Shareholders UTair has decided not to pay dividends for 2016

Moscow. July 3. INTERFAX.RU the Shareholders of PJSC “Airline “UTair” at the annual meeting on 30 June, decided not to pay dividends by the end of 2016, says the company.

Most of the profit obtained in the year 2016, the company will be sent to cover losses from previous years (545,55 million rubles). Even 29,49 million rubles to the reserve Fund, and 14,687 million roubles – to Fund payments to members of the Supervisory Board of the company in 2017.

As reported, the net profit of UTair, the company in 2016 amounted to 589,728 million against 18,426 billion rubles of net loss in 2015. IFRS “UTair” in 2016 we got 5.45 billion rubles of net profit against 2.8 billion loss in the previous year.

In 2015, “UTair”, which was then on the verge of bankruptcy, saved a syndicate of banks that agreed to refinance billions of dollars in debt of the carrier. One of the terms of the agreement was that for the whole loan term – 12 years – “UTair” will be able to pay dividends only with the agreement of the creditors.

Last time UTair has paid dividends from the net profit under RAS for 2012 in the amount of 0.2 ruble per share. Just on the dividends was directed 115,44 million rubles, which is by 41.6% more than in 2011 (80,809 million rubles). At the end of 2013-2015, the company no dividends were paid.

UTair – one of the largest airlines of the Russian Federation, included in the group operating the aircraft and helicopter fleet. Based in the Moscow airport “Vnukovo”, Tyumen Roschino airport of Surgut and Khanty-Mansiysk. Shareholders UTair are NPF “Surgutneftegas” (owns 50,112% via JSC “AK-invest”), Khanty-Mansi Autonomous Okrug (38,83%) and Tyumen oblast (8,44%).