OREANDA-NEWS. JSC Aeroflot today announces its unconsolidated financial results for FY 2013 to Russian Accounting Standards.

Profit and loss statement

JSC Aeroflot's revenue for FY 2013 totalled RUB 206,277 billion, an increase of RUB 29,693 billion or 16.8% on 2012. This was driven by higher demand for flights, which is also reflected in higher passenger numbers (+18.4% year on year).

Cost of sales for FY 2013 was RUB 165,605 billion, an increase of RUB 22,329 billion or 15.6%. This was due to the increase in traffic.

The faster pace of sales growth (16.8%) than cost of sales (15.6%) underscores the Company's effective cost management policies.

Gross profit was RUB 40,672 billion, an increase of RUB 7,364 billion (22.1%) year on year.

Net profit for 2013 was RUB 11,097 billion, up RUB 8,056 billion or 265.0% on 2012. This increase was driven by higher volumes and profitability of flights, as well as growth in other revenue streams (profits from sale of shares in a subsidiary, foreign currency gains, etc.)

Balance sheet

JSC Aeroflot's total assets as of 31 December 2013 stood at RUB 108,874 billion, an increase of RUB 2,063 billion (1.9%) on the previous year.

As of 31 December 2013, the Company had long-term liabilities of RUB 14,522 billion, an increase of RUB 2,680 billion (22.6%) from the previous year, due to the BO-3 series bond issue in April 2013. During 2013 the Company's long-term payables declined by RUB 1,481 billion (16.1%).

JSC Aeroflot's current liabilities stood at RUB 38,530 billion as of 31 December 2013, a decline of RUB 9,628 billion (20.0%) from the previous year.