Page 102 - RusRPTJul21

The board of Russian national air carrier Aeroflot Group recommended not paying dividends for 2020. As followed by bne IntelliNews, the company posted a net loss of RUB25bn, but turned EBITDA positive with adjusted EBITDA at RUB7.7bn in 1Q21 (negative RUB4bn in the previous quarter). Even though 1Q21 showed mild improvement in financials with positive EBITDA of RUB8bn, the decision to hold on to 2020 dividends is "fully expected and understandable" given RUB123bn net loss posted in 2020 under IFRS, BCS Global Markets commented on June 2.
102 RUSSIA Country Report July 2021 www.intellinews.com