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VTB highlights Northern Capital Gateway Consortium’s 2015 performance

29 January 2016

VTB highlights Northern Capital Gateway Consortium’s 2015 performance .

VTB Group highlights the 2015 performance of the Northern Capital Gateway Consortium which manages Pulkovo Airport in St Petersburg followings it investment programme.

Last year, the consortium completed the first stage of a project to modernise and expand the airport. The former Pulkovo-1 airport terminal building was upgraded and expanded. The facility is now part of a centralised passenger terminal for domestic flights and serves as its southern boarding gallery. As a result, the airport’s capacity has increased to 18 million passengers a year.

In 2015, the overall number of passengers decreased due to the challenging market environment, with the airport management team actively working to attract new flag carriers and to open new routes. As of late 2015, Pulkovo was working with 10 new carriers, including six Russian and four foreign airlines: Komiaviatrans, Red Wings, Vologda Airlines, UVT Aero, Ikar, Pobeda, Brussels Airlines, Georgian Airways, Meridiana, and China Southern Airlines. The airport operates scheduled services on 19 routes; 11 Russian and eight international. In all, it operated 151 routes last year, with 68 flag carriers making regular flights to and from Pulkovo.
A facility was also built during the year for aircraft servicing and maintenance, catering to the entire transport fleet and all special purpose vehicles. This facility makes it possible to cut back on spending through centralised equipment maintenance, to reduce petroleum, oil and lubricant (POL) costs and to boost efficiency.

These developments complete the first stage of the airport’s modernisation and expansion project worth 1.2 billion euros. According to preliminary estimates, the consortium’s earnings went up by 15 percent last year, with EBITDA soaring by over 50 percent. In all, 13.5 million passengers used the airport during 2015. The project’s next phase will commence when the number of passengers reaches 18 million people annually.
Federal officials have confirmed the project’s success in modernising and expanding the airport. The Airport Council International rating has included Pulkovo among the top five airports in Europe last year due to the airport’s upgraded infrastructure and constantly improving passenger service standards. The airport’s clients, both passengers and air carriers, are happy with the quality of the new infrastructure and high service levels.

Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, noted: «We are satisfied with Pulkovo’s financial performance in 2015, and thank the management team for their work during the period. Despite the challenging economic environment in Russia, the airport has seen an improved performance as a result of the successful programme to boost efficiency.
«The Pulkovo modernisation project is a key aspect of VTB Group’s investment programme, and we are pleased with its development during 2015. In the past five years, the airport’s passenger volumes and earnings have increased by over 100 percent. Its stage-by-stage modernisation project is being implemented in accordance with initial deadlines and budget. Pulkovo is seen as one of Europe’s best airports, and we are confident that it will continue to develop as a major Russian hub.»

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