Preliminary results finally out this morning:
2009 Preliminary Results - London Stock Exchange
- Operating loss, before net exceptional items, of €81.0m (2008: €20.0m)
- Net exceptional items -€88.6m (Cost of 2009 Cost Reduction programme and 2008 Early Retirement, Voluntary Severance and Migration Schemes)
- Loss after tax -€130.1m (2008: -€109.9m)
- Total revenue declined 11.0% to €1,205.7m (2008: €1,355.0m
- Average fare for the year declined by 16.8% on 2008, being a 12.0% fall on average short haul fare and an 15.9% fall on average long haul fare
- Fuel costs down 17.3% to €331.7m (2008: €401.3m)
- Net cash: €335.9m (2008: €653.8m)
- "It is too early in the year to comment on the full-year outlook for 2010. Gross cash balances have increased since the beginning of the year."
- "The air travel tax introduced by the Irish government in 2009 is also likely to have a negative impact on our performance in 2010."
Investor presentation:
http://www.aerlingus.com/Corporate/P...ion_290310.pdf
Slide 26:
"Short haul performance for 2009 is broadly break-even despite significant losses generated by the Gatwick base... Gatwick losses were deemed unacceptable by management"
"Short haul trading in Dublin and Cork was broadly satisfactory"
"While Belfast was loss-making in 2009, it is a new base and is trading on an improving trajectory"
"we are likely to still incur long haul losses in 2010"