El Al, Israel s national airline, minimizes losses and significantly improves its cash flow

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1 El Al, Israel s national airline, minimizes losses and significantly improves its cash flow During the first quarter, El Al reduced losses by 59%, from $39.8 million in the first quarter of 2009, to $16.5 million Company revenues grew by 21%, and totaled $420.5 million, compared to $346.7 million in the parallel period last year El Al s load factor rose from 79% to 81% The ratio of operating costs to turnover dropped from 94.6% to 86.5%, a drop of 11%. The ratio of gross profits to turnover rose from 5.4% to 13.5%, an increase of 204%, and totaled $56.9 million, compared to a gross profit of $18.7 million in the parallel period last year Cash flow from activities improved significantly during the quarter, totaling about $54 million, compared to a negative cash flow of $16.2 million in the parallel quarter last year Amikam Cohen, Chairman of the Board of Directors: During this quarter, El Al Israel Airlines successfully met the many challenges placed before the Company. In the first quarter of 2010, the Company adjusted its activities to the realities of the dynamic aviation world market, and was thus able to achieve the targets it set for itself. The Company s Management is presently preparing a

2 new strategic plan that will prepare the Company to face the challenges of the near future and to provide solutions to changes in aviation in particular, and to the challenges that face the Company in general. Elyezer Shkedy, Company CEO & President: During the first quarter we managed to stabilize our position and to reduce Company losses by significantly increasing revenues - by 21 % - to a total of $420.5 million, and by a fundamental reduction in the ratio of operating expenditure, from 94.6% on turnover to 86.5% on turnover. We focused on strategic commercial plans to achieve the increased revenues. We increased our activities, our seat availability and thus achieved an increase in passenger traffic. We continued to face up to the strong competition, achieving a market share of 40.2%. Moreover, the Company achieved significant improvements in cargo activities, which grew by about 11% during the quarter. At the same time, we are developing other growth engines in cooperation agreements with other airlines, and in maintenance, commerce and tourism. We achieved significant improvements in the Company s cash flow from regular activities to about $54 million, and in the cash balance, which totaled about $148 million. In our eyes, these are important improvements, reflecting the Company s robust solidity and financial strengths. Financial and operational points of interest 1 st quarter st quarter 2009 % change Revenues % Gross profit % Operating loss ( 14.7) ( 42.5) ( 65%) Cash flow from 53.9 ( 16.2) regular activities Market share 40.2% 42.9% ( 6%) Load factors 81% 79% 2% Results for the first quarter 2010.

3 Revenues for the present quarter totaled $420.5 million, compared to $346.7 million in the parallel period last year, an increase of about 21%. The increase resulted mainly from the increase in passenger traffic, and the increased yield per passenger/kilometer. Cargo revenues grew by about 11%, largely as a result of the increase in cargo movements. Other revenues for the group also increased, amongst others from providing maintenance services to other companies, and from aircraft leasing. Operating expenditure for this quarter totaled $363.6 million, compared to $327.9 million in the parallel period last year, an increase of about 11%. The ratio of operating expenses to turnover dropped from about 94.6% during the first quarter of 2009, to 86.5% in the first quarter of Most of the increase stemmed from costs of aviation fuel, which totaled $129.1 million (representing about 30.7% on turnover), compared to $107.6 million in the parallel period last year (31% on turnover). The average market price of a barrel of oil during the first quarter of 2010 was $78.9 compared to $43.3 in the parallel period last year an increase of 82.2%, and also from an increase of 4% per flying hour. Gross profits for the quarter totaled $56.9 million, (a ratio of about 13.5% on turnover), compared to $18.7 million in the parallel period last year (about 5.4% on turnover) an increase of about 204%. Cost of sales totaled $45.9 million during this quarter, compared to $41.4 million in the parallel period last year, an increase of about 11%. The increase stemmed mainly from the increase in cost of salaries, a result of the shekel s appreciation against the dollar, by about 8% on average, and from the increase in distribution costs as a result of increased activity. Nevertheless, there was a reduction in the ratio of cost of sales to turnover, from 11.9% to 10.9%. Management and general expenditures totaled $23.9 million, compared to $21.3 million in the parallel period last year, an increase of about 12%. This

4 resulted largely from the increases in costs of salaries resulting from the average 8% strengthening of the shekel in relation to the dollar. Nevertheless, the ratio of these expenditures to turnover totaled about 5.7%, compared to 6.2% in the parallel period last year. Cost of salaries during the first quarter of 2010 totaled $95.3 million, an increase of about $16.8 million compared to the parallel period last year. Most of the increase resulted from the average 8% increase in the shekel value against the dollar. In addition, salaries grew because of increased Company activities, even though the average number of employees during the period remained virtually unchanged. The operating loss totaled $14.7 million (3.5% on turnover), compared to an operating loss of $42.5 million in the parallel period last year (12.3% on turnover). Net financing expenditures during this quarter totaled $7.1 million compared to $2.8 million in the parallel quarter last year an increase of about 154%. The increase in financing costs during the present quarter, compared to in the parallel period last year, stems largely from an expense of $1.2 million resulting from exchange rate fluctuations in the appreciation of the shekel against the dollar, while in the first quarter of 2009, the Company had exchange rate revenues of $4.7 million. The net loss for the first quarter of 2010 totaled $16.5 million, compared to a net loss of $39.8 million in the parallel period last year. Cash flow from activities during the quarter ending 31 st March 2010, totaled $53.9 million, compared to a cash flow of $16.2 million in the parallel period last year.

5 As of 31 st March 2010, the Company s cash balances, cash equivalent values and short-term investments totaled $147.7 million. During the present quarter, the Company invested $8.3 million in fixed assets, and repaid longterm debts totaling $11.7 million. Shareholders equity at 31 st March 2010 totaled $121.6 million, compared to $123.8 million on December 31 st The reduction in shareholders equity resulted from the losses in the quarter, after setting off the increase in equity funds for cash flow hedging, resulting from the increase in the fair value of hedging activities, which are recognized, under accounting principles, as protective transactions. Elyezer Shkedy, Company CEO & President added: When I took on my position, we embarked upon an extensive analysis of core Company issues concerning the fleet, fuel, commercial policy, regulatory matters and the quality of our product and our service. We analyzed pivotal fields, together with an international professional consulting company that specializes in aviation. As a result of the initial findings, we took a number of immediate steps, and we are in the process of more actions concerning our fleet, international cooperation, expanding cargo activity, examining our risk management policy, and examining our future growth engines. We are actively seeking ways to reduce costs, to plan and institute first-rate commercial proceedings, reaching new markets and developing growth engines all this to advance the Company and to reinforce El Al s leading status.

6 El Al Management and employees continue to demonstrate their strong commitment, so that I have no doubt that united as we are, the Company will advance. Mr. Nissim Malki, Vice President Finance, noted: The financial results for the first quarter of 2010 indicate management s control over the situation that resulted from the world financial crisis. Indicators include the significant growth in revenues, the reduction in expenditures, and the improvement in gross profits by over 200%. The cash flow from the Company s activities $54 million is corroboration of the Company s strength, and its capacity to create commensurable cash flow even after meeting all its financial obligations. The Company s long-term obligations dropped from about $11 million after repaying bank loans. Short-term and long-term derivative financial obligations dropped from about $17 million, compared to the end of About El Al El Al Israel Airlines is Israel's national carrier. In 2009 El Al s revenues totaled about $1.7 billion. The airline flies about 1.9 million passengers a year. El Al serves about 36 destinations directly, and many other destinations around the globe, through cooperation agreements with other airlines. The Company operates 37 aircraft, 28 of which are self-owned. El Al is Israel's leading cargo carrier. The Company is active in the charter market through its subsidiary Sun D'Or.

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