Vueling 4Q2010 profits down

Vueling revenue up 4% - financial highlights:

• Three months ended 31-Dec-2010:
  • Revenue: EUR167.0 million, +4% year-on-year;
    • Ancillary: EUR22.6 million, +14%;
  • Costs: EUR124.0 million, +9%;
    • Fuel: EUR45.2 million, +45%;
  • EBIT* (loss): (EUR7.5 million), compared to a loss of EUR500,000 in p-c-p;
  • Net profit (loss): (EUR4.4 million), compared to a loss of EUR13.0 million in p-c-p;
  • Passenger numbers: 2.5 million, +3%;
  • Load factor: 71.7%, +1.9 ppt;
  • Average fare: EUR58.06, -1%;
  • Revenue per ASK: EUR 5.38 cents, +5%;
  • Cost per ASK: EUR 5.62 cents, +9%;
  • Cost per ASK excl fuel: EUR 4.17 cents, stable;
  • Sector length: 887 km, -2%;
• 12 months ended 31-Dec-2010:
  • Revenue: EUR796.5 million, +32%;
    • Ancillary: EUR93.4 million, +32%;
  • Costs: EUR538.3 million, +42%;
    • Fuel: EUR184.0 million, +76%;
  • EBIT*: EUR60.1 million, -16%;
  • Net profit: EUR46.0 million, +66%;
  • Passenger numbers: 11.0 million, +35%;
  • Load factor: 73.2%, -0.5 ppt;
  • Average fare: EUR63.71, -1%;
  • Revenue per ASK: EUR 5.87 cents, -1%;
  • Cost per ASK: EUR 5.43 cents, +4%;
  • Cost per ASK excl fuel: EUR 4.07 cents, -3%;
  • Sector length: 893 km, -1%;
  • Debt: EUR23.9 million, +85%;
  • Total cash: EUR231.0 million, +61%. [more]

*2009 EBIT are before restructuring costs

Vueling: "We will focus on improving RASK performance through increased business passenger and connecting passenger traffic and delivering profitable growth. Flights and passengers will increase by 15% (over 7.5% in organic growth)," Company statement. Source: Vueling, 23-Feb-2011.