Vueling revenue up 83.8%, still at a loss in 4Q2009

Vueling revenue up 83.8% - financial/traffic highlights (According to Spanish GAAP):

• Three months ended 31-Dec-2009:
  • Total revenue: EUR160.4 million, +83.8% year-on-year:
    • Fees and charges: EUR17.5 million, +49.3%;
    • Ancillary: EUR19.8 million, +36.9%;
  • Total cost: EUR160.9 million, +62.4%;
    • Fuel: EUR31.3 million, +26.4%;
  • EBITDAR*: EUR23.7 million, +1,339%;
  • EBIT (loss)*: (EUR510,000), compared to a loss of EUR11.8 million in the previous corresponding period;
  • EBT (loss): (EUR18.2 million), compared to a loss of EUR15.1 million in the previous corresponding period;
  • Net profit (loss): (EUR13.0 million), compared to a loss of EUR10.6 million in the previous corresponding period;
  • Passenger numbers: 2.4 million, +104.8%;
  • Load factor: 69.8%, +2.2 ppts;
  • Average fare per passenger: EUR51.16, -1.6%;
  • Average ancillary revenue per passenger: EUR8.24, -33.1%;
  • Total revenue per ASK: EUR 5.15 cents, -3.1%;
  • Cost per ASK*: EUR 5.16 cents, -14.4%;
  • Cost per ASK excl fuel*: EUR 4.16 cents, -8.1%;
• 12 months ended 31-Dec-2009:
  • Total revenue: EUR601.6 million, +36.3%;
    • Fees and charges: EUR70.8 million, +24.1%;
    • Ancillary: EUR73.9 million, +14.7%;
  • Total cost: EUR503.2 million, +12.4%;
    • Fuel: EUR104.4 million, -30.6%;
  • EBITDAR*: EUR146.5 million, +365.4%;
  • EBIT*: EUR71.4 million, compared to a loss of EUR30.6 million in the previous corresponding period;
  • EBT: EUR40.2 million, compared to a loss of EUR38.6 million in the previous corresponding period;
  • Net profit: EUR27.8 million, +225.3%;
  • Passenger numbers: 8.2 million, +39.3%;
  • Load factor: 73.7%, +3.4 ppts;
  • Average fare per passenger: EUR55.73, +2.6%;
  • Ancillary revenue per passenger: EUR9.02, -17.7%;
  • Total revenue per ASK: EUR 5.91 cents, +6.4%;
  • Cost per ASK*: EUR 5.21 cents, -12.3%;
  • Cost per ASK* excl fuel: EUR 4.18 cents, +3.4%.

*Excludes restructuring costs

Vueling: "Cost synergies are forecasted to be captured in 2010 in an amount of EUR15.5 million. Revenue synergies are expected to be captured in 1H2010 in an amount of EUR20 million. These two items, together with recently-launched cost and revenue improvement plans (amounting to EUR25 million plus) should allow Vueling to more than offset the effects of increased competition and improve net margins of 2010 in respect to 2009. No significant changes in the size of operated fleet are foreseen in 2010," Company statement. Source: Vueling, 23-Feb-2010.