In June 28, 2018, Utair held the General Shareholders Meeting in Khanty-Mansiysk. The meeting approved the annual report and financial statement.
In 2017, Utair Aviation, the major air transportation enterprise of Utair Group, increased passenger traffic by 9.7% to 7.3 million passengers, and raised the seat occupancy rate by 4 p.p. to 76%. According to Rosaviation’s rating, Utair was the most punctual airline in 2017 — 98.8% of flights were performed in strict accordance with the timetable.
In compliance with the approved financial model, Utair retained the revenue parameters at the level of the last year. Utair revenue was ₽55bn, and Utair Group earned ₽75.8bn.
“The company fulfilled its plan of debt servicing and paid to creditors over ₽3bn of interests on credits and loans. Utair provides full servicing of the current liabilities owing to its high level of net working capital, ₽7.99bn. Quick (1.4) and current (1.8) liquidity ratios are also in compliance with the industry requirements (equal or higher than 1 and 1.15, respectively). The increase in revenue and passenger traffic was supported by the following factors: our improvement of operational efficiency and product management, new commercial initiatives, and continuous expansion of our route network in Russia and abroad,” commented Utair CEO, Andrey Martirosov.
In accordance with the Supervisory board recommendations, the shareholders decided not to pay dividends on registered ordinary shares for 2017.
The shareholders elected 7 members of the Supervisory board and approved the engagement of OOO Ernst and Young for auditing the airline financial and economic activities in 2017.
Utair is one of the TOP-5 air carriers of Russia. The airline flies to 150 destinations, over 60 of which are serviced exclusively by Utair. Utair aircraft fleet includes 66 airplanes. Moscow Vnukovo airport is the main hub, where over 160 Utair flights are scheduled daily. Utair is headquartered in Surgut.