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($17.3bn). EBITDA decreased by 6.9% y/y to 417bn rubles. Net profit increased by 1.2% y/y and amounted to 288bn rubles. Free cash flow decreased by 47.6% y/y to RUB 103bn. Capital expenditures increased by 39% y/y and amounted to RUB 224bn. The net debt/EBITDA ratio was -0.15x at the end of 2023 (-0.34x at the end of 2022). In 2023, Tatneft produced 28.5mn tonnes of oil (-2.3% y/y), gas production amounted to 921mn cubic meters. m (-1.5% y/y). Also, the company produced 16.9mn tonnes of petroleum products (+5.8% y/y). Tatneft allocates at least 50% of net profit under RAS or IFRS (whichever is greater) to pay dividends. Previously, the company had already paid a total of 62.7 rubles per share. based on 9M23 results. Consensus expects final dividends for 4Q23 in the amount of RUB 28.1 per share. (dividend yield – 3.9%). Thus, market participants expect dividends in the amount of 90.8 rubles per share. based on the results of 2023 (for 2022 the company paid 67.3 rubles per share).
9.2.2 Automotive corporate news 9.2.3 Aviation corporate news
Adjusted net profit of the Aeroflot group under the International Financial Reporting Standards (IFRS) at the end of 2023 amounted to 10.2 bln rubles ($112.11 mln) against 41.4 bln rubles ($455.05 mln) loss in 2022, Aeroflot said on Tuesday.
At the same time, for the Q4, adjusted net profit amounted to 8.3 bln rubles ($91.23 mln) against a loss of almost 39.7 bln rubles ($436.39 mln) a year earlier.
The group's revenue in 2023 increased by 48.1% to 612.1 bln rubles ($6.73 bln) and operating profit reached 182 bln rubles ($2 bln) against 13.3 bln rubles ($146.2 mln) of loss a year earlier.
Aeroflot Group's route network will increase by 7% during the summer schedule compared to last year, the company said in a statement. At the same time, the parent company of the group - Aeroflot - will operate flights to 127 destinations. "Compared to the summer of 2023, the frequency of flights from Moscow to St. Petersburg, Sochi, Antalya, Chelyabinsk, Grozny, Nizhny Novgorod, Kaliningrad, Krasnoyarsk, Kazan will grow. On all Far Eastern routes, the frequency of flights will traditionally be increased for meeting demand during holidays and school breaks," the statement said. As for international flights, Aeroflot plans to fly to Vietnam, the Maldives, Seychelles, Thailand, as well as Egypt and Turkey. Rossiya Airlines will also operate flights to Cuba and Sri Lanka.
147 RUSSIA Country Report April 2024 www.intellinews.com