UTair Group to Submit the IFRS Accountability for the First Half of 2012

UTair Aviation has published its consolidated IFRS report for the H1 2012. The Airline’s performance was presented at the September 26 meeting of UTair top-management and shareholders with analysts and investors at the corporate headquarters of Surgutneftegaz in Moscow.

Core UTair operational performance indicators for the accounting period showed significant improvement. UTair Aviation Financial Director Igor Petrov said that in the passenger transport operations passenger flow increased by 40%, while passenger turnover increased by 46%. Seat occupancy increased to 72.6%. “I’d like to highlight the anticipated revenue growth rate for PKM, which indicates a conditional increase in revenue per passenger – as much as 3.8% over the same period for 2011,” said Mr.Petrov. “Over the past 6 months UTair helicopter transport operations have seen a significant increase in the volume of works conducted in Russia and abroad relative to the volume for same period in 2011,” he said.

The airline continues to invest in development on new markets, including helicopter operations, opening new routes and advanced fleet renewal.

Following the H1 performance results UTair Group revenue from core activities made up 31.3 billion rubles, a 40% increase over the same period for 2011. EBITDAR also increased significantly – 76% for the H1 accounting period. Consequently the financial debt to EBITDAR ratio has been improved from 3.7 to 3.0 points. The Airline’s debt service indicator increased 50%, reaching 4.2 points for the first half of 2012. Financial leverage showed positive dynamics and doubled its value.