OREANDA-NEWS. UTair Aviation held its Annual General Stakeholder Meeting in Khanty-Mansiysk on June 29, 2015. The meeting approved the UTair Aviation annual report and annual financial report, including the profits and losses report.

UTair Aviation continues consecutive implementation of measures aimed at improving financial efficiency, smoothly executing planned operational activities program.

In 2014 UTair Group aircraft transported a total of 11,204,598 [1] passengers, demonstrating a 7.59% increase over 2013. At the same time negative factors affecting Russian economy and, consequently, the Russian aviation industry, have lead to a decrease in UTair’s financial performance. In these circumstances UTair bore net losses amounting to 22.3 billion rubles. However, thanks to complex efficiency improvement and structural optimization program Impulse, adopted in summer 2014, UTair has managed to improve its operational financial result by 1.6 billion rubles compared to the planned figure. In particular, Impulse program involved adjustments to the UTair route network and significant optimization of the airline's fleet.

As no profit was generated in 2014, the profit distribution was not listed on the agenda of this year’s Annual General Shareholder Meeting. The Meeting approved the decision not to distribute ordinary share dividends.

Seven members approved by the Meeting will compose the UTair Aviation Board of Directors. Andrey Martirosov was elected General Director. Rosexpertiza was chosen to serve as the auditor for the company’s operational and financial activities in 2015.

UTair Aviation is the core enterprise of UTair Group consisting of companies performing aircraft operations with fixed and rotary wing aircraft as well as enterprises offering MRO, personnel training, flight services and air transportation sales services. UTair Group is Russia’s largest helicopter operator and one of the leading operators worldwide. UTair Group is the largest provider of air transport services to the United Nations. UTair Aviation ranks among top Russian airlines. UTair aircraft perform flights to 150 destinations, including 70 unique destinations. UTair Group employs some 12,500 people. UTair Group headquarters are located in Surgut.

[1] Including UTair Group helicopters