Interavia, Key Ukrainian Ground Handling Service Provider, Records Profit after Shareholder Change
Kiev, Ukraine (PRWEB UK) 22 April 2014
Interavia LLC, a leading Ukrainian ground handling service provider, announces that it recorded a profit for the first time in five years. This can be attributed to a change in the Company's management team and majority owner. A 70.6% stake in Interavia, previously held by a Swiss handling company, was purchased by Ukraine International Airlines (UIA).
After Vladimir Semenchenko, the former CEO (who had been appointed by former Swiss shareholder of the company), was replaced, Interavia decided not to use the Swiss handling company's expensive services (the cost of these services were significantly above average market prices). This decision decreased costs UAH6 million per annum (more than €550,000).
Alexander Surayev, the newly appointed CEO of Interavia, said: "In 2013, for the first time since the Company began providing a full range of services, Interavia recorded a profit and demonstrated positive operating indicators. It proves that the Company's shareholders selected the right development strategy."
In 2013, Interavia's fleet of special ground handling vehicles and equipment increased 40%. The company stopped using high priced leased equipment and successfully reduced the prime cost of its services.
The Company launched its own maintenance center, which repairs and maintains ground handling equipment.
The Company has achieved success with certification. After receiving an anti-icing procedure certificate, Interavia expanded the range of services it offered at Boryspil International Airport.
The expanded range of Interavia increased the Company's head count 40%. As of now, more than 1,000 people work at Interavia.
UIA, the new majority owner of Interavia, increased the Company's authorized capital from UAH24,000 (€2,200) to UAH8 million (€750,000) and provided additional financial guarantees for UAH25.5 million (€2.5 million).
Interavia LLC (previously Swissport Ukraine LLC) is a leading Ukrainian ground handling service provider operating at international airports, including: Boryspil, Kiev (Zhulyany), and Kharkiv. Its client base includes approximately 40 leading international air carriers working in Ukraine.
The Ukrainian courts of both primary and secondary jurisdictions approved the change in Interavia's majority owner. In particular, on October 26, 2012, the Kiev Commercial Court recognized an agreement on the transfer of a 70.6% stake in Swissport Ukraine LLC to UIA, and confirmed UIA's right to this stake. On March 27, 2013, the Appellate Court upheld the Kiev Commercial Court's initial ruling. A decision by the representatives of the owners of Swissport Ukraine LLC (dated March 6, 2012) was at the center of the court dispute. The decision breached the terms of the Company's charter and the owners' agreement as UIA's share in the company was diluted only by the voting of representatives of the Swiss handling company.