Russia's Utair withdraws from capital structure of its Peruvian helicopter subsidiary

MOSCOW. May 2 (Interfax) - UTair sold its 91.08% stake in Peruvian helicopter operator Helicopteros del Sur S.A. (Helisur), the group reported in its IFRS reports for 2023.

The deal took place in June 2022. It is not specified to whom the share was sold.

"As a result of the sale of a 91.08% stake in its [Helisur] charter capital to a related party, the group recognized a gain on the disposal of the subsidiary in the amount of 1,608,179 rubles and derecognized a non-controlling interest in the amount of 832,000 rubles. Expected compensation in cash amounts to 929,489 rubles," the report says.

Helisur's contribution to the group's revenue was nearly 500 million rubles from January 2022 until the date of disposal. Total revenue for the first half of 2022 was 36.8 billion rubles, with net profit of over 526 million rubles and a total profit of 5.3 billion rubles.

Utair reported its acquisition of Helisur, the largest helicopter operator in Peru at that time (operating 11 Mi-8 and Mi-171 helicopters), as well as related service company Aviacion del Sur S.A. in 2009. With the acquisition of these assets, the Russian group intended to expand the geography of its helicopter operations on the American continent. There were reportedly plans to conclude contracts for work in Chile, Brazil, Colombia, and Bolivia. The transaction amount was not specified.

The UTair group includes a passenger airline of the same name with an aircraft fleet, helicopter carrier companies, companies in the field of aircraft repair and maintenance, and the Surgut and Ust-Kut airports. The group's fleet includes 59 Boeing and ATR aircraft and more than 300 helicopters of various types.

The group is controlled by JSC AK-Invest, with a share of 50.5%.