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Vueling’s 2010 expected to beat 2009 results, but it won’t be smooth flying


Vueling maintained its guidance for an improved net profit in 2010 upon the release of its financial results for the three months ended Mar-2010 (1Q2010). This is despite the negative effects of the recent European airspace closures, which resulted in 482 cancelled services affecting 72,249 passengers, and the sovereign debt crisis enveloping Spain, Greece and Portugal. The carrier previously guided that it “expects to report even better results in 2010 than in 2009,” noting that more than 60% of the merger synergies between Vueling and Iberia’s LCC subsidiary, clickair, would be experienced in 2010. [1572 words]

Unlock the following content in this report:


  • Vueling/clickair merger allowing for both growth and improved margins
  • EBITDAR and revenues also up on a pro-forma basis; Losses on the EBIT and net levels
  • Unit cost reductions in 1Q2010
  • Revenue per ASK up slightly, but fares and ancillaries weaken
  • Emerges as a significant player in the European LCC market
  • Vueling increases business network focus as part of model evolution
  • Vueling ownership altered
  • Future brighter for Vueling following merger, but uncertainties persist

Graphs and data:

  • Vueling financial highlights for three months ended 31-Mar-2010
  • Vueling operating expense breakdown: 1Q2010
  • Vueling and clickair proforma P+L results: 1Q2009 vs 1Q2010
  • Cost per ASK (ex-fuel) development: 1Q2009 to 1Q2010
  • Ancillary RASK: 1Q2009 vs 1Q2010
  • Europe‚Äôs largest LCCs: 2009 data
  • Vueling destination map: Apr-2010
  • Vueling operational highlights: 3Q2009
  • Vueling growth at key bases: 3Q2009
  • Vueling base map: Oct-2009
  • Distribution of sales: 1Q2009 vs 1Q2010
  • Vueling ownership: Apr-2010
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