Week of February 10, 1997

Aeroflot 1995 Annual Report

AEROFLOT 1995 FACTS

Aeroflot - Russian International Airlines (ARIA) has issued its 1995 "annual report." It says ARIA is responsible for 60% of the international air traffic carried out by all Russian air companies. In 1995 ARIA flew to 102 countries, making landings in 146 destinations. The whole fleet carried about 3.5 million passengers and 70,000 t of cargo and mail. Totally ARIA planes logged 1.7 b km-tonnes, with passenger traffic being 13.9 b km-passengers. At the end of 1995 ARIA was carrying out 40 flights a week to destinations in the CIS and Baltic states.

Major events' calendar

In March 1995 the carrier commenced non-stop Moscow - New York service with a 767-300ER. In April It opened Khabarovsk - Aomori and Vladivostok - Toyama routes. In May a Tu-204C (for cargo) made its first commercial flight Moscow-Bangkok. That month Aeroflot opened St. Petersburg - Pafos line and put in practice its "Shannon hub" project (transporting passengers, who are taken to Shannon in Ireland by smaller CIS carriers, farther to South, Central and North Americas). In June ARIA commenced flights Moscow - Nitsa.

The Russian Government appointed Eugeny Shaposhnikov the General Director of Aeroflot ARIA on 14 October. In October a cargo DC-10-30F started to fly the Moscow - Seoul and Moscow - Frankfurt routes. Two new services were opened, Moscow - Bratislava - Shannon and Ulan-Ude - Ulan-Bator. In November ARIA planes started non-stop flights Moscow - Los Angeles with a Il-96-300. This month an ARIA Il-62M took passengers from Moscow to Novosibirsk. It was the first ARIA flight within Russia. December brought about services Moscow - St. Petersburg, - Khabarovsk and - Alma-Ata.

Fleet

At the end of 1995 the fleet consisted of 120 aircraft operated by a 2,200-strong flight crew personnel. More than 20% of total passenger traffic is carried out by modern Il-96-300, A-310-100 and 767-300ER airliners. In 1995 Aeroflot took delivery of a Tu-204C cargo aircraft as well as Il-96 and Tu-204 flight simulators. In 1995 ARIA began servicing its own A-310-300s.

1995 1994 1993

Boeing 767-300ER 2 2 0

IL-62M 27 28 27

Il-86 18 19 19

Tu-154M 25 23 23

Tu-154B 4 4 4

Tu-154C 0 1 3

Tu-134A 13 13 8

Il-76 18 19 19

Il-96-300 6 5 2

A-310-300 6 4 5

DC-10-30F 1 0 0

Total 120 116 110

(Note: ARIA also uses at least three An-124-100 and a Tu-204 freighters)

PERSONNEL 1995 1994 1993

1st&2nd captains 990 911 1,067

other flight crews 1,402 838 1,296

stewards 2,330 2,079 2,261

technicians 2,964 2,907 2,944

sales, promotion 1,133 1,122 864

services in airports 569 1,553 1,593

others 3,974 5,428 4,372

total 13,362 14,838 14,397

Operational results - international flights

Scheduled flights 1995 1994 1993

km flown, m 143.07 133.15 125.57

departures 46,302 42,810 39,845

flight hours 181,147 167,678 157,875

pass. carried, m 3.201 2.766 2.794

freight carried, t 65,400 60,800 47,400

pass. load factor 58.2% 58.2% 65.9%

traffic, km-tonne 1,661m 1,487m 1,452m

comm. load factor 48.7% 54% 57.8%

Non-regular flights 1995 1994 1993

km flown, m 6.11 6.59 16.48

departures 2,304 2,512 5,964

flight hours 7,994 8,899 21,519

pass. carried 292,600 208,200 291,300

pass. load factor 72.9% 57.5% 56.7%

traffic, km-tonne 93m 80m 195m

comm. load factor 56.8% 46.7% 49.2%

Profit and loss statement (as on 31.12.95) - Amount Roubles (millions)

Revenues 1995 1994 1993

scheduled services 4,486,865 1,832,195 696,033

non-sched flights 256,121 96,415 64,711

incidental revenues 70,117 226,267 42,062

total operating revenues 4,813,103 2,154,877 802,806

Expenses 1995 1994 1993

flight operations and other 2,687,697 1,406,557 455,283

depreciation and amortisation 192,060 76,680 3,976

maintenance and overhaul 1,075,149 78,716 13,051

user charges and station expen. 450,569 214,625 80,434

ticketing, sales and promotion 83,751 15,556 6,586

total operating expenses 4,489,226 1,792,534 559,330

Operating result 323,877 362,343 243,476

non-operating articles (-122,637) (-29,473)

profit 201,240 362,343 214,003

income taxes 65,550 112,674 89,488

profit after income taxes 135,690 249,669 124,515

(-) taken in accordance with the Finance Ministry's orders pertaining to leasing agreements.

Balance sheet - amount Roubles (millions)

1995 1994 1992

current assets 2,204,500 2,358,511 1,153,147

flight equipment

before depreciation 2,674,653 1,004,788 45,704

less: reserve for deprec. 1,774,311 628,280 16,454

after depreciation 900,342 376,508 29,250

ground property

before depreciation 350,301 149,931 31,549

less: reserve for depric. 92,872 37,996 11,921

after depreciation 257,429 111,935 19,628

Investments in other companies 332,574 170,615 33,322

deferred charges 24,093 55,108 41,693

Intangible assets 3,642 643 30

other assets 755,305 85,690 48,913

total assets 4,477,885 3,159,010 1,325,983

liabilities

current liabilities 601,051 600

operating liabilities 235,977 286,680 603,881

reserves 399,886 867,469 341,649

other liabilities 1,640,297 717,546 378,360

long-term debt 1,597,510 1,286,086

capital stock 3,164 1,229 1,493

total liabilities 4,477,885 3,159,010 1,325,983

Results of privatisation process

According to State Property Committee order no.535-r dated 13 May 1995, the "chapter fund" of ARIA was Russian Roubles 3,164,149,000 (basing on balance sheet compiled on 1 July 1991), with number of shares being 3,164,149 at RR 1,000 each. According to RF Council of Ministers' order no. 267 dated 1 April 1993, the packet of 51% of ARIA shares are given in the state possession for three years. At present the state owns 1,619,189 shares, which account for 51.17% of the "chapter fund." The rest - 1,544,960 shares - are in the possession of 20,856 share-holder, who are either members of ARIA personnel or "persons equalled in rights with the personnel."

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