Operational management of MRSK Holding to be transferred to FGC
The government has decided to transfer operational management of MRSK Holding to Federal Grid Company (FGC). The transfer should be finalized by July 1, 2012, once the required corporate procedures have been completed. According to press reports, MRSK Holding CEO Nikolay Shvets may leave his current position.
We expect revenue to increase following strong operating performance
Aeroflot is scheduled to publish 2011 IFRS financial results on Thursday, May 17.
We believe that Aeroflot outperformed the Russian air industry in 2011, when the airline’s passenger turnover increased by 19.4% y-o-y, with full year passenger yield growing by an estimated 3.6% y-o-y, resulting in an estimated 21% y-o-y increase in passenger revenue to USD 4.1bn. We also anticipate a 7.8% y-o-y increase in other revenue, mainly driven by a 30% y-o-y increase in Sheremetyevo terminal revenue. As a result, we expect consolidated revenue to increase by 18% y-o-y to USD 5.1bn for full year 2011.
Strong LCV and MCV sales should drive 2011 revenue growth
GAZ Group is scheduled to publish 2011 IFRS financial results on Thursday, May 17.
We expect revenue to increase by 28% y-o-y to RUB 124bn, driven by strong sales results in LCV and MCV segments, which saw sales increase by 23% y-o-y and 40% y-o-y respectively. We also expect average vehicles sales price growth of 7.5% y-o-y for 2011.
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