Financial results in 2011 better than year before

Operating revenues realised in 2011 totalled EUR 34,001 thousand, the same level as in 2010, and were up 5.6% on the forecast in the annual plan. Operating expenses were down 5.7% on 2010 at EUR 26,413 thousand, which was 1.4% less than the forecast. Looking more closely at the breakdown of operating expenses, costs of materials were down 11% on 2010, while costs of services were down 8%. Labour costs were at the same level as in 2010, while amortisation and depreciation costs were up 1.7%. Other operating expenses were significantly lower than in the previous year. EBITDA was up just under 15% on that recorded in 2010, and up 18% on the forecast. EBIT was up 29% on 2010, and up fully 40% on the forecast. Net profit was up 23% on 2010 at EUR 5,248 thousand, 3.4% more than the forecast, and would have been significantly higher had there not been EUR 2.2 million of impairments for an investment in an associate that was not envisaged in the annual plan.

From the point of view of our financial results, Aerodrom Ljubljana thus performed very successfully in 2011, particularly in the context of the situation that we faced. There was a great deal of uncertainty in relation to the continuation of the domestic airline as a going concern, and in the final quarter in particular we faced a decline in traffic as a result of the closure of less-profitable routes. This was the primary factor in the decline in physical traffic compared with 2010 (passenger numbers were down 1.4%, while the number of aircraft movements was down 7.8%), and the figures also fell short of the forecasts in the annual plan (passenger numbers were 2.5% less than forecast, and the number of aircraft movements was 11.1% less than forecast). In parallel with the overall decline in traffic, there were significant changes in its breakdown, which had a beneficial impact on the operating result. Airlines replaced smaller aircraft with larger aircraft, which is beneficial in financial (revenue) terms, as the price of a significant portion of our services is tied to aircraft weight. The decline in the domestic airline’s traffic was compensated for to a significant extent by an expansion in the foreign airline segment, where passenger numbers were up 17.3% and the number of aircraft movements was up 1.4%. The cargo segment also recorded good performance in terms of traffic. Total cargo tonnage in 2011 was up 13.6% on 2010, and was up 2.4% on the forecast in the annual plan.

Investments in buildings, computer equipment and other airport equipment amounting to EUR 6.4 million were originally planned for 2011. In keeping with the uncertainty that the company faced, we adjusted the pace of investment to the level of urgency of the individual investments in question, as a result of which the actual investment realised was EUR 2.4 million.

Brnik, 15. 3. 2012