Aeroflot Group Q3 and 9M 2018 Financial Results
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1 Aeroflot Group Q3 and 9M 2018 Financial Results Andrey Chikhanchin, Deputy CEO for Commerce and Finance Ivan Batanov, Head of Revenue Management Andrey Napolnov, Head of Investor Relations Moscow, Russian Federation 30 November
2 Disclaimer This document has been prepared by PJSC Aeroflot (the Company ). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following. This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents. This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company s intentions, beliefs or current expectations concerning, among other things, the Company s results of operations, financial condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company s actual results of operations, financial condition and liquidity and the development of the market in which the Company operates may differ materially from those made in or suggested by the forwardlooking statements contained in this document. The Company does not undertake any obligation to review or confirm expectations or estimates or to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 2
3 Aeroflot Group 9M 2018 Highlights % % % % 42.2 mln bn bn 466 bn 38.3 mln bn PAX ASK Blended Yield (RUB/RPK) Revenue (RUB) Note: immaterial deviations throughout the presentation are explained by rounding 9M M 2018 In 9M 2018, Aeroflot Group has continued operational development via expanding capacity on the back of opportunities provided by the market. Capacity growth allowed Aeroflot to increase number of passengers transported as well as boost revenues on the back of expanding yields. 3
4 1. Market Update 2. Aeroflot Group Overview 3. Network and Schedule Overview 4. Fleet Overview 5. Financial Performance 6. Appendix 4
5 Competitive Dynamics Passenger Traffic: Market vs Aeroflot Group Russian Air Transportation Market (million PAX) inc. PAX of Russian and Foreign Carriers and int. transit PAX % 11.7% 9.9% M M 2018 Aeroflot Group (million PAX) 10.2% International Routes Domestic Routes 8.5% % % Q Q Change in Airlines Passenger Numbers mln PAX, 9M Aeroflot Group Market Share (PAX) S7 Group Ural Airlines UTair Group Foreign Carriers Increase in PAX million Others Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group includes UTair, Utair-Cargo and Turuhan % % M M 2018 Market Dynamics Net of Aeroflot Group Source: TCH, Company estimates Note: Incl. foreign carriers traffic % 10.4% % 9.7 Q Q % Total Market 5.8% 13.2% International 6.7% 8.8% Domestic 4.6% 9M p.p. Foreign Airlines 9M 2018 Clean Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) 37.8% Aeroflot Group 37.6% Other Russian Airlines Aeroflot Group continued to deliver growth on further recovering market increasing PAX by 10.2% in 9M 2018 with acceleration in Q % 15.3% 40.1% 6.4% 6.0% 11.5% 20.6% 15.8% 39.9% 6.6% 5.6% 11.6% 5
6 Continuing Market Recovery Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers) Change in PAX traffic y-o-y, % Change in ASK y-o-y, % 20.5% 16.4% 12.9% 12.2% 8.5% 30.2 % 36.1 % 21.8 % 20.7 % 17.2% 14.6 % 16.9 % 18.6 % 7.4% 12.7% 15.3 % 10.8% 14.4 % 9.9% 9.1% 7.9 % 11.9% 10.6% 9.0% 7.5% Q Q Q Q Q International Domestic Total market Source: TCH, Company calculations Q Q Q Q Q Foreign carriers Russian carriers Source: SRS for foreign carriers, Rosaviatsia for domestic carriers before 2018, FAVT for domestic carriers in 2018, Company calculations. ASK is calculated based on published RPK and PLF data 9M 2018 are marked by further market recovery on the back of higher demand in both international and domestic segments and active capacity additions by market players. 6
7 1. Market Update 2. Aeroflot Group Overview 3. Network and Schedule Overview 4. Fleet Overview 5. Financial Performance 6. Appendix 7
8 Aeroflot Group Multi-Brand Strategy Brand Business Model Focus Airport PAX Contribution 1 PAX Growth Premium Flagship carrier Premium product (4 Stars) High income and middle class Hub and spoke model Moscow (Sheremetyevo) 9M % +8.0% M M 2018 Regional and Charter Regional and leisure product Focus on domestic flights Selected international routes, mostly out of VKO airport in Moscow Charter operations Saint-Petersburg (Pulkovo) Moscow (Sheremetyevo, Vnukovo) % +0.3% M M 2018 Low Cost Short and mid-haul flights Mostly domestic segment, selected international routes Point-to-point carriage Moscow (Vnukovo) % +55.3% M M 2018 Regional / Far-East The Far East airline flying on short- and mid-haul direct international and domestic routes Flights to remote cities (local flights) Vladivostok, Khabarovsk, Yuzhno-Sakhalinsk % +5.2% M M PAX contribution as of 9M Absolute number of passengers in million in green circle Simplified multi-brand product offering to capture customers in every market segment: from premium to low-cost. Aeroflot and Pobeda key engines of the Group increased traffic by almost two million PAX each. 8
9 Pobeda Airline: Acceleration of Growth Overview of Pobeda Pobeda s Network (Winter 2018/2019) Network Fleet Key features and achievements in 9M Goals Operating from Vnukovo airport (3 rd Moscow airport by PAX) Network comprising 84 routes (44 unique for the Group) Additional expansion to international destinations (14 countries) 22 Boeing NG ( ) Plans for 2 more aircraft to be delivered in Q Single class cabin 189 seats per plane 5.2 million PAX in 9M 2018 (+55.3% y-o-y) 9M 2018 PLF of 94.6% (+0.1 p.p. y-o-y) International RPK is 23% of total Pobeda traffic Active development of intra-region flights, and international flights from the regions Accelerated expansion in domestic and international segments c25-30 mln PAX annually Growing Passenger Flows thousand PAX Eindhoven Berlin London Cologne Leipzig Baden-Baden Karlovy Vary Salzburg Memmingen Bratislava Innsbruck Bergamo Venice Pisa Girona Rome Tivat 17 Saint Petersburg Moscow Kazan Perm Tomsk Krasnoyarsk Ekaterinburg 49 Cheboksary Nizhnekamsk Novosibirsk Chelyabinsk Kemerovo Samara Volgograd Rostov Astrakhan Krasnodar Min.Vody Sochi Nazran Vladikavkaz Makhachkala Tbilisi Larnaca Strong Passenger Load Factor PLF, % Helsinki Kaliningrad Cities where the airline operates to Cities with <10 routes served from city Petrozavodsk XX Kirov Surgut Ulan-Ude, Irkutsk Base cities with >10 routes served from city (number of routes in circle) 55.3% 5, % 62.9% 58.4% 42.2% 1,755 2,021 1, ,108 1,240 3, % 93.7% 94.6% Q1 Q2 Q3 9M Q Q Q M Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers. 9
10 100 By 100 Growth Strategy: strategic targets to be achieved by 100th anniversary of Aeroflot Passenger traffic International transit traffic Regional bases mln in 2023 accelerated expansion of (25-30 mln by 2023) 5 mln mln bases opening by 2023: Sochi, Ekaterinburg, Novosibirsk; 1 international hub in Krasnoyarsk 3x regional PAX Fleet expansion 520 aircraft in 2023 Digitalization Strengthens competitive edge Helps increase operational efficiency Achieving our ambitious strategic goals will help Aeroflot Group reach new levels of operational efficiency and secure strong financial results 10
11 1. Market Update 2. Aeroflot Group Overview 3. Network and Schedule Overview 4. Fleet Overview 5. Financial Performance 6. Appendix 11
12 Aeroflot Group Network # of Flights Evolution by Region 1 (9M 2018, y-o-y) Geographic Network Russia Europe Asia North & Central America 2.0 % 5.1 % Los Angeles 9.1 % 10.8 % New York Washington Miami Havana Murmansk Arkhangelsk Salekhard New Urengoy Syktyvkar Khanty Mansiysk Saint Petersburg Surgut Nizhnekamsk Nizhnevartovsk Perm Nizhny Novgorod Ekaterinburg Kemerovo MOSCOW Tyumen Samara Krasnoyarsk Kaliningrad Kazan Omsk Novosibirsk Novokuznetsk Tomsk Hamburg Berlin Voronezh Ufa Chelyabinsk Abakan Minsk Irkutsk Saratov Kostanay Dusseldorf Frankfurt Orenburg Magnitogorsk Astana Barnaul Orly Prague Belgorod Volgograd Aktobe Paris Munich Rostov Atyrau Karaganda Chisinau Ulan Bator Vienna Gelenzhdik Astrakhan Milan Simferopol Stavropol Almaty Nice Rimini Anapa Adler Aktau Shymkent Sochi Bishkek Beijing Barcelona Rome Burgas Makhachkala Tivat Varna Mineral Waters Baku Tashkent Istanbul Yerevan Samarkand Antalya Krasnodar Dalian Teheran Larnaca Beirut Tel Aviv Delhi Dubai Hanoi Guangzhou Hong Kong Harbin Seoul Busan Shanghai Yakutsk Khabarovsk Vladivostok Yu. Sakhalinsk Tokyo Magadan P. Kamchatsky CIS 2.8 % Bangkok Ho Chi Minh City Phuket Middle East & Africa Total 6.8 % 16.6 % Male Aeroflot routes Rossiya routes Aurora routes Average Scheduled Flight Frequency per Route (Aeroflot Group ex-pobeda) Increase in Group frequencies by 13.4% was mainly supported by expansion of the number of frequencies in domestic segment (+16.0%) and in the sector of long-haul routes (+20.4%). 9M M % % % % % Stockholm Oslo Helsinki Tallinn Riga Copenhagen MOSCOW Hamburg Kaunas Minsk Amsterdam Hannover Berlin London Dusseldorf Warsaw Brussels Dresden Frankfurt Prague Paris Stuttgart Vienna Chisinau Zurich Munich Budapest Geneva Lyon Milan Venice Belgrade Nice Bologna Bucharest Split Zagreb Barcelona Sofia Rome Tivat Madrid Thessaloniki Istanbul Tbilisi Valencia Lisbon Alicante Athens Malaga Antalya Heraklion Larnaca Tenerife Total scheduled International Domestic Medium-haul Long-haul Note: 1 Scheduled flights of Aeroflot Group (excluding Pobeda LCC) Accelerated growth of destinations, sustained focus on increase in frequencies on scheduled routes. Aeroflot Group operates flights to 173 unique destinations in 57 countries (in 2018/2019 winter schedule, incl. Russia and new destinations launched in 2018). 12
13 Network Expansion Summer 2018 and Winter 2018/2019 Increased frequencies in Summer 2018 (examples) New destinations launched in Summer 2018 New destinations launched in Winter 2018/2019 season Yekaterinburg Cairo (Egypt) 3 flights per week 1 Nalchik (Russia) 7 flights per week 8 Bukhara (Uzbekistan) 2 flights per week Rostov N.Novgorod Saransk (Russia) 14 flights per week 2 Vladikavkaz (Russia) 7 flights per week 9 Osh (Kyrgyzstan) 7 flights per week Kaliningrad Naples (Italy) 7 flights per week 3 Grozny (Russia) 7 flights per week 10 Colombo (Sri Lanka) 5 flights per week Ufa Prague Rome Verona (Italy) 7 flights per week Burgas (Bulgaria) 7 flights per week 4 5 Izhevsk (Russia) 14 flights per week Makhachkala (Russia) 21 flights per week Gothenburg (Sweden) 7 flights per week Ljubljana (Slovenia) 7 flights per week Milan Istanbul Antalya Kyzylorda (Kazakhstan) 4 flights per week St.Pete London (LGW) 7 flights per week 6 7 Nazran (Russia) 7 flights per week Ulyanovsk (Russia) 14 flights per week Dublin (Ireland) 7 flights per week Denpasar (Indonesia) 3 flights per week Weekly frequency in summer schedule 2017 Addition in weekly frequencies starting from summer schedule 2018 In Summer 2018 Aeroflot continued to increase frequencies both on the routes with already high capacity deployed as well as underserved routes. Starting from 2018/2019 winter schedule the Group launched 14 new destinations in Russia, Europe, and Asia. 13
14 Aeroflot Group Scheduled Flights Revenue Units Q3 Yield (PAX Revenue / RPK) Q3 RASK (PAX Revenue / ASK) RUB RUB 9.3% 9.6% 4.2% 5.9% 1.5% 3.86 (1.5)% Domestic International Total 9M Yield (PAX Revenue / RPK) RUB Domestic International Total 9M RASK (PAX Revenue / ASK) RUB % % % % % % 3.21 Domestic International Total % Y-o-Y increase Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations. Domestic International Total RUB dynamics and changing mix of operations at subsidiaries level due to rapid expansion of LCC affected RUB yields in Q3 and 9M
15 Aeroflot Airline Yield Dynamics (Monthly) Aeroflot Airline Total Yield Aeroflot Airline International Yield RUB/RPK, Change y-o-y in % 17.5% RUB/RPK, Change y-o-y in % 23.1% 4.5% 9.7% 6.2% 8.8% 12.6% 5.8% 9.8% 4.4% 7.8% 5.1% 6.2% 8.2% 4.7% 7.9% (4.2)% (2.6)%(1.8)%(0.1)% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Aeroflot Airline Domestic Yield RUB/RPK, Change y-o-y in % 7.8% (1.3)% 0.0% 0.4% (2.4)% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 1.1% 1.8% 4.1% 2.1% 4.1% 3.7% 3.0% 1.7% 0.3% 2.8% 4.5% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Source: Company calculations, data presented based on management accounting figures for Aeroflot airline standalone; immaterial deviations vs. historical data may occur due to adjustments in Revenue Management System (RMS) Note: Overall monthly yield performance of Aeroflot airline is consistent with the Group performance. Immaterial deviations of 1-2 p.p. in specific months can be the case, but yield performance trends are similar for the airline and the Group. Aeroflot airline yields showed improvement on a monthly basis throughout 2017 (y-o-y) and in 2018 yield dynamics entered positive zone in both international and domestic segments. In 9M 2018 international segment was the main driver of Aeroflot growth: yields were in higher single-digit growth mode during the period and in June-July yield dynamics accelerated y-o-y supported by additional demand associated with FIFA World Cup. 15
16 1. Market Update 2. Aeroflot Group Overview 3. Network and Schedule Overview 4. Fleet Overview 5. Financial Performance 6. Appendix 16
17 Aeroflot Group Fleet Breakdown Aircraft Type Operated by Lease type Total as of Total as of Change vs. Owned Aeroflot Subsidiaries Finance Operating 30-Sept Dec Dec-17 Wide-body Airbus A Boeing Boeing Narrow-body (medium-haul) Airbus A Airbus A Airbus A Boeing Narrow-body (regional) DHC DHC SSJ Total fleet Breakdown by Aircraft 2 Breakdown by Company 2 Breakdown by Ownership Type 2 Wide-body 16% Pobeda Aurora 6% 7% Finance 10% Owned 2% Narrowbody (regional) 18% Narrowbody (mediumhaul) 66% Rossiya 18% Aeroflot 69% Operating 88% 1 Excluding An-24 and An-148 not operated by the airlines of the Group 2 Excludes planes out of operation Well-balanced fleet structure in line with Group s strategy 17
18 Fleet Expansion Strategy Delivery/Phase-out Schedule 1 Aeroflot Group Fleet as at Year-end 2 Type of aircraft Q1-Q (Actual) Current Q (Plan) Delivery Phase out fleet (1) Delivery Phase out Number of aircraft ~520 Wide-body (long-haul) A B B Narrow-body (medium-haul) 28 (10) (8) A (2) A (5) 85 1 (4) A (4) 39 - (2) B (1) Narrow-body (regional) (1) SSJ DHC (1) DHC TOTAL 46 (10) (9) Net additions (1) + 36 aircraft no net addition E 2020E 2021E 2022E 2023E 1 As of , not including aircraft leased or subleased to other operator (1 An-24 and 5 An-148 ). 2 According to existing strategy. Not including aircraft leased or subleased to other operator. Number of planes in 2023 is average for the year. Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market trends and opportunities. 18
19 1. Market Update 2. Aeroflot Group Overview 3. Network and Schedule Overview 4. Fleet Overview 5. Financial Performance 6. Appendix 19
20 Financial Highlights: Q3 and 9M 2018 Q Q Change RUB mln (where applicable) 9M M 2018 Change 15,378 17, % Passenger Traffic (mln PAX) 38,340 42, % 169, , % Revenue 404, , % 149, , % Traffic Revenue 350, , % 54,958 64, % EBITDAR 1 101, , % 32.3% 32.2% (0.1) p.p. EBITDAR 1 margin 25.0% 23.8% (1.2) p.p. 37,902 40, % EBITDA 53,306 47,189 (11.5)% 22.3% 20.2% (2.1) p.p. EBITDA margin 13.2% 10.1% (3.1) p.p. 24,261 27, % Net income 27,149 22,490 (17.2)% Financial results of 9M 2018 are explained by continuing pressure of macroeconomic factors fuel and exchange rate dynamics. Fuel cost pressure was partially offset by yield trends as well as cost-cutting initiatives particularly visible in Q EBITDAR = EBITDA + operating lease expenses.
21 Revenue Growth Decomposition Revenue by Key Factors Revenue by Business Segments RUB mln RUB mln 15.2% 15.2% 8.8% + 4.7% + 0.9% + 0.9% 12.8% + 1.9% + 0.4% + 0.1% 404,773 35,472 Growth in operating metrics: RPK + 9.1% PAX % 19,056 3,450 3, ,345 Depreciation of RUB in 9M 2018 y-o-y by c5% vs. USD and by c13% vs. EUR Domestic yield up by 1.9%, international up by 11.0% More traffic served under agreements with airlines 404,773 51,682 Charter RPK up by 4.9% y-o-y, strong yields Growth across geographies: Russian revenue % International revenue +17.4% 7,790 1, ,345 Cargo volumes +14.2% 9M 2017 Volume Currency Pricing Other 9M M 2017 Scheduled Passenger Flights Charter Passenger Flights Cargo Other Revenue 9M 2018 Positive contribution of volume and pricing as well as support from FX were the main factors influencing revenue. Primary driver of revenue growth was expansion of scheduled passenger flights across all segments, notably in Russia, Europe and Asia 21
22 Operating Costs Q Q Change y-o-y Change ex. FX & NRE Operating Expense (RUB mln If not stated otherwise) 9M M 2018 Change y-o-y Change ex. FX & NRE % of Total OpEx (9M 2018) 33,727 54, % 49.9% Fuel 89, , % 41.3% 30.7% 102, , % 2.5% Opex (ex. Fuel) 272, , % 6.4% 69.3% 28,744 31, % 5.7% Aircraft, traffic and passenger servicing 74,706 80, % 3.5% 18.7% 22,186 19,656 (11.4)% (7.1)% Staff 60,509 61, % 4.2% 14.3% 17,056 24, % 27.0% Operating lease 47,710 63, % 27.0% 14.8% 10,566 11, % 1.1% Maintenance 1 26,247 32, % 16.0% 7.5% 9,339 8,400 (10.1)% (13.8)% SG&A 2 23,846 22,478 (5.7)% (8.2)% 5.2% 3,738 3,442 (7.9)% (8.0)% D&A and customs duties 11,444 10,343 (9.6)% (9.6)% 2.4% 10,395 10, % (6.5)% Other expenses 3 28,505 27,353 (4.1)% (5.5)% 6.4% 135, , % 14.3% Total Opex 362, , % 15.1% 100.0% 1 Normalized change in maintenance spending (including change in maintenance reserve in Other operating expenses line) in 9M 2018 amounts to +12% y-o-y, in Q % y-o-y. 2 Includes sales and marketing expenses and administration and general expenses. 3 Other expenses include Global Distribution Systems cost, reserves accrual and reversal, catering expenses, banks commissions and other operating income and loss. In 9M 2018 operating costs were significantly impacted by expansion of operations, fuel price increase and growing fleet of the Group. FX dynamics also affected key operating expenses lines. 22
23 Group Unit Costs Q Q Change Operating Expense per ASK (CASK), RUB 9M M 2018 Change % Fuel % (2.3)% Opex (ex. Fuel): % % Aircraft, Traffic and Passenger Servicing (1.4)% (19.2)% Staff (7.0)% % Operating Lease % % Maintenance % (18.0)% SG&A (13.5)% (16.1)% D&A and Customs Duties (17.1)% (8.8)% Other Expenses (11.9)% % Total Opex % 8.6% (2.8)% 5.6% (0.01) 0.09 (0.02) (0.03) (0.03) (0.11) 0.02 (0.04) Reported CASK 9M 2017 Staff Fuel Maintenance Aircraft, Traffic and Passenger Servicing Operating Lease D&A and CD* Admin & Sales & Marketing Other Costs Reported CASK 9M 2018 * Customs duties ** NRE includes insurance refund for the aircraft and recovery of part of the provision created for compensation under long-term motivation programs FX NRE** CASK 9M 2018 Reported CASK ex. FX and 9M 2017 NRE** Cost per ASK increased by 8.6% from RUB 3.06 in 9M 2017 to RUB 3.32 in 9M 2018 on the back of fuel, maintenance and operating lease expenses pressure. 23
24 Fuel Cost Management Flight Hours Fuel Consumption per ASK Fuel Consumption per RTK (thousand hours) (gr/ask) (gr/rtk) 10.2% (1.2)% (1.2)% M M 2018 Aeroflot Airline Jet Fuel Price (RUB per tonne of jet fuel) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 9M (WA) USD/RUB Brent (USD) Source: Bloomberg, Company data 1 Weighted average price for 9M 9M M USD/RUB exchange rate as per the Central Bank of Russia 3 Assuming 18% VAT rate Efficient fuel procurement: 1-year supply contracts in airports across Russia Majority of fuel purchased in Russia and almost all fuel at international airports supplied at formulalinked price - Jet fuel price Intl = NW Europe (FOB Rotterdam) price x Discount x FX rate 2 x Storage/Fuelling/Supply fees (if any of these applicable) Increasing average fuel price per tonne. Aeroflot Airline: 9M 2018: 44,353 RUB (+36.5% y-o-y). Q3 2018: 48,019 RUB (+49.4% y-o-y). Aeroflot Group: 9M 2018: 45,252 RUB (+36.0% y-o-y). Q3 2018: 48,501 RUB (+47.5% y-o-y). Aeroflot is achieving efficiency gain in fuel costs as new aircraft are put into operation. Oil price and RUB fluctuations led to further upward pressure on jet fuel price in Q3 and 9M Comments 9M M
25 EBITDA Evolution (RUB mln) Total effect on revenue =61,572 RUB mln Total effect on costs =(67,687) RUB mln Net volume and price effect =42,516 RUB mln Net FX effect =4,802 RUB mln 19,056 (14,253) Net volume and price effect =(53,434) RUB mln 35,472 3,450 3,595 (37,107) Volume effect (8,441) RUB mln Price effect (28,306) RUB mln (754) (2,596) (12,877) (4,187) 1,962 2,124 (2,377) 53,306 47,189 44,812 Reported EBITDA 9M 2017 Volume Pricing Other FX benefit on revenue FX drag on costs Fuel* Staff* Aircraft, Traffic and PAX* Operating Leases* Maintenance* Admin & Sales & Marketing* * Excluding currency impact ** NRE includes insurance refund for the aircraft and recovery of part of the provision created for compensation under long-term motivation programs Other OPEX* Reported EBITDA 9M 2018 NRE** Adjusted EBITDA 9M 2018 Positive FX impact was observed on revenue side on the back of weakening RUB, which outpaced pressure on operating costs. Key drivers of EBITDA adjustment along with the growth in size and scale of operations were increase in jet fuel price and operating lease costs growth. 25
26 Pobeda Financial Results Increasing PAX Traffic 1 RASK dynamics Growing Revenues of LCC Segment Million passengers RUB Q Q Change RUB mln 9M M 2018 Change 3.3 7,733 12, % Revenue 16,002 26, % 9M M M M ,660 5, % EBITDAR 1 6,703 8, % PAX up by 55.3% in 9M 2018 RASK up by 0.6% in 9M 2018 Increasing ASK CASK dynamics Billion ASK RUB 60.3% 42.9% (17.4) p.p. EBITDAR margin 41.9% 30.6% (11.3) p.p. 3,823 3,796 (0.7)% EBITDA 4,230 3,862 (8.7)% % 29.8% (19.6) p.p. EBITDA margin 26.4% 14.6% (11.8) p.p. 3,219 3,080 (4.3)% Net income 3,619 3,255 (10.1)% 9M M M M 2018 ASK up by 64.5% in 9M 2018 CASK up by 16.8% in 9M % 24.2% (17.4) p.p. Net margin 22.6% 12.3% (10.3) p.p. Note: based on managerial accounts transformed under IFRS standards 1 Calculation based on Total Revenue of the Company Pobeda has demonstrated solid results backed by strong demand and active expansion of the fleet in 9M
27 Leverage and Liquidity Debt Profile 1 Net Debt / LTM EBITDA 2 RUB mln 31-Dec Sep-2018 Change Borrowings 3,181 3, % Finance Lease Liabilities 100,689 92,449 (8.2)% Pension Liabilities (0.2)% Total Debt 104,792 96,871 (7.6)% Cash and Short Term Investments 54,909 60, % Net Debt 49,883 36,820 (26.2)% 30-Sep Dec Mar Jun Sep-2018 RUB mln Net Debt 2 EBITDA 2 31-Dec Mar Jun Sep ,883 29,470 (656) 36,820 Debt breakdown by currency Finance Lease Repayment Schedule (RUB billion) 3 n/m 56,015 49,420 47,234 49,898 Borrowings 13% Finance Lease 2% % RUB USD 98% 1 31-Dec-2017 exchange rate RUB per USD, 30-Sep-2018 exchange rate RUB per USD 3 Not including interest; future payments in dollars converted into roubles at exchange rate of RUB per USD 2 Net debt does not include capitalised operating lease expenses; based on annualized EBITDA Net Debt decreased by 26.2% due to decrease in finance lease obligations as well as accelerated growth in cash position. Cash position of RUB 60.1 billion and undrawn credit lines of RUB 81.5 billion
28 1. Market Update 2. Aeroflot Group Overview 3. Network and Schedule Overview 4. Fleet Overview 5. Financial Performance 6. Appendix 28
29 Russian Air Transportation Market: Room for Growth Russian Total Passenger Traffic Growth, mln PAX (1) Trips per Capita (2) Notes: (1) Total local and foreign carriers traffic Sources: FAAT, Aeroflot estimates Railways facing increasing competition (5.1)% Total CAGR 4.5% International (1.3)% Domestic 12.4% RZD long-haul rail traffic (mln PAX) (6.9)% (5.0)% 3.6% Domestic Routes International Routes Long-distance rail routes low over 10 mln PAX in the recent 5 years and over 30 mln PAX over a decade 0.8% % Change FY % 11.0% UK USA Turkey Russia (2) Airline PAX per capita per year, as of 2017 Sources: FAAT, Aeroflot estimates from airlines on domestic routes Domestic air traffic (mln PAX) 10.8% 17.9% % 52.6 Despite fast growth of the recent years, Russian airline industry still has promising growth prospects compared to European & US markets x.xx Domestic PAX per capita Domestic air traffic growth at a much higher pace than other means of transportation 7.3% % Russian market is well positioned for long-term growth on the back of still low penetration, additional potential from ongoing structural changes and increasing propensity to travel by air as well as advantageous geographical location. 29
30 Operating Data Q3 & 9M 2018 Indicator Unit Q Q Aeroflot airline Y-o-Y 9M M 2018 Y-o-Y Q Q Aeroflot Group Y-o-Y 9M M 2018 Y-o-Y Passenger Traffic th PAX 9,544 10, % 24,789 26, % 15,378 17, % 38,340 42, % International Routes th PAX 4,950 5, % 12,957 13, % 6,975 7, % 17,221 18, % Domestic Routes th PAX 4,594 5, % 11,832 13, % 8,402 9, % 21,119 23, % Passenger Turnover mn pkm 26,372 28, % 69,173 73, % 39,990 44, % 99, , % International Routes mn pkm 17,055 18, % 45,620 47, % 22,884 24, % 58,408 62, % Domestic Routes mn pkm 9,317 10, % 23,553 25, % 17,105 19, % 40,974 45, % Passenger Capacity mn ASK 30,267 32, % 83,556 90, % 45,035 49, % 118, , % International Routes mn ASK 19,897 21, % 55,788 60, % 26,078 28, % 69,820 76, % Domestic Routes mn ASK 10,370 11, % 27,768 30, % 18,956 21, % 48,934 53, % Passenger Load Factor % 87.1% 88.1% 1.0 p.p. 82.8% 81.6% (1.2) p.p. 88.8% 89.9% 1.1 p.p. 83.7% 83.8% 0.1 p.p. International Routes % 85.7% 85.7% % 79.9% (1.9) p.p. 87.8% 87.9% 0.1 p.p. 83.7% 82.3% (1.3) p.p. Domestic Routes % 89.8% 92.6% 2.7 p.p. 84.8% 85.1% 0.3 p.p. 90.2% 92.7% 2.5 p.p. 83.7% 85.9% 2.2 p.p. Tonne-Kilometres mn tkm 2,642 2, % 6,977 7, % 3,917 4, % 9,817 10, % International Routes mn tkm 1,720 1, % 4,627 4, % 2,248 2, % 5,787 6, % Domestic Routes mn tkm 922 1, % 2,350 2, % 1,669 1, % 4,030 4, % Revenue Flights flights 64,944 73, % 180, , % 101, , % 276, , % International Routes flights 31,839 35, % 89,744 98, % 42,447 48, % 114, , % Domestic Routes flights 33,105 37, % 90, , % 59,474 66, % 162, , % Flight Hours hours 185, , % 520, , % 279, , % 756, , % 30
31 Operating Data October & 10M 2018 Indicator Unit October 2017 October 2018 Aeroflot airline Y-o-Y 10M M 2018 Y-o-Y October 2017 October 2018 Aeroflot Group Y-o-Y 10M M 2018 Y-o-Y Passenger Traffic th PAX 2,913 3, % 27,702 29, % 4,301 4, % 42,641 47, % International Routes th PAX 1,505 1, % 14,462 15, % 1,997 2, % 19,218 20, % Domestic Routes th PAX 1,407 1, % 13,240 14, % 2,304 2, % 23,423 26, % Passenger Turnover mn pkm 8,167 8, % 77,339 82, % 11,271 12, % 110, , % International Routes mn pkm 5,306 5, % 50,926 53, % 6,803 7, % 65,210 69, % Domestic Routes mn pkm 2,861 3, % 26,413 28, % 4,468 5, % 45,442 50, % Passenger Capacity mn ASK 10,029 10, % 93, , % 13,712 14, % 132, , % International Routes mn ASK 6,607 6, % 62,395 66, % 8,330 8, % 78,150 85, % Domestic Routes mn ASK 3,422 3, % 31,190 33, % 5,382 5, % 54,316 59, % Passenger Load Factor % 81.4% 81.1% (0.3) p.p. 82.6% 81.6% (1.0) p.p. 82.2% 82.8% 0.6 p.p. 83.5% 83.7% 0.2 p.p. International Routes % 80.3% 79.1% (1.2) p.p. 81.6% 79.8% (1.8) p.p. 81.7% 80.9% (0.7) p.p. 83.4% 82.2% (1.2) p.p. Domestic Routes % 83.6% 84.9% 1.3 p.p. 84.7% 85.1% 0.4 p.p. 83.0% 85.6% 2.6 p.p. 83.7% 85.9% 2.2 p.p. Tonne-Kilometres mn tkm % 7,815 8, % 1,134 1, % 10,951 11, % International Routes mn tkm % 5,175 5, % % 6,472 6, % Domestic Routes mn tkm % 2,640 2, % % 4,479 4, % Revenue Flights flights 21,844 24, % 202, , % 32,292 36, % 309, , % International Routes flights 10,709 11, % 100, , % 13,778 15, % 128, , % Domestic Routes flights 11,135 12, % 102, , % 18,514 20, % 180, , % Flight Hours hours 62,966 68, % 583, , % 88,980 98, % 845, , % 31
32 Key Operating Data of Subsidiary Airlines Indicator Unit Rossiya Airline Pobeda Airline Aurora Airline 9M 2018 Y-o-Y 9M 2018 Y-o-Y 9M 2018 Y-o-Y Passenger Traffic th PAX 9, % 5, % 1, % International Routes th PAX 3, % 1, % % Domestic Routes th PAX 5,483 (3.5)% 3, % % Passenger Turnover mn pkm 23, % 9, % 1, % International Routes mn pkm 11, % 2, % % Domestic Routes mn pkm 11, % 6, % 1, % Passenger Capacity mn ASK 26, % 9, % 2, % International Routes mn ASK 12, % 2, % % Domestic Routes mn ASK 14,068 (4.3)% 7, % 1, % Passenger Load Factor % 87.8% 2.7 p.p. 94.6% 0.1 p.p. 76.6% 3.4 p.p. International Routes % 92.0% % 2.5 p.p. 72.7% (0.4) p.p. Domestic Routes % 84.0% 4.6 p.p. 94.9% (0.6) p.p. 77.9% 4.7 p.p. Flight Hours hours 156,363 (0.7)% 70, % 35,201 (0.2)% 32
33 Aeroflot Airline Domestic and International Transit Growing Connectivity of Aeroflot Airline s Flights 1... Average weekly frequency per route Aeroflot airline 16.0x 19.1x 21.2x 20.9x 22.6x Growth 9M % 6.9% Results into a Flexible Approach to Transit Flows Considerable share of transit of Aeroflot airline in Sheremetyevo 44.2% 42.1% 42.9% 43.7% 41.5% 13.5% 12.1% 11.8% 12.2% 11.6% 16.7% 16.9% 17.5% 18.0% 16.3% % 14.0% 13.1% 13.6% 13.5% 13.6% M M 2018 International Domestic Combined Backed by Convenient Location of Aeroflot Hub Moscow Connectivity ratio Shortest geographical distance M M 2018 Domestic - Domestic International - Domestic / Domestic - International International - International Increase in International International Traffic Total Aeroflot airline int. int. transit traffic, million PAX 9.3% From/To Paris London Vienna Stockholm Rome Tokyo Via Moscow 15:00 15:05 13:45 13:15 14:55 Via Dubai 18:30 18:55 17:15 17:45 17:30 Shanghai Via Moscow 14:05 14:10 12:50 12:20 14:00 Via Dubai 17:25 17:50 16:10 16:40 16:25 Hong Kong Via Moscow 15:00 14:40 13:20 12:50 14:30 Via Dubai 18:30 17:10 15:30 16:00 15:45 Source: Company data, IMF, Eurostat, RITA, Russian State Statistics Service, Rosaviatsia. 1 Data for Aeroflot airline s own flights; Aeroflot adopted new frequency per route and connectivity ratio calculation methodology and previous periods were recalculated retrospectively M M 2018 Pickup in point-to-point demand combined with expanding capacities resulting in growing international transfer volumes Increasing flight frequency improves connectivity and supports Aeroflot s traffic growth in Sheremetyevo airport. Advantageous geographical positions and Group s efforts support traffic growth on key European and Asian destinations. 33
34 flights mm pax Infrastructure Expansion to Support Future Growth New Terminal B Highlights New infrastructure objects launched in 2018 Capacity 20 mln PAX (4,200 PAX per hour) Size 110 thd sqm New technologies implemented in the new terminal Connected to terminal E via interteminal tunnels Terminal B Interterminal tunnel Express train Evolution of key operating indicators (max. theoretical capacity) Sheremetyevo development plan Runway-3 Terminal C Warehouse Terminal B Fuel-filling Terminal C-2 Complex Cargo Terminals Annual pax capacity Flights per 55 hour 2 Source: Sheremetyevo press-center, aviation explorer, public sources Note: 1 Actual passenger traffic of According to IATA Methodology Runway-1 Runway-2 Terminal D Terminal F Terminal E Interterminal Tunnel Aeroflot finalized transfer of the majority of own domestic flights to the new Terminal B on November 15, 2018, leaving only eight daily flights to the Far East of Russia to ensure more efficient connections. 34
35 9M 2018 Operating Data by Region (Scheduled Routes) Americas Russia CIS 6.6 % 6.0 % 9.9 % 12.4 % 12.9 % 9.7 % 4.1 % 2.4 p.p. 0.7 % 0.5 % 0.2 p.p. Passengers RPK ASK (3.0) p.p. PLF carried Performance of North and Central American market was supported by additional frequency to Miami in Summer schedule and increased ASK to other destinations, which weighted on PLF. Passengers carried RPK ASK PLF Russian market is continuing to show consistent growth in 2018 with strong PLF performance on the back of efficient capacity management and addition of new routes and frequencies. Passengers carried Europe Middle East Asia RPK ASK PLF Positive contribution to regions KPIs comes from increased frequencies of Aeroflot airline and stronger demand to local destinations, slightly dimmed by subsidiaries operating program optimization % 13.4 % 16.5 % 7.4 % 7.0 % 10.7 % 2.6 % 2.0 % 1.7 % 0.3 p.p. (2.2) p.p. (2.7) p.p. Passengers RPK ASK PLF Passengers RPK ASK PLF carried carried European market performance benefited from Operating performance of the region significantly launch of additional frequencies to key affected by increased frequencies to Istanbul, destinations and from new destinations opening, Antalya and Dubai backed by strong demand. putting slight pressure on PLF. PLF affected by stronger competition on select routes. Source: Data presented based on management accounting for scheduled flights of Aeroflot Group (excluding charter flights) Passengers carried RPK ASK PLF More traffic on key scheduled destinations (Beijing, Seoul) as well as popular leisure destinations (Male) amid material increase in frequencies supportive for overall performance of the region. Strong operating performance on scheduled routes supported by FIFA World Cup and additionally influenced by selective route network adjustments and competition. 35
36 Aeroflot Group Fleet Evolution Aeroflot Group Fleet in Operation 1 Average Age of the Fleet Aircraft Aircraft Average Age ,2 289 Average Age , /30/ Excludes planes out of operation 2 Average Fleet Age of Selected Airlines with Active Fleet of 100+ Aircraft according to FlightGlobal data (as of October 2018) excluding planes out of operation /30/2018 Aeroflot Airline Fleet in Operation 1 Hainan Airlines Shandong Airlines Xiamen Airlines China Eastern Airlines Shanghai Airlines Sichuan Airlines Spirit Airlines IndiGo Qatar Airways Azul Emirates Airline Lion Air Saudia Etihad Airways Garuda Indonesia EasyJet Europe Singapore Airlines Japan Airlines American Airlines Qantas Lufthansa Air France British Airways Jazz United Airlines Delta Air Lines Aeroflot operates the youngest fleet in the industry among airlines with active fleet of 100+ aircraft Aeroflot achieved significant progress in fleet renewal both for Aeroflot airline and for the Group
37 Fleet Expansion Commitments Type of aircraft Notes: 1 As of ; Not including 1 An-24, 5 An additions are subject to corporate approval Delivery/Phase-out Schedule in Accordance with Existing Contracts 9M 2018 (Actual) Delivery Phase out 4Q 2018 (Plan) 2019 (Plan) 2020 (Plan) 2021 (Plan) Current fleet 1 Phase Phase Phase Phase Delivery Delivery Delivery Delivery out out out out Wide-body (long-haul) (3) 10 (4) 8 (3) A (3) - (4) - (3) B B A Narrow-body (medium-haul) 28 (10) (8) 10 (18) 15 (14) 15 (18) A (2) - (4) - (3) - (4) A (5) 85 1 (4) 1 (9) - (11) - (7) A (4) 39 - (2) - (4) (3) B (1) (1) 9-8 (4) МС Narrow-body (regional) (1) 12 (3) 12 (1) 12 - SSJ DHC (1) - (3) - (1) - - DHC TOTAL 46 (10) (9) 24 (24) 37 (19) 35 (21) Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market trends and opportunities. 37
38 Aeroflot Group Scheduled Flights Revenue Units 9M Yield (PAX Revenue / RPK) 9M RASK (PAX Revenue / ASK) RUB 0.5% % % 3.88 RUB 3.5% % % 3.21 Domestic International Total 9M Yield ex. Pobeda (PAX Revenue / RPK) RUB 10.4% 2.3% % 4.00 Domestic International Total 9M RASK ex. Pobeda (PAX Revenue / ASK) RUB 8.0% 6.9% 5.2% Domestic International Total Domestic % Y-o-Y increase International Total Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations. RUB dynamics and changing mix of operations at subsidiaries level affected RUB yields in Q3 and 9M
39 Aeroflot Group Blended Flights Revenue Units Q3 Yield (Scheduled + Charter PAX Revenue / RPK) RUB 0.2% 12.0% % 4.00 Q3 RASK (Scheduled + Charter PAX Revenue / ASK) RUB 3.0% 12.1% 8.1% Domestic International Total 9M Yield (Scheduled + Charter PAX Revenue / RPK) RUB Domestic International Total 9M RASK (Scheduled + Charter PAX Revenue / ASK) RUB % % 7.2% 9.3% 7.3% 4.5% Domestic International Total Domestic International Total % Y-o-Y increase Note: Data presented based on management accounting figures, scheduled and charter flights revenue is used for calculations RUB dynamics and changing mix of operations at subsidiaries level affected RUB yields in Q3 and 9M
40 Traffic Revenue Analysis Traffic Revenue Breakdown by Type 9M 2018 Sheduled Passenger Flights 89.7% Revenue from Scheduled Passengers (RUB mln) 1 Q Q Y-o-Y Region 9M M 2018 Y-o-Y 9M 2018, % of sch. revenue 62,086 71, % Russia 137, , % 41.1% 37,319 45, % Europe 88, , % 28.1% Cargo 3.0% Charter Passenger Flights 7.2% Scheduled Traffic Revenue by POS 9M Sales in Russia 31.8% Call center and ow n branches 3.6% Online 32.7% Sales abroad 31.8% 18,158 21, % Asia 49,525 56, % 14.8% 7,111 7, % CIS 16,729 18, % 4.9% 8,323 10, % 6,313 7, % North and Central America Middle East and Africa 19,801 23, % 6.2% 16,146 18, % 4.9% 139, , % Total 327, , % 100.0% Total Passenger Revenue (Scheduled + Charter, RUB mln) Q Q Y-o-Y Segment 9M M 2018 Y-o-Y 9M 2018, % of revenue 63,976 73, % Domestic 141, , % 39.3% 85, , % International 208, , % 60.7% 149, , % Total 350, , % 100.0% In 9M 2018 revenue from scheduled passengers grew by 15.8% mainly driven by revenue growth on Russian, European and Asian markets. 1 Data presented based on management accounting 2 Data presented based on management accounting for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot 40
41 Headcount Overview Aeroflot Group Headcount by Category Traffic Revenue / Average Airlines Headcount 31-Dec Sep-2018 % Cabin crew 11,259 11, % Airport services 7,034 7, % Technical maintenance and repair 4,702 5, % Flight crew 3,846 4, % Tickets and services sales, advertising 1,903 1, % Other airline personnel (inc. airlines head office) 5,430 5, % Other non-airline subsidiaries personnel 4,696 4, % Total 1 38,870 40, % 1 Aeroflot Group headcount table excludes Aeroflot Aviation School headcount amounting to 181 employees as at and 198 employees as at Other airline personnel 13.7% Airport services 17.5% Other non-airline personnel 12.2% Tickets and services sales, advertising 4.7% PAX Traffic / Average Airlines Headcount (million RUB per employee, annualized to ) (passengers per employee, annualized to ) Flight crew 9.9% Cabin crew 29.3% Technical maintenance and repair 12.7% 9.7% 4.2% ,491 1, (LTM) (LTM) (LTM) (LTM) Improvement in labour productivity has resulted in increase of key performance indicators in 9M Aeroflot Group headcount increased by 6.2% vs. September 30,
42 Operating and Free Cash Flows (RUB mln) Billion RUB 9M 2018 Other adjustments before working capital changes, incl Effect from revenue hedging (finance lease hedge accounting) 4.9 Change in provisions 8.1 Other (2.8) Billion RUB 9M 2018 Working capital changes and income tax, incl. (18.8) Change in accounts receivable and prepayments (17.5) Change in accounts payable and accrued liabilities 3.1 Change in expendable spare parts and inventories (1.2) Change in tax and restricted cash (3.2) (31.3)% 10,160 (18,801) 9,590 4, (8,592) 12, , ,254 54,882 44,130 30,043 36,081 Profit Before Income Tax D&A Interest Expense Unrealized Net FX Loss Other Adj. Before Working Capital Changes Cash Flows From Operating Activities Before Working Capital Changes 1 Change in provisions line mainly consists of provision for regular repairs and maintenance Working Capital Changes and Income Tax Net Cash Flows From Operating Activities Capital Expenditures Proceeds From Sale of PPE Deposit Placement and Return Net Predelivery Payments for Aircraft Net Leasing Deposits for a/c in Operating Lease and Other Free Cash Flow 9M 2018 Free Cash Flow 9M 2017 Strong Operating and Free Cash Flow generation in 9M 2018 on the back of growing business volumes and solid operating performance. 42
43 Net Income Evolution (RUB mln) 61, (66,588) (3,038) 966 (699) 105 2, ,149 22,490 Reported Net Traffic Revenue Other Revenue Income 9M 2017 Operating Expenses Finance Income Finance Costs Hedging Result Revaluation of Equity Investments and other Taxation Other Reported Net Income 9M 2018 Increase in revenue generated by growing volumes was offset by a less favorable cost environment which resulted in adjustment of the bottom line. 43
44 Reported and Adjusted Net Income Analysis 9M Adjusted Net Income Build-Up (RUB mln) 196 (144) (1,327) (561) (2,222) 22,492 18,434 Reported Net Income 9M 2018 Discounting of receipt of lease deposits Change in the fair value of investments in equity securities FOREX on PDP Insurance refund (aircraft) Recovery of part of the provision created for compensation under long-term motivation programs Adjusted Net Income 9M 2018 One-off effects had limited influence on Aeroflot Group 9M 2018 financial results. 44
45 IFRS 16 (accounting of leases) IFRS 16 will replace IAS 17 and is mandatory applicable starting January 2019 Almost all lease contracts will be recognized on balance sheet Operating lease charges will be divided between depreciation and interest, implying increase in EBITDA Adoption of the standard may increase volatility of companies PL Aeroflot is analysing the implications of the new standard and looking for solutions to avoid increased volatility Balance sheet line BALANCE SHEET Finance leases IAS 17 IFRS 16 Operating leases Assets - All leases Liabilities $$ - $$$$$$$ P&L line Revenue Operating costs (excluding D&A) EBITDA INCOME STATEMENT Finance leases IAS 17 IFRS 16 Operating leases All leases - Expense - Depreciation and amortisation Depreciation - Depreciation Off balance sheet rights/ obligations - $$$$$ Operating profit Finance costs Interest - Interest Profit before tax Introduction of IFRS 16 will materially change financial statements of all companies with significant rent. Aeroflot will introduce IFRS 16 starting from 1 January 2019 and is currently preparing for its implementation and analyzing potential effect and solutions to minimize volatility. 45
46 Board of Directors Corporate Governance Board of Directors General Meeting of Shareholders Audit Committee (3 members) Name Mikhail Poluboyarinov Audit Committee Personnel and Remuneration Committee Strategy Committee Board of Directors Personnel and Remuneration Committee (3 members) Evgeny Ditrich Vitaly Saveliev Sergey Chemezov Executive Board Strategy Committee (9 members) Igor Kamenskoy Member Chairman Member Roman Pakhomov Member Chairman Incorporated in Russia, PJSC Aeroflot is subject to Russian corporate governance regulations and follows Russian Corporate Governance Code Dmitry Peskov Member Vasily Sidorov Chairman Member Member Yuri Slyusar Member The Board of Directors is currently composed of 11 members. The Board s composition is well balanced from members background perspective. Maxim Sokolov Member Mikhail Voevodin Member Member Independent director according to the Russian Corporate Governance Code 46
47 Aeroflot Group Structure PJSC Aeroflot (1) Airlines Ancillary Companies JSC Rossiya Airlines 75%-1 sh. CJSC Aeromar On-board sales/catering 51% JSC Donavia (2) 100% JSC Orenair (2) 100% JSC Aurora Airlines 51% LLC Pobeda Airlines 100% LLC Aeroflot-Finance Financial services JSC Sherotel Hotel services Aeroflot Aviation School Education services 100% 100% 100% A-Technics Maintenance 100% Over the past years the Group structure was refined with a focus on aviation assets and disposal of non-core assets, which is in compliance with the Group's strategy to streamline the core business PJSC Aeroflot also owns 45.0% of JSC AeroMASh-AB (Aviation security), 2.43% of JSC Sheremetyevo International Airport (base airport), 3.85% of PJSC Transport Clearing House (mutual settlements between agencies and airlines) and 49.0% of LLC Transnautic Aero (cargo sales, in liquidation) Notes: (1) The Group as of 30-Sep-2018; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries. (2) Non-operating entities 47
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