OREANDA-NEWS  On 26 September was announced, that UTair (UTair Aviation, JSC) completed the preparation and audit of its consolidated financial statement for 2007 under International Financial Reporting Standards (IFRS).

The airline lays particular emphasis on the preparation and auditing of its IFRS-based financial statements as an important part of its overall strategy to enhance its transparency and investment attractiveness.

UTair’s revenue from its core business stood at RUB 23bn (approx. USD 902.31m) in 2007, up 36.97 percent from 2006. Meanwhile, operating profit from core activities increased 16.8 percent compared with 2006, reaching RUB 145.6m (approx. USD 5.71m). EBITDA amounted to RUB 2.424bn (approx. USD 95m), having increased 26 percent from the previous year. Net profit stood at RUB 552.9m (approx. USD 21.69m) in 2007 from a year earlier.

The group’s total asset value rose 38.1 percent to RUB 17.4bn (approx. USD 682.6m), including RUB 10.2bn (approx. USD 400.1m) in UTair’s fixed assets.

The airline has seen positive dynamics in its operating cash flow, which amounted to RUB 1.5bn (approx. USD 58.8m) in 2007, or 9.7 percent greater than in 2006. The airline’s statement was audited by one of the world’s leading international auditing firms, Ernst & Young.