Air Berlin increases revenue to EUR3.4 billion in 2008
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Continental Europe,
Air Berlin
Despite the difficult conditions for the aviation industry the Air Berlin PLC has achieved an operational result (EBIT) of EUR14.2 million in the financial year 2008.
The consolidated total revenue reached EUR3.40 billion (pro forma 2007: EUR3.19 billion). That corresponds to an increase of 6.7%. Earnings in 2008 were mainly affected by two opposing influences. On the one hand the performance enhancement programme implemented in summer 2008 led to a significant earnings improvement on the operating level. On the other hand, the financial result worsened significantly. Despite substantially higher expenses for jet fuel, the operating result on the EBITDAR level improved by 11.6% from EUR427.4 million in 2007 to EUR476.8 million. Because of a high negative change in the fair value of cross-currency interest rate swaps, which had no cash effect, as a consequence of the extreme volatilities caused by the world financial markets crisis, the result before taxes changed only slightly in the financial year from EUR-59.4 million in previous year to EUR-57.8 million. After taxes the net result for 2008 amount to EUR-75.0 million, compared with EUR-39.9 million in the previous year. The tax expense in 2008 results primarily from the write-off of deferred tax assets on tax loss carry forwards due to restructuring. Earnings per share amounted to -1.14, compared with 0.33 as reported in the previous year.
(c) Centre for Asia Pacific Aviation. Date posted: 31-Mar-09
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Air Berlin increases revenue to EUR3.4 billion in 2008 
