The Kyiv International Airport (Zhulyany) has incurred more than EUR 500 million in losses over the past two years because of Russia’s war against Ukraine and the corresponding damage to infrastructure, the inability to receive flights, and the lost revenues.
Denys Kostrzhevskyi, the chairman of the board of directors of the Kyiv International Airport, stated this to the Ukrainian News information agency.
According to Kostrzhevskyi, the estimated losses are from the first day of the full-scale invasion. Experts from the world's leading companies were involved in the calculation of these losses.
The direct material damage caused to the company by the war alone is estimated at EUR 20 million. Financial experts estimate the company’s lost income over the two years at more than EUR 160 million.
"The third factor is the company’s loss of value as a business entity. The formula for calculating this is quite complicated, but to put it simply, to value an airport as a business, it is necessary to multiply its annual profit by a certain coefficient. In international practice, this coefficient for airports ranges from 10 to 20, depending on many risk factors. For example, if an airport earned EUR 40 million in 2019, its minimum value is EUR 400 million; if it earned zero in 2023, its value is zero. Based on these preliminary calculations by experts, our total losses to date amount to more than EUR 500 million," said Kostrzhevskyi.
He added that all the conclusions of financial experts, economists, and construction companies on the damage caused to the airport would serve as a basis for lawsuits for compensation using Russian assets.
The airport is currently out of operation for security reasons and has been "turned into an impregnable fortress." However, it plans to resume operations within a month when circumstances permit and the need arises.
As previously reported, the Kyiv International Airport handled 1.4 million passengers in 2021 and 2.6 million in the pre-Covid year 2019.
