OREANDA-NEWS. A regular Annual General Meeting for shareholders of UTair Aviation took place on June 30, 2014. The Meeting concluded with the approval of the UTair Aviation annual report, an annual accountability report and a financial results report including a profit and loss statement.

UTair Aviation performance results in 2013 strengthened the company's position among the leaders of the global helicopter industry as well as confirmed UTair's position among the top three Russian airlines. The UTair Group has been actively developing a third business area - aircraft services, including MRO for airliners and helicopters as well as ticket sales and other supporting services.

According to the approved report on the financial results, the airline's revenue in 2013 amounted to 73,697,909,000 rubles, a 1.7% increase over 2012. Net profit amounted to 326,905,000 rubles.

Operational results showed significant growth. In 2013 UTair Group airliners transported 8,182,074 passengers, a 5.3% increase over the previous year. Passenger turnover reached 16,769,800,000 PKM, growing 10.6% YoY. These results have been achieved by expanding the UTair operational programme, including new routes and increasing flight frequency, as well as by launching new Airbus A321 aircraft, seating 220 passengers, into operation. Moreover, UTair has shown 2.6 percentage points growth in passenger load factor, surpassing the industry average and demonstrating the efficiency of UTair fleet management.

The UTair helicopter fleet logged a total of 121,777 flight hours in 2013, including 101,233 flight hours in Russia and 20,544 hours abroad. Helicopter services were performed under contracts with many of the Russia's largest oil and gas companies and for the UN.

In accordance with the Statement on Corporate Net Profit Distribution it has been decided at the AGM to allocate the airline's net profit for 2013 with no declarations or payments of dividends for ordinary registered shares.

Shareholders voted for members of the UTair Supervisory Board, consisting of 7 persons. Surgutneftegas NPF Executive Director Ruslan Gabdulhakov has been elected Chairman of the Supervisory Board. An internal Audit Committee, consisting of three persons, has also been appointed.

Shareholders selected Rosexpertiza as the company's auditor for 2014, following competitive practice.

In addition, shareholders approved the increase of authorized capital of UTair Aviation at the expense of additional shares. The total volume of additional shares to be issued amounted to 600,000,000 (six hundred million) with an offering price is 23 rubles 00 kopecks per share. Private placement participants include Surgutneftegas pension fund AK-INVEST (a 100% subsidiary of Surgutneftegas non-state pension fund) and RE-Avia.

As part of the follow-on offering it was decided to increase the number of authorized ordinary registered shares to 724,945,000 with a value of one ruble each. Relevant amendments to the Corporate Charter were approved along with the increase in the number of authorized shares.