Cimber Sterling wins market shares and strengthens capital base

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1 Cimber Sterling Group A/S, Lufthavnsvej 2, 6400 Sønderborg, Denmark Interim report Q3 2010/11 Announcement no. 33/ March 2011 Cimber Sterling wins market shares and strengthens capital base Cimber Sterling continued its high level of activity in Q3 2010/11 and passenger numbers grew by 21%. However, the early onset of winter and the surging fuel costs had an adverse impact on earnings. Revenue rose 18% to DKK 395 million in Q3 2010/11, while the Company posted an operating loss before special items of DKK 97 million, which was on a level with the loss of DKK 96 million in Q3 2009/10. The performance fell short of Management s expectations, and specific initiatives have been taken to strengthen earnings and the capital structure. Revenue year to date was DKK 1,468 million compared to DKK 1,173 million in 2009/10, and the operating loss before special items was a loss of DKK 114 million compared to DKK 155 million in 2009/10. For 2010/11, the previous guidance of revenue in the region of DKK 2 billion is maintained, whereas the forecast of the operating loss before special items is adjusted to a loss in the range of DKK million as compared with the previous forecast of a loss in the range of DKK million. Summary Cimber Sterling s revenue in Q3 2010/11 was DKK 395 million, an 18% increase from DKK 336 million in Q3 2009/10. An operating loss of DKK 35 million before rental and leasing expenses, depreciation, amortisation and impairment, financial expenses and tax (EBITDAR) was recorded in Q3 2010/11, an improvement of DKK 7 million as compared with in the same period of 2009/10. The operating loss before special items for Q3 2010/11 was a loss of DKK 97 million as compared with a loss of DKK 96 million in Q3 2009/10. The loss for the period included the effect of rising fuel costs of DKK 20 million. In Q3 2010/11, the number of own passengers increased by 21% and the yield improved by 28% year on year. Revenue per available seat kilometre (RASK) was up by 37%. In the same period, unit costs per available seat kilometre (CASK) rose 20% (excluding aircraft fuel). Cimber Sterling continued the strong growth in the number of domestic passengers, recording a 40% increase in the number of domestic passengers in Q3 2010/11. Cimber Sterling s share of the Danish domestic market rose to 50.7% in January 2011 from 42.3% in January Moreover, Cimber Sterling increased its market share of traffic at Copenhagen Airport (in terms of number of passengers) from 7.2% in Q3 2009/10 to 8.0% in Q3 2010/11. Special items had an adverse impact on the loss for the period and were primarily related to a loss of DKK 27 million on the sale of three ATR aircraft and one-off costs of DKK 14 million related to prior years. To this should be added extraordinary winter costs of DKK 9 million. Revenue year to date was DKK 1,468 million compared with DKK 1,173 million in 2009/10, and the operating loss before special items was a loss of DKK 114 million compared with a loss of DKK 155 million in 2009/10. For the full year 2010/11, Cimber Sterling retains its forecast of revenue in the region of DKK 2 billion, whereas the operating loss before special items is now expected to be in the range of DKK million. Events after the period end In order to strengthen the Company s short-term cash resources, Cimber Sterling has signed an agreement with related parties for the establishment of a temporary line of credit. In order to strengthen the Company s long-term capital base, Cimber Sterling has signed an agreement with GEM Global Yield Fund Limited for a three-year equity capital commitment on DKK 300 million. Final utilisation will depend on approval from shareholders at an extraordinary general meeting, the performance of the Cimber Sterling share price, the number of new shares to be issued and liquidity in the share. Rising fuel costs have made Cimber Sterling increase fares and introduce a fuel surcharge effective 15 February (1 May January 2011) Side 1 of 23

2 MANAGEMENT S REVIEW TO OUR SHAREHOLDERS The strong growth in passenger numbers and in our sales of add-on services in H1 2010/11 continued in Q3, helping Cimber Sterling to cement the positive trend needed to improve our operating performance as compared with the 2009/10 financial year. The route economy, measured by yield as well as RASK, also improved in Q3 2010/11, and even in a period in which we also managed to take market share in Danish domestic traffic as well as in overall traffic at Copenhagen Airport. We passed an important milestone when our share of the Danish domestic market exceeded the 50% mark in January Cimber Sterling s diversified price policy based on sales of basic tickets and increased sales of add-on services, such as baggage, seat selection, inflight service, etc., has helped us maintain our market share on important routes and concurrently ensured a reasonable trend in total revenue per passenger. However, performance in Q3 2010/11 was affected by special items to the effect that our financial performance in Q3 fell short of our expectations. The special items which had an adverse impact on Q3 performance were primarily losses incurred on the sale of three ATR aircraft, extraordinary winter costs and one-off costs relating to prior financial years. Fuel costs surged in the course of the quarter and, like many of our competitors, we therefore introduced a fuel surcharge on all tickets. However, the effect will not be seen until from Q4 2010/11, as this revenue will only be recognised for tickets bought starting from 15 February The rising fuel costs resulted in additional costs of DKK 20 million in the third quarter. Total fuel costs for the year-to-date period were DKK 247 million, an increase of this item by almost DKK 100 million from DKK 148 million in 2009/10. Cimber Sterling s cash resources were squeezed during the third quarter and the situation has carried over into the fourth quarter of 2010/11. In addition to the lower seasonal activities, this was primarily caused by an increase in cash tied up with the Danish Travel Guarantee Fund and our credit card processing company. In order to strengthen our cash resources, we sold three of our fourteen owned aircraft in early December and additional considerations for further strengthening the capital base are ongoing. In March 2011, the company signed an agreement with GEM Global Yield Fund Limited for a three-year equity capital commitment on DKK 300 million against the issuance of new shares, which is subject to approval by the shareholders at an extraordinary general meeting including the issue of warrants to GEM Global Yield Fund Limited. The agreement will take continuous effect from the financial year 2011/12. The level of activity continued to increase strongly in the third quarter, but unfortunately the winter weather, rising fuel costs and one-off costs had an adverse impact on our earnings. The effect was that our results fell short of our forecasts, which have now been adjusted. We have reacted by taking specific initiatives to improve earnings performance and strengthen our capital structure. Jacob Krogsgaard CEO/President (1 May January 2011) Side 2 of 23

3 FINANCIAL HIGHLIGHTS AND KEY RATIOS FOR THE GROUP (unaudited) 3rd quarter Year to date Full year DKKm 2010/ / / / /10 Income statement Revenue , , ,551.2 EBITDAR Rental and leasing expenses Depreciation, amortisation and impairment Operating profit/loss before special items Special items Operating profit/loss (EBIT) Financial income and expenses Profit/loss before tax (EBT) Income tax Profit/loss for the year Balance sheet Share capital Equity Interest-bearing debt/finance leases Property, plant and equipment Cash and cash equivalents/securities Total assets 1, , , , ,114.6 Cash flow statement Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Financial ratios for the Group EBITDAR margin -8.8% -12.4% 4.6% 1.2% 0.3% EBIT margin -37.1% -32.6% -10.8% -15.0% -19.0% Return on equity % -43.0% -96.4% -61.4% % Equity ratio 5.7% 25.7% 5.7% 25.7% 16.8% Invested capital Per share ratios Basic/diluted earnings per share - EPS (DKK) Book value per share (DKK) Price per share - end of period (DKK) Market value - end of period (DKK) Traffic-related ratios Total number of passengers ( 000) ,589 1,239 1,643 Load Factor 61% 56% 65% 65% 65% Yield (DKK) RASK (DKK) CASK (DKK) Other Number of employees Number of aircraft The ratios have been calculated in accordance with "Recommendations & Financial Ratios 2010" issued by the Danish Society of Financial Analysts apart from earnings per share, which has been calculated in accordance with IAS (1 May January 2011) Side 3 of 23

4 MANAGEMENT S REVIEW MARKET AND TRAFFIC PERFORMANCE Cimber Sterling s market developed favourably in Q3 2010/11. The share of the Danish domestic market rose to 50.7% in January, which was very positive and an achievement we are proud of at Cimber Sterling. By comparison, our market share was 42.3% in January 2010, equal to a 20% improvement. Cimber Sterling s market share in terms of own passengers out of Copenhagen Airport rose from 7.2% in Q3 2009/10 to 8.0% in Q2 2010/11, equal to an 11% improvement. 3rd quarter Year to date Full year 2010/ /10 Change 2010/ /10 Change 2009/10 Traffic figures Own operations Own passengers 425, ,183 21% 1,588,677 1,239,357 28% 1,642,551 Load factor 61% 56% 5 p.p. 65% 65% 0 p.p. 65% ASK ('000) 441, ,063-6% 1,982,747 1,561,057 27% 2,069,186 RPK ('000) 267, ,952 1% 1,296,918 1,018,872 27% 1,346,124 Departures on time 76% 82% -6 p.p. 85% 88% -3 p.p. 87% Flight consistency 95% 98% -3 p.p. 98% 99% -1 p.p. 97% Overall Activity ASK ('000) 519, ,339-13% 2,266,104 1,992,608 14% 2,624,243 RPK ('000) 322, ,542-8% 1,505,357 1,322,297 14% 1,733,172 Profitability Yield (DKK) % % 0.89 RASK (DKK) % % 0.56 CASK (DKK) % % 0.67 CASK excl. fuel (DKK) % % 0.63 There may be minor changes in the comparative figures as a result of delays in the registration of actual passenger numbers relative to previously released information. Traffic figures for the third quarter of 2010/11 In Q3 2010/11, Cimber Sterling carried 425,916 passengers, representing a year-on-year increase of 21%. During the period, 95% of all planned flights were operated, 76% of them on time as compared with 82% in the prior-year period. The fall in punctuality was partly due to the fact that the winter s snow started earlier than last year. Cimber Sterling s high flight frequency inherently entails a very high sensitivity to severe winter weather. The number of frequencies and destinations was adjusted during the winter months so capacity (ASK) for Cimber Sterling s own activities was down by 6% in Q3 2010/11 as compared with Q3 2009/10. Nevertheless, traffic (RPK) increased by 1% during the same period, and the load factor consequently increased five percentage points from 56% to 61%. The total fall in capacity (ASK) and traffic (RPK) was 13% and 8% respectively. The yield for Q3 2010/11 rose 28% to DKK 1.21, which was due, among other things, to higher prices and increased sales of add-on services. A strong improvement was achieved in revenue per available seat kilometre (RASK) to DKK 0.72 in Q3 2010/11, a 37% improvement on Q3 2009/10. Costs per available seat kilometre (CASK) excluding fuel costs increased 20% to DKK 0.78 in Q3 2010/11 as compared with Q3 2009/10. (1 May January 2011) Side 4 of 23

5 MANAGEMENT S REVIEW Cimber Sterling reduced its fleet in Q3 2010/11 to 26 aircraft from 27 in Q3 2009/10. Moreover, aircraft productivity increased by 4% and crew productivity increased by 9%, both in terms of number of hours in the air. In the Domestic segment, the number of passengers rose 40% in Q3 2010/11. Capacity (ASK) increased by 30% during the same period, while traffic (RPK) increased by 37%, resulting in an improvement of the load factor by 3%. Average revenue per available seat kilometre (RASK) rose by 4% during the period in spite of more intensive competition in Q3 2010/11 than in the prior-year period. In the Regional segment, the number of passengers rose 24% in Q3 2010/11. Capacity (ASK) increased by 10%, while traffic (RPK) increased by 23%, resulting in an improvement of the load factor by 5 percentage points from 46% to 51%. The higher load factor was due to the introduction of new routes with satisfactory load factors and to adjustments on existing routes. Average revenue per available seat kilometre (RASK) rose by 38%. In the Leisure segment, the number of passengers dropped by 27% in Q3 2010/11. Capacity (ASK) was reduced by 22%, while traffic (RPK) was reduced by 13%, resulting in an increase in the load factor by 6 percentage points. Average revenue per available seat Own passengers, total per quarter ( 000) kilometre (RASK) rose by 20%. The fall in the number of passengers in the Leisure segment was the result of a reassessment of the winter programme in order to improve earnings on the individual routes. The number of routes was 36 at 31 January 2011, which was in line with the level at 31 January As revenue for the ACMI/Charter segment does not depend on passenger numbers but rather on the number of aircraft and number of flights respectively, developments in passenger numbers, capacity and traffic do not have any impact on revenue Q1 Q2 Q3 Q4 2009/ /11 Production capacity As at 31 January 2011, Cimber Sterling s fleet consisted of 26 aircraft, down from 27 as at 31 January Six Boeing 737s were in production, up from five at the end of January 2010, whilst the number of regional jets, CRJ200s, was 11, down from 13 at the end of January 2010, and the number of turboprop ATRs was unchanged at nine. (1 May January 2011) Side 5 of 23

6 MANAGEMENT S REVIEW FINANCIAL REVIEW Cimber Sterling s revenue increased by 18% to DKK 395 million in Q3 2010/11. EBIT was a loss of DKK 147 million. Revenue for the first nine months of the financial year was DKK 1,468 million compared to DKK 1,173 million in 2009/10, and EBIT was a loss of DKK 159 million compared to DKK 176 million in 2009/10. The performance was not in line with Management s expectations. Revenue Revenue rose 18% to DKK 395 million in Q3 2010/11 from DKK 336 million in the year-earlier period. Revenue per quarter (DKK million) This growth in revenue was attributable to the strong growth in the number of own passengers, which increased by 21% year on year. The number of own passengers increased on both domestic and regional routes. Costs Operating costs Q1 Q2 Q3 Q4 2009/ /11 Operating costs increased by 29% to DKK 289 million in Q3 2010/11 from DKK 225 million in Q3 2009/10. The increase in operating costs reflects Cimber Sterling s strong growth in passenger numbers, the larger number of frequencies and the surging fuel prices. Cimber Sterling s fuel consumption increased by 10% from 12,765 tonnes in Q3 2009/10 to 14,054 tonnes in 2010/11. However, fuel costs increased by 41% during the same period. Other external costs Other external costs were down by DKK 5 million to DKK 30 million in Q3 2010/11. Other external costs include costs such as marketing costs, cost of premises, IT costs, etc. Staff costs and other costs Staff costs were down by DKK 7 million as compared with Q3 2009/10 due to the temporary pay reduction which all employees supported in connection with the implementation of the Odin and Thor programmes. The number of employees rose by ten during the period, from 826 in Q3 2009/10 to 836 in Q3 2010/11. Staff costs per passenger were down 22% from DKK 333 in Q3 2009/10 to DKK 260 in Q3 2010/11. Leases and depreciation As at 31 January 2011, Cimber Sterling had a fleet of 26 aircraft, of which 14 were held on operating leases, one was held on a finance lease and 11 were owned by Cimber Sterling. Going forward, Cimber Sterling focuses on reducing invested capital by reducing investments in aircraft. (1 May January 2011) Side 6 of 23

7 MANAGEMENT S REVIEW Financial performance Operating profit/loss (EBIT) EBIT was a loss of DKK 147 million in Q3 2010/11 as compared with a loss of DKK 110 million in Q1 2009/10. Special items comprise a loss of DKK 27 million on the sale of three aircraft (sale and lease back), and DKK 14 million relating to costs from prior years. To this should be added extraordinary winter costs of DKK 9 million. Net of these costs, the operating loss before special items for Q3 2010/11 was DKK 97 million as compared with a loss of DKK 96 million in Q3 2009/10. Financial income and expenses A large part of the Group s interest-bearing debt is denominated in USD. Most of the financial income was unrealised exchange rate adjustments without a cash flow effect as a result of the rising and falling USD/DKK exchange rate. This was also the case in Q3 2009/10. Profit/loss before tax (EBT) The Group posted a pre-tax loss of DKK 157 million in Q3 2010/11 against a loss of DKK 125 million in the prior-year period. Profit/loss for the period A loss after tax of DKK 118 million was posted for the period, down from a loss of DKK 95 million in the prior-year period. The comprehensive income for the first three quarters of 2010/11 was a loss of DKK 129 million as compared with a realised loss of DKK 144 million in the first three quarters of 2009/10. Assets and invested capital Total assets amounted to DKK 1,012 million as at 31 January 2011, which represented a year-on-year fall by 7% as compared with total assets as at 31 January The change was primarily attributable to a substantial reduction in aircraft and aircraft parts recognised in property, plant and equipment, which was offset by a change from a deferred tax liability to a deferred tax asset. Invested capital stood at DKK 437 million at the end of Q3 2010/11. Equity Cimber Sterling s equity stood at DKK 57 million as at 31 January 2011 compared with DKK 280 million as at 31 January 2010 for an equity ratio of 5.7% compared with 25.7% last year. At the end of the third quarter of 2009/10, the equity ratio was lifted by net proceeds of DKK 250 million from the IPO in December Financing and capital structure Change in interest-bearing debt and lease liabilities Net interest-bearing debt including lease liabilities was reduced from DKK 415 million at the end of Q3 last year to DKK 384 million at the end of Q3 2010/11. Net interest-bearing debt was reduced from DKK 461 million at the end of Q2, which was achieved through the sale of the three aircraft. (1 May January 2011) Side 7 of 23

8 MANAGEMENT S REVIEW Cash flows Cash flows from operating activities The cash flow from operating activities was an inflow of DKK 3 million as compared with an outflow of DKK 82 million in Q3 2009/10. There was substantial pressure on Cimber Sterling s liquidity in Q3 2010/11 as compared with the prior-year period. The third quarter is seasonally a period of lower activity, but it was primarily the increase in amounts tied up with the Danish Travel Guarantee Fund and the credit card processing company which strained Cimber Sterling s financial resources. Cimber Sterling is therefore highly focused on cash management, and the forward-looking measures to further strengthen our cash position and/or simplify our business model are expected to continue to include divestment of noncore activities and, potentially, further refinancing of our fleet. Cash flows from investing and financing activities In Q3 2010/11 a cash inflow of DKK 78 million was generated by sales of capital assets, of which DKK 77 million was used to repay debt. In 2009/10 the main change in the cash flow from investing and financing assets was the DKK 250 million net proceeds from the IPO. The cash flow for the period was an inflow of DKK 0.08 million as compared with a cash inflow of DKK 69 million in the prior-year period. Events after the period end In order to strengthen the Company s short-term cash resources, Cimber Sterling has signed an agreement with related parties for the establishment of a temporary line of credit. In order to strengthen the Company s long-term capital base, Cimber Sterling has signed an agreement with GEM Global Yield Fund Limited for a three-year equity capital commitment on DKK 300 million. Final utilisation will depend on approval from shareholders at an extraordinary general meeting, the performance of the Cimber Sterling share price, the number of new shares to be issued and liquidity in the share. Rising fuel costs have made Cimber Sterling increase fares and introduce a fuel surcharge effective 15 February Announcements in 2010/11 after the period end: Announcements released after Q3 2010/11 Nr. Date Subject 29 7 February 2011 Traffic figures December 2010/January February 2011 Cimber Sterling implements fuel surcharge 31 7 March 2011 Traffic figures January/February March 2011 Cimber Sterling raises fuel surcharge (1 May January 2011) Side 8 of 23

9 OUTLOOK AND SHAREHOLDER INFORMATION OUTLOOK The section below includes information on Cimber Sterling s plans, forecasts and future activities. These activities are subject to risks and uncertainties, and the Group s performance may deviate significantly from the forecasts made. Outlook for 2010/11 Based on the performance of the first three quarters of the year, including the surge in fuel costs, Cimber Sterling is unable to retain its previous guidance for the full year 2010/11 of an operating profit before special items in the region of DKK million. The revenue forecast is retained, but the forecast of the loss for the year is increased to the range of DKK million. FINANCIAL CALENDAR 2010/11 Traffic figures Financial reporting Date Time Period Date Time 7 April :00 am Feb./Mar. 29 June :00 am Annual report 2010/11 6 May :00 am Mar./Apr. 30 August :00 am Annual general meeting 7 June :00 am Apr./May 5 July :00 am May/Jun. 5 August :00 am Jun./Jul. (1 May January 2011) Side 9 of 23

10 STATEMENT BY THE EXECUTIVE BOARD AND BOARD OF DIRECTORS The Board of Directors and the Executive Board today considered and approved the interim report of Cimber Sterling Group A/S for the nine months ended 31 January 2011 with comparative figures for the nine months ended 31 January The interim report, which is unaudited and has not been reviewed by the Company's auditors, is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim reports of listed companies. In our opinion, the interim report gives a true and fair view of the Group s assets and liabilities and financial position at 31 January 2011 and of the Group s operations and cash flows for the period 1 May to 31 January Furthermore, in our opinion, the Management s review includes a fair review of the development and the performance of the Group s operations and financial condition, the results of operations and of the Group s financial position in general and a description of the significant risk and uncertainty factors that may affect the Group. Sønderborg, 16 March 2010 Executive Board: Jacob Saaby Krogsgaard Lars Bording Steen Neuchs Vedel CEO CCO COO Board of Directors: Vilhem Hahn-Petersen Jørgen Nielsen John Fahnøe Christiansen* Chairman Vice Chairman Carsten Jakobsen* Jesper Jarlbæk Lone Marie Koch Christian J.G. Nielsen Sten Vestergård-Poulsen* *employee representative (1 May January 2011) Side 10 of 23

11 INCOME STATEMENT (unaudited) 3rd quarter Year to date Full year DKK / / / / /10 Revenue 395, ,055 1,467,792 1,173,273 1,551,222 Operating costs -289, , , , ,790 Other external costs -30,305-35,351-87,701-76, ,908 Staff costs -110, , , , ,579 Other operating costs ,500 0 Operating profit before rental and leasing expenses, depreciation, amortisation, impairment, etc. (EBITDAR) -34,757-41,779 67,750 14,062 4,945 Leasing expenses -32,967-26,999-95,255-87, ,303 Depreciation, amortisation and impairment -28,890-26,757-86,165-81, ,532 Operating profit/loss before special items -96,614-95, , , ,890 Special items -50,123-14,000-45,123-21,000-66,447 Operating profit/loss (EBIT) -146, , , , ,337 Financial income 12,521-10,405 45,288 15,810 6,702 Financial expenses -22,943-5,263-58,389-17,509-21,100 Profit/loss before tax (EBT) -157, , , , ,735 Income taxes 39,290 30,050 42,974 42,323 80,184 Profit/loss for the period -117,869-95, , , ,551 Earnings per share Basic/diluted earnings per share (1 May January 2011) Side 11 of 23

12 STATEMENT OF COMPREHENSIVE INCOME (unaudited) 3rd quarter Year to date Full year DKK / / / / /10 Profit loss for the year -117,869-95, , , ,551 Other comprehensive income Value adjustment of hedging instruments: Value adjustments, transferred to operating costs ,225-11,280 Tax on other comprehensive income ,806 2,822 Other comprehensive income after tax ,419-8,458 Total comprehensive income -117,869-94, , , ,009 (1 May January 2011) Side 12 of 23

13 BALANCE SHEET (unaudited) Year to date Full year DKK / / /10 ASSETS Non-current assets Intangible assets Trademarks 4,159 4,685 4,554 Rights 3,814 4,287 4,169 Development projects 3,197 1,410 1,818 11,170 10,382 10,541 Property, plant and equipment Land and buildings 16,849 18,259 18,206 Aircraft and aircraft components 526, , ,671 Other plant and equipment 16,381 15,222 21,473 Property, plant and equipment under construction 4,833 8,888 1, , , ,479 Other non-current assets Deposits and other receivables 42,744 23,183 25,836 Deferred tax 74, , ,979 23,183 57,100 Total non-current assets 692, , ,120 Current assets Inventories, consumer goods and goods for resale 82,488 81,159 80,249 Trade receivables 187, , ,740 Income tax receivable Other receivables 22,070 24,989 29,774 Prepaid expenses 21,959 10,439 19,450 Securities 4,075 4,047 4,075 Cash at bank and in hand ,278 57,140 Total current assets 318, , ,430 TOTAL ASSETS 1,011,533 1,087,370 1,114,550 (1 May January 2011) Side 13 of 23

14 BALANCE SHEET (unaudited) Year to date Full year DKK / / /10 EQUITY AND LIABILITIES Equity Share capital 45,500 45,500 45,500 Share premium 246, , ,527 Value adjustment of hedging instruments Retained earnings -234,803-13, ,883 Total equity 57, , ,144 Liabilities Non-current liabilities Deferred tax 0 6,754 0 Provisions 4,398 3,722 15,650 Mortgage debt 20,010 22,460 21,595 Banks 274, , ,272 Lease obligations 16,668 23,589 22,390 Other interest-bearing liabilities 3,900 3,900 3,900 Total non-current liabilities 319, , ,807 Current liabilities Mortgage debt 2,025 1,650 2,021 Banks 58,477 56,817 59,521 Bank overdrafts Lease obligations 8,431 7,440 8,288 Prepayments from customers and accrued income 164, , ,120 Trade payables 185,015 91,347 99,280 Other payables 214, , ,396 Provisions 2,602 3,200 18,973 Total current liabilities 634, , ,599 Total liabilities 954, , ,406 TOTAL EQUITY AND LIABILITIES 1,011,533 1,087,370 1,114,550 Accounting policies for the consolidated financial statements 1 Accounting estimates and judgements 2 Financial risks 5 Contingent liabilities and security obligations 6 Events after the balance sheet date 7 Related parties 8 (1 May January 2011) Side 14 of 23

15 CASH FLOW STATEMENT (unaudited) 3rd quarter Year to date Full year DKK / / / / /10 Profit/loss before tax (EBT) -157, , , , ,735 Adjustment for non-cash operating items, etc.: Depreciation and amortisation 28,890 26,757 86,165 81, ,532 Loss booked under Special items 27, , Other non-cash operating items, net -6,432 14, ,280 Provisions -7,575 1,254-27,623 1,300 29,001 Financial income -12,521 10,405-45,288-15,810-6,702 Financial expenses 22,943 5,263 58,389 17,509 21,100 Cash generated from operations before changes in working capital -104,852-66,743-73,249-93, ,084 Change in working capital: Inventories -1,050 1,583-2, ,897 Receivables -67,165 23,870-56,698 49,721 21,319 Trade payables, prepayments and other payables 176,020-40,721 79,539-8,232 97,220 Cash generated from operations 2,953-82,011-52,647-50,930-40,648 Interest received Interest paid -4,000-3,884-13,917-13,336-21,100 Cash flows from operating activities -1,037-85,744-66,513-63,754-61,224 Acquisition of intangible assets -1, , ,040 Acquisition of property, plant and equipment -31,509-26,266-76,238-59,787-85,557 Disposal of property, plant and equipment 128,923 8, ,024 3,293 16,952 Changes in other non-current receivables -18,241-1,054-16,908-2,721-5,374 Changes in securities 0-3, ,919-3,947 Cash flows from investing activities 78,129-22,748 35,032-63,583-78,966 External financing: Changes in bank debt, etc. -77,012-84,171-25,243-68,442-68,727 Share issue 0 261, , ,775 Cash flows from financing activities -77, ,604-25, , ,048 Net cash flow from operating, investing and financing activities 80 69,112-56,724 65,996 52,858 Cash and cash equivalents beginning of period 336 1,166 57,140 4,282 4,282 Cash and cash equivalents end of period , ,278 57,140 (1 May January 2011) Side 15 of 23

16 STATEMENT OF CHANGES IN EQUITY (unaudited) DKK 000 Share capital Share premium Reserve for hedging transactions Retained earnings Total Equity at 1 May ,652 8, , ,357 Comprehensive income for the period: Profit/loss for the period , ,795 Value adjustment of hedging instruments , ,225 Comprehensive income taxes 0 0 2, ,806 Other comprehensive income for the period 0 0-8, ,419 Total comprehensive income for the period 0 0-8, , ,214 Transaction with shareholders Conversion of shares 17,400-17, Capital increase 27, , ,000 Issue costs 0-13, ,297 Tax on issue costs Total transaction with shareholders 44, , ,775 Equity at 31 January , , , ,918 Equity at 1 May , , , ,144 Adjustment of issue costs Comprehensive income for the period , ,920 Total comprehensive income for the period , ,690 Equity at 31 January , , ,803 57,454 (1 May January 2011) Side 16 of 23

17 NOTES TO THE FINANCIAL STATEMENTS (unaudited) TDKK Note 1 Accounting policies Cimber Sterling Group A/S is a public limited company domiciled in Denmark. This interim report for the period 1 May January 2011 comprises condensed consolidated financial statements of Cimber Sterling Group A/S and its subsidiaries (the Group). The interim report for the period 1 May January 2011 of Cimber Sterling Group A/S is presented in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for the interim reports of listed companies. The accounting policies are consistent with those used for the preparation of the annual report for 2009/10 to which reference is made. IASB has issued the following new financial reporting standards (IAS and IFRS) and interpretations (IFRIC), which are mandatory for Cimber Sterling at the preparation of the interim report for 2010/11: IFRS 3 (revised 2008), amendments to IAS 27 (revised 2008), several amendments to IAS 39 and IFRIC 9, amendments to IFRS 2, parts of improvements to IFRS (May 2008) and improvements to IFRS (April 2009). All the new standards have been adopted by the EU. None of the standards and interpretations that have come into force have affected the recognition and measurement and the presentation in the interim report. The annual report for 2009/10 contains a complete description of the accounting policies. Note 2 Accounting estimates and judgments The preparation of interim reports requires that Management makes accounting estimates and judgments that affect the application of accounting policies and recognised assets, liabilities, income and costs. Actual results may differ from these estimates. The most significant estimates made by Management when applying the Group s accounting policies and the most significant estimation uncertainty in this regard are the same in connection with the preparation of the interim report for the period 1 May January 2011 as those applying in connection with the preparation of the annual report for 2009/10. (1 May January 2011) Side 17 of 23

18 NOTES TO THE FINANCIAL STATEMENTS (unaudited) TDKK Note 3 Segment information regarding reporting segments Year to date 2010/11 Aircraft operation Cimber Air Maintenance Center A/S Total reporting segments Other Consolidated financial statements Revenue for external customers 1,419,030 44,427 1,463,457 4,335 1,467,792 Inter-segment revenue 1,060 89,190 90,250 2,260 92,510 Total segment revenue 1,420, ,617 1,553,707 6,595 1,560,302 EBITDAR 60,985 8,376 69,361-1,611 67,750 Operating profit/loss (EBIT) -163,160 7, ,412-3, ,793 Financial income and expenses -13,101-13,101 Profit before tax (EBT) -171,894 Tax 42,974 42,974 Profit after tax -128,920 Segment assets 909,692 87, ,296 14,237 1,011,533 Year to date 2009/10 Aircraft operation Cimber Air Maintenance Center A/S Total reporting segments Other Consolidated financial statements Revenue for external customers 1,127,300 40,805 1,168,105 5,168 1,173,273 Inter-segment revenue 232,131 87, ,961 2, ,554 Total segment revenue 1,359, ,635 1,488,066 7,761 1,495,827 EBITDAR 18,269 6,349 24,618-10,556 14,062 Operating profit/loss (EBIT) -169,500 5, ,031-12, ,419 Financial income and expenses -1,699-1,699 Profit before tax (EBT) -178,118 Tax 42,323 42,323 Profit after tax -135,795 Segment assets 978,857 98,281 1,077,138 10,232 1,087,370 (1 May January 2011) Side 18 of 23

19 NOTES TO THE FINANCIAL STATEMENTS (unaudited) Year to date TDKK 2010/ /10 Note 3 Segment information regarding reporting segments (cont d) Inter-segment transactions are made on an arm s length basis. The item Other primarily comprises the business Cimber Air Data A/S and intra-group eliminations, see the reconciliation below. Intra-group loans and cash and cash equivalents are not included in the assets of the reporting segments. The reporting segments liabilities exclude interest-bearing debt and deferred tax. Total reporting segments 1,463,457 1,168,105 Cimber Air Data A/S 4,676 5,888 Elimination of intra-group transactions, etc Total revenue, see income statement 1,467,792 1,173,273 Total reporting segments -155, ,031 Cimber Air Data A/S Elimination of intra-group transactions, etc. -3,266-12,865 Total operating profit/loss (EBIT), see income statement -158, ,419 Total reporting segments 997,296 1,077,138 Cimber Air Data A/S 4,710 6,485 Elimination of intra-group transactions, etc. 9,527 3,747 Total assets, see balance sheet 1,011,533 1,087,370 The above segmentation is based on internal management and what is considered the Group s core businesses. Revenue is attributable to: Passenger transport 1,309,997 1,056,849 Charter/ACM/aircraft letting 34,682 33,682 Commissions received 58,272 28,968 Aircraft service and maintenance 16,123 24,575 Sales of spare parts 28,559 17,146 Other 20,159 12,053 1,467,792 1,173,273 Note 4 Operating costs Aircraft fuel 246, ,099 Aircraft maintenance 148, ,291 Passenger/aircraft charges 317, ,990 Handling and catering costs 252, ,959 Hedging 0-11,226 Other costs 17,665 21, , ,298 (1 May January 2011) Side 19 of 23

20 NOTES TO THE FINANCIAL STATEMENTS (unaudited) TDKK Note 5 - Financial risks Currency risks The sensitivity analysis below is based on EBIT sensitivity compared to USD before hedge accounting for the period 1 May January 2011: DKKm Higher rate during the period EBIT Equity DKK/USD Q3 2010/11 10% DKK/USD Q3 2009/10 10% A negative change in exchange rates will have a corresponding positive effect on the profit/loss for the period and equity. For the period, the effect of hedge accounting was approximately DKK 0 million. A significant assumption for the above sensitivity analysis is that the indicated sensitivities are based on unchanged sales and price levels (both purchases and sales), cost structure and interest rate level. For information on the Group s currency risks in connection with its financial instruments (primarily the effect on financial items), reference is made to the annual report for 2009/10. The risks in this area are essentially unchanged. Price risks The Group purchases a considerable amount of fuel for air transport. Historically, there have been significant changes in fuel prices as these often follow the general development in the price of oil on the world market. In 2010 and 2011, no prices have been hedged. Below, a hypothetical effect on profit/loss for the year due to fairly probable changes in fuel prices for the period 1 May 31 January is illustrated: DKKm Higher rate during the period EBIT Equity Fuel prices Q3 2010/11 10% Fuel prices Q3 2009/10 10% A negative change in fuel prices will have a corresponding positive effect on the profit/loss for the year and equity. A significant assumption for the above sensitivity analysis is that the indicated sensitivities are based on unchanged sales levels, cost structure and interest rate levels. (1 May January 2011) Side 20 of 23

21 NOTES TO THE FINANCIAL STATEMENTS (unaudited) TDKK Note 6 Contingent liabilities and security obligations Apart from shares in Cimber Air Leasing A/S provided as security for intermediate funding, no other charges have been made than as indicated stated in the annual report for 2009/10. It is expected that this intermediate funding will be maintained until the long-term strengthening of the cash resources has been achieved. Note 7 Events after the balance sheet date Apart from the factors described under Events after the balance sheet date on page 8 of Management s review, no significant changes have occurred to the matters discussed in annual report 2009/10. Note 8 Related parties There have been no changes to related parties compared to the annual report for 2009/10. No material changes have occurred in the types of transactions with related parties as compared with the information disclosed in the annual report for 2009/10. However, a few related parties have provided bridge financing to the Company, part of which are discussed in note 6 above. (1 May January 2011) Side 21 of 23

22 DEFINITIONS AND GLOSSARY Definitions Glossary On-time flights Return On Invested Capital (ROIC) ASK WACC Charter/ACMI EBIT EBITDA Flights departing within 15 minutes of scheduled departure time. Operating profit after tax (NOPAT) divided by average invested capital. Available Seat Kilometres. Number of available seats multiplied by the distance covered, measured in kilometres. Weighted average cost of capital. Average cost of capital for equity and debt weighted by their relative market values. Aircraft Crew Maintenance Insurance. Flights operated for other customers using aircraft on full charters or on wet leases. Operating profit/(loss) before financial expenses and tax. Operating profit/(loss) before depreciation and amortisation, financial expenses and tax. Cimber Sterling Code share GDS Hub IATA ICAO Interline The Company and its subsidiaries. Refers to the practice in which a flight operated by an airline under its own code (the operating carrier) is also marketed under the codes of one or more other airlines (the marketing carriers). Global Distribution Systems. Term denoting global booking systems such as Amadeus, Galileo, Wordspan and others, used by airlines, travel agents and major businesses for booking flights, hotel accommodations, etc. Term denoting an airport used as a transfer point by airlines in bringing their passengers to their final destination. International Air Transport Association. International Civil Aviation Organisation. Agreement between airlines regarding air travel for which one ticket covers several legs of the journey operated by different airlines and the baggage can be checked through to the final destination. EBITDAR Own production Operating profit before rental and leasing expenses, depreciation, amortisation and impairment, financial expenses and tax. The part of production for which Cimber Sterling owns or leases capacity, i.e. excluding Charter/ACMI. IOSA LCC ATA Operational Safety Audit. A safety certification attesting an airline s operational procedures and documents. Low Cost Carrier. An airline with relatively low operating costs offering relatively cheap air travel, but which has also eliminated several traditional passenger services. Own routes Financial gearing Cimber Sterling routes for which it sells tickets (including routes not yet started up or seasonally closed). Equity/(interest-bearing debt plus finance leases). Network carrier An airline whose business model involves the offering to its passengers of connections to and onward carriage on own and other airline services. Typical network carriers are the traditional national carriers such as British Airways, SAS and Lufthansa. External production Flights operated Load factor RASK The part of production for which Cimber Sterling does not own or lease capacity, i.e. Charter/ACMI. Flights operated according to the planned programme. Revenue Passenger Kilometres (RPK) divided by Available Seat Kilometres (ASK). Revenue per Available Seat Kilometres. Total revenue from passenger transport, Charter/ACMI divided by ASK. Nominated Postholders Point-to-Point Regional airline Safety Management System The persons with overall responsibility for (i) Flight Operations, (ii) maintenance System, (iii) Crew Training and (iv) Ground Operations, and who have been approved by the Danish Civil Aviation Administration. Single-destination routes, i.e. flights between two airports. Generally a small or medium-sized airline operating short-haul or medium-haul flights in defined regions. A system ensuring optimal management of flight safety in operations. RPK Revenue Passenger Kilometres. Number of revenue passengers multiplied by the distance covered, measured in kilometres. Slots Turnaround time Allocated departure and landing times. The length of time an aircraft is parked at the gate. Special items effecting earnings Special items and lost earnings as a result of extraordinary weather conditions. Equity ratio Yield Equity/total assets. Total revenue from passenger transport in own production divided by RPK in own production. (This is an overview of general definitions and terms used in the airline industry). (1 May January 2011) Side 22 of 23

23 CONTACT INFORMATION PRESS & INVESTOR RELATIONS Additional information on Cimber Sterling is available at the corporate website Press contact and press releases, a gallery of photos and the logo for download are available under the tab Press. Investor-related information such as company announcements, share prices, financial calendar, investor contact, etc. is available under the tab Investor. For further information, please contact: Cimber Sterling Lufthavnsvej 2 DL-6400 Sønderborg Denmark Tel: Fax: Press: Signe Thorup Tel: Investor relations: Jacob Krogsgaard Tel: CIMBER STERLING S ROUTE NETWORK This Announcement has been prepared in Danish and translated into English. In the event of any discrepancy between the Danish Announcement and the English translation, the Danish Announcement shall prevail. (1 May January 2011) Side 23 of 23

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