Sheremetyevo Reports Revenue Decline for First Half of 2020

SIA JSC, the operator of Sheremetyevo International Airport, recorded revenue of 10.355 million rubles for the first six months of 2020, when air travel declined sharply worldwide due to the coronavirus pandemic. This was a decrease of 44.2% compared to the same period in 2019.

Aviation activities declined by 47.6%, and non-aviation activities declined by 39.1%. The income from concessions decreased by 18.9%. The growth in cost of sales was 19.8%, associated with an increase in maintenance and amortization costs of the new Terminal C and concession facilities.

Gross income for the period was 3,050 million rubles, which is 75.5% lower than for the same period in 2019. The decrease in revenue and negative exchange rate changes were the major factors that produced a net loss of 1,157 million rubles in the first half of the year.

The results were presented to the Board of Directors at a regular meeting conducted remotely on August 26, at which the financial statements for the First Quarter of 2020, which were prepared in accordance with Russian Accounting Standards (RAS), were approved.

The Board of Directors voted to convene the annual general meeting of shareholders of SIA JSC on September 30, 2020, and approved the agenda of the meeting.

The board also approved the composition of the new 12-member Board of SIA JSC. Members were elected for the period from 1 September 2020 to 31 March 2022, in accordance with the Charter of SIA JSC.

SIA JSC Board of Directors members are: Chairman A.A. Ponomarenko; Member A.I. Skorobogatko, General Director of SVO JSC M.M. Vasilenko, President of Sheremetyevo Holding LLC R.N. Zinovyev, First Vice-President – Investment Director of Sheremetyevo Holding LLC A.S. Smagin, Head of the Business Consulting Department of the autonomous non-profit organization Analytical Center Under the Government of the Russian Federation L.R. Nisenboim, Deputy Head of the Federal Agency for State Property Management I.S. Petrov, Deputy Minister of Transport of the Russian Federation A.A. Yurchik, and Head of the Federal Agency for State Property Management V.V. Yakovenko.