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Passenger numbers up 10.2% and cargo tonnage 4.4% in 2013

At its 11th session the company’s Supervisory Board approved the audited annual report for 2013. It also drew up a report on the review of the annual report for 2013, approved the proposed use of distributable profit for the 2013 financial year, and proposed the conferral of official approval on the Management Board and Supervisory Board for their work in the previous year to the general meeting. It passed the statement of compliance with the Corporate Governance Code, and approved the audit committee’s proposal regarding the appointment of an auditor of the financial statements for 2014.It was briefed on the company’s performance in January and February 2014 and on a change to the financial calendar for 2014, and approved the convening of the 19th general meeting on 13 May 2014.
 

The Aerodrom Ljubljana annual report for 2013 shows the company to have performed very well. Passenger numbers at Ljubljana Jože Pučnik Airport in 2013 were up 10.2% on 2012, while cargo tonnage was up 4.4%. The positive trends in traffic have been reflected in the company’s improved performance, which was better than in the previous year and better than forecast in the annual plan. The company generated a net profit of EUR 5.2 million in 2013, up 3.8% on the forecast.
Celebrating its 50th anniversary this year, the company generated operating revenues of EUR 31.3 million in 2013, up 1.4% on 2012. The higher-than-forecast figure was a reflection of developments in traffic, an increase in foreign airlines’ passenger numbers, the replacement of smaller aircraft with larger aircraft, and growth in the cargo segment. Operating expenses amounted to EUR 25.1 million, down 1.9% on 2012. These revenue and expense figures resulted in EBIT in the amount of EUR 6.1 million, up 17.4% on 2012, and up 6.4% on the forecast. EBITDA amounted to EUR 10.7 million. Despite the impairments of certain Slovenian banks’ subordinated bonds, as a result of improved performance the company generated a net profit of EUR 5.2 million, comparable to the net profit recorded in 2012 and up 3.8% on the forecast in the plan.
A rise in passenger numbers was recorded by the domestic airline and by foreign airlines in 2013. The total passenger numbers of 1,321,100 were up 10.2% on 2012, and up 2.6% on the forecast. Alongside the increase at the domestic airline, the most important factor in the rise in passenger numbers was low-cost airline Wizz Air, whose routes to London Luton and Brussels Charleroi established in late 2012 brought a major expansion in low-cost services at the airport. Of the foreign scheduled airlines, Turkish Airlines and Finnair operated more flights than in the previous year. Another factor in the rise in passenger numbers was the introduction of scheduled flights by Air Serbia, which launched daily flights between Ljubljana and Belgrade in December 2013. Montenegro Airlines also recorded a rise in passenger numbers relative to the previous year as its load factors increased. The trend of increasing traffic has continued this year. Passenger numbers in the first two months of the year were up 15.7% on the same period last year. 
The most popular destinations for passengers in 2013 were London, Frankfurt, Istanbul, Zurich, Munich and Paris. Scheduled flights accounted for the majority (87%) of public passenger transport at the airport. An important category within public transport is low-cost airlines (easyJet and Wizz Air), who accounted for 12.6% of public transport passengers, up 3.5 percentage points on 2012.
The number of aircraft movements totalled 33,111 in 2013, down 5.4% on 2012, although the changes in aircraft use should be noted. Foreign airlines in particular, but also the domestic airline, used significantly larger (and heavier) aeroplanes. Because a significant proportion of the company’s revenues are tied to aircraft weight, this nullified the adverse impact of the decline in the number of aircraft movements on operating revenues.
The growth in cargo traffic is also encouraging. A total of 17,777 tonnes of cargo was handled in 2013, up 4.4% on 2012 and up 2.5% on the forecast. The forecasts were exceeded in all cargo categories.
A total of EUR 8,955 thousand of internal resources were invested in infrastructure and equipment in 2013, of which EUR 7,287 thousand was invested in buildings and land, the remainder being used to purchase airport equipment and computer hardware. Major investments in infrastructure included renovation of part of the runway and two connector taxiways, and construction of the first phase of the road along the airport fence, while the largest investment was the acquisition of real estate from Adria Airways in the form of Hangar 2 for aircraft maintenance, workshops in Hangar 1, and the apron in front of Hangar 2 and the workshops. 
Alongside the increase in traffic and the company’s good performance, the other major developments in the year were two decisions by the company’s owners. The general meeting in September did not pass the resolution that would have approved the investment in the new T2 passenger terminal. In the month after the general meeting Slovenska odškodninska družba d.d. announced that on its own behalf and as the statutory representative of the Slovenian state it had signed an agreement with the shareholders of Aerodrom Ljubljana, d.d. (namely Kapitalska družba pokojninskega in invalidskega zavarovanja d.d., Zavarovalnica Triglav d.d., KD Skladi, družba za upravljanje, d.o.o. and NFD d.o.o.) on acting in concert in the sale of shares in Aerodrom Ljubljana, d.d. that together constitute 73.34% of the company’s share capital. The realisation of the new passenger terminal, which given the obsolescence of the old terminal and the increasing traffic is vital if the airport’s competitiveness is to be maintained and improved, has been deferred to the new owners. 
The Management Board and other departments at Aerodrom Ljubljana worked transparently and in keeping with their authorisations with the consultants chosen by the consortium of owners to ready the company for sale. As part of the sales process the company again addressed the arrangements of the general agreement on mutual relations and the establishment of superficies on land owned by the government. An agreement regulating the use of the land for the next 40 years was reached in March 2014. 

Zg. Brnik, 11 April 2014