The Czech Aeroholding group reported EBITDA of CZK 2.2 billion

If the companies in question had been part of CAH throughout 2012, the EBITDA of the entire Czech Aeroholding group in 2012 would have amounted to CZK 1.8 billion (last year's EBITDA of CZK 2.6 billion reflected the fact that the three previously mentioned companies were not part of CAH for the whole of 2012). In 2013, when using comparable data (considering the complete group in 2012 and 2013) there was therefore an increase in the EBITDA of the entire Czech Aeroholding group from CZK 1.8 billion to CZK 2.2 billion, i.e. by 19% (by CZK 347 million). The CAH Group confirmed its ability to generate a significant positive cash flow.

The aforementioned result was primarily the result of implementation of group restructuring, reducing the operating loss from the CAH group's aviation activities while improving the management of other companies, especially Prague Airport. In this connection, the number of group employees was also optimized by about 8% (from 4,800 to about 4,500), while the most employees departed the company providing air transport (Czech Airlines). The decrease in revenues from the provision of air transportation influenced the group's total revenues, which fell from CZK 17.9 billion in 2012 to CZK 16.3 billion in 2013.

The group's capital structure is stable. The equity amounting to CZK 33.6 billion and total assets of CZK 48 billion, the equity-to-total assets ratio stood at 70% at the end of the year. This indicates a low share of liabilities on total CAH Group assets. The total debt of the CAH group, consisting mainly of loans from the European Investment Bank for the construction of Terminal II and the use of financial leasing for a portion of Czech Airlines' fleet (Airbus 319 and 320) fell year-on-year by nearly a billion crowns (from CZK 13.1 to 12.2 billion).

The financial health of the Czech Aeroholding group was also confirmed by the newly assigned rating. Moody's Agency has assessed the Czech Aeroholding group with the A3 rating, meaning not only low risk for a potential lender, but also the creation of better conditions for possible group financing.

The main business activities of the Czech Aeroholding group include the operation of scheduled air transport and the international Vaclav Havel Airport in Prague. Prague Airport's economic result before taxes increased by more than CZK 400 million compared to last year, from CZK 774 million to CZK 1.174 billion. Revenues from airport charges rose by CZK 282 million (8.5%) from CZK 3.3 billion to CZK 3.6 billion compared to last year. If we subtract the performance of the Czech Airlines and HOLIDAYS Czech Airlines group subsidiaries from the result, being the airport charges these subsidiaries pay to Prague Airport within one group, the external revenue from airport charges increased in 2013 by CZK 377 million (16%), from CZK 2.3 billion to CZK 2.7 billion.

Another business activity of the CAH group is the so-called non-aviation business and property rental in the airport complex to external entities (e.g. the operation of parking spaces, rental of commercial space in the airport terminals, rental of advertising space, and the leasing of premises to external partners). Revenues from these activities amounted to CZK 1.2 billion and increased by 2% compared to 2012.

Revenues from handling (handling of passengers and aircraft) and aircraft maintenance services for external customers increased by CZK 110 million (16%), from CZK 689 million in 2012 to CZK 798 million in 2013. This increase was mainly due to the performance of the subsidiary company, Czech Airlines Technics, which grew year-on-year by CZK 86 million.

The tax levy for the CAH group in 2013 is over CZK 853 million, which is over CZK 150 million more than the previous year.

The CAH group's priorities this year particularly include completion of Czech Airlines' gradual departure from the CAH group and other streamlining activities for companies in the group.

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