UTair shareholders approve annial report for 2010

Today UTair Aviation held its annual shareholder meeting in the town of Khanty-Mansiysk.

Shareholders approved the company’s annual report, accounting reports and P&L accounts for 2010. Shareholders also decided on income for 2010, voting to distribute dividends of 0.12 roubles per one ordinary share.

UTair Aviation revenues from core businesses in 2010 constituted more than 42.43 million rubles, 27.5% more than in 2009. The annual report announced a net income of 215,420 rubles.

The UTair Group, consisting of UTair Aviation, UTair Express, UTair Ukraine, UTair Cargo, Nefteyugansk, Helisur, UTair Europe s.r.o., UTair South Africa (Pty) Ltd and UTair India continued to show significant growth in 2010. In 2010 the Group’s fixed wing and rotorcraft fleets transported 5,769,601 passengers, 34.5% more than in 2009. Passenger turnover constituted 8,981,417.1 PKM, an increase of 51.2% over 2009. The airline added almost 30 new destinations to its route network. UTair added 25 new aircraft to its fleet, including Bombardier CRJ 200s, Boeing 737-400s and Boeing 757-200s.

In 2010 the Group’s helicopter division showed significant growth. The airline’s rotorcraft delivered 141,262.3 tons of cargo, 34.3% more than for 2009. In total, the Group’s helicopters logged 121,097 flight hours, 22.9% more than for 2009.

UTair's impressive KPI growth has been achieved though the increase in the volume and geographical scope of its activities in Russia and abroad. As part of its helicopter fleet modernization, UTair completed an unprecedented contract for the supply of 40 new Mi-171 helicopters from the Ulan-Ude Aviation Plant ahead of schedule and also concluded a contract with Eurocopter for the delivery of 20 light AS350B3 and AS355NP Ecureuil helicopters.

Participants of the annual shareholder meeting also elected a new Supervisory Board and Audit Commission. Shareholders have appointed LLC Rosexpertiza the auditor for 2011 to verify the financial and economic activities in accordance with Russian legislation. For the eighth time, UTair shareholders elected Andrei Martirosov to continue in his role as General Director of UTair Aviation. Martirosov has lead the company in this capacity since 1999.

UTair continues its fleet modernization and route network expansion efforts in 2011. The airline introduced international flights from Moscow to Hanover, Brno and Bratislava, and signed an agreement for the delivery of 40 Boeing 737 Next-Generation aircraft from 2013 to 2016. UTair is the first Russian and Eastern European airline to operate the new Boeing 737-800 aircraft with advanced Sky Interior configuration. The company signed a contract for and is already receiving delivery of 20 new regional ATR 72-500 turboprop planes. According to the UTair business plan for 2011, the airline expects to transport more than 7 million passengers this year.

Strategic objectives of UTair’s helicopter business include expanding the scope of work in Western and Eastern Siberia, developing of new types and improving helicopter operations with light helicopters, strengthening cooperation with the UN on the use of helicopter transport in peacekeeping missions, increasing commercial contracts for helicopter operations in Africa, India, Canada and other countries, scaling up operations in continental Europe, as well as offshore helicopter works. UTair has concluded a firm contract with Eurocopter for the supply of 15 EC175 helicopters. An agreement was signed with Russian Helicopters for the production and delivery of 10 Mi-34S1s.

UTair shareholders approve annial report for 2010

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UTair shareholders approve annial report for 2010