EANS-News: airberlin records profit in 2012

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Company Information/Annual results

Berlin, (euro adhoc) - - Positive operating result (EBIT) of EUR 70.2
million - an improvement of more than EUR 300 million over the
previous year - Net profit of EUR 6.8 million - Group revenue of EUR
4.31 billion, capacity utilization increased from 78.21 to 79.80 per
cent, Yield improved by 7.7 per cent to EUR 120.05 - "Shape & Size"
efficiency program contributed EUR 250 million to income - Strategic
partnership with Etihad Airways, delivered EUR 50 million in
additional revenues, with synergies and cost savings starting to take
effect - Retroactive value adjustment of deferred tax assets reduces
net results in fiscal year 2011 to EUR -420.4 million (previously EUR
-271.8 million)

airberlin, the second largest German airline, has returned to
profitability. Air Berlin PLC recorded an operating profit before
interest and tax (EBIT) of EUR 70.2 million in 2012, reflecting a
significant improvement of EUR 317.2 million as compared to 2011. The
Company's net income of EUR 6.8 million marks a return to
profitability for the first time since 2007 and follows a loss of EUR
-420,4 million in 2011 (restated, reported: EUR - 271.8 million). In
the past year, airberlin successfully increased its group revenue to
EUR 4.31 billion (2011: EUR 4.23 billion).

airberlin's CEO, Mr Wolfgang Prock-Schauer, commented: "We were able
to conclude the past year with an operating profit. Moreover, we are
also pleased to have returned a net profit. We managed to accomplish
this despite increased competition and the continued extremely
challenging environment. Nevertheless, we have not yet reached our
target and are mindful that non-recurring events also contributed to
the result of the 2012 financial year.

"We are confident that our recently launched turnaround programme,
Turbine, will enable airberlin to be competitive in the future and
achieve sustainable profitability. One of the programme's key
elements is a focus on cost efficiency which involves implementing a
range of initiatives, including a staff reduction."

EBITDA (earnings before interest, taxes, depreciation and
amortization) improved from EUR -161.6 million for the 2011 financial
year, to EUR 144.3 million in 2012. EBITDAR (earnings before
interest, taxes, depreciation, amortization and leasing expenses)
improved from EUR 425.9 by 72.9 per cent to EUR 736.4 million in the
same period.

Earnings per share based on an annual average of 114.552.461 shares
outstanding amounted to EUR 0.06 (undiluted and diluted) compared to
EUR -4.94 in financial year 2011 (restated, previously reported EUR
-3.12).

The financial result has improved from EUR -111.9 million to EUR
-73.6 million, and was driven in particular by a small gain in
foreign exchange.

Due to a retroactive adjustment of deferred tax assets, airberlin has
corrected the EUR -271.8 million net result in fiscal year 2011 by
EUR -148.6 million to EUR -420.4 million. In connection with this
value adjustment the EUR 253.7 million equity reported as of 31
December 2011 was reduced to EUR 105.2 million.

The German Financial Reporting Enforcement Panel (DPR e.V.) requested
information on the valuation of deferred tax assets. In this context,
Air Berlin PLC has decided that deferred tax assets as at 31 December
2011 will be restated retroactively. This restatement is non-cash
relevant, independent from management's assessment of expected
business developments and takes account of the strict requirements of
the International Financial Reporting Standards (IFRS) regarding
deferred tax assets.

Total assets of Air Berlin PLC as at 31 December 2012 amounted to EUR
2.217,6 million (previous year: EUR 2,125.6 million), total equity
amounted to EUR 130.2 million (previous year: following value
adjustment EUR 105.2 million), its cash position amounted to EUR
327.9 million (2011: EUR 239.6 million) and net debt amounted to EUR
770.2 million (previous year: EUR 813.0 million).

While the number of passengers decreased in 2012 by 5.5 per cent to
33.3 million (previous year: 35.3 million), capacity utilisation
increased by 1.6 percentage points to 79.80 per cent (previous year:
78.21 per cent). This was achieved by a further reduction of the
fleet by 15 aircraft to 155 aircraft and optimising the flight
schedule. Yield (revenue per passenger) improved by 7.7 percent to
EUR 120.05 (previous year: EUR 111.43).

The efficiency programme Shape & Size contributed significantly to
the positive developments, generating significant earnings
contribution of EUR 250 million. This contribution has helped to
considerably offset an increase in fuel prices of EUR 80 million.

The strategic partnership with Etihad Airways has generated
additional income for airberlin. By combining both airlines' flight
networks and the frequent-flyer programmes, the number of available
flights for both airlines increased to include 239 destinations in 77
countries. In 2012, Etihad Airways brought 219,000 passengers into
airberlin's network, generating revenue of EUR 50 million.

Mr Wolfgang Prock-Schauer, commented: "Our results are just now
reflecting the first 12 months of a long term partnership which will
deliver substantial commercial and operational benefits. In 2013, we
are confident that we'll achieve further revenue enhancements and,
above all, further cost synergies with our partner, Etihad Airways."

airberlin's membership in the global airline alliance, oneworld®,
presents further opportunities for growth by providing airberlin with
access to new destinations and additional passengers.

airberlin will publish detailed information with respect to the past
financial year and the Annual Financial Statements as at 31 December
2012 on 20 March 2013 as of 7.45 h CET on the Internet as well as in
connection with the Annual Results press conference.

Further inquiry note:
Uwe Berlinghoff
Senior Vice President Communications
Tel.: +49 (0)30/3434-1500
E-Mail: abpresse@airberlin.com

end of announcement euro adhoc
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company: Air Berlin PLC
The Hour House, High Street 32
UK-WD3 1ER Rickmansworth, Herts
phone: +49 (0)30 3434 1500
FAX: +49 (0)30/3434-1509
mail: abpresse@airberlin.com
WWW: http://www.airberlin.com
sector: Air Transport
ISIN: GB00B128C026
indexes: SDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, free trade/Bondm:
Stuttgart, regulated dealing/prime standard: Frankfurt
language: English