Page 106 - RPTRusFeb17

2018, but later that day the company said in a response letter that no final decision has been made yet on implementation of the plant.
9.2.3 Aviation corporate news
Russia's national air carrier Aeroflot made its best ever results with net IFRS profit of RUB38.83bn (€628mn) in 2016 versus net loss of RUB6.5bn in 2015, the company said on March 2, and proposing to increase dividends to 50% of income. Last year, Aeroflot, which unites the flagship company Aeroflot, and lowcosters Pobeda, Rossiya, and the Far-Eastern Avrora airline, enjoyed 14.8% year-on-year bump in passenger turnover to 112bn pkm, and passenger traffic adding 10.3% to 43.4mn. In 2017 the company plans to sustain the passenger trafic at 12-14% growth. The company's revenues gained 19.4% to RUB495.9bn, due to both higher traffic and favourable currency effect for the forex-denominated income. Aeroflot's Ebitda jumped 32.9% y/y to RUB78bn, with Ebitda margin up by 1.6pp to 15.7%. Notably, Aeroflot cut the net debt to Ebitda from 3.4x in 2015 to 1.4x in 2016, with the net debt down by 46.2% in absolute terms to RUB106bn.
Russia's flagship air carrier Aeroflot saw its passenger traffic increase by 15.4% year-on-year to 3.4mn in January , while revenue passenger kilometre (RPK) rose 19.3% to 9.1mn, the company said on February 27. Meanwhile, Aeroflot's traffic expanded 25.6% y/y on international routes and 8% on domestic routes. "The rapid growth in traffic volumes is positive for Aeroflot's share price performance and supports our [positive] view on the company," Gazprombank said in a research note. In 2016, the airline's passenger turnover rose 14.8% y/y to 112bn pkm, and passenger traffic added 10.3% to 43.4mn.
Russia's flagship air carrier Aeroflot was pronounced the world's most powerful airline brand, with an 'AAA' brand rating, valuation and strategy consultancy Brand Finance said on February 14. In December 2016, Aeroflot saw the number of passengers it carried go up 16.6% year-on-year to 3.4mn. Domestic passenger traffic increased 11.2% y/y, while international traffic soared 34.5% y/y. For the entire year 2016, passenger turnover rose 14.8% y/y to 112bn pkm, and passenger traffic added 10.3% to 43.4mn. Analyst forecast that in 2017, Aeroflot's passenger traffic will increase another 10%.
9.2.4 Construction & Real estate corporate news
Russian listed homebuilders have reported their 4Q16 operating results and provided an outlook on 2017. P IK demonstrated the best figures organically, while the acquisition of Morton is to make it the undisputed leader this year. The Moscow residential market gained additional significance for public companies in 2016 and saw a 21% y/y uplift in demand from a low base, generally returning to the volumes observed in 2013 across the primary and secondary segments. In the last three months, LSR’s and Etalon’s GDRs have gained 32% and 41%, respectively, reaching fair levels. PIK remains Under Review (analysts are waiting for Morton’s IFRS accounts and portfolio valuation to be released).
PIK demonstrated the best figures for the 4Q16 , with sales surging 46% y/y to 318,000sqm from a solid comparison base. In 2016, the company launched 1.16mn sqm for sale (up 27% y/y) and reaped the benefits towards YE16. Etalon
106 RUSSIA Country Report February 2017 www.intellinews.com