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TAM operating profit up 37% in 4Q2011, net loss of USD195m in 2011

14-Feb-2012 12:55 PM

TAM revenue up 11% – financial highlights:

  • Three months ended 31-Dec-2011:
    • Operating revenue: USD2085 million, +11.0% year-on-year;
    • Operating costs: USD1912 million, +9.1%;
      • Fuel: USD716.5 million, +31.6%;
      • Labour: UD398.7 million, +0.9%;
    • Operating profit: USD173.6 million, +36.5%;
    • Net profit: USD55.6 million, -36.4%;
    • Passenger numbers: 9.3 million, -0.1%;
    • Load factor: 72.6%, -0.7 ppt;
    • Breakeven load factor: 66.6%, -1.8 ppt;
    • Total revenue per ASK: USD 10.5 cents, +7.0%;
    • Total yield: USD 15.2 cents, +8.9%;
    • Cost per ASK: USD 9.7 cents, +5.3%;
    • Cost per ASK excl fuel: USD 6.1 cents, -4.5%;
  • 12 months ended 31-Dec-2011:
    • Operating revenue: USD7570 million, +14.2%;
    • Operating costs: USD7001 million, +15.5%;
      • Fuel: USD2439 million, +21.3%;
      • Labour: USD1570 million, +15.8%;
    • Operating profit: USD569.2 million, stable;
    • Net profit (loss): (USD195.2 million), compared to a profit of USD371.3 million in p-c-p;
    • Passenger numbers: 37.7 million, +9.1%;
    • Load factor: 73.5%, +1.6 ppt;
    • Breakeven load factor: 68.0%, +2.2 ppts;
    • Total revenue per ASK: USD 9.7 cents, +4.2%;
    • Total yield: USD 13.7 cents, +2.5%;
    • Cost per ASK: USD 8.9 cents, +5.4%;
    • Cost per ASK excl fuel: USD 5.8 cents, +2.8%;
    • Total assets: USD9313 million, +10.6%;
    • Cash and cash equivalents: USD378.7 million, -35.8%;
    • Total liabilities: USD3056 million, +5.1%;
  • FY2012 forecast:
    • Domestic passenger traffic (RPKs): +8% to +11%;
    • Capacity (Asks): +1% to 3%;
      • Domestic: stable to +2%;
      • International: +1% to +3%;
    • Load factor: 76% to 78%;

*Based on the conversion rate at USD1 = BRL1.7165

TAM: “Our outlook is quite positive. This year, we expect demand for domestic flights to grow between 8% and 11% in the Brazilian market. We do not expect to open new routes in 2012, but will work for consolidating and increasing the efficiency on existing flights and increase frequencies in some international routes. We expect closing the year with an average load factor of 72% to 74% on the domestic segment and 83% to 85% in the international segment,” Marco Antonio Bologna, CEO. Source: Company statement, 13-Feb-2012.