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21.10.2016  Domodedovo Airport is the First in the Moscow Aviation Hub to Publish Consolidated Financial Results

Moscow Domodedovo Airport (hereinafter the Company) finalises financial results of operations for 6 months 2016 in line with International Financial Reporting Standards (IFRS) and would like, in accordance with its corporate governance standards, to announce consolidated audited financial results for the year ended 31st December, 2014 and for the year ended 31st December, 2015.

Key operating results

2015

2014

Change, %

6M 2016

6M

2015

Change, %

Passenger traffic, mln PAX.

30.5

33.0

-7.7

12.6

13.7

-8.3%

Domestic

16.6

15.3

+8.5

7.5

7.3

+2.5%

International

13.9

17.7

-21.5

5.1

6.4

-20.6%

ATMs, thous.

253

278

-9.0

105

120

-12.5%

Maximum Take-off Weight, thous. tonnes

10 805

12 153

-11.1

4314

5189

-16.9%

Cargo traffic, thous.tonnes

145.9

187.1

-22.0

64

68.3

-6.3%

Several factors affected Moscow Domodedovo Airport's results of operations and financial performance in 2015 and first half of 2016: restrictions on flights to popular international destinations (Note: in 2014 Domodedovos passenger traffic to Egypt and charter passenger traffic to Turkey amounted to 3.4 mln PAX), exit of certain airlines from the market (Note: Transaero and Kogalymavia), as well as the overall economic situation and currency fluctuations. The decrease in the passenger traffic as a result of 2015 amounted to 2.5 mln PAX, however domestic routes showed an increase of 1.3 mln PAX. The dynamics of the indicators on international routes was in line with the general market trend a YoY decrease of 3.8 mln PAX.

Key financials(in RUB mln, unless stated otherwise)

2015

2014

Change, %

6M. 2016

6M. 2015

Change, %

Revenue

39 446

41 224

-4.3

17 757

18 571

-4.4

Aviation services 1

11068

10292

+7.5

5281

5183

+1.9

Auxiliary aviation services2

21650

23111

-6.3

9711

10276

-5.5

Commercial services3

6728

7821

-14.0

2765

3112

-11.2

EBITDA

14 828

16 829

-11.9

6215

7263

-14.4

EBITDA margin

37.6%

40.8%

35.0%

39.1%

Net profit

8 151

11 401

-28.5

3672

3527

+4.1

Net profit margin

20.7%

27.7%

20.7%

19.0%

Note:
1) The aviation services segment includes revenue from airport and other related charges (use of terminal, take-off and landing, aviation security).
2) The auxiliary aviation services segment includes revenue from passenger handling, ground handling of aircraft, in-flight catering services, jet fuelling services and cargo handling.
3) The commercial services segment includes rental income from leasing commercial and office space within the terminal area, advertising and parking fees.

The Companys revenue for the year ended 31St December 2015 and 6 months ended 30th June 2016 was affected by a reduction in revenues from the auxiliary aviation services connected to a change in the volume of sales and average cost of jet fuel, as well as by an optimization of airlines spend on in-flight catering. The negative dynamics in revenues derived from the commercial services segment resulted from a decrease in the purchasing power of passengers. Revenues from the aviation services segment demonstrated an increase on the back of an upward revision of tariffs denominated in foreign currencies.

EBITDA in 2015 was negatively affected by forming of a provision for impairment of receivables caused by airlines that ceased their activity. This factor accounts for almost a half of the decline in the indicator (965 out of 2,001 mln RUB).

In 1H 2016 the EBITDAs dynamics was influenced by a reduction of revenues from the auxiliary aviation services and commercial services attributable to the overall economic situation. The operating profit as a result of 1H 2016 demonstrated a 4% increase due to moderated influence of foreign exchange differences. As a result, the net profit margin grew to 20.7%.

Leverage (Net Debt to EBITDA ratio)

30 June 2016

31 December 2015

31 December 2014

Net debt / EBITDA

0.971

0.70

0.09

Note:
1) The ratio is calculated using LTM EBITDA (EBITDA for the last 12 months)

The stably low leverage levels are achieved though a a conservative approach the Company takes to the use of debt leverage.

Denis Nuzhdin, GR & IR Director, notes: The Company witnesses prerequisites for a recovery of positive dynamics lifting of restrictions on flights to a range of destinations, a gradual recovery in the economy, the return of foreign carriers to the Russian market, development of the route network and passenger traffic dynamics demonstrated by anchor airlines of Domodedovo Airport. Despite a decrease in the passenger traffic, the Company is working towards expanding throughput capacities of the airport and increasing quality of rendered services. DMEs business model has showcased its sustainability in the face of a contracting market affected by both administrative and macroeconomic factors.

For more detailed information on results of the Companys consolidated audited financial statements for 2014, 2015 and 1H2016 , please see the web site of Moscow Domodedovo Airport.

Contacts for the Media:
Tel.: +7 (495) 795 34 27

Contacts for investors:
Tel.: +7 (495) 795 38 71

Moscow Domodedovo Airport is one of the largest airports in Russia and Eastern Europe by passenger traffic. The airports route network spans 190 destinations, 75 of which are exclusive to DME in the Moscow Aviation Hub. Domodedovos customer base is diversified, with 61 airlines serviced at DME, including 40 foreign carriers. Domodedovo is the best airport of Russia and the CIS, according to Skytrax, and has been chosen by member airlines of leading global airline Star Alliance oneworld for flights to Moscow.

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