Analyst Databook: Aeroflot Investor Relations Contacts: 119002, Russia, Moscow, Arbat St. 1

ANALYST DATABOOK
Glossary
Highlights and Ratios
Macroeconomic Indicators
Air Transportation Market
Aeroflot Operating Indicators, Absolute
Aeroflot Operating Indicators, Growth
Aeroflot Operating Indicators, By Region
Revenue Decomposition
Operating Expenses
EBITDA Analysis
Statement of Financial Position
Profit and Loss Statement, OCI
Cash Flow Statement
Debt Profile and Liquidity
ROIC
RASK-CASK Analysis
Fleet
Network
Headcount
Fuel Consumption
Shareholder Capital
Market Capitalization and EV
Dividends Date of the update
Aeroflot Investor Relations Contacts:

119002, Russia, Moscow, Arbat St. 1
http://ir.aeroflot.com/
ir@aeroflot.ru
Note: immaterial deviations of numbers in databook from actual results are explained by rounding
Glossary Contents
Terminology and Abbreviations
PAX (Passengers) number of passengers carried by an airline

RPK (Revenue Passenger Kilometre) a way of calculating the number of kilometres travelled by paying customers, by multiplying the number of paying passengers by the distance travelled.
ASK (Available Seat Kilometres) a measure of an airline’s carrying capacity to generate revenue, taken from multiplying the available seats on any given aircraft by the number of kilometres flown on a given flight.
PLF (Passenger Load Factor) efficiency of seat capacity utilisation, defined as the ratio between RPK and ASK.
ATK (Available Tonne Kilometres) a measure of airlines' transportation capacity. Calculated by multiplying the capacity (tonnes available) – for the transport of revenue load (PAX and cargo) by the distance flown.
TKM (Tonne Kilometres) a measure of airline’s cargo and PAX carriage capacity – the movement of one tonne (PAX, calculated at 90 Kg per passenger) one kilometre, measured in tonne kilometres.
Yield revenue generated by RPK (measures changes in pricing policy and fares).
Revenue per Available Seat Kilometre (RASK) the ratio between revenue and available seat kilometres (measures both changes in pricing policy and fares and PLF).
Cost per Available Seat Kilometre (CASK) the ratio between operating expenses and available seat kilometres (measures costs required to produce one seat-kilometre).
Units
RUB Russian rouble

$ or USD US dollar
EUR Euro
RUB mn million Russian roubles
RUB bn billion Russian roubles
bbl barrel
mln t million tons
% percentage
pp percentage points
t ton
AVG average
EOP enf of the period
Highlights and Ratios
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

mn RUB if not stated otherwise 2012 2013 2014 2015 2016 2017 2018
PAX, mn 27.5 31.4 34.7 39.4 43.4 50.1 55.7
RPK, bn 74.6 85.3 90.1 97.6 112.1 130.2 143.2
PLF, % 78.1% 78.2% 77.8% 78.3% 81.4% 82.8% 82.7%
Aircraft, # 233 239 261 262 292 332 367
Scheduled routes, # 296 293 291 283 279 278 288
Unique destinations, Summer, # 115** 152 141 142 153 158 169
Unique destinations, Winter*, # 142 142 137 137 144 153 173
Revenue 253,039 290,956 319,771 415,173 495,880 532,934 611,570
EBITDAR 38,504 51,026 48,673 103,118 137,567 121,808 122,479
EBITDA 20,874 31,849 24,839 58,703 78,004 56,015 33,598
Net Profit 5,170 7,335 (17,146) (6,494) 38,826 23,060 5,713
Dividends 1,292 2,774 - - 19,413 14,222 2,857
Number of shares at the end of period, mn*** 1,111 1,111 1,111 1,111 1,111 1,111 1,063
Dividend payout ratio, % 26% 25% - - 50% 50% 50%
Earnings per share, RUB 4.65 6.60 (15.4) (5.8) 34.96 20.76 5.38
Dividends per share, RUB 1.16 2.50 - - 17.48 12.81 2.69
Net Operating Activities (CFO) 16,810 28,945 35,977 69,664 76,712 47,432 19,495
Net Investing Activities (CFI) 1,256 (3,599) (18,492) (38,770) 7,266 14,369 4,842
Net Financing Activities (CFF) (15,597) (21,782) (14,673) (28,075) (80,495) (46,821) (48,526)
Capital expenditures**** (2,816) (4,705) (6,100) (8,568) (3,667) (5,737) (8,835)
Free cash flow (CFO + CFI) 18,066 25,346 17,485 30,894 83,978 61,801 24,337
Operating margin (%) 4.4% 6.8% 3.5% 10.6% 12.8% 7.6% 3.2%
EBITDA (%) 8.2% 10.9% 7.8% 14.1% 15.7% 10.5% 5.5%
EBITDAR (%) 15.2% 17.5% 15.2% 24.8% 27.7% 22.9% 20.0%
Net margin (%) 2.0% 2.5% (5.4)% (1.6)% 7.8% 4.3% 0.9%
ROIC (%) - 14.1% 5.4% 18.5% 21.1% 14.1% 12.0%
EBITDA/Gross Interest (х)***** 8.9 11.1 7.3 9.9 11.2 11.8 6.5
Gross Debt/EBITDA 12M(х) 3.8 2.7 7.0 4.0 1.8 1.9 2.9
Net Debt/12M EBITDA (х) 3.1 2.1 5.9 3.4 1.4 0.9 2.0
Net Debt/Equity (х) 1.3 1.2 - - 2.6 0.7 1.5
Adjusted net debt/EBITDAR (7.0x factor) 4.9 3.9 6.4 4.9 3.8 4.2 5.6
* Schedule starting in October of the year
** Data as per JSC "Aeroflot" standalone
*** Number of shares at the end of 2018 excludes treasury shares
**** Figures in 2012-2013 include Deposits placement alongside with Purchases of investments and loans issued
***** Calculation in 2019 includes Interest paid under lease contracts and other interest paid (IFRS 16)
Contents
IFRS 16 IFRS 16
2018 2019
55.7 60.7
143.2 156.2
82.7% 81.9%
367 359
288 270
169 187
173 168
611,570 677,881
- -
151,517 168,924
(55,694) 13,512
- -
- 1,063
- -
- 12.71
- -
134,002 152,225
(19,004) (46,145)
(139,187) (115,486)
(30,360) (16,702)
114,998 106,080
9.9% 8.9%
24.8% 24.9%
- -
(9.1)% 2.0%
- -
3.4 3.7
4.4 3.4
4.2 3.2
- -
- -
Key Macro Indicators
Russian Macro 2012 2013 2014 2015 2016 2017 2018 2019
GDP 3.4% 1.3% 0.7% (2.8)% (0.2)% 1.8% 2.5% 1.3%
Industrial Production 2.6% 0.4% 1.7% (3.4)% 1.1% 2.1% 2.9% TBU
- Natural Resources 1.1% 1.1% 1.4% 0.3% 2.5% 2.1% 4.1% TBU
- Manufacturing 4.1% 0.5% 2.1% (5.4)% 0.1% 2.5% 2.6% TBU
Investments 6.6% (0.2)% (2.5)% (10.1)% (0.9)% 4.4% 4.1% TBU
Retail Sales 6.3% 3.9% 2.5% (10.0)% (4.6)% 1.3% 2.6% TBU
Food Retail Sales 3.6% 2.6% (0.1)% (9.0)% (5.0)% 1.1% 1.7% TBU
Non-food Sales 8.6% 4.9% 4.7% (10.9)% (4.2)% 1.5% 3.4% TBU
CPI 5.1% 6.8% 7.8% 15.5% 7.1% 3.7% 2.9% TBU
Food CPI 3.4% 6.2% 9.7% 20.2% 5.8% 2.8% 1.7% TBU
PPI 6.8% 3.4% 6.1% 12.4% 4.0% 7.6% 11.9% TBU
CPI - Transport Services 6.1% 9.2% 6.9% 10.8% 8.1% 7.0% 3.3% TBU
Nominal Wages 13.9% 11.9% 9.2% 5.1% 7.7% 7.2% 9.9% TBU
Real Wages 8.4% 4.8% 1.3% (9.0)% (0.6)% 3.4% 6.8% TBU
Real Disposable Income 4.6% 4.0% (0.7)% (3.2)% (5.9)% (0.7)% 0.3% TBU
Unemployment 5.5% 5.5% 5.2% 5.6% 5.5% 5.2% 4.8% TBU
Consumer Confidence Index (CCI) (8.0)% (11.0)% (18.0)% (26.0)% (18.0)% (11.0)% (17.0)% TBU
Exchange rates 2012 2013 2014 2015 2016 2017 2018 2019
RUB/USD exchange rate, EOP 30.37 32.73 56.26 72.88 60.66 57.60 69.47 61.91
change (5.7)% 7.8% 71.9% 29.5% (16.8)% (5.0)% 20.6% (10.9)%
RUB/USD exchange rate, AVG 31.09 31.85 38.42 60.96 67.03 58.35 62.71 64.74
change 5.8% 2.4% 20.6% 58.7% 10.0% (12.9)% 7.5% 3.2%
RUB/EUR exchange rate, EOP 40.23 44.97 68.34 79.70 63.81 68.87 79.46 69.34
change (3.5)% 11.8% 52.0% 16.6% (19.9)% 7.9% 15.4% (12.7)%
RUB/EUR exchange rate, AVG 39.95 42.31 50.82 67.78 74.23 65.90 73.95 72.50
change (2.3)% 5.9% 20.1% 33.4% 9.5% (11.2)% 12.2% (2.0)%
LIBOR 3M, AVG 0.39 0.27 0.23 0.32 0.74 1.26 2.31 2.33
LIBOR 6M, AVG 0.63 0.41 0.33 0.49 1.06 1.48 2.49 2.32
LIBOR 3M, EOP 0.31 0.25 0.61 0.61 1.00 1.69 2.81 1.91
LIBOR 6M, EOP 0.51 0.35 0.36 0.85 1.32 1.84 2.88 1.91
Brent, USD, AVG 111.7 108.7 99.4 53.6 45.1 54.7 71.6 64.2
Brent, USD, EOP 111.1 110.8 57.3 37.3 56.8 66.9 53.8 66.0
Contents
Russian Air Transportation Market Contents
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IAS 17 IAS 17
Russian market overview 2012 2013 2014 2015 2016 2017 2018 2018 2019 2012 2013
Passenger Traffic (PAX, mn) Passenger Traffic (% of total)
Domestic routes 35.4 39.2 46.3 52.6 56.4 62.6 68.8 68.8 73.1 Domestic routes 38.6% 37.8%
International routes, incl 56.2 64.4 65.5 54.7 46.4 61.1 68.1 68.1 74.1 International routes, incl 61.4% 62.2%
Russian carriers 38.6 45.3 46.9 39.5 32.2 42.5 47.4 47.4 55.1 Russian carriers 42.1% 43.7%
Foreign carriers 17.6 19.1 18.6 15.2 14.2 18.6 20.8 20.8 19.1 Foreign carriers 19.2% 18.4%
Total 91.6 103.7 111.8 107.2 102.8 123.7 137.0 137.0 147.2 Total 100.0% 100.0%
Passenger Traffic (y-o-y change) Passenger Traffic (y-o-y change)

Domestic routes 8.1% 10.8% 17.9% 13.6% 7.3% 10.9% 10.0% 10.0% 6.1% Domestic routes - -
International routes, incl 18.9% 14.6% 1.7% (16.6)% (15.1)% 31.7% 11.5% 11.5% 8.8% International routes, incl - -
Russian carriers 23.1% 17.4% 3.5% (15.8)% (18.6)% 32.1% 11.5% 11.5% 16.3% Russian carriers - -
Foreign carriers 10.6% 8.5% (2.5)% (18.6)% (6.1)% 30.7% 11.5% 11.5% (8.2)% Foreign carriers - -
Total 14.5% 13.1% 7.8% (4.1)% (4.1)% 20.3% 10.7% 10.7% 7.5% Total - -
Market players (mn PAX) Market players (%)

Aeroflot Group 27.5 31.4 34.7 39.4 43.4 50.1 55.7 55.7 60.7 Aeroflot Group 30.0% 30.3%
Transaero 10.3 12.5 13.2 11.2 0.0 0.0 0.0 0.0 0.0 Transaero 11.3% 12.1%
S7 Group 8.3 9.2 10.1 10.6 13.1 14.3 16.0 16.0 17.9 S7 Group 9.0% 8.9%
Utair Group 8.1 8.6 9.6 7.5 7.0 7.6 7.8 7.8 8.1 Utair Group 8.8% 8.3%
Ural Airlines 3.5 4.4 5.2 5.4 6.5 8.0 9.0 9.0 9.6 Ural Airlines 3.8% 4.3%
Foreign airlines 17.6 19.1 18.6 15.2 14.2 18.6 20.8 20.8 19.1 Foreign airlines 19.2% 18.4%
Other airlines 16.3 18.4 20.4 17.9 18.6 25.0 27.8 27.8 31.7 Other airlines 17.8% 17.7%
Total Russian Market 91.6 103.7 111.8 107.2 102.8 123.7 137.0 137.0 147.2 Total Russian Market 100.0% 100.0%
Russian market overview (Russian carriers only) 2012 2013 2014 2015 2016 2017 2018 2018 2019 2012 2013
Passenger Traffic (PAX, mn) 74.0 84.6 93.2 92.1 88.6 105.1 116.2 116.2 128.1 Passenger Traffic (PAX, mn) 15.5% 14.2%
International routes 38.6 45.3 46.9 39.5 32.2 42.5 47.4 47.4 55.1 International routes 23.1% 17.4%
Passenger Turnover (RPK bn) 195.8 225.2 241.4 226.8 215.6 259.4 286.9 286.9 323.0 Passenger Turnover (RPK bn) 17.4% 15.0%
Capacity (ASK bn) 250.0 283.2 302.5 284.6 265.8 311.8 342.4 342.4 385.0 Capacity (ASK bn) 15.8% 13.3%
Passenger Load Factor (%) 78.3% 79.5% 79.8% 79.7% 81.1% 83.2% 83.8% 83.8% 83.9% Passenger Load Factor (change, pp) 1.1 1.2
Domestic routes 73.0% 75.0% 76.4% 76.6% 79.5% 80.7% 82.8% 82.8% 82.6% Domestic routes 1.1 2.0
International routes 81.8% 82.1% 81.9% 82.2% 82.7% 85.2% 84.6% 84.6% 84.9% International routes 0.7 0.3
Contents
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16

2014 2015 2016 2017 2018 2018 2019
41.4% 49.0% 54.9% 50.6% 50.3% 50.3% 49.6%

58.6% 51.0% 45.1% 49.4% 49.7% 49.7% 50.4%
42.0% 36.8% 31.3% 34.4% 34.6% 34.6% 37.4%
16.7% 14.1% 13.9% 15.1% 15.2% 15.2% 13.0%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
31.1% 36.7% 42.3% 40.5% 40.7% 40.7% 41.3%

11.8% 10.5% 0.0% 0.0% 0.0% 0.0% 0.0%
9.0% 9.9% 12.8% 11.5% 11.7% 11.7% 12.2%
8.6% 7.0% 6.8% 6.2% 5.7% 5.7% 5.5%
4.6% 5.1% 6.3% 6.5% 6.6% 6.6% 6.5%
16.7% 14.1% 13.9% 15.1% 15.2% 15.2% 13.0%
18.3% 16.7% 18.0% 20.2% 20.3% 20.3% 21.6%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
2014 2015 2016 2017 2018 2018

10.2% (1.2)% (3.8)% 18.6% 10.6% 10.6% 10.3%
17.9% 13.6% 7.3% 10.9% 10.0% 10.0% 6.1%
3.5% (15.8)% (18.6)% 32.1% 11.5% 11.5% 16.3%
7.2% (6.0)% (5.0)% 20.3% 10.6% 10.6% 12.6%
14.1% 11.7% 4.9% 10.0% 10.0% 10.0% 7.4%
3.6% (16.4)% (12.6)% 29.9% 11.1% 11.1% 16.6%
6.8% (5.9)% (6.6)% 17.3% 9.8% 9.8% 12.4%
12.0% 11.4% 1.1% 8.4% 7.2% 7.2% 7.7%
3.8% (16.7)% (13.2)% 26.1% 11.9% 11.9% 16.2%
0.3 (0.1) 1.4 2.1 0.6 0.6 0.1
1.4 0.2 2.9 1.2 2.1 2.1 (0.2)
(0.2) 0.3 0.5 2.5 (0.6) (0.6) 0.3
Operating Metrics - Absolute Contents
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16

Metric 2012 2013 2014 2015 2016 2017 2018 2018 2019
Aeroflot Group
Passengers carried, thd 27,472 31,391 34,735 39,393 43,440 50,129 55,710 55,710 60,719
International routes 15,963 17,391 17,096 16,028 18,289 22,550 24,737 24,737 27,118
Domestic routes 11,508 13,999 17,639 23,365 25,151 27,579 30,973 30,973 33,601
Passenger turnover, mn RPK 74,617 85,273 90,075 97,636 112,110 130,222 143,151 143,151 156,250
Domestic routes 24,337 29,161 34,968 44,683 48,678 53,188 59,901 59,901 64,849
Available seat-kilometers, mn ASK 95,598 109,064 115,834 124,741 137,654 157,211 173,075 173,075 190,855
Domestic routes 31,747 37,534 43,615 56,251 58,320 63,781 70,232 70,232 77,089
Passenger load factor, % 78.1% 78.2% 77.8% 78.3% 81.4% 82.8% 82.7% 82.7% 81.9%
International routes 78.7% 78.4% 76.3% 77.3% 80.0% 82.5% 80.9% 80.9% 80.3%
Domestic routes 76.7% 77.7% 80.2% 79.4% 83.5% 83.4% 85.3% 85.3% 84.1%
Cargo and mail carried, thd t 224 205 166 156 206 273 304 304 317
International routes 153 122 84 77 98 153 171 171 173
Domestic routes 71 83 82 79 108 120 133 133 144
Tonne-kilometers, mn TKM 7,926 8,666 8,831 9,450 11,008 12,951 14,183 14,183 15,377
Domestic routes 2,480 2,955 3,468 4,317 4,830 5,262 5,888 5,888 6,346
Revenue flights, # 241,830 264,869 286,606 323,832 331,853 368,473 411,455 411,455 446,009
Domestic routes 112,666 127,739 150,894 195,053 195,953 215,048 238,048 238,048 259,026
Flight hours, hours 720,599 776,259 815,378 859,606 911,776 1,009,108 1,123,546 1,123,546 1,225,785
Aeroflot Airline
Domestic routes 6,949 8,608 11,142 12,666 14,104 15,691 17,549 17,549 17,797
Domestic routes 15,579 19,612 24,445 27,342 29,354 31,141 33,912 33,912 32,716
Domestic routes 19,295 24,052 29,615 33,262 34,371 36,930 40,197 40,197 40,050
Domestic routes 80.7% 81.5% 82.5% 82.2% 85.4% 84.3% 84.4% 84.4% 81.7%
Domestic routes 46 58 64 61 79 78 72 72 70
Domestic routes 1,615 2,033 2,486 2,720 2,989 3,118 3,346 3,346 3,213
Revenue flights, # 149,590 167,071 183,645 206,228 218,734 243,317 273,177 273,177 291,743
Domestic routes 60,084 68,987 85,977 101,892 108,585 122,314 138,886 138,886 149,399
Flight hours, hours 460,734 509,058 554,659 594,863 639,524 702,807 778,795 778,795 833,574
Rossiya Airline
Domestic routes 3,453 4,292 5,548 6,725 6,173 7,017 6,787 6,787 6,632
Domestic routes 5,985 7,224 8,969 11,187 11,929 14,230 14,805 14,805 17,051
Domestic routes 8,377 10,256 11,976 15,299 15,353 18,053 17,755 17,755 20,618
Domestic routes 71.4% 70.4% 74.9% 73.1% 77.7% 78.8% 83.4% 83.4% 82.7%
Domestic routes 15 15 12 13 21 31 30 30 33
International routes 1,331 1,352 1,095 527 773 1,262 1,349 1,349 1,527
Domestic routes 586 691 831 1,032 1,163 1,420 1,475 1,475 1,699
Revenue flights, # 75,825 81,622 89,425 82,106 68,590 75,182 73,478 73,478 71,184
Domestic routes 40,439 46,832 54,233 61,328 50,079 52,791 49,939 49,939 46,297
Note: historical numbers Don+ Oren+Rossiya
Aurora Airline
Domestic routes 1,106 1,100 842 890 1,062 1,164 1,218 1,218 1,206
Domestic routes 2,774 2,325 1,420 1,499 1,732 1,802 1,908 1,908 1,745
International routes 1,000 948 486 648 721 781 833 833 953
Domestic routes 4,075 3,225 1,852 1,962 2,324 2,464 2,476 2,476 2,397
Domestic routes 68.1% 72.1% 76.6% 76.4% 74.5% 73.1% 77.1% 77.1% 72.8%
Domestic routes 10 9 6 6 7 8 8 8 7
Tonne-kilometers, mn TKM 340 283 170 180 214 227 239 239 227
Domestic routes 279 231 139 146 169 176 186 186 169
Revenue flights, # 16,415 16,176 12,801 15,441 18,861 24,213 24,370 24,370 25,145
Domestic routes 12,143 11,920 9,949 11,824 14,829 19,244 18,876 18,876 18,861
Note: historical numbers SAT+Vladavia
Pobeda Airline
Passengers carried, thd - - 107 3,090 4,286 4,583 7,185 7,185 10,287
International routes - - 0 6 474 875 1,766 1,766 2,322
Domestic routes - - 107 3,084 3,812 3,708 5,419 5,419 7,965
Passenger turnover, mn RPK - - 134 4,668 6,713 7,930 13,104 13,104 18,527
International routes - - 0 12 1,051 1,914 3,829 3,829 5,192
Domestic routes - - 134 4,656 5,662 6,016 9,276 9,276 13,335
Available seat-kilometers, mn ASK - - 172 5,746 7,606 8,419 13,925 13,925 19,706
Domestic routes - - 172 5,728 6,272 6,335 9,803 9,803 14,025
Passenger load factor, % - - 78.0% 81.2% 88.3% 94.2% 94.1% 94.1% 94.0%
International routes - - 0.0% 68.8% 78.8% 91.8% 92.9% 92.9% 91.4%
Domestic routes - - 78.0% 81.3% 90.3% 95.0% 94.6% 94.6% 95.1%
Cargo and mail carried, thd t - - 0 0 0 6 39 39 54
International routes - - 0 0 0 2 16 16 21
Domestic routes - - 0 0 0 4 23 23 34
Tonne-kilometers, mn TKM - - 13 421 605 726 1,260 1,260 1,779
International routes - - 0 1 95 177 379 379 514
Domestic routes - - 13 420 510 549 880 880 1,265
Revenue flights, # - - 735 20,063 25,668 25,761 40,430 40,430 57,937
Domestic routes - - 735 20,015 22,460 20,699 30,347 30,347 44,469
Flight hours, hours - - 1,476 41,017 53,892 59,831 98,285 98,285 139,284
Operating Metrics - Growth Contents

Metric 2012 2013 2014 2015 2016 2017 2018 2018 2019
Aeroflot Group
Passengers carried - 14.3% 10.7% 13.4% 10.3% 15.4% 11.1% 11.1% 9.0%
International routes - 8.9% (1.7)% (6.2)% 14.1% 23.3% 9.7% 9.7% 9.6%
Domestic routes - 21.6% 26.0% 32.5% 7.6% 9.7% 12.3% 12.3% 8.5%
Passenger turnover - 14.3% 5.6% 8.4% 14.8% 16.2% 9.9% 9.9% 9.2%
Domestic routes - 19.8% 19.9% 27.8% 8.9% 9.3% 12.6% 12.6% 8.3%
Available seat-kilometers - 14.1% 6.2% 7.7% 10.4% 14.2% 10.1% 10.1% 10.3%
International routes - 12.0% 1.0% (5.2)% 15.8% 17.8% 10.1% 10.1% 10.6%
Domestic routes - 18.2% 16.2% 29.0% 3.7% 9.4% 10.1% 10.1% 9.8%
Passenger load factor - 0.1 (0.4) 0.5 3.1 1.4 (0.1) (0.1) (0.8)
International routes - (0.3) (2.1) 1.0 2.7 2.5 (1.5) (1.5) (0.6)
Domestic routes - 1.0 2.5 (0.7) 4.1 (0.1) 1.9 1.9 (1.2)
Cargo and mail carried - (8.6)% (18.7)% (6.0)% 31.6% 32.8% 11.2% 11.2% 4.3%
International routes - (20.4)% (30.8)% (8.5)% 26.9% 56.5% 11.6% 11.6% 1.0%
Domestic routes - 17.1% (0.9)% (3.4)% 36.2% 11.3% 10.6% 10.6% 8.6%
Tonne-kilometers - 9.3% 1.9% 7.0% 16.5% 17.7% 9.5% 9.5% 8.4%
Domestic routes - 19.2% 17.4% 24.5% 11.9% 8.9% 11.9% 11.9% 7.8%
Revenue flights - 9.5% 8.2% 13.0% 2.5% 11.0% 11.7% 11.7% 8.4%
Domestic routes - 13.4% 18.1% 29.3% 0.5% 9.7% 10.7% 10.7% 8.8%
Flight hours - 7.7% 5.0% 5.4% 6.1% 10.7% 11.3% 11.3% 9.1%
Aeroflot Airline
Passengers carried - 18.4% 13.0% 10.6% 11.0% 13.3% 8.9% 8.9% 4.1%
International routes - 14.8% 1.4% 7.8% 10.6% 15.3% 6.2% 6.2% 6.6%
Domestic routes - 23.9% 29.4% 13.7% 11.4% 11.3% 11.8% 11.8% 1.4%
Passenger turnover - 19.2% 11.4% 10.4% 11.6% 11.0% 6.7% 6.7% 3.8%
Domestic routes - 25.9% 24.6% 11.8% 7.4% 6.1% 8.9% 8.9% (3.5)%
Available seat-kilometers - 17.8% 12.3% 8.9% 8.9% 10.3% 8.4% 8.4% 5.5%
Domestic routes - 24.7% 23.1% 12.3% 3.3% 7.4% 8.8% 8.8% (0.4)%
Passenger load factor - 0.9 (0.6) 1.1 2.0 0.5 (1.3) (1.3) (1.3)
International routes - 0.8 (1.6) 1.8 1.5 1.4 (2.0) (2.0) (0.5)
Domestic routes - 0.8 1.0 (0.3) 3.2 (1.1) 0.1 0.1 (2.7)
Cargo and mail carried - (9.0)% (17.7)% (7.0)% 29.9% 29.1% (1.2)% (1.2)% (2.7)%
International routes - (20.1)% (30.9)% (8.5)% 28.8% 54.7% 2.4% 2.4% (3.2)%
Domestic routes - 26.6% 9.0% (5.1)% 31.2% (1.9)% (8.2)% (8.2)% (1.5)%
Tonne-kilometers - 11.8% 6.0% 8.5% 13.2% 12.9% 5.9% 5.9% 2.9%
International routes - 6.2% (1.6)% 7.9% 15.2% 17.7% 5.1% 5.1% 6.4%
Domestic routes - 25.9% 22.3% 9.4% 9.9% 4.3% 7.3% 7.3% (4.0)%
Revenue flights - 11.7% 9.9% 12.3% 6.1% 11.2% 12.3% 12.3% 6.8%
International routes - 9.6% (0.4)% 6.8% 5.6% 9.9% 11.0% 11.0% 6.0%
Domestic routes - 14.8% 24.6% 18.5% 6.6% 12.6% 13.5% 13.5% 7.6%
Flight hours - 10.5% 9.0% 7.2% 7.5% 9.9% 10.8% 10.8% 7.0%
Rossiya Airline
Passengers carried - 8.3% 9.7% (9.0)% (2.9)% 26.7% (0.1)% (0.1)% 3.7%
Domestic routes - 24.3% 29.3% 21.2% (8.2)% 13.7% (3.3)% (3.3)% (2.3)%
Passenger turnover - 7.1% (5.0)% (19.4)% 20.6% 37.3% 5.3% 5.3% 13.8%
Domestic routes - 20.7% 24.2% 24.7% 6.6% 19.3% 4.0% 4.0% 15.2%
Available seat-kilometers - 10.9% (3.3)% (16.7)% 10.2% 31.9% 2.6% 2.6% 15.6%
Domestic routes - 22.4% 16.8% 27.8% 0.4% 17.6% (1.6)% (1.6)% 16.1%
Passenger load factor - (2.8) (1.3) (2.5) 7.0 3.3 2.2 2.2 (1.3)
International routes - (3.1) (4.3) (1.8) 10.4 4.6 (1.0) (1.0) (2.0)
Domestic routes - (1.0) 4.5 (1.8) 4.6 1.1 4.6 4.6 (0.7)
Cargo and mail carried - 1.3% (19.3)% 2.1% 55.9% 44.0% 1.2% 1.2% 12.6%
International routes - 6.2% (17.4)% (6.1)% (30.9)% 49.4% 27.1% 27.1% 56.0%
Domestic routes - 0.4% (19.6)% 4.1% 70.1% 43.7% (0.7)% (0.7)% 8.5%
Tonne-kilometers - 6.6% (5.8)% (19.1)% 24.3% 38.5% 5.3% 5.3% 14.2%
Domestic routes - 17.9% 20.2% 24.2% 12.7% 22.1% 3.9% 3.9% 15.2%
Revenue flights - 7.6% 9.6% (8.2)% (16.5)% 9.6% (2.3)% (2.3)% (3.1)%
International routes - (1.7)% 1.2% (41.0)% (10.9)% 21.0% 5.1% 5.1% 5.7%
Domestic routes - 15.8% 15.8% 13.1% (18.3)% 5.4% (5.4)% (5.4)% (7.3)%
Flight hours - 5.7% 2.8% (17.4)% (6.0)% 12.2% 0.0% 0.0% 3.4%
Note: historical numbers Don+ Oren+Rossiya
Aurora Airline
Passengers carried - (1.7)% (24.8)% 6.6% 22.4% 12.5% 4.8% 4.8% 2.2%
International routes - (5.5)% (29.9)% 10.2% 34.0% 22.3% 5.2% 5.2% 11.7%
Domestic routes - (0.6)% (23.4)% 5.7% 19.3% 9.6% 4.7% 4.7% (1.0)%
Passenger turnover - (15.0)% (39.0)% 6.7% 18.8% 6.4% 5.3% 5.3% (4.1)%
Domestic routes - (16.2)% (38.9)% 5.6% 15.5% 4.0% 5.9% 5.9% (8.6)%
Available seat-kilometers - (17.8)% (44.0)% 11.6% 16.7% 6.6% 2.0% 2.0% 1.2%
Domestic routes - (20.9)% (42.6)% 5.9% 18.4% 6.0% 0.5% 0.5% (3.2)%
Passenger load factor - 2.2 6.1 (3.3) 1.3 (0.1) 2.4 2.4 (4.0)
International routes - (3.0) 10.5 (11.5) 10.7 4.0 (2.3) (2.3) (2.4)
Domestic routes - 4.0 4.6 (0.2) (1.9) (1.4) 4.0 4.0 (4.3)
Cargo and mail carried - (16.3)% (40.2)% (0.2)% 16.2% 10.4% 5.0% 5.0% (11.5)%
Domestic routes - (3.0)% (38.5)% 1.4% 17.1% 10.4% 4.1% 4.1% (12.6)%
Tonne-kilometers - (16.7)% (39.9)% 6.1% 18.5% 6.4% 5.1% 5.1% (4.8)%
Domestic routes - (17.2)% (39.8)% 5.1% 15.5% 4.3% 5.6% 5.6% (9.2)%
Revenue flights - (1.5)% (20.9)% 20.6% 22.1% 28.4% 0.6% 0.6% 3.2%
Domestic routes - (1.8)% (16.5)% 18.8% 25.4% 29.8% (1.9)% (1.9)% (0.1)%
Flight hours - (10.0)% (33.1)% 16.0% 18.4% 15.9% (0.0)% (0.0)% (0.8)%
Note: historical numbers SAT+Vladavia
Pobeda Airline
Passengers carried - - - - 38.7% 6.9% 56.8% 56.8% 43.2%
International routes - - - - 7,498.7% 84.8% 101.8% 101.8% 31.5%
Domestic routes - - - - 23.6% (2.7)% 46.1% 46.1% 47.0%
Passenger turnover - - - - 43.8% 18.1% 65.3% 65.3% 41.4%
Domestic routes - - - - 21.6% 6.2% 54.2% 54.2% 43.8%
Available seat-kilometers - - - - 32.4% 10.7% 65.4% 65.4% 41.5%
Domestic routes - - - - 9.5% 1.0% 54.8% 54.8% 43.1%
Passenger load factor - - - - 7.0 5.9 (0.1) (0.1) (0.1)
International routes - - - - 9.9 13.1 1.1 1.1 (1.5)
Domestic routes - - - - 9.0 4.7 (0.3) (0.3) 0.5
Cargo and mail carried - - - - (3.3)% - 538.6% 538.6% 41.4%
International routes - - - - (97.9)% - 680.0% 680.0% 32.1%
Domestic routes - - - - (3.5)% - 469.0% 469.0% 47.6%
Tonne-kilometers - - - - 43.7% 20.0% 73.6% 73.6% 41.3%
Domestic routes - - - - 21.6% 7.7% 60.3% 60.3% 43.7%
Revenue flights - - - - 27.9% 0.4% 56.9% 56.9% 43.3%
Domestic routes - - - - 12.2% (7.8)% 46.6% 46.6% 46.5%
Flight hours - - - - 31.4% 11.0% 64.3% 64.3% 41.7%
Operating Results by Region Contents
Aeroflot Group Aeroflot Airline

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17
2012 2013 2014 2015 2016 2017 2018 2018 2019 2012 2013 2014 2015 2016 2017
PAX, mn PAX, mn
Russia - 14.0 17.6 23.3 24.7 26.7 30.2 30.2 32.7 Russia 6.9 8.6 11.1 12.7 14.1 15.7
Europe - 7.2 7.6 7.9 9.0 10.5 12.0 12.0 13.4 Europe 5.3 6.1 6.5 7.0 7.7 8.9
Asia - 2.2 2.3 2.7 3.1 3.4 3.6 3.6 4.1 Asia 1.7 1.9 2.1 2.5 2.8 3.1
CIS - 2.8 2.6 2.5 2.4 2.8 3.0 3.0 3.0 CIS 1.5 1.9 1.7 1.9 2.1 2.5
MEA - 1.7 1.7 1.6 1.5 1.9 2.1 2.1 2.4 MEA 1.3 1.3 1.3 1.4 1.4 1.7
Americas - 0.8 0.8 0.8 0.9 1.0 1.0 1.0 1.0 Americas 0.6 0.8 0.8 0.8 0.9 1.0
Total scheduled - 28.6 32.7 38.9 41.6 46.4 51.9 51.9 56.5 Total scheduled 17.3 20.6 23.6 26.1 29.0 32.8
Charter - 2.8 2.1 0.5 1.8 3.7 3.8 3.8 4.2 Charter 0.4 0.3 0.0 0.0 0.0 0.0
Total - 31.4 34.7 39.4 43.4 50.1 55.7 55.7 60.7 Total 17.7 20.9 23.6 26.1 29.0 32.8
RPK, bn RPK, bn
Russia - 29.1 34.9 44.6 47.9 51.4 58.4 58.4 63.2 Russia 15.6 19.6 24.4 27.3 29.4 31.1
Europe - 16.0 17.2 17.5 20.1 23.8 27.3 27.3 30.6 Europe 11.6 13.4 14.5 15.4 17.3 20.1
Asia - 13.7 15.1 17.5 19.8 21.9 23.0 23.0 26.9 Asia 11.6 13.3 14.8 17.2 19.3 21.4
CIS - 5.2 4.9 4.7 5.4 6.2 6.5 6.5 6.6 CIS 2.5 3.0 2.9 3.3 4.7 5.4
MEA - 4.4 4.7 4.7 4.6 5.7 6.3 6.3 7.3 MEA 3.3 3.4 3.6 4.0 4.1 5.1
Charter - 9.8 6.5 1.7 6.4 12.5 13.0 13.0 13.0 Charter 0.9 0.7 0.0 0.0 0.0 0.0
Total - 85.3 90.1 97.6 112.1 130.2 143.2 143.2 156.3 Total 50.5 60.2 67.1 74.1 82.7 91.8
ASK, bn ASK, bn
Russia - 37.4 43.4 56.1 57.5 61.9 68.6 68.6 75.4 Russia 19.3 24.0 29.6 33.3 34.4 36.9
Europe - 21.6 23.3 23.6 26.5 30.5 36.0 36.0 40.2 Europe 16.2 18.1 19.5 20.9 22.9 26.2
Asia - 17.6 20.2 22.3 24.8 26.6 28.1 28.1 34.0 Asia 14.8 16.8 19.7 21.6 24.1 25.8
CIS - 6.8 6.3 6.1 6.6 7.4 7.7 7.7 8.1 CIS 3.1 3.7 3.7 4.2 5.7 6.4
MEA - 5.5 6.1 6.2 6.0 7.1 8.1 8.1 9.2 MEA 4.2 4.1 4.6 5.2 5.4 6.4
Charter - 11.5 8.0 2.2 7.0 13.3 13.8 13.8 13.8 Charter 1.1 0.9 0.0 0.0 0.1 0.1
Total - 109.1 115.8 124.7 137.7 157.2 173.1 173.1 190.9 Total 64.9 76.4 85.8 93.5 101.8 112.2
PLF, % PLF, %
Russia - 77.9% 80.4% 79.5% 83.4% 83.0% 85.1% 85.1% 83.9% Russia 80.8% 81.6% 82.6% 82.2% 85.4% 84.4%
Europe - 74.4% 73.7% 74.0% 75.6% 77.9% 75.7% 75.7% 76.1% Europe 71.9% 73.9% 74.2% 74.0% 75.4% 76.9%
Asia - 77.8% 75.0% 78.7% 79.9% 82.5% 81.6% 81.6% 79.2% Asia 77.9% 78.8% 75.1% 79.3% 80.2% 82.8%
CIS - 76.7% 77.0% 77.7% 82.2% 84.1% 84.0% 84.0% 81.9% CIS 78.7% 79.0% 78.5% 79.0% 82.5% 83.9%
MEA - 80.6% 77.0% 76.0% 77.7% 80.4% 77.7% 77.7% 78.9% MEA 78.9% 80.3% 78.6% 77.1% 77.4% 80.3%
Americas - 79.5% 79.3% 82.5% 84.9% 82.6% 81.8% 81.8% 83.9% Americas 81.9% 79.5% 79.3% 82.5% 84.9% 82.6%
Total scheduled - 77.3% 77.4% 78.2% 80.9% 81.7% 81.7% 81.7% 80.9% Total scheduled 77.7% 78.7% 78.2% 79.3% 81.3% 81.8%
Charter - 85.6% 82.1% 80.8% 91.0% 94.6% 94.1% 94.1% 94.7% Charter n/a n/a n/a n/a n/a n/a
Total - 78.2% 77.8% 78.3% 81.4% 82.8% 82.7% 82.7% 81.9% Total 77.9% 78.8% 78.2% 79.3% 81.3% 81.8%
Contents
IAS 17 IFRS 16 IFRS 16

2018 2018 2019
17.5 17.5 17.8

9.5 9.5 10.2
3.2 3.2 3.5
2.6 2.6 2.6
1.9 1.9 2.2
1.0 1.0 1.0
35.7 35.7 37.2
0.0 0.0 0.0
35.8 35.8 37.2
0
33.9 33.9 32.7
21.7 21.7 23.6
22.1 22.1 24.3
5.7 5.7 5.8
5.8 5.8 6.6
8.7 8.7 8.6
97.9 97.9 101.6
0.0 0.0 0.0
98.0 98.0 101.6
0
40.1 40.1 40.0
29.5 29.5 32.1
26.9 26.9 30.2
6.9 6.9 7.2
7.4 7.4 8.5
10.7 10.7 10.2
121.5 121.5 128.2
0.2 0.2 0.1
121.7 121.7 128.3
0
84.5% 84.5% 81.7%
73.4% 73.4% 73.6%
82.4% 82.4% 80.4%
83.2% 83.2% 80.7%
77.4% 77.4% 78.2%
81.8% 81.8% 83.9%
80.6% 80.6% 79.3%
n/a n/a n/a
80.5% 80.5% 79.2%
Revenue Decomposition
IAS 17 IAS 17 IAS 17 IAS 17

RUB, mn 2012 2013 2014 2015
Scheduled passenger flights 194,239 230,594 253,613 343,428
Charter passenger flights 15,779 17,174 15,023 6,146
Cargo flights 11,310 9,778 8,718 9,631
Total traffic revenue 221,327 257,546 277,354 359,205
Airline agreements revenue 15,625 16,886 21,605 31,596
Revenue from partners under the FFP 2,286 5,615 7,685 10,275
Refuelling services 2,345 2,154 2,815 2,535
In-flight catering services 651 1,217 1,118 1,434
Sales of duty free goods 5,328 420 604 1,162
Ground handling and maintenance 995 902 1,000 1,118
Hotel revenue 573 515 447 463
Other revenue 3,908 5,701 7,143 7,385
Total other revenue 31,712 33,410 42,417 55,968
Total revenue 253,039 290,956 319,771 415,173
IAS 17 IAS 17 IAS 17 IAS 17

% of total revenue 2012 2013 2014 2015
Scheduled passenger flights 76.8% 79.3% 79.3% 82.7%
Charter passenger flights 6.2% 5.9% 4.7% 1.5%
Cargo flights 4.5% 3.4% 2.7% 2.3%
Total traffic revenue 87.5% 88.5% 86.7% 86.5%
Airline agreements revenue 6.2% 5.8% 6.8% 7.6%
Revenue from partners under the FFP 0.9% 1.9% 2.4% 2.5%
Refuelling services 0.9% 0.7% 0.9% 0.6%
In-flight catering services 0.3% 0.4% 0.3% 0.3%
Sales of duty free goods 2.1% 0.1% 0.2% 0.3%
Ground handling and maintenance 0.4% 0.3% 0.3% 0.3%
Hotel revenue 0.2% 0.2% 0.1% 0.1%
Other revenue 1.5% 2.0% 2.2% 1.8%
Total other revenue 12.5% 11.5% 13.3% 13.5%
Total revenue 100.0% 100.0% 100.0% 100.0%
Contents
IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16

2016 2017 2018 2018 2019 2020
403,760 427,529 496,454 496,454 557,132 225,753
17,617 30,861 37,838 37,838 37,438 17,955
12,589 16,526 18,900 18,900 19,282 26,768
433,966 474,916 553,192 553,192 613,852 270,476
35,923 33,196 36,646 36,646 40,883 17,593
11,846 11,588 12,704 12,704 14,453 9,068
2,515 199 24 24 - -
1,429 1,670 1,579 1,579 1,583 571
1,349 1,530 1,667 1,667 1,505 448
1,382 1,253 560 560 419 300
491 448 512 512 382 175
6,979 8,134 4,686 4,686 4,804 3,551
61,914 58,018 58,378 58,378 64,029 31,706
495,880 532,934 611,570 611,570 677,881 302,182
IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16

2016 2017 2018 2018 2019 2020
81.4% 80.2% 81.2% 81.2% 82.2% 74.7%
3.6% 5.8% 6.2% 6.2% 5.5% 5.9%
2.5% 3.1% 3.1% 3.1% 2.8% 8.9%
87.5% 89.1% 90.5% 90.5% 90.6% 89.5%
7.2% 6.2% 6.0% 6.0% 6.0% 5.8%
2.4% 2.2% 2.1% 2.1% 2.1% 3.0%
0.5% 0.0% 0.0% 0.0% 0.0% 0.0%
0.3% 0.3% 0.3% 0.3% 0.2% 0.2%
0.3% 0.3% 0.3% 0.3% 0.2% 0.1%
0.3% 0.2% 0.1% 0.1% 0.1% 0.1%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
1.4% 1.5% 0.8% 0.8% 0.7% 1.2%
12.5% 10.9% 9.5% 9.5% 9.4% 10.5%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17
6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014
85,819 145,699 194,239 100,452 177,534 230,594 110,823 188,834
5,971 11,438 15,779 8,076 13,087 17,174 7,154 13,340
5,111 8,026 11,310 5,139 7,269 9,778 3,819 5,968
96,900 165,163 221,327 113,667 197,890 257,546 121,796 208,142
- - 15,625 - - 16,886 9,279 13,994
- - 2,286 - - 5,615 3,315 5,252
- - 2,345 - - 2,154 1,500 2,196
- - 651 - - 1,217 501 823
- - 5,328 - - 420 134 342
- - 995 - - 902 473 764
- - 573 - - 515 234 344
- - 3,908 - - 5,701 3,049 4,841
13,849 22,071 31,712 14,513 24,463 33,410 18,485 28,556
110,749 187,234 253,039 128,180 222,353 290,956 140,281 236,698

6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014
77.5% 77.8% 76.8% 78.4% 79.8% 79.3% 79.0% 79.8%
5.4% 6.1% 6.2% 6.3% 5.9% 5.9% 5.1% 5.6%
4.6% 4.3% 4.5% 4.0% 3.3% 3.4% 2.7% 2.5%
87.5% 88.2% 87.5% 88.7% 89.0% 88.5% 86.8% 87.9%
- - 6.2% - - 5.8% 6.6% 5.9%
- - 0.9% - - 1.9% 2.4% 2.2%
- - 0.9% - - 0.7% 1.1% 0.9%
- - 0.3% - - 0.4% 0.4% 0.3%
- - 2.1% - - 0.1% 0.1% 0.1%
- - 0.4% - - 0.3% 0.3% 0.3%
- - 0.2% - - 0.2% 0.2% 0.1%
- - 1.5% - - 2.0% 2.2% 2.0%
12.5% 11.8% 12.5% 11.3% 11.0% 11.5% 13.2% 12.1%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3M 2017
253,613 144,087 258,219 343,428 181,096 313,234 403,760 82,336
15,023 2,075 3,861 6,146 7,016 13,090 17,617 4,869
8,718 4,442 6,482 9,631 5,218 8,239 12,589 3,378
277,354 150,604 268,562 359,205 193,330 334,563 433,966 90,583
21,605 14,106 22,820 31,596 18,005 27,581 35,923 7,080
7,685 4,706 7,483 10,275 6,071 8,709 11,846 2,473
2,815 927 1,887 2,535 1,065 1,898 2,515 190
1,118 590 1,100 1,434 621 1,191 1,429 261
604 539 842 1,162 643 993 1,349 380
1,000 536 821 1,118 609 945 1,382 330
447 181 283 463 252 378 491 96
7,143 4,278 5,712 7,385 3,228 5,048 6,979 1,732
42,417 25,863 40,948 55,968 30,494 46,743 61,914 12,542
319,771 176,467 309,510 415,173 223,824 381,306 495,880 103,125

12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3M 2017
79.3% 81.7% 83.4% 82.7% 80.9% 82.1% 81.4% 79.8%
4.7% 1.2% 1.2% 1.5% 3.1% 3.4% 3.6% 4.7%
2.7% 2.5% 2.1% 2.3% 2.3% 2.2% 2.5% 3.3%
86.7% 85.3% 86.8% 86.5% 86.4% 87.7% 87.5% 87.8%
6.8% 8.0% 7.4% 7.6% 8.0% 7.2% 7.2% 6.9%
2.4% 2.7% 2.4% 2.5% 2.7% 2.3% 2.4% 2.4%
0.9% 0.5% 0.6% 0.6% 0.5% 0.5% 0.5% 0.2%
0.3% 0.3% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3%
0.2% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.4%
0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.3% 0.3%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
2.2% 2.4% 1.8% 1.8% 1.4% 1.3% 1.4% 1.7%
13.3% 14.7% 13.2% 13.5% 13.6% 12.3% 12.5% 12.2%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16
6М 2017 9М 2017 12М 2017 3M 2018 6М 2018 9M 2018 12М 2018 3M 2018
188,416 327,726 427,529 91,107 215,969 379,408 496,454 91,107
12,383 22,776 30,861 5,789 16,383 30,566 37,838 5,789
7,183 11,300 16,526 3,778 8,178 12,839 18,900 3,778
207,982 361,802 474,916 100,674 240,530 422,813 553,192 100,674
15,333 24,223 33,196 6,503 15,115 27,020 36,646 6,503
5,117 8,703 11,588 2,690 5,683 9,504 12,704 2,690
237 197 199 5 9 17 24 5
676 1,304 1,670 267 706 1,239 1,579 267
768 1,153 1,530 377 797 1,244 1,667 377
718 1,018 1,253 148 287 426 560 148
210 327 448 98 262 407 512 98
3,819 6,046 8,134 1,180 2,433 3,675 4,686 1,180
26,878 42,971 58,018 11,268 25,292 43,532 58,378 11,268
234,860 404,773 532,934 111,942 265,822 466,345 611,570 111,942
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16

6М 2017 9М 2017 12М 2017 3M 2018 6М 2018 9M 2018 12М 2018 3M 2018
80.2% 81.0% 80.2% 81.4% 81.2% 81.4% 81.2% 81.4%
5.3% 5.6% 5.8% 5.2% 6.2% 6.6% 6.2% 5.2%
3.1% 2.8% 3.1% 3.4% 3.1% 2.8% 3.1% 3.4%
88.6% 89.4% 89.1% 89.9% 90.5% 90.7% 90.5% 89.9%
6.5% 6.0% 6.2% 5.8% 5.7% 5.8% 6.0% 5.8%
2.2% 2.2% 2.2% 2.4% 2.1% 2.0% 2.1% 2.4%
0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.3% 0.3% 0.3% 0.2% 0.3% 0.3% 0.3% 0.2%
0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%
0.3% 0.3% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
1.6% 1.5% 1.5% 1.1% 0.9% 0.8% 0.8% 1.1%
11.4% 10.6% 10.9% 10.1% 9.5% 9.3% 9.5% 10.1%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16
6М 2018 9M 2018 12М 2018 3M 2019 6М 2019 9M 2019 12М 2019 3M 2020
215,969 379,408 496,454 113,391 254,721 431,181 557,132 102,139
16,383 30,566 37,838 5,864 16,990 30,853 37,438 4,469
8,178 12,839 18,900 4,173 8,732 13,613 19,282 4,804
240,530 422,813 553,192 123,428 280,443 475,647 613,852 111,412
15,115 27,020 36,646 9,116 19,996 31,050 40,883 6,866
5,683 9,504 12,704 3,552 6,837 10,672 14,453 3,362
- - 24 6 - - - -
706 1,239 1,579 283 672 1,197 1,583 268
797 1,244 1,667 385 777 1,159 1,505 259
287 428 560 115 229 335 419 69
262 407 512 88 189 299 382 60
2,442 3,690 4,686 1,068 2,297 3,624 4,804 1,598
25,292 43,532 58,378 14,613 30,997 48,336 64,029 12,482
265,822 466,345 611,570 138,041 311,440 523,983 677,881 123,894
IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16

6М 2018 9M 2018 12М 2018 3M 2019 6М 2019 9M 2019 12М 2019 3M 2020
81.2% 81.4% 81.2% 82.1% 81.8% 82.3% 82.2% 82.4%
6.2% 6.6% 6.2% 4.2% 5.5% 5.9% 5.5% 3.6%
3.1% 2.8% 3.1% 3.0% 2.8% 2.6% 2.8% 3.9%
90.5% 90.7% 90.5% 89.4% 90.0% 90.8% 90.6% 89.9%
5.7% 5.8% 6.0% 6.6% 6.4% 5.9% 6.0% 5.5%
2.1% 2.0% 2.1% 2.6% 2.2% 2.0% 2.1% 2.7%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2%
0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.0%
0.9% 0.8% 0.8% 0.8% 0.7% 0.7% 0.7% 1.3%
9.5% 9.3% 9.5% 10.6% 10.0% 9.2% 9.4% 10.1%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Contents
IFRS 16 IFRS 16 IFRS 16

6М 2020 9М 2020 12М 2020
114,503 179,355 225,753
5,088 14,220 17,955
12,282 17,133 26,768
131,873 210,708 270,476
10,044 13,049 17,593
4,680 6,716 9,068
- - -
317 467 571
280 369 448
105 182 300
79 132 175
1,974 2,590 3,551
17,479 23,505 31,706
149,352 234,213 302,182
IFRS 16 IFRS 16 IFRS 16

6М 2020 9М 2020 12М 2020
76.7% 76.6% 74.7%
3.4% 6.1% 5.9%
8.2% 7.3% 8.9%
88.3% 90.0% 89.5%
6.7% 5.6% 5.8%
3.1% 2.9% 3.0%
0.0% 0.0% 0.0%
0.2% 0.2% 0.2%
0.2% 0.2% 0.1%
0.1% 0.1% 0.1%
0.1% 0.1% 0.1%
1.3% 1.1% 1.2%
11.7% 10.0% 10.5%
100.0% 100.0% 100.0%
Operating Expenses Contents Contents
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16
2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014 12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3М 2017 6М 2017 9М 2017 12М 2017 3М 2018 6М 2018 9М 2018 12M 2018 3M 2018 6М 2018 9M 2018 12М 2018 3M 2019 6М 2019 9M 2019 12М 2019 3M 2020 6М 2020 9М 2020 12М 2020
1. OpEx less staff costs and D&A
Aircraft servicing and ground handling (39,613) (46,015) (51,965) (63,408) (70,908) (76,332) (84,835) (84,617) (101,199) (51,858) (18,012) (29,615) (39,613) (21,414) (34,768) (46,015) (23,786) (38,680) (51,965) (29,023) (47,728) (63,408) (33,458) (53,095) (70,908) (17,107) (37,128) (59,820) (76,332) (17,203) (38,192) (62,512) (84,835) (17,203) (38,191) (62,525) (84,617) (23,023) (48,434) (76,674) (101,199) (22,791) (27,505) (39,924) (51,858)
Operating lease expenses (17,630) (19,177) (23,834) (44,415) (59,563) (65,793) (88,881) - - - (8,240) (12,890) (17,630) (9,053) (14,046) (19,177) (11,627) (16,621) (23,834) (19,941) (31,341) (44,415) (28,362) (43,170) (59,563) (14,878) (30,654) (47,710) (65,793) (18,499) (39,741) (63,768) (88,881) - - - - - - - - - - - -
Aircraft maintenance (18,142) (20,374) (19,224) (32,042) (38,236) (36,433) (45,527) (24,229) (30,566) (29,056) (7,780) (13,143) (18,142) (8,675) (13,974) (20,374) (9,268) (16,430) (19,224) (13,098) (21,809) (32,042) (17,525) (27,034) (38,236) (8,179) (15,682) (26,247) (36,433) (8,469) (20,259) (32,009) (45,527) (4,109) (10,101) (16,558) (24,229) (6,174) (13,987) (23,942) (30,566) (9,225) (13,469) (20,247) (29,056)
Sales and marketing expenses (10,993) (12,808) (11,415) (13,568) (13,887) (17,749) (11,077) (11,077) (11,880) (4,197) (4,468) (7,214) (10,993) (5,517) (8,960) (12,808) (4,586) (7,590) (11,415) (6,133) (9,511) (13,568) (5,984) (9,587) (13,887) (2,408) (6,819) (11,753) (17,749) (2,039) (4,965) (7,994) (11,077) (2,039) (4,965) (7,994) (11,077) (2,704) (5,569) (9,012) (11,880) (1,896) (2,610) (3,433) (4,197)
Communication expenses (4,691) (5,903) (7,784) (12,890) (14,697) (14,795) (15,584) (15,584) (18,551) (9,266) (2,198) (3,406) (4,691) (2,702) (4,348) (5,903) (3,618) (5,452) (7,784) (5,974) (9,267) (12,890) (8,008) (11,113) (14,697) (3,975) (7,248) (10,798) (14,795) (4,119) (7,305) (10,886) (15,584) (4,119) (7,305) (10,886) (15,584) (5,065) (9,144) (13,483) (18,551) (3,776) (4,432) (6,647) (9,266)
Administration and general expenses (7,934) (8,663) (10,791) (12,516) (16,407) (18,390) (20,666) (18,251) (19,527) (16,381) (3,468) (5,547) (7,934) (3,522) (5,183) (8,663) (4,388) (6,713) (10,791) (5,346) (8,279) (12,516) (6,859) (10,502) (16,407) (3,763) (7,688) (12,093) (18,390) (4,121) (9,113) (14,484) (20,666) (4,121) (8,127) (11,864) (18,251) (3,965) (8,634) (13,469) (19,527) (4,292) (7,869) (11,722) (16,381)
Passenger services (5,514) (6,815) (9,105) (11,778) (16,319) (20,086) (23,754) (23,754) (26,041) (11,765) (1,725) (3,418) (5,514) (2,825) (4,838) (6,815) (3,928) (6,681) (9,105) (5,493) (8,610) (11,778) (6,662) (11,680) (16,319) (4,047) (8,833) (14,886) (20,086) (4,705) (10,442) (17,756) (23,754) (4,705) (10,442) (17,756) (23,754) (5,848) (12,731) (20,219) (26,041) (4,653) (5,432) (8,916) (11,765)
Expenses for in-flight catering (2,907) (4,924) (5,980) (7,766) (8,714) (10,425) (11,103) (11,103) (14,361) (5,460) (1,661) (2,908) (2,907) (2,306) (3,665) (4,924) (2,838) (4,670) (5,980) (3,519) (5,773) (7,766) (3,951) (6,733) (8,714) (2,134) (4,706) (7,727) (10,425) (2,441) (5,184) (8,426) (11,103) (2,441) (5,184) (8,426) (11,103) (2,891) (6,383) (10,814) (14,361) (2,719) (3,018) (4,467) (5,460)
Insurance expenses (1,260) (1,242) (1,358) (1,941) (2,059) (2,025) (2,274) (2,274) (2,624) (2,639) (577) (906) (1,260) (574) (898) (1,242) (617) (963) (1,358) (942) (1,447) (1,941) (1,088) (1,571) (2,059) (497) (1,007) (1,511) (2,025) (516) (1,062) (1,744) (2,274) (516) (1,062) (1,744) (2,274) (610) (1,252) (1,955) (2,624) (691) (1,315) (2,116) (2,639)
Customs duties (1,387) (1,396) (1,435) (1,290) (1,355) (1,520) (1,029) - - - (682) (1,016) (1,387) (681) (1,029) (1,396) (828) (1,136) (1,435) (735) (1,003) (1,290) (670) (984) (1,355) (354) (702) (1,032) (1,520) (406) (507) (753) (1,029) (294) - - - - - - - - - - -
Cost of duty-free goods sold (1,807) (192) (362) (599) (732) (836) (888) (888) (849) (248) (1,088) (1,807) (1,807) (192) (192) (192) (84) (213) (362) (289) (433) (599) (310) (500) (732) (219) (436) (637) (836) (202) (531) (657) (888) (202) (531) (657) (888) (210) (431) (653) (849) (141) (157) (203) (248)
Expenditure on variable rental payments not included in lease - - - - - - - (4,076) (5,854) (6,801) - - - - - - - - - - - - - - - - - - - - - - - (450) (1,677) (2,754) (4,076) (806) (1,889) (3,574) (5,854) (1,480) (2,640) (4,797) (6,801)
Short-term rental expenses - - - - - - - (1,525) (2,245) (1,481) - - - - - - - - - - - - - - - - - - - - - - - (321) (1,047) (1,478) (1,525) (368) (1,420) (2,184) (2,245) (560) (1,070) (1,291) (1,481)
Cost of low value lease assets - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Other expenses (9,506) (5,468) (8,875) (7,619) (9,563) (7,459) (8,855) (9,503) (10,033) (5,461) (3,705) (5,429) (9,506) (2,197) (3,811) (5,468) (3,205) (4,839) (8,875) (3,959) (6,146) (7,619) (4,405) (6,713) (9,563) (1,725) (3,579) (5,477) (7,459) (1,996) (4,159) (6,794) (8,855) (1,900) (4,453) (7,242) (9,503) (2,169) (4,891) (7,340) (10,033) (2,045) (2,874) (4,335) (5,461)
Operating costs less aircraft fuel, staff costs and depreciation and
(121,384) (132,977) (152,128) (209,832) (252,440) (271,843) (314,473) (206,881) (243,730) (144,613) (53,601) (87,297) (121,384) (59,658) (95,712) (132,977) (68,773) (109,988) (152,128) (94,452) (151,347) (209,832) (117,282) (182,682) (252,440) (59,286) (124,482) (199,691) (271,843) (64,716) (141,460) (227,783) (314,473) (42,420) (93,085) (149,884) (206,881) (53,833) (114,765) (183,319) (243,730) (54,269) (72,391) (108,098) (144,613)
amortisation
Aircraft fuel (71,127) (79,128) (87,199) (94,382) (101,582) (122,685) (181,864) (181,864) (190,876) (77,457) (32,636) (52,400) (71,127) (36,942) (59,360) (79,128) (40,236) (64,738) (87,199) (44,714) (71,001) (94,382) (44,790) (73,917) (101,582) (27,427) (56,217) (89,944) (122,685) (34,042) (77,885) (131,965) (181,864) (34,042) (77,885) (131,965) (181,864) (43,700) (92,708) (145,569) (190,876) (38,604) (43,929) (62,006) (77,457)
Total operating costs less staff costs and depreciation and amortisation (192,510) (212,105) (239,327) (304,214) (354,022) (394,528) (496,337) (388,745) (434,606) (222,070) (86,237) (139,697) (192,510) (96,600) (155,072) (212,105) (109,009) (174,726) (239,327) (139,166) (222,348) (304,214) (162,072) (256,599) (354,022) (86,713) (180,699) (289,635) (394,528) (98,758) (219,345) (359,748) (496,337) (76,462) (170,970) (281,849) (388,745) (97,533) (207,473) (328,888) (434,606) (92,873) (116,320) (170,104) (222,070)
2. Staff cost
Wages and salaries (31,914) (36,703) (42,379) (44,001) (50,885) (63,842) (64,169) (63,578) (71,324) (49,467) (13,775) (22,687) (31,914) (17,615) (26,201) (36,703) (19,617) (30,916) (42,379) (21,334) (31,843) (44,001) (24,198) (37,737) (50,885) (14,427) (30,009) (47,105) (63,842) (16,523) (31,653) (47,382) (64,169) (16,349) (31,315) (46,944) (63,578) (17,417) (34,678) (51,819) (71,324) (16,586) (26,273) (37,954) (49,467)
Pension costs (5,059) (6,930) (7,980) (8,829) (10,577) (12,669) (14,541) (14,506) (16,250) (12,085) (2,799) (4,031) (5,059) (2,863) (4,383) (6,930) (3,830) (6,043) (7,980) (4,655) (6,952) (8,829) (5,241) (7,940) (10,577) (3,102) (6,213) (10,069) (12,669) (3,725) (7,639) (10,779) (14,541) (3,715) (7,620) (10,754) (14,506) (3,950) (7,741) (11,543) (16,250) (3,321) (6,433) (9,383) (12,085)
Social security costs (1,640) (1,716) (1,789) (2,789) (3,220) (6,290) (4,107) (4,102) (4,839) (3,893) (848) (1,223) (1,640) (879) (1,157) (1,716) (857) (1,266) (1,789) (1,246) (1,848) (2,789) (1,593) (2,441) (3,220) (1,059) (2,102) (3,335) (6,290) (1,156) (2,367) (3,154) (4,107) (1,154) (2,363) (3,148) (4,102) (1,212) (2,375) (3,497) (4,839) (1,217) (1,914) (3,017) (3,893)
Total staff costs (38,613) (45,349) (52,148) (55,619) (64,682) (82,801) (82,817) (82,186) (92,413) (65,445) (17,422) (27,941) (38,613) (21,357) (31,741) (45,349) (24,304) (38,225) (52,148) (27,235) (40,643) (55,619) (31,032) (48,118) (64,682) (18,588) (38,324) (60,509) (82,801) (21,404) (41,659) (61,315) (82,817) (21,218) (41,298) (60,846) (82,186) (22,579) (44,794) (66,859) (92,413) (21,124) (34,620) (50,354) (65,445)
3. D&A and other

Depreciation and amortisation (8,368) (10,658) (12,136) (13,306) (13,395) (14,084) (12,912) (90,129) (107,477) (118,633) (3,895) (6,119) (8,368) (5,052) (7,865) (10,658) (5,586) (8,761) (12,136) (6,710) (10,035) (13,306) (6,115) (9,250) (13,395) (3,446) (7,004) (10,412) (14,084) (3,458) (6,394) (9,590) (12,912) (20,485) (41,268) (65,326) (90,129) (27,074) (53,305) (79,415) (107,477) (26,022) (56,897) (87,525) (118,633)
Other operating (expenses)/income, net (2,429) (3,049) (4,892) 2,073 (527) (1,110) 153 10,226 17,278 11,813 (191) (258) (2,429) 10 (805) (3,049) (2,766) (1,324) (4,892) 2,510 324 2,073 (1,355) (413) (527) 686 (1,136) (2,355) (1,110) 82 1,297 1,154 153 3,027 5,167 8,643 10,226 3,246 8,750 12,874 17,278 2,969 12,366 17,015 11,813
Total (10,798) (13,707) (17,028) (11,233) (13,922) (15,194) (12,759) (79,903) (90,199) (106,820) (4,086) (6,377) (10,798) (5,042) (8,670) (13,707) (8,352) (10,085) (17,028) (4,200) (9,711) (11,233) (7,470) (9,663) (13,922) (2,760) (8,140) (12,767) (15,194) (3,376) (5,097) (8,436) (12,759) (17,458) (36,101) (56,683) (79,903) (23,828) (44,555) (66,541) (90,199) (23,053) (44,531) (70,510) (106,820)
Total OpEx (241,921) (271,161) (308,503) (371,066) (432,626) (492,523) (591,913) (550,834) (617,218) (394,335) (107,745) (174,015) (241,920) (122,999) (195,483) (271,161) (141,665) (223,036) (308,503) (170,601) (272,702) (371,066) (200,574) (314,380) (432,626) (108,061) (227,163) (362,911) (492,523) (123,538) (266,101) (429,499) (591,913) (115,138) (248,369) (399,378) (550,834) (143,940) (296,822) (462,288) (617,218) (137,050) (195,471) (290,968) (394,335)
% of total OpEx 2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014 12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3М 2017 6М 2017 9М 2017 12М 2017 3М 2018 6М 2018 9М 2018 12M 2018 3M 2018 6М 2018 9M 2018 12М 2018 3M 2019 6М 2019 9M 2019 12М 2019 3M 2020 6М 2020 9М 2020 12М 2020
Aircraft servicing and ground handling 16.4% 17.0% 16.8% 17.1% 16.4% 15.5% 14.3% 15.4% 16.4% 13.2% 16.7% 17.0% 16.4% 17.4% 17.8% 17.0% 16.8% 17.3% 16.8% 17.0% 17.5% 17.1% 16.7% 16.9% 16.4% 15.8% 16.3% 16.5% 15.5% 13.9% 14.4% 14.6% 14.3% 14.9% 15.4% 15.7% 15.4% 16.0% 16.3% 16.6% 16.4% 16.6% 14.1% 13.7% 13.2%
Staff 16.0% 16.7% 16.9% 15.0% 15.0% 16.8% 14.0% 14.9% 15.0% 16.6% 16.2% 16.1% 16.0% 17.4% 16.2% 16.7% 17.2% 17.1% 16.9% 16.0% 14.9% 15.0% 15.5% 15.3% 15.0% 17.2% 16.9% 16.7% 16.8% 17.3% 15.7% 14.3% 14.0% 18.4% 16.6% 15.2% 14.9% 15.7% 15.1% 14.5% 15.0% 15.4% 17.7% 17.3% 16.6%
Operating lease expenses 7.3% 7.1% 7.7% 12.0% 13.8% 13.4% 15.0% - - - 7.6% 7.4% 7.3% 7.4% 7.2% 7.1% 8.2% 7.5% 7.7% 11.7% 11.5% 12.0% 14.1% 13.7% 13.8% 13.8% 13.5% 13.1% 13.4% 15.0% 14.9% 14.8% 15.0% - - - - - - - - - - - -
Aircraft maintenance 7.5% 7.5% 6.2% 8.6% 8.8% 7.4% 7.7% 4.4% 5.0% 7.4% 7.2% 7.6% 7.5% 7.1% 7.1% 7.5% 6.5% 7.4% 6.2% 7.7% 8.0% 8.6% 8.7% 8.6% 8.8% 7.6% 6.9% 7.2% 7.4% 6.9% 7.6% 7.5% 7.7% 3.6% 4.1% 4.1% 4.4% 4.3% 4.7% 5.2% 5.0% 6.7% 6.9% 7.0% 7.4%
Sales and marketing expenses 4.5% 4.7% 3.7% 3.7% 3.2% 3.6% 1.9% 2.0% 1.9% 1.1% 4.1% 4.1% 4.5% 4.5% 4.6% 4.7% 3.2% 3.4% 3.7% 3.6% 3.5% 3.7% 3.0% 3.0% 3.2% 2.2% 3.0% 3.2% 3.6% 1.7% 1.9% 1.9% 1.9% 1.8% 2.0% 2.0% 2.0% 1.9% 1.9% 1.9% 1.9% 1.4% 1.3% 1.2% 1.1%
Communication expenses 1.9% 2.2% 2.5% 3.5% 3.4% 3.0% 2.6% 2.8% 3.0% 2.3% 2.0% 2.0% 1.9% 2.2% 2.2% 2.2% 2.6% 2.4% 2.5% 3.5% 3.4% 3.5% 4.0% 3.5% 3.4% 3.7% 3.2% 3.0% 3.0% 3.3% 2.7% 2.5% 2.6% 3.6% 2.9% 2.7% 2.8% 3.5% 3.1% 2.9% 3.0% 2.8% 2.3% 2.3% 2.3%
Administration and general expenses 3.3% 3.2% 3.5% 3.4% 3.8% 3.7% 3.5% 3.3% 3.2% 4.2% 3.2% 3.2% 3.3% 2.9% 2.7% 3.2% 3.1% 3.0% 3.5% 3.1% 3.0% 3.4% 3.4% 3.3% 3.8% 3.5% 3.4% 3.3% 3.7% 3.3% 3.4% 3.4% 3.5% 3.6% 3.3% 3.0% 3.3% 2.8% 2.9% 2.9% 3.2% 3.1% 4.0% 4.0% 4.2%
Passenger services 2.3% 2.5% 3.0% 3.2% 3.8% 4.1% 4.0% 4.3% 4.2% 3.0% 1.6% 2.0% 2.3% 2.3% 2.5% 2.5% 2.8% 3.0% 3.0% 3.2% 3.2% 3.2% 3.3% 3.7% 3.8% 3.7% 3.9% 4.1% 4.1% 3.8% 3.9% 4.1% 4.0% 4.1% 4.2% 4.4% 4.3% 4.1% 4.3% 4.4% 4.2% 3.4% 2.8% 3.1% 3.0%
D&A 3.5% 3.9% 3.9% 3.6% 3.1% 2.9% 2.2% 16.4% 17.4% 30.1% 3.6% 3.5% 3.5% 4.1% 4.0% 3.9% 3.9% 3.9% 3.9% 3.9% 3.7% 3.6% 3.0% 2.9% 3.1% 3.2% 3.1% 2.9% 2.9% 2.8% 2.4% 2.2% 2.2% 17.8% 16.6% 16.4% 16.4% 18.8% 18.0% 17.2% 17.4% 19.0% 29.1% 30.1% 30.1%
Expenses for in-flight catering 1.2% 1.8% 1.9% 2.1% 2.0% 2.1% 1.9% 2.0% 2.3% 1.4% 1.5% 1.7% 1.2% 1.9% 1.9% 1.8% 2.0% 2.1% 1.9% 2.1% 2.1% 2.1% 2.0% 2.1% 2.0% 2.0% 2.1% 2.1% 2.1% 2.0% 1.9% 2.0% 1.9% 2.1% 2.1% 2.1% 2.0% 2.0% 2.2% 2.3% 2.3% 2.0% 1.5% 1.5% 1.4%
Insurance expenses 0.5% 0.5% 0.4% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.7% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.4% 0.5% 0.7% 0.7% 0.7%
Custom duties 0.6% 0.5% 0.5% 0.3% 0.3% 0.3% 0.2% 0.0% 0.0% 0.0% 0.6% 0.6% 0.6% 0.6% 0.5% 0.5% 0.6% 0.5% 0.5% 0.4% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2% 0.3% - - - - - - - - - - -
Cost of duty-free goods sold 0.7% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 1.0% 1.0% 0.7% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% 0.1%
Expenditure on variable rental payments not included in lease - - - - - - - 0.7% 0.9% 1.7% - - - - - - - - - - - - - - - - - - - - - - - 0.4% 0.7% 0.7% 0.7% 0.6% 0.6% 0.8% 0.9% 1.1% 1.4% 1.6% 1.7%
Short-term rental expenses - - - - - - - 0.3% 0.4% 0.4% - - - - - - - - - - - - - - - - - - - - - - - 0.3% 0.4% 0.4% 0.3% 0.3% 0.5% 0.5% 0.4% 0.4% 0.5% 0.4% 0.4%
Cost of low value lease assets - - - - - - - 0.0% 0.0% 0.0% - - - - - - - - - - - - - - - - - - - - - - - 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other expenses 4.9% 3.1% 4.5% 1.5% 2.3% 1.7% 1.5% (0.1)% (1.2)% (1.6)% 3.6% 3.3% 4.9% 1.8% 2.4% 3.1% 4.2% 2.8% 4.5% 0.8% 2.1% 1.5% 2.9% 2.3% 2.3% 1.0% 2.1% 2.2% 1.7% 1.5% 1.1% 1.3% 1.5% (1.0)% (0.3)% (0.4)% (0.1)% (0.7)% (1.3)% (1.2)% (1.2)% (0.7)% (4.9)% (4.4)% (1.6)%
Operating costs less aircraft fuel 70.6% 70.8% 71.7% 74.6% 76.5% 75.1% 69.3% 67.0% 69.1% 80.4% 69.7% 69.9% 70.6% 70.0% 69.6% 70.8% 71.6% 71.0% 71.7% 73.8% 74.0% 74.6% 77.7% 76.5% 76.5% 74.6% 75.3% 75.2% 75.1% 72.4% 70.7% 69.3% 69.3% 70.4% 68.6% 67.0% 67.0% 69.6% 68.8% 68.5% 69.1% 71.8% 77.5% 78.7% 80.4%
Aircraft fuel 29.4% 29.2% 28.3% 25.4% 23.5% 24.9% 30.7% 33.0% 30.9% 19.6% 30.3% 30.1% 29.4% 30.0% 30.4% 29.2% 28.4% 29.0% 28.3% 26.2% 26.0% 25.4% 22.3% 23.5% 23.5% 25.4% 24.7% 24.8% 24.9% 27.6% 29.3% 30.7% 30.7% 29.6% 31.4% 33.0% 33.0% 30.4% 31.2% 31.5% 30.9% 28.2% 22.5% 21.3% 19.6%
Total OpEx 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
EBITDA and EBITDAR
IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

RUB, mn 2012 2013 2014 2015 2016 2017
Operating profit 11,118 19,795 11,268 44,107 63,254 40,411
(-) D&A (8,368) (10,658) (12,136) (13,306) (13,395) (14,084)
(-) Customs duties (1,387) (1,396) (1,435) (1,290) (1,355) (1,520)
EBITDA 20,874 31,849 24,839 58,703 78,004 56,015
(-) Operating lease (17,630) (19,177) (23,834) (44,415) (59,563) (65,793)
EBITDAR 38,504 51,026 48,673 103,118 137,567 121,808
Net income 5,170 7,335 (17,146) (6,494) 38,826 23,060
Revenue 253,039 290,956 319,771 415,173 495,880 532,934
Operating profit margin 4.4% 6.8% 3.5% 10.6% 12.8% 7.6%
EBITDA margin 8.2% 10.9% 7.8% 14.1% 15.7% 10.5%
EBITDAR margin 15.2% 17.5% 15.2% 24.8% 27.7% 22.9%
Net income margin 2.0% 2.5% (5.4)% (1.6)% 7.8% 4.3%
Contents
IAS 17 IFRS 16 IFRS 16 IFRS 16 IAS 17 IAS 17 IAS 17 IAS 17

2018 2018 2019 2020 6М 2012 9М 2012 12М 2012 6М 2013
19,657 60,736 60,663 (92,153) 3,004 13,219 11,118 5,181
(12,912) (90,129) (107,477) (118,633) (3,895) (6,119) (8,368) (5,052)
(1,029) (652) (784) (509) (682) (1,016) (1,387) (681)
33,598 151,517 168,924 26,989 7,581 20,353 20,874 10,914
(88,881) - - - (8,240) (12,890) (17,630) (9,053)
122,479 - - - 15,821 33,243 38,504 19,967
5,713 (55,694) 13,512 (123,208) 218 9,213 5,170 45
611,570 611,570 677,881 302,182 110,749 187,234 253,039 128,180
3.2% 9.9% 8.9% (30.5)% 2.7% 7.1% 4.4% 4.0%
5.5% 24.8% 24.9% 8.9% 6.8% 10.9% 8.2% 8.5%
20.0% - - - 14.3% 17.8% 15.2% 15.6%
0.9% (9.1)% 2.0% (40.8)% 0.2% 4.9% 2.0% 0.0%
9М 2013 12М 2013 6М 2014 9М 2014 12М 2014 6М 2015 9М 2015 12М 2015
26,870 19,795 (1,384) 13,662 11,268 5,866 36,808 44,107
(7,865) (10,658) (5,586) (8,761) (12,136) (6,710) (10,035) (13,306)
(1,029) (1,396) (828) (1,136) (1,435) (735) (1,003) (1,290)
35,764 31,849 5,030 23,559 24,839 13,311 47,846 58,703
(14,046) (19,177) (11,627) (16,621) (23,834) (19,941) (31,341) (44,415)
49,810 51,026 16,657 40,180 48,673 33,252 79,187 103,118
17,237 7,335 (1,905) (3,563) (17,146) (3,541) 1,826 (6,494)
222,353 290,956 140,281 236,698 319,771 176,467 309,510 415,173
12.1% 6.8% (1.0)% 5.8% 3.5% 3.3% 11.9% 10.6%
16.1% 10.9% 3.6% 10.0% 7.8% 7.5% 15.5% 14.1%
22.4% 17.5% 11.9% 17.0% 15.2% 18.8% 25.6% 24.8%
7.8% 2.5% (1.4)% (1.5)% (5.4)% (2.0)% 0.6% (1.6)%
6М 2016 9М 2016 12М 2016 3М 2017 6М 2017 9М 2017 12М 2017 3М 2018
23,250 66,926 63,254 (4,936) 7,697 41,862 40,411 (11,596)
(6,115) (9,250) (13,395) (3,446) (7,004) (10,412) (14,084) (3,458)
(670) (984) (1,355) (354) (702) (1,032) (1,520) (406)
30,035 77,160 78,004 (1,136) 15,403 53,306 56,015 (7,732)
(28,362) (43,170) (59,563) (14,878) (30,654) (47,710) (65,793) (18,499)
58,397 120,330 137,567 13,742 46,057 101,016 121,808 10,767
2,467 43,798 38,826 (5,339) 2,890 27,149 23,060 (11,543)
223,824 381,306 495,880 103,125 234,860 404,773 532,934 111,942
10.4% 17.6% 12.8% (4.8)% 3.3% 10.3% 7.6% (10.4)%
13.4% 20.2% 15.7% (1.1)% 6.6% 13.2% 10.5% (6.9)%
26.1% 31.6% 27.7% 13.3% 19.6% 25.0% 22.9% 9.6%
1.1% 11.5% 7.8% (5.2)% 1.2% 6.7% 4.3% (10.3)%
IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16
6М 2018 9М 2018 12М 2018 3M 2018 6М 2018 9M 2018 12М 2018 3M 2019
(279) 36,846 19,657 (3,196) 17,453 66,967 60,736 (5,899)
(6,394) (9,590) (12,912) (20,485) (41,268) (65,326) (90,129) (27,074)
(507) (753) (1,029) (294) (293) (448) (652) -
6,622 47,189 33,598 17,583 59,014 132,741 151,517 21,175
(39,741) (63,768) (88,881) - - - - -
46,363 110,957 122,479 - - - - -
(5,228) 22,490 5,713 (10,415) (30,379) (17,382) (55,694) (15,746)
265,822 466,345 611,570 111,942 265,822 466,345 611,570 138,041
(0.1)% 7.9% 3.2% (2.9)% 6.6% 14.4% 9.9% (4.3)%
2.5% 10.1% 5.5% 15.7% 22.2% 28.5% 24.8% 15.3%
17.4% 23.8% 20.0% - - - - -
(2.0)% 4.8% 0.9% (9.3)% (11.4)% (3.7)% (9.1)% (11.4)%
Contents
IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16

6М 2019 9M 2019 12М 2019 3M 2020 6M 2020 9M 2020 12M 2020
14,618 61,695 60,663 (13,156) (46,119) (56,755) (92,153)
(53,305) (79,415) (107,477) (26,022) (56,897) (87,525) (118,633)
(373) (565) (784) (188) (314) (410) (509)
68,296 141,675 168,924 13,054 11,092 31,180 26,989
- - - - - - -
- - - - - - -
(8,784) 20,305 13,512 (22,484) (58,270) (79,406) (123,208)
311,440 523,983 677,881 123,894 149,352 234,213 302,182
4.7% 11.8% 8.9% (10.6)% (30.9)% (24.2)% (30.5)%
21.9% 27.0% 24.9% 10.5% 7.4% 13.3% 8.9%
- - - - - - -
(2.8)% 3.9% 2.0% (18.1)% (39.0)% (33.9)% (40.8)%
Statement of Financial Position Contents Contents
RUB mn if not stated otherwise 31-Dec-2012 31-Dec-2013 31-Dec-2014 31-Dec-2015 31-Dec-2016 31-Dec-2017 31-Dec-2018 31-Dec-2018*** 31-Dec-2019 31-Dec-2020 30-Jun-2012* 30-Sep-2012* 31-Dec-2012 30-Jun-2013 30-Sep-2013 31-Dec-2013 30-Jun-2014 30-Sep-2014 31-Dec-2014 30-Jun-2015 30-Sep-2015 31-Dec-2015 30-Jun-2016 30-Sep-2016 31-Dec-2016 31-Mar-2017 30-Jun-2017 30-Sep-2017 31-Dec-2017 31-Mar-2018 30-Jun-2018 30-Sep-2018 31-Dec-2018 1-Jan-2018 30-Jun-18 30-Sep-18 31-Dec-2018*** 31-Mar-2019 30-Jun-2019 30-Sep-2019 31-Dec-2019 31-Mar-2020 30-Jun-2020 30-Sep-20 31-Dec-20
ASSETS
Current assets
Cash and cash equivalents 15,070 18,660 26,547 30,693 31,476 45,978 23,711 23,711 12,883 88,944 18,036 18,457 15,070 23,438 24,546 18,660 36,703 29,307 26,547 47,932 29,357 30,693 51,997 52,121 31,476 - 81,055 52,088 45,978 59,105 87,785 51,709 23,711 45,978 - - 23,711 41,142 40,262 15,536 12,883 26,962 39,318 27,964 88,944
Short-term financial investments 145 272 961 5,917 6,319 8,931 6,437 6,437 12,978 4,831 446 173 145 26 248 272 114 1,386 961 2,135 4794 5917 6612 8,469 6,319 - 7,078 9,248 8,931 4,143 9,970 8,342 6,437 8,931 - - 6,437 6,123 7,769 14,778 12,978 10,413 9,341 15,124 4,831
Accounts receivable and prepayments 47,184 55,691 56,769 76,317 78,172 92,932 87,868 78,223 96,467 67,051 56,895 55,286 47,184 61,476 61,464 55,691 51,942 48,463 56,769 63,289 78,957 76,317 86,281 84,454 78,172 - 93,068 98,092 92,932 96,220 83,106 88,904 87,868 85,122 - - 78,223 83,612 84,432 99,032 96,467 89,829 76,037 92,709 67,051
Current income tax prepayment 2,090 476 668 2,489 2,679 3,580 5,488 5,488 2,878 469 - - 2,090 1,147 102 476 472 338 668 1,038 269 2,489 359 93 2,679 - 1,648 86 3,580 4,537 3,825 671 5,488 3,580 - - 5,488 4,688 3,716 847 2,878 2,106 1,885 276 469
Aircraft lease security deposits 247 405 321 2,658 320 423 525 532 2,242 2,739 282 337 247 358 461 405 219 186 321 938 841 2,658 1,232 932 320 - 336 570 423 692 802 839 525 837 - - 532 536 2,015 2,311 2,242 2,878 2,526 2,800 2,739
Expendable spare parts and inventories 4,285 4,927 6,516 7,447 10,040 12,811 14,659 14,300 15,570 16,889 3,971 4,613 4,285 4,681 4,592 4,927 5,172 5,943 6,516 6,715 6,707 7,447 8,588 9,462 10,040 - 10,951 11,758 12,811 12,806 14,407 13,979 14,659 12,468 - - 14,300 15,293 15,768 15,625 15,570 16,927 17,055 17,217 16,889
Derivative financial instruments - 1,034 431 53 - - - - - - - - - - - 1,034 1,531 1,437 431 72 75 53 - - - - - - - - - - - - - - - - 2,194 227 - - - - -
Assets classified as held for sale 1,825 - - 7,732 1,140 3,125 6,404 6,483 - - - - 1,825 - - - - - - 2,329 7,448 7,732 4,444 936 1,140 - 4,076 3,125 3,125 8,963 8,445 8,452 6,404 3,149 - - 6,483 6,255 4,702 3,724 - - - - -
Current financial assets under lease agreements - - - - - - - 1,804 3,834 4,159 - - - - - - - - - - - - - - - - - - - - - - - 576 - - 1,804 1,565 3,279 3,080 3,834 3,819 4,525 3,512 4,159
Other current assets - - - - - 422 226 226 - - - - - - - - - - - - - - - - - - 1,651 422 419 461 596 226 422 - - 226 226 - - - - - - -
Total current assets 70,845 81,465 92,213 133,306 130,146 168,202 145,318 137,204 146,852 185,082 79,630 78,866 70,845 91,126 91,411 81,465 96,153 87,060 92,213 124,448 128,448 133,306 159,513 156,467 130,146 - 198,212 176,618 168,202 186,885 208,801 173,492 145,318 161,063 - - 137,204 159,440 164,137 155,160 146,852 152,934 150,687 159,602 185,082
Non-current assets
Deferred tax assets 2,906 2,174 18,540 21,632 12,252 10,396 12,002 39,403 27,894 75,430 5,425 5,098 2,906 2,947 2,800 2,174 3,214 5,693 18,540 17,130 20,080 21,632 14,479 13,668 12,252 - 10,273 10,967 10,396 11,374 10,716 10,639 12,002 22,576 - - 39,403 34,765 30,247 29,254 27,894 61,506 56,527 76,966 75,430
Investments in associates 96 123 140 109 98 329 545 545 567 419 102 133 96 98 122 123 106 131 140 70 98 109 44 88 98 - 132 299 329 327 359 485 545 329 - - 545 586 517 646 567 570 382 461 419
Long-term financial investments 6,079 6,099 6,115 6,118 3,306 3,338 5,393 5,393 5,856 5,464 6,170 6,097 6,079 6,099 6,101 6,099 6,098 6,101 6,115 6,119 6,133 6,118 3,303 3,308 3,306 - 3,335 3,346 3,338 6,133 6,100 6,024 5,393 5,883 - - 5,393 5,640 5,590 5,841 5,856 5,597 5,935 5,933 5,464
Aircraft lease security deposits 1,075 1,088 2,110 2,132 2,181 1,602 4,356 4,283 2,099 1,867 948 928 1,075 990 966 1,088 1,132 1,441 2,110 2,040 2,921 2,132 2,131 2,450 2,181 - 2,170 1,788 1,602 1,982 2,620 3,881 4,356 2,939 - - 4,283 4,537 3,043 2,866 2,099 2,493 2,627 2,979 1,867
Other non-current assets 8,217 5,955 3,759 2,762 10,112 19,728 27,990 36,246 45,831 44,416 6,619 7,392 8,217 7,982 7,045 5,955 5,024 4,828 3,759 3,163 3,005 2,762 3,236 10,916 10,112 - 14,829 18,412 19,728 22,503 25,640 28,615 27,990 29,342 - - 36,246 40,794 38,353 38,232 45,831 51,267 49,806 47,934 44,416
Prepayments for aircraft 13,534 12,318 29,241 35,291 27,830 13,089 21,148 21,148 20,745 27,275 8,158 7,853 13,534 8,137 8,759 12,318 15,398 17,827 29,241 28,524 25,915 35,291 35,902 30,563 27,830 - 10,724 12,024 13,089 9,679 10,545 16,156 21,148 13,089 - - 21,148 21,407 22,084 19,310 20,745 14,417 6,950 3,553 27,275
Right-of-use assets - - - - - - - 668,793 629,115 635,406 - - - - - - - - - - - - - - - - - - - - - - - 536,023 - - 668,793 673,332 659,012 652,730 629,115 701,742 647,990 659,790 635,406
Property, plant and equipment 73,985 88,777 116,044 104,494 104,897 97,932 90,964 26,634 26,743 19,825 61,975 69,616 73,985 90,425 88,817 88,777 119,152 116,930 116,044 113,430 106,083 104,494 100,990 103,595 104,897 - 99,386 97,485 97,932 87,959 89,347 88,996 90,964 26,481 - - 26,634 26,601 26,675 26,926 26,743 26,378 25,494 24,667 19,825
Non-current financial assets under lease agreements - - - - - - - 19,261 18,356 18,606 - - - - - - - - - - - - - - - - - - - - - - - 13,509 - - 19,261 19,320 18,421 19,309 18,356 24,123 20,085 23,307 18,606
Intangible assets 3,302 3,350 2,762 2,690 1,825 2,054 2,250 2,250 2,600 2,414 3,374 3,215 3,302 3,185 3,060 3,350 3,096 2,928 2,762 2,512 2,372 2,690 2,233 2,087 1,825 - 1,902 2,123 2,054 1,863 1,818 1,847 2,250 2,054 - - 2,250 2,161 2,142 2,353 2,600 2,593 2,547 2,491 2,414
Goodwill 6,857 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 - 8,214 8,215 6,857 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 - 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 - - 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 -
Derivative financial instruments 2,810 1,175 134 - - - - - - - - 294 2,810 1,976 2,749 1,175 1,844 1,667 134 41 13 - - - - - - - - - - - - - - - - - - - - - - - -
Total non-current assets 118,862 127,719 185,505 181,888 169,161 155,128 171,308 830,616 786,466 831,122 100,984 108,840 118,862 128,500 127,080 127,719 161,724 164,206 185,505 179,689 173,280 181,888 168,978 173,335 169,161 - 149,411 153,104 155,128 148,480 153,805 163,303 171,308 658,885 - - 830,616 835,803 812,744 804,127 786,466 897,346 825,003 854,741 831,122
TOTAL ASSETS 189,707 209,184 277,718 315,194 299,307 323,330 316,626 967,820 933,318 1,016,204 180,614 187,706 189,707 219,626 218,491 209,184 257,877 251,266 277,718 304,137 301,728 315,194 328,491 329,802 299,307 - 347,623 329,722 323,330 335,365 362,606 336,795 316,626 819,948 - - 967,820 995,243 976,881 959,287 933,318 1,050,280 975,690 1,014,343 1,016,204
LIABILITIES AND EQUITY

Current liabilities
Derivative financial instruments - 213 26,312 4,853 - - - - - - - - - - - 213 463 2,332 26,312 24,343 19,567 4,853 - - - - - - - - - - - - - - - - - - - - - - -
Accounts payable and accrued liabilities 30,042 36,249 48,952 54,751 49,868 67,953 69,346 71,426 71,737 52,186 38,133 33,999 30,042 49,193 38,493 36,249 47,436 42,358 48,952 59,434 53,505 54,751 69,302 62,611 49,868 - 81,673 66,111 67,953 71,323 98,847 73,659 69,346 71,635 - - 71,426 79,854 82,415 72,440 71,737 69,587 55,874 68,262 52,186
Unearned traffic revenue 15,273 16,334 22,469 28,691 39,044 43,695 49,874 49,874 53,399 44,622 20,484 14,203 15,273 17,440 14,373 16,334 29,730 20,427 22,469 39,844 25,920 28,691 56,725 36,271 39,044 - 73,328 44,005 43,695 65,473 80,056 48,073 49,874 44,006 - - 49,874 75,567 83,898 50,670 53,399 46,775 50,775 45,614 44,622
Deferred revenue related to the frequent flyer programme 358 577 799 1,307 1,607 1,720 4,086 4,086 4,365 1,929 302 331 358 469 400 577 675 714 799 1,148 1,211 1,307 1,442 1,588 1,607 - 1,730 1,784 1,720 3,430 3,457 3,368 4,086 2,295 - - 4,086 4,206 4,195 4,635 4,365 4,485 4,380 4,325 1,929
Provisions for liabilities 132 881 2,349 7,519 5,304 9,433 11,393 25,865 24,531 20,859 53 136 132 1,135 1,287 881 2,100 1,152 2,349 4,041 6,831 7,519 4,506 5,076 5,304 - 8,159 10,892 9,433 7,024 6,323 7,442 11,393 10,125 - - 25,865 23,797 25,099 24,425 24,531 28,954 33,205 35,164 20,859
Lease liabilities (IFRS 16) - - - - - - - 78,528 70,814 126,761 - - - - - - - - - - - - - - - - - - - - - - - 57,679 - - 78,528 79,695 74,785 76,094 70,814 95,368 96,025 135,092 126,761
Finance lease liabilities (IAS 17) 7,482 8,688 16,912 19,504 15,593 16,015 15,219 - - - 7,564 8,156 7,482 9,123 8,673 8,688 10,911 12,375 16,912 16,984 18,514 19,504 18,088 18,168 15,593 - 17,154 16,723 16,015 14,334 15,333 15,453 15,219 - - - - - - - - - - - -
ST loans and borrowings and current portion of long-term loans and
14,154 5,029 17,343 54,085 9,309 - 175 175 12,568 34,924 15,614 16,102 14,154 2,290 3,901 5,029 6,155 6,927 17,343 25,999 30,385 54,085 18,688 15,924 9,309 - 9,542 - - 175 175 175 175 - - - 175 11,834 131 88 12,568 41,463 45,808 42,316 34,924
borrowings
Liabilities related to assets, classified as held for sale 776 - - 7,371 - 2,210 6,623 6,254 - - - - 776 - - - - - - 2,913 7,217 7,371 3,691 - - - 2,932 2,429 2,210 8,525 8,754 8,534 6,623 2,210 - - 6,254 4,426 3,220 2,166 - - - - -
Current income tax liabilities - - - - - - 19 19 4 4 - - - - - - - - - - - - - - - - - 2,187 - 2 22 448 19 - - - 19 16 349 426 4 7 7 241 4
Total current liabilities 68,217 67,971 135,136 178,081 120,725 141,026 156,735 236,227 237,418 281,285 82,151 72,927 68,217 79,651 67,128 67,971 97,470 86,285 135,136 174,706 163,150 178,081 172,442 139,638 120,725 - 194,518 144,131 141,026 170,286 212,967 157,152 156,735 187,950 - - 236,227 279,395 274,092 230,944 237,418 286,639 286,074 331,014 281,285
Non-current liabilities
Long-term loans and borrowings 7,290 8,377 6,860 14,375 11,058 3,181 3,311 3,311 3,224 53,711 2,931 4,171 7,290 11,348 9,068 8,377 8,248 5,965 6,860 5,192 9,926 14,375 24,390 15,881 11,058 - 7,906 3,182 3,181 3,355 3,349 3,327 3,311 3,181 - - 3,311 3,237 3,228 3,239 3,224 4,934 18,582 23,451 53,711
Lease liabilities (IFRS 16) - - - - - - - 577,403 486,310 535,746 - - - - - - - - - - - - - - - - - - - - - - - 438,821 - - 577,403 550,693 521,299 517,353 486,310 603,611 537,044 578,903 535,746
Finance lease liabilities (IAS 17) 49,673 63,348 132,366 145,020 107,143 84,674 78,005 - - - 43,348 47,779 49,673 67,265 64,556 63,348 86,397 96,280 132,366 120,833 136,472 145,020 118,914 114,578 107,143 - 95,220 89,430 84,674 73,923 77,299 76,996 78,005 - - - - - - - - - - -
Provisions for liabilities 92 1,655 4,845 6,917 10,791 16,949 23,753 202,384 192,281 232,868 236 235 92 92 93 1,655 2,305 2,949 4,845 5,174 6,653 6,917 8,200 9,836 10,791 - 13,323 15,331 16,949 19,503 21,272 24,530 23,753 156,565 - - 202,384 197,298 195,424 203,080 192,281 259,506 223,751 252,514 232,868
Deferred tax liabilities 2,236 1,647 133 170 39 68 137 766 467 77 1,070 1,394 2,236 728 946 1,647 1,874 181 133 225 262 170 61 213 39 - 42 46 68 58 76 94 137 720 - - 766 310 791 561 467 469 265 272 77
Deferred revenue related to the frequent flyer programme 1,372 1,862 2,560 2,941 3,623 3,842 3,282 3,282 4,910 7,197 1,234 1,342 1,372 1,801 1,534 1,862 2,098 2,307 2,560 2,752 2,941 2,941 3,283 3,628 3,623 - 3,900 4,021 3,842 3,512 3,540 3,447 3,282 3,842 - - 3,282 3,378 3,369 3,722 4,910 5,046 4,928 4,866 7,197
Derivative financial instruments 4,415 4,546 4,839 - - - - - - - 991 674 4,415 3,731 4,750 4,546 5,316 5,064 4,839 - - - - - - - - - - - - - - - - - - - - - - - - -
Other non-current liabilities 7,017 5,298 4,484 3,810 5,159 6,291 6,068 6,068 6,758 20,666 4,900 5,961 7,017 7,845 6,017 5,298 4,532 4,498 4,484 4,018 3,977 3,810 5,175 5,375 5,159 - 4,045 3,777 6,291 6,360 6,558 6,406 6,068 6,291 - - 6,068 5,865 6,254 7,541 6,758 9,093 8,776 9,024 20,666
Total non-current liabilities 72,095 86,733 156,087 173,233 137,813 115,005 114,556 793,214 693,950 850,265 54,709 61,556 72,095 92,809 86,965 86,733 110,770 117,244 156,087 138,194 160,231 173,233 160,023 149,511 137,813 - 124,436 115,787 115,005 106,711 112,094 114,800 114,556 609,420 - - 793,214 760,781 730,365 735,496 693,950 882,659 793,346 869,030 850,265
TOTAL LIABILITIES 140,311 154,704 291,223 351,314 258,538 256,031 271,291 1,029,441 931,368 1,131,550 136,860 134,482 140,311 172,461 154,092 154,704 208,240 203,529 291,223 312,900 323,381 351,314 332,465 289,149 258,538 - 318,954 259,918 256,031 276,997 325,061 271,952 271,291 797,370 - - 1,029,441 1,040,176 1,004,457 966,440 931,368 1,169,298 1,079,420 1,200,044 1,131,550
Equity
Share capital** 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 2,693 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 - 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 - - 1,359 1,359 1,359 1,359 1,359 1,359 1,359 1,359 2,693
Additional capital - - - - - - - - - 78,701 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 78,701
Treasury shares reserve (3,935) (3,573) (3,571) (3,571) (3,571) - (7,040) (7,040) (7,040) (7,040) (2,451) (4,090) (3,935) (3,700) (3,630) (3,573) (3,571) (3,571) (3,571) (3,571) (3,571) (3,571) (3,571) (3,571) (3,571) - (3,571) - - - (7,040) (7,040) (7,040) - - - (7,040) (7,040) (7,040) (7,040) (7,040) (7,040) (7,040) (7,040) (7,040)
Accumulated profit on disposal of treasury shares 1,495 1,659 1,659 1,659 1,659 7,864 7,864 7,864 7,864 7,864 - 1,586 1,495 1,597 1,628 1,659 1,659 1,659 1,659 1,659 1,659 1,659 1,659 1,659 1,659 - 1,659 7,864 7,864 7,864 7,864 7,864 7,864 7,864 - - 7,864 7,864 7,864 7,864 7,864 7,864 7,864 7,864 7,864
Investment revaluation reserve (12) (10) (5) (5) (5) (5) - - - - (10) (12) (12) (12) (12) (10) (10) (10) (5) (5) (5) (5) (5) (5) (5) - (5) (5) (5) - - - - - - - - - - - - - - - -
Translation from the functional currency to the presentation currency (54) (28) - - - - - - - - (9,550) (6,142) (54) (52) (54) (28) - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Hedge reserve 517 (383) (48,657) (64,720) (34,187) (25,159) (33,857) (33,857) 20,176 (48,330) (16) 396 517 (230) (257) (383) (551) (914) (48,657) (40,368) (58,598) (64,720) (42,620) (39,317) (34,187) - (29,494) (26,802) (25,159) (23,650) (29,242) (31,162) (33,857) (25,159) - - (33,857) 675 12,181 3,531 20,176 (78,308) (27,234) (88,057) (48,330)
Share-based payment reserve 208 - - - - - - - - 312 328 208 99 66 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Retained earnings 54,339 61,122 45,584 39,755 77,198 81,476 74,958 (31,843) (24,051) (141,664) 57,758 63,302 54,339 53,198 69,718 61,122 59,185 57,112 45,584 42,164 48,283 39,755 41,098 82,343 77,198 - 60,656 85,597 81,476 71,393 63,358 91,199 74,958 36,768 - - (31,843) (50,580) (46,008) (17,372) (24,051) (43,912) (78,859) (98,338) (141,664)
Equity attributable to shareholders of the Company 53,917 60,146 (3,631) (25,523) 42,453 65,535 43,284 (63,517) (1,692) (107,776) 47,401 56,726 53,917 52,259 68,820 60,146 58,071 55,635 (3,631) 1,238 (10,873) (25,523) (2,080) 42,468 42,453 - 30,604 68,013 65,535 56,966 36,299 62,220 43,284 20,832 - - (63,517) (47,722) (31,644) (11,658) (1,692) (120,037) (103,910) (184,212) (107,776)
Non-controlling interest (4,522) (5,666) (9,874) (10,597) (1,684) 1,764 2,051 1,896 3,642 (7,570) (3,646) (3,503) (4,522) (5,093) (4,421) (5,666) (8,434) (7,898) (9,874) (10,001) (10,780) (10,597) (1,894) (1,815) (1,684) - (1,935) 1,791 1,764 1,402 1,246 2,623 2,051 1,746 - - 1,896 2,789 4,068 4,505 3,642 1,019 180 (1,489) (7,570)
TOTAL EQUITY 49,395 54,480 (13,505) (36,120) 40,769 67,299 45,335 (61,621) 1,950 (115,346) 43,755 53,223 49,395 47,166 64,399 54,480 49,637 47,737 (13,505) (8,763) (21,653) (36,120) (3,974) 40,653 40,769 - 28,669 69,804 67,299 58,368 37,545 64,843 45,335 22,578 - - (61,621) (44,933) (27,576) (7,153) 1,950 (119,018) (103,730) (185,701) (115,346)
TOTAL LIABILITIES AND EQUITY 189,707 209,184 277,718 315,194 299,307 323,330 316,626 967,820 933,318 1,016,204 180,614 187,706 189,707 219,626 218,491 209,184 257,877 251,266 277,718 304,137 301,728 315,194 328,491 329,802 299,307 - 347,623 329,722 323,330 335,365 362,606 336,795 316,626 819,948 - - 967,820 995,243 976,881 959,287 933,318 1,050,280 975,690 1,014,343 1,016,204
* Calculated based on USD BS data and EOP exchange rate
** Share capital as at 30 June 2012 and 30 September 2012 amounted to 1,359 million
RUB, FX difference from recalculation from USD BS data into RUB has been reclassed
to Translation from the functional currency to the presentation currency BS line
*** Figures updated versus previously reported due to refinement of judgments &
estimates
Profit and Loss and Other Comprehensive Income Contents Contents
RUB, mn if not stated otherwise 2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014 12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3M 2017 6M 2017 9M 2017 12M 2017 3M 2018 6M 2018 9M 2018 12M 2018 3M 2018 6М 2018 9M 2018 12М 2018 3M 2019 6М 2019 9M 2019 12М 2019 3M 2020 6M 2020 9M 2020 12M 2020
Traffic revenue 221,327 257,546 277,354 359,205 433,966 474,916 553,192 553,192 613,852 270,476 96,900 165,163 221,327 113,667 197,890 257,546 121,796 208,142 277,354 150,604 268,562 359,205 193,330 334,563 433,966 90,583 207,982 361,802 474,916 100,674 240,530 422,813 553,192 100,674 240,530 422,813 553,192 123,428 280,443 475,647 613,852 111,412 131,873 210,708 270,476
Other revenue 31,712 33,410 42,417 55,968 61,914 58,018 58,378 58,378 64,029 31,706 13,849 22,071 31,712 14,513 24,463 33,410 18,485 28,556 42,417 25,863 40,948 55,968 30,494 46,743 61,914 12,542 26,878 42,971 58,018 11,268 25,292 43,532 58,378 11,268 25,292 43,532 58,378 14,613 30,997 48,336 64,029 12,482 17,479 23,505 31,706
Revenue 253,039 290,956 319,771 415,173 495,880 532,934 611,570 611,570 677,881 302,182 110,749 187,234 253,039 128,180 222,353 290,956 140,281 236,698 319,771 176,467 309,510 415,173 223,824 381,306 495,880 103,125 234,860 404,773 532,934 111,942 265,822 466,345 611,570 111,942 265,822 466,345 611,570 138,041 311,440 523,983 677,881 123,894 149,352 234,213 302,182
Operating costs, excluding staff costs and depreciation and amortisation (192,510) (212,105) (239,327) (304,214) (354,022) (394,528) (496,337) (388,745) (434,606) (222,070) (86,237) (139,697) (192,510) (96,600) (155,072) (212,105) (109,009) (174,726) (239,327) (139,166) (222,348) (304,214) (162,072) (256,599) (354,022) (86,713) (180,699) (289,635) (394,528) (98,758) (219,345) (359,748) (496,337) (76,462) (170,970) (281,849) (388,745) (97,533) (207,473) (328,888) (434,606) (92,873) (116,320) (170,104) (222,070)
Staff costs (38,613) (45,349) (52,148) (55,619) (64,682) (82,801) (82,817) (82,186) (92,413) (65,445) (17,422) (27,941) (38,613) (21,357) (31,741) (45,349) (24,304) (38,225) (52,148) (27,235) (40,643) (55,619) (31,032) (48,118) (64,682) (18,588) (38,324) (60,509) (82,801) (21,404) (41,659) (61,315) (82,817) (21,218) (41,298) (60,846) (82,186) (22,579) (44,794) (66,859) (92,413) (21,124) (34,620) (50,354) (65,445)
Depreciation and amortisation (8,368) (10,658) (12,136) (13,306) (13,395) (14,084) (12,912) (90,129) (107,477) (118,633) (3,895) (6,119) (8,368) (5,052) (7,865) (10,658) (5,586) (8,761) (12,136) (6,710) (10,035) (13,306) (6,115) (9,250) (13,395) (3,446) (7,004) (10,412) (14,084) (3,458) (6,394) (9,590) (12,912) (20,485) (41,268) (65,326) (90,129) (27,074) (53,305) (79,415) (107,477) (26,022) (56,897) (87,525) (118,633)
Other operating (expenses)/income, net (2,429) (3,049) (4,892) 2,073 (527) (1,110) 153 10,226 17,278 11,813 (191) (258) (2,429) 10 (805) (3,049) (2,766) (1,324) (4,892) 2,510 324 2,073 (1,355) (413) (527) 686 (1,136) (2,355) (1,110) 82 1,297 1,154 153 3,027 5,167 8,643 10,226 3,246 8,750 12,874 17,278 2,969 12,366 17,015 11,813
Operating costs (241,921) (271,161) (308,503) (371,066) (432,626) (492,523) (591,913) (550,834) (617,218) (394,335) (107,745) (174,015) (241,921) (122,999) (195,483) (271,161) (141,665) (223,036) (308,503) (170,601) (272,702) (371,066) (200,574) (314,380) (432,626) (108,061) (227,163) (362,911) (492,523) (123,538) (266,101) (429,499) (591,913) (115,138) (248,369) (399,378) (550,834) (143,940) (296,822) (462,288) (617,218) (137,050) (195,471) (290,968) (394,335)
Operating profit 11,118 19,795 11,268 44,107 63,254 40,411 19,657 60,736 60,663 (92,153) 3,004 13,219 11,118 5,181 26,870 19,795 (1,384) 13,662 11,268 5,866 36,808 44,107 23,250 66,926 63,254 (4,936) 7,697 41,862 40,411 (11,596) (279) 36,846 19,657 (3,196) 17,453 66,967 60,736 (5,899) 14,618 61,695 60,663 (13,156) (46,119) (56,755) (92,153)
(Loss) / Profit from sale and impairment of investments, net - - - (9,159) (2,935) (144) (689) (689) 357 (557) - - - - - - - - - 30 (4,992) (9,159) (3,429) (3,734) (2,935) (57) (70) (108) (144) 215 107 (3) (689) 215 107 (3) (689) 227 147 358 357 (612) (309) (357) (557)
Finance income 5,175 2,686 2,471 15,811 19,802 7,127 4,164 6,816 5,486 4,938 179 2,443 5,175 1,979 2,321 2,686 2,615 1,684 2,471 7,153 7,987 15,811 7,890 18,860 19,802 1,971 4,783 6,349 7,127 1,718 2,124 3,311 4,164 1,943 3,127 4,917 6,816 1,506 3,246 5,180 5,486 1,897 2,164 3,208 4,938
Finance costs (5,184) (8,814) (28,399) (28,556) (9,443) (8,225) (7,904) (128,394) (52,050) (47,252) (2,171) (2,907) (5,184) (6,616) (7,300) (8,814) (2,434) (18,609) (28,399) (7,441) (16,124) (28,556) (5,074) (7,388) (9,443) (2,038) (4,159) (6,331) (8,225) (2,769) (4,369) (5,365) (7,904) (9,938) (54,569) (86,931) (128,394) (14,547) (27,236) (41,531) (52,050) (11,842) (23,189) (36,374) (47,252)
Realised hedging result - - (1,723) (23,746) (12,310) (5,613) (6,788) (6,788) (2,368) (13,254) - - - - - - - - (1,723) (8,848) (15,731) (23,746) (8,655) (10,611) (12,310) (1,391) (2,748) (4,226) (5,613) (1,293) (2,984) (4,925) (6,788) (1,293) (2,984) (4,925) (6,788) (1,017) (1,337) (2,302) (2,368) (7,360) (7,557) (10,332) (13,254)
Share of results of associates 10 37 31 (17) 12 170 254 254 160 (143) 15 46 10 13 36 37 (2) 22 31 (56) (28) (17) (45) - 12 (11) 34 140 170 (2) 43 179 254 (2) 43 179 254 40 96 225 160 3 (180) (100) (143)
Result from disposal of subsidiaries - - - - (5,099) - 1,240 1,240 1,555 (5,066) - - - - - - - - - - - - (5,726) (5,099) (5,099) - - - - - - - 1,240 - - - 1,240 - - - 1,555 - - (5,066)
Profit/(loss) before income tax 11,120 13,704 (16,352) (1,560) 53,281 33,726 9,934 (66,825) 13,803 (153,487) 1,027 12,801 11,120 557 21,927 13,704 (1,205) (3,241) (16,352) (3,296) 7,920 (1,560) 8,211 58,954 53,281 (6,462) 5,537 37,686 33,726 (13,727) (5,358) 30,043 9,934 (12,271) (36,823) (19,796) (66,825) (19,690) (10,466) 23,625 13,803 (31,070) (75,190) (100,710) (153,487)
Income tax expense (5,950) (6,369) (794) (4,934) (14,455) (10,666) (4,221) 11,131 (291) 30,279 (809) (3,588) (5,950) (512) (4,690) (6,369) (700) (322) (794) (245) (6,094) (4,934) (5,744) (15,156) (14,455) 1,123 (2,647) (10,537) (10,666) 2,184 130 (7,553) (4,221) 1,856 6,444 2,414 11,131 3,944 1,682 (3,320) (291) 8,586 16,920 21,304 30,279
PROFIT/(LOSS) FOR THE YEAR 5,170 7,335 (17,146) (6,494) 38,826 23,060 5,713 (55,694) 13,512 (123,208) 218 9,213 5,170 45 17,237 7,335 (1,905) (3,563) (17,146) (3,541) 1,826 (6,494) 2,467 43,798 38,826 (5,339) 2,890 27,149 23,060 (11,543) (5,228) 22,490 5,713 (10,415) (30,379) (17,382) (55,694) (15,746) (8,784) 20,305 13,512 (22,484) (58,270) (79,406) (123,208)
Profit/(loss) for the year attributable to:

Shareholders of the Company 6,904 8,016 (15,471) (5,829) 37,443 22,872 6,589 (54,361) 10,649 (117,613) 1,076 9,927 6,904 151 16,671 8,016 (1,745) (3,938) (15,471) (3,420) 2,699 (5,829) 1,343 42,588 37,443 (5,402) 2,871 26,993 22,872 (11,198) (5,011) 22,830 6,589 (10,333) (29,895) (16,415) (54,361) (16,870) (11,308) 17,328 10,649 (19,861) (54,808) (74,287) (117,613)
Non-controlling interest (1,734) (681) (1,675) (665) 1,383 188 (876) (1,333) 2,863 (5,595) (857) (714) (1,734) (106) 566 (681) (160) 375 (1,675) (121) (873) (665) 1,124 1,210 1,383 63 19 156 188 (345) (217) (340) (876) (82) (484) (967) (1,333) 1,124 2,524 2,977 2,863 (2,623) (3,462) (5,119) (5,595)
PROFIT/(LOSS) FOR THE YEAR 5,170 7,335 (17,146) (6,494) 38,826 23,060 5,713 (55,694) 13,512 (123,208) 218 9,213 5,170 45 17,237 7,335 (1,905) (3,563) (17,146) (3,541) 1,826 (6,494) 2,467 43,798 38,826 (5,339) 2,890 27,149 23,060 (11,543) (5,228) 22,490 5,713 (10,415) (30,379) (17,382) (55,694) (15,746) (8,784) 20,305 13,512 (22,484) (58,270) (79,406) (123,208)
Profit/(loss) per share – basic (in Roubles per share) 6.6 7.6 (14.6) (5.5) 35.4 21.3 6.0 (49.6) 10.0 (87.4) 1.0 9.5 6.6 0.1 15.8 7.6 (1.7) (3.7) (14.6) (3.2) 2.6 (5.5) 1.3 40.3 35.4 (5.1) 2.7 25.5 21.3 (10.1) (4.5) 20.6 6.0 (9.3) (26.9) (14.8) (49.6) (15.9) (10.6) 16.3 10.0 (18.7) (51.6) (69.9) (87.4)
Weighted average number of shares outstanding (millions) 1,044 1,054 1,057 1,057 1,057 1,072 1,096 1,096 1,063 1,345 1,043 1,043 1,044 1,053 1,054 1,054 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,057 1,059 1,072 1,111 1,111 1,108 1,096 1,111 1,111 1,108 1,096 1,063 1,063 1,063 1,063 1,063 1,063 1,063 1,345
Other comprehensive income/(loss):

Items that may be reclassified subsequently to profit or loss:
Net change in fair value of available-for-sale financial assets transferred to profit (1) 164 - - - - - - - - - - (1) - - 164 - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
for the year
Translation from the functional currency to the presentation currency (54) 28 33 - - - - - - - - - (54) 2 (2) 28 28 28 33 - - - - - - - - - - - - - - - - - - - - - - - - - -
Profit /(Loss) from the change in fair value of hedging derivative financial
819 (1,067) (16,793) 12,810 4,485 - - - - - 207 720 819 (688) (744) (1,067) (233) (710) (16,793) 6,211 7,248 12,810 4,486 4,485 4,485 - - - - - - - - - - - - - - - - - - - -
instruments
Effect from hedging revenue with foreign currency liabilities - - (43,596) (32,911) 33,773 11,285 (10,873) (10,873) 67,541 (85,632) - - - - - - - (43,596) 4,135 (19,698) (32,911) 23,231 27,360 33,773 9,496 5,866 9,231 11,285 1,886 (5,104) (7,504) (10,873) 1,886 (5,104) (7,504) (10,873) 43,165 57,548 46,735 67,541 (123,105) (59,262) (135,291) (85,632)
Deferred tax related to the effect on CF hedging instruments recognized in OCI (82) 2 12,115 4,038 (7,725) (2,257) 2,175 2,175 (13,508) 17,126 (3) (106) (82) (59) (30) 2 65 179 12,115 (2,057) 2,509 4,038 (5,617) (6,442) (7,725) (1,899) (1,173) (1,846) (2,257) (377) 1,021 1,501 2,175 (377) 1,021 1,501 2,175 (8,633) (11,510) (9,347) (13,508) 24,621 11,852 27,058 17,126
Other comprehensive income/(loss) for the year 682 (873) (48,241) (16,063) 30,533 9,028 (8,698) (8,698) 54,033 (68,506) 204 615 682 (745) (776) (873) (140) (503) (48,241) 8,289 (9,941) (16,063) 22,100 25,403 30,533 7,597 4,693 7,385 9,028 1,509 (4,083) (6,003) (8,698) 1,509 (4,083) (6,003) (8,698) 34,532 46,038 37,388 54,033 (98,484) (47,410) (108,233) (68,506)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 5,851 6,462 (65,387) (22,557) 69,359 32,088 (2,985) (64,392) 67,545 (191,714) 423 9,828 5,851 (700) 16,461 6,462 (2,045) (4,066) (65,387) 4,748 (8,115) (22,557) 24,567 69,201 69,359 2,258 7,583 34,534 32,088 (10,034) (9,311) 16,487 (2,985) (8,906) (34,462) (23,385) (64,392) 18,786 37,254 57,693 67,545 (120,968) (105,680) (187,639) (191,714)
Total comprehensive income/(loss) attributable to:

Shareholders of the Company 7,585 7,143 (63,712) (21,892) 67,976 31,900 (2,109) (63,059) 64,682 (186,119) 1,280 10,542 7,585 (594) 15,897 7,143 (1,885) (4,441) (63,712) 4,869 (7,242) (21,892) 23,443 67,991 67,976 2,195 7,564 34,378 31,900 (9,689) (9,094) 16,827 (2,109) (8,824) (33,978) (22,418) (63,059) 17,662 34,730 54,716 64,682 (118,345) (102,218) (182,520) (186,119)
Non-controlling interest (1,734) (681) (1,675) (665) 1,383 188 (876) (1,333) 2,863 (5,595) (857) (714) (1,734) (106) 564 (681) (160) 375 (1,675) (121) (873) (665) 1,124 1,210 1,383 63 19 156 188 (345) (217) (340) (876) (82) (484) (967) (1,333) 1,124 2,524 2,977 2,863 (2,623) (3,462) (5,119) (5,595)
TOTAL COMPREHENSIVE INCOME/(LOSS) FOR THE YEAR 5,851 6,462 (65,387) (22,557) 69,359 32,088 (2,985) (64,392) 67,545 (191,714) 423 9,828 5,851 (700) 16,461 6,462 (2,045) (4,066) (65,387) 4,748 (8,115) (22,557) 24,567 69,201 69,359 2,258 7,583 34,534 32,088 (10,034) (9,311) 16,487 (2,985) (8,906) (34,462) (23,385) (64,392) 18,786 37,254 57,693 67,545 (120,968) (105,680) (187,639) (191,714)
Cash Flow Statement Contents Contents
Rub mn if not stated otherwise 2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014 12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3М 2017 6М 2017 9М 2017 12М 2017 3М 2018 6М 2018 9М 2018 12М 2018 3M 2018 6М 2018 9M 2018 12М 2018 3M 2019 6М 2019 9M 2019 12М 2019 3M 2020 6M 2020 9M 2020 12M 2020
Cash flows from operating activities:
Profit/(loss) before income tax 11,120 13,704 (16,352) (1,560) 53,281 33,726 9,934 (66,825) 13,803 (153,487) 1,027 12,801 11,120 557 21,927 13,704 (1,205) (3,241) (16,352) (3,296) 7,920 (1,560) 8,211 58,954 53,281 (6,462) 5,537 37,686 33,726 (13,727) (5,358) 30,043 9,934 (12,271) (36,823) (19,796) (66,825) (19,690) (10,466) 23,625 13,803 (31,070) (75,190) (100,710) (153,487)
Adjustments for:
Depreciation and amortisation 8,368 10,658 12,136 13,306 13,395 14,084 12,912 90,129 107,477 118,633 3,895 6,119 8,368 5,052 7,865 10,658 5,586 8,761 12,136 6,710 10,035 13,306 6,115 9,250 13,395 3,446 7,004 10,412 14,084 3,458 6,394 9,590 12,912 20,485 41,268 65,326 90,129 27,074 53,305 79,415 107,477 26,022 56,897 87,525 118,633
Change in expected credit losses, impairment provision for accounts receivable and
383 (834) 3,103 6,449 2,217 (338) 1,217 1,217 (228) 665 (36) (80) 383 (1,090) (798) (834) 1,687 1,980 3,103 (182) 58 6,449 1,864 1,236 2,217 (523) (302) (343) (338) 323 342 1,043 1,217 323 - 1,043 1,217 (21) - (76) (228) 193 - 314 665
prepayments
Loss on doubtful accounts write-off 383 616 33 246 4 - - - - - 3 32 383 11 54 616 58 60 33 23 25 246 273 - 4 - - - - - - - - - - - - - - - - - - - -
Change in impairment provision for obsolete expendable spare parts and inventory (15) 376 242 276 216 (99) 9 9 (54) (7) 1 (2) (15) 53 25 376 202 211 242 238 228 276 (22) (27) 216 (25) (41) (40) (99) (1) (3) (8) 9 (1) - (8) 9 (110) - (112) (54) (1) - 16 (7)
Change in provision for impairment of property, plant and equipment (8) 184 34 400 (36) (24) 36 36 77 41 (6) (7) (8) (7) (12) 184 6 (31) 34 413 386 400 1 (25) (36) (6) (4) (34) (24) - 24 34 36 - - 18 36 8 - (18) 77 - - 61 41
(Gain)/Loss on disposal of property, plant and equipment 288 193 (1,907) 272 885 852 (518) 1,398 (1,154) 280 145 248 288 61 82 193 (932) (1,583) (1,907) (487) 42 272 111 335 885 489 489 520 852 290 333 500 (518) 292 333 500 1,398 236 (834) (1,433) (1,154) 76 145 252 280
Loss on disposal of subsidiaries 5,099 - (1,240) (1,240) (1,555) 5,066 5,099 5,099 - 70 108 - - (107) 3 (1,240) - - - (1,240) - - - (1,555) - - - 5,066
Loss/(gain) on sale and impairment of investments and loans issued and accrual of 311 (331) (1) 9,159 17 292 311 (352) (350) (331) 2 20 (1) (30) 4,992 9,159 9,155
2,935 144 689 689 (357) 557 3,734 2,935 57 - - 144 (215) - - 689 (215) (107) 3 689 (227) (147) (358) (357) 612 309 357 557
provision for impairment of investments
Loss/(gain) on change in the fair value of derivative financial instruments 1,026 939 9,869 (11,885) 53 - - - - 20 (79) 1,026 443 547 939 (472) 845 9,869 1,387 (2,727) (11,885) 53 53 53 - - - - - - - - - - - - - (126) 1,840 2,067 - - - -
Realised hedging result - - 1,723 23,746 12,310 5,613 6,788 6,788 2,368 13,254 - - - - - 1,723 8,848 15,731 23,746 8,655 10,611 12,310 1,391 2,748 4,226 5,613 1,293 2,984 4,925 6,788 1,293 2,984 4,925 6,788 1,017 1,337 2,302 2,368 7,360 7,557 10,332 13,254
Change in provisions for liabilities (53) 1,639 1,271 4,433 6,628 11,190 10,135 1,625 (2,351) (6,211) 4 88 (53) 1,003 1,154 1,639 1,563 600 1,271 2,149 4,200 4,433 1,683 5,271 6,628 2,526 5,085 9,553 11,190 3,125 3,884 7,007 10,135 176 140 154 1,625 (1,449) (1,990) (2,196) (2,351) (1,376) (2,164) (4,483) (6,211)
Interest expense 3,448 3,320 4,934 7,737 8,907 8,179 6,445 48,702 49,970 44,744 1,756 2,615 3,448 1,850 2,845 3,320 2,244 3,360 4,934 3,419 5,465 7,737 4,935 7,189 8,907 1,961 3,906 6,012 8,179 1,717 2,874 4,554 6,445 9,930 21,308 34,380 48,702 13,617 26,843 39,031 49,970 11,126 22,435 33,534 44,744
Interest income - - - - - (4,718) (4,156) (5,365) (3,711) (4,377) - - - - - - - - - - - - - - - (959) (2,390) (3,602) (4,718) (882) (2,119) (3,311) (4,156) (1,125) (2,652) (4,173) (5,365) (998) (2,110) (3,001) (3,711) (701) (1,736) (2,791) (4,377)
Foreign exchange (gain)/loss (2,773) 3,348 14,795 849 (15,597) (2,409) 1,086 79,640 (598) 2,022 378 (2,073) (2,773) 3,903 3,461 3,348 (1,361) 16,249 14,795 (5,404) (2,437) 849 (5,318) (15,007) (15,597) (1,012) (2,393) (2,747) (2,409) (836) 363 535 1,086 (818) 33,221 52,510 79,640 930 275 (296) (598) (736) (53) 2,077 2,022
VAT recoverable write-off / (gain) 103 20 (285) (8,021) - - - - - - (1) (2) 103 - 20 20 - - (285) 11 90 (8,021) 500 500 - - - - - - - - - - - - - - - - - - - - -
Other operating expenses/(income), net (147) (223) 165 (816) (2,148) (646) (302) - - - - - (147) (175) (171) (223) (20) (44) 165 (318) (433) (816) 2,142 (2,911) (2,148) (730) (612) (460) (646) - (42) (213) (302) 1,026 321 - - (566) (341) - - (148) 761 - -
Other finance expenses/(income), net (1,505) 15 (449) (36) 447 46 365 - - (75) - - (1,505) 2 2 15 (50) (447) (449) (27) (4) (36) (23) 142 447 77 253 319 46 1,052 1,127 276 365 8 - - 508 - - - 256 (368) 346 (75)
(Gain)/Loss on disposal of assets classified as held for sale - (13) - - (2,784) (182) (206) (660) (1,072) - - - - (13) (13) (13) - - - - - - (2,784) (2,784) - - (201) (182) 156 (65) (35) (206) 156 (408) (408) (660) - (606) (876) (1,072) - ‑ - -
(Gain)/Loss on derivative financial instruments, net (65) (620) 2,813 19,803 - - - - 2,067 - - - (65) (1,024) (1,078) (620) (208) (300) 2,813 2,621 10,635 19,803 - - - - - - - - - - - - - - - - - - - - - - -
Dividend income (112) (49) (60) (89) (29) (88) (93) (93) (108) (21) (91) (94) (112) (46) (110) (49) (42) (43) (60) (31) (31) (89) (7) (14) (29) (15) (24) (24) (88) - - (61) (93) - - (61) (93) - - (92) (108) (16) - (16) (21)
Goodwill impairment / write-off 1,357 - - - - - - - - 6,502 - - 1,357 - - - - - - - - - - - - - - - - - - - - - - - - - - - - 164 - - 6,502
Revaluation/modification under lease contracts - - - - - - - 301 (2,181) (84) - - - - - - - - - - - - - - - - - - - - - - - - 559 774 301 - (552) 52 (2,181) - (208) (103) (84)
Other (342) 2 (461) - - - - (302) 161 (668) (172) (283) (342) (70) (186) 2 (28) (58) (461) 53 9 - (1) - - - - - - - - - - - - (213) (302) - - (426) 161 - - - (668)
Total operating cash flows before working capital changes 21,765 32,944 31,603 64,269 85,783 65,330 43,101 156,049 162,554 26,834 6,937 19,575 21,765 10,158 35,264 32,944 7,030 26,339 31,603 16,097 54,184 64,269 38,327 81,606 85,783 215 19,326 61,385 65,330 (4,247) 10,631 54,882 43,101 19,259 60,144 134,974 156,049 20,329 64,588 137,381 162,554 11,761 8,385 26,711 26,834
Change in accounts receivable and prepayments (6,719) (3,014) 4,658 (2,251) (6,915) (27,816) (15,916) (12,526) (688) 26,234 (1,599) (4,117) (6,719) (8,703) (8,204) (3,014) (520) 7,890 4,658 (3,442) (7,517) (2,251) (6,302) (15,011) (6,915) (5,359) (16,516) (24,731) (27,816) (7,442) (6,883) (17,522) (15,916) (11,040) (13,563) (15,347) (12,526) (6,901) (392) (7,607) (688) 15,672 34,568 27,803 26,234
Change in expendable spare parts and inventories (1,395) (1,019) (1,831) (1,216) (2,809) (2,672) (1,856) (1,809) (1,205) (2,314) (163) (803) (1,395) (450) (333) (1,019) (447) (1,227) (1,831) (438) (420) (1,216) (1,119) (1,988) (2,809) (321) (870) (1,678) (2,672) 7 (1,596) (1,160) (1,856) 7 (1,596) (1,523) (1,809) (525) (1,345) (1,203) (1,205) (1,356) (1,401) (1,663) (2,314)
Change in accounts payable and accrued liabilities 7,236 4,345 8,452 14,705 13,387 24,964 (612) (2,490) (8,752) (29,444) 13,399 7,209 7,236 21,185 4,637 4,345 22,051 5,905 8,452 31,632 9,718 14,705 43,831 19,303 13,387 26,763 49,106 27,835 24,964 22,053 39,123 3,082 (612) 21,162 39,123 3,445 (2,490) 29,388 32,244 (4,506) (8,752) (12,629) (23,427) (21,486) (29,444)
Total operating cash flows after working capital changes 20,887 33,256 42,882 75,507 89,446 59,806 24,717 139,224 151,909 21,310 18,574 21,864 20,887 22,190 31,364 33,256 28,114 38,907 42,882 43,849 55,965 75,507 74,737 83,910 89,446 21,298 51,046 62,811 59,806 10,371 41,275 39,282 24,717 29,388 84,108 121,549 139,224 42,291 95,095 124,065 151,909 13,448 18,125 31,365 21,310
Change in restricted cash - (60) (82) 18 20 (435) 178 178 220 1 - - - - (58) (60) (16) (31) (82) 66 (50) 18 16 10 20 (3) (14) (1,664) (435) (16) (56) (191) 178 (16) (56) (191) 178 - 221 221 220 (2) 2 2 1
Income tax paid (4,757) (4,260) (6,863) (6,041) (13,943) (13,019) (7,101) (7,101) (3,738) (824) (1,131) (2,916) (4,757) (1,017) (2,741) (4,260) (1,495) (4,397) (6,863) (1,266) (4,505) (6,041) (595) (8,674) (13,943) (514) (761) (7,364) (13,019) (102) (644) (4,392) (7,101) (102) (644) (4,392) (7,101) (140) (348) (1,190) (3,738) (167) (188) (470) (824)
Income tax refunded 680 9 40 180 1,189 1,080 1,701 1,701 3,834 2,529 380 680 680 - 9 9 - - 40 87 91 180 1,123 1,189 1,189 17 17 1,067 1,080 38 1,326 1,382 1,701 38 1,326 1,382 1,701 993 1,805 3,636 3,834 539 1,105 2,403 2,529
Net cash flows from operating activities 16,810 28,945 35,977 69,664 76,712 47,432 19,495 134,002 152,225 23,016 17,823 19,629 16,810 21,173 28,574 28,945 26,603 34,479 35,977 42,736 51,501 69,664 75,281 76,435 76,712 20,798 50,288 54,850 47,432 10,291 41,901 36,081 19,495 29,308 84,734 118,348 134,002 43,144 96,773 126,732 152,225 13,818 19,044 33,300 23,016
Cash flows from investing activities:

Deposits placement (396) (361) (2,486) (11,741) (10,435) (16,300) (21,152) (21,152) (23,969) (21,783) (61) (1,469) (2,486) (3,404) (4,910) (11,741) (4,030) (8,109) (10,435) (1,350) (6,658) (12,322) (16,300) (1,446) (9,737) (14,065) (21,152) (1,446) (9,737) (14,065) (21,152) (2,574) (8,080) (17,797) (23,969) (3,377) (9,104) (17,431) (21,783)
(305) (289) (396) - (220) (361)
Purchases of investments and loans issued - - (66) (8,652) - - - - - - - - (66) (3) (5,003) (8,652) - - - - - - - - - - - - - - - - - - - - - - -
Deposits return 714 228 1,869 6,375 9,840 13,649 23,926 23,926 16,791 28,216 - - 714 1,869 2,265 1,179 6,375 2,947 5,438 9,840 4,445 6,321 9,388 13,649 6,399 9,168 14,988 23,926 6,399 9,168 14,988 23,926 2,933 6,633 9,137 16,791 7,312 13,597 16,834 28,216
123 127 228 225 360
Proceeds from sale of investments in associates 55 - - 30 - - - - - - 582 626 55 - - 30 - - - - - - - - - - - - - - - - - - - - - -
Proceeds from sale of subsidiary 1,124 - - - 9 - - - - (2,045) - - 1,124 - - - - - - - - - - 9 9 - - - - - - - - - - - - - - - - - - - (2,045)
Proceeds from sale of property, plant and equipment 2,720 66 126 603 84 88 93 93 3,887 33 308 2,552 2,720 43 54 66 14 23 126 71 153 603 12 13 84 3 5 83 88 8 25 67 93 8 25 67 93 12 20 34 3,887 5 15 23 33
Purchases of property, plant and equipment and intangible assets (5,195) (4,410) (6,160) (9,196) (10,222) (7,681) (13,131) (34,656) (26,781) (15,344) (2,554) (4,159) (5,195) (2,100) (3,187) (4,410) (2,574) (3,630) (6,160) (5,176) (6,606) (9,196) (3,519) (7,712) (10,222) (961) (2,445) (3,889) (7,681) (1,824) (5,750) (8,592) (13,131) (1,824) (12,100) (25,861) (34,656) (4,251) (9,436) (17,661) (26,781) (7,016) (9,805) (12,078) (15,344)
Proceeds from sale of assets, classified as held for sale - - - - 6,471 1,856 4,203 4,203 6,192 - - - - - - - - - - - - - - 5,467 6,471 648 639 1,148 1,856 778 3,095 3,101 4,203 778 3,095 3,101 4,203 1,112 3,744 4,892 6,192 - - - -
Interest received - - - - - 4,241 3,115 3,115 1,803 1,853 - - - - - - - - - - - - - - - 811 2,016 3,050 4,241 628 1,452 2,431 3,115 628 1,452 2,431 3,115 237 725 1,015 1,803 165 469 873 1,853
Dividends received 106 58 70 74 62 59 136 136 224 38 28 106 106 23 58 58 41 55 70 31 44 74 36 62 62 31 39 39 59 20 34 105 136 20 34 105 136 16 22 224 224 33 33 33 38
Prepayments for aircraft (6,721) (7,154) (21,361) (22,708) (18,806) (7,931) (13,888) (13,888) (28,592) (8,726) (981) - (6,721) (2,394) (3,477) (7,154) (7,366) (9,880) (21,361) (8,198) (13,279) (22,708) (12,370) (16,722) (18,806) (85) (166) (6,630) (7,931) (1,883) (2,750) (8,836) (13,888) (1,883) (2,750) (8,836) (13,888) (5,048) (16,041) (21,321) (28,592) (3,660) (3,660) (7,901) (8,726)
Return of prepayments for aircraft 9,097 7,783 9,620 7,828 29,362 26,274 23,968 23,968 6,392 2,750 - 1,001 9,097 5,251 6,275 7,783 9,535 9,535 9,620 7,793 7,793 7,828 6,055 29,243 29,362 - 11,909 18,669 26,274 8,061 17,910 21,096 23,968 8,061 17,910 21,096 23,968 - 6,392 6,392 6,392 2,374 2,374 2,733 2,750
Payment of operating lease security deposits (248) 191 (304) (1,995) (2,504) (211) (2,428) (2,428) (395) - (304) (1,068) (1,375) (1,995) (1,758) (2,143) (2,504) (36) (229) (201) (211) (1,661) (2,059) (2,246) (2,428) (1,661) (2,059) (2,246) (2,428) (453) (463) (505) (395) - - - -
- - (248) 187 231 191 158 73
Return of operating lease security deposits 200 612 3,405 325 - - 435 - 200 534 600 612 2,129 2,360 3,405 14 69 69 325 - - - - - - - - - 435 - - - -
Payments for financial assets under aircraft lease contracts (IFRS 16) - - - - - - - (4,741) (5,730) (4,338) - - - - - - - - - - - - - - - - - - - - - - - (1,688) (2,160) (3,378) (4,741) (2,625) (2,947) (4,307) (5,730) (1,508) (2,009) (3,284) (4,338)
Repayment of financial assets under aircraft lease contracts (IFRS 16) - - - - - - - 2,420 3,598 5,431 - - - - - - - - - - - - - - - - - - - - - - - 79 894 1,440 2,420 655 1,694 1,120 3,598 2,051 2,660 4,189 5,431
Proceeds from sale of other investments - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5 - - - - - -
Placement of borrowings - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - (19) (19) - - (2) (2) -
Return of borrowings - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2 -
Net cash flows from/(used in) investing activities 1,256 (3,599) (18,492) (38,770) 7,266 14,369 4,842 (19,004) (46,145) (13,915) (2,921) (162) 1,256 1,133 (139) (3,599) (28) (4,933) (18,492) (7,155) (21,404) (38,770) (10,498) 7,906 7,266 3,520 11,500 9,404 14,369 9,080 11,388 8,049 4,842 7,471 3,772 (11,158) (19,004) (9,986) (17,751) (38,796) (46,145) (3,621) (5,432) (16,009) (13,915)
Cash flows from financing activities:

Proceeds from loans and borrowings 18,828 6,500 18,398 73,331 30,885 - 350 350 36,161 119,928 12,473 15,053 18,828 5,290 5,460 6,500 2,700 4,500 18,398 19,954 35,642 73,331 22,736 25,303 30,885 - - - - 350 350 350 350 350 350 350 350 11,861 11,861 11,861 36,161 38,900 78,679 89,789 119,928
Repayment of loans and borrowings (21,887) (14,579) (9,870) (36,267) (72,991) (17,417) (131) (131) (23,674) (46,889) (18,516) (19,561) (21,887) (13,136) (14,056) (14,579) (1,772) (5,375) (9,870) (11,673) (22,151) (36,267) (42,732) (56,441) (72,991) (1,573) (3,145) (17,417) (17,417) - (44) (87) (131) - (44) (87) (131) (44) (11,787) (11,830) (23,674) (8,444) (30,254) (40,054) (46,889)
Repayment of the principal element of finance lease liabilities (IAS 17) (9,075) (9,795) (15,629) (19,455) (27,024) (15,513) (21,955) - - - (2,685) (6,217) (9,075) (4,925) (7,520) (9,795) (8,131) (11,238) (15,629) (8,729) (13,646) (19,455) (13,298) (19,343) (27,024) (1,995) (5,591) (10,468) (15,513) (5,356) (9,893) (14,754) (21,955) - - - - - - - - - - - -
Repayment of the principal element of lease liabilities (IFRS 16) - - - - - - - (73,795) (78,694) (48,160) - - - - - - - - - - - - - - - - - - - - - - - (15,379) (28,516) (50,724) (73,795) (15,755) (37,859) (57,522) (78,694) (16,705) (22,313) (32,073) (48,160)
Interest paid (IAS 17) (2,342) (2,857) (3,409) (5,914) (6,954) (4,762) (5,207) - - - (1,167) (1,502) (2,342) (1,441) (2,083) (2,857) (1,463) (2,256) (3,409) (2,483) (4,098) (5,914) (4,033) (5,760) (6,954) (1,039) (3,390) (4,699) (4,762) (1,129) (2,411) (3,789) (5,207) - - - - - - - - - - -
Interest paid except for interest under lease contracts (IFRS 16) - - - - - - - (253) (407) (3,836) - - - - - - - - - - - - - - - - - - - - - - - (59) (124) (188) (253) (109) (214) (274) (407) (284) (1,328) (2,515) (3,836)
Interest paid under lease contracts (IFRS 16) - - - - - - - (43,775) (45,586) (33,693) - - - - - - - - - - - - - - - - - - - - - - - (8,454) (18,881) (30,691) (43,775) (11,176) (23,540) (34,736) (45,586) (9,059) (11,561) (17,074) (33,693)
Proceeds from disposal of treasury shares 308 365 2 - - 9,730 - - - - 148 148 308 229 298 365 2 2 2 - - - - - - - - 8,086 9,730 - - - - - - - - - - - - - - - -
Proceeds from sale of treasury shares to non-controlling shareholders - 12 119 - - - - - - - - - - 12 12 12 - - 119 - - - - - - - - - - - - - - - - - - - - - - - - - -
Purchase of treasury shares (6) (12) - - - - (7,040) (7,040) - - (1) (1) (6) - - (12) - - - - - - - - - - - - - - - (7,040) (7,040) - - (7,040) (7,040) - - - - - - - -
Proceeds from issue of ordinary shares 80,035 - - - 80,035
Dividends paid (1,935) (1,289) (2,833) (88) (49) (18,859) (14,543) (14,543) (3,286) (518) - (1,811) (1,935) (8) (1,178) (1,289) (52) (2,727) (2,833) (34) (63) (88) - (7) (49) - (55) (18,845) (18,859) (7) (12) (14,262) (14,543) (7) (12) (14,262) (14,543) 19 (26) (3,010) (3,286) (461) (461) (474) (518)
Payments for settlement of derivative financial instruments, net 512 (127) (1,451) (39,682) (4,362) - - - - - 227 227 512 43 183 (127) 84 353 (1,451) (10,750) (23,905) (39,682) (4,362) (4,362) (4,362) - - - - - - - - - - - - - - - - - - - -
Net cash used in financing activities (15,597) (21,782) (14,673) (28,075) (80,495) (46,821) (48,526) (139,187) (115,486) 66,867 (9,521) (13,663) (15,597) (13,936) (18,884) (21,782) (8,632) (16,741) (14,673) (13,715) (28,221) (28,075) (41,689) (60,610) (80,495) (4,607) (12,181) (43,343) (46,821) (6,142) (12,010) (39,582) (48,526) (23,550) (47,227) (102,642) (139,187) (15,204) (61,565) (95,511) (115,486) 3,947 12,762 (2,401) 66,867
-
Effect of exchange rate fluctuations on cash and cash equivalents (54) 26 5,075 1,327 (2,700) (478) 1,922 1,922 (1,422) 93 - - (54) (2) (75) 26 100 (2,158) 5,075 (481) 934 1,327 (1,790) (2,303) (2,700) (428) (28) (299) (478) (102) 528 1,183 1,922 (102) 528 1,183 1,922 (523) (906) (600) (1,422) (65) 61 191 93
Net increase in cash and cash equivalents 2,415 3,590 7,887 4,146 783 14,502 (22,267) (22,267) (10,828) 76,061 5,381 5,803 2,415 8,368 9,476 3,590 18,043 10,647 7,887 21,385 2,810 4,146 21,304 21,428 783 19,283 49,579 20,612 14,502 13,127 41,807 5,731 (22,267) 13,127 41,807 5,731 (22,267) 17,431 16,551 (8,175) (10,828) 14,079 26,435 15,081 76,061
Cash and cash equivalents at the beginning of the year 12,655 15,070 18,660 26,547 30,693 31,476 45,978 45,978 23,711 12,883 12,655 12,655 12,655 15,070 15,070 15,070 18,660 18,660 18,660 26,547 26,547 26,547 30,693 30,693 30,693 31,476 31,476 31,476 31,476 45,978 45,978 45,978 45,978 45,978 45,978 45,978 45,978 23,711 23,711 23,711 23,711 12,883 12,883 12,883 12,883
Cash and cash equivalents at the end of the year 15,070 18,660 26,547 30,693 31,476 45,978 23,711 23,711 12,883 88,944 18,036 18,458 15,070 23,438 24,546 18,660 36,703 29,307 26,547 47,932 29,357 30,693 51,997 52,121 31,476 50,759 81,055 52,088 45,978 59,105 87,785 51,709 23,711 59,105 87,785 51,709 23,711 41,142 40,262 15,536 12,883 26,962 39,318 27,964 88,944
Non-cash transactions as part of the investing activities:

Property, plant and equipment acquired under finance leases 21,304 18,605 34,472 1,781 2,170 1,872 2,448 - - - 3,636 15,045 21,304 18,605 18,605 18,605 34,460 34,469 34,472 1,781 1,781 1,781 - 14 2,170 401 1,668 1,872 1,872 - - - 2,448 - - - - - - - - - - - -
Right-of-use assets - - - - - - - 137,336 42,255 29,642 - - - - - - - - - - - - - - - - - - - - - - - 30,516 87,108 108,318 137,336 26,051 35,554 36,799 42,255 13,756 15,097 15,332 29,642
Debt Profile and Liquidity

2012 2013 2014 2015 2016 2017
Borrowings 21,444 13,406 24,203 68,460 20,367 3,181
Short-term debt 14,154 5,029 17,343 54,085 9,309 -
Long-term debt 7,290 8,377 6,860 14,375 11,058 3,181
Finance lease liabilities 57,155 72,036 149,278 164,524 122,736 100,689
Short-term 7,482 8,688 16,912 19,504 15,593 16,015
Long-term 49,673 63,348 132,366 145,020 107,143 84,674
Pension liabilities 451 707 659 745 805 922
Total debt 79,050 86,149 174,140 233,729 143,908 104,792
Cash, cash equivalents and ST investments 15,215 18,932 27,508 36,610 37,795 54,909
Net debt 63,835 67,217 146,632 197,119 106,113 49,883
Cash and cash equivalents 15,070 18,660 26,547 30,693 31,476 45,978
Short-term financial investments 145 272 961 5,917 6,319 8,931
Undrawn credit lines 29,145 16,229 21,562 36,840 89,247 89,248
Liqudity 44,360 35,161 49,070 73,450 127,042 144,157
Equity 49,395 54,480 (13,505) (36,120) 40,769 67,299
Gross debt/EBITDA 3.8 2.7 7.0 4.0 1.8 1.9

Net debt/EBITDA 3.1 2.1 5.9 3.4 1.4 0.9
Adjusted net debt/EBITDAR 4.9 3.9 6.4 4.9 3.8 4.2
Net debt/Equity 1.3 1.2 - - 2.6 0.7
Contents
IAS 17 IFRS 16 IFRS 16 IFRS 16

2018 2018 2019 2020
3,486 3,486 15,792 88,635
175 175 12,568 34,924
3,311 3,311 3,224 53,711
93,224 655,931 557,124 662,507
15,219 78,528 70,814 126,761
78,005 577,403 486,310 535,746
908 908 784 792
97,618 660,325 573,700 751,934
30,148 30,148 25,861 93,775
67,470 630,177 547,839 658,159
23,711 23,711 12,883 88,944

6,437 6,437 12,978 4,831
84,183 84,183 100,971 142,750
114,331 114,331 126,832 236,525
45,335 (61,621) 1,950 (115,346)
2.9 4.4 3.4 27.9

2.0 4.2 3.2 24.4
5.6 - - -
1.5 - - -
ROIC

Operating lease expense - 19,177 23,834 44,415 59,563 65,793 88,881
Return - 33,448 14,706 40,711 95,838 83,687 75,872

Net income - 7,335 (17,146) (6,494) 38,826 23,060 5,713
Depreciation - 10,658 12,136 13,306 13,395 14,084 12,912
Сustoms duties - 1,396 1,435 1,290 1,355 1,520 1,029
Interest - 3,320 4,934 7,737 8,907 8,179 6,445
Interest on capitalized operating lease - 10,739 13,347 24,872 33,355 36,844 49,773
Invested capital - 237,704 269,839 310,130 454,429 592,309 632,642

Long-term bank loans - 7,290 8,377 6,860 14,375 11,058 3,181
Pension obligation – non-current portion - 451 707 659 745 805 922
Finance leases - 57,155 72,036 149,278 164,524 122,736 100,689
Equity - 49,395 54,480 (13,505) (36,120) 40,769 67,299
Operating lease - (17,630) (19,177) (23,834) (44,415) (59,563) (65,793)
Capitalized operating lease - 123,413 134,239 166,838 310,905 416,941 460,551
ROIC - 14.1% 5.4% 13.1% 21.1% 14.1% 12.0%

adjusted (2015 for Transaero support) 18.5%
note: Aeroflot methodology
Contents
Fleet Overview

2012YE 2013YE 2014YE 2015YE 2016YE 2017YE
An-148 6 6 6 6 6 6
An-24 4 1 1 1 1 1
DHC 6-400 - - 2 2 2 3
DHC 8-200 2 2 3 2 2 2
DHC 8-300 4 3 4 4 4 4
DHC 8-402 - - - 3 5 5
SSJ100 10 10 16 24 30 37
Narrow-body (regional) 33 25 35 42 50 58
Airbus А319 31 39 39 40 36 36
Airbus А320 58 67 75 70 75 80
Airbus А321 21 26 26 26 32 38
Boeing 737-800 19 22 38 42 49 68
Narrow-body (mid-haul) 149 162 183 181 192 222
Airbus A330-200 6 5 5 5 5 5
Airbus A330-300 17 17 17 17 17 17
Boeing 777-200ER 3 3 3 3 1 -
Boeing 777-300ER - 4 10 13 15 16
Boeing 777-300 - - - - 5 5
Boeing 747-400 - - - - 7 9
Wide-body 51 52 43 39 50 52
Total 233 239 261 262 292 332
Ownership structure, # aircraft

Owned 21 10 9 5 7 7
Operating lease 152 168 191 200 237 279
Finance lease 60 61 61 57 48 46
Total 233 239 261 262 292 332
Ownership structure, %
Owned 9% 4% 3% 2% 2% 2%
Operating lease 65% 70% 73% 76% 81% 84%
Finance lease 26% 26% 23% 22% 16% 14%
Total 100% 100% 100% 100% 100% 100%
Breakdown by brands, # aircraft

Aeroflot 128 143 155 170 189 224
Rossiya (FV, Don, Oren) 72 68 73 59 67 67
Pobeda - - 8 12 12 16
Aurora 33 28 25 21 24 25
Total 233 239 261 262 292 332
Net additions, # aircraft

Narrow-body (regional) 1 (8) 10 7 8 8
Narrow-body (mid-haul) (9) 7 21 (2) 11 30
Wide-body 5 9 (9) (4) 11 2
Total (3) 8 22 1 30 40
Average fleet age (in operation), years

Aeroflot Group 8.8 7.7 7.0 6.4 6.5 6.2
Aeroflot Airline 5.2 5.2 4.1 4.4 4.2 4.1
Contents

2018YE 2018YE 2019YE
- - -
1 1 -
3 3 3
2 2 2
4 4 3
5 5 5
50 50 49
65 65 62
35 35 30
85 85 82
37 37 33
87 87 93
244 244 238
5 5 5
17 17 16
- - -
22 22 24
5 5 5
9 9 9
58 58 59
367 367 359
7 7 6
326
360 353
34
367 367 359
2% 2% 2%
89%
98% 98%
9%
100% 100% 100%
253 253 245

65 65 61
24 24 30
25 25 23
367 367 359
7 7 (3)
22 22 (6)
6 6 1
35 35 (8)
6.3 6.3 6.9

4.2 4.2 5.0
Unit Revenues and Costs Contents

RUB mn if not stated otherwise 2012 2013 2014 2015 2016 2017 2018 2018 2019
Revenue 253,039 290,956 319,771 415,173 495,880 532,934 611,570 611,570 677,881
Traffic revenue 221,327 257,546 277,354 359,205 433,966 474,916 553,192 553,192 613,852
1. PAX traffic revenue 210,018 247,768 268,636 349,574 421,377 458,390 534,292 534,292 594,570
1.1. Scheduled passenger flights 194,239 230,594 253,613 343,428 403,760 427,529 496,454 496,454 557,132
a) international 114,579 141,379 149,604 198,050 237,533 251,388 294,262 294,262 322,407
b) domestic 79,660 89,215 104,009 145,378 166,227 176,141 202,192 202,192 234,725
1.2. Charter passenger flights 15,779 17,174 15,023 6,146 17,617 30,861 37,838 37,838 37,438
2. Cargo flights 11,310 9,778 8,718 9,631 12,589 16,526 18,900 18,900 19,282
RPK, mn 74,617 85,273 90,075 97,636 112,110 130,222 143,151 143,151 156,250
international 50,280 56,113 55,107 52,953 63,433 77,034 83,249 83,249 91,401
domestic 24,337 29,161 34,968 44,683 48,678 53,188 59,901 59,901 64,849
RPK scheduled, mn - 75,437 83,542 95,888 105,730 117,674 130,170 130,170 143,201
international - 46,349 48,671 51,253 57,810 66,313 71,764 71,764 79,994
domestic - 29,087 34,871 44,635 47,920 51,361 58,406 58,406 63,208
RPK charter, mn - 9,837 6,533 1,748 6,380 12,548 12,984 12,984 13,049
ASK, mn 95,598 109,064 115,834 124,741 137,654 157,211 173,075 173,075 190,855
international 63,851 71,530 72,219 68,490 79,334 93,429 102,843 102,843 113,766
domestic 31,747 37,534 43,615 56,251 58,320 63,781 70,232 70,232 77,089
ASK scheduled, mn - 97,600 107,879 122,579 130,649 143,950 159,286 159,286 177,074
international - 60,200 64,486 66,444 73,186 82,088 90,692 90,692 101,707
domestic - 37,400 43,393 56,135 57,464 61,862 68,594 68,594 75,368
ASK charter, mn - 11,500 7,955 2,162 7,005 13,260 13,796 13,796 13,781
RTK, mn 7,926 8,666 8,831 9,450 11,008 12,951 14,183 14,183 15,377
ATK, mn 12,153 13,388 13,850 15,073 16,746 18,843 20,476 20,476 22,721
Yield (REV/RPK), RUB

Traffic revenue 2.97 3.02 3.08 3.68 3.87 3.65 3.86 3.86 3.93
1. PAX traffic revenue 2.81 2.91 2.98 3.58 3.76 3.52 3.73 3.73 3.81
1.1. Scheduled passenger flights - 3.06 3.04 3.58 3.82 3.63 3.81 3.81 3.89
a) international - 3.05 3.07 3.86 4.11 3.79 4.10 4.10 4.03
b) domestic - 3.07 2.98 3.26 3.47 3.43 3.46 3.46 3.71
1.2. Charter passenger flights - 1.75 2.30 3.52 2.76 2.46 2.91 2.91 2.87
Traffic revenue - - 2.0% 19.5% 5.2% (5.8)% 6.0% - 1.7%
1. PAX traffic revenue - - 2.6% 20.1% 5.0% (6.3)% 6.0% - 2.0%
1.1. Scheduled passenger flights - - (0.7)% 18.0% 6.6% (4.9)% 5.0% - 2.0%
a) international - - 0.8% 25.7% 6.3% (7.7)% 8.2% - (1.7)%
b) domestic - - (2.8)% 9.2% 6.5% (1.1)% 0.9% - 7.3%
1.2. Charter passenger flights - - 31.7% 52.9% (21.5)% (10.9)% 18.5% - (1.5)%
RASK (REV/ASK), RUB

Traffic revenue 2.32 2.36 2.39 2.88 3.15 3.02 3.20 3.20 3.22
1. PAX traffic revenue 2.20 2.27 2.32 2.80 3.06 2.92 3.09 3.09 3.12
1.1. Scheduled passenger flights - 2.36 2.35 2.80 3.09 2.97 3.12 3.12 3.15
a) international - 2.35 2.32 2.98 3.25 3.06 3.24 3.24 3.17
b) domestic - 2.39 2.40 2.59 2.89 2.85 2.95 2.95 3.11
1.2. Charter passenger flights - 1.49 1.89 2.84 2.51 2.33 2.74 2.74 2.72
Traffic revenue - - 1.4% 20.3% 9.5% (4.2)% 5.8% - 0.6%
1. PAX traffic revenue - - 2.1% 20.8% 9.2% (4.7)% 5.9% - 0.9%
1.1. Scheduled passenger flights - - (0.5)% 19.2% 10.3% (3.9)% 4.9% - 0.9%
a) international - - (1.2)% 28.5% 8.9% (5.6)% 5.9% - (2.3)%
b) domestic - - 0.5% 8.0% 11.7% (1.6)% 3.5% - 5.7%
1.2. Charter passenger flights - - 26.5% 50.5% (11.5)% (7.5)% 17.8% - (0.9)%
Cargo revenue units, RUB

Cargo revenue/RTK 1.43 1.13 0.99 1.02 1.14 1.28 1.33 1.33 1.25
Cargo revenue/ATK 0.93 0.73 0.63 0.64 0.75 0.88 0.92 0.92 0.85
Cargo revenue/RPK 0.15 0.11 0.10 0.10 0.11 0.13 0.13 0.13 0.12
Cargo revenue/ASK 0.12 0.09 0.08 0.08 0.09 0.11 0.11 0.11 0.10

RUB mn if not stated otherwise 2012 2013 2014 2015 2016 2017 2018 2019 2019
OpEx
Aircraft and traffic servicing (39,613) (46,015) (51,965) (63,408) (70,908) (76,332) (84,835) (84,617) (101,199)
Staff (38,613) (45,349) (52,148) (55,619) (64,682) (82,801) (82,817) (82,186) (92,413)
Operating lease expenses (17,630) (19,177) (23,834) (44,415) (59,563) (65,793) (88,881) - -
Aircraft maintenance (18,142) (20,374) (19,224) (32,042) (38,236) (36,433) (45,527) (24,229) (30,566)
Sales and marketing expenses (10,993) (12,808) (11,415) (13,568) (13,887) (17,749) (11,077) (11,077) (11,880)
Communication expenses (4,691) (5,903) (7,784) (12,890) (14,697) (14,795) (15,584) (15,584) (18,551)
Administration and general expenses (7,934) (8,663) (10,791) (12,516) (16,407) (18,390) (20,666) (18,251) (19,527)
Passenger services (5,514) (6,815) (9,105) (11,778) (16,319) (20,086) (23,754) (23,754) (26,041)
D&A (8,368) (10,658) (12,136) (13,306) (13,395) (14,084) (12,912) (90,129) (107,477)
Expenses for in-flight catering (2,907) (4,924) (5,980) (7,766) (8,714) (10,425) (11,103) (11,103) (14,361)
Insurance expenses (1,260) (1,242) (1,358) (1,941) (2,059) (2,025) (2,274) (2,274) (2,624)
Custom duties (1,387) (1,396) (1,435) (1,290) (1,355) (1,520) (1,029) - -
Cost of duty-free goods sold (1,807) (192) (362) (599) (732) (836) (888) (888) (849)
Expenditure on variable rental payments
- - - - - - - (4,076) (5,854)
not included in lease
Short-term rental expenses - - - - - - - (1,525) (2,245)
Other expenses (11,935) (8,517) (13,767) (5,546) (10,090) (8,569) (8,702) 723 7,245
Operating costs less aircraft fuel (170,794) (192,033) (221,304) (276,684) (331,044) (369,838) (410,049) (368,970) (426,342)
Aircraft fuel (71,127) (79,128) (87,199) (94,382) (101,582) (122,685) (181,864) (181,864) (190,876)
Total OpEx (241,921) (271,161) (308,503) (371,066) (432,626) (492,523) (591,913) (550,834) (617,218)
ASK, mn 95,598 109,064 115,834 124,741 137,654 157,211 173,075 173,075 190,855

RUB 2012 2013 2014 2015 2016 2017 2018 2018 2019
CASK
Aircraft and traffic servicing (0.41) (0.42) (0.45) (0.51) (0.52) (0.49) (0.49) (0.49) (0.53)
Staff (0.40) (0.42) (0.45) (0.45) (0.47) (0.53) (0.48) (0.47) (0.48)
Operating lease expenses (0.18) (0.18) (0.21) (0.36) (0.43) (0.42) (0.51) - -
Aircraft maintenance (0.19) (0.19) (0.17) (0.26) (0.28) (0.23) (0.26) (0.14) (0.16)
Sales and marketing expenses (0.11) (0.12) (0.10) (0.11) (0.10) (0.11) (0.06) (0.06) (0.06)
Communication expenses (0.05) (0.05) (0.07) (0.10) (0.11) (0.09) (0.09) (0.09) (0.10)
Administration and general expenses (0.08) (0.08) (0.09) (0.10) (0.12) (0.12) (0.12) (0.11) (0.10)
Passenger services (0.06) (0.06) (0.08) (0.09) (0.12) (0.13) (0.14) (0.14) (0.14)
D&A (0.09) (0.10) (0.10) (0.11) (0.10) (0.09) (0.07) (0.52) (0.56)
Expenses for in-flight catering (0.03) (0.05) (0.05) (0.06) (0.06) (0.07) (0.06) (0.06) (0.08)
Insurance expenses (0.01) (0.01) (0.01) (0.02) (0.01) (0.01) (0.01) (0.01) (0.01)
Custom duties (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) (0.01) - -
Cost of duty-free goods sold (0.02) (0.00) (0.00) (0.00) (0.01) (0.01) (0.01) (0.01) (0.00)
Expenditure on variable rental payments
- - - - - - - (0.02) (0.03)
not included in lease
Short-term rental expenses - - - - - - - (0.01) (0.01)
Other expenses (0.12) (0.08) (0.12) (0.04) (0.07) (0.05) (0.05) 0.00 0.04
Ex-fuel CASK (1.79) (1.76) (1.91) (2.22) (2.40) (2.35) (2.37) (2.13) (2.23)
Aircraft fuel (0.74) (0.73) (0.75) (0.76) (0.74) (0.78) (1.05) (1.05) (1.00)
Total CASK (2.53) (2.49) (2.66) (2.97) (3.14) (3.13) (3.42) (3.18) (3.23)
change in ex-fuel cask - (1.4)% 8.5% 16.1% 8.4% (2.2)% 0.7% - (5.7)%
change in fuel cask - (2.5)% 3.8% 0.5% (2.5)% 5.8% 34.6% - (4.8)%
change in total cask - (1.8)% 7.1% 11.7% 5.7% (0.3)% 9.2% - (5.4)%
Network Contents

Aeroflot Group 2012 2013 2014 2015 2016 2017 2018 2018 2019
Total number of routes* 717 773 572 403 377 429 435 435 389
Number of scheduled routes* 296 293 291 283 279 278 288 288 270
Number of charter routes* 495 576 351 186 176 232 242 242 196
Number of unique destinations**

Summer schedule 115**** 152 141 142 153 158 169 169 187
Winter schedule*** 142 142 137 137 144 153 173 173 168
* The data on Aeroflot Group’s number of routes includes the routes of Aeroflot airline and subsidiaries excluding Pobeda
** The data on Aeroflot Group’s number of unique destinations includes the routes of Aeroflot airline and all subsidiaries
*** Schedule starting in October of the current year
**** Data as per JSC "Aeroflot" standalone
Headcount Contents

Number of employees 2012 2013 2014 2015 2016 2017 2018 2018 2019
Aeroflot Group headcount
Flight crew 3,025 3,103 3,257 3,524 3,741 3,846 4,119 4,119 4,596
Cabin crew 7,154 7,922 8,594 9,758 10,263 11,259 12,168 12,168 12,822
Other airline personnel (inc. airlines’ head office) 15,447 16,214 16,758 16,834 18,170 19,069 19,690 19,690 16,885
Other non-airline subsidiaries’ personnel 3,200 3,230 3,613 3,915 4,382 4,877 5,322 5,322 6,993
Total 28,826 30,469 32,222 34,031 36,556 39,051 41,299 41,299 41,296
Headcount by entity
Aeroflot PJSC 16,418 17,891 18,981 20,404 21,554 22,991 24,261 24,261 23,171
Aeromar 2,938 2,949 3,371 3,684 4,166 4,496 4,939 4,939 5,379
Subsidiary Airlines 9,214 9,366 9,628 9,712 10,070 10,546 10,801 10,801 11,132
Other 256 263 242 231 766 1,018 1,298 1,298 1,614
Total 28,826 30,469 32,222 34,031 36,556 39,051 41,299 41,299 41,296
Aeroflot Group headcount growth, %

Flight crew - 2.6% 5.0% 8.2% 6.2% 2.8% 7.1% 7.1% 11.6%
Cabin crew - 10.7% 8.5% 13.5% 5.2% 9.7% 8.1% 8.1% 5.4%
Other airline personnel (inc. airlines’ head office) - 5.0% 3.4% 0.5% 7.9% 4.9% 3.3% 3.3% (14.2)%
Other non-airline subsidiaries’ personnel - 0.9% 11.9% 8.4% 11.9% 11.3% 9.1% 9.1% 31.4%
Total - 5.7% 5.8% 5.6% 7.4% 6.8% 5.8% 5.8% (0.0)%
Headcount growth by entity, %

Aeroflot PJSC - 9.0% 6.1% 7.5% 5.6% 6.7% 5.5% 5.5% (4.5)%
Aeromar - 0.4% 14.3% 9.3% 13.1% 7.9% 9.9% 9.9% 8.9%
Subsidiary Airlines - 1.6% 2.8% 0.9% 3.7% 4.7% 2.4% 2.4% 3.1%
Other - 2.7% (8.0)% (4.5)% 231.6% 32.9% 27.5% 27.5% 24.3%
Total - 5.7% 5.8% 5.6% 7.4% 6.8% 5.8% 5.8% (0.0)%
Fuel Consumption Contents Contents
Fuel consumption metrics 2012 2013 2014 2015 2016 2017 2018 2018 2019 2020 6М 2012 9М 2012 12М 2012 6М 2013 9М 2013 12М 2013 6М 2014 9М 2014 12М 2014 6М 2015 9М 2015 12М 2015 6М 2016 9М 2016 12М 2016 3М 2017 6М 2017 9М 2017 12М 2017 3М 2018 6М 2018 9M 2018 12M 2018 3М 2018 6М 2018 9M 2018 12M 2018 3М 2019 6М 2019 9M 2019 12M 2019 3М 2020 6М 2020 9М 2020 12М 2020
Aeroflot Group fuel consumtion (transportation), 2,497 2,709 2,721 2,877 3,152 3,579 3,894 3,894 4,260 2,148 1,148 1,864 2,497 1,302 2,066 2,709 1,279 2,053 2,721 1,363 2,170 2,877 1,453 2,337 3,152 791 1,680 2,704 3,579 829 1,798 2,911 3,894 829 1,798 2,911 3,894 970 2,052 3,247 4,260 905 1,109 1,678 2,148
thousand tonnes of jet fuel
Available seat-kilometers, mn ASK 95,598 109,064 115,834 124,741 137,642 157,211 173,075 173,075 190,855 92,402 43,820 71,340 95,598 51,508 82,608 109,064 54,066 87,298 115,834 58,789 93,941 124,741 63,616 102,237 137,642 34,510 73,719 118,754 157,211 36,624 79,982 129,393 173,075 36,624 79,982 129,393 173,075 43,044 91,885 145,381 190,855 40,859 47,939 73,262 92,402
Available tonne-kilometers, mn ATK 12,153 13,389 13,850 15,073 16,746 18,843 20,476 20,476 22,721 11,876 5,586 9,070 12,153 6,468 10,221 13,389 6,466 10,419 13,850 7,082 11,327 15,073 7,723 12,404 16,746 4,221 8,904 14,276 18,843 4,328 9,441 15,284 20,476 4,328 9,441 15,284 20,476 5,113 10,924 17,291 22,721 4,914 6,076 9,232 11,876
Specific fuel consumption, gr/ASK 26.1 24.8 23.5 23.1 22.9 22.8 22.5 22.5 22.3 23.2 26.2 26.1 26.1 25.3 25.0 24.8 23.7 23.5 23.5 23.2 23.1 23.1 22.8 22.9 22.9 22.9 22.8 22.8 22.8 22.6 22.5 22.5 22.5 22.6 22.5 22.5 22.5 22.5 22.3 22.3 22.3 22.1 23.1 22.9 23.2
Specific fuel consumption, gr/ATK 205.4 202.3 196.5 190.9 188.2 190.0 190.2 190.2 187.5 180.9 205.6 205.5 205.4 201.3 202.1 202.3 197.8 197.0 196.5 192.4 191.6 190.9 188.2 188.4 188.2 187.4 188.7 189.4 190.0 191.6 190.4 190.5 190.2 191.6 190.4 190.5 190.2 189.8 187.8 187.8 187.5 184.2 182.5 181.8 180.9
Shareholder Capital
Russian Federation 57.3%

Management and Board of Directors 0.1% Institutio
nal and
Quasi-treasury shares 2.0% retail
Institutional and retail investors 40.7% investor
s Russian
40.7% Federati
Quasi- on
57.3%
Free-float 40.7% treasury
shares
2.0% Manage
ment
and
Board of
Director
s
0.1%
Contents
Market Capitalization and EV

Share price, Rub, YE 44.9 83.8 32.2 56.1 152.9 138.5 101.2
Share outstanding, mln 1,111 1,111 1,111 1,111 1,111 1,111 1,111
Market Capitalization 49,844 93,081 35,795 62,306 169,758 153,765 112,372
- Cash and Cash Equivalents 15,215 18,932 27,508 36,610 37,795 54,909 30,148
+ Minority Interest (4,522) (5,666) (9,874) (10,597) (1,684) 1,764 2,051
+ Total Debt 79,050 86,149 174,140 233,729 143,908 104,792 97,618
Enterprise Value 109,158 154,632 172,553 248,828 274,187 205,412 181,893
EVR (EV+Capitalised Rent)

Operating lease 17,630 19,177 23,834 44,415 59,563 65,793 88,881
Capitalization factor 7 7 7 7 7 7 7
Capitalizaed lease 123,413 134,239 166,838 310,905 416,941 460,551 622,167
EVR 232,570 288,871 339,391 559,733 691,128 665,963 804,060
Financial highlights
Sales 253,039 290,956 319,771 415,173 495,880 532,934 611,570
EBITDAR 38,504 51,026 48,673 103,118 137,567 121,808 122,479
EBITDA 20,874 31,849 24,839 58,703 78,004 56,015 33,598
Net Income 5,170 7,335 (17,146) (6,494) 38,826 23,060 5,713
Trailing multiples
EV/Sales 0.4 0.5 0.5 0.6 0.6 0.4 0.3
EV/EBITDA 5.2 4.9 6.9 4.2 3.5 3.7 5.4
EVR/EBITDAR 6.0 5.7 7.0 5.4 5.0 5.5 6.6
P/E 9.6 12.7 n/a n/a 4.4 6.7 19.7
Forward multiples
EV/Sales 0.4 0.5 0.4 0.5 0.5 0.3 -
EV/EBITDA 3.4 6.2 2.9 3.2 4.9 6.1 -
EVR/EBITDAR 4.6 5.9 3.3 4.1 5.7 5.4 -
P/E 6.8 (5.4) (5.5) 1.6 7.4 26.9 -
Contents
IFRS 16 IFRS 16
2018 2019
101.2 103.5
1,111 1,111
112,372 114,949
30,148 25,861
1,896 3,642
660,325 573,700
744,445 666,430
- -
- -
- -
- -
611,570 677,881
- -
151,517 168,924
(55,694) 13,512
1.2 1.0
4.9 3.9
- -
n/a 8.5
1.1 -
4.4 -
- -
8.3 -
Dividends*

2012 2013 2014 2015 2016 2017
Dividend per share, RUB 1.16 2.50 - - 17.48 12.81
Total dividend, RUB 1,292,313,126 2,774,194,881 - - 19,413,018,000 14,221,775,000
% of net profit 26.0% 25.0% - - 50.0% 50.0%
Accounts used to determine net profit RAS RAS IFRS IFRS IFRS RAS
Form paid, other conditions Cash Cash - - Cash Cash
* Data in the table provided for dividends based on the net income of the current year. Dividends of the current year are paid the following year after AGM approval.
Contents

2018 2018 2019
2.69 - -
2,856,500,000 - -
50.0% - -
IFRS - -
Cash - -

Analyst Databook: Aeroflot Investor Relations Contacts: 119002, Russia, Moscow, Arbat St. 1

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Analyst Databook: Aeroflot Investor Relations Contacts: 119002, Russia, Moscow, Arbat St. 1

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ANALYST DATABOOK

Aeroflot Investor Relations Contacts:

Terminology and Abbreviations

PAX (Passengers) number of passengers carried by an airline

RUB Russian rouble

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

Passenger Traffic (y-o-y change) Passenger Traffic (y-o-y change)

Market players (mn PAX) Market players (%)

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16

41.4% 49.0% 54.9% 50.6% 50.3% 50.3% 49.6%

31.1% 36.7% 42.3% 40.5% 40.7% 40.7% 41.3%

2014 2015 2016 2017 2018 2018

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16

Aeroflot Group Aeroflot Airline

IAS 17 IFRS 16 IFRS 16

17.5 17.5 17.8

IAS 17 IAS 17 IAS 17 IAS 17

IAS 17 IAS 17 IAS 17 IAS 17

IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16

IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16 IFRS 16

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16

IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16

IFRS 16 IFRS 16 IFRS 16

IFRS 16 IFRS 16 IFRS 16

3. D&A and other

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

IAS 17 IFRS 16 IFRS 16 IFRS 16 IAS 17 IAS 17 IAS 17 IAS 17

IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16 IFRS 16

LIABILITIES AND EQUITY

Profit/(loss) for the year attributable to:

Other comprehensive income/(loss):

Total comprehensive income/(loss) attributable to:

Cash flows from investing activities:

Cash flows from financing activities:

Non-cash transactions as part of the investing activities:

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

Equity 49,395 54,480 (13,505) (36,120) 40,769 67,299

Gross debt/EBITDA 3.8 2.7 7.0 4.0 1.8 1.9

IAS 17 IFRS 16 IFRS 16 IFRS 16

23,711 23,711 12,883 88,944

45,335 (61,621) 1,950 (115,346)

2.9 4.4 3.4 27.9

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

Operating lease expense - 19,177 23,834 44,415 59,563 65,793 88,881

Return - 33,448 14,706 40,711 95,838 83,687 75,872

Invested capital - 237,704 269,839 310,130 454,429 592,309 632,642

ROIC - 14.1% 5.4% 13.1% 21.1% 14.1% 12.0%

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17

Ownership structure, # aircraft

Breakdown by brands, # aircraft

Net additions, # aircraft

Average fleet age (in operation), years

IAS 17 IFRS 16 IFRS 16

253 253 245

6.3 6.3 6.9

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16

Yield (REV/RPK), RUB

RASK (REV/ASK), RUB

Cargo revenue units, RUB

IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IAS 17 IFRS 16 IFRS 16