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Russian Airlines Is the Largest Airline in Members

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Russian Airlines Is the Largest Airline in Members ANNUAL REPORT 2007 ANNUAL REPORT 2007 cONTENTs Contents BRiEf dEscRiption Of ThE Company . 6 KEy figures . 7 Address By ThE chAiRman Of ThE Board Of directors . 8 Address By ThE cEO . 10 MaiN Events iN 2007 . 13 MaiN Events siNcE DecEmber 31, 2007 . 15 KEy AchiEvEments iN 2007 and mAiN direcTions for dEvelopment iN 2008 . 17 OverviEw Of ThE AiR transport market . 23 OverviEw Of operations iN 2007 . 31 RisKs and RisK managEment . 51 Social dEvelopment . 57 4 Corporate gOvernancE . 61 5 shareholders and iNvEstors . 69 financial Accounts . 75 AppendicEs . 120 ANNUAL REPORT 2007 KEy figUREs BRiEf dEscRiption Of ThE Company KEy figUREs* Aeroflot Russian Airlines is the largest airline in members . skyTeam airlines fly to 841 destinations Operating performance 2007 2006 Change Russia and the cis region . The company carried in 162 countries, offering passengers almost unlim- more than 8 million passengers in 2007, and more ited international travel choices . Passengers carried, millions 10 .2 8 .7 17 .2% than 10 million including operations by subsidiar- ies . That represents about a quarter of total passen- in 2007 Aeroflot successfully obtained renewal of cargo and mail carried, thousand tonnes 153 .7 151 .8 1 .3% ger carrying by Russian air transport last year . its iOsA (iATA Operational safety Audit) certifica- Revenue passenger kilometers, billion RPK 27 .9 24 .3 14 .8% tion, confirming its compliance with new tougher Aeroflot is one of the longest-established airlines in iOsA rules . iOsA certification is a generally recog- Revenue tonne kilometres, billion RTK 3 .4 3 .1 9 .7% the world and one of the best-known brands in the nized mechanism for raising safety levels in the air Passenger load factor, % 70 .2 69 .7 0 .5 pt business . Aeroflot’s 85th anniversary, celebrated on transport business, and companies that have the february 9, 2008, coincided with the 85th anniver- certification are full-fledged members of the inter- cargo load factor, % 57 .9 57 .9 – sary of Russian civil aviation . The company is based national community of air carriers . in moscow, at sheremetyevo international Airport . Average personnel 20,114 18,996 5 .9% Aeroflot’s strategy is to position itself as a leading Number of aircraft in the fleet at the end of the year 143 128 15 Aeroflot group has its own routes to 115 destina- network company, uniting its developed domestic tions in 54 countries worldwide, and operates one route network with extensive international route Financial performance 2007 2006 Change of the youngest aircraft fleets in Europe . At the be- potential of the company itself and of its skyTeam ginning of 2008 the company fleet consisted of 143 partners . modern airliners, of which 63 were built by Boeing Traffic revenue, Usd millions 3,165 .4 2,473 .1 27 .9% and Airbus and have average age of 4 years . Aeroflot is among companies included in the official Total revenue, Usd millions 3,807 .8 2,992 .7 27 .2% List of strategic Enterprises and Joint-stock compa- Aeroflot is a member of the skyTeam global alliance, nies, approved by decree of the President the Rus- Operating income, Usd millions 578 .0 386 .2 49 .7% which numbers 11 full members and 3 associated sian federation № 1009 (dated August 4, 2004) . Net income, Usd millions 313 .4 258 .1 21 .4% 6 shareholders’ equity (as of december 31), Usd millions 1,112 .2 784 .5 41 .8% 7 capital expenditures, Usd millions 555 .4 534 .1 4% Company value indicators 2007 2006 Change Earnings per share, Usc 28 .8 24 .1 19 .5% market capitalization at the end of the year, Usd billions 4 .1 2 .4 71% P/E ratio 13 .1 9 .3 41% * consolidated key figures of Jsc Aeroflot and its subsidiaries . ANNUAL REPORT 2007 AddREss By ThE chAiRmAN Of ThE BOARd Of diREcTORs AddREss By ThE chAiRmAN Of ThE BOARd Of diREcTORs affordable for an ever larger share of the Russian Aeroflot celebrates its 85th birthday this year . The com- general public . pany is proud of its name, which is associated worldwide with Russia and is among the best-known and most-re- Last year’s results show that growth has become an es- spected brands internationally . Aeroflot is committed tablished trend in the Russian airline industry . it is also both to reinforcing its well-earned reputation as the evident that Aeroflot, as the industry leader, is operating national flag carrier and to crossing new frontiers . The and developing in the forefront of that process . Our task future offers broad horizons for the company and the is to define the optimal development paths for Aeroflot, experience of past years, including 2007, gives us ev- to secure maximum advantages for the company, its ery reason to be optimistic about company prospects in customers and its shareholders . years to come . Victor ivanov 8 9 Dear Colleagues, Russian civil aviation was put to a severe test in 2007 . company capitalization grew steadily and exceeded Usd But, despite numerous difficulties, the year was also rich 4 billion by the end of 2007 . The growth was due in part in opportunities, provided mainly by the continuation of to overall growth of the Russian economy, but it was also economic growth and political stability in Russia . Aero- determined by renewal of the company aircraft fleet, high flot passed the test with flying colors, confirming its title standards in operations, corporate governance and finan- as Number 1 airline in Russia — not only the biggest, but cial management . Aeroflot’s reputation for dependability the best by nearly all parameters . Aeroflot’s leading posi- also played an important role: the company’s quality man- tions reflect efficient use of newly found advantages, and agement system and flight safety match the highest inter- rapid reaction to the changing economic environment in national standards . Russia and the world . much has been done, but much still remains to be done . Jsc Aeroflot-Russian Airlines operates on a highly com- Aeroflot is building a network airline model, which can petitive market in the best interests of its shareholders, make full use of Russia’s transit potential . the largest of which is the state . company achievements have special significance for the national economy and Aeroflot’s strategic objectives include consolidation for Russian society . Aeroflot showed strong operational of the Russian airline industry, since the current frag- and financial results in 2007, making significant quanti- mented state of the industry undermines competitive- tative and qualitative advances in a number of areas . The ness . consolidation will make it possible to organize strong performance supported the company’s position as a strong air route network and ensure a strong market largest tax payer in the Russian airline industry: Aeroflot for Russian aerospace manufacturers . Aeroflot’s cor- contributed 10 .3 billion roubles to state budgets at the porate ethic has always included a strong social orien- federal level and at lower levels of government in 2007 . tation, and i am convinced that air travel will become ANNUAL REPORT 2007 AddREss By ThE cEO AddREss By ThE cEO passenger-kilometers . Numbers of passengers carried The company’s extensive route network is dependent increased by almost the same amount to total 45 million on expansion and renewal of the company fleet . fleet people . Aeroflot carried 21 million people on internation- modernization is the main condition for improving al routes . Aeroflot’s share of total passenger carrying by competitiveness and quality of carriage .we nearly completed Russian airlines on regular routes was 23 .7% . large-scale modernization of the medium-haul fleet last year and laid the foundations for modernization of the long-haul Aeroflot’s strategic goal is to build a world-class company . fleet . Aeroflot now has one of the youngest aircraft fleets Accordingly, company development in 2007 aimed to cre- in Europe, and the company is among world leaders by ate firm foundations for long-term growth in the future, indicators of operational reliability and actual flight hours and to make the company more competitive in an environ- per craft . daily flight hours of the company’s Airbus A320s ment of market growth and increasing competition . are among the highest in the world . Aeroflot had 34 such craft at the start of 2008 and their numbers should rise to Aeroflot re-confirmed its certification from the iOsA 60 by 2012 . The company also has contracts for delivery last year . Repeat confirmation makes us a full iOsA op- of 10 Airbus A330s, 22 Boeing-787 dreamliners and 22 erator . The company also successfully passed its quality Airbus A350s for development of the long-haul fleet . management audit to obtain certification under the ISO 9001:2000 standard . This certification offers a significant The global air transport market is fiercely competitive but financial gain, by substantially reducing our hull insurance also offers considerable opportunities for cooperation . for 2007-2008, despite the increase of carriage volumes . The main opportunities for us are development of flight safety is an absolute priority for the company . Aero- partnership relations as part of the skyTeam Alliance, flot achieved good results in this respect last year: flight whose route network includes 841 destinations in 162 hours per incident were 7840, which is nearly three times countries . This enables our passengers to travel the world better than the average for Russian civil aviation . and make full use of bonus programs as well as offering the company a number of advantages for business 10 The company began work to introduce electronic ticket- development . Aeroflot has code sharing arrangements 11 Dear Shareholders, Partners and Employees, carrying capacities grew by 9 .9% . Passenger carrying by ing in 2007 .
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