euro adhoc: SkyEurope Holding / SkyEurope announces the release of Q1 2009 financial results
SkyEurope benefits from improved route network performance and route maturity
despite global economic weakness
• Significant improvements achieved in revenue per seat, increasing by
15.6% from EUR 43.7 in Q1 2008 to EUR 50.6 in Q1 2009 due primarily to an
improved and maturing network;
• Ancillary revenue per passenger also significantly increased by 145.1%
in Q1 2009 from EUR 4.97 per passenger in Q1 2008 to EUR 12.17 per passenger in
Q1 2009 as a range of new ancillary revenue products have been introduced to our
portfolio;
• Average yield improved as well by 9.2% in Q1 2009 as a result of new
pricing policies implemented to increase average fares;
• High fuel prices continued to impact us in October 2008 resulting in
higher unit fuel costs during this month. Benefits of lower fuel costs realised
in November and December and further benefits are expected during the remainder
of the fiscal year;
• A capacity reduction program was put in place for the winter period to
address macroeconomic factors, impacted overall efficiency and resulted in less
sectors produced and, therefore, higher unit costs.
• Redelivery of several aircraft to GECAS has resulted in EUR 2.1 million
of redelivery expenses recorded for the 3 month period ended 31 December 2008.
• Focus in overhead costs continue as head count decreased from 726.5 to
642.5;
• EBITDAR and EBIT results excluding redelivery expenses improved by 24.7%
and 5.3% respectively.
• Subsequent to year end, leases on 7 aircraft leased from GECAS (6) and
Chishima (1) were terminated.
The first quarter financial report 2009 will be available on the company
homepage under "investor relations".
http://www.skyeurope.com/en/about-us/investor-relations.aspx
Further inquiry note:
Contact:
SkyEurope Holding AG
Nick Manoudakis
Chief Financial Officer
Phone +421 2 4850-1332
Fax +421 2 4850-1000
investor.relations@skyeurope.com
www.skyeurope.com
end of announcement euro adhoc
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