Andrey Martirosov Is Elected UTair CEO

Andrey Martirosov Is Elected UTair CEO

3 July 2017

On June 30, 2017, UTair Aviation held the General Shareholders Meeting in Khanty-Mansiysk.

Andrey Martirosov was elected the Chief Executive Officer of the Company. He has been holding this position since 1999. The meeting also approved the annual report and financial statements, including the profit and loss report.

In 2016, UTair aircraft have transported 6.7 million passengers (UTair Group – 7.6 million passengers), which is 20.1% more than over the previous year, including 5,602,435 passengers (+25.5%) to internal destinations. UTair Group helicopter flying time totaled 131,700 hours in 2016.

According to the financial reporting approved by the shareholders, the UTair Avia revenue was RUB55.6bn (+12.1%), and the total revenue of UTair Group was RUB75.4bn (+7.1%). Net profit grew to RUB0.59bn, and operational profit – to RUB1.67bn (+4.09%). Return on assets increased by 20.5 p.p. to 0.7%.

“2016 is a very important year for UTair airline. We stabilized our financial situation: both the parent company and divisions gained net profit, having made all due payments under their credit commitments. These results prove the success of our crisis management strategy adopted two years ago and supported by our creditors, shareholders and the government. Our ‘Impulse’ program aimed at cost reduction will go down in history of the aviation industry as one of the most ambitious and effective. In 2017, quality improvement of products offered to passengers, the buildup of our fleet efficiency, improvement of purchasing procedures, and increase in expenditure control were among priorities set by our airline. Over 2015-2016, UTair increased the annual transportation volumes by 20% using the same fleet. The efficiency grew by one-third, 32.8% as compared with the 2015 level,” said UTair CEO Andrey Martirosov.

The meeting decided to allocate 2016 net profit according to recommendations of the Supervisory Board without assigning or paying dividends on ordinary registered shares.

The Supervisory Board is decided to be composed of 7 persons. OOO Ernst & Young is approved as the auditor of the Company’s financial and economic activity in 2017.

UTair Aviation is the core enterprise of UTair Group including companies that perform aircraft (fixed-wing and rotary-wing) operations and enterprises for aircraft R&M, personnel training, rendering and sale of flight services 

In 2016, UTair Aviation fleet transported 6,654,417 passengers exceeding the 2015 results by 20.1%. During peak season, UTair flies to 170 destinations, including 65 unique destinations. UTair fleet includes more than 60 modern aircraft. UTair uses Vnukovo International Airport in Moscow as its main hub, where over 160 UTair flights are scheduled daily. UTair Group is headquartered in Surgut. UTair has been included in IOSA Registry since 2008.