National Rating Agency Raises Rating of Aeroexpress
OREANDA-NEWS. May 28, 2012. Today, Aeroexpress is the sole operator of the high-speed railway network for carrying passengers between airports and central railway stations in Moscow and Sochi, as well as commuter passenger transportation in the town of Lobnya near Moscow. According to 2011 statistics, the share of passengers travelling with Aeroexpress averaged about 22%, exceeding last year’s result by about 2%.
The systematically designed and implemented strategy for improving the quality of passenger services, together with an effective price-formation policy and diversification of sales channels, have had a positive impact on the company’s operating activities. In 2011, a total of 14.04 million passengers travelled on Aeroexpress trains, representing a 22% increase over last year’s 11.46 million. Passenger traffic grew on average by 30% per year in 2010-2011. The stable growth of passenger traffic has also had a positive impact on the company’s key financial indicators: revenues increased by 36% compared to 2010 to reach 3.6 billion rubles, while net income rose by almost 3 times to reach 0.7 billion roubles at the end of 2011. Profitability ratios are high and, at the end of 2011, represented 54% of the gross profit margin, 39% of the return on sales, and 20% of the net margin.
In early 2012, the company successfully placed a bonded debt for 5 years with a coupon rate of 11% per annum with a frequency of coupon payments of 182 days. The total cost of the securities that were actually placed amounted to 3.053 billion rubles. The main bond owners in the initial public offering were Sberbank of Russia (about 1.23 billion rubles) and TransCreditBank (about 1.75 billion rubles).
The company has a positive credit history; liabilities are promptly and fully discharged.
The Aeroexpress strategy implies not only the continuous development and improvement of existing services’ quality, but also participation in new projects for promising lines of development (in Sochi for traffic between Olympic venues, as well as in Vladivostok, Pulkovo and Kazan).
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