Talking about the future of the brand "Transaero" is premature. We will watch scheme of "Aeroflot" group and the whole aviation market of the country ", - said the Minister of Transport Maxim Sokolov on Friday (by" Interfax quoted "). And yet the future of the brand in question, "Transaero" has ceased to evaluate it of 59.1 billion rubles., It follows from the report for the first half of IFRS.
Reporting "Transaero" for 2014 has brought a lot of surprises: for example, according to revised since 2012 the financial results of the airline is losing money for three consecutive years. But the main surprise - a brand rating of 59.1 billion rubles. of the total value of intangible assets is 61.4 billion rubles. This is a reflection of intellectual property rights, the auditor wrote PCM "Russ" in custody, but warned that there was sufficient evidence of the validity of the audit.
The IFRS for the first half of the year, intangible assets are estimated at 7.2 billion rubles., In the same reporting it said that in 2014 intangible assets were estimated at 190.4 million (sic!) Rub. Reporting was signed on 15 September. The report under RAS for the II quarter nematerianye assets valued at 68.3 billion, and at the end of 2014 - to 61.2 billion rubles. This reporting was published in mid-August.
Explanations for this representative of "Transaero" not given.
"Transaero" has ceased to evaluate your brand is so expensive, and its equity under IFRS became negative - minus 52.6 billion rubles. at the end of the first half and 54.4 billion rubles. at the end of 2014 (according to the report for the first half). But accounting standards the capital as at 30 June - positive (13.2 bln.), As well as for the year (14.7 billion rubles.).
If recorded negative equity according to RAS, the company's CEO for three months shall apply for its bankruptcy, the head of arbitration practice law firm "Egorov, Puginsky, Afanasiev and Partners" Sergei Kovalev, or CEO if the company did go bankrupt, may be held vicarious liability - as well as shareholders. Negative equity and in accordance with IFRS could be the basis for the filing of the bankruptcy petition, or at least the general director must conduct a financial audit, says Kovalev.
In itself otritsatYelnia net asset value can not be the basis for an application for bankruptcy: here are two other indicators - lack of property and insolvency, says the head of the corporate practice group of Goltsblat BLP Anton Panchenko, but in any case for purposes of the Bankruptcy Act take into account only the data RAS.
For lenders and bondholders negative equity under IFRS - an occasion to demand early repayment continues to Kovalev, and if the debts are not repaid, the banks may require a bankruptcy notice to the 14 days, the bondholders must first collect the debt in court.
"Aeroflot" representative questions about the reporting of "Transaero" did not answer.
In an address at the "Transaero" two bond issues totaling 5.5 billion rubles. However, obligations to banks total debt "Transaero" at 30 June - 78.5 billion, taking into account the commitments to leasing companies - approximately 250 billion; the largest creditor - "VEB-Leasing" with 55 billion rubles. Such an assessment gave President of Sberbank German Gref. On TuesdayHe said that "Transaero" and "Aeroflot" offers options for repayment of debt to creditors since 28 September (see. incision). "Aeroflot" trying to figure out what he received for an inheritance, - Gref said (by "Interfax" quote). - We have him in this help, we try to develop its own model, trying to understand how to work with this debt, a debt can be serviced, a number of aircraft to be fit and in general whether perhaps some reasonable terms to restructure to the creditors that debt. "
The new owner of "Transaero" - "Aeroflot" is now a stronger negotiating position than the creditors: in case of bankruptcy of the company, they receive much less than the debt restructuring and the continuation of the company, said analyst Andrew Tretelnikov RMG.
"Daughter", "Aeroflot", "Aeroflot-Finance" has made an application to the FAS for the purchase of 90% of "Transaero", the transaction should be closed until 28 September, told "Interfax". Last week, the managing director of "Transaero » He was appointed Dmitry Saprykin, former deputy director of "Aeroflot" on property issues.