Russia’s Transaero Airlines shared with us its official statement following the news that we have published earlier today. The statement is as follows: “Transaero fully repays its commitments towards the banks, despite the financial pressure from volatility of Russian ruble.
The airline has made payments to the banks and other credit institutions totalling Rb12.5 billion over the first seven months of the year. These payments are more than treble the Rb4 billion it paid in the same period of 2014.
Sberbank made a decision to extend covenant vacation for the airline until October 1, 2015.
Transaero has forwarded to its financial partners the updated business model (business plan) that takes into account the current forecasts and has been developed with the participation of McKinsey international consultancy firm.
In December 2014 the Business Enhancement Plan, which was developed with the participation of McKinsey amid the changed market conditions, was supported by the Government and bank-partners and became the basis for the loan for 9 billion rubles. The implementation of this plan produces the positive results. This is proved by the fact that Transaero’s passenger traffic grew by 2.5% over the first seven months of 2015; passenger load factor increased to 92.5% in July – Transaero has been the leader among the largest Russian carriers in the country for many years in terms of this indicator. In the first six months of 2015 Transaero’s revenues increased by 3.3%. The airline’s passenger yield grew by 19%. Transaero has decreased its operating prime costs by 5% and its management related costs by 1%. In the first half of 2015, the transit passenger traffic has nearly doubled – the growth achieved 96%.”