Transaero has made a name on losses

Revaluation of the brand made it possible to go away from negative equity.
Against the background of losses and rising debt in the end of 2014 to the second Russian airline "Transaero" has tried to remedy the situation at least in statements, overestimating its brand. Its cost has increased by almost 30 times to 61.2 billion rubles. - 20% more expensive than, for example, the brand of "Aeroflot", approximately at the level of the UK Easy Jet and Australian Qantas. This allowed the carrier to avoid the formation of negative equity, but raised doubts even among his own auditors from "PCM Rus".

"Transaero" has published a report under IFRS for 2014: net loss amounted to 14.4 billion rubles. with an increase in revenues by 7.9% to 113.7 billion rubles. During 2013 the carrier showed a net profit of 788 million rubles., But in the new reporting and the figure revised due to the revaluation of fixed assets and intangible assets to a loss of 13.3 billion rubles. But the statements of "Transaero" not totally convinced the auditors for the year 2014 of the "PCM Rus". In their conclusion, the company did not take into account the depreciation of aircraft finance lease until their redemption. But the main thing - "Transaero" unexpectedly underestimated the its brand in 2014 just 59.1 billion rubles. to 61.2 billionrub. (Nearly $ 1.2 billion).

According to a study Brand Finance, a close value of brands in the UK loukostera Easy Jet and Australian Qantas, the most expensive brand of the sector - at Emirates ($ 6,6 billion). The brand of "Aeroflot" is estimated at $ 1 billion On the whole Russian brands, according to Brand Finance estimated that in recent years more became cheaper:. So that the most expensive Sberbank and "Gazprom" have fallen in price, respectively, by 21%, to $ 8.67 billion, and 24%, to $ 6.96 billion.

"Transaero" in 2014 carried nearly 13.2 million people. Basic airport - Domodedovo and Vnukovo airports, route network - 260 domestic and international destinations. Shareholders - wife Olga and Alexander Pleshakov (36.6%), the company "Transaero-Finance" (11,5%), Start-up investment Ltd (6,4%), among other shareholders - 45.3%. Park at the end of the year the aircraft - 104, including 59 in a finance lease, and 36 - in the operating room.

Due to the revaluation reserve by 78.1 billion rubles. capital "Transaero" was positive, reaching 33.4 billion rubles. (In 2013 and 2012, he was negative --19,7 billion and 7.8 billion rubles., Respectively). However, according to "PCM Rus", there is sufficient evidence that this standbe the brand "Transaero" corresponds "to the principles of determining the fair value of intangible assets according to the active market" that provided the principles of IFRS. In the company argued that it reassessed its trademarks for the first time in six years. "To determine the value of intellectual property," Transaero "engaged an independent appraiser, - explained in the company -. As a result of the professional expertise of the fair market valuation of trademarks airlines, compliance with industry peers was formed Periodic revaluation of trademarks is mandatory in terms of the Balance Sheet. - for the formation of the correct market value of the company's intangible assets. "

Overall capital "Transaero" amounted to 192 billion rubles in 2014. But of them are general obligations of the company had about 160 billion rubles. Of which long-term amounted to 78.1 billion rubles, short -. 81.2 billion rubles. Accounts receivable increased by almost 70%, to 36.2 billion rubles. The company noted that because of the coursesth difference and increase the cost of servicing loans and leasing operations (denominated mostly in foreign currency) increase in financial expenses amounted to 44% (15 bln.). The main negative factors in "Transaero" called sanctions that have changed credit policy of the Russian banks and caused the growth rates and curtailing lending; depreciation of the ruble, to reduce demand; Flight restrictions through the airspace of Ukraine and others. Positively impact the introduction of non-return tickets and reduced fuel cost in foreign airports after the fall in oil prices at the end of the year.

The head of the analytical service of "Airport" Oleg Panteleyev believes that such a re-evaluation of intangible assets is unprecedented for the Russian aviation industry. But the statements of "Transaero", the expert believes, reflects the general situation in the Russian aviation market: operating expenses outstrip growth in incomes of the majority carriers and the most radical cost-cutting measures for a long time can not compensate for the losses.