Air Berlin better than expected second quarter profitability; expects stable yields in 2H2009

Air Berlin reported a better-than-expected second quarter results in the three months ended Jun-2009, as the carrier compensated for a decline in passenger demand with an increase in yields, prompting it to state that it is “satisfied” with its performance in the current economic conditions. [2489 words]

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This report contains the following subheadings:

• Investors seem unconvinced
• Revenues down, but operating expenses fall at a greater rate
• Recession an opportunity: increasing focus on business sector
• Gaining market share in shrinking market
• But unit costs also on the rise
• Fleet composition changes
• ‘Jump’ programme benefits continue to impress
• Strengthening of liquidity having positive effect on balance sheet
• 2009: An anniversary year with new challenges
• Focused strategy in 2009 and 2010, but much depends on the economic climate

This report contains the following charts and tables:

• Air Berlin share price growth: Jan-2009 to Aug-2009
• Air Berlin financial highlights for the three months ended 30-Jun-09
• Air Berlin financial highlights for the six months ended 30-Jun-09
• Air Berlin financial highlights for the three months ended 30-Jun-09
• Air Berlin Revenue per ASK and Yield per RPK development: 1Q2007 to 2Q2009
• Air Berlin revenue RASK growth (% change year-on-year): Apr-2008 to Jul-2009
• Air Berlin vs AEA passenger growth (% change year-on-year): Jan-2008 to Jun-2009 
• Air Berlin cost per ASK including fuel: 2Q2008 vs 2Q2009    
• Air Berlin cost per ASK excluding fuel: 2Q2008 vs 2Q2009
• Air Berlin fleet composition: 2007 vs 2008  vs 1H2009
• Air Berlin aircraft order book: as at Jun-2009
• ‘Jump’ programme six-module focus
• Air Berlin hedging profile and fuel price development: 2008 vs 2009