2024-04-15T14:53:00+03:00 Economy 2024-05-15T04:05:51+03:00

Ukrainian news

Ukrainian news

Kyiv Airport estimates damages from russian aggression at EUR 500 million

Kyiv Airport estimates damages from russian aggression at EUR 500 million

Igor Sikorsky International Airport Kyiv estimates damages from russian aggression at more than EUR 500 million.

This was announced by the chairman of the board of directors of the airport, Denys Kostrzhevskyi, in an interview with Ukrainian News Agency.

"Generally speaking, the damage to the airport consists of three factors. The first is direct material damage caused to the enterprise directly - destruction, damage, losses, etc. This, according to the expert report, is approximately EUR 20 million. The second factor is lost income for two years. This is the money that would have gone to the company's accounts if russia had not started the war. The financiers estimate these losses to be more than EUR 160 million.

According to Kostrzhevskyi, another factor is the devaluation of the enterprise as a business object.

"There is a rather complicated calculation formula, but if explained in simple words, in order to evaluate an airport as a business, it is necessary to multiply the annual profit of the enterprise by a certain multiplier. For airports, according to world practice, this multiplier is from 10 to 20, depending on many risk factors That is, if the airport, say, earned EUR 40 million in 2019, its minimum cost is EUR 400 million. And if in 2023 the airport earned zero, then its value is zero accordingly. Based on such preliminary expert calculations, our total losses amount to more than EUR 500 million to date," he said.

As Ukrainian News Agency earlier reported, on February 24, 2022, Ukraine closed its airspace.

In 2021, Kyiv airport doubled its passenger flow to 1.418 million passengers compared to 2020.

The airport is located within the city, 8 km from the center, covers an area of 265 hectares, has 1 runway 2,310 meters long and 45 meters wide.