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Air Berlin PLC

EANS-News: Air Berlin PLC
Air Berlin improves performance in 2009 and strengthens market position

London/Berlin (euro adhoc) -

Slight decrease in revenue together with a significant increase in 
operational result – Net indebtedness reduced by EUR 187.9 million – 
Equity ratio rises to 25 percent
  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.
Financial Figures/Balance Sheet/Financial Figures 2009
Subtitle: Slight decrease in revenue together with a significant 
increase in operational result – Net indebtedness reduced by EUR 
187.9 million – Equity ratio rises to 25 percent
Air Berlin, Germany's second-largest
airline company, successfully ended the 2009 financial year. It has 
proven to be a great advantage that Air Berlin had already 
implemented an efficiency and cost-reduction programme prior to the 
onset of the economic and financial crisis. This programme has 
continued to show its effect in the 2009 financial year. The effort 
of concentrating on strengthening profitability has paid off. The 
optimization of the flight network at an early stage and the 
consistent phase-out of destinations that were no longer justifiable 
in terms of profitability improved the quality of Air Berlin's 
earnings.  At the same time, Air Berlin's position in the German and 
the European market has been strengthened, for example, by the 
acquisition of TUIfly's city connections in the fall of 2009.
Joachim Hunold, CEO Air Berlin PLC, commented on the Annual Financial
Accounts, as follows: "We have reached all the goals we had set 
ourselves for 2009. This applies in particular to the significant 
improvement of Air Berlin's revenue quality, which was achieved by 
optimizing our capacities and adjusting our route portfolio. Air 
Berlin's business model proved its strength throughout the worst 
crisis in the history of the airline industry. Furthermore, we were 
able to strengthen our market position in a challenging European 
market environment. Air Berlin is well-positioned for moderate growth
and increased profitability."
Total revenue for the 2009 financial year amounted to EUR 3.24 
billion, as compared to EUR 3.38 billion in the previous year. Flight
revenue decreased to EUR 2.97 billion (2008: EUR 3.09 billion). For 
the year under review, flight revenue per passenger amounted to EUR 
106.28 (2008: EUR 108.28). Flight revenue per available seat 
kilometer (ASK) increased by 6.9 percent to 5.86 Eurocents (2008: 
5.48 Eurocents). Flight revenue per passenger-kilometer (RPK) rose by
8.5 percent to 7.57 Eurocents (2008: 6.98 Eurocents).In the year 
under review, overall operating expenses at the EBITDAR level reached
EUR 2.779 billion, i.e. 6.2 percent less than in the previous year 
(2008: EUR 2.962 billion). This illustrates that cost was 
significantly reduced with respect to overall performance. Cost 
reductions were achieved throughout all cost items.
For the 2009 financial year, EBITDAR (Earnings before interest, 
leasing expenses, depreciation, amortization, interest and taxes) 
improved by 8.4 percent to EUR 503.6 million (2008: EUR 464.7 
million).
EBIT (Earnings before interest and taxes) for the 2009 financial year
amounted to EUR 28.5 million (2008: EUR 2 million). The financial 
results improved from EUR -72 million in the previous year to EUR -51
million for the 2009 financial year. The repurchase of convertible 
bonds with a nominal value of EUR 84 million, in the second half of 
2009, significantly contributed to this improvement. The transaction 
yielded EUR 21.3 million. After taking into account tax proceeds 
amounting to EUR 12.2 million, net profit for the year under review 
increased by 89 percent and reached EUR -9.5 million (2008: EUR -83.5
million). Earnings per share, based on the average number of 73.523 
million shares outstanding in 2009, therefore amount to EUR -0.13, 
compared with EUR -1.27 in the previous year.
Improved balance sheet structure For the year under review, net 
indebtedness was reduced by EUR 187.9 million, i.e. by 24.7 percent. 
As at 31 December 2009, net indebtedness stood at EUR 574.1 million, 
as compared to EUR 762.0 million in the previous year. At the end of 
2009, gearing (net indebtedness as a percentage of equity) amounted 
to 94.1 percent, as compared to 204.8 percent in the previous year. 
In 2009, Air Berlin's equity increased by EUR 238 million to EUR 610 
million, i.e. an increase of 64 percent. The capital measures taken 
during the 2009 financial year resulted in a net inflow of EUR 133 
million for the company.
Ulf Hüttmeyer, CFO Air Berlin PLC, pointed out the financial 
strengthening of the company in a year characterized by highly 
challenging economic conditions, as follows: "We were able to 
significantly improve EBIT, EBITDAR as well as the consolidated 
financial results. In the 2009 financial year, equity increased by 10
percentage points to 25 percent, and net indebtedness - as predicted 
- was lowered by almost 25 percent. We have significantly improved 
the company's financial structure, which will, in turn, contribute to
moderate growth."
At the end of 2009, Air Berlin had about 8,278 employees (2008: 
8,311). The Air Berlin Group operates a fleet of 152 aircraft, of 
which 42 are company-owned (as at 31 December 2009). With 27.9 
million passengers transported in 2009, Air Berlin is Germany's 
second-largest airline company. Including the acquired TUIfly routes,
Air Berlin ranks sixth in the number of passengers transported within
Europe.
Outlook For 2010, Air Berlin expects to grow faster than the overall 
market, for which IATA has predicted a 4.5 percent increase in 
passengers transported. This would bring the number of passengers 
travelling on Air Berlin in 2010 significantly over the 30-million 
mark, for the very first time. Factors supporting this prognosis are 
that the TUIfly connections are contributing over an entire financial
year and that Air Berlin has a competitive edge which includes the 
company's well-balanced product portfolio for business travel and 
leisure travel, and its attractive price-performance ratio, 
especially on short and medium-haul routes. For growth during the 
current year, Air Berlin is focusing on its intra-European flights, 
for which the impulses are expected to be the strongest.
Air Berlin is expecting a noticeable increase in profit for the 2010 
business year, in particular since the routes acquired from TUIfly 
will contribute to revenue for the first time over the entire year. 
Air Berlin will continue its efforts to improve performance and 
reduce costs. Against this background, profitable growth is likely to
continue in 2010.
Air Berlin is Germany´s second largest airline. The Group has been 
listed on the stock exchange since May 2006. Last year Air Berlin 
carried a total of 27.9 million passengers worldwide. The company 
currently has about 8,200 employees. Every year Air Berlin receives 
more than 10 awards for service and quality. With an average age of 
only 5.5 years, Air Berlin has one of the newest fleets in Europe. 
The airline´s modern aircraft are extremely fuel-efficient and so 
provide a lasting contribution to the reduction of aviation 
emissions.
end of announcement                               euro adhoc

Further inquiry note:

Hans-Christoph Noack
Director Corporate Communications Air Berlin
phone: +49 30 3434 1500
fax: +49 30 3434 1509
e-mail: abpresse@airberlin.com

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

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