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airberlin is Germany's second-largest airline, with bases at Berlin-Tegel, Düsseldorf, Munich, Nuremburg and Palma de Majorca. The airline ranks among Europe's largest airlines, operating an extensive intra-European network, with particular strength in Spanish, Italian and Austrian markets. A former LCC, airberlin today operates a hybrid model with semi-low-cost services. The airline's network remains largely leisure-oriented, however airberlin operates long-haul service, it has a mixed-aircraft fleet to allow for longer-haul services and has been a member of the oneworld alliance since 2012. airberlin has grown both organically and through acquisitions, acquiring the German carriers dba and LTU and the Austrian leisure/ low-cost carrier NIKI in recent years, as well as opening up intercontinental service to destinations in Africa, Asia and North America.
Location of airberlin main hub (Berlin Tegel Airport)
airberlin share price
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Airberlin delivered a 14% year-on-year increase in EBIT in 3Q2013, recording a positive quarter for the first time this year. The quarter also saw airberlin’s first reduction in unit costs (CASK) this year, reflecting good progress in the cost-cutting aspects of its Turbine restructuring programme.
However, the quarter also saw airberlin’s weakest RASK performance of 2013 and profits were not sufficient to restore a positive equity position to its fragile balance sheet. As a result mainly of a weak pricing environment, it has abandoned its previous FY2013 target for a breakeven EBIT result and set a softer target for year-end net debt reduction.
Airberlin CEO Wolfgang Prock-Schauer told analysts on the 3Q conference call that the relationship with Etihad was for the long term and that it “gives us time really to restructure the company properly”. This commitment looks likely to be tested again soon.
Air Seychelles announced a strong second quarter and half year financial performance as its turnaround strategy begins to deliver results. The carrier stood on the brink of collapse in 2011 before Etihad came to the rescue by taking a 40% equity stake.
Since its partnership with Etihad took effect in Jan-2012, a considerably slimmed-down Air Seychelles has demonstrated strong growth as it works to re-establish an international network through an increasing number of codeshare partners.
Air Seychelles forecasts that it is on track for a second year of profitability after reporting a USD1 million profit for the financial year to Dec-2012, having lost USD12.5 million in 2011.
Air Seychelles’ CEO, Cramer Ball stated: “We are creating a solid foundation for the future of our airline, Seychelles tourism and our home economy, and we are on track for a second year of profitability”.
Air Serbia’s recent rebranding from Jat Airways is the beginning of a number of significant developments for the airline which will also lead to changes in the Serbian aviation market. Through its partnership with Etihad Airways, Air Serbia will be establishing a medium sized hub in Belgrade with a restructured network featuring 12 new destinations and a new fleet of A319 aircraft. Through this hub other airlines within the Etihad’s ‘equity alliance’ will be able to take advantage of an increased presence in the Eastern European region.
As previously reported by CAPA, Serbia's Government and Etihad Airways established on 1-Aug-2013 a strategic partnership to secure the future of Jat Airways which was subsequently renamed and rebranded as Air Serbia. The partnership included the acquisition of 49% of Air Serbia by Etihad on 01-Jan-2014 and Etihad being awarded a five-year management contract
Etihad and the Serbian Government agreed to both inject USD40 million into the airline while both parties will each provide up to USD60 million in further funding. Debt from Jat Airways was also written off by the Serbian Government which will allow Air Serbia to launch from a clean sheet.
The current political turmoil in Egypt has led to a number of European nations advising their citizens not to travel to the North African country. The response by airlines has varied, but a number have announced the suspension of flights. Whether flights are suspended or not, demand for travel to Egypt will be hit by the ongoing news coverage of events there and the advice of many European governments.
In this report, we examine the importance of European airlines to the air travel market in Egypt and the importance of Egypt to European airlines. Egypt may need European airlines more than they need it, but Egypt represents a noticeable (and in some cases growing) proportion of the total network for a number of them. The year-round attraction of Egypt as a leisure destination, contrasting with the summer-only appeal of other destinations, means that this proportion is greater in the winter than in the summer for many European carriers.
Airberlin narrowed its losses in 2Q2013 versus 2Q2012, but the EBIT loss of EUR197 million for the first half was wider than last year’s loss of EUR179 million. Its balance sheet continues to look undercapitalised and, although a recently announced aircraft sales transaction should provide much needed cash, the issue of new capital cannot be completely excluded.
Airberlin is confident that its Turbine cost-reduction programme, which has already achieved 80% of its savings target for 2013, will deliver improved results in 2H2013. With market conditions remaining challenging and airberlin admitting that its breakeven EBIT target for the year now looks more difficult, further savings may be required in order to keep the company on course.
Since reporting its maiden profit in 2011, Etihad Airways' financial results have shown steady and solid growth, even in the face of less than certain global economic conditions. The carrier’s 1H2013 results suggest the strength of its ‘equity alliance’ strategy, with the airline recording record double-digit growth in the period, with a particularly strong contribution from its partner airlines.
Revenue is at record levels, but the carrier only discloses bottom line results on an annual basis.
Etihad reported 2Q2013 passenger revenue of USD921 million, up 8% year-on-year. 1H2013 passenger revenue growth was even stronger, up 13% year-on-year to USD1.8 billion. Overall, total revenue (including cargo) grew to USD2.5 billion for the first six months of 2013, an increase of 14%. Of this, Etihad's partnership revenue comprised 20% of total passenger revenue in both periods.
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