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25.08.2009 – 07:30

Air Berlin PLC

EANS-News: Air Berlin PLC
Air Berlin achieves EBIT of EUR 17.6 million in the second quarter

Strengthening of liquidity has a positive effect on the balance sheet

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.

6-month report/Q2 results

London/Berlin (euro adhoc) - In the second quarter of 2009, the consolidated revenue of Air Berlin PLC decreased by 3.8 percent to EUR 836.2 million due to planned capacity reductions, as compared to EUR 868.9 million in the second quarter of the previous year. EBITDAR reached EUR 134.9 million (Q2/2008: EUR 131.6 million). EBIT increased by 33 percent to EUR 17.6 million (Q2/2008: EUR 13.2 million). Net profit for the second quarter of 2009 reached EUR 7.1 million (Q2/2008: EUR 7.8 million). In the second quarter of 2009, the number of passengers transported decreased by 5.5 percent in comparison with the previous year, reaching 7.245 million. This decrease is lower than the average decrease recorded in the European airline sector.

Over the first six months of 2009, Air Berlin transported 5.8 percent fewer passengers than in the corresponding period of the previous year. The number of passengers welcomed on board decreased from 13.5 to 12.7 million. Although, due to the decrease in demand, capacity adjustments were effected, in particular to flights within Europe and to intercontinental flights, Air Berlin was able to further improve its relative market position in Europe. Available seat kilometers (ASK) decreased by 10.5 percent, from 26.9 to 24.1 billion. Revenue per passenger kilometer increased by 13.4 percent, i.e. from 7.33 to 8.31 Eurocents. Capacity utilization of the 128-plane fleet decreased from 77.1 to 74.8 percent, i.e. a decrease of 2.3 percentage points. Consolidated turnover decreased slightly, namely from EUR 1.53 to EUR 1.522 billion.

For the 1st half-year of 2009, Air Berlin, together with its subsidiaries LTU and Belair, generated EUR 162.0 million in EBITDAR (Earnings before interest, taxes, depreciation, amortization and leasing expenses) (1st half-year of 2008: EUR 171.9 million). The typical seasonal loss resulted in EBIT (Earnings before interest and taxes) of EUR 69.7 million (1st half-year of 2008: EUR 55.4 million). Due to worsened financial performance, net interim figures decreased from EUR -51.8 to EUR -81.4 million.

The placement of a new EUR 125 million convertible bond on 20 August 2009 enabled the repurchase of existing bonds with a nominal value of EUR 90 million for approximately EUR 55 million. The remaining proceeds of EUR 70 million will be used to refinance future airplane deliveries and to improve liquidity. The repurchase of the existing bonds will result in an approximately EUR 25 million improvement in the financial results for the third quarter of 2009. Due to this transaction, net indebtedness will decrease to EUR 582 million (1st half-year of 2009: EUR 638 million).

As Joachim Hunold, CEO of Air Berlin, stated in Berlin on Tuesday: "Despite a challenging market environment, Air Berlin has succeeded in improving its relative position with respect to flights within Europe. Using different capital measures, Air Berlin has succeeded in improving its equity and liquidity, thus significantly lowering net indebtedness. We are pleased with the results for the first half-year of 2009."

end of announcement                               euro adhoc

Further inquiry note:

Hans-Christoph Noack
Director of Corporate Communications, Air Berlin
phone: +49 30 3434 1500
fax: +49 30 3434 1509

Branche: Air Transport
ISIN: GB00B128C026
WKN: AB1000
Index: SDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

Original content of: Air Berlin PLC, transmitted by news aktuell