Since 2013 Aeroflot has not paid dividends: the company had losses in 2014 to 17.1 billion rubles, in 2015 - 6.5 billion rubles. Last year the company received a record net profit of 38.8 billion rubles. Now it is ready to pay not 25%, as recorded in the dividend policy of the company, but 50% from it if required by the state (which owns 51.2% of the airline company), as follows from the words of Deputy General Director of Commerce and Finance Shamil Kurmashov. He stated this at a conference call with investors, reports Interfax.

The Board of Directors of the airline company must approve the recommendation to the AGM on the payment of dividends in May. Will the Federal Property Management Agency give the directors a directive vote for payment of 50% of net profit is unknown; the ministry spokesman did not respond to questions of Vedomosti. If this decision is made, the investors will get record 19.4 billion rubles, of which the state will account for 9.9 billion rubles. If the company gives 50% of net profit to the shareholders, the dividend yield of Aeroflot will be 10%, says analyst Konstantin Yuminov at Raiffeisenbank.

EBITDA of Aeroflot was slightly lower than expected, 78 bln rubles, an increase of 32.9%, the analyst of Aton Mikhail Ganelin noted. The EBITDA margin was 15.7%, as follows from the report. Total debt decreased by 38.4% to 143.1 billion rubles, and the debt burden to 1.4 EBITDA. Aeroflot failed in Q4 of 2016: EBITDA amounted to only 844 million rubles, while in 2015 the company earned 10.8 billion rubles..

"2016 was the best in the history of Aeroflot," VTB Bank analysts write. Aeroflot has won more than anyone else from the withdrawal of Transaero from the market, recalls Yuminov. The company has consolidated its part of the fleet, it has received the most promising external routes.

2017 can also be a good year for Aeroflot: the purchasing power is restored (reduced inflation, the ruble strengthened, etc). In this regard, the transportation on domestic and foreign lines might increase, said Yuminov.

The company itself predicts that in 2017 the level of loading of seats will decrease by 1.5 percentage points, and the number of passengers will increase by 12-14%, the company said in a presentation to investors. In 2016 the transportation volume rose by 10.3% to 43.4 million passengers. On domestic lines the figure reached 25.15 million people (+ 7.6%), on the international ones - 18.29 million people (14.1%).

As soon as in January (to January 2016) the percentage of passengers on international flights increased by 5.6 pp to 72.7%, and on domestic flights decreased by 2.3 pp to 76.1%, as follows from the operating results of the company.

The free float is 41% of the total number of ordinary shares of the company. On Thursday, shares of Aeroflot fell by 1.89% to 193.2 billion rubles., While the MICEX index fell by only 0.53%.

In the past year, Aeroflot shares brought to their owners 172% per annum, reminds Yuminov. And with the beginning of the year the company increased by 13.4% to 59.4 billion rubles, so that the fall of 1.9% is a correction, some investors are simply taking profits. "Buy on expectations, sell on the fact," said one of the traders.

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