Satisfactory and stable operations over the first nine months of 2008
The Supervisory Board of Aerodrom Ljubljana d. d. was briefed today on the companys unaudited nine-month operating results. The results indicate increased traffic and higher revenues, but also higher costs compared with the same period last year on account of the increased traffic and new facilities.
In the first nine months of 2008, the airport served 1,352,189 passengers (80.1% of the annual plan), up 14.3% on the same period last year, while the number of aircraft movements was up 5.9% on the same period last year at 37,631 (71.4% of the annual plan). A total of 13,033 tonnes of cargo was carried (50.5% of the annual plan), down 18.1% on the same period last year.
Despite unfavourable macroeconomic conditions, the company's operations in the first nine months of this year were satisfactory and stable, and remain in line with plans. The company generated operating revenue of EUR 31,036 thousand, an increase of 9.7% on the same period last year, while operating expenses totalled EUR 19,854 thousand, up 20.6% on the same period in 2007.
A favourable picture is provided by the company's earnings before interest, taxes, depreciation and amortisation (EBITDA), which amounted to EUR 15,749 thousand, an increase of 3% from the same period last year. Earnings before interest and taxes (EBIT) totalling EUR 11,182 thousand (85.3% of the annual plan) were down 5.5% on the same period last year, primarily due to rising operating expenses linked to increased operations and new facilities in use since July 2007.
The EBIT margin (the ratio of earnings before interest and taxes to operating revenues) and the EBITDA margin (the ratio of earnings before interest, taxes, depreciation and amortisation to operating revenues) are also encouraging, at 36% and 50.7%, with the margins exceeding planned levels by 4.8 percentage points and 5.6 percentage points, respectively.
The disclosed net profit for the accounting period of EUR 9,707 thousand was down 37.5% as a result of the capital gains generated by the sale of investments in the same period in 2007 (excluding capital gains in the first nine months of 2007, net profit generated in the first nine months of 2008 would be similar to last year's level). The relatively low realisation of the net profit forecast in the annual plan (56.6%) was driven by the fact that sales of investments planned for 2008 were not carried out in the first nine months of the year due to unfavourable conditions.
We assess that passenger and aircraft traffic until the end of 2008 will be in line with the annual plan. Given the current economic conditions and results achieved thus far, operating results are also expected to be in line with planned results.
Brnik, 20 November 2008