th t the e erre t
ssets o U
o
s t
e e
o
e erre t
t es o U
o
s t
e e
er
re re o er
e ter ore th
t e e o ths ter the e
o the report
per o
er
e e
e e
er
er
U
U
o
12. CASH AND CASH EQUIVALENTS
31 December 2015
31 December 2014
17,205
3,431
Cash on hand and bank accounts denominated in roubles
8,517
13,211
Bank accounts denominated in US Dollars
2,167
7,626
Bank accounts denominated in other currencies
Bank deposits denominated in roubles with maturity of less than 90 days
1,793
1,350
Bank accounts denominated in Euro
449
778
Cash in transit
562
151
30,693
26,547
Total cash and cash equivalents
he roup s e posure to terest r te r s
se s t t
roup s u s re he
th h h re
e st te o tro e
t hr t
e
s t
e e
er
s t
e e
th o
ter
re t r t
t hr t
e
r t
e
s s or
ssets re s ose
ote
ost o the
uss
S S er
th o
ter
re t r t
er
roup s u s ere ho
t o
s
S S er
S
A th o
ter
re t r t
or
to S
As t
e e
er
the roup h
restr te
sh o U
o
th other o
urre t ssets
the roup s o so
te st te e t o
e e
er
pos t o
U
o
re or e
201
Strategic Report
Business Overview
Financial review
Appendixes
13. AIRCRAFT LEASE SECURITY DEPOSITS
A se ur t epos t s he
th the essor to se ure the essee s u
e t o ts o
to s
u
oo
th he se ur t epos t s tr s erre to the essor
st
e ts or
s
e st
e
usu
e u to three o th
e se p
e ts he essee h s the r ht to rep e the se ur t
th
etter o re t he se ur t epos t
e o set
st the st e se p
e t or
p
u
e to o
to s
the essee he se ur t epos t s retur e su se ue t to the e se
e t o or retur o the r r t
e
te
ter the
te o e se ter
to
u
o
t o s he se ur t epos ts u er r r t e se
ree e ts re re or e
t
ort se ost
e
ro
to
p
ro
to
p
o
t e
ss
t he se ur t epos t s
epos t
u or
p rt
e t there s
o
ree e t s ter
to
e t
the essee o ts
us
er e
r et
1 January 2014
re se o
or
A re o er
e s t
e e
er
et ee o p
es o the roup o
s
U
sso te
o
As t
e e
er
the roup re o
se
p r e t pro s o
or p sse ers tr sport t o re ue
ser es r r t ser
o
p r e t pro s o
th re o
to o
A o
o e sh r
or
ou ts re e
rou
h
o
e ro
U
OS
A ou ts re e
e
prep
e ts
u e prep
e ts or
usto o
r r t to e e ere
the report
te o e e ts o the rep
e ts or r r t
e te
re ue to the ppro h
s e
s the re u
o prep
e ts re te to the e er o
r r t
the urre t per o
r s ero A r
o
e e
es
er
th
o ths
r r t e er
ter
tes
1,493
Payment of security deposits
304
Amortisation charge for the year
127
Return of security deposits during the year
(372)
Foreign exchange difference
935
Deposit write-off
(56)
31 December 2014
2,431
Payment of security deposits
1,995
Amortisation charge for the year
346
Return of security deposits during the year
(696)
Foreign exchange difference
e erre usto s ut es o U
o so
e e
er
e e
er
U
o re te to the urre t
port o o p
usto s ut es re te to
porte
r r t u er oper t
e ses hese usto s ut es re re o
se
th oper t
osts
the roup s o so
te st te e t o pro t or oss o er the ter o the oper t
e se he o
urre t port o o the e erre usto s ut es s s ose
ote
re e
As t
prep
e e
e ts
he
o e e ts
es re
se
er
urre
e e
es
er
ote
su
e t
p r e t pro s o
s
e
st
ou ts re e
(216)
Reclassification to assets held for sale
p r e t pro s o
or
ou ts re e
e
prep
e ts re s o o s
(43)
31 December 2015
Impairment provision
4,790
1 January 2014
Current portion of security deposits
Non-current portion of security deposits
Total aircraft lease security deposits
sso
r r t e se se ur t
epos ts
the r re t u
t
s prese te
International lease companies
Russian lease companies
Total aircraft lease security deposits
31 December 2015
31 December 2014
2,658
321
2,132
2,110
4,790
2,431
eo
31 December 2015
31 December 2014
4,766
2,408
24
23
4,790
2,431
14. ACCOUNTS RECEIVABLE AND PREPAYMENTS
31 December 2014
Trade accounts receivable
34,275
29,683
Other financial receivables
8,056
5,119
Less: impairment provision
(10,609)
(4,532)
Total financial receivables
31,722
30,270
Prepayments to suppliers
8,784
9,284
VAT and other taxes recoverable
17,225
10,959
16,734
4,498
705
842
Deferred customs duties related to the imported aircraft under operating leases, current portion
Other receivables
202
2015 ANNUAL REPORT
2,440
Increase in impairment provision
3,550
Provision use
(1,011)
Release of provision
(447)
31 December 2014
4,532
Increase in impairment provision
7,716
Provision use
(589)
Release of provision
(1,022)
Disposal of the subsidiaries
(28)
31 December 2015
re e
10,609
es re
se
re t u
t
ote
15. EXPENDABLE SPARE PARTS AND INVENTORIES
31 December 2015
Accounts receivable and prepayments
e
973
Deposit write-off
A
oper t o s
1,147
916
76,317
56,769
Expendable spare parts
Fuel
31 December 2015
31 December 2014
5,757
4,349
341
714
Other inventories
2,301
2,129
Total expendable spare parts and inventories, gross
8,399
7,192
Less: impairment provision for obsolete expendable spare parts and inventories
(952)
(676)
Total expendable spare parts and inventories
7,447
6,516
203
16. FINANCIAL INVESTMENTS
31 December 2015
Available-for-sale securities
31 December 2014
6,063
6,062
-
15
56
39
6,119
6,116
(1)
(1)
6,118
6,115
Mutual investment funds
SITA Investment Certificates
Total available-for-sale investments (before impairment provision)
Less: provision for impairment of long-term financial investments
Total long-term financial investments
A
e or s e se ur t es re
represe te
the
t
o p
e
e
ser
o
r r t p sse ers
h
t o ser es to e t t es oper t
Shere et e o rport
represe te
the e er
A e
e e t s u
e to e sure
pu she ts ost re e t
As t
e e
er
the
est
ost o U
o
e e
or St te ropert
ue o the roup s
r o o uss
e t re
e e to
s o er
est e t
ore
S
r
AS
es
st te re te
pro
o
o the e t t s sh res
ote
the
r
ue o the roup s
est e ts
S
AS re
s th s e t t h s ot
or
t o ts sh res re ot uote
re e t tr e pr es re ot pu
ess e
e ts re re o
se
the o so
te st te e t o
pos t o
t the r
t
er
U
o
31 December 2015
31 December 2014
Corporate shares and bonds
-
30
Total investments held for trading (before impairment provision)
-
30
Investments held for trading:
Other short-term financial investments:
Loans issued and promissory notes of third parties
9,335
167
Deposits placed in banks for more than 90 days
5,917
960
5
5
15,257
1,132
(9,340)
(201)
5,917
961
Other short-term investments
Total other short-term financial investments (before impairment provision)
Less: provision for impairment of short-term financial investments
Total short-term financial investments
re se
to O S r
p r e t pro s o
s ero A r es
s
ue to
ru
o pro s o
or o
s ssue
the roup
e e
er
As t
e e
the o o
er
o respe t e
p
e to e
er
r r t
Financial review
Appendixes
e e
er
o
urre t port o o prep
e ts or r r t ere U
h
eo o
urre t port o o prep
e ts s ue to ppro h
the o tr
o
urre t prep
e ts to supp ers
e e
er
o
urre t prep
Aircraft type
Not determined
Boeing B787
20
Not determined
Airbus А350
22
Not determined
Boeing В777
1
2017
Not determined
Airbus A320
21
Not determined
Airbus A321
12
rep
th
e ts
u e
ep
31 December 2015
Expected lease type
Number of aircraft, units
e
tu
e ts or the
o
per o
usto o
31 December 2014
Expected delivery date
e ts
e to pur h se r r t e pe te to
ou ts re e
e
prep
e ts ote
Number of aircraft, units
Expected delivery date
2017-2019
22
2016-2019
2018-2023
22
2018-2023
3
2016
2017-2018
30
2016-2018
2017-2018
19
2016-2018
e
ere
th
o ths
ter the report
te re re or e
19. PROPERTY, PL ANT AND EQUIPMENT
Owned aircraft
and engines
Leased aircraft and
engines
Land and
buildings
Transport,
equipment and other
Construction in
progress
Total
1 January 2014
6,414
94,597
11,088
14,098
1,862
128,059
Additions
1,358
33,672
249
2,624
1,027
38,930
-
1,473
-
-
172
1,645
Disposals
(902)
(3,218)
(16)
(661)
(7)
(4,804)
Transfers
60
200
397
878
(1,535)
-
31 December 2014
6,930
126,724
11,718
16,939
1,519
163,830
Additions (i)
1,588
-
78
3,895
3,389
8,950
-
991
-
-
816
1,807
(4,075)
(477)
(1,422)
(977)
4
(6,947)
(33)
(20,601)
-
(3)
-
(20,637)
Cost
Capitalised expenditures
Capitalised expenditures
Disposals (ii)
Transfers
31 December 2015
84
140
71
562
(857)
-
4,494
106,777
10,445
20,416
4,871
147,003
(4,629)
(23,080)
(4,237)
(7,322)
(14)
(39,282)
(382)
(8,851)
(396)
(1,711)
-
(11,340)
Accumulated depreciation
31 December 2015
Deferred customs duties related to the imported aircraft under operating leases, non-current portion
As t
U
o e
Transfers to assets held for sale (note 20)
17. OTHER NON - CURRENT ASSETS
VAT recoverable on acquisition of aircraft
Business Overview
18. PREPAYMENTS FOR AIRCRAFT
Available-for-sale investments:
he
Strategic Report
31 December 2014
1,119
2,083
-
328
1,643
1,348
Total other non-current assets
2,762
3,759
1 January 2014
Charge for the year
(Accrual)/release of impairment provision
17
-
-
8
(59)
(34)
884
1,462
6
518
-
2,870
31 December 2014
(4,110)
(30,469)
(4,627)
(8,507)
(73)
(47,786)
Charge for the year
(614)
(9,259)
(406)
(2,132)
-
(12,411)
131
-
(567)
36
-
(400)
3,666
477
842
768
-
5,753
18
12,317
-
-
-
12,335
(909)
(26,934)
(4,758)
(9,835)
(73)
(42,509)
31 December 2014
2,820
96,255
7,091
8,432
1,446
116,044
31 December 2015
3,585
79,843
5,687
10,581
4,798
104,494
Disposals
(Accrual)/release of impairment provision
Disposals (ii)
Transfers to assets held for sale (note 20)
31 December 2015
Carrying amount
204
2015 ANNUAL REPORT
205
ur
to s
ur
spos s
re te to the pur h se o
re te to the
spos
o
r r t
o
e
e
r r t
o
u
er pre oper t
S Aero ot
th
te
rr
U
o
e e
osts or
ore
e
er
U
As t
propert
ere p e
o
e e
er
U
o ths
ou te to U
h
e oss or the per o
s
u
e to th r
the ost o
u
epre
o
p
p
te
th the tot
re te p rt es s se ur t
te propert
p
t
U
o
respe t e
pt
rr
ue o U
or the roup s o s
e up e t
s
o
orro
U
o
s t o r te o
p
s
e e
er
ote
e e
er
o
20. ASSETS CL ASSIFIED AS HELD FOR SALE
Appendixes
Software
Licences
Investments in software
and R&D
Trademark and client
base
Other
Total
2,607
134
1,048
1,686
2
5,477
296
-
157
-
-
453
1 January 2014
Additions
Disposals
(637)
-
(21)
-
-
(658)
31 December 2014
2,266
134
1,184
1,686
2
5,272
Additions
785
-
49
-
37
871
Disposals
(25)
-
(32)
-
-
(57)
3,026
134
1,201
1,686
39
6,086
(1,431)
(90)
-
(605)
(1)
(2,127)
(553)
-
-
(243)
-
(796)
412
1
-
-
-
413
31 December 2014
(1,572)
(89)
-
(848)
(1)
(2,510)
Charge for the year
(762)
-
-
(133)
-
(895)
31 December 2015
1 January 2014
As t
Financial review
Accumulated amortisation
se o the roup s
e e t e so
e ur
the report
per o
s t
e e
er
r r tA
A r us A
A r us A
A r us A
oper te u er
e e se ree e ts re t r ete or spos there ore t
the e
o report
per o the e t o e
ssets
re te
t es ere
ss e
s he
or s e
ur
Cost
p t se
orro
terest e pe ses
p respe t e
As t
Business Overview
21. INTANGIBLE ASSETS
e
ou t o
Strategic Report
the roup
e e
er
spose
the
e
ou t o
ssets
ss e
et ssets he
s he
or s e et oo
or s e
ue o
h h
ou te to U
ou te to U
o
o
Charge for the year
Disposals
Disposals
Initial cost of fixed assets
1 January 2015
Accumulated depreciation
Aircraft lease security
deposits
Total assets
Total liabilities
-
-
-
-
-
Additions (Note 13, 19)
20,637
(12,335)
43
8,345
(7,517)
Disposals
(2,098)
1,485
-
(613)
146
18,539
(10,850)
43
7,732
(7,371)
31 December 2015
31 December 2015
9
-
-
-
-
9
(2,325)
(89)
-
(981)
(1)
(3,396)
Carrying amount
31 December 2014
694
45
1,184
838
1
2,762
31 December 2015
701
45
1,201
705
38
2,690
22. GOODWILL
or the purposes o
p r e t test
oo
su s
r es th t represe t the o est e e
purposes
re ot r er th
oper t
he
eo
re
te
rr
ou t o
oo
th
se
s
o te
et ee the sh e er t
u ts the
Us
the roup t h h the oo
s o tore or ter
e t o the roup
o
te to the roup e t t es s t
e e
er
s prese te
e
31 December 2014
AK Rossiya
5,357
1,145
AK Aurora
158
Total
6,660
O O to er
the o r o
re tors h s
oo
p r e t test the o o
ss
se o AK oss
us ess u t
os
osto o
o
se o O S
o
Ore ur
s eet
he tot
Ore ur
2015 ANNUAL REPORT
the t
CGU name
Orenburgavia
206
e the roup
e e t
rr
s oo
ou t o AK
s re o
oss
te
e
e s o o U te AK oss
est
sh e t
the purpose o the
to
s
opte
us ess u t Se er he
o
e
S
t etes ur
r
h
os o
se o Ore ur
us ess u t u
r
h
us ess u t h rter
se o
r s ero s eet
o
p rt o
s oo
s ttr ute
o
us ess u ts Se er
to
us ess u t Se er
os
the
rr
ou t o
207
he
the t
re te
e eo
rr
ou t o
oo
o
te to the roups
us ess u ts s t
e e
er
s prese te
CGU name
Strategic Report
Business Overview
he roup ssesses the r
ue
per or s
s s o er t e
o o so
te
st te e ts or he so re ueste
the
stru e ts eter
e us
e es
puts
Financial review
stru e ts o
e e t h
es
re u r s s or the purposes
r
ue o er t e
5,657
Business-unit “Moskva”
845
AK Aurora
158
Total
6,660
1 January
he re o er
e
ou t o
sh o s to e e er te
U
s
s
u te o the s s o
ue
resu t o the e t t s oper t o s
Ke ssu pt o s
st h h the re o er
e
ou ts re est
r te or the
u t o o the ter
ue se t o
tor
use
h h
s eter
e
s ou t
the uture
2014
(30,586)
(2,551)
(7,918)
(12,220)
Additions for the period
Settlements during the period (Note 10)
-
(427)
19,803
2,779
(4,703)
(13,939)
-
(12)
Level 3 derivative financial instruments that are subject to special hedge accounting rules
te
o
er e
the
s ou t r te the ter
ro th
Change in fair value for the period
Additions for the period
Business-unit “Sever”
u to
2015
Level 3 derivative financial instruments that are not subject to special hedge accounting rules
s ou t r te
p
or
18,654
Level 2 derivative financial instruments that are subject to special hedge accounting rules
s
se o
he ro th r te or the ter
p
ue
e hte
er e ost o
or su se ue t per o s
u to
pt
s set t the e e o
A
ou ts to
uss
s
o
ter
p
e e
er
ro th r te o
p
(50)
(4,250)
-
34
(4,800)
(30,586)
31 December
Representing:
Assets
he
u t o o the re o er
e
ou t o th s
U s h h se s t e to the se t o
tor h h
s set t the
e e o er th
the
t o o uss
e er t o
or t o pre ous e rs the se t o
tor
the
to
o uss
e er t o
s
respe t e Shou the se t o
tor e o er
pp
th
other
r
es he
o st t oo
o te to th s
U ou
e
p re
u
Business-unit “Moskva”
he
s ou t r te
s ssu e
he ro th r te or the ter
p
t
e e
ue
u to
er
p
or
s set t the e e o
or su se ue t per o s
uss
s
o
ter
ro th r te o
31 December 2015
31 December 2014
Derivative financial assets
53
Total derivative financial assets
-
134
53
565
4,853
26,312
-
4,839
4,853
31,151
including:
Non-current
Total derivative financial liabilities
2015 ANNUAL REPORT
31 December
(4,800)
(30,586)
or the purpose o r s
e e t the roup pp es the o o
terest r te s
ps
th
e
er
t e
stru e ts
terest r te
e e
r et puts
the
r
ue h er r h
ere use to ssess the
r
ue o the
stru e t he
r
ue
s eter
e
se o
s ou te
o tr tu
sh o s us
os r e s ou t r te or sh o s
rou es
EU
O
or Euro e o
te
sh o s
sh o s u er th s
ree e t re e pe te throu h to the e
o the rst
u rter o
terest r te s
there
th
p
th
e
terest r te
ere o e
terest r te s p th
e e pe ses
the
ou t o U
e
terest r te
he resu ts o
osure o the tr
s
to
ere
o
431
Derivative financial liabilities
Current
(31,151)
ur
reporte
including:
Non-current
565
(4,853)
Apr
the roup e tere
to t o ross urre
terest r te s p ree e ts th
uss
to he e
so e o ts Euro e o
te re e ues ro pote t
u
our
e U EU e h
e r te u tu t o s As resu t o the
e e t e ess test per or e or these he
stru e ts the pro t or
ro the h
e
r
ue o th s er t e
stru e t o U
o
s re or e
o e to ether
th the orrespo
e erre t o U
o
23. DERIVATIVE FINANCIAL INSTRUMENTS
Current
53
Liabilities
ross urre
he
u t o o the re o er
e
ou t o th s
U s h h se s t e to the se t o
tor h h
s set t the
e e o er th
the
t o o uss
e er t o
or t o pre ous e rs the se t o
tor
the
to
o uss
e er t o
s
respe t e Shou the se t o
tor e o er
pp
th
other
r
es he
o st t oo
o te to th s
U ou
e
p re
u
208
Appendixes
31 December 2015
Business-unit “Sever”
he
ue opt o s
the e
o
opt o
r r t ue e
ere
stru e ts ue to
st te e t o pro t or oss
spe
he e
ou t
ru
ree e ts o
u e
th uss
s to he e pr e r s or port o o ts
ose
ue to the o tr tu ter e p r t o
e re se
the
r
ue o these er t e
osure
ou te to pro t o U
o or
h h s reporte
the o so
te
oss o U
o e u
the stru e ts
ou te or
the roup u er the
es
209
Strategic Report
Business Overview
Financial review
24. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
or ert
opt o
ree e ts o
u e
the roup pp es sh o he e
ou t
o e
or
to AS
stru e ts e o
to
e sure e t
or er to e re se e posure to o t t o
sh o s ro
h
ue pr es r s
o pur h ses o ue
e
31 December 2015
31 December 2014
29,466
27,097
Accounts payable
oss ro the h
e
r
ue o these opt o
ree e ts
the
ou t o U
o
e ore
o e
s reporte
the other o prehe s e
o e
e e t e p rt o th s he
re t o sh p
the
ou t o U
o
s re o
se
s oss
the he
resu t
e te
the o so
te st te e t o pro t or oss ur
these
ree e ts
ture
ere ose
he re se oss ro these
stru e ts
s re ss e ro
the he
reser e to he
resu t
e te
the o so
ou te to U
o
t
As t
e e
er
ue opt o s
ou t
to U
o
ere re o
se
th
urre t
ue to
tur t o the ue er t e stru e t the
o U
o o the osure o th s tr s
th the
e
o e
e te o the o so
urre
t es
to
ur
s re or e
36
9,326
5,906
Total financial payables
38,793
33,039
Staff related liabilities
VAT payable on imported leased aircraft
e e
er
the oss o the urre
o
o U
o
u
er o uss
stru e ts
ou t o U
s to he e the urre
rs
he
re or e
the o so
te st te e t o
o
ue opt o s to h h he e
ou t
oss o U
o
h h
s re or e
s ot pp e
th
e
stru e ts re rr e
s ssets he the r
r
ue s pos t e
s
t es he the r
r
h
es
the
r
ue o er t e
stru e ts re
u e
pro t or oss or the report
ou t
s ot pp e
se he e
ou t
s pp e the e e t e port o s
ou te
th
e e
r et puts ere use to ssess the
r
ue o the stru e t
o o
puts ere use to ssess the
r
ue o the opt o s
• spot pr e or
s
sset o o ser
e
the
or
t o s ste s t the
• ore st pr e or re t ru e o or ore st
e h
e r te eter
e
ter o the opt o
• o t t
u te
se o h stor
os
pr es or u er
sset
• respe t e urre
r et r te os r e
O EU
O et
o te
ro
u to
te
se o the
t pro
etho
s pp e
he
2015 ANNUAL REPORT
2,005
1,502
1,181
2,667
3,838
Other current liabilities related to frequent flyer programme (Note 25)
2,572
1,489
Total accounts payable and accrued liabilities
As t
U
e e
er
st
e e
o
U
re te
er
t es pr
U
r
o
u es
r p
the u use
e
to
s
e
ru
s so
o U
30
72
-
115
544
307
54,751
48,952
o tr ut o
o
t es o
e e
er
o
As t
e
o
U
th rt our
re te to
e
er
ou ts p
e
rue
t es
u e the urre t port o o A p
eo U
e e
er
urre t port o o A p
e
ou t
to U
o
usto s ut es p
eo
o
hese p
es re te to
porte e se
r r t h h re p
e
e u
o th
st
e ts o er
o th per o ro the te these ssets ere e re throu h usto s o
ter p rt o A
usto
ut es
porte e se
r r t re o
se
th other o
urre t
t es ote
es
urre
re
se
ote
25. DEFERRED REVENUE AND OTHER LIABILITIES REL ATED TO FREQUENT FLYER
PROGRAMME
e
sts or the
e erre re e ue
other
er pro r
e Aero ot o us pro r
e s t
e e
er
e e
er
represe t the u
er o o us
es e r e
he
o the roup
hts ut u use
the Aero ot o us pro r
e e
ers
the u
er o pro o
es
o us
es e r e
pro r
e e
ers
or us
pro r
e p rt ers ser es respe t e
re est
te
t
r
ue e erre re e ue
other
rue
er pro r
e so
u e
t es u er the o p
s s ou t pro r
e s t
e e
er
e e
er
h h represe t the
r
ue o oupo s or
s ou t o the repe te pur h se
o t ets t Aero ot s e s te
31 December 2015
31 December 2014
1,307
799
Deferred revenue related to frequent flyer programme, non-current
2,941
2,560
Other current liabilities related to frequent flyer programme (Note 24)
2,572
1,489
Other non-current liabilities related to frequent flyer programme (Note 29)
2,779
3,279
Total deferred revenue and other liabilities related to frequent flyer programme
9,599
8,127
Deferred revenue related to frequent flyer programme, current
210
6,906
265
Other taxes payable
p
the
8,378
Advances received (other than unearned traffic revenue)
Other payables
Valuation principles for currency and fuel options
he er t e
ue s e t e
per o
he e
he e reser e
Dividends payable
Income tax payable
opt o s
or the e r e e
s U
osts
the o so
1
Other financial payables
Customs duties payable on imported leased aircraft
he roup e tere
to urre
opt o
ree e ts
th
ro the h
e
r
ue o these er t e
pro t or oss
ou te to U
o
oss
Appendixes
211
26. PROVISIONS FOR LIABILITIES
Strategic Report
Business Overview
Financial review
Appendixes
27. FINANCE LEASE LIABILITIES
Litigations
1 January 2014
Tax risks
564
Regular repairs and
maintenance works
Total provisions
1,925
2,536
47
Additional provision for the year
1,055
-
2,224
3,279
Release of provision for the year
(440)
(47)
(1,521)
(2,008)
Unwinding of the discount
-
-
634
634
Foreign exchange loss, net
193
-
2,181
2,374
-
-
379
379
Other changes
31 December 2014
1,372
-
5,822
7,194
Additional provision for the year
2,438
53
3,117
5,608
Release of provision for the year
(218)
-
(1,126)
(1,344)
Unwinding of the discount
-
-
777
777
Foreign exchange loss, net
70
-
2,241
2,311
Other changes
31 December 2015
-
-
(110)
(110)
3,662
53
10,721
14,436
he roup e ses r r t ro th r
h e oper te u er
e e se
re te p rt es u er
ree e ts s t
e e
er
e e se ree e ts ote
re ste
ote
he
r r t th t the roup
31 December 2015
31 December 2014
184,730
170,485
(20,206)
(21,207)
164,524
149,278
19,504
16,912
Non-current finance lease liabilities
145,020
132,366
Total finance lease liabilities
164,524
149,278
Total outstanding payments on finance lease contracts
Future finance lease interest expense
Total finance lease liabilities
Representing:
Current finance lease liabilities
31 December 2015
Due for repayment:
31 December 2014
Principal
Future interest expense
Total payments
Principal
Future interest expense
Total payments
On demand or within 1 year
19,504
4,337
23,841
16,912
4,191
21,103
78,536
11,927
90,463
65,406
11,832
77,238
31 December 2015
31 December 2014
Current liabilities
7,519
2,349
Later than 1 year and not later
than 5 years
6,917
4,845
Later than 5 years
66,484
3,942
70,426
66,960
5,184
72,144
Total
164,524
20,206
184,730
149,278
21,207
170,485
Total provisions
t
14,436
7,194
As t
e e
ou ts p
to s
he roup s
ee
t
e
o pro
e osses o e st
so
pote t
ere t
su ts
ture
ote
ro s o s or
t es represe t
e e t s est est
te
rs s
he roup
es pro s o
est
te o the
ou t o
e u r rep rs
As t
rep rs
e e
or o t
e t
t es
u
rue
to
t es th t
e re u re to e p
te
er
te
t es or u r
e
es
pe
t es
se o the est
e e ts
ote
or s
the roup
e pro s o o U
e or s o
r r t use u er oper t
o
e se ter s
e e
er
U
o
or re u r
er
e
terest p
e
rue
t es
he e e t e terest r te or
ppro
te the r rr
ue
212
e e se ur
o
s
e e
p
er
U
p
r
o
ue o
s
e e se
u e
t es
he roup he es ore
urre
rs rs
o
port o o the uture re e ue stre
e o
te
US o rs th the
e e se
t es e o
te
the s
e urre
he roup pp es sh o he e
ou t
o e to these
he
re t o sh ps
or
e
th AS
At
e e
er
e e se
t es
u
those re te to
ssets he
or s e the
ou t o U
o
e o
te
US o rs re es
te s he
stru e t
or h h pro
e re e ue ore ste or the per o o
e o
te
US o rs he roup e pe ts th t th s
he
re t o sh p
e h h e e t e s e the uture sh out o s o the
e e se
t es
t h the uture
sh
o s o the re e ue e
he e At
e e
er
u u te ore
urre
oss o U
o
e ore e erre
o et
o the
e e se
t es represe t
e e t e port o o the he e s e erre
the
e ut
e e
er
U
o
he
ou t o oss re ss e ro the he
reser e to pro t or oss
s U
o
U
o
tees ssue
terest e pe se o
As t
e e
er
r s ero A r es o
uture p
e ts o
ou te to U
the
roup re o
U
o
epte o
to s
2015 ANNUAL REPORT
se pro s o s or o pe s t o s to the p sse ers o
pro s o s or t
to s hs
ou t represe ts
e e
hts o O S
e e t s e pe t t o o
e e ses
s U
o
U
e se
r r t
e
es th the rr
ou t s ose
ote
re e e t e
s the r hts to the e se
sset re ert to the essor
the e e t o e u t
o
pe
e
or
e e se
t es
213
28. LOANS AND BORROWINGS
As t
the r
31 December 2015
31 December 2014
31,550
10,409
Short-term bank loans, bonds and other borrowings:
Short-term loans in US dollars
Short-term loans in Russian Roubles
-
1,603
14,242
1,154
Current portion of bonds in Russian Roubles
5,103
102
Current portion of loans and borrowings in Russian Roubles
3,190
4,075
54,085
17,343
Long-term loans in Russian Roubles
17,565
5,575
Long-term loans and borrowings in US dollars
14,242
1,514
5,103
5,102
(14,242)
(1,154)
(5,103)
(102)
Current portion of long-term bank loans in US dollars
Total short-term loans and borrowings
e e
Strategic Report
Business Overview
er
ou ts
rr
As t
e e
propert
e e
er
o
s
er
the
the
r
ou t o
ues o
o
U
Financial review
s
o
orro
e e
s
er
Long-term bonds in Russian Roubles
Less:
Current portion of long-term bank loans in US dollars
Current portion of bonds in Russian Roubles
Current portion of loans and borrowings in Russian Roubles
(3,190)
(4,075)
Total long-term loans and borrowings
14,375
6,860
he roup h s ope e o
ter re o
e o re t
eo t
e
ou es or US o r As t
e e
h h s e u to U
o
terest r te s
Septe
er
o
th
o
o
er
th
er
or
th S os
the outst
As t
e e
oupo r te o
p
er
p
the roup h s o s ssue
O
As t
e e
er
e e t e
ser es
e to
th ot o
ou t o U
tur t or these o s
s
As t
e e
er
e u er e st
the roup
s
e to ttr t U
re t
es r te to the roup
o o
r ous e
sh
e e
st tut o s
214
2015 ANNUAL REPORT
ter
ere se ure
o
terest
e e
er
p
S AK S
the
ou t o U
the pr
p outst
ou t
p
he o
s u se ure
ssue
the
ou t o US
ou t
s U
o
o
h h
u
o
h h
s US
o
or the per o up to
eo t
e
terest
ou es
terest r te
U
o
Other non-current liabilities related to frequent flyer programme (Note 25)
VAT payable on imported leased aircraft
Total other non-current liabilities
31 December 2015
31 December 2014
2,779
3,279
-
328
745
659
-
54
286
164
3,810
4,484
As t
e e
er
other o
urre t
t es
u e the o
urre t port o o A p
eo U
o
usto s ut es o U
o re t
to
porte e se
r r t h h re p
e
e u
o th
st
e ts o er
th rt our o th per o ro the te these ssets re e re throu h usto s As t
e e
er
the o
urre t
port o o these
t es
t e st Short ter port o o A
usto
ut es
s re o
se
th
ou ts p
e
ote
30. NON - CONTROLLING INTEREST
S
the
ou t o US
o
h h s e u to U
o
ssue or the per o up to o e
er
S So o
terest r te s
u
er
29. OTHER NON - CURRENT LIABILITIES
r h
he roup h s ope e o
ter
o
the outst
ou t o the o
r te s
p
he o
s u se ure
he roup h s ope e o
e e
er
the outst
or the per o up to e e
o
Bond issue
the
or
ou t o US
p
he o
o As t
e e
er
the pr
u
terest
terest r te s
o As t
s u se ure
e e
er
ssue
p
or
the outst
or the per o up to
he o o
the roup
t
e pro
es
or
to
out the su s
r
AK oss
Portion of non-controlling interest’s voting rights held
Loss attributable to non-controlling interest for the year
Accumulated losses attributable to non-controlling interests in subsidiary
he roup h s ope e o
th
ou t
s U
o
or the per o up to O to er
ere t ro
U
Customs duties payable on imported leased aircraft
Main changes in loans and borrowings during reporting period:
he roup h s ope e
ou t
s U
O to er
ter
ote
Defined benefit pension obligation, non-current portion
he roup h s ope e o
th
outst
ou t
s US
p
he o
s u se ure
s ot
Appendixes
Undrawn credit facilities
Long-term bank loans, bonds and other borrowings:
he roup h s ope e u se ure
US o r or Euro As t
e e
s
or
p
tur t
Austr
the
ou t o US
terest
terest r te s
th O S
s US
ssue
o
or
As t
p
re t
the
ou t o US
o
h h s e u to U
or the per o up to e e
er
e e
he o
os o
o re o
re t
ou t
s U
e
th
o
S S er
terest r te s
the
o
er
the outst
s u se ure
ssue
o
u
As t
e e
er
terest
terest
ou t o U
o
p
he o
s u se ure
he su
r se
Current assets
Non-current assets
or
t o o AK oss
s prese te
th o
o tro
terest th t s
ter
to
2015
2014
25% plus 1 share
25% plus 1 share
(828)
(1,356)
(4,637)
(3,809)
31 December 2015
31 December 2014
6,843
5,200
eo
9,363
11,431
Current liabilities
15,298
11,974
19,454
19,892
As t
ssue
er
215
Strategic Report
Business Overview
Financial review
Appendixes
33. OPERATING SEGMENTS
2015
2014
Revenue
38,771
35,655
Loss for the year
(3,312)
(5,449)
Comprehensive loss for the year
(3,312)
(5,449)
As t
e e
the
or sett
er
the su s
there re o s
r so
to s
t restr t o s
ett
ess to the su s
r s ssets or us
31. SHARE CAPITAL
As t
e e
er
e e
er
sh re
pt
se u
to U
he roup h s
u
thresho
or eter
p sse er
ht ser
er o oper t
se
e ts ut o e o the
e ept or
sse er r
eet the u
report
e se
e t
ht routes
or
to
s
re te
sse er r
se
es o
ere t routes h e s
re o o
h r ter st s
eet
re t o r ter
he p sse er tr
the roup s e er
hts
sse er tr
s the ost
ter
oper t o
per or
e s e sure
se o
ter
e e t reports h h re re e e
re tor
sse er tr
re e ue
ht routes s
o te
se o the eo r ph
est
to so
re e ue
ht routes s use to e sure per or
e s the roup e e es th t su h
or
to
e u t
the resu ts
Se
s prese te
e t
or
to
se o
or
t o prep re
roup ssets re o
Number of treasury shares (shares)
Number of ordinary shares
outstanding (shares)
31 December 2014
1,110 616,299
(53,716 189)
1,056 900,110
2015
31 December 2015
1,110 616,299
(53,716 189)
1,056 900,110
External sales
te
uss
Or
sh res re u
sh res
th
p
p r
he tot
ue o U
u
er o u ssue or
r sh res s
per sh re
e e
er
U
per sh re
sh res
e e
er
e e
er
tre sur sh res
ere he
ho
o
e su s
r es o the roup
Passenger traffic
Other
Inter-segment sales elimination
Total Group
412,174
2,999
-
415,173
13,588
(13,588)
-
Total revenue
412,174
16,587
(13,588)
415,173
Operating profit
42,953
1,196
(42)
44,107
31 December 2014 (shares)
53,716 189
53,714 098
-
2,091
53,716 189
53,716 189
LLC Partner (“Partner”)
Total number of treasury shares
15,811
Finance costs
(37,715)
Hedging result
(23,746)
31 December 2015 (shares)
Aeroflot Finance
(17)
(1,560)
Income tax
(4,934)
Loss for the year
(6,494)
31 December 2015
Segment assets*
hese or
the o p
r sh res rr ot
he
the e t t
r hts
the s
e proport o
th the roup re e e t e
he o p
s sh res re ste o the os o E h
e
t U
per sh re
U
per sh re respe t e
he o p
u he
o
epos t r
or
r sh res As t
e e
er
EU
per
EU
per
S
Finance income
r sh reho ers re e t t e to o e ote per sh re
As t
th
e er t o
Inter-segment sales
ssue
e
o
Number of ordinary shares
authorised and issued (shares)
A
or
s t
e e pts
s pro r
e e
er
respe t e
s other or
o tro e
r sh res ot
r hts o or
e e t o the roup
e e
e e
e
the
tt t e
e t s
er
e e
er
s ere tr
er
r sh res o
the
295,141
9,523
(13,698)
290,966
-
109
-
109
Unallocated assets
24,119
Total assets
ere tr
ro
u r
o e
e o the r
urt sto e
e
e u tes
h
e t
315,194
Segment liabilities*
Unallocated liabilities
351,056
5,269
(5,211)
351,114
444
33
(277)
200
Total liabilities
351,314
2015
Capital expenditures and PP&E additions (Note 19)
Depreciation (Note 19)
10,349
408
12,127
284
10,757
-
12,411
32. DIVIDENDS
2014
At the
u
sh reho ers
eet
he
o
At the
u sh reho ers eet
he o
ou t o U
per sh re tot
to U
tre sur sto
A
e s re e re
p
u e
u e
t
s reso e
ot to e
re
the sh reho ers ppro e
o or the o p
s tot
e
uss
ou es
p
e
re
e
s
s or
respe t o
p e sh res
External sales
the
u
Inter-segment sales
Total revenue
u e ssets he
216
2015 ANNUAL REPORT
or s e
t es re te to ssets he
or s e
317,850
1,921
-
319,771
2
11,645
(11,647)
-
317,852
13,566
(11,647)
319,771
ote
217
Passenger traffic
Other
Inter-segment sales elimination
Total Group
11,225
344
(301)
11,268
Operating profit
Finance income
2,471
Finance costs
(28,399)
Hedging result
Strategic Report
Business Overview
(16,352)
ssets
t es re
ss e
e sure e t
te or es s t
(794)
Loss for the year
(17,146)
31 December 2014
Segment assets
262,661
8,568
(12,860)
258,369
-
140
-
140
Unallocated assets
Available-for-sale
financial assets
Financial assets at fair value
through profit or loss
Total
12
30,693
-
-
30,693
5,916
1
-
5,917
Financial receivables
14
31,722
-
-
31,722
13
4,790
-
-
4,790
23
-
-
53
53
16
-
6,118
-
6,118
Total financial assets
291,267
4,165
(4,413)
Unallocated liabilities
291,019
204
Total liabilities
291,223
2014
Capital expenditures and PP&E additions (Note 19)
Depreciation (Notes 19)
re te to p sse
er
hts ser
39,951
622
-
40,573
11,118
222
-
11,340
Other financial liabilities
Total
23
-
4,853
-
4,853
Financial payables
24
-
-
38,793
38,793
27
-
-
164,524
164,524
68,460
68,460
28
29
-
-
286
286
Liabilities for guarantees issued
26
-
-
1,517
1,517
-
4,853
273,580
278,433
Total financial liabilities
10,098
8,184
Europe
42,563
33,691
8,992
7,012
26,651
17,352
9,934
7,934
98,238
74,173
CIS
9,480
7,881
Europe
42,615
34,292
Asia
North America
Total passenger revenue from flights from the RF
Asia
North America
Total passenger revenue from flights to the RF
e sure e t
9,366
7,148
28,289
18,074
9,907
7,921
99,657
e e
er
s o o s
Note
Available-for-sale
financial assets
Assets at fair value
Derivative financial
instruments (hedging)
Total
12
26,547
-
-
-
26,547
960
1
-
-
961
14
30,270
-
-
-
30,270
13
2,431
-
-
-
2,431
23
-
-
529
36
565
16
Total financial assets
75,316
-
6,115
-
-
6,115
186
-
-
-
186
60,394
6,116
529
36
67,075
Other financial liabilities
Total
Note
Liabilities at fair value
23
(12,360)
(18,791)
-
(31,151)
Financial payables
24
-
-
(33,039)
(33,039)
27
-
-
(149,278)
(149,278)
28
-
-
(24,203)
(24,203)
29
(546)
(546)
(207,066)
(238,217)
Total financial liabilities
145,378
te or es s t
International flights to the RF from:
Middle East and Africa
ss e
CIS
Middle East and Africa
t es re
2014
International flights from the RF to:
2015 ANNUAL REPORT
168
79,461
Passenger revenue:
218
53
Liabilities at fair value through profit
or loss
ssets
Total passenger traffic revenue
6,119
es
2015
Other international flights
168
73,289
Note
277,718
Segment liabilities
Domestic flights
s o o s
er
19,209
Total assets
E pe ses o the roup
e e
Appendixes
Note
Income tax
BY MEASUREMENT CATEGORY
31
Financial review
34. PRESENTATION OF FINANCIAL INSTRUMENTS
(1,723)
(12,360)
(18,791)
104,009
155
115
343,428
253,613
219
35. RISKS CONNECTED WITH FINANCIAL INSTRUMENTS
he roup
es r s s re te
r r t ue pr e r s
re t r s
to
u
t rs
stru e ts
pt
h h
u e
e e trs
r et r s
urre
rs
terest r te r s
he roup s e pose to urre
rs
urre
other th
rou e he urre
he roups
ses the e
the roup e tere
to
he roup s e pose to
u t rs
e the r s th t the roup
ot e
e to eet ts
o
t o s s the
ue he roup s ppro h to
u t s to e sure s r s poss e th t t
s h e su
e t
u t to
eet ts
t es he
ue u er oth or
stresse
o
to s
thout
urr
u
ept
e osses or
rs
e to the roup s reput t o
he roup ut ses
et e
u et
sh ore st
pro ess to e sure ts
u t s
t
e
t ppropr te e e
he o o
re the roup s
t es s t
e e
er
e e
er
se o the re
per o ro the report
te to the o tr tu sett e e t
te he
o tr tu u
s ou te
sh o s
u
uture terest p
e ts s t respe t e report
o tr
ou ts
tes
tu
the t
tur t
e re
Effective rate
0–12 months
1–2 years
2–5 years
Over 5 years
Total
5.5%
5.5%
47,456
-
-
-
47,456
13.4%
13.4%
5,345
9,393
6,953
-
21,691
Bonds denominated in roubles
8.3%
8.3%
5,206
-
-
-
5,206
2.7%
2.8%
Financial payables
Liabilities for guarantees issued
Total future payments, including future interest payments
e r te tre s o
er t e o tr
he roup uses o
ter
e se
h
e r te
re t o to re e ue
he roup s e posure to ore
urre
t es
ote
re u r
ts th
o
rs
te
23,841
24,235
66,228
70,426
184,730
38,793
-
-
-
38,793
4,761
-
-
-
Note
US Dollar
12
23
Other assets
Total assets
Financial payables
ou ts o
Euro
h
e
e r tes
US
o
r
stru e ts
31 December 2014
Other
currency
Total
US Dollar
Euro
Other
currency
Total
2,167
449
1,793
4,409
7,626
778
1,350
9,754
18,560
4,062
4,502
27,124
21,820
3,618
3,560
28,998
4,504
-
-
4,504
2,408
-
-
2,408
53
-
-
53
529
36
-
565
94
71
3
168
66
52
68
186
25,378
4,582
6,298
36,258
32,449
4,484
4,978
41,911
13,691
5,419
2,071
21,181
9,444
4,085
785
14,314
-
146,436
4,761
Short-term loans and borrowings and current
portion of long-term loans and borrowings
28
45,792
-
-
45,792
11,563
-
-
11,563
-
-
-
-
360
-
-
360
-
-
1,517
Long-term loans and borrowings
28
70,426
304,154
23
Total (liabilities)/assets, net
1–2 years
2–5 years
Over 5 years
Total
Loans and borrowings in foreign currency
5.3%
5.3%
11,798
366
-
-
12,164
Loans and borrowings in roubles
11.8%
11.8%
6,511
194
1,635
-
8,340
Bonds denominated in roubles
8.3%
8.3%
517
5,102
-
-
5,619
2.9%
3.0%
21,103
21,045
56,193
72,144
170,485
Financial payables
33,039
-
-
-
33,039
28,852
4,085
-
-
32,937
101,820
30,792
57,828
72,144
262,584
ere
stru e t or r s o
h
-
73,181
h
e
t e
o
ot o
the e
146,436
-
o
se o
es
164,519
33,628
e e
rs s he
t e h
r
-
1,517
o
o
e the r s o e
uss
s
s th t re e o
te
te
re Euro
US o
31 December 2015
In millions of Russian Roubles
126,919
ou te to U
ou te to U
e te
ore
e
re u t o o er
ou te to U
US
orro
e o
-
0–12 months
er
et short
oss
the
ou t
es h h re re te
stru e ts ote
U
o
he tre sur u t o o the roup pro es e
t o
throu h
e re t
es As t
e e
er
the roup
s
e to ttr t U
o o
sh
e e
er
U
o
e u er re t
es r te
r ous e
st tut o s A
to
or the
pro e e t o
u t the
e e t sp
to
re se oper t o
e e t e ess o the roup
urther
re se o
sh o s ro oper t
t t es
2015 ANNUAL REPORT
Appendixes
164,519
Effective rate
220
27
Average interest rate
As o
e e
er
et short ter
t es o the roup
ter
t es
the
ou t o U
o
oss or
o U
o
resu t or
s
ter
to e re se o e h
e r te o uss
rou e to US o r
sh o s ro oper t
t t es ere pos t e
Financial review
Contractual
rate
Total future payments, including future interest payments
s s o he
u
er o
s s o o s
-
4,853
-
4,853
17,325
4,839
-
22,164
224,002
10,272
2,071
236,345
185,128
8,924
785
194,837
(198,624)
(5,690)
4,227
(200,087)
(152,679)
(4,440)
4,193
(152,926)
Total liabilities
31 December 2014
re t o to re e ue s e
s pur h ses
es
h h these tr s t o s re pr
r
Contractual
rate
Loans and borrowings in roubles
e
h
Average interest rate
Loans and borrowings in foreign currency
Business Overview
Currency risk
Liquidity risk
31 December 2015
Strategic Report
he roup so e pe ts th t p
terest r te s ose
ote
rou e s t
e e
er
s s ssu es th t
other
e ts o Euro
o re te to the ross urre
e
e
r h
Stre the
or e e
e e
er
ou
h
e pro t ter t
r
es
p rt u r terest r tes re
o st t
31 December 2015
terest r te s p
o ste e o
urre
the
ou ts sho
th
es
eo
e
st
hs
31 December 2014
Percent of change in rate of
currency versus rouble
Effect on loss after tax
((increase)/ decrease)
Percent of change in rate of
currency versus rouble
Effect on loss after tax ((increase)/
decrease)
US Dollar
50%
(13,642)
50%
(55,491)
Euro
50%
(335)
50%
145
Other currencies
50%
1,691
50%
1,677
US Dollar
50%
13,642
50%
55,941
Euro
50%
335
50%
(145)
Other currencies
50%
(1,691)
50%
(1,677)
Increase in the rate of currency
versus rouble:
Decrease in the rate of currency
versus rouble:
221
As o
h
e
e e
er
the e e t o the roup s e u t
e h
e r tes o other urre es
ou
e
U
o
o s er
ter
e e t ro
et e t s e
ot
Interest rate risk
pt
E
he roup s e pose to the e e ts o u tu t o s the pre
e e so
r et terest r tes o ts
resu ts
sh o s h
es
terest r tes
p t pr
r
h
e
ost o orro
s
e
terest r te orro
s or uture
sh o s
r
e terest r te orro
s At the t e o r s
e
orro
s s e
s
e e se
e e t
uses u
e t to e e hether t e e es th t
e or r
e terest r te ou
e ore
our
e to the roup o er
the e pe te per o u t
tur t
As t
ere
e e
er
e e
er
the
terest r te pro es o the roup s
terest e r
stru e ts
Strategic Report
e
s tot
e t ess
o s sts o e u t
A s
u te
Business Overview
sh
ttr ut
s oper t
sh e u
e ts
e to the o p
pro t e ore epre
Financial review
short ter
ort
et e t
to
usto
ut es e pe ses
he r t os re s o o s
As at and for the year ended
31 December 2015
As at and for the year ended
31 December 2014
Total debt
233,729
174,309
Cash and cash equivalents and short-term financial investments
(36,610)
(27,508)
197,119
146,801
Net debt
Carrying amount
31 December 2015
31 December 2014
17,767
3,582
Fixed rate financial instruments:
Financial liabilities
(34,266)
(38,112)
Total fixed rate financial instruments
(16,499)
(34,530)
(198,137)
(135,225)
Variable rate financial instruments:
As t
e e
er
e e
er
the roup h
o s
r
e p rt o
terest r tes o o s s t
e e
er
e e
tu
r
e p rt o
terest r tes or the e r
th
other r
es he
h
e s
t
ou
ot h e h
e s
t
e e se
th r
e terest r tes
the
er
ere
h her or o er th
the
o st t
terest e pe se ou
ot h e
he resu ts o the roup s oper t o s re s
the roup e tere
to
ree e ts th
uture pr e
re ses
t
u
p te
er o uss
h
es
the pr e o
r r t ue
s to he e port o o ts ue osts ro
58,703
24,840
1.1
1.0
Total debt/EBITDA
4.0
7.0
Net debt/EBITDA
3.4
5.9
hese r t os re
ere o h
se
roup s
es
Capital management risk
o p r so
o
ter
r r t
th r
orro
e e
s
the
r
e
ustr o the
h e
the retur
s s o the o o
s
u
the urre t port o
e e t pe s o o
to
e e se
h to
e
thout
pt
t to s
e e t
o ts su s
r es re su e t to e ter
or
to the e s t o
pose
pt
re u re e ts
e
ept
Credit risk
sh e u
he roup o
he roup
es ts
p t to e sure ts
t to o t ue s
o
o er
o p
s sh reho ers throu h the opt
t o o the roup s e t to e u t r t o
e e t o er t
the roup s ppro
e ther the roup or
or
sh re p t
sh
e
s t
e e
er
the e s ere ose
ue to e su
o the per o o per or
e h
e
ue o
er
sset s t the report
te ou
ot h e
s
t
p to
resu ts
e u t o the roup
se s t
e e
er
pr e or re t ru e o
s
h her or o er th
ts tu pr e
th
other r
es
re
o st t
u
ore st o ru e o pr e the e e t o h
e
ru e o pr e o the roup s e u t
resu t ou
ot e
ter
ere t
2015 ANNUAL REPORT
EBITDA
oss to the
r ses pr
p
e ts
re e
roup
usto er or ou terp rt to
ro the roup s
es
est e ts
se ur t es
or t pes o
ou terp rt es
stru e t
s to
eet ts
pote t
u
222
143,170
re t r s s the r s o
o tr tu o
to s
Aircraft fuel price risk
ot
e t o s sts o short ter
ut es p
eo
porte e se
(3,631)
171,596
here
Variable rate financial liabilities
he roup
es ts p t
• et e t to tot
pt
• tot
e t to E
A
• et e t to E
A
(25,523)
Total capital
Net debt/Total capital
Financial assets
Appendixes
est e ts
s sh reho ers
to
to the
t es
s
to s
th the o o
he roup h s re t r s
sso te
th tr
s es s
e
tr e
e es ue to the
re te to tr e
e es s ssesse
e e
es ro other r es
th t the e posure to re t r s s
e e t
t e
o tors ts
se ur t es th h h re t r t
s
As t
o
house
r t os
u ts tr
e e
er
or p rt o
e e
er
the tot
U
e
t
e
e ts
t th t re e
e e t s o
ustr or
s to s As
t sh re o the roup s
es ro tr e
e ts re
ers e the o er
re t r s
es re rr e out throu h the A A
te to the re test e te t poss e
est
per or
e
e e t oes ot e pe t
ou t o
re e
es
o
est e ts to se ur t es
ou te to U
e r
house
e u r sett e e ts e sure
or
e to urre t po
est
ou terp rt to
to eet ts o
s U
o
o re tes to re e
o
to s
e e
er
es re u te
u
U
e r
usto
223
he
u
e posure to the re t r s
et o
p r e t pro s o
s set out
the t
31 December 2015
31 December 2014
30,626
26,477
31,722
30,270
5,917
961
Financial receivables (Note 14)
Long-term financial investments (Note 16)
6,118
6,115
Aircraft lease security deposits (Note 13)
4,790
2,431
168
186
79,341
66,440
31 December 2015
31 December 2014
- less than 90 days overdue
30
58
- 91 days to 2 years overdue
-
32
30
90
Total financial assets exposed to credit risk
A
ss
re t u
t o
re e
Business Overview
Financial review
rt es re e er
o s ere to e re te
the re u er o
o o tro or o e p rt h s the
other p rt or
e er se s
t
ue e or o t o tro o er the other p rt
e so s
o s er
e h poss e re te p rt re t o sh p tte t o s re te to the e o o
re t o sh p ot ere the e
or
As t
te s
e e
er
e e
er
th re te p rt es or the e rs e e
the outst
e e
er
es
th re te
e e
er
p rt es
ere s ose
As t
e e
er
th sso tes or the e rs e
e e
e
er
e e
the outst
er
es
e e
er
th sso tes
ere s o o s
o e
Credit risk concentration
ter
t o
s
respe t e
est e ts o the roup
sp e
th o
ter
re t r t
h h uses the re t r s o e tr t o
31 December 2015
31 December 2014
1
1
111
140
stru e t
he est e e
ee h
e
urre t tr s t o
e o the
r
ue s
t e uote
et ee
r et pr e o
p rt es
te or
u es o
er
t e
stru e ts
s ose
ote
Financial assets carried at amortised cost. he r
ue o
stru e ts th
o t
terest r te s or
e u to the r
rr
ue he est
te
r
ue o
e
terest r te stru e ts s
se o est
te uture sh o s e pe te
to e re e e
s ou te
t urre t terest r tes e e t e o
e t pt
r ets or e
stru e ts th s
r re t
rs
re
tur t
s ou t r tes use
epe
o the re t r s o the ou terp rt
rr
ou ts o
re e
es ote
e se se ur t epos ts ote
o s ssue
ote
ppro
te the r r
ues h h e o
to e e
the
r
ue h er r h
sh
sh e u
e ts e o
to e e
re rr e
t
ort se ost h h s
ppro
te e u to the r
r
ue
Liabilities carried at amortised cost. he r
ue o
stru e ts s e sure
se o the urre t
r et uotes
he est
te
r
ue o u uote
e
terest r te stru e ts
th st te
tur t
s est
te
se o
e pe te
sh o s s ou te t urre t terest r tes or e
stru e ts th s
r re t r s
re
tur t
As t
e e
er
e e
er
the
r
ues o
p
es ote
e e se
t es ote
o s orro
s
o s ote
ere ot
ter
ere t ro the r
rr
ou ts he
r
ues o
p
es
e e se
t es
o s
orro
s re te or se s e e s
h e o s re te or se
s e e
the
r
ue h er r h
2015 ANNUAL REPORT
to
ro
re te p rt es
e sett e
2015
2014
sh
Transactions
Sales to associates
ur h ses ro
stru e ts h e ee
eter
e
the roup us
e
r et
or
to
u to
etho o o es o e er u e e t s e ess r
re u re to terpret
r et
r
ue
e e t uses
e
r et
or
to
est
t
the
r
ue
Financial instruments carried at fair value. h s
224
ou ts outst
Purchase from associates
36. FAIR VALUE OF FINANCIAL INSTRUMENTS
e pe se te s
Liabilities
he
r e port o o the sh s e
s o
re t r t
s t
e e
er
s t
e e
er
o e o p
he est
te
r
ues o
here t e sts
ppropr te
t to eter
e the est
te
o
stru e ts
e pe se
Assets
Accounts payable and accrued liabilities
to
o e
eo
Associates
Accounts receivable
Total past due but not impaired receivables
r
ue s the
ou t t h h
other th
or e s e or
u
stru e t
t to o tro the
oper t o
su st
e o the
es s s o o s
Past due but not impaired
As t
e e
er
o e
th o
ter
este
o e o p
or the roup
Appendixes
37. REL ATED PARTIES TRANSACTIONS
e eo
Cash and cash equivalents (excluding petty cash) (Note 12)
Strategic Report
sso
tes o s st pr
r
o
t o se ur t ser
25
19
1,469
1,372
es
Government-related entities
As t
e e
er
o St te ropert o e
re t or
re t
o tro e
other or
to s o e t e
e e
er
the o er
e t o the
represe te
the e er A e
or
e e t
o the o p
he roup oper tes
e o o
e ro
e t here the e t t es re
the o er
e t o the
throu h ts o er
e t uthor t es
e es sso t o s
re erre to s o er
e t re te e t t es
he roup e e to pp the e e pt o ro
st te
ts re te p rt es e use the uss
p rt es
s osure o
u
o er
e t h s o tro
s
t tr s
o t o tro or s
he roup h s tr s t o s th o er
e t re te e t t es
u
ut ot
•
ser es
• tr s t o s th er t e
stru e ts
•
est e ts O S
AS
•
e
oper t
e se
• u r tees o
t es
• pur h se o r
to
rport ser es
• o er
e t su s es
u
those pro e or o pe s t
the osses ro
pro r
es e
hts to
ro Europe
uss or h t ts o K
r
to s
t
te to the o o
p sse
re o
er
ue
tr
s
es th the
e o er su h
to s
hts u er t o o er
r E st
e t
225
Outst
o er
es o
e t re te
er
t e
stru e ts
sh t urre t rou e
ore
urre
ou ts
the
s
outst
31 December 2015
31 December 2014
8,060
15,781
53
529
PJSC Sberbank of Russia
-
(9,887)
PJSC VTB
-
(4,613)
PJSC Sberbank of Russia
Liabilities
he
ou ts o the roup s
re te e t t es s ppro
te
the
ou t o the uture
ppro
te
e e
er
oper t
e se e pe ses
e e se
t es re s ose
ote
or
e e se
e e
er
u
e se p
e ts u er o
e
he sh re o
terest e pe ses o
respe t e
he sh re o
t es to the o er
e
he sh re o the o er
e t re te e t t
e oper t
e ses
ree e ts ote
e e se s ppro
te
t
es
s
or
or the e r e e
e e
er
the sh re o the roup s tr s t o s th o er
e t re te e t t es
s ess th
o oper t
osts
ess th
o re e ue
ess th
ess th
respe t e
hese e pe ses
pr
r
u e osts o
r
to
r r t
te
e ser es
the o er
e t re te
rports
so
supp es o ue
o er
e t re te e t t es
As t
e e
er
se ure o
to su
the roup ssue
u r
er te er pro e ures
e e
er
the o er
e t or
r es o the roup
ou te to U
r s to s
otes
th the st te
so
u et
tees or the
e e
er
o er
es e es
ou t o
U
e t re te
o
e e
U
o to
o er
e t re te e t t to
o
e t t es o e
er
U
o
o tro
o
Financial review
e pe ses re te to the o us pro r
es ere U
o
osts
the roup s o so
t u er these p
s
s U
o
s t
e e
ere re or e
U
o
er
t
s U
usto s ut es sett e e ts
h r es
th
As
e e
er
Aero ot
e
e e
er
Aero ot
e
or
r sh res o the o p
o
e su s
rt er
respe t e
r o the roup o e
o e su s
r es o the roup o
ote
st
t
Appendixes
osts
e e
other
er
o
h h re
s ose
hese re u er t o s re
represe te
short ter p
e ts Su h
ou ts re st te
e ore perso
o et
ut e u e
tor
sur
e o tr ut o s to o
u et r u s A or
to uss
e s t o the roup
es
o tr ut o s to the uss
St te pe s o u
s p rt o o pu sor so
sur
e o tr ut o s or
ts e p o ees
u
e
e e t perso e
Bonus programmes for key management based on the Company’s capitalisation
the roup ppro e
o us pro r
es or the roup s e
e e t perso e
e
ers o the o p
s
o r o
re tors hese pro r
es ru or three e rs
re e er se
three tr
hes o
sh p
e ts he
ou ts
o p
e ts epe
oth o the so ute
re se the o p
s pt s to
the o p
s pt s to
ro th
r tes
st ts peers se o the resu ts o the report
e r he
r
ue o the
t es u er the o us pro r
es
s eter
e
se o the o p
s pt s to
ro th
or
e
r sh res o the
or
r
Insurance
he roup
t
s sur
e
ou t r
sur
e pro r
s
u
e e se
or
e
th the e s t o
e e ts
t
roup s
to
t
the roup sures r s s u er
r ous
r s s o oss o
r r t u er oper t
Litigations
ur
rs
outst
the report
per o the roup
s
o e
oth s p
t
ee
t
u
er o ourt pro ee
the or
r ourse o us ess
e e t e e es th t there re o urre t ourt pro ee
s or other
h h ou h e
ter
e e t o the resu ts o oper t o s
pos t o o the roup
s
s
38. COMMITMENTS UNDER OPERATING LEASES
uture
p rt es
u
ote
e se p
e ts u
re s o o s
er o
e
e
r r t
other oper t
e se
ree e ts
th th r
re te
31 December 2015
31 December 2014
57,356
42,694
On demand or within 1 year
he re u er t o o e
e e t perso e the e
ers o the o r o
re tors
the
e e t o
ttee
s e
s e
ers o
ht
rou
perso e ho h e s
t po er
respo s
t es o e o tro
p
e s o s o the roup
u
s
r
o uses s e
s other o pe s t o
ou te to U
o
U
o
2015 ANNUAL REPORT
As t
o p
sh res
terest o p rt u r
Compensation of key management personnel
226
Business Overview
Cross shareholding
Assets
As t
su s
Strategic Report
Later than 1 year and not later than 5 years
202,376
179,654
Later than 5 years
219,353
209,804
479,085
432,152
Total operating lease commitments
he
ou ts o e represe t
other us e r
es re ot
se re t s p
u e
the
e
te
ou ts
e ees p
e to the essor
he r r t th t the roup h s oper te u er oper t
e se
ree e ts s t
he roup re e e
r r t u er oper t
e se ree e ts or the ter o
to
he roup e tere
roup s
t es u
to
u
er e st
er o
ree e ts th uss
r r t e se
ree e ts
su
er
h h the
se o
tu
ht hours
e e
er
re ste
ote
e rs he ree e ts re e te
e
s u r
tee the p
e t o the
39. CAPITAL COMMITMENTS
As t
e e
er
p rt es or the tot o
oe
e e
A r us A
e
e se
ree e ts thus
the roup e tere
to
ree e ts o
usto
U
o
e e
er
U
er
oe
e e
er
e
er
r r t he roup p
s to use the
oes ot e pe t sh out o u er the orrespo
o propert p
t
e up e t
th th r
o
hese o
t e ts
re te to
A r us A
e e
er
e to e
r r t u er oper t
or
e
ree e ts
227
Strategic Report
Business Overview
Financial review
Appendixes
40. CONTINGENCIES
Operating Environment of the Group
o
he uss
e er t o
sp s ert
h r ter st s o
e er
r et ts e o o
s p rt u r se s t e to o
s pr es he e
t
re u tor r
e or s o t ue to e e op
re su e t to re ue t h
es
r
terpret t o s ur
the uss
e o o
s e t e
p te
o o pr es o o
po t
te s o
the
re o
o t u
ter t o
s
to s
st ert
uss
o p
es
u s
o h h o tr ute to
the ou tr s e o o
re ess o h r ter se
e
e
ross o est pro u t he
r ets o t ue to e
o t e
re h r ter se
re ue t s
t pr e o e e ts
re se tr
spre s uss s re t r t
s o
r e to e o
est e t r e h s oper t
e ro
e th s s
t
p t o the roup s oper t o s
pos t o
e e t st
e ess r
e sures to e sure sust
t o the roup s oper t o s o e er
the uture e e ts o the urre t e o o
s tu t o
re
u t to pre t
e e t s urre t e pe t t o s
est
tes ou
er ro
tu resu ts
he roup o t ues to o tor the s tu t o
e e utes set o
oper t
t t o the roup
ts
pos t o
he roup s oper t o s re pr
r
o te
the
o se
r ets o the
h h sp
h r ter st s o
e e op e t ut re su e t to
r
terpret t o s
pe
e ts o tr ute to the h e es
e
e t t es
re e t ssess e t o the roup s
e e t o the
p to
pos t o o the roup he uture us ess s tu t o
e sures to
e
ue
e o poss
ue t the roup s e pose to the r s o the e o o
e er
r et he e
t
r
e or s o t ue
re ue t h
es h h to ether
th other e
s
oper t
the
he o so
te
st te e ts
the uss
us ess e ro
e t o the oper t o s
the
er ro
e e t s urre t e pe t t o s
u
the uss
or t o e rs h s s
e
o ep
re t es
228
th t
t
uthor t es o er o p
p t o the roup
e
th the e e
ter t o
tr s er pr
pr
p es e e ope
h s e s t o pro es the poss
t or t
t es
respe t o o tro e tr s t o s
te p rt es pro e th t the tr s t o pr e
o p
e th th s tr s er pr
e s to
t es r s
ro tr s t o s et ee
o p
es re eter
e us
th the e o ut o o the terpret t o o the tr s er pr
ru es th t su h tr
p to
su h h e e
ot e re
est
te ho e er t
es
the o er
oper t o s o the roup
tu tr s t o pr es t s poss e
s er pr es ou
e h e e
he
t to the
pos t o
or
re t o
to su h ssues s tr
s er pr
e
to
re se
the
t o to the o e
tters s t
e e
er
e e
er
e e t est
tes th t the roup h s
o poss e o
t o s ro e posure to other th re ote t r s s he r s s represe t est
tes r s
ro u ert
t es
the terpret t o o uss
t
e s to
re te re u re e ts or o u e t t o
e e t
orous
ee
the roup s pos t o s
terpret t o s th t ere pp e
u t
t es re o
se
these o so
te
st te e ts these re h e e
the t
uthor t es
Insurance
he roup
t
s sur
e
ou t r
sur
e pro r
s
u
e e se
or
e
th the e s t o
e e ts
t
roup s
to
t
the roup sures r s s u er
r ous
r s s o oss o
r r t u er oper t
ur
rs
outst
the report
per o the roup
s
o e
oth s p
t
ee
t
u
er o ourt pro ee
the or
r ourse o us ess
e e t e e es th t there re o urre t ourt pro ee
s or other
h h ou h e
ter
e e t o the resu ts o oper t o s
pos t o o the roup
s
s
st
es
re te t
rs s
the
th t re su st t
ore s
t th
other ou tr es he
e e t e e es th t t h s pro e
e u te
or t
t es
these o so
te
st te e ts
terpret t o s o pp
e uss
t
e s to o
pro ou e e ts
ourt e s o s o e er the
s o these pro s o s
the re e
t uthor t es ou
er
the e e t o these o so
te
the uthor t es ere su ess u
e or
the r terpret t o s ou
es
t
or
e
the roup s
S
sputes
e s
Litigations
he t
t o s ste
the
o t ues to e o e
s h r ter se
re ue t h
es
e s to o
pro ou e e ts
ourt e s o s h h re so et es u
o tr
tor
su e t to r
terpret t o
ere t t
uthor t es
es re su e t to u t
est
to
u
er o uthor t es h h h e the uthor t
to
pose se ere
es
pe
t es h r es A t
e r re
s ope or re e
the t
uthor t es ur
the three
su se ue t
e
r e rs ho e er u er ert
r u st
es t
e r
re
ope o er e e t e e ts th
the
su est th t the t
uthor t es re t
ore tou h st
e
the r terpret t o
e or e e t o t
e s to
e
h
s er pr
e s t o s to
r e e te t
e
th the
t o or E o o
ooper t o
e e op e t OE
e tr s er pr
ust e ts
pose
to
t
th re te p rt es
so e t pes o tr s t o s th u re
th
e e th s
p e e te
ter
o tro s to e
h
es
t
e s t o or ts e or e e t
roup s e e t e
o e t r te
Tax contingencies
S
he uss
tr
the Or
s
uthor t es to
tr s t o s
s ot r s e
ssess the pote t
out o e o
t o re u re e ts ho e er the
e rs s o
O to er
the o p
s o r o
re tors ppro e the use o u s o
S Aero ot
Aero ot
e to
e the O S r s ero s oper t
t t es u t ts r oper tor s ert
te s
e e
o s
u r tees ssue
rr
e o p sse ers o the roup s
hts
the e
o O to er
the roup o t
e te por r
ess to
r
routes o O S r s ero A r es
hese r u
roup s
se o ts
terpret t o
st te e ts
poss e to re
ersh p o r
u r
ro
e
o er
e th s e
t
pro
the
th
e
e ts to the uss
r es re su e t to e u t o us
e to e re se A o
o est p sse er
u
e o o
pos t o o the r es pro
o e
e
the o o
e
oe
se ut es h r e o the
e ts
or
or
e
rr
e
o est ser
to
ue o t
r to
es
e
the uss
o e h s ee supp e e te
th the r
e or o e e
o ersh p to the
the
e e
o ersh p r
e or
or the purposes o pp
t
e e ts u er the ou e
e the
u t o the e ru es pp
t o pro e ure
se e o
pr t e to th t e e t t s
2015 ANNUAL REPORT
229
Strategic Report
Business Overview
Financial review
Appendixes
MAIN SUBSIDIARIES AND AFFILIATES
A S O F 31 DECE M B E R 2015
Full and
abbreviated name
Interest
Joint Stock
Company Rossiya
Airlines
JSC Rossiya
Airlines
75% (minus
1 share)
Joint Stock
Company Aurora
Airlines
JSC Aurora
Airlines
51.0132
Open Joint
Stock Company
Vladivostok Air*
OJSC Vladivostok
Air
Form
Amount of interest
(as of 31 December
2015), RUB
Consolidate aviation
assets to create an
efficient company,
Russia's national
carrier built around
PJSC Aeroflot, by
implementing best
corporate governance
standards
shares
689,173
assets to create an
efficient company,
Russia’s national
PJSC Aeroflot, by
implementing best
standards
shares
24,293
52.16
assets to create an
efficient company,
Russia’s national
PJSC Aeroflot, by
implementing best
standards
shares
274,122,792
Joint Stock
Company
Orenburg Airlines
JSC Orenburg
Airlines
100
assets to create an
efficient company,
Russia’s national
PJSC Aeroflot, by
implementing best
standards
shares
665,503,000
Joint Stock
Company
DONAVIA
JSC DONAVIA
100
assets to create an
efficient company,
Russia’s national
PJSC Aeroflot, by
implementing best
standards
shares
Limited Liability
Company Pobeda
Airlines
LLC Pobeda
Airlines
100
assets to create an
efficient company,
Russia’s national
PJSC Aeroflot, by
implementing best
standards
participatory
interest
S Aero ot ho s
230
st
e
S
2015 ANNUAL REPORT
Objectives
osto A r
S Auror A r
328,863,260
1,200,000,000
Core business
as defined in the
Charter
Revenue
in 2015,
RUB’000
Profit (loss) in
2015, RUB’000
Dividends
received in
2015, RUB
Domestic and
international
air transport of
passengers, baggage,
cargo and mail and
provision of aviation
services, including
services for
passengers and
baggage
38,754,501
817,745
-
Commercial air
passenger and cargo
services on domestic
and international
routes and other
aviation services
14,165,758
453,703
-
Air transportation of
mail and cargo
on domestic and
international routes
In liquidation
Domestic and
international
commercial air
services
22,765,853
506,396
Domestic and
international
commercial air
services
11,086,633
467,844
-
Air transportation of
cargo and mail on
international and
domestic routes on a
commercial
basis in accordance
with the
requirements of the
Air Code and other
civil aviation laws and
regulations of the
Russian Federation,
Company regulations
and duly issued
licenses for air routes
11,029,661
37,234
-
Full and
abbreviated name
Interest
Objectives
Form
Amount of interest
(as of 31 December
2015), RUB
Core business
as defined in the
Charter
Revenue
in 2015,
RUB’000
Profit (loss) in
2015, RUB’000
Dividends
received in
2015, RUB
Joint Stock
Company
Sherotel
JSC Sherotel
100
assets to create an
efficient company,
Russia's national
PJSC Aeroflot, by
implementing best
standards
shares
882,812,539
Building, equipping
and renovating hotel
facilities, office &
hotel complexes,
offices and ancillary
buildings;
hydrocarbon
processing; operation
of hotel facilities,
office & hotel
complexes and
offices
1,718,693
-181,506
-
Joint Stock
Company with
Limited Liability
ALT Reiseburo
A/S
100
Provide travel and
related services (sale
of air tickets, visa
support)
shares
452,915
Travel arrangements,
including
arrangements for
group travel, on a
travel agency basis,
and related retail
services
105,104
-2,365
-
99.9999
Implement
investment projects
for PJSC Aeroflot
(examples include
acquisition
of shares in PJSC
Aeroflot from the
National Reserve
Bank and acquisition
of
shares from Rosavia)
participatory
interest
5,729,228,886
Information and
advisory services
concerning the
issuance and
circulation of
securities; collecting
and providing
information about
the state of the
securities market and
financial market for
interested individuals
and entities
0
418,584
-
Closed Joint
Stock Company
Aeromar,
CJSC Aeromar
51
Supply in-flight
meals, cleaning
services and cabin
preparation onboard
aircraft
operated by PJSC
Aeroflot and its
subsidiary and
affiliated airlines at
the lowest
regulated rates
shares
28,050
Production and
supply of food and
beverages for service
on-board aircraft;
supply of various
other services to
Russian and foreign
airlines, including
other catering
services, such
as preparing and
delivering food
orders to
businesses and
organisations
14,031,367
854,207
-
Limited Liability
Company
Transnautic Aero
GmbH
49
Cargo sales agent in
Germany. Currently
in the process of
bankruptcy
participatory
interest
105,154
Marketing and taking
orders for air freight
delivery worldwide
using the capacities
of Aeroflot and other
airlines
providing air cargo
services, as well as
assisting in building
structures for air
cargo operations in
Russia and
other CIS countries
and all related
operations
Limited Liability
Company
Aeroflot-Finance
LLC AeroflotFinance
-
Undergoing bankruptcy
es
231
Strategic Report
Business Overview
Financial review
Appendixes
MA JOR TR ANSACTIONS
Full and
abbreviated name
Interest
Joint Stock
Company
AeroMASH –
Aviation Security,
JSC AeroMASH –
AB
45
Objectives
Form
Amount of interest
(as of 31 December
2015), RUB
Ensure aviation
security at airports,
particularly at
PJSC Aeroflot’s
base airport
(Sheremetyevo)
shares
45,000
Core business
as defined in the
Charter
Revenue
in 2015,
RUB’000
Profit (loss) in
2015, RUB’000
Dividends
received in
2015, RUB
Pre-flight screening
of passengers,
civil aircraft crew
members, service
personnel, carry-on
items, baggage,
freight, mail and
catering supplies
2,716,224.00
53,338.00
13,585.00
Aircraft, passenger
and cargo handling
22,911,143.00
-7,860,387.00
-
Joint Stock
Company
Sheremetyevo
International
Airport, JSC
MASH
8.96
Base airport for PJSC
Aeroflot
shares
2,259,687,350
Public Joint
Stock Company
Transport
Clearing
House
JSC TCH
3.85
Provide professional
services for
settlements between
agents and airlines
shares
50,000
Organising,
conducting and
improving revenue
settlements for
the carriage of
mail and
cargo, their insurance
and other services
between settlement
system participants
2,283,114.00
1,190,068.00
44,549,90
-
Provide training for
flight personnel and
aviation specialists.
A strategic asset, set
up to meet the needs
of Aeroflot and other
airlines for
qualified specialists
Founder’s
contribution
1,339
Professional training,
advanced training
and retraining of civil
aviation and travel
industry specialists
to meet
the specific needs
of national and
regional bodies
and organisations
(institutions,
businesses), as well
as entities
with other forms
of ownership and
individuals
277,428.00
19,940.00
Not applicable
Private
Professional
Educational
Organisation
“Aeroflot Aviation
School”
Aeroflot Aviation
School
232
2015 ANNUAL REPORT
Parties
Subject matter of transaction
Price
Period
Governing body that
adopted the resolution
PJSC Aeroflot and JSC
Rossiya Airlines
Commercial management of JSC Rossiya Airlines flight
loads by PJSC Aeroflot under the code-share/seat block
agreement based on the commuter (regional) transport
model (including pricing and sale of tickets for such
flights)
Up to RUB 47
billion (forty- seven
billion roubles)
1 November 2015 – 31
October 2016
General Meeting of
Shareholders of PJSC
Aeroflot, Minutes No.37
dated 22 June 2015
233
Strategic Report
Business Overview
Financial review
Appendixes
INTERESTED PART Y TR ANSACTIONS
Counterparty
Price
Period
Interested persons
Basis of interest
Governing body
that adopted the
resolution
Counterparty
Price
Period
Interested persons
Basis of interest
Governing body
that adopted the
resolution
JSC Orenburg
Airlines
Commercial management of
JSC Orenburg Airlines flight
loads by
PJSC Aeroflot under the codeshare/seat block agreement
RUB 2,505,440 000
1 January
2015 – 31
March 2015
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Orenburg
Airlines
The Company owns 20 or
more percent of the shares
(participatory interests, units) in
the legal entity which is a party,
beneficiary, intermediary or
representative in the transaction;
The person holds a position in
the governing bodies of the legal
entity which is a party, beneficiary,
intermediary or representative in
the transaction
Board of Directors,
Minutes No.9
dated 19 January
2015
JSC Orenburg
Airlines
Loan granted by PJSC Aeroflot
to
JSC Orenburg Airlines
RUB 1,000,000,000
Up to 3
(three) years
from the
disbursement
of the first
part of the
loan
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Orenburg
Airlines
the transaction
Board of Directors,
Minutes No. 12
dated 25 February
2015
JSC Sherotel
Hotel accommodation for
PJSC Aeroflot employees
Up to RUB
1,019,309,950
1 January
2015 – 31
December
2016
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Sherotel;
V.Ya. Zingman,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Sherotel
the transaction
Board of Directors,
Minutes No.9
dated 19 January
2015
Aeroflot Aviation
School
Services during practical
training on aircraft
Up to RUB
3,000,000
10 February
2015 - 1
March 2016
I.P. Chalik, a member
of the Board
of Trustees
of the Aeroflot
Aviation School,
is a member of the
Executive Board
of PJSC Aeroflot
the transaction
Board of Directors,
Minutes No. 13
dated 4 March
2015
JSC Rossiya
Airlines
Loan granted by PJSC Aeroflot
to JSC Rossiya Airlines
RUB 2,300,000,000
Up to 1 (one)
year from the
disbursement
of the loan or
the first part
of it
the transaction
Board of Directors,
Minutes No.9
dated 19 January
2015
the transaction
Board of Directors,
Minutes No.14
dated 19 March
2015
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC DONAVIA;
V.Ya. Zingman,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors of
JSC DONAVIA
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member
of the Board of
Directors of JSC
Rossiya Airlines;
R.V. Pakhomov,
a member of the
Board of Directors
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Rossiya
Airlines
JSC Orenburg
Airlines
Technical support for PJSC
Aeroflot aircraft at Orenburg
Airport
Up to RUB
30,000,000
1 July 2015 – 1
July 2020
the transaction
Board of Directors,
Minutes No.9
dated 19 January
2015
the transaction
Board of Directors,
Minutes No.16
dated 14 May 2015
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of Aurora Airlines;
V.N. Antonov,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of Aurora Airlines
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of Orenburg Airlines
JSC Orenburg
Airlines
Representation (agency)
services for
Up to RUB
8,201,000
1 April 2015 –
31 December
2015
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of Orenburg Airlines
Board of Directors,
Minutes No.16
dated 14 May 2015
D.P. Saprykin,
a member of the
Board of Directors
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC MASH
the transaction
Board of Directors,
Minutes No.9
dated 19 January
2015
the transaction
JSC DONAVIA
JSC Aurora
Airlines
JSC MASH
234
Technical support services
for aircraft at Sheremetyevo
Airport
Medical services to air crew
members of PJSC Aeroflot
Real property lease
2015 ANNUAL REPORT
RUB 1,000,000
Up to RUB 350,000
USD 3,070.30
1 January
2015 – 31
December
2016
1 January
2015 – 31
December
2015
1 November
2014 – 30
September
2015
235
Strategic Report
Business Overview
Counterparty
Price
Period
Interested persons
Basis of interest
Governing body
that adopted the
resolution
Counterparty
Price
JSC Rossiya
Airlines
services for
JSC Rossiya Airlines
Up to RUB
55,020,000
1 April 2015 –
31 December
2015
V.Ya. Zingman,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Rossiya
Airlines
the transaction
Board of Directors,
Minutes No.16
dated 14 May 2015
LLC Pobeda
Airlines
Transfer of exclusive rights
to corporate identity to LLC
Pobeda Airlines
RUB 31,500,000
JSC Aurora
Airlines
services for
JSC Aurora Airlines
Up to RUB
22,161,000
1 May 2015 –
31 December
2015
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Aurora
Airlines;
V.N. Antonov,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Aurora
Airlines
the transaction
Board of Directors,
Minutes No.16
dated 14 May 2015
JSC Orenburg
Airlines
services for
RUB 8,201,000
JSC Orenburg
Airlines
Suretyship provided by PJSC
Aeroflot for Public Joint Stock
Company Sberbank of Russia
(PJSC Sberbank) to secure its
overdraft facility
The majority
of members of the
Executive Board
of PJSC Aeroflot
are members of the
Board of Directors
of LLC Pobeda
Airlines
the transaction
Board of Directors,
Minutes No.16
dated 14 May 2015
JSC Sherotel
D.P. Saprykin, a
member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of CJSC Aeromar;
V.Ya. Zingman,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of CJSC Aeromar
the transaction
Annual General
Meeting of
Shareholders,
Minutes No.37
dated 25June 2015
D.P. Saprykin,
a member of the
Board of Directors
and Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of Aurora Airlines;
V.N. Antonov,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Aurora
Airlines;
the transaction
Board of Directors,
Minutes No.1 dated
31 July 2015
LLC Pobeda
Airlines
CJSC Aeromar
JSC Aurora
Airlines
236
Sale of aviation equipment
Aircraft interior cleaning and
equipment services for PJSC
Aeroflot during the period
from 1 July 2015 to 30 June
2016
Transfer of exclusive rights
to corporate identity to JSC
Aurora Airlines
2015 ANNUAL REPORT
Up to RUB
100,000,000
Up to RUB
1,578,566,217
RUB 49,665,000
1 April 2015 –
31 December
2015
1 July 2015 –
30 June 2016
Period
Financial review
Appendixes
Interested persons
Basis of interest
Governing body
that adopted the
resolution
The majority
of members of the
Executive Board
of PJSC Aeroflot
are members of the
Board of Directors
of LLC Pobeda
Airlines
the transaction
Board of Directors,
Minutes No.1 dated
31 July 2015
Until 31
December
2015
V.Ya. Zingman,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Orenburg
Airlines
the transaction
Board of Directors,
Minutes No.1 dated
31 July 2015
Up to RUB
686,900,000
12 months
from the
date of the
Credit Facility
Agreement
V.Ya. Zingman,
a member of the
Executive Board
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC Orenburg
Airlines
the transaction
Board of Directors,
Minutes No.2
dated 3 September
2015
Services for PJSC Aeroflot
passengers in luxury lounges
at
Sheremetyevo and Pulkovo
Airports
Up to RUB
900,000,000
1 January
2016 – 31
December
2016
N.B. Altukhov,
a member of the
Board of Directors
of JSC Sherotel,
is a member of the
Executive Board
of PJSC Aeroflot,
V.Ya. Zingman,
a member of the
Board of Directors
of JSC Sherotel,
is a member of the
Executive Board
of PJSC Aeroflot
the transaction
Board of Directors,
Minutes No.6
dated 20
November 2015
JSC MASH
Ground handling services for
PJSC Aeroflot aircraft
RUB 1,300,000
1 September
2015 - 31
August 2018
D.P. Saprykin,
a member of the
Board of Directors
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC MASH
the transaction
Board of Directors,
Minutes No.6
dated 20November
2015
JSC MASH
Provision of aircraft parking
stands to PJSC Aeroflot at
Sheremetyevo Airport
Up to RUB
115,000,000
1 September
2015 – 31
August 2018
D.P. Saprykin,
a member of the
Board of Directors
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC MASH
the transaction
Board of Directors,
Minutes No.6
dated 20November
2015
237
Counterparty
Price
Period
Interested persons
Basis of interest
Governing body
that adopted the
resolution
JSC MASH
Services for PJSC Aeroflot
passengers in luxury lounges
at
Up to RUB
600,000,000
1 September
2015 – 31
August 2018
D.P. Saprykin,
a member of the
Board of Directors
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC MASH
the transaction
Board of Directors,
Minutes No.6
dated 20
November 2015
JSC MASH
Airport services at
Up to RUB
4,500,000,000
1 September
2015 – 31
August 2018
D.P. Saprykin,
a member of the
Board of Directors
of PJSC Aeroflot,
is a member of the
Board of Directors
of JSC MASH
the transaction
Board of Directors,
Minutes No.6
dated 20
November 2015
LLC Pobeda
Airlines
Technical support for LLC
Pobeda Airlines aircraft
RUB 30,000,000
31 December
2015 – 31
December
2017
The majority
of members of the
Executive Board
of PJSC Aeroflot
are members of the
Board of Directors
of LLC Pobeda
Airlines
the transaction
Board of Directors,
Minutes No.6
dated 20
November 2015
238
2015 ANNUAL REPORT
Strategic Report
Business Overview
Financial review
Appendixes
TR ANSACTIONS BY MEMBERS
OF PJSC AEROFLOT EXECUTI VE BODIES
Full name
Position
Transaction type
(purchase/sale)
Date
Amount
Equity interest, %
Kirill Igorevich
Bogdanov
Deputy General Director for
Information Technology, member
of the Executive Board
Purchase
17 September 2015
185,800
0.0167%
Kirill Igorevich
Bogdanov
Deputy General Director for
Information Technology, member
of the Executive Board
Sale
23 December 2015
185,800
0.0167%
239
RESULTS OF EXECUTION OF PRESIDENTIAL AND
GOVERNMENTAL INSTRUCTIONS AND DIRECTI VES
No
Document type, date, number
1
Ensure the transparency of financial and business activities
(Federal Law No. 273-FZ dated 25 December 2008 «On Combating Corruption”, Russian Presidential Decree No. 309 dated 2 April 2013 on measures to implement
certain provisions of the Federal Law “On Combating Corruption”, 2014-2015 National Anticorruption Plan approved by Russian Presidential Decree No. 226 dated 11
April 2014)
1.1
Instruction of Director of the Public Service and
Personnel Department of the Government of the
Russian Federation A.A. Soroko No. P17-9104 dated
26 February 2015
(Incoming Ref. No. 1601 dated 2 March 2015)
Submit information about own income, expenses,
property and liabilities and those of the spouse and
minor children for 2014 to the Public Service and
Russian Federation by 30 April 2015.
Information was submitted within the prescribed time
limit.
Russian Government Resolution No.10 dated 9
January 2014
(Incoming Ref. No. 158 dated 13 January 2014)
The procedure for notification by certain categories
of persons of receipt of a gift related to their
official position or duties, valuation, surrender, sale
(buyout) of the gift and crediting of proceeds from
the sale.
Instruction of the Prime Minister of the Russian
Federation No. DM-P17-3229 dated 5 May 2014
(Incoming Ref. No. 3465 dated 8 May 2014)
A request to ensure the implementation of the
2014-2015 National Anticorruption Plan approved
by Russian Presidential Decree No. 226 dated 11
April 2014
Instruction of Deputy Prime Minister of the Russian
Federation D.O. Rogozin RD-P17-7398 dated 1
October 2014
(Incoming Ref. No. 7589 dated 6 October 2014)
In pursuance of paragraph 2 item “c” of the 20142015 National Anticorruption Plan, by 1 August
2015:
2. The organisations set up to accomplish tasks
specified by the Russian Government (according
to the list) shall ensure that regulations pursuant
to section III of the attached list are developed
and adopted and shall send information to the
Government of the Russian Federation.
Is being executed.
Supplementary agreements imposing an obligation
to comply with the prohibitions and restrictions
and perform the duties prescribed by the laws and
regulations of the Russian Federation to combat
corruption have been concluded with Aeroflot officials.
On 15 November 2013, the Executive Board approved the
Code of Corporate Conduct, which contains provisions
on combating corruption and preventing and resolving
conflicts of interest in Sections 10 and 11.
Order of the CEO No. 54 dated 11 February 2015
approved the 2015 Anticorruption Plan, under which the
following was developed and approved:
Procedure for notifying management of attempts to
engage employees in corrupt acts (Order No. 218 dated
2 July 2015);
List of positions held by employees under an
employment contract which are subject to prohibitions,
restrictions and duties set forth in the Federal Law “On
Combating Corruption” and other federal laws (Order
No. 236 dated 17 July 205);
Procedure for notifying the employer of any personal
interest that leads or may lead to a conflict of interest
(Order No. 250 dated 31 July 2015);
Procedure for notification by employees of receipt of a
gift in connection with hospitality events, business trips
and other official events, in which they participate by
virtue of their official position or duties, procedure for
surrender, valuation and buyout of the gift and crediting
proceeds from the sale (buyout) (Order No. 78 dated 17
March 2016).
On 21 December 2015, the Board of Directors approved
the following (Minutes No 8):
Aeroflot Group Anticorruption Policy;
Regulations on the Board of Directors (Audit Committee
of the Board of Directors) Confidential Whistle-Blowing
System “Hotline”.
Information about the progress in the implementation of
Instruction of the Government of the Russian Federation
No RD-P17-7398 dated 1 October 2014 was sent to
Director of the Public Service and Personnel Department
of the Government of the Russian Federation A.A.
Soroko (Outgoing Ref. No. 12-1180 dated 2 September
2015).
1.2
1.3
1.4
1.5
1.6
240
Instruction of Director of the Public Service and
Russian Federation A.A. Soroko No. PI7-40813 dated
19 August 2015
(Incoming Ref. No. 6753 dated 21 August 2015)
Article 92 of Federal Law No. 208-FZ dated 26
December 1995 “On Joint-Stock Companies”.
Chapter VIII of Order of the Federal Service for
Financial Markets of Russia No. 11-46/pz-n dated 4
October 2011 «On approval of the disclosure policy
by issuers of equity securities”.
Order of the Russian Ministry of Economic
Development No. 208 dated 11 May 2011 “On
approval of information disclosure by state owned
joint-stock companies and state (municipal) unitary
enterprises”
2015 ANNUAL REPORT
Brief description of assignment
Take necessary measures to implement Instruction
of the Government of the Russian Federation No.
RD-P17-7398 dated 1 October 2014 adopted in
pursuance of paragraph 2 item “c” of the 20142015 National Anticorruption Plan regarding
submission of information on developed and
adopted anticorruption regulations to the Russian
Government.
Obligation to disclose information to the extent and
in accordance with the procedure set forth by the
federal executive body for the securities market.
Information disclosure requirements for joint-stock
companies included in the forecast privatization
plan.
Execution
Is being executed.
The regulations on information communication
through the interdepartmental portal for state property
management have been approved by the Board of
Directors (Minutes No. 11 dated 4 April 2012).
Reports on communications with shareholders and the
investment community are presented to the Board of
Directors on a quarterly basis.
The company fully complies with disclosure
requirements set by Russian legislation. In particular,
all information is disclosed on the webpage and in news
bulletins of PJSC Aeroflot.
Procedure for submission of information and disclosure
of material facts relating to the Company and the
Company’s insider information was approved by Order
No. 80 dated 5 March 2015.
Strategic Report
Business Overview
Financial review
Appendixes
No
Execution
1.7
Paragraph 7 subparagraph 2 of minutes of a meeting
held by First Deputy Prime Minister of the Russian
Federation I.I. Shuvalov No. ISH-P13-98pr dated
3 October 2013
Publish resolutions of the board of directors not
treated as a trade secret
Is being executed in accordance with disclosure
requirements of legislation in force in the Russian
Federation
Board of Directors minutes are posted in the Company’s
account on the interdepartmental portal for state
property management.
2
Russian Government Order No. 867-r dated 29 May 2013 “On approval of the action plan (“road map”) titled “Expanding access for small and medium-sized businesses
to procurement conducted by infrastructure monopolies and companies with state participation” (the “Plan”), Order of the Russian Ministry of Economic Development
No. 3552 dated 21 June 2013 “On the organisation of work to implement the action plan (“road map”) titled “Expanding access for small and medium-sized businesses to
procurement conducted by infrastructure monopolies and companies with state participation”
2.1
Directives of the Government of the Russian
Federation No. 6362p-P13 dated 24 October 2014
(Incoming Ref. No. 9085 dated December 9, 2013)
Ensure the efficiency of the customer’s interaction
with small and medium-sized businesses (“SMBs”),
including as regards procurement of innovative
products:
• create a consultative body responsible for public
audit of procurement effectiveness;
Executed.
A consultative body has been set up (Order No. 188 dated 19
June 2014), its members have been approved by Directive No.
242/U dated 18 December 2014.
• develop Regulations on the Consultative Body,
Executed.
Regulations on the Consultative Body have been
developed (RI-GD-227, annex to Order No. 188 dated 19
June 2014).
• ensure control over the efficiency of the
In progress.
Planned to be completed in Q1 2016.
At its meeting on 17 December 2015, the Executive Board
considered the item entitled “Implementation of the draft
regulations on the procedure and rules for implementing
innovative solutions” and as part of it approved for
implementation a project to create a “single window”
system. Project charter and technical documentation
began to be developed.
• ensure maximum transparency of the activities
Is being executed.
Information about activities of the consultative body,
including minutes of its meetings, is published in the
relevant section at http://www.aeroflot.ru/cms/
content/soveshchatelnyi-organ
• form a special section in the Annual Report on
Executed.
A special section in the Annual Report has been formed.
ensure the transparency of its activities;
customer’s “single window» system to
implement innovative products and results
of research, development and technological
work carried out by SMBs and ensure mutual
technology transfer;
of the consultative body responsible for public
audit of procurement effectiveness;
the efficiency of procurement from small and
medium-sized businesses;
• develop, with the participation of the consultative In progress.
body’s representatives, approve and put into
effect regulations on procedures and rules
for implementing innovative solutions in the
customer’s activities;
Draft regulations on the procedure and rules for
implementing innovative solutions (the “Regulations”)
have been developed and heard at a meeting of the
consultative body (Minutes No. 2 dated 17 March 2015),
where critical remarks were made. These remarks were
considered at the meeting of the Executive Board on
17 December 2015, and it was decided to modify the
draft regulations. The draft regulations are currently
undergoing an internal approval process. Planned
implementation time: Q1 2016.
• make amendments to the customer’s
In progress.
Draft amendments to the regulations on procurement of
goods, works and services have been developed and are
currently undergoing an internal approval process.
Planned implementation time: Q2 2016.
• develop and introduce a KPI for customer’s
Executed.
• include in the KPI system for management a
Executed.
procurement regulations or other administrative
documents with respect to procurement limited
to SMBs, stipulating:
the right of SMBs to select the terms of the
bid security;
that the bid security provided by SMBs shall
be returned to them within 7 business days;
the customer’s obligations relating to the time
limit for entering into a contract with SMBs
(20 business days maximum);
the customer’s obligations relating to the time
limit for payment for work done (10 business
days maximum);
that the claims under contracts with SMBs
may be assigned to financial institutions;
management measuring the share of
procurement from SMBs, including innovative
products;
labour productivity indicator, which should grow
by at least 5 percent per annum until the industry
average for foreign peers is achieved in 2018;
241
No
Appendixes
No
4
Strategy development and updating, efficiency, long-term planning
4.1
List of Instructions of the President of the Russian
Federation No. Pr-3086 dated 27 December 2013;
Instruction of the First Deputy Prime Minister of the
Russian Federation I.I. Shuvalov No. 4955p-P13 dated
17 July 2014
5
On the development (updating) of innovative development programmes
5.1
Minutes of a meeting of the Presidium of the
Presidential Council for Russia’s Economic
Modernization and Innovative Development No. 2
dated 17 April 2015 (section II, item a), paragraph 2)
(Incoming Ref. No. 3907 dated 14 May 2015)
On the need to update (develop) and approve
innovative development programmes of stateowned companies, taking into account the
Methodological Guidelines (appendix to the
minutes)
In progress.
An Action Plan for updating the Aeroflot Group
Innovative Development Programme has been
developed and approved (No. 52/Pl dated 6 August
2015).
According to the Plan:
the charter of the research project “Updating of the
Aeroflot Group Innovative Development Programme”
(the “IDP”) has been developed, a tender for selecting a
contractor has been prepared and held.
Based on the tender results, a contract was signed with
the Moscow State Technical University of Civil Aviation
to develop an updated IDP.
On November 26 2015, the Board of Directors (Minutes
No. 7) approved Regulations on the procedure for
development and implementation of the Innovative
Development Programme.
5.2
Procedure for updating (developing) innovative
development programmes of state-owned
companies in 2015-2016 approved by Prime Minister
of the Russian Federation D.A. Medvedev No. DMP36-7563 dated 7 November 2015
(Incoming Ref. No. 9879 dated 7 July 2015)
1. A key performance indicator for innovative
activities of 20-25 percent shall be included
in motivational key performance indicators
for management of the specified entities by 31
December 2015 and shall be taken into account in
determining the remuneration for management of
these entities starting from 2016.
2. Entities with state participation shall submit draft
innovative development programmes to federal
executive authorities for approval in accordance
with the Regulations by 1 April 2016.
Executed.
This indicator is included in the list of key performance
indicators for the CEO for 2016 (Minutes of the Board of
Directors No. 9 dated 24 December 2015).
Information about execution of the Instruction was sent
to the Russian Ministry of Transport (Ref. No. 05-7 dated
11 January 2016)
• include in the KPI system for management
Executed.
Ensure the efficiency of the customer’s interaction
with SMBs, including as regards procurement of
innovative products:
Increase the share of e-procurement and open
competitive procurement processes in relation to
the total annual volume to the extent and by the
time provided for in item 7 of the Road Map:
Being executed taking into account the Company’s
business specifics
• the share of e-procurement and open
Established by the KPI achievement target for 2015
Planned to be achieved in 2016.
competitive procurement processes in 2017
should be at least 60 percent;
• The customer's procurement regulations or other In progress.
administrative documents shall be amended
(when approving specifics of procurement from
SMBs) by separate documents stipulating that
at least 20 percent of the annual procurement
of standard products that can be replaced with
innovative products developed by SMBs should
be allocated annually to innovative products.
Draft amendments to the Regulations on procurement of
goods, works and services have been developed and are
currently undergoing an internal approval process.
Planned implementation time: Q2 2016.
Develop a pilot programme of partnership with SMB
associations
Executed.
The pilot programme of the Company’s partnership with
SMBs was developed and approved by CEO Order No.
408 dated 25 November 2015.
Prepare proposals for simplifying the procurement
procedure for SMBs.
In progress.
Develop a methodology for determining the
life cycle of products, works and services to be
procured.
The methodology for determining the life cycle of
products, works and services to be procured (the
“Methodology”) was approved by CEO Order No. 321
dated 28 September 2015 after receiving a positive
opinion of the auditor, Higher School of Economics (No.
6.18.1-19/1706-06 dated 17 June 2015).
Develop and introduce criteria for evaluating
and comparing bids based on the “life cycle cost
of a product or work” for innovative, high-tech
or technically sophisticated products in the
procurement processes.
Being executed according to the approved Methodology.
Ensure that annual procurement of innovative,
hi-tech or technically sophisticated products is
conducted using the criterion “life cycle cost of a
product or work”
Being executed according to the approved Methodology.
3
Russian Presidential Decree No. 287 dated 5 June 2015 “On measures to further develop small and medium-sized businesses”
3.1
Russian Government Order No. 2258-r dated 6
October 2015, Russian Government Resolution No.
1169 dated 29 October 2015
Assessment of draft plans for procurement
of goods, works and services, draft plans for
procurement of innovative, high-technology and
pharmaceutical products, and draft amendments to
such plans for compliance with Russian legislative
requirements regarding participation of small
and medium-sized businesses in procurement,
conducted by JSC Federal Corporation for
Development of Small and Medium-Sized
Businesses prior to their approval
Is being executed.
Draft plan No. 2150141859 was published in the unified
information system on 30 December 2015 (notice No.
P2150141859001).
According to the report of JSC Corporation SMB No.
OZS-31/2015 dated 30 December 2015, the draft plan
meets Russian legislative requirements.
Executed.
2015 ANNUAL REPORT
Financial review
Execution
242
• amend the customer’s documents relating to
an indicator of environmental friendliness of
products made and work performed to be set at
a level not lower than that of foreign peers
Federation No. 7377p-P13 dated 7 December 2013
Business Overview
the generation of relevant statistics and include
in the KPI system for management an energy
savings indicator with a target to achieve at
least 5 percent energy savings annually until the
industry average for foreign peers is achieved
in 2018;
2.2
Strategic Report
Ensure that a long-term development programme
(the “LTDP”) is approved, develop a programme
audit procedure:
- ensure that the LTDP is developed and approved;
- ensure that implementation of the LTDP is audited
and a related audit standard is approved;
- ensure that amendments are made to the
regulations on the remuneration of the sole
executive body
Execution
Executed.
The Aeroflot Group Strategy (of long-term development)
through 2025 was approved by the decision of the Board
of Directors dated 2 December 2014 (Minutes No. 8);
A standard for auditing implementation of the Aeroflot
Group LTDP and Statement of Work for the audit were
developed and approved by the Board of Directors
decision dated 29 January 2015 (Minutes No. 10).
In progress.
6
Paragraph 2 of List of Instructions of the President of the Russian Federation No. Pr-3013 dated 27 December 2014,
Instructions of the Russian Government No. ISH-P13-1818 dated 23 April 2015 and No. ISH-P13-4148 dated 24 June 2015
6.1
Directives of the First Deputy Prime Minister of the
Russian Federation I.I. Shuvalov No. 3984p-P13
dated 24 June 2015
(Incoming Ref. No. 5471 dated 7 July 2015)
1. Ensure that the following internal documents
of the company are developed and implemented
by 16 November 2015 in accordance with the
methodological guidelines approved by the Russian
Government in pursuance of Instruction No. Pr3013:
Regulations on improvement of investment and
operating efficiency and cost reduction;
Regulations on improvement of investment and
operating efficiency and cost reduction were approved
by the Board of Directors decision dated 21 December
2015 (Minutes No. 8);
• Internal audit regulations;
Internal Audit Regulations of Aeroflot Group were
approved by the Board of Directors decision dated 1
October 2015 (Minutes No. 4);
• Regulations of the quality management system;
A revised Operational Quality Manual was approved by
the Board of Directors decision dated 10 October 2015
(Minutes No. 4);
• Regulations on the risk management system;
Regulations on the Risk Management System of Aeroflot
Group were approved by the Board of Directors decision
dated 26 November 2015 (Minutes No. 7);
• Regulations on the procedure for development
Regulations on the procedure for development and
implementation of the Innovative Development
Programme were approved by the Board of Directors
decision dated 26 November 2015 (Minutes No. 7);
and implementation of innovative development
programmes
243
No
6.2
7.
dated 31 July 2015 (Incoming Ref. No. 96/KI dated
24 August 2015)
Business Overview
2015 ANNUAL REPORT
Financial review
Appendixes
Execution
No
2. Submit a report on the implementation of
these directives as well as information about
implementation of guidelines on key performance
indicators (KPIs) No. 2579p-P3 dated 25 April
2014 and on long-term development programmes
(LTDPs) No. 4955p-P13 dated 17 July 2014,
approval and implementation of the LTDP and the
KPI Regulations in the Company to the Federal
Agency for State Property Management by 30
November 2015.
Executed.
The CEO’s key performance indicators (KPIs) for
2015 were approved by the Board of Directors on
23 April 2015. Information about implementation of
directives was sent to the Russian Ministry of Economic
Development and the Federal Agency for State Property
Management (Outgoing Ref. No. 1-1544 dated 20
November 2015 and Outgoing Ref. No. 04-1595 dated 30
November 2015).
PJSC Aeroflot KPI Policy for 2015 approved by the
Board of Directors decision dated 29 October 2015.
8
Paragraph 5 of List of Instructions of the President of the Russian Federation No. Pr-1474 dated 5 July 2013, paragraph 1 subparagraph 5 of List of Instructions of the
President of the Russian Federation No. Pr-2821 dated 5 December 2014, paragraph 5 of Instruction of the Government of the Russian Federation No. DM-P13-9024
dated 8 December 2014
8.1
25 April 2014 (Incoming Ref. No. 4212 dated 3 June
2014)
Paragraph 1. Approve s sponsorship and charity
budget and regulations on the procedure for
establishing and using the sponsorship and
charity fund within 10 days after methodological
recommendations for the development of
regulations on the procedure for establishing
and using the sponsorship and charity fund are
approved by the Russian Ministry of Economic
Development.
Executed.
The budget was approved by the Board of Directors on
26 November 2015 (Minutes No. 7), the charity expense
item is included in the approved budget.
Regulations on the procedure for establishing and
using the charity fund and regulations on the procedure
for establishing and using the sponsorship fund were
January 2016 (Minutes No. 10).
Paragraph 2. Modify the structure of the Company’s
annual report by adding information about
areas and amounts of sponsorship and charity
contributions made by the Company, its subsidiaries
and affiliates during the reporting period (starting
from reporting for the 2015-2016 corporate year).
Executed.
Paragraph 3. The Company and its subsidiaries
and affiliates shall submit reports on the utilization
of the sponsorship and charity fund through
the interdepartmental portal for state property
management on a quarterly basis (by the 15th day of
the month following the reporting quarter, starting
from reporting for Q4 2015).
Is being executed.
Information about the entity’s sponsorship and charity
activities will be provided at least every six months
(paragraph 2.5 of the methodological recommendations
for the development of regulations on the procedure
for establishing and using sponsorship and charity
funds approved by the Russian Ministry of Economic
Development).
8.2
16 April 2015 (Incoming Ref. No. 3244 dated 16 April
2015)
(Incoming Ref. No. 3576 dated 24 April 2015)
Include the following information in the Annual
Report:
1. Information about the existence of a development
strategy in the JSC.
2. Information about the existence of a long-term
development programme in the JSC.
3. Information about changes in the development
strategy and the LTDP compared to the previous
year.
4. Information about the existence of other
programmes in the JSC (including investment,
innovative and other programmes) as part of the
development strategy and the LTDP.
5. Information about the existence of an approved
programme for disposal of non-core assets in the
JSC.
6. Information about whether or not the JSC has
an auditor’s report on implementation of the LTDP,
date and number of the auditors’ report, main
conclusions of the auditor.
7. Information about the existence of an approved
system of key performance indicators in the JSC.
8. Brief description of the risks faced by the JSC and
its risk management activities.
9. Description of the principles and approaches to
organisation of the risk management and internal
control system, information about the internal audit
function.
II. Approval of the Annual Report, provided that it
has been prepared based on the audited financial
statements for the reporting and previous years
III. Incorporation into the Annual Report of
information about basic internal regulations that
served as the basis for the preparation of the current
Annual Report, including key internal regulations
governing the internal audit function and operation
of the RM&IC system.
Executed.
The 2014 Annual Report was prepared taking into
account consideration the relevant directives, was
April 2015 (Minutes No. 15) and was approved by the
General Meeting of Shareholders on 22 June 2015.
9.
Paragraph 3 of List of Instructions of the President of the Russian Federation based on the results of a meeting dedicated
to improvement of performance of state-owned companies No. Pr-3013 dated 27 December 2014
dated 6 April 2015 (Incoming Ref. No. 2720 dated 7
April 2015)
244
Strategic Report
Execution
Ensure that state corporations, state and unitary
enterprises and business entities in which the
Russian Federation and a constituent entity of the
Russian Federation hold a total stake exceeding
50% adopt key performance indicators to evaluate
the work of management;
approve regulations on the Company’s key
performance indicators;
Executed.
approve key performance indicators to evaluate the
work of management, which have to be taken into
account in making employee compensation and
personnel decisions.
Target KPIs for the CEO are approved by decisions of the
Board of Directors on an annual basis.
Make decisions intended to ensure that:
a set of measures (list of activities) aimed at
achieving at least a 2-3 percent reduction in
operating expenditures annually (hereinafter
referred to as the “OPEX reduction indicator”) is
developed and target indicator for these activities
are determined;
the list of activities and their indicators, as well as
the OPEX reduction indicator, starting from its level
in 2015, are included in the long-term development
programme of the Company;
Is being executed.
The list of activities and target indicators for these
activities were prepared and approved by the Strategy
Committee of the Board of Directors on 27 January
2016 and by the Executive Board on 12 February 2016
for including in the updated LTDP of Aeroflot Group
for 2015-2020. The updated LTDP of Aeroflot Group is
scheduled to be approved by the Board of Directors.
target OPEX reduction indicators are included in the
list of key performance indicators for management,
which have to be taken into account in making
employee compensation and personnel decisions,
and also that the Company’s management
remuneration is linked to the achievement of the
OPEX reduction indicator;
Executed.
the employment agreement (contract) with the
sole executive body of the Company is amended
to include an obligation to achieve the OPEX
reduction indicator set in the Company’s long-term
development programme.
The current employment agreement with the Company’s
sole body includes an obligation to achieve the OPEX
reduction indicator set in the Company’s long-term
development programme and provides for fulfilment of
approved KPIs.
Target KPIs for the CEO for 2014 were approved by the
Board of Directors decision dated 16 December 2013
(Minutes No. 11).
Information is posted in the Company’s account
on the interdepartmental portal for state property
management.
PJSC Aeroflot KPI Policy for 2015 approved by the
Board of Directors decision dated 29 October 2015.
Paragraph 6 of the Action Plan (road map) to implement the Code of Corporate Governance approved by Instruction of the Government of the Russian Federation No.
ISH-P13-5859 dated 31 July 2014, Russian Government Directives No. 5667-P13 dated 2 September 2014
Directives of Deputy Prime Minister of the Russian
Federation A.V. Dvorkovich No. 1109p-P1З dated 26
February 2015
On approval of the action plan (road map) to
implement to the Code of Corporate Governance
Executed.
The action plan (road map) to improve corporate
governance practices was approved by the Board of
Directors decision dated 19 March 2015 (Minutes No. 14)
10.
Paragraph 1 of List of Instructions of the President of the Russian Federation No. Pr-1032 dated 7 May 2014, paragraph 4 of the schedule for establishing unified
treasuries approved by Instruction of the Government of the Russian Federation No. ISH-P13-321 dated 26 January 2015
10.1
Russian Government I.I. Shuvalov No. 5110p-P13
dated 8 August 2014
Ensure the operation of the unified treasury of the
company, its subsidiaries and affiliates providing the
centralized management of financial flows of the
group of companies, minimisation of financial risks
and operating expenses, and maximisation of the
return on investment of available resources.
The company’s board of directors shall ensure that:
• the structure of the unified treasury of the
company, its subsidiaries and affiliates (the
“group”) providing the centralized management
of financial flows of the group, minimisation
of financial risks and operating expenses, and
maximisation of the return on investment of
available resources, and internal documents of
the group regulating operation of the Treasury
and a financial flow management system are
developed and approved.
The matter was considered at the meeting of the Board
of Directors (Minutes No. 5 dated 25 September 2014)
Conducting an annual analysis of the results of
establishing the unified treasury of Aeroflot Group was
April 2015 (Minutes No. 15).
The establishment of the unified treasury of Aeroflot
Group was approved by the Board of Directors decision
dated 3 September 2015 (Minutes No. 2).
Regulations on the Unified Treasury were approved on
29 May 2015 (RI-04-078 No. 151/I).
Regulations on implementation of the key treasury
functions as part of operation of the Unified Treasury
were approved on 29 May 2015 (RI-04-079 No. 152/I).
245
Strategic Report
Business Overview
Financial review
Appendixes
No
Execution
No
10.2
26 March 2015 (Incoming Ref. No. 2566 dated 2
April 2015)
1. Conduct an annual analysis of the results of
establishing the unified treasury of the Company, its
subsidiaries and affiliates.
2. Submit a report on the results of conducted
analysis to the Russian Ministry of Finance and the
Federal Financial Monitoring Service on an annual
basis by September 15, starting from 2015.
Is being executed.
The results are analysed in accordance with the Board of
Directors decision dated 23 April 2015 (Minutes No. 15).
The report was sent to the Russian Ministry of Finance
and the Federal Financial Monitoring Service within
the prescribed time limit (Ref. No. 403-2812 dated 15
September 2015)
14
Implementation of recommendations for managing the rights to the results of intellectual activity (paragraph 34 of the Action Plan to implement the Socio-Economic
Development Strategy of the Central Federal District through 2012 approved by Russian Government Order No. 2564-r dated 27 December 2012, Instruction of the First
Deputy Prime Minister of the Russian Federation No. IS-P8-800 dated 4 February 2014)
14.1
Instruction of the Federal Agency for State Property
Management No. 11/9288 dated 7 March 2014
Consideration of the item entitled “On the feasibility
of applying recommendations for managing the
rights to the results of intellectual activity” at a
meeting of the Board of Directors
The item was considered at the meeting of the Board of
Directors on 27 March 2014 (Minutes No. 16, paragraph
8.2)
The Executive Board was tasked with developing and
approving basic provisions regarding management of the
rights to the RIA and the Action Plan to implement them.
management.
14.2
Recommendations of the Federal Agency for
State Property Management dated 13 March 2014
concerning management of the rights to the results
of intellectual activity (RIA) in organisations
Develop and approve basic provisions regarding
management of the rights to the RIA and the
Action Plan to implement them, taking into account
recommendations of the Federal Agency for
State Property Management and the Company’s
innovative development programme;
Designate and official to be responsible for efficient
operation of the system for managing the rights to
the RIA and implementation of basic provisions and
the Action Plan
In progress.
Draft regulations on the management of the rights to the
RIA were approved by the Executive Board (Minutes No.
6 dated 27 February 2015, No. 31 dated 17 December
2015).
The responsibility for implementation of the Regulations
on the management of the rights to the RIA is vested in
Deputy General Director for Customer Service.
The draft regulations on the management of the rights
to the RIA are currently undergoing an internal approval
process.
15
Measures to support air passenger transport in the Russian Federation
11
Paragraph 1 sub-paragraph 4 of List of Instructions of the President of the Russian Federation No. Pr-2821 dated 5 December 2014,
paragraph 4 of Instruction of the Government of the Russian Federation No. AD-P9-9176 dated 8 December 2014
5 March 2015 (Incoming Ref. No. 2247 dated 23
March 2015)
12
Paragraph 2 item «c” of Russian Presidential
Decree No. 596 dated 7 May 2012 “On Long-Term
Government Economic Policy”
The boards of directors need to:
analyse assets of joint-stock companies for
separating non-core assets, where appropriate;
ensure that a programme for disposal of NCAs is
considered and decided on (approved);
In addition: NCAs have to be not only disposed of,
but also removed from the sphere of influence of
joint-stock companies.
NCAs can also include interests in subsidiaries and
affiliates not used in core business.
Executed.
Amendments to the updated long-term development
programme of Aeroflot Group were approved by the
Board of Directors decision dated 28 May 2015 (Minutes
No. 18).
Minutes of a meeting held by the Prime Minister of
the Russian Federation D.A. Medvedev No. DM-P918pr dated 24 February 2015
The programme for disposal of NCAs was approved by
the Board of Directors on 26 July 2012 (Minutes No. 1).
management.
Russian Government Order No. 1250-r dated 9 July 2014, paragraph 6 section 2 of the action plan, subparagraphs 6.2, 6.3, 6.4 paragraph 6 section 2 of the Action Plan
to ensure labour productivity, create and modernise highly productive jobs, approved by Russian Government Order No. 91-r dated 23 January 2003
Federation No. 7389r-P13 dated 31 October 2014
(Incoming Ref. No. 8844 dated 24 November 2014)
246
Executed.
Programme for disposal of non-core assets (NCAs)
Paragraph 1 item “k” of Instruction of the President
of the Russian Federation No. Pr-3668 dated 6
December 2011.
13
Ensure that by the end of Q1 2015:
a set of measures aimed at a planned and phased
replacement of procurement of foreign products
(works, services) with procurement of Russian
products (works, services) equivalent in terms of
technical characteristics and consumer properties
used in the implementation of investment projects
and current activities, based on principles of
economic feasibility and technological feasibility, is
developed;
the list of activities and their indicators are
included in the company’s long-term development
programme
2015 ANNUAL REPORT
Consideration of an item entitled “Labour
productivity improvement” at meetings of the board
of directors of joint-stock companies by December
2014 and adopting of decisions intended to ensure
that:
a set of labour productivity improvement measures
(list of activities) in the company (the “list of
activities”) is developed and target indicators for
these activities are determined;
of activities, indicators of their implementation,
and values of the labour productivity indicator (the
“LPI”) calculated under the methodology provided
in the Order of Rosstat No. 576 dated 23 September
2014 are included in the company’s long-term
development programme, taking into account
provisions of the Methodological Guidelines on the
Drafting of Long-Term Development Programmes
approved by the Instruction of the Government of
the Russian Federation No. ISH-P13-2583 dated 15
April 2014;
the target LPI is included in the list of key
performance indicators for management that have
to be considered in making employee compensation
and personnel decisions, and the company’s
management remuneration is linked to the
achievement of the LPI;
amendments are made to the employment
agreement (contract) with the company’s sole
executive body to include an obligation to achieve
the LPI values determined in the company’s longterm development programme;
The matter was considered at a meeting of the Board of
Directors (Minutes No. 8 dated 2 December 2014)
the annual federal statistical monitoring form
“Labour productivity in non-financial corporations
with state participation” is completed via the
Company’s account on the interdepartmental portal
for state property management, taking into account
provisions of the Order of Rosstat No. 576 dated 23
September 2014.
Information is published in the Company’s account
management.
A list of labour productivity improvement activities was
approved on 19 February 2015 (No. 14/PI).
The Board of Directors (Minutes No. 10 dated 29
January 2015) approved the weights of the KPIs for the
Aeroflot Group LTDP for 2015 (the weight of the labour
productivity indicator, including a blocking indicator
(bonus reduction indicator *) is 15 percent).
9. The Russian Ministry of Transport, with the
participation of PJSC Aeroflot, shall consider
the possibility of selling air tickets in a quantity
exceeding the aircraft seating capacity to increase
aircraft load factors with an analysis of mechanisms
for reimbursing non-carried passengers for possible
damage.
10. The Russian Ministry of Transport and the
Ministry of Economic Development, with the
participation of PJSC Aeroflot, shall consider the
possibility of wet leasing-out an aircraft and submit
the relevant proposal to the Russian Government
according to established procedure.
14. The Russian Ministry of Transport, with
the participation of leading Russian airlines,
shall consider limiting the liability of airlines to
passengers in case of flight delays and cancellations
due to weather conditions and submit agreed
proposals to the Russian Government.
Execution
Executed.
The Company’s position was communicated to the
Russian Ministry of Transport (Outgoing Ref. No. 407-89
dated 20 March 2015).
16
On organising the fulfilment of obligations of OJSC TRANSAERO Airlines to transport passengers
16.1
Minutes of the meeting of the Governmental
Committee for Economic Development and
Integration held by the First Deputy Prime Minister
of the Russian Federation I.I. Shuvalov No. 8 dated 1
September 2015
(Incoming Ref. No. 7330 dated 14 September 2015)
6. Recommend that PJSC Sberbank, together with
PJSC Aeroflot, should hold negotiations with credit
institutions that are creditors of OJSC TRANSAERO
Airlines on restructuring the debt of OJSC
TRANSAERO Airlines.
Executed.
Proposals were sent to PJSC Sberbank on 21 August
2015.
16.2
List of Instructions of the President of Russian
Federation V.V. Putin based on the results of the
meeting with members of the Russian Government
No. Pr-2228 dated 28 October 2015 (Incoming Ref.
No. 189/KI dated 30 October 2015)
1. Ensure the fulfilment of the obligations of OJSC
TRANSAERO Airlines to transport passengers
together with PJSC Aeroflot
2. Take measures to employ discharged employees
of OJSC TRANSAERO Airlines
Executed.
Obligations to passengers have been performed in full.
Information about execution of the instruction was sent
to the Russian Ministry of Transport on 18 November
2015.
16.3
Federation A.V. Dvorkovich No. AD-P9-7634
dated 11 November 2015
(Incoming Ref. No. 196/KI dated 13 November 2015)
Execution of paragraph 1 of Instruction of the
President of the Russian Federation V.V. Putin
No. 2228 dated 28 October 2015 based on the
results of a meeting with members of the Russian
Government
Work was carried out, information about employment
of former employees of OJSC TRANSAERO Airlines at
PJSC Aeroflot is submitted to the Federal Labour and
Employment Service on a weekly basis on Thursdays.
247
No
17
Certain assignments given by the Government of the Russian Federation
17.1
Federation A.V. Dvorkovich No. AD-P9-356 dated 24
January 2015
The Russian Ministry of Transport, the Ministry
of Economic Development, the Ministry for
Development of Russian Far East and the Federal
Air Transport Agency shall, together with PJSC
Aeroflot, Vnesheconombank, OJSC Foundation for
the Development of the Far East and Baikal Region
and major Russian banks, review a submission
from the Head of the Republic of Sakha (Yakutia),
report proposals to the Russian Government and
inform the Head of the Republic of Sakha (Yakutia)
accordingly.
Executed.
Proposals were sent to the Russian Ministry of Transport
(Ref. No. GD-219 dated 19 February 2015)
17.2
Minutes of a meeting held by Deputy Prime Minister
of the Russian Federation O.Yu. Golodets No. OG-P823pr dated 28 January 2014
(Incoming Ref. No. 827 dated 6 February 2015)
6. The Russian Ministry of Education and Science
shall, together with PJSC Aeroflot, address the issue
of transportation of children to the International
Children’s Centre Artek and, in particular, shall
determine routes, dates and number of children’s
groups, and also a fixed fare for proposed routes for
the 2015 summer season.
Executed.
Proposals were sent to the Russian Ministry of Science
and Education
(Outgoing Ref. No. 05-242 dated 26 February 2016, No
407.05-71 dated 11 March 2015)
17.3
Federation D.O. Rogozin No. RD-P7-3820 dated 1
October 2014
(Incoming Ref. No. 4896 dated 17 June 2014)
The Russian Ministry of Transport, the Federal
Agency for Special Construction and the Federal
Space Agency shall, together with PJSC Aeroflot,
discuss resumption of flights to Blagoveshchensk
and report on the agreed decision.
Executed.
The Company’s proposals were sent to the Federal Air
Transport Agency by e-mail on 8 June 2015.
17.4
List of Instructions of the President of the Russian
Federation V.V. Putin based on the results of the
meeting devoted to the development of civil aviation
equipment on 26 March 2015 No. Pr-625 dated 4
April 2015
(Incoming Ref. No. 15/KI dated 7 April 2014)
4. Recommend that OJSC UAC, together with PJSC
Aeroflot, submit proposals according to established
procedure on improving post-sales support for the
Sukhoy Superjet 100 and ensuring smooth supply of
spare parts and components.
Deadline: 1 June 2015
Executed.
Proposals on improving post-sales support for the
SSJ100 were sent to the President of OJSC UAC Yu.B.
Slusar (Outgoing Ref. No. GD-20/KI dated 25 May
2015).
On May 29 2015, a joint list of actions to improve
post-sales support and ensure smooth supply of spare
parts and components for the Sukhoy Superjet 100 was
prepared (Outgoing Ref. No. B/N/1 dated 29 May 2015)
17.5
Federation A.V. Dvorkovich No. AD-P10-5516 dated
13 August 2014
3. Companies with state participation shall consider
the possibility of financing certain activities at
the 33rd World Conference of the International
Association of Science Parks and Areas of
Innovation according to the enclosed list of potential
investors and an estimate of the cost of activities.
Executed.
Information about willingness to act as an investor of the
33rd World Conference of the International Association
of Science Parks and Areas of Innovation was sent to
A.V. Dvorkovich (Outgoing Ref. No. GD-1222 dated 9
September 2015).
17.6
Federation D.O. Rogozin No. RD-P2-6902 dated 10
September 2015
(Incoming Ref. No. 165/KI dated 12 October 2015)
Ensure execution of Instruction of the President
of the Russian Federation V.V. Putin No. Pr-2059
dated 5 October 2015 concerning development
of Russian-Venezuelan relations. Submit to the
Russian Government a draft of the first report
for the Russian President by 24 March 2016, and
afterwards every six months.
Executed.
(Outgoing Ref. No. GD-1445 dated 27 October 2015)
18
List of Instructions of the President of the Russian Federation No. Pr-1891 dated 17 September 2015
Instruction of the Prime Minister of the Russian
Federation D.A. Medvedev No. DM-P16-6658 dated
30 September 2014
(Incoming Ref. No. 7929 dated 2 October 2015)
248
2015 ANNUAL REPORT
Execution
Implementation of the list of instructions of the
President of the Russian Federation V.V. Putin
(the “List”) based on the results of the Eastern
Economic Forum:
Is being executed.
Paragraph 1 item “c” of the List: “c) ensure the
expansion of the list of investment projects in the
Far East”
Information about expansion of the list of investment
projects in the Far East was sent to the Russian Ministry
of Finance and the Ministry for Development of Russian
Far East (Outgoing Ref. No. GD-1407 dated 19 October
2015)
a) the deadline for completing selection of
investment projects is 18 January 2016.
Subparagraph three item “f” of the List: “ensure
that financing of the socio-economic development
of the Far East as part of activities carried out by
institutions of development and companies with
state participation, including implementation of
their investment programmes, is given priority”:
ensure that amendments are made to development
plans and investment programmes of organisations
to create separate sections in them (providing for
special activities).
Information that financing of the socio-economic
development of the Far East has been assigned priority
was sent to the Ministry for Development of Russian Far
East (Outgoing Ref. No. 407-469 dated 25 December
2015).
Strategic Report
Business Overview
No
19
Preparation for the 2016 Olympic Games and Paralympic Games
19.1
Minutes of the meeting of the Organising Committee
for the Preparation of Russian Athletes for the
Olympic Games and Paralympic Games chaired by
Deputy Prime Minister of the Russian Federation,
Chairman of the Organising Committee for the
Preparation of Russian Athletes for the Olympic
Games and Paralympic Games A.V. Dvorkovich No.
1-pr dated 23 January 2015
(Incoming Ref. No. 880 dated February 10, 2015)
19.2
Minutes of the meeting of the Organising Committee
for the Preparation of Russian Athletes for the
Olympic Games and Paralympic Games chaired by
Deputy Prime Minister of the Russian Federation,
Chairman of the Organising Committee for the
Preparation of Russian Athletes for the Olympic
Games and Paralympic Games A.V. Dvorkovich No.
2-pr dated 16 December 2015
(Incoming Ref. No. 10416 dated 24 December 2015)
Financial review
Appendixes
Execution
10. The Russian Ministry of Transport and the
Ministry of Sports shall, together with PJSC Aeroflot
and OJSC RZD, decide on exempting sports
equipment carried by athletes of national teams
from excess baggage charges by 2 March 2015.
Russian sports federations decided to decline subsidies
for sports events.
In this connection, the Russian Ministry of Sports sent a
notice to the Russian Ministry of Transport stating that
it was not possible to conclude agreements for excess
baggage of sports teams (Incoming Ref. No. 727 dated 2
February 2016).
11. The Russian Ministry of Transport shall,
together with the Olympic Committee of Russia,
the Paralympic Committee of Russia, the Russian
Ministry of Sports and PJSC Aeroflot, organise
flights between Moscow and Rio de Janeiro
Moscow to carry the Russian Olympic Team and
the Russian Paralympic Team to the Olympic and
Paralympic Games by 1 June 2015.
Is being executed.
and the Russian Ministry of Sports (Outgoing Ref. No.
GD-57 dated 25 January 2016, No. 09-22 dated 18
January 2016)
Paragraph 6 of section I. The Russian Ministry
of Transport and PJSC Aeroflot shall, together
with the Paralympic Committee of Russia, decide
on organising flights to carry the Paralympic
Delegation to the Paralympic Games and the fare
for these flights by 16 January 2016.
In progress.
The deadline has been extended to 4 April 2016.
(Incoming Ref. No. 1044 dated 12 February 2016)
249
COMPLIANCE WITH THE CORPOR ATE
GOVERNANCE CODE
No.
Principles of corporate governance
1.1
The company should ensure fair and equal treatment of all its shareholders in the course of exercise by them of their right to participate in management of the
company
1.1.1.
The company should create for
its shareholders the best possible
conditions for participation in its general
meetings, developing informed positions
on items on the agenda of the general
meeting, coordinating their actions,
and give them opportunities to express
their opinions on the matters under
consideration.
1. The internal document of the company governing
proceedings at the general meetings, approved by the
general meeting of shareholders, is publicly available.
2. The company provides an easy way to communicate
with the company, such as a “hotline”, e-mail or an online
forum, allowing shareholders to express their opinions
and raise questions relating to the agenda in preparing
for a general meeting. These actions were taken by the
company before each general meeting held during the
reporting period.
Observed
The procedure for giving notice of a
general meeting and providing materials
for it should enable the shareholders to
prepare properly for participation in the
meeting.
1. A notice of a general shareholders meeting is posted
(published) on the website no later than 30 days before
the date of the general meeting.
2. The notice of a meeting states the venue of the
meeting and documents required for admission to the
premises.
3. The shareholders were provided with access to
information about persons who proposed items for
the agenda and nominated candidates to the board of
directors and the audit commission of the company.
Observed
During the preparation for and holding
of the general meeting, the shareholders
should be able to freely and timely
obtain information about the meeting
and its materials, to pose questions to
the executive bodies and members of
the board of directors and communicate
with each other.
1. In the reporting period, the shareholders had the
opportunity to ask questions to members of the
executive bodies and the board of directors before and
during the annual general meeting.
2. Positions of the board of directors (including
dissenting opinions recorded in the minutes) on each
item on the agenda of general meetings held during the
reporting period were set out in the materials for the
general shareholders meeting.
3. The company provided access to the list of persons
entitled to participate in a general meeting to the
shareholders who have this right starting from the date
when the company received it in the case of all general
meetings held during the reporting period.
Observed
There should be no unjustified
difficulties preventing shareholders from
exercising their right to demand that a
general meeting be convened, nominate
candidates to the governing bodies and
submit proposals on its agenda.
1. In the reporting period, shareholders were able to
propose items to be included in the agenda of the annual
general meeting during a period of at least 60 days from
the end of the respective calendar year,
2. In the reporting period, the company did not refuse to
include proposals on the agenda or proposed candidates
to the company’s bodies due to typos and other
insignificant flaws in shareholder proposals.
Partially observed
1.1.2
1.1.3
1.1.4
1.1.5
250
Each shareholder should be able to
freely exercise his/her right to vote in a
straightforward and convenient way.
2015 ANNUAL REPORT
Criteria for assessing compliance with the principle
of corporate governance
An internal document (internal policy) of the company
contains provisions pursuant to which each participant
of the general meeting may request a copy of the ballot
filled out thereby, certified by the counting commission,
until the end of the meeting.
Status of compliance with
the principle of corporate
governance
Observed
Business Overview
Financial review
Appendixes
No.
governance
1.1.6
Procedures for holding a general meeting
set by the company should provide equal
opportunity to all persons present at the
meeting to express their opinions and
ask questions that might be on interest
to them.
1. A sufficient time was provided for reports on the
agenda and its discussion at all general shareholders
meetings held in praesentia (joint presence of
shareholders) during the reporting period.
2. Candidates to the company’s governing and
controlling bodies were available to answer questions
from shareholders at the meeting at which their
candidatures were put to the vote.
3. When making decisions related to the preparation
and holding of general shareholders meetings during
the reporting period, the board of directors considered
the use of telecommunications facilities to provide
the shareholders with remote access to their general
meetings.
Observed
1.2.
Shareholders should be given equal and fair opportunities to participate in the profits of the company by means of receiving dividends.
1.2.1
The company should develop and put in
place a transparent and clear mechanism
for determining the amount of dividends
and their payment.
1. The company has developed a dividend policy which
has been approved by the board of directors and
disclosed.
2. If the company’s dividend policy uses indicators from
financial statements to determine the dividend amount,
the respective provisions of the dividend policy take into
account consolidated financial statements indicators.
Observed
1.2.2
The company should not make a
decision on the payment of dividends, if
such decision, without formally violating
limits set by law, is unjustified from the
economic point of view and might lead to
false assumptions about the company’s
activities.
The dividend policy of the company clearly indicates
financial/economic circumstances in which the
company should not pay dividends.
Observed
1.2.3
The company should not allow the
deterioration of the dividend rights of its
existing shareholders.
In the reporting period, the company did not take any
action leading to the deterioration of dividend rights of
its existing shareholders.
Observed
1.2.4
The company should strive to rule out
any ways through which its shareholders
can obtain any profit (gain) at the
expense of the company other than
dividends and liquidation value.
In order to rule out any ways through which
shareholders can obtain any profit (gain) at the expense
of the company other than dividends and liquidation
value, internal documents of the company establish
control mechanisms ensuring that any persons affiliated
(associated) with its major shareholders (individuals
who have the right to dispose of the votes attached
to voting shares) are identified in a timely manner
as well as the procedure for approval of transactions
therewith in instances where such transactions are not
formally recognized under the law as interested party
transactions.
Partially observed
1.3.
The corporate governance system and practices should ensure equal terms and conditions for all shareholders owning shares of the same class (category),
including minority and foreign shareholders, as well their equal treatment by the company.
1.3.1
The company should create conditions
which would enable its governing bodies
and controlling persons to treat each
shareholder fairly, in particular, which
would rule out the possibility of any
abuse of minority shareholders by major
shareholders.
During the reporting period, procedures for managing
potential conflicts of interest of major shareholders were
efficient and the board or directors paid due attention to
the conflicts between shareholders, if any.
Observed
1.3.2
The company should not perform any
acts which will or might result in artificial
redistribution of corporate control.
There are no quasi-treasury shares or they were not
voted during the reporting period.
Not observed
Explanations for deviations
from criteria for assessing
compliance with the
principle of corporate
governance
The current version of the
Charter sets a minimum
period of 50 days from the
end of the financial year
during which shareholders
shall have the right to
submit proposals for the
agenda of the general
meeting.
The new version of
the Charter, which is
scheduled to be approved
by the Annual General
Meeting of Shareholders
in 2016, will provide for
a longer period (up to 80
days).
Strategic Report
compliance with the
governance
Actually observed, but
not formally codified in
internal documents.
In accordance with
the regulations on the
procedure for exercising
rights attached to quasitreasury shares of PJSC
Aeroflot approved by
the Board of Directors
on 28 January 2016, the
Board of Directors of PJSC
Aeroflot, which consists of
representatives of majority
and minority shareholders
and foreign investors,
provides control over the
exercise of rights attached
to quasi-treasury shares.
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No.
1.4.
Shareholders should be provided with reliable and effective means of recording their rights in shares as well as with the opportunity to freely dispose of their
shares in a non-onerous manner.
1.4.1
Shareholders should be provided with
reliable and effective means of recording
their rights in shares as well as with the
opportunity to freely dispose of their
shares in a non-onerous manner.
2.1.
The board of directors should be in charge of strategic management of the company, determine major principles of and approaches to creation of a risk
management and internal control system, monitor the activity of the company’s executive bodies, and carry out other key functions.
2.1.1
The board of directors should be
responsible for decisions to appoint
and remove executive bodies, including
in connection with their failure to
properly perform their duties. The
board of directors should also carry out
supervision to ensure that the company’s
executive bodies act in accordance with
the approved development strategy and
main business goals of the company.
1. The board of directors has the powers set forth in the
charter to appoint and remove members of executive
bodies and determine the terms and conditions of
contracts with them.
2. The board of directors reviewed the report(s) of
the sole executive body and members of the collegial
executive body on the implementation of the company’s
strategy.
Observed
2.1.2
The board of directors should establish
basic long-term targets of the company’s
activity, evaluate and approve its key
performance indicators and principal
business goals, as well as evaluate
and approve its strategy and business
plans in respect of its principal areas of
operations.
Items discussed at the board of directors during
the reporting period included the progress in the
implementation and updating of the strategy, approval
of the company’s financial and business plan (budget),
as well as criteria and indicators (including intermediate
indicators) of implementation of the strategy and
business plans of the company.
Observed
2.1.3
The board of directors should determine
the principles of and approaches to
creation of a risk management and
internal control system in the company.
1. The board of directors determined the principles of
and approaches to creation of a risk management and
2. The board of directors evaluated the company’s risk
management and internal control system during the
reporting period.
Observed
the company’s policy on remuneration
and/or reimbursement (compensation)
of expenses for members of the board of
directors and executive bodies and other
key managers of the company.
1. The company has developed and implemented
a policy on remuneration and/or reimbursement
(compensation) of expenses for members of the
board of directors and executive bodies and other key
managers of the company, which was approved by the
board of directors.
2. Matters related to this policy were considered at the
board of directors meetings held during the reporting
period.
Observed
The board of directors should play a
key role in prevention, detection and
resolution of internal conflicts between
the company’s bodies, shareholders and
employees.
1. The board of directors plays a key role in prevention,
detection and resolution of internal conflicts.
2. The company has established a system designed to
identify transactions involving a conflict of interest and a
system of measures aimed at resolving such conflicts.
Observed
2.1.6
The board of directors should play a
key role in procuring that the company
is transparent, discloses information
in full and in due time, and provides its
shareholders with unhindered access to
its documents.
1. The board of directors approved the regulations on
information policy.
2. The company designated persons responsible for
implementation of the information policy.
Observed
2.1.7
The board of directors should monitor
the company’s corporate governance
practices and play a key role in its
material corporate events.
The board of directors reviewed the company’s
corporate governance practices during the reporting
period.
Observed
2.1.4
2.1.5
252
2015 ANNUAL REPORT
The quality and reliability of the work carried out by
the company’s registrar in keeping the register of
securities owners meet the needs of the company and
its shareholders.
governance
compliance with the
governance
Observed
A member of the
Board of Directors is
paid remuneration
in accordance with
the Regulations on
Remuneration for
Members of the Board of
Directors of PJSC Aeroflot
approved by the general
shareholders meeting of
PJSC Aeroflot.
Strategic Report
Business Overview
Financial review
Appendixes
No.
governance
compliance with the
governance
2.2.
The board of directors should be accountable to the company’s shareholders.
2.2.1.
Information about the board of directors’
work should be disclosed and provided
to the shareholders.
1. The annual report of the company for the reporting
period includes information on attendance of meetings
of the board of directors and committees by individual
directors.
2. The annual report contains information on principal
results of evaluation of the work of the board of directors
which was performed during the reporting period.
Partially observed
Information on attendance
of meetings of the Board
of Directors and its
committees is provided
in the Annual Report
for the reporting period.
The introduction of
this practice is under
consideration, as this
will require financial
expenditures under
the current economic
conditions.
2.2.2
The chairman of the board of directors
must be available to communicate with
the company’s shareholders.
The company employs a transparent procedure enabling
its shareholders to pose questions to the chairman of the
board of directors and express their positions on them.
Observed
2.3.
The board of directors should be an effective and professional governing body, which is able to exercise objective independent judgments and make decisions in
the best interests of the company and its shareholders.
2.3.1
Only persons with impeccable business
and personal reputation as well as
knowledge, skills and experience
necessary to make decisions that fall
within the competence of the board
of directors and are required for the
effective performance of its functions
should be elected to the board of
directors.
1. The procedure for evaluating the performance of the
board of directors adopted in the company includes,
but is not limited to, an assessment of the professional
qualifications of the board members.
2. In the reporting period, the board of directors (or
its nominating committee) evaluated candidates to
the board of directors to determine whether they have
the necessary experience, knowledge and business
reputation, whether there was any conflict of interest,
etc.
Observed
2.3.2
Members of the company’s board of
directors should be elected through
a transparent procedure enabling the
shareholders to obtain information about
candidates sufficient for them to get an
idea of their personal and professional
qualities.
In the case of each general shareholders meeting with an
agenda including the election of the board of directors
held during the reporting period, the company presented
to the shareholders biographical details of all candidates
to the board of directors, the results of evaluation of the
candidates by the board of directors (or its nominating
committee), information on whether the candidates
meet the independence criteria in accordance with
recommendations 102 - 107 of the Code, and the written
consent of the candidates to be elected to the board of
directors.
Observed
2.3.3
The composition of the board of
directors should be balanced, in
particular, in terms of qualifications,
experience, knowledge and business
skills of its members. The board of
directors should enjoy the confidence of
the shareholders.
As part of the procedure for evaluating the work of
the board of directors during the reporting period, the
board of directors reviewed its own needs in terms of
professional qualifications, experience and business
skills.
Observed
2.3.4
The membership of the board of
directors should enable the board to
organise its activities in a most efficient
way, in particular, to form committees of
the board of directors, as well to enable
substantial minority shareholders of
the company to elect a candidate to the
board of directors for whom they would
vote.
As part of the procedure for evaluating the work of the
board of directors during the reporting period, the board
of directors considered whether the number of members
of the board of directors met the needs of the company
and the interests of its shareholders.
Observed
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No.
2.4.
The board of directors should include a sufficient number of independent directors.
2.4.1
An independent director should be a
person who has sufficient professional
skills, experience and independence
to have his/her own position, is able
to make objective and bona fide
judgments, free from the influence of the
executive bodies, any individual group
of shareholders or other stakeholders.
It should be noted that, under normal
circumstances, a candidate (or an
elected member of the board of
directors) may not be deemed to be
independent, if he/she is associated with
the company, its substantial shareholder,
material counterparty, competitor, or the
government.
During the reporting period, all independent members
of the board of directors met all the criteria of
independence set out in recommendations 102-107
of the Code or were determined to be independent by
decision of the board of directors.
Candidates to the board of directors
should be evaluated to determine
whether they meet the criteria of
independence, with a review to
determine whether or not independent
board members meet the independence
criteria conducted on a regular basis.
When carrying out such evaluation,
substance shall take precedence over
form.
1. During the reporting period, the board of directors
(or its nominating committee) formed an opinion on
the independence of each candidate to the board of
directors and submitted the relevant report to the
shareholders.
2. The board of directors (or its nominating committee)
reviewed the independence of the current board
members specified as independent directors in the
company’s annual report at least once during the
reporting period.
3. The company has developed procedures determining
which actions a board member is required to undertake
in the event that he/she ceases to be independent,
including an obligation to notify the board of directors to
this effect in a timely manner.
Observed
2.4.2
governance
Observed
2.4.3
Independent directors should account
for at least one-third of all directors
elected to the board of directors.
Independent directors account for at least one- third of
the total number of the board members.
Observed
2.4.4
Independent directors should play a
key role in preventing internal conflicts
in the company and its performance of
material corporate actions.
Independent directors (who have no conflict of interest)
carry out a preliminary evaluation of the company’s
material corporate actions that could involve conflicts of
interest and the results of this evaluation are presented
to the board of directors.
Observed
2.5.
The chairman of the board of directors should help it carry out the functions assigned to the board in a most efficient manner.
2.5.1
should be an independent director or the
senior independent director among the
company’s independent directors should
be identified who would coordinate
work of the independent directors and
liaise with the chairman of the board of
directors.
1. The chairman of the board of directors is an
independent director or the senior independent director
among the independent directors is identified.
2. The role, rights and duties of the chairman of the
board of directors (and, if applicable, the senior
independent director) are properly defined in the
company’s internal documents.
Not observed
2.5.2
should ensure that the board meetings
are held in a constructive atmosphere
and that any items on the meeting
agenda are discussed freely. The
chairman should also monitor fulfilment
of decisions made by the board of
directors.
The performance of the chairman of the board of
directors was evaluated as part of the procedure for
evaluating the performance of the board of directors in
the reporting period.
Observed
2.5.3
should take the necessary measures to
provide the board members in a timely
manner with information required to
make decision on issues on the agenda.
The duty of the chairman of the board of directors
to take measures to ensure that materials relating to
the agenda of the board meeting are provided to the
board members in a timely manner is set forth in the
company’s internal documents.
Observed
254
2015 ANNUAL REPORT
compliance with the
governance
Materials corporate
actions are considered
by the Audit Committee
of the Board of Directors
prior to their execution. A
majority of the Committee
members are independent
directors.
Strategic Report
Business Overview
Financial review
No.
2.6.
Members of the board of directors should act in good faith and reasonably in the best interests of the company and its shareholders, being sufficiently informed,
with due care and diligence.
2.6.1
Board members should make decisions
considering all available information,
with no conflict of interest, treating all
shareholders equally, and in the context
of normal business risks.
1. The company’s internal documents establish that a
member of the board of directors shall notify the board
of directors if he/she has a conflict of interest relating
to any item on the agenda of the meeting of the board
of directors or its committee before discussion of such
item is commenced.
2. The company’s internal documents provide that a
board member shall abstain from voting on any issues in
respect of which he/she has a conflict of interest.
3. The company has established a procedure enabling
board members to receive, at the expense of the
company, professional advice on issues within their
competence.
Observed
2.6.2
Rights and duties of board members
should be clearly stated and documented
in the company’s internal documents.
The company has adopted and published an internal
document that clearly defines the rights and duties of
board members.
Observed
2.6.3
Board members should have sufficient
time to perform their duties.
1. Individual attendance of meetings of the board of
directors and committee and the time devoted to
preparation for meetings was taken into account as part
of the procedure for evaluating the board of directors in
the reporting period.
2. In accordance with the company’s internal
documents, board members are required to notify the
board of directors of their intention to take a position in
governing bodies of other entities (other than entities
controlled by or affiliated with the company), as well as
of such appointment.
Partially observed
2.6.4
All board members should have equal
opportunity to access the company’s
documents and information. Newly
elected board members should be
provided with sufficient information
about the company and the work of its
board of directors as soon as practicable.
1. In accordance with the company’s internal documents,
board members have the right to access the company’s
documents and make inquiries concerning the company
and entities under its control, and the executive bodies
of the company are required to provide such information
and documents.
2. The company has a formalised introductory course
programme for newly elected board members.
Observed
2.7.
Meetings of the board of directors, preparation for them, and participation of board members therein should ensure efficient work of the board.
2.7.1
Meetings of the board of directors
should be held as needed, having regard
to the scope of the company’s activities
and the goals set by the company for a
specific period.
The board of directors held at least six meetings during
the reporting year.
governance
Appendixes
compliance with the
governance
Internal documents do
not impose an obligation
on members of the
Company’s Board of
Directors to notify it of
their election to governing
bodies of other entities.
Observed
Given the balanced
composition of the
Board of Directors, the
quality of preliminary
consideration of matters
submitted to the board
of directors (including at
the level of committees
with the participation of
independent directors)
and high activity of
independent directors,
it appears that this
recommendation does not
need to be implemented.
255
No.
governance
compliance with the
governance
2.7.2
The company’s internal documents
should establish a procedure for
preparing for and holding board
meetings that enables the board
members to prepare properly for such
meetings.
The company has approved an internal document
establishing the procedure for preparing for and holding
board meetings which, inter alia, provides that a notice
of a meeting shall be given, as a rule, at least 5 days
before the date of the meeting.
Observed
2.7.3
The form of a meeting of the board of
directors should be determined with due
regard to the importance of the issues on
the agenda. The most important issues
should be decided at meetings held in
praesentia.
The company’s charter or internal documents provide
that the most important issues (according to the list
provided in recommendation 168 of the Code) shall be
decided at meetings held in praesentia.
Partially observed
Actually observed. Such
provision will be included
in the new version of the
Charter scheduled to be
approved at the AGM in
2016.
2.7.4
Decisions on the most important issues
relating to the company’s activities
should be made at a meeting of the
board by a qualified majority vote or
by a majority vote of all elected board
members.
The company’s charter provides that decisions on the
most important issues outlined in recommendation 170
of the Code shall be made at a meeting of the board by a
qualified majority of at least three-fourths or a majority
of all elected board members.
Partially observed
The recommendations are
actually observed.
Relevant amendments to
the Charter are scheduled
to be approved at the
next annual general
shareholders meeting in
2016.
2.8.
The board of directors should form committees for preliminary consideration of the most important issues relating to the company’s activities.
2.8.1
An audit committee comprised of
independent directors should be formed
for preliminary consideration of matters
related to control over the company’s
financial and economic activities.
2.8.2
2.8.3
256
A remuneration committee consisting
of independent directors and chaired by
an independent director other than the
chairman of the board of director should
be formed for preliminary consideration
of matters related to the development of
efficient and transparent remuneration
practices.
A nominating (appointments, human
resources) committee with a majority
of its members being independent
directors should be formed for
preliminary consideration of matters
relating to human resources planning
(succession planning), professional
composition and efficiency of the board
of directors,.
2015 ANNUAL REPORT
1. The board of directors has formed an audit committee
composed entirely of independent directors.
2. The company’s internal documents define the tasks of
the audit committee, including, but not limited to, those
set out in recommendation 172 of the Code.
3. At least one member of the audit committee who is an
independent director has experience and knowledge of
preparing, analysing, assessing and auditing accounting
(financial) statements.
4. Meetings of the audit committee were held at least
once per quarter during the reporting period.
1. The board of directors has formed a remuneration
committee composed entirely of independent directors.
2. The chairman of the remuneration committee is an
independent director other than the chairman of the
board of directors.
the remuneration committee, including, but not limited
to, those set out in recommendation 180 of the Code.
1. The board of directors has formed a nominating
committee with a majority of its members being
independent directors (or its functions specified in
recommendation 186 of the Code are delegated to
another committee).
the nominating committee (or a relevant committee with
combined functions), including, but not limited to, those
set out in recommendation 186 of the Code.
Partially observed
Partially observed
Observed
1. The Chairman of the
Audit Committee is an
independent director. A
majority of the Committee
members are independent
directors.
Given the balanced
composition of the
Committee, the quality of
preliminary consideration
of matters and high
activity of independent
directors, it appears that
this recommendation
does not need to be
implemented.
2. The tasks of the
Committee are defined
in the company’s internal
documents.
3. Committee meetings
are held at least once a
month.
1. PJSC Aeroflot has
established an HR and
Remuneration Committee
chaired by an independent
director.
2. A majority of the
Committee members are
independent directors.
3. The functions of the
Committee are also
balanced.
4. The tasks of the
Committee are defined
in the company’s internal
documents.
PJSC Aeroflot has
established an HR and
Remuneration Committee
chaired by an independent
director.
Strategic Report
Business Overview
Financial review
Appendixes
No.
governance
2.8.4
Taking into account the company’s scope
of activities and related risk level, the
board of directors should make sure
that the composition of its committees
is fully aligned to the company’s goals.
Additional committees (strategy
committee, corporate governance
committee, ethics committee, risk
management committee, budget
committee, health, safety and
environment committee, etc.) should be
either set up or not deemed necessary
In the reporting period, the company’s board of directors
reviewed the composition of its committees for
alignment with the tasks of the board and the company’s
goals. Additional committees have either been set up or
not deemed necessary.
Observed
2.8.5
The composition of the committees
should be determined in such a way
that it would allow a comprehensive
discussion of issues being considered on
a preliminary basis with due regard for
differing opinions.
1. The committees of the board of directors are headed
by independent directors.
2. Internal documents (policies) of the company include
provisions whereby persons who are not members of
the audit committee, the nominating committee and
the remuneration committee may attend their meetings
only at the invitation of their chairmen.
Observed
2.8.7
Chairmen of the committees should
inform the board of directors and
its chairman of the work of their
committees on a regular basis.
During the reporting period, chairmen of the committees
reported on the work of their committees to the board of
directors on a regular basis.
Observed
2.9.
The board of directors should ensure that the quality of its work and that of its committees and members is assessed.
2.9.1
Assessment of the quality of the board’s
work should be aimed at defining
how efficiently the board of directors,
its committees and members work
and whether their work meets the
requirements of company development,
revitalizing the work of the board and
identifying areas where it might be
improved.
1. Self-assessment or external evaluation of the board’s
work conducted in the reporting period included
evaluation of the work of the committees, individual
members of the board and the board of directors as a
whole.
2. The results of self-assessment or external evaluation
of the board of directors conducted during the reporting
period were discussed at a meeting of the board of
directors held in praesentia.
Not observed
2.9.2
The work of the board of directors, its
committees and board members should
be assessed on a regular basis, at least
once a year. A third-party organisation
(consultant) should be retained to carry
out an independent assessment of the
quality of the board’s work at least once
every three years.
The company retained a third-party organisation
(consultant) to carry out an independent assessment of
the quality of the board’s work at least once during the
past three financial years.
Not observed
3.1
The company’s corporate secretary should be responsible for efficient day-day relations with its shareholders, coordination of the company’s actions to protect
the rights and interests of its shareholders, and supporting the work of its board of directors.
3.1.1
The corporate secretary should
have knowledge, experience, and
qualifications sufficient for performance
of his/her duties, as well as an
impeccable reputation and should enjoy
the trust of the shareholders.
1. The company has adopted and disclosed an internal
document - regulations on the corporate secretary.
2. The company’s website and annual report provide
biographical details of the corporate secretary with
the same level of detail as for members of the board of
directors and executive managers of the company.
Observed
3.1.2
The corporate secretary should
be sufficiently independent of the
company’s executive bodies and have
the powers and resources required to
perform his/her tasks.
The board of directors approves the appointment/
removal of and additional remuneration payable to the
corporate secretary.
Observed
4.1.
The level of remuneration paid by the company should be sufficient to attract, motivate and retain persons with the necessary skills and qualifications. The
remuneration of members of the board of directors, the executive bodies and other key managers of the company should be paid in accordance with the
remuneration policy adopted in the company.
4.1.1
The level of remuneration paid by the
company to members of the board of
directors, executive bodies and other
key manager should be sufficient to
motivate them to work efficiently and
enable the company to attract and retain
knowledgeable and skilled specialists.
The company should avoid setting the
level of remuneration any higher than
necessary, or creating an unjustifiably
wide gap between the levels of
remuneration paid to the above persons
and other employees of the company.
The company has adopted an internal document(s) - the
remuneration policy (policies) for members of the board
of directors, executive bodies and other key manager,
which clearly define(s) approaches to remuneration for
these persons.
compliance with the
governance
This practice is planned to
be introduced.
Observed
257
Strategic Report
Business Overview
Financial review
4.3
The system of remuneration for members of the executive bodies and other key managers of the company should provide that their remuneration is dependent
on the company’s performance results and their personal contributions to the achievement thereof.
4.3.1
Remuneration for members of the
executive bodies and other key
managers of the company should be
set so as to ensure a reasonable and
justified ratio between its fixed and
variable portions that is dependent on
the company’s performance results and
their personal (individual) contributions
to the end result.
1. During the reporting period, the amount of variable
portion of remuneration for members of the executive
bodies and other key managers of the company was
determined using annual performance indicators
approved by the board of directors.
2. During the latest evaluation of the remuneration
system for members of the executive bodies and other
key managers of the company, the board of directors
(the remuneration committee) made sure that the
company used an effective ratio between the fixed and
variable portions of remuneration.
3. The company has in place a procedure ensuring
that any bonuses wrongfully obtained by members of
executive bodies and other key managers are repaid to
the company.
Observed
4.3.2
The company should introduce a longterm incentive programme for members
of the executive bodies and other key
managers of the company involving its
shares (or options or other derivative
financial instruments, the underlying
asset for which are the company’s
shares).
Partially observed
The system of remuneration for board members should ensure that the financial interests of the directors are aligned with the long-term financial interests of
shareholders.
1. The Company has introduced a long-term incentive
programme for members of the executive bodies and
other key managers of the company involving the
company’s shares (financial instruments based on the
company’s shares).
2. The long-term incentive programme for members
of the executive bodies and other key managers of the
company provides that the right to dispose of shares and
other financial instruments used in the programme shall
arise no earlier than three years from the date when such
shares were provided. In addition, the right to dispose of
the same is made conditional on the achievement by the
company of certain performance indicators.
4.3.3
The company should pay a fixed annual
fee to members of the board of directors.
The company should not pay a fee for
attending individual meetings of the
board of directors or its committees.
The company should not use any form
of short-term incentives or additional
financial incentives for members of the
board of directors.
A fixed annual fee was the only form of monetary
remuneration of the board members for their work on
the board during the reporting period.
Observed
The amount of severance pay (golden
parachute) payable by the company
to members of executive bodies or
other key managers in the event of
early termination at the initiative of the
company, provided that there have been
no bad faith actions on their part, should
not exceed twice the value of the fixed
portion of the annual remuneration.
The amount of severance pay (golden parachute) paid
by the company during the reporting period in the event
of early termination of members of executive bodies
or other key managers at the initiative of the company,
provided that there have been not bad faith action on
their part, did not exceed twice the value of the fixed
portion of the annual remuneration.
Observed
4.2.1
5.1.
4.2.2
Long-term ownership of shares in the
company should contribute most to
aligning financial interests of board
members with the long-term interests
of shareholders. However, the company
should not make the right to dispose of
shares dependent on the achievement
of certain performance indicators, and
board members should not take part in
option programmes.
If the company’s remuneration policy (policies) being its
internal document(s) provides (provide) for allotment of
company shares to members of the board of directors,
clear rules regarding ownership of shares by board
members, aimed at promoting long-term ownership of
such shares are established and disclosed.
Observed
The Company should create an efficient risk management and internal control system designed to provide reasonable assurance that the company’s goals will be
achieved.
5.1.1
the principles of and approaches to
organising the risk management and
The functions of various management bodies and
divisions of the company within the risk management
and internal control system are clearly defined in
the company’s internal documents/ relevant policy
Observed
5.1.2
The company does not provide any additional payment
or compensation in the event of early dismissal of board
members in connection with a change of control over the
company or other circumstances.
The company’s executive bodies ensured the
distribution of functions and authority in risk
management and internal control between managers
(heads) of divisions and departments accountable to
them.
Observed
The company should not provide any
additional payment or compensation
in the event of early dismissal of board
members in connection with a change
of control over the company or other
circumstances.
The company’s executive bodies
should ensure the establishment and
continuing operation of an efficient risk
management and internal control system
in the company.
5.1.3
The company’s risk management and
internal control system should give
an objective, fair and clear view of the
current state and future prospects of
the company and ensure integrity and
transparency of its accounts and reports,
and reasonableness and acceptability of
risks being assumed by the company.
1. The company has approved an anticorruption policy.
2. The company has organised an easy way to inform the
board of directors or its audit committee of any breaches
of legislation, internal procedures and the ethics code of
the company.
Observed
5.1.4
The board of directors should take the
necessary measures to ensure that
the existing risk management and
internal control system of the company
is consistent with the principles and
approaches to its organisation defined
by the board of directors and that it
operates efficiently.
During the reporting period, the board of directors
or its audit committee evaluated the efficiency of the
risk management and internal control system of the
company. Information about the main results of this
evaluation is included in the company’s annual report.
Observed
governance
4.1.2
The company’s remuneration
policy should be developed by
the remuneration committee and
The board of directors, with the
support of its remuneration committee,
should monitor introduction and
implementation of the remuneration
policy in the company and if necessary
review and amend the same.
During the reporting period, the remuneration
committee reviewed the remuneration policy (policies)
and its implementation practices and, where necessary,
made appropriate recommendations to the board of
directors.
Observed
The company’s remuneration
policy should contain transparent
mechanisms to determine the amount of
remuneration for members of the board
of directors, the executive bodies and
other key managers of the company, as
well as to regulate all types of payments,
benefits and privileges provided to the
above persons.
The company’s remuneration policy (policies) contains
(contain) transparent mechanisms to determine the
amount of remuneration for members of the board of
directors, the executive bodies and other key managers
of the company, as well as to regulate all types of
payments, benefits and privileges provided to the above
persons.
Observed
4.1.4
The company should develop a policy
on reimbursement (compensation)
of expenses containing a list of
reimbursable expenses and specifying
service levels to which members of the
board of directors, the executive bodies
and other key managers of the company
may be entitled. Such policy can form
part of the company’s remuneration
policy.
The remuneration policy (policies) or other internal
documents of the company establishes (establish) the
rules for reimbursing expenses to members of the board
of directors, executive bodies and other key managers of
the company.
4.2.
4.1.3
4.2.3
258
2015 ANNUAL REPORT
compliance with the
governance
Observed
Observed
governance
Appendixes
No.
No.
compliance with the
governance
The Company’s long-term
incentive programme
establishes a link between
payment of remuneration
and the Company’s
capitalization level.
259
No.
5.2
The company should organise internal audits for regular independent evaluation of the reliability and efficiency of its risk management and internal control
system and corporate governance practices.
5.2.1
The company should create a separate
structural division or retain an
independent third-party organisation to
carry out internal audits.
The internal audit division should
have separate lines of functional and
administrative reporting. Functionally,
the internal audit division should report
to the board of directors.
1. To carry out internal audits, the company has created
a separate structural division, which functionally reports
to the board of directors or its audit committee, or
retained an independent third-party organisation with
the same line of reporting.
The internal audit division should
evaluate the efficiency of the internal
control system, the risk management
system and the corporate governance
system.
The company should apply generally
accepted standards of internal auditing.
1. The efficiency of the internal control and risk
management system was evaluated as part of internal
audit conducted during the reporting period.
2. The company applies generally accepted approaches
to internal control and risk management.
5.2.2
governance
compliance with the
governance
The company and its activities should be transparent to its
The company should develop and
implement an information policy
ensuring the efficient exchange of
information by the company, its
shareholders, investors, and other
stakeholders.
1. The board of directors has approved the company’s
information policy, which was developed by taking into
account recommendations of the Code.
2. The board of directors (or one of its committees)
considered matters related to the company’s
compliance with its information policy at least once
during the reporting period.
Observed
6.1.2
The company should disclose
information on its corporate governance
system and practices, including detailed
information on compliance with the
principles and recommendations of the
Code.
1. The company discloses information on its corporate
governance system and the general principles of
corporate governance applied in the company, in
particular, on the company’s web-site.
2. The company discloses information on the
composition of its executive bodies and board of
directors, independence of the board members and their
membership in committees of the board of directors (as
defined in the Code).
3. If there is a person that controls the company, the
company publishes a memorandum setting out the
plans of the controlling person in respect of corporate
governance in the company.
Observed
6.2.
The company should disclose full, up-to-date and reliable information about the company in good time to enable its shareholders and investors to make informed
decisions.
6.2.1
The company should disclose
information in accordance with the
principles of regularity, consistency
and timeliness, as well as accessibility,
reliability, completeness and
comparability.
1. The company’s information policy defines approaches
and criteria for identifying information that may have a
significant impact on the valuation of the company and
the value of its securities and on procedures ensuring
the timely disclosure of such information.
2. If the company’s securities are traded on foreign
organised markets, disclosure of material information
in the Russian Federation and in such markets is
synchronous and equivalent during the year.
3. If foreign shareholders hold a substantial number of
company shares, disclosures during the reporting year
were made not only in Russian, but also in one of the
most common foreign languages.
Observed
6.2.2
The company should avoid using a
formalistic approach to information
disclosure and disclose material
information about its activities even if
disclosure of such information is not
required by legislation.
1. During the reporting period, the company disclosed
the annual and semi-annual financial statements
prepared under IFRS. The annual report of the company
for the reporting period included the annual financial
statements prepared under IFRS, together with the
auditor’s report.
2. The company discloses full information on the
company’s capital structure in the annual report
and on the company’s website in accordance with
recommendation 290 of the Code.
Observed
260
2015 ANNUAL REPORT
Financial review
Appendixes
governance
6.2.3
The annual report, as one of the
most important tools of information
exchange with shareholders and
other stakeholders, should contain
information making it possible to assess
the company’s performance results for
the year.
1. The company’s annual report contains information
on the key aspects of the its operating activities and
financial results.
2. The company’s annual report contains information
about the environmental and social aspects of the
company’s activities.
Observed
6.3
The company should provide information and documents requested by its shareholders in accordance with the principle of equal and unhindered accessibility.
6.3.1
The company should provide
information and documents requested
by its shareholders in accordance with
the principle of equal and unhindered
accessibility.
The company’s information policy provides a nonburdensome procedure for giving its shareholders
access to information, including information about legal
entities controlled by the company, at the request of
shareholders.
Observed
6.3.2
When providing information to its
shareholders, the company should
maintain a reasonable balance between
the interests of individual shareholders
and its own interests, mindful of
its interest in keeping important
business information that may have a
material impact on its competitiveness
confidential.
1. During the reporting period, the company did not
refuse shareholder requests for information or such
refusals were justified.
2. In cases determined by the company’s information
policy, shareholders are notified of the confidential
nature of information and assume an obligation to keep
it confidential.
Observed
7.1.
Any actions that will or may materially affect the company’s share capital structure and its financial position and, accordingly, the position of its shareholders
(“material corporate actions”) should be taken on fair terms ensuring that the rights and interests of the shareholders as well as other stakeholders are observed.
7.1.1
Material corporate actions are deemed
to include reorganisation of the
company, acquisition of 30 or more
percent of its voting shares (takeover),
making major transactions by the
company, increasing or reducing its
share capital, listing and delisting of its
shares, as well as other actions which
might result in material changes in the
rights of shareholders or infringements
of their interests. The company’s charter
should contain a list of (criteria for
identifying) transactions or other actions
that constitute material corporate
actions and provide that decisions
on such actions shall fall within the
competence of the board of directors.
1. The company’s charter contains a list of transactions
or other actions that constitute material corporate
actions and the criteria for identifying them.
Decisions on material corporate actions fall within the
competence of the board of directors. In cases where
the law expressly places these corporate actions
within the competence of the general shareholders
meeting, the board of directors provides appropriate
recommendations to the shareholders.
2. According to the company’s charter, material
corporate actions include reorganisation of the
company, acquisition of 30 or more percent of its voting
shares (takeover), making major transactions by the
company, increasing or reducing its share capital, and
listing and delisting of its shares.
Partially observed
7.1.2
The board of directors should play a key
role in passing resolutions or making
recommendations relating to material
corporate actions, relying on opinions of
the company’s independent directors.
The company has in place a procedure whereby
independent directors can communicate their opinions
on material corporate actions before their approval.
Observed
Observed
6.1.1
Business Overview
No.
Observed
6.1.
Strategic Report
compliance with the
governance
Appropriate amendments
to the Charter are
scheduled to be approved
at the next annual general
meeting of shareholders
in 2016.
261
No.
governance
7.1.3
When taking material corporate actions
which would affect rights and legitimate
interests of shareholders, equal terms
and conditions should be ensured for all
shareholders; if statutory mechanisms
designed to protect shareholder rights
prove insufficient, additional measures
should be taken to protect the rights and
legitimate interests of the company’s
shareholders. In such instances, the
company should not only seek to comply
with the formal requirements of law, but
should also the guided by the principles
of corporate governance set out in the
Code.
1. Taking into account specific features of the company’s
operations, its charter sets lower criteria for recognizing
the company’s transactions as material corporate
actions than the minimum criteria set by law.
2. During the reporting period, all material corporate
actions passed an approval process before their
execution.
Observed
compliance with the
governance
Strategic Report
The company should have in place a procedure for taking material corporate actions that enables its shareholders to receive full information about such actions
in due time and influence them, and that also guarantees that the shareholder rights are observed and duly protected in the course of taking such actions.
7.2.1
Information about material corporate
actions should be disclosed together
with explanations concerning reasons
for, conditions and consequences of such
actions.
During the reporting period, the company disclosed
information about its material corporate actions in due
time and in detail, including the reasons for and the
timing of such actions.
Observed
7.2.2
Rules and procedures in relation to
material corporate actions taken by the
company should be set out in its internal
documents.
1. The company’s internal documents provide a
procedure for retaining an independent appraiser to
value assets being disposed of or acquired under a major
transaction or an interested party transaction.
2. The company’s internal documents provide a
procedure for retaining an independent appraiser
to estimate the acquisition and redemption value of
company shares.
3. The company’s internal documents provide for an
expanded list of grounds on which members of the
board of directors and other persons referred to in
respective laws are deemed to be interested parties in
transactions of the company.
Partially observed
Financial review
Appendixes
LONG -TERM DEVELOPMENT PROGR AMME,
REPORT ON ITS IMPLEMENTATION
AND AUDIT RESULTS
Are realized in practice.
Necessary amendments
are planned to be made
to the Charter of PJSC
Aeroflot at the AGM in
2016.
pe e t
the ro r
e Aero ot roup s u e
he
the t r et e per or
e
tors
the pr
p es o e sur
oper t o
E pert
epe e t u tor h s o u te
u t o the
p e e t t o o the o
er
ro r
eo
S Aero ot
se o the resu ts o the
epe e t u t the u tors re ere
the
r prese t t o o the u te e
oper t
tors o
S Aero ot
ts su s
r es
or
the e te t to h h the r t r et
ues h e ee
he e
s e
s the e per or
e
e te t to h h the r t r et
ues h e ee
h e e the e
e
o the t r ete ut s t o o u s
o
re e
t u ets
the re so s or the e t o o the tu oper t
per or
e
tors o
ts su s
r es
tes ro the t r et
ues or
he report
s re e e o
A or
to the u tor s op o
e er the
p e e t t o o the o
er
e e op e t ro r
per o ro
u r to
e e
er
shou
e re o
e
se
e t
E pert
epe e t u tor h s o u te
u t o the
pe e t to o
ro r
eo
S Aero ot
se o the resu ts o the
epe e t u t the u
the
r prese t t o o the u te e
per or
e
tors the e te t to h h
h e e the e
e
o the t r ete ut s t o o u s
o te ro the re e
t u
or the e t o o the tu oper t
per or
e
tors o
S Aero ot
ts su s
t r et
ues or
he report
s re e e o
he
p e e t t o o Aero ot
est e t pro r
e
o
o the us ess re u e
2015 ANNUAL REPORT
he o
er
e e op e t ro r
e h s ee
e e ope o the
s s o the etho o o
u e es o the uss
str o E o o
e e op e t pro s o s o the st te str te
ustr spe
pro r
e o u e ts re t
to the t t es o the roup
u
the r sport Str te o the uss
e er t o or the per o up to
the st te
pro r
e o the uss
e er t o e t t e
e e op e t o the r sport S ste
the e er t r et pro r
e
e tte
e e op e t o the r sport S ste o uss
t
to
ou t the pr or t es o the st te s e t
te h
o t o po
s e
s other ter
pro r
es
o u e ts
7.2
262
Business Overview
e
e
e e op e t
op o o
tes
tors
the
te ro the
S Aero ot
o
e ur
the
the o
er
e e op e t
tors re ere
op o o
the r t r et
ues h e ee
ets
the re so s
r es
tes ro the
roup o
er
e e op e t ro r
e s re o
e
s e
e t Ke
re s o the
t e e e op e t pro r
e h h re ru
to e sure e e op e t
sust
t
263
INFORMATION ABOUT THE PROGR AMME
FOR DISPOSAL OF NON - CORE A SSETS
Strategic Report
Business Overview
Financial review
Appendixes
ENERGY CONSUMPTION
BY AEROFLOT GROUP AIRLINES IN 2015
Aeroflot
he o
ser es
ore ssets o e
S Aero ot
u e propert
propert r hts
ut
e ose re te to the e e op e t o Aero ot s e
pro u t
he ro r
e t t es re
e
sport t o
Description
s r ter
or
ss
t o o ssets s o
ore the re str o o
ore ssets
or
to o
r et
ue ppro h to se e t
ssets or spos
s e
s spos
etho s pro e ures
Assets re so
e h oo
p rt p t o
pro e oo
p rt
p to
re the
s ou
to e
ore
ssets th t h
tu
se to eter
t o the
spos
s ou ts re u t o
e
e t
o
s
t
pr es
p
r tes
the orpor te o tro
e the r h hest
o
e
t o
the ore
us ess o
Asset
e t
S Aero ot re e u te
ter s o the osts o
r ter
tt
o
o
er
o e t es se tor
t e e t ro the p rt p t o
est use or the
ore ssets o
su
S Aero ot u
r
e s oper t
er the ro r
o
er
t
t es
e
Inventory
number
Line item on the
balance sheet
where the asset
was presented
as ofthe
reportingdate
precedingthe
sale
Bookkeepingaccounts
(takinginto accountanalytics)
showingincome
andexpenses
fromthe sale
Book value of the
asset, RUB’000
Actualsale
value,RUB’000
Differencebetween the actualsale valueof the
asset andits book
value,RUB’000
Reason for differencebetween the
actualsale value
of the assetand its
book value
Office - Avenida
da Liberdade
36D, Lisbon,
Portugal
9961
1130
9111200010
(income);
9121200011
(expense)
4,462
152,514
148,052
Market value
(sale value) of the
property is higher
that its book value
2
Office – Calle
Princesa 25, 1st
floor, office No.5,
Madrid, Spain
9286
1130
9111200010
(income);
9121200011
(expense)
677
13,340
12,663
Market value
(sale value) of the
property is higher
that its book value
TOTAL
5,139
165,854
160,715
2015 ANNUAL REPORT
Jet fuel, total
tonne
2,183,335
67,705,414
Gcal
37,410
53,869
Electric power
kWh
28,403,000
101,610
Vehicle fuel, total
litre
4,631,979
151,344
litre
227,639
170,357
in physical terms
in RUB’000 (net of VAT)
Aviation lubricants oil
E
u
represe t t e o
es
r
hes
Physical unit of measurement
pro e e t o Aero ot s pro u t
1
264
S
Disposal of Non-Core Assets of PJSC Aeroflot in 2015
No.
Actual consumption
in physical terms
Heat energy*
Description
ssets th t h e
o
p t o the ore us ess o
the ee or p rt p t o
se o
o pro u t o
et
hese ssets re spose o
there s o s
est te ssets re
Rossiya
he ppro h
re t o to te h o o
o
Aero ot s s o o s
• o p r
e e ts er e ro p rt p t o
u t
th the osts o p rt p t o
•
o tor
e
e
o orpor te o tro
eo
r tr
e or spos o o
ore Assets o
S Aero ot
s ppro e
the S Aero ot o r o
re tors o
utes o
he pro r
e pro es or spos o
o
ore ssets sh res e u t
terests
us ess
est te propert
he pro r
e so o t
u
r
es oo
t e es
e
h h o ot re te to
Actual consumption
Jet fuel, total
tonne
279,217
9,718,272
Heat energy
Gcal
8,355
14,028
339,311
Electric power
kWh
5,492,180
Vehicle fuel, total
litre
1,229,882
36,318
litre
47,995
30,656
in physical terms
Orenair
Description
Actual consumption
Jet fuel, total
tonne
170,496
5,182,546*
Heat energy
Gcal
1,263
6,468
Electric power
kWh
1,985,526
7,616
Vehicle fuel, total
litre
88,089
2,685
litre
21,930
15,075
A
to
ue
osts p rt
p
h rter
ht re uestors
265
Strategic Report
Business Overview
Financial review
Appendixes
AEROFLOT GROUP OPER ATING DATA
Donavia
Aeroflot airline
Description
Actual consumption
in physical terms
Indicator
Passenger traffic, thousand PAX
2011
2012
2013
2014
2015
14,173.8
17,656.1
20,902.4
23,610.0
26,111.7
Jet fuel, total
tonne
73,747
2,472,126
International Routes
8,679.1
10,707.2
12,294.5
12,468.2
13,445.4
Heat energy
Gcal
1,458
2,660
Domestic Routes
5,494.7
6,948.9
8,607.9
11,141.8
12,666.3
Electric power
kWh
572,651
2,729
Passenger turnover, million RPK
42,020.9
50,532.5
60,226.3
67,121.7
74,115.9
Vehicle fuel, total
litre
186,725
5,596
28,645.9
34,953.9
40,614.4
42,676.5
46,774.4
litre
12,218
6,289
Domestic Routes
13,375.0
15,578.6
19,611.9
24,445.2
27,341.5
Available seat-kilometres, milliom ASK
54,195.3
64,880.0
76,444.8
85,822.1
93,471.1
37,510.1
45,585.5
52,392.4
56,206.9
60,209.1
Aurora
Domestic Routes
Description
Actual consumption
in physical terms
Jet fuel, total
tonne
71,391
2,494,761
Heat energy
Gcal
5,332
19,560
Electric power
kWh
1,960,768
10,009
Vehicle fuel, total
litre
498,174
25,908
Aviation oil
litre
60,590
10,319
Pobeda
Jet fuel, total
tonne
Heat energy
Gcal
Electric power
kWh
Vehicle fuel, total
litre
Aviation oil
266
19,294.5
24,052.4
29,615.2
33,262.0
77.5
77.9
78.8
78.2
79.3
76.4
76.7
77.5
75.9
77.7
Domestic Routes
80.2
80.7
81.5
82.5
82.2
160.6
193.9
176.5
145.3
135.1
120.3
147.7
118.0
81.5
74.6
Domestic Routes
40.3
46.2
58.5
63.8
60.5
Revenue tonne-kilometres, million TKM
4,690.5
5,669.2
6,339.9
6,722.7
7,291.0
3,295.4
4,054.4
4,306.9
4,236.8
4,571.1
1,395.1
1,614.8
2,033.0
2,485.9
2,719.9
Domestic Routes
Description
ote po er o su pt o
16,685.2
litre
s ot re or e
2015 ANNUAL REPORT
s the o p
re ts o
e sp
Actual consumption
in physical terms
103,709
3,099,360
-
-
-
-
2,968
114
-
-
Available tonne-kilometres, million TKM
7,536.8
8,881.1
9,848.7
10,660.0
11,706.1
5,408.2
6,455.5
6,821.1
6,983.1
7,548.6
2,128.6
2,425.6
3,027.6
3,676.9
4,157.5
62.2
63.8
64.4
63.1
62.3
60.9
62.8
63.1
60.7
60.6
Domestic Routes
Domestic Routes
Flight hours, hours
65.5
66.6
67.1
67.6
65.4
394,341
460,734
509,058
554,659
594,863
e
267
Rossiya airline
Indicator
2011
2012
2013
2014
2015
3,537.5
4,208.9
4,590.1
5,191.8
4,751.6
1,790.8
2,130.2
2,113.5
1,914.7
1,459.5
Domestic Routes
1,746.7
2,078.7
2,476.6
3,277.1
3,292.1
Domestic Routes
Business Overview
Financial review
Appendixes
Donavia airline
Strategic Report
Indicator
2011
2012
2013
2014
2015
863.9
985.7
1,353.6
1,736.1
1,475.0
328.7
242.0
303.9
398.2
325.4
Domestic Routes
535.2
743.7
1,049.7
1,337.9
1,149.6
1,938.5
7,190.9
8,760.9
9,186.3
10,147.4
8,695.0
1,271.1
1,433.7
2,001.1
2,448.0
4,673.4
5,738.4
5,579.4
4,867.2
3,453.8
587.4
404.3
472.1
514.6
369.7
2,517.5
3,022.5
3,606.9
5,280.2
5,241.2
Domestic Routes
683.7
1,029.4
1,529.0
1,933.4
1,568.8
1,849.3
2,077.6
3,019.6
3,312.6
2,718.2
806.4
590.8
680.5
742.4
541.3
2,176.9
9,551.2
11,304.7
12,031.9
13,414.3
11,483.8
5,960.6
7,123.9
7,164.3
6,652.1
4,606.3
Domestic Routes
Domestic Routes
3,590.6
4,180.8
4,867.6
6,762.2
6,877.5
1,042.9
1,486.8
2,339.1
2,570.2
75.3
77.5
76.3
75.6
75.7
68.7
69.0
66.3
73.9
71.3
78.4
80.6
77.9
73.2
75.0
72.8
68.4
69.4
69.3
68.3
Domestic Routes
70.1
72.3
74.1
78.1
76.2
Domestic Routes
8.8
9.9
10.2
9.6
8.9
65.6
69.2
65.4
75.2
72.1
1.6
1.5
2.3
2.4
2.1
0.6
2.2
2.1
2.2
1.5
1.5
0.4
0.4
0.5
0.5
Domestic Routes
6.6
7.8
8.0
8.1
7.4
Domestic Routes
1.2
1.1
1.8
1.9
1.5
666.0
810.3
848.0
934.1
802.4
116.6
131.0
183.1
223.6
177.3
426.3
522.2
508.5
442.2
315.0
53.4
36.8
43.0
47.0
33.9
Domestic Routes
239.7
288.1
339.5
491.9
487.4
Domestic Routes
63.2
94.2
140.1
176.6
143.4
296.3
1,045.8
1,239.0
1,325.3
1,478.8
1,267.0
170.5
197.5
304.1
354.3
655.4
786.1
788.1
726.6
500.4
74.3
53.3
65.4
74.9
56.5
Domestic Routes
390.4
452.9
537.2
752.2
766.6
Domestic Routes
96.2
144.2
238.7
279.4
239.8
63.7
65.4
64.0
63.2
63.3
68.4
66.3
60.2
63.1
59.8
65.1
66.4
64.5
60.9
62.9
71.8
69.2
65.7
62.8
59.9
Domestic Routes
Domestic Routes
Flight hours, hours
268
2015 ANNUAL REPORT
61.4
63.6
63.2
65.4
63.6
94,207
107,698
112,277
124,927
107,904
Flight hours, hours
65.7
65.3
58.7
63.2
59.8
22,720
23,582
30,264
33,748
27,616
269
Orenair airline
Indicator
2011
2012
2013
2014
2015
3,193.5
3,140.9
3,034.7
2,840.3
2,109.1
2,562.5
2,375.5
2,101.6
557.2
398.1
631.0
765.4
933.1
2,283.1
7,500.3
10,505.2
10,983.8
8,471.0
6,348.7
6,840.8
8,572.6
8,895.6
6,715.2
1,971.9
659.5
1,932.6
2,088.2
1,755.8
4,376.8
Domestic Routes
Domestic Routes
Business Overview
Financial review
Appendixes
Aurora airline
2,507.2
Strategic Report
Indicator
2011
2012
2013
2014
2015
1,512.3
1,427.5
1,403.6
1,055.2
1,124.8
384.5
321.4
303.9
213.0
234.7
Domestic Routes
1,127.9
1,106.1
1,099.7
842.2
890.1
4,830.6
3,384.9
2,875.8
1 753,1
1,869.7
779.3
610.9
551.2
333.4
370.6
Domestic Routes
4,051.3
2,774.0
2,324.6
1,419.7
1,499.1
8,996.1
12,260.7
13,393.9
10,775.1
8,711.8
6,873.8
5,075.3
4,173.6
2,337.9
2,609.8
7,980.7
9,551.2
10,344.3
8,131.9
2,467.3
1,224.7
1,000.0
948.3
485.6
647.7
Domestic Routes
Domestic Routes
1,962.1
1,015.4
2,709.5
3,049.6
2,643.2
6,244.5
5,649.1
4,075.3
3,225.3
1,852.3
83.4
85.7
82.0
78.6
72.9
70.3
66.7
68.9
75.0
71.6
85.7
89.8
86.0
82.6
79.9
63.6
61.1
58.1
68.7
57.2
Domestic Routes
Domestic Routes
71.7
68.1
72.1
76.6
76.4
18.2
12.4
10.4
6.2
6.2
0.4
64.9
71.3
68.5
66.4
70.1
1.8
6.1
5.2
2.3
3.6
0.1
0.1
0.1
0.2
0.1
Domestic Routes
1.7
6.0
5.1
2.1
3.5
Domestic Routes
677.7
975.4
1,012.1
767.5
578.6
615.9
771.8
800.8
605.5
177.7
61.8
203.6
211.3
162.0
400.9
872.4
1,278.1
1,445.4
1,086.5
771.8
948.8
1,094.4
823.6
Domestic Routes
100.6
329.3
351.0
262.9
645.9
77.7
76.3
70.0
70.6
63.2
79.8
81.3
73.2
73.5
66.0
Domestic Routes
Domestic Routes
Flight hours, hours
270
2015 ANNUAL REPORT
2.8
1.1
0.5
9.6
9.3
5.7
5.8
510.1
339.7
283.0
170.0
180.3
75.8
60.3
51.6
30.8
34.0
Domestic Routes
434.3
279.4
231.4
139.2
146.3
915.2
724.7
557.3
465.0
252.9
287.3
269.3
130.6
108.1
103.6
53.5
75.4
Domestic Routes
594.1
449.2
361.4
199.4
211.9
70.4
61.0
60.9
67.2
62.8
58.0
55.8
49.8
57.6
45.1
61.4
61.8
60.2
61.6
62.1
68,652
80,954
81,784
71,872
54,926
3.1
15.1
Domestic Routes
Flight hours, hours
73.1
62.2
64.0
69.8
69.1
57,014
47,631
42,875
28,695
33,281
271
Strategic Report
Business Overview
Financial review
Appendixes
GLOSSARY
Pobeda airline
Aviation terminology
Indicator
2014
2015
107.4
3,089.7
0.0
6.2
Domestic Routes
107.4
3,083.5
134.0
4,668.4
0.0
12.3
Domestic Routes
134.0
4,656.1
171.8
5,746.3
0.0
17.8
Domestic Routes
171.8
5,728.5
78.0
81.2
0.0
68.8
78.0
81.3
0.5
0.3
0.0
0.0
Domestic Routes
0.5
0.3
12.6
420.7
0.0
1.1
Domestic Routes
12.6
419.6
17.6
601.0
0.0
1.9
Domestic Routes
Domestic Routes
17.6
599.1
71.6
70.0
0.0
58.2
Domestic Routes
71.6
70.0
Flight hours, hours
1,476
41,016
Low-Cost Carrier (LCC)
so h r
to
Routes
o est
Code Sharing
oper tes the
r e th t o ers o er res th
tr
ees or o
o r
rport ser es
routes
ter
to
r
e th t u
er
t
e o
Maintenance, Repair, and Overhaul (MRO)
TCH
r
sport
e r
r
es re e t
te ser
e pro s o
h e
routes
ree e t o o t o
ht
t o to se
Network Carrier
o e t
hts
to
oper t o o
ht
ets
h e the others
ost
rr ers o ers
e h
te
t o or ore
t s
r et
e
e o
o
r es o e o
p rt ers se
r et o ser
rep rs
h h ts s the oper tor
t ets o
es throu h o e or
or re o
t o s to
ore hu s
th
r r t
ouse
Hub
hu
rport s
e tr
ep rture po t to hu ro
oo s ro other p rts o the
o e t o po t or
ere t
hts p sse
h h the re rr e to the r
est
to o
or
ers
oo s re tr sporte ro the r
other p
e th other p sse ers
BSP/ARC (Billing and Settlement Plan / Airline Reporting Corporation) sett e e t s ste s et ee
e ts
r es
or
se
A A th t
t te
s p
r tr sport t o s es o
eutr
or s ot o e
r e there
o er
r es the opportu t to e p
the r
r et prese e
se
rs s
re u e e pe ses
urre
throu h the
te
e o s es s ste s A
s
o ous s ste oper te
the U te St tes
IATA (International Air Transportation Association)
pro ot
s e re
e se ure
e o o
ICAO (International Civil Aviation Organization)
the h
o o e to o
ter t o
A
ter t o
st
r s re o
e e pr t es
ter t o
to
A A ou e
s the pr e eh e or ter r
r ser es
or the e e t o the or s o su ers
ter t o
to
o
est
she o o
to
t s spe
e U
e
respo s
re u t o s re r
the te h
e o o
e ooper t o
the s
o
e or e e op
e
spe ts o
IOSA (International Operational Safety Audit)
he A A OSA pro r
s
ter t o
re o
e
epte
e u t o s ste
es
e to ssess
o p
s or
to
oper t o
e e t
ht oper t o s e
eer
te h
te
eo
r r t rou
ser e or r r t the oper t o
o tro s ste s
u
te
e
e e t
ht s he u
o
o r ser e
t o s et
pro s o s or tr sport
r o
h
r ous
r o
ISO
272
2015 ANNUAL REPORT
he
ter
to
Or
to
or St
r
to
273
Passenger traffic (PAX) – the number of passengers carried by an airline:
•
re t A
p sse ers
re t
et ee the r or
est
to
• r st A
p sse ers
th stop o er
hu
rport o the r
ro
or
to est
to
Passenger-Kilometres/Tonne-Kilometres – metrics used in the aviation industry to measure operating performance:
• A
e Se t K o etres ASK
e sure o
r e s rr
p t o ere or the
r et er e ro
utp
the
e se ts o
e
r r t
the u
er o
o etres o
o
e
ht ASK s e sure
se t
o etres
• e e ue sse er K o etres
K
e sure o
e p t
tu
use
u te
utp
the u
er
o p
p sse ers o
e
ht
the st
e tr e e
K s e sure
p sse er
o etres
• A
e o e K o etres A K
e sure o
r e s tot
p t
oth p sse er
r o
u te
utp
the p t
u
er o to es
e or the tr sport t o o p sse ers
r o
the st
e o
A K s e sure
to e
o etres
• e e ue o e K o etres K
e sure o
r es r o
p sse er rr e p t ut s t o
u te
utp
o to e o re ht p sse ers
u te t
K per p sse er
the st
e o
K s e sure
to e
o etres
Revenue Load Factor
e sure or
r
the r t o et ee the u
es
p
er o to
t ut s t o
e
o etres
Origin and Departure points (O&D)
o t o s et ee
h h p sse
the u t t t e
tors o
r ous
r ets s e e
rr
tr s t tr
s
o e
e
e
s the r t o et ee
the
e to
e
K
o etres
ers re tr sporte
h s ter
s use
e sur
ep rture po ts rrespe t e o
hether re t or
or
estors
estor e t o s
e
E
r
ero ot ru
terest t
e sures the retur
es
epre
to
o
est e t or sh reho ers t
ort
to
Aero ot
to
ou t the sh re pr e
u es usto s ut es
th s
epre
to
ort
to
oper t
e
press e tr
ero ot ru
e str r
S o putersh re e str r
e e u
er
o t o Kutu o o er us ess e tre
Street os o
e
tor
o
Au ust
Appendixes
o
hours or sh re oper t o s
hurs
to
re
to
thout re
Aero ot o us ro r
e
ro
E
E
EBITDAR e r
s e ore terest t es
u es usto s ut es
th s
tor
2015 ANNUAL REPORT
Ope
o
r
Ope
Total Shareholder Return (TSR)
ppre t o
e sp
274
Shere et e o r
h o the e str r
o t o Aero ot A t o
erso e r
ep rt e t
u
er
Shere et e o A rport Kh
os o
e o
e
or uss
ret sh reho ers
orpor te o er
e ep rt e t
e
E
e te t
ero ot ru
ress Ser
e
Unit revenue and cost
e per or
e e sures
the
to
ustr
e e
s re e ue or ost or ASK or
K
• Yield the r t o et ee p sse er re e ue
re e ue p sse er
o etres
• Revenue per Available Seat-Kilometre (RASK) the r t o et ee re e ue e ther p sse er re e ue or tot re e ue
e se t
o etres
• Cost per Available Seat-Kilometre (CASK) the r t o et ee oper t
e pe ses
e se t
o etres
s e ore
Financial review
Full name: u
o t Sto
o p
Aero ot
uss
A r es
Abbreviated name: S Aero ot
Certificate of registration in the Unified State Register of Legal Entities:
ssue
the os o
ep rt e t o the uss
str o
es
e es o
Taxpayer Identification Number: 7712040126
Location:
Ar t Str
os o
uss
e er t o
Postal address:
Ar t Str
os o
uss
e er t o
E
e r
ASK
Financial terminology
EBITDA
Business Overview
CONTACT INFORMATION
Operational terminology
Passenger Load Factor (PLF)
Strategic Report
r
o
or
e
ro
to
e
uss
re o s
hours
hours
ero ot o us ru
o us
ero ot ru
e tre
r t et oo
u r es re r
e se t
e
or
t
to
to
ets pur h se o er the
e ter
ero ot ru
ter et
r re ru
e se e pe ses re t osts Aero ot
275
ABOUT THE REPORT
A u
eport the eport h s ee prep re
uss
A r es
S Aero ot Aero ot r e or the
re er to S Aero ot
ts su s
r es
u
o t Sto
o p
Aero ot
o p
Aero ot roup or the roup
Ke top s
Au t
h s eport s oses
or
t o o the
p e e t t o o the roup s o
ter
e u ter str te
prese ts the
roup s oper t
resu ts
es r es the roup s orpor te o er
e
t t es h s eport h s p rt u r o us
o the roup s orpor te so
respo s
t
t t es
S Aero ot s o so
te
S
st te e ts or
ere u te
AO r e terhouse oopers Au t
St
r s
h s eport h s ee prep re
se o
S Aero ot s
e e t reports
th S Aero ot s o so
te
S
st te e ts or
t so
orpor tes
e e e ts o the test
Sust
t
eport
u e es
276
s
2015 ANNUAL REPORT
e
er
h s eport
u es est
tes or or r
oo
st te e ts re te to oper t
e o o
so
other e sures
th t
e use to ssess the per or
eo
S Aero ot
Aero ot roup A tu e e ts
or resu ts
er
ter
ro those
e presse or
p e
the eport ue to
o
u
o
rs s
u ert
t es
re ous
u reports re
http r ero ot o
e o the o p
s
e s te t

2015 Annual Report

Transcription

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