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Press release BoxID: 462764 (Advanced Inflight Alliance AG)
  • Advanced Inflight Alliance AG
  • Schellingstraße 35
  • 80799 München
  • http://www.advanced-inflight-alliance.com
  • Contact person
  • Susanne Rehm
  • +49 (89) 613805-0

Advanced Inflight Alliance AG announces preliminary figures for the first nine months of 2011

Ad hoc announcement in accordance with Section 15 German Securities Trading Act

(PresseBox) (Munich, ) .
- Consolidated Group revenues up by 6 percent to EUR 89.1 million
- Earnings in the third quarter of 2011 impacted by one-time restructuring charges but will lead to substantial cost reductions in 2012
- Adjusted pre-tax profit up by 12 percent to EUR 7.3 million
- Adjusted earnings per share of EUR 0.34 on a par with the previous year

Advanced Inflight Alliance AG (ISIN DE0001262186; WKN 126218; domiciled at: Schellingstrasse 35, 80799 Munich) today announced its preliminary figures for the Group for the first nine months of 2011:

In the third quarter of 2011, the AIA Group launched its group-wide campaign aimed at optimizing both its organizational structure and costs. The implementation of the respective measures will be largely completed by December 31, 2011. Substantially lowering the number of employees and simplifying the Group's overall organizational structure are the key components of these measures. By the end of the 2011 financial year, the AIA Group will have reduced its existing workforce by about 20 percent from the level as of June 30, 2011. The AIA Group incurred EUR 3.2 million in aggregated one-time charges for the third quarter of 2011 in connection with the launch of its extensive restructuring measures. Fully EUR 1.8 million of these one-time charges are related to the severance package for the Company's former Chairman of the Management Board. All restructuring expenses will constitute one-time charges in 2011; in 2012, they will lead to cost savings in the mid single digit millions.

The figures for the first nine months of 2011 also contain EUR 0.5 million one-time charges in the form of transaction costs for the June 2011 acquisitions.

Adjusted for the one-time charges, the AIA Group performed well during the first nine months of 2011. Consolidated Group revenues for the first nine months of 2011 climbed year on year from EUR 84.3 million by about 6 percent to EUR 89.1 million.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose from EUR 9 million by 11 percent to EUR 10 million during the reporting period despite the one-time charges. Adjusted for the total one-time charges, EBITDA increased from EUR 9.6 million by more than 43 percent to EUR 13.7 million in the first nine months of 2011. EBITDA for the first nine months of 2011 contains foreign currency gains of EUR 121 thousand, compared to foreign currency losses of EUR 197 thousand in the first nine months of 2010. As a result, EBITDA adjusted for both the one-time charges and the foreign currency effects was EUR 13.6 million in the aggregate, compared to EUR 9.8 million in the same period of the previous year.

Due to the one-time charges earnings before interest and taxes (EBIT) fell from EUR 6.2 million in the first nine months of 2010 to EUR 4.2 million in the first nine months of 2011. EBIT adjusted for both the one-time charges and the foreign currency effects rose from EUR 7.0 million in the first nine months of 2010 by 10 percent to EUR 7.7 million in the first nine months of 2011.

Given the one-time charges, the Advanced Inflight Alliance Group has posted earnings before taxes (EBT) of EUR 3.8 million, down from EUR 5.8 million the previous year.

Adjusted for both the one-time charges and the foreign currency effects, EBT for the first nine months of 2011 was EUR 7.3 million. This corresponds to an increase of 12 percent over the EBT of EUR 6.5 million in the same period of the previous year.

At EUR 2.7 million, net profit for the first nine months of 2011 was down from the previous year's EUR 4.4 million due to the one-time charges. Adjusted for both the one-time charges and the foreign currency effects, EBT in the first nine months of 2011 rose from EUR 5 million to EUR 5.3 million.

Earnings per share (EPS) pursuant to IFRS for the first nine months of 2011 were EUR 0.18, compared to EUR 0.30 for the first nine months of 2010. (Adjusted for both the one-time charges and the foreign currency effects, earnings per share were EUR 0.34 for the first nine months of 2011, compared to EUR 0.34 in the first nine months of 2010.)

The final figures for the first nine months of 2011 may deviate from the preliminary figures announced today. The complete interim report for the first nine months of 2011 will be available at www.advanced-inflight-alliance.com from November 17, 2011.