Moscow, Moscow, Russian Federation
UDC 338
The article presents the results of an in-depth comparative financial analysis of SVO, VKO and DME airports for the period 2019-2025, including an assessment of the dynamics of key indicators of profitability, liquidity and debt burden. The article presents data from a comparative analysis of operational efficiency, financial analysis, capital expenditure analysis, etc. Airports, being capital-intensive infrastructure facilities, are assessed using financial metrics: specific revenue per passenger, EBITDA margin, and debt burden. The analysis of the financial dynamics of the Moscow Aviation Group (UIA) airports for the period from 2019 to 2025 revealed a close relationship between financial stability and ownership structure, as well as government regulation. In the context of the systemic shocks of 2020-2022, Domodedovo Airport's (DME) financial model, based on private management, demonstrated high operational flexibility, which made it possible to minimize risks and maintain stable financial statements. At the same time, Sheremetyevo Airport (SVO), which operates in a public-private partnership format and has a more capital-intensive infrastructure, turned out to be more vulnerable to external shocks, which required the involvement of significant external financial resources and government support. This analysis confirms the thesis that large, capital-intensive aviation hubs in crisis periods are not able to demonstrate stability without external assistance. The high level of SVO debt obligations due to large-scale investments (CAPEX) until 2020 has become a critical financial risk during a period of declining passenger traffic. Despite the decline in government support, it continues to pose a structural problem that will put pressure on SVO's net income through depreciation and interest payments until 2025.
: financial dynamics analysis, modeling, scenario analysis, specific revenue per passenger, EBITDA margin, debt burden, capital expenditures (CAPEX), Moscow Aviation Hub (UIA), SVO, VKO and DME airports
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