The Boryspil international airport reduced the size of its credit debt by buying back its bonds of the Series I worth a total of UAH 250 million on July 30, 2014, the airport announced this in a statement.
The company noted that it decided in June 2012 to float bonds in four series (series I, J, K, and L worth UAH 250 million each). The airport floated the securities during the period of August-November 2012. The underwriter was Ukreximbank. Proceeds from the floatation of the bonds were used to finance the construction of the airport’s new Terminal D.
The airport said it was pursuing a course toward reducing its credit-debt burden. The factors adversely affecting the operations of the airport include the devaluation of the hryvnia, which resulted in an increase in the airport’s budget expenditures because its foreign-exchange loan debt was revalued.
"In addition, the company's financial performance is adversely affected by its base carrier’s large accounts receivable, which totaled more than UAH 230 million at the end of July 2014," the statement said.
As reported, the Kiev Economic Court of Appeal ordered the airline company Ukraine International Airlines (UIA) to pay a debt of UAH 14.5 million to the Boryspil airport on July 30.
According to the Boryspil airport’s financial plan that was approved on July 9, 2014, the airport’s profit is projected to increase by 50 percent to UAH 189.6 million compared to the year 2013. The airport intends to increase its revenue through more efficient use of commercial space, primarily at its Terminal D. In addition, the airport has optimized its expenditures.
