EANS-News: Air Berlin PLC & Co. Luftverkehrs KG
Aviation tax puts a burden on
Air Berlin PLC´s earnings
-------------------------------------------------------------------------------- Corporate news transmitted by euro adhoc. The issuer/originator is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Financial Figures/Balance Sheet/9-month report/Q3 figures 2011 Subtitle: 3rd quarter: Air Berlin PLC increases revenue to EUR 1.375 billion / Capacity slightly reduced, yield and capacity utilization improved / With EUR 200 million, "Shape & Size" program is on the right track London/Berlin (euro adhoc) - In the third quarter of 2011, Air Berlin PLC was able to increase the yield (revenue per passenger) from EUR 110.94 to EUR 116.61 (excluding aviation tax), i.e. an increase of 5.1 percent over the corresponding period of the previous year. At the same time, the seat load factor increased by 1.7 percentage points, to 84.1 percent. Capacity was reduced by 0.5 percent, to 13.4 million seats. In quarterly comparison from Q3/2010 to Q3/2011, Air Berlin PLC´s revenue increased by 10.8 percent, i.e. from EUR 1.241 billion to EUR 1.375 billion. For the same period, EBITDAR (earnings before interest, taxes, depreciation, amortization and leasing expenses) decreased from EUR 336.4 million to EUR 269.3 million; EBIT (operating result before interest and taxes) dropped from EUR 171.7 million to EUR 96.8 million, whereas, in the previous year, positive one-time gains of EUR 26.3 million were recorded. Without the aviation tax, EBIT would have amounted to EUR 148.3 million. Net profit decreased from EUR 135.9 million to EUR 30.2 million. Air Berlin PLC's total equity is 14 percent (end of 2010: 21 percent) and net indebtedness amounts to EUR 644 million (end of the previous year: EUR 489 million). airberlin's CEO Hartmut Mehdorn pleaded again for the abolition of the aviation tax. At the presentation of the figures for the third quarter of 2011 on Thursday, Mehdorn stated: "Due to the tough competition, it is impossible to pass on the tax to the customers. The aviation tax is damaging the low-margin airline industry in Germany." Furthermore, the aviation tax, which was announced as a precursor of the emissions trading scheme, renders all efforts geared towards sustainability absurd, since the tax does not take CO2 emissions into account, emphasized Mehdorn. The evaluation of the aviation tax, which the authorities have scheduled for next year, should urgently be brought forward. In addition to the aviation tax, high oil prices as well as strikes and announced strikes by the air traffic controllers prevented airberlin from achieving a better result for the third quarter - despite improved capacity utilization and increased revenue per passenger. Ulf Hüttmeyer, airberlin's CFO, emphasized that the efficiency improvement program, "Shape & Size", which airberlin implemented in the summer and comprises more than 30 working groups, is well on its way towards sustainably positioning the company in a profitable manner for the future. As Hüttmeyer stated: "According to the present status, I am of the opinion that the program will already accomplish savings amounting to approximately EUR 200 million in the coming year." Further inquiry note: Uwe Berlinghoff Director Corporate Communications airberlin phone: +49 30 3434 1500 fax: +49 30 3434 1509 e-mail: abpresse@airberlin.com end of announcement euro adhoc -------------------------------------------------------------------------------- company: Air Berlin PLC & Co. Luftverkehrs KG The Hour House, High Street 32 UK-WD3 1ER Rickmansworth, Herts phone: +49 (0)30 3434 1500 FAX: +49 (0)30/3434-1049 mail: abpresse@airberlin.com WWW: http://www.airberlin.com sector: Air Transport ISIN: GB00B128C026 indexes: SDAX, Classic All Share, Prime All Share stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin, Hamburg, Stuttgart, Düsseldorf, München language: English
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