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First nine months highlighted by growth in traffic

Aerodrom Ljubljana, d.d. recorded an increase in traffic during the first nine months of 2014. Total passenger numbers were up 1.7% and cargo tonnage was up 7.3%. EBIT was a bit lower than last year at EUR 6,108 thousand, but significantly more than forecast in the plan, although this did not compensate for the impairment of the investment in Adria Airways Tehnika, d.d., which has been performing worse than forecast this year.

Developments in the first three quarters of 2014 were favourable compared with the same period last year, in particular the figures for passenger numbers and cargo tonnage. Total passenger numbers were up 1.7% on the same period last year (at 1,051,475), primarily as a result of a rise in passenger numbers in public transport, the domestic airline and the foreign airlines both recording increases. The number of aircraft movements (which totalled 24,425 over the reporting period) was down 5.6% on the same period last year, although this decline did not have a negative impact on the realised operating revenues as a result of the shift in aircraft use towards larger (and heavier) aircraft. Cargo tonnage was up 7.3% on the first three quarters of 2013 (at 14,049 tonnes).

A total of eight scheduled airlines served the airport during the first three quarters of the year. The domestic airline accounted for the largest proportion of traffic. Alongside the rise in passenger numbers at the domestic airline, another factor in the rise in passenger numbers compared with the first three quarters of last year was Air Serbia, which operates a daily service between Ljubljana and Belgrade. The daily flights operated by Turkish Airlines also made a contribution to the rise in passenger numbers (it flew five times a week during the first four months of last year). In terms of the number of aircraft movements Air France reduced its flights in the summer timetable of 2013, which did not have a significant impact on passenger numbers as it began flying with larger aircraft in the 2014 summer timetable, with good load factors. The low-cost airlines Wizz Air and easyJet also have good load factors. Finnair saw a slight fall in passenger numbers compared with the same period last year as it began its services later in 2014. A positive development was Finnair’s use of larger aircraft in the summer months and its good load factors on the Ljubljana-Helsinki service. The situation in the Middle East had a negative impact on traffic at the airport, as there was a significant fall in the number of passengers from Israel in the 2014 summer timetable. Iran Air ceased its refuelling technical flights in June 2014.

The company’s performance in the first three quarters of the year was good. Operating revenues were up 1.9% (EUR 452 thousand) on the same period last year at EUR 24,821 thousand, down minimally (EUR 95 thousand) on the forecast for the period. Operating expenses were up 3.2% (EUR 575 thousand) on the same period last year at EUR 18,713 thousand, but were nevertheless down 4.9% (EUR 965 thousand) on the forecast for the period. EBIT amounted to EUR 6,108 thousand, up 16.6% (EUR 870 thousand) on the forecast for the period, but down 2% (EUR 123 thousand) on the same period last year.

The net financial result in the reporting period was less favourable. As a result of the sale of financial assets under asset management contracts, finance income was up on the same period last year (at EUR 1,470 thousand, up 1.7% on the forecast for the period), while an impairment of the investment in Adria Airways Tehnika, d.d. in the amount of EUR 2,736 thousand (this impairment was not forecast) meant that finance expenses were also up (at EUR 3,150 thousand).

Despite the good performance and the increase in finance income, the company failed to fully compensate for the negative impact of the impairment on its operating result: pre-tax profit in the reporting period amounted to EUR 4,428 thousand, while net profit amounted to EUR 3,098 thousand, down on the same period last year and down on the forecast for the period.

Without the impairment the pre-tax profit would have amounted to EUR 7,164 thousand (up 17.6% on the same period last year and up 11.8% on the forecast for the period), and the net profit to EUR 5,601 thousand (up 7.5% on the same period last year and up 2.7% on the forecast for the period).

Zg. Brnik, 21 October 2014