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IFRS Financial Statement

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IFRS Financial Statement PUBLIC JOINT STOCK COMPANY AEROFLOT – RUSSIAN AIRLINES Condensed Consolidated Interim Financial Statements for the 9 months ended 30 September 2016 Contents Statement of Management’s Responsibilities for the Preparation and Approval of the Condensed Consolidated Interim Financial Statements as at and for the nine months ended 30 September 2016 Report on Review of Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statement of Profit or Loss ..................................................................... 1 Condensed Consolidated Interim Statement of Comprehensive Income ..................................................... 2 Condensed Consolidated Interim Statement of Financial Position .............................................................. 3 Condensed Consolidated Interim Statement of Cash Flows ........................................................................ 4 Condensed Consolidated Interim Statement of Changes in Equity ............................................................... 6 Notes to the Condensed consolidated interim financial statements 1. Nature of the business ..........................................................................................................................7 2. Basis of preparation .............................................................................................................................9 3. Summary of significant accounting policies and new accounting pronouncements ............................9 4. Traffic revenue ...................................................................................................................................10 5. Other revenue .....................................................................................................................................11 6. Operating costs ...................................................................................................................................11 7. Staff costs ...........................................................................................................................................12 8. Finance income and costs...................................................................................................................12 9. Income tax ..........................................................................................................................................13 10. Accounts receivable and prepayments ...............................................................................................14 11. Prepayments for aircraft .....................................................................................................................15 12. Property, plant and equipment ...........................................................................................................15 13. Assets classified as held for sale ........................................................................................................17 14. Disposal of subsidiaries .....................................................................................................................17 15. Derivative financial instruments ........................................................................................................18 16. Accounts payable and accrued liabilities ...........................................................................................20 17. Deferred revenue related to the frequent flyer programme ................................................................20 18. Finance lease liabilities ......................................................................................................................20 19. Loans and borrowings ........................................................................................................................21 20. Impairment of investments .................................................................................................................22 21. Share capital .......................................................................................................................................23 22. Dividends ...........................................................................................................................................24 23. Operating segments ............................................................................................................................24 24. Fair value of financial instruments .....................................................................................................26 25. Related-party transactions ..................................................................................................................28 26. Commitments under operating leases ................................................................................................30 27. Capital commitments .........................................................................................................................30 28. Contingencies .....................................................................................................................................31 PJSC AEROFLOT Statement of management’s responsibilities for the preparation and approval of the Condensed Consolidated Interim Financial Statements as at and for the 9 months ended 30 September 2016 The following statement, which should be read in conjunction with the independent auditor’s responsibilities, as stated in the report on the review of the Condensed Consolidated Interim Financial Statements, is intended to distinguish between the respective responsibilities of management and the independent auditors in relation to the Condensed Consolidated Interim Financial Statements of Public Joint Stock Company Aeroflot-Russian Airlines and its subsidiaries (the “Group”). Management is responsible for the preparation of the Condensed Consolidated Interim Financial Statements in accordance with IAS 34, “Interim Financial Reporting”. In preparing the Condensed Consolidated Interim Financial Statements, management is responsible for: selecting suitable accounting principles and applying them consistently; making judgements and estimates that are reasonable and prudent; stating whether International Financial Reporting Standards (IFRS) have been complied with, subject to any material departures that are properly disclosed and explained in the Condensed Consolidated Interim Financial Statements; and preparing the Condensed Consolidated Interim Financial Statements on a going concern basis, unless it is inappropriate to presume that the Group will continue in business for the foreseeable future. Management is also responsible for: designing, implementing and maintaining an effective system of internal controls throughout the Group; maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Group, and which enable them to ensure that the Group’s Condensed Consolidated Interim Financial Statements are prepared in accordance with IAS 34, “Interim Financial Reporting”; maintaining statutory accounting records in compliance with local legislation and accounting standards in the relevant jurisdictions in which the Group operates; taking such steps as are reasonably available to them to safeguard the Group’s assets; and preventing and detecting fraud and other irregularities. AO PricewaterhouseCoopers Audit White Square Office Center, 10 Butyrsky Val, Moscow, Russia, 125047 T: +7 (495) 967 6000, F:+7 (495) 967 6001, www.pwc.ru PJSC AEROFLOT Condensed Consolidated Interim Statement of Profit or Loss for the three and nine months ended 30 September 2016 (All amounts are presented in millions of Russian roubles, unless otherwise stated) Three months ended Nine months ended 30 September 30 September 30 September 30 September Note 2016 2015 2016 2015 Traffic revenue 4 141,233 117,958 334,563 268,562 Other revenue 5 16,249 15,085 46,743 40,948 Revenue 157,482 133,043 381,306 309,510 Operating costs, excluding staff costs, depreciation and amortisation 6 (94,527) (83,182) (256,599) (222,348) Staff costs 7 (17,086) (13,408) (48,118) (40,643) Depreciation and amortisation (3,135) (3,325) (9,250) (10,035) Other operating income/(expenses), net 942 (2,186) (413) 324 Operating costs (113,806) (102,101) (314,380) (272,702) Operating profit 43,676 30,942 66,926 36,808 Loss from sale and impairment of investments, net 20 (305) (5,022) (3,734) (4,992) Finance income 8 11,075 5,202 18,860 7,987 Finance costs 8 (2,419) (13,051) (7,388) (16,124) Hedging result 8 (1,956) (6,883) (10,611) (15,731) Share of results of associates 45 28 - (28) Result from disposal of subsidiaries 14 627 - (5,099) - Profit before income tax 50,743 11,216 58,954 7,920 Income tax expense 9 (9,412) (5,849) (15,156) (6,094) PROFIT FOR THE PERIOD 41,331 5,367 43,798 1,826 Attributable to: Shareholders of the Company 41,245 6,119 42,588 2,699 Non-controlling interest 86 (752) 1,210 (873) PROFIT FOR THE PERIOD 41,331 5,367 43,798 1,826 Basic and diluted profit per share (in roubles per share) 39.0 5.8 40.3 2.6 Weighted average number of shares outstanding (millions) 1,056.9 1,056.9 1,056.9 1,056.9 The Condensed Consolidated Interim Statement of Profit or Loss is to be read in conjunction with the notes to, and forms a part of, the Condensed Consolidated Interim Financial Statements presented on pages 7 to 32. 1 PJSC AEROFLOT Condensed Consolidated Interim Statement of Comprehensive Income
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