Page 137 - RusRPTNov23

into Russian ownership because of the strict financial leasing terms offered to them by the state-controlled NLC-Finance.
Private airlines are required to pay 30-40% of the cost of the aircraft as a deposit, and then annually transfer 30-40% of their net profit to offset the buyout.
The state-owned Aeroflot received the planes on the simpler terms of operating leasing (returning the aircrafts to the owner after the end of the lease).
Kommersant estimates the value of Ural Airlines' aircrafts at RUB30bn, the value of three long-range A330 iFly aircraft at under RUB9bn, while S7, the Russia's largest private airline, is currently negotiating with Western leasing companies to buy back its aircrafts for RUB50bn-RUB70bn.
Analysts surveyed by the daily believe that state authorities are deliberately offering less favourable leasing terms to private companies in order to delay the execution of the deals and in the meantime hand the remaining budget of the National Wealth Fund to Aeroflot.
9.2.4 Construction & Real estate corporate news
The cash inflow of Russian real estate developer Etalon Group grew by 21% on the year to 52.9bn rubles in January–September, the company said in a statement on October 12. Property sales rose by 53% to 65.2bn rubles, and grew by 62% to 340,600 square meters in the period.
In the 3rd quarter of 2023, Samolet Group achieved record operating results, demonstrating sales growth of 63% YoY to RUB 79.3 billion. (422.9 thousand sq. m). This dynamics became possible due to the introduction of new projects and new phases in existing projects, the expansion of the geographical presence, as well as an increase in demand for real estate against the backdrop of an increase in the key rate of the Bank of Russia and the weakening of the ruble. The total number of concluded contracts increased by 50% and amounted to 11.4 thousand. Cash receipts amounted to 58.1 billion rubles. GMV of the Samolet Plus platform for 3Q23 amounted to RUB 232.6 billion.
The financial results of the Samolet group, according to management reporting, excluding the MIC Group, reflect good sales dynamics: despite the high base effect in 3Q22, the company's revenue increased by 52% YoY to RUB 81.4 billion, adj. EBITDA for the year increased by 61% and reached 19.0 billion rubles, and net profit increased by 41% to 10.3 billion rubles. In just 9 months of 2023, revenue increased by 29% year-on-year to RUB 183.2 billion, adjusted figure. EBITDA increased by 28% and reached RUB 44 billion, and
137 RUSSIA Country Report November 2023 www.intellinews.com