deal on the ruble
The largest Russian air carrier “Aeroflot” plans to acquire 75% plus one share of “Transaero”. “Activity” Transaero “will be completely restructured and integrated into the group of” Aeroflot “, – said the representative of” Aeroflot “, as quoted by RIA Novosti. The transaction is carried out “in the interests of further development of civil aviation and creating one of the world’s largest aviation groups,” the report said, “Transaero”. “Shareholders” Transaero “hopes that this measure will promote the interests of passengers, employees and partners of the airline,” – emphasized in it.
The decision to organize the transaction was made on Tuesday at a meeting chaired by First Deputy Prime Minister Igor Shuvalov, a source told RBC familiar with its results. This was confirmed by the press service of “Transaero”. After the meeting, and was commissioned in the near future to hold the board of directors “Aeroflot”, which will decide on the purchase of 75% plus one share of “Transaero”, said the source RBK. According to Interfax, in a meeting of the Board held Thursday, August 3. Members of the board of directors “Aeroflot” has already received a directive to a vote “for”, adds the source agency. From the conditions of the deal are known only to the sum of: 75% plus one share of “Aeroflot” to pay a symbolic one ruble, told RBC source in the Ministry of Transport.
The largest shareholders of “Transaero” – the founders Alexander and Olga Pleshakova (for two owned 36.62% of shares), has 13.01% of the shares owned by its subsidiary company “Transaero-Finance”. Co-owner of the company is also the mother of Alexander Pleshakov, head of the Interstate Aviation Committee Tatyana Anodina (3%). Upon completion of the transaction Pleshakova leave the company, according to the Interfax source who participated in the meeting chaired by First Deputy Prime Minister Igor Shuvalov, which worked out the plan of salvation of the carrier. Contact Olga Pleshakova RBC yesterday failed.
«This decision is sufficient in the current difficult situation in the aviation market is the most correct. On the one hand, it enables the company to repay the creditors, and the other – to provide all its obligations to the passengers, “- said in a statement late Tuesday the Economic Development Ministry. The Ministry Alexei Ulyukayev has not yet received a request from the “Aeroflot” for support of salvation “Transaero”. “At the same time we believe that the output of the industry in the positive zone nuyu need additional structural measures of state support for all air carriers. An effective measure of support for the industry may be zero VAT for flights for two to three years. The measure to reduce VAT to deter the growth of tariffs for the population, and compensates for the airlines of the cost of unprofitable segment of domestic flights in the period of stagnation of the market “, – the ministry said. In early August, “Kommersant” with reference to the report of the Ministry of Economic Development, wrote that the agency does not rule out that the problem airlines, including “Transaero” may leave the market.
In September 2014 the management of “Transaero” It asked the Ministry of Transport for support. At the end of 2014 long-term liabilities “Transaero” accounted for 78.18 billion rubles., Short-term – 81.24 billion rubles. (report on IFRS). The biggest airlines lenders – Sberbank and VTB. All summer the company was in talks with creditors to restructure debt, August this year it was reported that Sberbank has extended the “Transaero” kovenantnye vacation until October 1, 2015. VTB representative then told RBC that is currently in the final stage is the preparation of an updated financial model “Transaero”. Yesterday, representatives of VTB declined to comment.
From the private to the public
«Transaero” – the oldest private airline in Russia, it has completed the first flight in 1991. He founded the company businessman Alexander Pleshakov – the son of one of the most influential employees still the Soviet Ministry of Civil Aviation Tatiana Anodina, in the same year, led the Interstate Aviation Committee (IAC) – created by post-Soviet states the authority responsible for certification of aircraft and airfield equipment, as well as the investigation of aviation accidents throughout the former Soviet Union except the Baltic states and Georgia. Tatiana Anodina and now is one of the shareholders of “Transaero” – the head of IAC owns a 3% stake in the airline.
«Transaero” was the first in Russia after the state of “Aeroflot” began to operate western aircraft, received the 1993 first Boeing 737. In the formation of the park helped companies including preferential treatment from the state: c 1994 to mid-2000 “Transaero” was entitled to duty-free import of western aircraft that were much more economical Soviet (the other carriers pay customs duty 20%). Among Russian airlines similar privileges were only in the state of “Aeroflot”. Now the company, which earns a significant portion of the revenues of charter tourist destinations, the largest in the Russian fleet widebody long-haul aircraft (20 – Boeing 747, 18 – Boeing 767 and 14 – Boeing 777). In addition, along with the “Aeroflot” and cargo “Volga-Dnepr” “Transaero” was one of three Russian airlines – recipient of the royalties, which Western carriers have historically paid for flying over Russian territory on trans-Siberian route.
In 1990s from “Transaero” was another influential shareholder – businessman Boris Berezovsky, who is actively invested in the aviation industry and by 1998 controlled 32.1% of the shares of “Transaero” and the blocking of “Aeroflot”. That same year, the shareholders of the company had a conflict: how the newspaper “Kommersant”, Berezovsky insisted on merging with a larger airline “Aeroflot” and Pleshakova were against. After leaving Berezovsky from Russia in 2000, he was released from the shareholders of “Transaero”, and its package bought by other shareholders.
Air transportation in Russia in January-June
41,2 million passengers Russian airlines transported – only 0.7% less than in January-June 2014
77,2% was the employment of passenger seats , down with the I half of last year by 0.7 pp.
63,6% of the total passengers carried by Russian airlines in January-June, used the services of five companies: “Aeroflot”, “Transaero”, “Siberia”, “UTair” and “Russia”. One only “Aeroflot” has transported 11.98 million people
35,9 thous. Rub. per tonne is jet fuel from the JSC “Fuelling service” at Vnukovo, the cheapest of the three Moscow airports
Source: Federal Air Transport Agency
The crisis of 2009-2010, unlike a number of other airlines (see. inquiry), “Transaero” has passed without serious financial problems and the need for government guarantees. In 2014, the air carrier was less fortunate: in before the crisis years, the company is actively increasing the park, with the devaluation of the ruble dollar-denominated costs for aircraft leasing rose sharply, and the debt servicing to the banks it has become difficult (according to IFRS at the end of 2014 long-term liabilities “Transaero” accounted for 78.18 billion rubles., short-term – 81.24 billion rubles.).
At the end of September 2014 the management of “Transaero” applied to the Ministry of Transport with a request to grant state guarantees for loans. In early December 2014, wrote TASS General Director of “Transaero” Olga Pleshakova sent a letter to the government, which said that by the end of 2014 there is a risk the suspension of operations, as the company can not pay contractors “Transaero” should 2.5 bln. “Rosneft” and almost 2 billion rubles. “Gazprom-Aero” for aviation fuel. As a result, in late December, the government has allocated “Transaero” state guarantees in the amount of 9 billion rubles.
But the money did not last long. In March 2015, the second in the “Gazette” has information that “Transaero” is going to apply for a new state guarantees 40-50 billion rubles. In late May, the newspaper wrote that the carrier may be required already 70 billion. At the same time, “Transaero” in talks on the establishment of a syndicate of creditor banks, which have restructured its debt. Syndicated loans has been one of the largest creditors of the airline VTB.
In recent months the company’s financial situation continued to deteriorate: sources close to its counterparties, was told that she delayed current payments major suppliers, even in summer, when, due to seasonality business cash-flow airlines traditionally is at a maximum. Market participants are also concerned about the fact that the end of summer “Transaero” began a massive sale of the winter season at below market prices. Sources RBC was told that the government and the Ministry of Transport “were unhappy” that the airline has created a greater depth of sales, do not agree on debt restructuring, and not having, therefore, possible to ensure transportation of passengers.
As told RBC sources on the market in mid-August in the Federal Air Transport Agency held a meeting dedicated to the financial stability of carriers, including “Transaero”, which presented figures showing that the loss of the airline in terms of passengers from the date of the previous tranche of state guarantees increased ( in the Federal Air Transport Agency declined to comment while). August 19 a new meeting on the situation in the company with the participation of Olga Pleshakova and creditor banks held with Deputy Prime Minister Arkady Dvorkovich. Then the source of RBC familiar with his swing, said that the company in the short time necessary to obtain a state guarantee worth 22 billion rubles. But no decisions on the results of that meeting had been taken, and after the end Deputy Prime Minister told the TV channel “Russia 24″, that the government is ready to help airlines experiencing financial problems, but “it should be done only in the event that there are clear financial model out of difficult situations. ” “If not, then you have to accept that the market will be smaller airlines. While these difficult decisions we have taken, “- said Dvorkovich.
What happened to the troubled Russian airlines
AiRUnion
Alliance airlines AiRUnion was created in 2004, it Several regional airlines were state-owned. In 2008 the company’s debt alliance has exceeded $ 1 billion, they began to cancel flights. The plan was created based on an alliance of companies, as well as STC “Russia” and “Atlant-Soyuz” The Company “Rosava” under control “Russian Technologies”. Execute the plan failed. All companies of the alliance were later transferred to the “Aeroflot”, only “Atlant-Soyuz” was run by the Moscow government.
«Moscow»
«Atlant-Union” in 2010 was renamed the airline “Moscow”. The company’s debt at the end of 2009 amounted to 14 billion rubles. In December 2010, the General Director of “Moscow” has become a representative of the airline UTair Andrei Manvelidze carrier came under the control of UTair. According to the newspaper “Vedomosti”, the new mayor of Moscow, Sergei Sobyanin, right after the appointment has decided to get rid of non-core assets, one of which is the airline. Since January 2011, “Moscow” has ceased operations.
«Russia»
State Transport Company “Russia”, which existed from 1992 to 2008, was in federal ownership. It was then handed over to the State Corporation “Russian Technologies”. According to the newspaper “Kommersant”, in 2009, the company, located on the verge of bankruptcy, allocated 3.9 billion rubles. from the budget. In 2011, the shareholding of the company was completed, with 25% of shares were transferred to the “Russian Technologies” as a gift to the Government of St. Petersburg. In 2014, the management of “Russia” transferred “Aeroflot».
«KD Avia»
Kaliningrad airline “KD Avia” existed in 2002-2009. In 2009, the company’s debt which amounted to 14 billion rubles., Allocated from the federal budget assistance in the amount of 4 billion rubles. However, according to “Kommersant”, the amount settled in the budget of the Kaliningrad region, and has not reached the addressee. In 2009, “KD Avia” has stopped flights, and in autumn 2010 has been declared bankrupt in the court.
«Siberia»
The Airline “Siberia» (S7 Airlines), existed since 1992, in 2009 was heavily indebted. One of the creditors, “Alfa Group”, eventually took over half of the two subsidiaries “Siberia” (“Siberia technician” and “S7 Engineering”). 50.01% of the company’s shares were under pledge of Sberbank loan of 3.5 billion rubles. Company to refinance at Alfa Bank in 2010 paid off with Sberbank. Financial difficulties have been overcome, the company is still in effect.
«UTair»
We “UTair” financial difficulties arose in 2014-2015, several creditors have filed a petition in bankruptcy court carrier. To save money, the company reduced its fleet and route network. In addition, in April 2014 “Surgutneftegaz”, which owns 60% of shares of “UTair” has increased its authorized capital to 3 billion 125 million rubles. While bankruptcy is not held.
How to get out of the corkscrew
«Aeroflot» – the largest in terms of traffic Russian airline “Transaero” – the second. The combined company, which will arise after the transaction, will be transported every second airline passenger in Russia in 2014 “Aeroflot” transported 34.7 million people (17.1 million of them abroad), “Transaero” – 13.198 million. In total, according Federal Air Transport Agency, last year, the services of airlines in Russia took advantage of 93 million passengers.
The gap between the new company from the competition in passenger traffic will reach. UTair transported in 2014, 11.2 million passengers, a group S7 (the company “Siberia” and “Globe”) – 9 million.
In the second quarter of 2015. “Transaero” serves 151 destinations, including 87 international and 64 domestic destinations. In some areas, such as Rome, the company was the only one, but “Aeroflot” carrier. After the purchase of “Aeroflot” may be the only on direction of the Russian airline.
The general director of branch agency Infomost Boris Rybak nevertheless thinks that the deal would “Aeroflot” to significantly improve its market position. “It’s more of rehabilitation rather than absorption. Of course, to increase the park of “Aeroflot”, but only slightly – more than half of the aircraft “Transaero”, most likely, will be transferred to leasing companies, “- he said. “Aeroflot” might be interested unless its Boeing 777s (capacity 299-373 seats, at the end of 2014 in the park “Transaero” such was only 14), and aircraft with large capacity, like a Boeing 747 (the “Transaero” of 20 ), disadvantageous since the summer of 2014, he said.
The “Aeroflot” in the park 163 aircraft (company data as of 1 July 2015). The most common model – 63 aircraft – Airbus A320 medium-range. Transaero – the antithesis of “Aeroflot”, her fleet consists of Boeing – 106 aircraft, most of all – 20 cars – a long-haul Boeing 747-400. Only in 2015 we began to receive the first aircraft Airbus. The average age of aircraft at the “Aeroflot” – 4.2 years, from “Transaero” the average age of aircraft – 16.4 years. The oldest aircraft “Transaero” 28 years.
Debt “Transaero”, which will be transferred after the transaction “Aeroflot”, are likely to be restructured by banks under state guarantees, says the analyst of IFC “Metropol” Andrei Rozhkov . The “Aeroflot” will have to restructure the business of the new subsidiary: in anticipation of the low season, the carrier will try to sell off part of its fleet of “Transaero”. But in a short time it will be hard to do, so the buyer to the freight containers are not idle, will have to increase the number of destinations and frequency of flights, he said.
Partners “Transaero” know about the deal, but we are confident that the obligations it does not affect the carrier. Change of ownership should not affect the winter flight program, said Alexander Tugolukov, managing director of tour operator “Biblio Globus”, one of the key partners of the company. Program for the winter season is already laid out, for example, in Egypt, the volume of traffic in the winter will remain roughly at the level of the previous year, on long-haul destinations (Thailand, Dominican Republic, India) – will be lowered, said Tugolukov.
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