Page 105 - RusRPTFeb22

slipped 3.2% y/y to 201.8mnt. Non-FSU exports were down 2.1% y/y to 190.1mnt, while FSU exports declined 18.2% y/y to 11.7mnt. The results came in stronger than we expected for load. We expect a dividend yield for prefs of c. 8-9% for FY21.
9.2.3 Aviation corporate news
Aeroflot passenger traffic up y/y, closing the gap with pre-COVID numbers. Aeroflot yesterday released its flight statistics for December 2021. Overall passenger traffic was up 64% y/y, but still down 15% vs pre-pandemic 2019. Domestic traffic well exceeded the pre-pandemic levels (up 13% vs December 2019), but international traffic is still half previous numbers (52% vs December 2019). Watching for 4Q21 RAS results on 3 Feb, IFRS on 10 March. Management have already highlighted that it expected losses for FY21 and hoped to breakeven on operating level in 2022. So far, no dividends are in sight. Omicron may have slowed the recovery in traffic, but the absence of local travel restriction (may indicate that some major negative is being avoided for now) provides some relief for domestic traffic. We will be looking into additional hints at the upcoming results releases.
Aeroflot reported its 4Q21 RAS financials yesterday, 2 February. According to the results, revenue was up 94.3% y/y to RUB102.6bn in 4Q21, and the airline’s net loss was down 28.3% y/y to RUB22.2bn (vs. RUB31bn in 4Q20). Compared to 4Q19, the company’s top line was down 20.8% and its net loss was up 11.3x.
Aeroflot does not consolidate the results from Pobeda and Rossiya airlines in its RAS financials. The growth in AFLT’s 4Q21 financials was due to better operating results vs. the low base of 4Q20, when some COVID-19 restrictions were in place. Aeroflot started to see its financial results improve y/y from 2Q21, which is reflected in the 52.7% y/y drop in the company’s 2021 net loss to RUB45.6bn. AFLT’s 4Q21 financials reflect improvements in its operating results:
PAX turnover was up 2.1x y/y to 13.7bn RPK vs. 4Q20 (+3.5x y/y to 6.5bn RPK for international flights and +56.6% y/y to 7.2bn RPK for domestic flights).
PAX turnover was down 42.8% y/y vs. 4Q19 (-59.5% y/y for international flights and -8.7% y/y for domestic flights).
PAX traffic was up 87.4% y/y to 5.5mn PAX vs. 4Q20 (+3.7x y/y to 2mn PAX for international flights and +46.8% y/y to 3.5mn PAX for domestic flights).
PAX traffic was down 37.2% y/y vs. 4Q19 (-55.9% y/y for international
105 RUSSIA Country Report February 2022 www.intellinews.com