Aeroflot has sold Nordavia for $7 million - RUSSIAN AVIATION

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Aeroflot has sold Nordavia for $7 million

Russian Aviaton » Thursday March 24, 2011 15:45 MSK

Boeing 737 Nordavia | © Cedric Valence, www.flyfan.be

Aeroflot has sold Nordavia Regional Airlines to Norilsk Nickel for only $7 million. According to Komersant, the carrier's overall value has been assessed at $207 million, whereof $200 million were Nordavia's obligations.

Aeroflot has completed the transaction of selling Nordavia to Nornickel yesterday. According to a source close to the details of this contract, the bottom-line price of the company was $207 million, but Nornickel will pay Aeroflot only $7 million. It is the value of joint stock, which Aeroflot will receive in form of monetary assets, the rest are Nordavia's debts.

Aeroflot explained that $200 million of obligations will be deconsolidated from the group's reports by IFRS for 2011 as a result of this transaction, although the Nordavia's debts according to RAS were only $60 million following the results of 2009.

Aeroflot has included all the future payments for aircraft leasing, which are not displayed in Russian reports, in Nordavia's debt. The other companies usually don't qualify these sums as debts, but Aeroflot does. In addition, Aeroflot expects the increase of group's financial result by about $60 million in 2011 as a result of regional airline's accumulated loss exclusion.

Nordavia has yielded loss of $9 million to Aeroflot during the first nine months of 2010.

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