Aer Lingus Group PLC H1 2015 Results -2-
July 29 2015 - 2:02AM
UK Regulatory
charges (115.3) (107.3) (7.5%) (189.8) (178.4) (6.4%)
Other operating costs (120.5) (113.3) (6.4%) (229.8) (215.3) (6.7%)
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Total operating costs
before net exceptional
items (434.4) (399.1) (8.8%) (762.9) (707.1) (7.9%)
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Operating profit/ loss
before net exceptional
items 34.5 38.7 (10.9%) (13.9) (9.9) (40.4%)
Net exceptional items (6.0) (1.4) n/m 0.4 (2.5) n/m
Operating profit/ loss
after net exceptional
items 28.4 37.2 (23.7%) (13.5) (12.3) (9.8%)
Net finance expense (0.8) (1.0) 25.2% (1.7) (2.1) 19.0%
Share of profit/ (loss)
of Joint Venture 0.2 0.1 n/m 0.3 0.2 n/m
Profit/ loss before
tax 27.8 36.3 (23.4%) (14.8) (14.1) (5.0%)
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(1) Sign convention: favourable / (adverse)
Traffic and selected KPIs
Statistics Three months ended Six months ended
-----------------------------------------
30 June 30 June
------------------------------- --------
2015 2014 Change 2015 2014 Change
------------------------------- -------- -------- ------- --------- --------- --------- ---------
Passenger fare revenue (EUR'000)
Short haul fare revenue 219.1 226.4 (3.2%) 351.3 365.2 (3.8%)
Long haul fare revenues 172.5 138.7 24.4% 255.1 197.9 28.9%
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Total 391.6 365.1 7.3% 606.3 563.0 7.7%
Passengers carried ('000s)(1)
Short haul 2,390 2,401 (0.5%) 3,986 4,053 (1.7%)
Long haul 419 381 10.0% 640 561 14.1%
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Total 2,809 2,782 1.0% 4,627 4,615 0.3%
Revenue passenger kilometres
(RPKs) (m)(1)
Short haul 2,638 2,633 0.2% 4,172 4,237 (1.5%)
Long haul 2,305 2,081 10.8% 3,530 3,036 16.3%
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Total 4,943 4,714 4.9% 7,702 7,273 5.9%
Available seat kilometres
(ASKs) (m)(1)
Short haul 3,371 3,445 (2.1%) 5,533 5,775 (4.2%)
Long haul 2,675 2,439 9.7% 4,301 3,776 13.9%
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Total 6,046 5,883 2.8% 9,834 9,551 3.0%
Passenger load factor (%)
(flown RPKs per ASKs)(1) % point % point
Short haul 78.3% 76.4% 1.9 75.4% 73.4% 2.0
Long haul 86.2% 85.3% 0.9 82.1% 80.4% 1.7
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Total 81.7% 80.1% 1.6 78.3% 76.1% 2.2
Average fare per passenger
(EUR)(1)
Short haul 91.65 94.30 (2.8%) 88.11 90.10 (2.2%)
Long haul 412.33 364.24 13.2% 398.26 352.42 13.0%
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Total 139.42 131.27 6.2% 131.04 122.01 7.4%
Fare revenue per seat (EUR)(1)
Short haul 70.50 71.82 (1.8%) 64.75 65.05 (0.5%)
Long haul 355.43 310.72 14.4% 327.80 282.88 15.9%
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Total 109.00 101.49 7.4% 97.75 89.18 9.6%
Aer Lingus Regional passengers
carried ('000s) 324 364 (11.0%) 562 620 (9.4%)
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Total Aer Lingus traffic statistics
inc. Aer Lingus Regional
Passengers carried ('000s) 3,133 3,146 (0.4%) 5,189 5,235 (0.9%)
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(1) Based on flown passengers and excluding Aer Lingus Regional
Services operated by Stobart Air and the "wet lease" agreements
with Virgin Atlantic Airways Limited and Nova Airlines AB ("contract
flying business")
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FX rates Three months ended Six months ended 30
30 June June
2015 2014 Change 2015 2014 Change
USD period average
rate 1.09 1.37 (20.4%) 1.13 1.37 (17.5%)
USD period end rate 1.12 1.36 (17.6%) 1.12 1.36 (17.6%)
GBP period average
rate 0.72 0.82 (12.2%) 0.74 0.82 (9.8%)
GBP period end rate 0.71 0.80 (11.3%) 0.71 0.80 (11.3%)
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EBITDAR - EUR million Q2 2015 Q2 2014 H1 2015 H1 2014
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Operating profit/ loss before
net exceptional items 34.5 38.7 (13.9) (9.9)
Add back:
Depreciation & amortisation 23.1 23.2 45.8 44.9
Aircraft operating lease costs 25.0 17.1 43.8 29.9
------------------------------- ------- ------- ------- -------
EBITDAR 82.6 79.0 75.7 64.9
------------------------------- ------- ------- ------- -------
Free cashflow - EUR million H1 2015 H1 2014
----------------------------------------------------- --------- --------
Cash generated from operating activities
(adjusted for FX on deposits) 307.4 218.4
Net capital expenditure (34.6) (28.6)
Net interest received 1.8 2.0
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Free cashflow (1) 274.7 191.8
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(1) Free cash flow is cash generated from operating activities
adjusted for FX on deposits, less net capital expenditure (purchases
of
fixed assets exclusive of finance lease debt raised less proceeds
from disposals on fixed assets) plus or minus net interest
received/ paid.
See page 10 for reconciliation to cash from operating activities
Note on constant currency estimates
Management have attempted to estimate the effect of year-on-year
movements in US Dollar and UK Sterling on both revenues and
operating costs in order to provide greater insight into the impact
of these foreign currency movements on the business as well as
provide an indication of underlying trading performance of the
Group. References to constant currency in this document relate to
year-on-year changes in US Dollar and UK Sterling. Management
believe that the effects of these two currency movements on the
Group's performance are the most significant. In estimating the
year-on-year impact of US Dollar and UK Sterling (which forms the
basis for the constant currency analysis presented in this
document), management have applied average US Dollar and UK
Sterling exchange rates for the same prior year period to that
proportion of revenues and operating costs denominated in those two
currencies for the 2015 period reported on. Reference to constant
currency includes balance sheet revaluations but excludes the
effect of FX hedges contained within the other gains/ losses line
item.
Q2 2015 financial review
Q2 financial performance
Aer Lingus enjoyed a strong revenue performance in the quarter
with total revenues up 7.1% to EUR 468.9 million (Q2 2014: EUR
437.8 million).
-- Passenger fare revenue in the quarter increased by 7.3%
compared with Q2 2014 as a result of a 1.0% increase in passenger
numbers, 1.6 ppts increase in load factor and a 7.4% increase in
fare revenue per seat.
-- Long haul revenues grew 24.4%, supported by the introduction
of the Dublin to Washington route in May 2015 as well as frequency
increases on some existing routes.
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