euro adhoc: SkyEurope Holding
Financial Figures/Balance Sheet
Preliminary
Results for FY 2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
28.11.2008
SkyEurope´s full year results impacted by record high oil prices despite significant unit cost reductions
Consolidated base network and rigorous cost control results in a reduced cost per seat reduction excluding fuel of 12.2% in 2008 fully offsetting the unit cost increase caused by record high fuel prices. Increased fuel price added EUR 26.6 million to our total costs and EUR 5.2 on a cost per seat basis during the year;
Significant increase in aircraft and crew utilisation, with average aircraft sectors per day increasing by 11.2% and crew utilisation increasing by 8%;
Continuous focus on cost controls pays off, administrative expenses reduced by 19.5%(cost per seat reduced by 36.1%) and head count reduced from 926.5 to 696.5;
Despite a difficult operating and economic environment and new routes, total passengers transported and total revenue increased by 13.6% by 10.5% respectively;
Load factors down 8.1pp due to weakened economic conditions and fare price increases implemented in light of the high oil prices;
Ancillary revenue, an area of continued focus, increased by 110.4% in 2008 as a range of new ancillary revenue products have been introduced to our portfolio (85.3% per passenger);
New routes begin to show signs of maturity, the per seat revenue shortfall versus 2007 diminishing each quarter in 2008 (shortfall Q3:9.5%; Q2:19.2%; Q1:14.3%). Forward bookings for winter 2009 are showing strong year over year improvements;
Problems with the credit card acquirer continued in Q4 resulting in low cash balances. SkyEurope has been working to resolve this and have secured a new credit card acquirer;
Capacity reduction program introduced cutting poor performing routes for seasonally weak winter months. Capacity will be reduced by approximately 19% in the winter 2009 period;
SkyEurope was awarded as the best low-cost airline in Eastern Europe and 3rd best low-cost airline in Europe according to the largest worldwide airline survey performed by SkyTrax;
SkyEurope commenced a strategic partnership with MyAir aimed at extracting operating synergies including cross utilisation of aircraft capacity, cross ticket sales, facilities sharing and resource pooling at airports;
For the full financial report, please visit our website:
http://www.skyeurope.com/en/about-us/investor-relations/financial-rep orts.aspx
end of announcement euro adhoc
Further inquiry note:
SkyEurope Holding AG
Nick Manoudakis, CFO
Tel.:+421 915 782 432
mailto:investor.relations@skyeurope.com
http://www.skyeurope.com
Branche: Air Transport
ISIN: AT0000497003
WKN: A0F5WU
Index: WBI
Börsen: Wiener Börse AG / official market