airberlin confirms outlook for 2013
(firmenpresse) - (DGAP-Media / 14.05.2013 / 19:58)
- Turbine turnaround program makes significant progress
- Two-thirds of the earnings contributions from Turbine for financial
year 2013 already secured
- Results strained by one-off charges
- Adjusted quarterly results comparable with level of previous year
- Higher yield and considerable rise in capacity utilisation
- Only slightly reduced revenue despite significant capacity reduction
- Strong passenger figure increase on joint network with Etihad Airways
airberlin continues to pursue the consistent implementation of its Turbine
turnaround program, thereby achieving significant progress. At the
presentation of the figures for the first quarter of 2013, airberlin CEO
Wolfgang Prock-Schauer commented: 'We are undergoing major changes and are
in the process of repositioning airberlin. We have already secured
two-thirds of the planned earnings contributions from the Turbine program
for the 2013 financial year. We are confident that we will reach our target
amount of 200 million Euros this year. The Turbine effects will positively
impact the results from the third quarter.'
RASK increased by 9%
Despite the 11% reduction in capacity, revenue decreased by only three per
cent to 791.9 million Euros compared with the same quarter last year
(previous year: 812.9 million Euros). The seat occupancy rate improved by
3.3 percentage points to 85.6 per cent (previous year: 82.3 per cent). Thus
airberlin achieved its best load factor for the first quarter since its
initial public offering in 2006. The yield (revenue per passenger)
increased by 6 per cent to 116.20 Euros (previous year: 109.70 Euros). The
revenue per available seat kilometre (RASK) increased by nine per cent to
7.10 cents.
Adjusted quarterly results comparable with level of previous year
Adjusted by turnaround charges and other extraordinary items, the first
quarter EBIT (earnings before interest and taxes) of -171.2 million Euros
is at the level of the previous year (non-adjusted: -188.4 million Euros).
For the same quarter last year, airberlin reported an EBIT of -149.3
million Euros, which would have been -173.1 million Euros without a
one-time, positive earnings contribution from a sale of assets. In the
first quarter, airberlin reduced net debt from 770 million Euros at the end
of 2012 to 728 million Euros on 31st March 2013.
Improved liquidity
At the end of the first quarter, airberlin held 470 million Euros in liquid
assets, which figure has increased by 43 per cent from 328 million Euros.
After the traditionally weak first quarter, equity capital on the March
31st reporting date amounted to -53.1 million Euros. The negative equity
capital is a reporting date assessment in accordance with IFRS and
therefore represents a snapshot, which has no bearing on the economic
operation of the company. It will recover by the end of the year,
particularly through the implemented Turbine effects, which will be evident
starting in the third quarter.
Chief Financial Officer Ulf Hüttmeyer commented: 'Equity is negative as a
result of the typical seasonally weak results and one-off charges. During
the subsequent quarters, the typical seasonal increase in business will
occur again and will strengthen equity. Our goal remains to achieve an
equity ratio in the medium-term of 15 to 20 per cent. Furthermore, with 470
million Euros available in cash at the end of the reporting quarter, we
have sufficient liquidity.'
Cost reductions through further corporate restructuring
Within the framework of Turbine, airberlin has further optimised the
network in particular and made substantial progress in negotiations with
system partners. By the end of the year, airberlin will reduce the fleet to
143 aircraft and reduce the number of stations. The workforce reduction
will proceed as planned. By the end of May, airberlin will have already
eliminated 250 full-time jobs since the start of the turnaround program.
Pilots and engineers are receiving offers to switch to Etihad Airways.
Etihad Airways is offering this option for example for more than 50
airberlin pilots.
Strong increase in passengers through partnerships
After the success already achieved in the first year of the strategic
partnership with Etihad Airways, combined passenger numbers continue to
develop very positively. By the end of March, over 141,000 passengers were
already using the joint route network in 2013, ten times the number from
the corresponding period of the previous year. 'The joint route network of
Etihad Airways and airberlin has been very well received. We shall
strengthen and further expand the joint network. The advance bookings have
shown us that we can expect a large amount of growth in this area,'
explained Wolfgang Prock-Schauer.
The membership in the oneworld(R) alliance also demonstrates this positive
development. The number of passengers on joint codeshare routes doubled in
comparison with the previous year to over 103,000 in the first three months
of the year.
Earnings expectations confirmed
airberlin confirmed the earnings target for 2013 and still expects to
achieve a break-even result on an EBIT basis for the current year.
Press contact:
Uwe Berlinghoff
Senior Vice President Communications
phone: +49 30 3434 1500
fax: +49 30 3434 1509
email: abpresse(at)airberlin.com
www.airberlin.com
www.facebook.com/airberlin
End of Media Release
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Key word(s): Enterprise
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Language: English
Company: Air Berlin PLC
The Hour House, High Street 32
WD31ER Hertfordshire, Rickmannsworth
United Kingdom
Phone: +49 (0)30 3434 159 0
Fax: +49 (0)30 3434 159 9
E-mail: ir(at)airberlin.com
Internet: ir.airberlin.com
ISIN: GB00B128C026
WKN: AB1000
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Listed: Regulierter Markt in Frankfurt (Prime Standard);
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End of News DGAP-Media
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