EANS-News: airberlin records profit in 2012


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Company Information/Annual results

Berlin, (euro adhoc) - - Positive operating result (EBIT) of EUR 70.2 million -
an improvement of more than EUR 300 million over the previous year
- Net profit of EUR 6.8 million
- Group revenue of EUR 4.31 billion, capacity utilization increased from 78.21
to 79.80 per cent, Yield improved by 7.7 per cent to EUR 120.05
- "Shape & Size" efficiency program contributed EUR 250 million to income
- Strategic partnership with Etihad Airways, delivered EUR 50 million in
additional revenues, with synergies and cost savings starting to take effect 
- Retroactive value adjustment of deferred tax assets reduces net results in
fiscal year 2011 to EUR -420.4 million (previously EUR -271.8 million)  

airberlin, the second largest German airline, has returned to profitability. Air
Berlin PLC recorded an operating profit before interest and tax (EBIT) of EUR
70.2 million in 2012, reflecting a significant improvement of EUR 317.2 million
as compared to 2011. The Company's net income of EUR 6.8 million marks a return
to profitability for the first time since 2007 and follows a loss of EUR -420,4
million in 2011 (restated, reported: EUR - 271.8 million). In the past year,
airberlin successfully increased its group revenue to EUR 4.31 billion (2011:
EUR 4.23 billion).

airberlin's CEO, Mr Wolfgang Prock-Schauer, commented: "We were able to conclude
the past year with an operating profit. Moreover, we are also pleased to have
returned a net profit. We managed to accomplish this despite increased
competition and the continued extremely challenging environment. Nevertheless, 
we have not yet reached our target and are mindful that non-recurring events
also contributed to the result of the 2012 financial year.

"We are confident that our recently launched turnaround programme, Turbine, will
enable airberlin to be competitive in the future and achieve sustainable
profitability. One of the programme's key elements is a focus on cost efficiency
which involves implementing a range of initiatives, including a staff
reduction." 

EBITDA (earnings before interest, taxes, depreciation and amortization) improved
from EUR -161.6 million for the 2011 financial year, to EUR 144.3 million in
2012. EBITDAR (earnings before interest, taxes, depreciation, amortization and
leasing expenses) improved from EUR 425.9 by 72.9 per cent to EUR 736.4 million
in the same period. 

Earnings per share based on an annual average of 114.552.461 shares outstanding
amounted to EUR 0.06 (undiluted and diluted) compared to EUR -4.94 in financial
year 2011 (restated, previously reported EUR -3.12).

The financial result has improved from EUR -111.9 million to EUR -73.6 million,
and was driven in particular by a small gain in foreign exchange. 

Due to a retroactive adjustment of deferred tax assets, airberlin has corrected 
the EUR -271.8 million net result in fiscal year 2011 by EUR -148.6 million to 
EUR -420.4 million. In connection with this value adjustment the EUR 253.7
million equity reported as of 31 December 2011 was reduced to EUR 105.2 million.

The German Financial Reporting Enforcement Panel (DPR e.V.) requested
information on the valuation of deferred tax assets. In this context, Air Berlin
PLC has decided that deferred tax assets as at 31 December 2011 will be restated
retroactively. 
This restatement is non-cash relevant, independent from management's assessment
of expected business developments and takes account of the strict requirements
of the International Financial Reporting Standards (IFRS) regarding deferred tax
assets.

Total assets of Air Berlin PLC as at 31 December 2012 amounted to EUR 2.217,6
million (previous year: EUR 2,125.6 million), total equity amounted to EUR 130.2
million (previous year: following value adjustment EUR 105.2 million), its cash
position amounted to EUR 327.9 million (2011: EUR 239.6 million) and net debt
amounted to EUR 770.2 million (previous year: EUR 813.0 million). 

While the number of passengers decreased in 2012 by 5.5 per cent to 33.3 million
(previous year: 35.3 million), capacity utilisation increased by 1.6 percentage
points to 79.80 per cent (previous year: 78.21 per cent). This was achieved by a
further reduction of the fleet by 15 aircraft to 155 aircraft and optimising the
flight schedule. Yield (revenue per passenger) improved by 7.7 percent to EUR
120.05 (previous year: EUR 111.43).

The efficiency programme Shape & Size contributed significantly to the positive
developments, generating significant earnings contribution of EUR 250 million. 
This contribution has helped to considerably offset an increase in fuel prices
of EUR 80 million.
 
The strategic partnership with Etihad Airways has generated additional income
for airberlin. By combining both airlines' flight networks and the
frequent-flyer programmes, the number of available flights for both airlines
increased to include 239 destinations in 77 countries. In 2012, Etihad Airways
brought 
219,000 passengers into airberlin's network, generating revenue of EUR 50
million. 

Mr Wolfgang Prock-Schauer, commented: "Our results are just now reflecting the 
first 12 months of a long term partnership which will deliver substantial
commercial and operational benefits. In 2013, we are confident that we'll
achieve further revenue enhancements and, above all, further cost synergies with
our partner, Etihad Airways."

airberlin's membership in the global airline alliance, oneworldŽ, presents
further opportunities for growth by providing airberlin with access to new
destinations and additional passengers.

airberlin will publish detailed information with respect to the past financial
year and the Annual Financial Statements as at 31 December 2012 on 20 March 2013
as of 7.45 h CET on the Internet as well as in connection with the Annual
Results press conference.


Further inquiry note:
Uwe Berlinghoff
Senior Vice President Communications
Tel.: +49 (0)30/3434-1500
E-Mail: abpresse@airberlin.com

end of announcement                               euro adhoc 
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company:     Air Berlin PLC
             The Hour House, High Street 32
             UK-WD3 1ER Rickmansworth, Herts
phone:       +49 (0)30 3434 1500
FAX:         +49 (0)30/3434-1509
mail:     abpresse@airberlin.com
WWW:      http://www.airberlin.com
sector:      Air Transport
ISIN:        GB00B128C026
indexes:     SDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, free trade/Bondm:
             Stuttgart, regulated dealing/prime standard: Frankfurt 
language:   English