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Aerodrom Ljubljana’s performance in first three quarters of 2011 better than last year

The Supervisory Board of Aerodrom Ljubljana, d.d. today discussed the company’s report on its performance in the first three quarters of the year. Passenger numbers were unchanged from the same period last year, while cargo tonnage was up 20%. Performance was better overall, thanks to the positive effects of controls on operating expenses.

Passenger numbers in the first three quarters of this year were similar to the same period last year (down 0.3%). The number of aircraft movements was down 4.9%, but the majority of the decline was in general aviation, which is of less importance in financial terms. The decline was slightly lower in public transport: the number of aircraft movements was down 1.9% on the same period last year.  Airlines also replaced smaller aircraft with larger models. This is beneficial in financial (income) terms, as the price of a significant portion of the company’s services is tied to aircraft weight; the adverse effect of the decline in the number of aircraft movements was thus mitigated by a change in the breakdown by aircraft, and an increase in the total aircraft weight realised. Of the 32 destinations available to public transport passengers during the first nine months of the year, Paris, Istanbul, Frankfurt and London accounted for a third of total passenger numbers.

Total cargo tonnage during the first nine months of the year was up 20.8% on the same period last year, primarily as a result of an increase in ship and road break-bulk cargo, which only began in May last year.

The relatively favourable trend in performance seen in the first half of the year continued in the third quarter, primarily as a result of an increase in traffic in the foreign airline segment and the cargo segment. Despite a decline in the domestic airline’s traffic and a decline in charter traffic during the summer, the company generated operating revenues of EUR 25,763 thousand, up 3.3% on the same period last year. 
Operating expenses amounted to EUR 19,551 thousand, down 5.7% on the same period last year as a result of constant monitoring of costs and their prompt adjustment to the current situation. Labour costs were up on the same period last year (a reflection of the replacement of workers from the employment agency with temporary employees), as was amortisation/depreciation, while material costs and service costs were down significantly on the same period last year.
Operating profit before interest, taxes and depreciation/amortisation (EBITDA) amounted to EUR 11,393 thousand in the first nine months of the year, up 24.2% on the same period last year,  while operating profit (EBIT) amounted to EUR 6,212 thousand, up 47.1% on the same period last year.  Net finance income was also higher than in the same period last year, up 39.6% at EUR 976 thousand. After adding net finance income, pre-tax profit during the first nine months of the year amounted to EUR 7,188 thousand (up 46.0% on the same period last year), while net profit was up 44.5% on the same period last year at EUR 5,737 thousand.

In light of the traffic forecast for Aerodrom Ljubljana for the remainder of the year, passenger numbers and the number of aircraft movements are expected to be down slightly on the forecast in the annual plan, while cargo tonnage is expected to exceed the forecast. Operating revenues are expected to be slightly higher than forecast, primarily as a result of the increase in traffic at foreign airlines and the aforementioned changes in the breakdown of traffic, while operating expenses are expected to be down slightly on the forecast in the annual plan for 2011 thanks to streamlining measures. EBIT will thus be larger than forecast in the plan. Pre-tax profit and net profit are also expected to equal or even surpass the figures forecast in the annual plan.

Investment activity was adjusted to the urgency of the individual investments, and thus the figure planned for 2011 will not be realised, as a result of the uncertainties faced during the first nine months of the year. A portion of the investment is expected to be shifted to the plan for 2012.

November 25, 2011