Comparative analysis and financial stability assessment of the dominant airlines of Russia

Russian airlines under sanctions found themselves in a difficult economic situation: a reduction in the number of flights and passengers, a refusal of leasing transactions by foreign suppliers, and moreover, a sharp obsolescence of fixed assets led to a deterioration in both the operational and strategic financial position of companies. To replace or overhaul fixed assets companies need resources, including credit. For lending creditors use such standard indicators of financial stability and creditworthiness as assessment of financial potential, concentration ratio of borrowed capital, etc. The situation worsened with the introduction of federal accounting standards (FAS), when leasing obligations appeared on the balance sheet liabilities (using the example of Aeroflot in comparison with 2021 and 2023 we can see a deterioration in almost all financial stability indicators due to a sharp increase in accounting loan liabilities). Two other large air carriers - Siberia Airlines and Ural Airlines - are in the same situation. Due to the significant cost of aircraft, they were traditionally acquired on lease, but were listed "off balance sheet", and after the introduction of FAS, the company's financial situation sharply worsened. At the same time, leasing obligations in liabilities are offset by the presence of leasing fixed funds in assets, but creditworthiness indicators do not take this fact into account. For companies from other industries, the emergence of leasing assets and liabilities is not so noticeable, as for airlines that have the largest share of aircraft - leasing assets - in fixed funds. Thus, we recommend revising the structure of assessment of airlines’ balance-sheet liability to increase the level of their financial stability and creditworthiness, which will allow them to gain access to financial resources for replacement of their fixed assets.