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Heavier traffic but higher costs in the first half of the year

The supervisory board of Aerodrom Ljubljana was briefed on the companys unaudited interim results. These show heavier traffic and higher revenues, but also higher costs compared with the same period last year.

In the first six months of the year we served 779,062 passengers (46.1% of the forecast in the annual plan), up 21.6% on the same period last year, while the number of aircraft movements was up 5.8% on the same period last year at 23,741 (45% of the forecast in the annual plan). There was 8,835 tonnes of cargo carried (34.3% of the forecast in the annual plan), down 13.8% on the same period last year.

Despite the downturn in macroeconomic conditions compared with last year, the companys performance in the first half of this year was stable and satisfactory. The results fall slightly short of those in the same period last year, which can to a great extent be attributed to the increased operating costs associated with the new facilities and the expansion of traffic in physical terms.

The operating revenues of EUR 19,025 thousand and operating expenses of EUR 13,338 thousand generated an operating result (EBIT) of EUR 5,686 thousand, down 6.8% on the same period last year, and 43.4% of the forecast in the annual plan. The EBITDA figure presents a more favourable picture, up 4.3% on the same period last year at EUR 8,732 thousand (46.2% of the forecast in the annual plan).

Despite the slight decline on the same period last year, the EBIT margin (the ratio of earnings before interest and tax to operating revenues) and the EBITDA margin (the ratio of earnings before interest, tax, depreciation and amortisation to operating revenues) are still encouraging, at 29.9% and 45.9% respectively.

The declared net profit for the accounting period of EUR 5,133 thousand was down 31.5% on the same period last year as a result of the capital gains generated by the sale of investments in the first half of 2007 (excluding capital gains, this years net profit would be up 4.5% on that generated in the same period last year). The relatively low realisation of the net profit forecast in the annual plan (30.0%) is to a great extent the result of sales of investments planned for 2008 not having been made in the first half of the year.

 

Brnik, 26 August