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automobile plant Moskvich of 5bn rubles. Funding will be provided within two months from the date of the agreement.
9.2.3 Aviation corporate news
CEO of Aeroflot says 9mo22 passenger volumes were 31.3m, down 8.2% y/y. Implying that in 3Q22 passengers carried number was 14.1m (down by 9.4% Y/y). That is a recovery after 22% drop in 2Q22, but given that last year was in itself also a post-pandemic year with various travel limitations, we are quite considerably far from pre-pandemic levels. Despite various subsidies, we think Aeroflot will end the year with losses, interim financial publication is still suspended. Passenger volumes in 3Q22 are down, but not as dramatic as in 2Q22. Yields and overall financial statistics is absent, as company suspended financial disclosure. Passenger traffic matters, as well as revenue passenger kilometres, hence we will be keeping an eye on further developments. Massive subsidies and equity injection will keep Aeroflot afloat despite the closure of numerous travel destinations and potential technical issues with foreign made aircrafts.
Aeroflot released its operating results for 3Q22 that reveal flat y/y passenger turnover of 34.3bn RPK (after 14% y/y decline in 2Q22). The number of passengers carried (14.1mn) was still down 9.5% y/y. Operating statistics by Aeroflot picture somewhat stabilizing volumes and traffic. We do not know the yields (average ticket price) yet that could be also under pressure. Overall, growth in domestic volume and traffic somewhat compensates steep decline in international volumes. Aeroflot’s press-release also mentions improvement in efficiency, seat occupancy and load factors. Aeroflot is still in transformation mode. Flat turnover means that despite lower passenger volumes, distances travelled somewhat compensated the decline, hence, some stabilization in traffic. We fear that massive subsidies might have been detrimental to yields (Aeroflot may have reduced the air fare). Subsidies will subside and evaporate, hence, we would like the return to normality to sense the viability of new environment for Aeroflot. For now, Aeroflot is still in transformation mode.
The first flight of Sukhoi Superjet New (SSJ New) aircraft, a new version of the SSJ100 plane fitted with as many locally-produced systems as possible, should happen in March–May 2023, Deputy Prime Minister – Industry and Trade Minister Denis Manturov told Prime Minister Mikhail Mishustin on Monday.
9.2.4 Construction & Real estate corporate news
Samolet announced the start of the project to launch its own digital bank.
It set up a separate company – Samolet Financial Technologies – for these
123 RUSSIA Country Report November 2022 www.intellinews.com