airberlin interim financial report as of 30 june 2015

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1 airberlin interim financial report as of 30 june 2015 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

2 FINANCIAL FIGURES Q2 FINANCIAL PERFORMANCE INDICATORS Q Q H H Revenue (in million euros) 1, , , ,908.2 Revenue from ticket sales (in million euros) , , ,741.4 EBITDAR (in million euros) EBIT (in million euros) (15.9) (6.9) (175.8) (189.7) Consolidated profit/loss for the period (in million euros) (37.5) 8.6 (247.6) (201.2) Earnings per share (in euros) basic / diluted (0.37) 0.07 / 0.03 (2.23) (1.73) Total assets (in million euros) in comparison to financial year-end 1, ,863.6 Employees (as of 30 June) 9,124 8,696 Please note: In the following report, Air Berlin PLC is referred to as the "Company". References to "airberlin", "airberlin group", "we" or "our" refer to Air Berlin PLC or, depending on the context, Air Berlin PLC and/or its subsidiaries. disclaimer reservation regarding forward-looking statements This interim financial report contains forward-looking statements on Air Berlin PLC s business and earnings performance, which are based upon our current plans, estimates, forecasts, and expectations. The statements contain risks and uncertainties as there are a variety of factors which influence our business and to a great extent lie beyond our control. Actual results and developments may, therefore, vary considerably from our current assumptions. We undertake no obligation to revise our forward-looking statement in light of either new information or unexpected events. AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

3 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER DEAR SHAREHOLDERS, The results of the first half of 2015 were not satisfactory, but are due to issues we will address in the second half of this fiscal year. Fierce competition in Europe continues to exert strong pressure on airline yields a fact that was particularly evident in the second quarter, with no Easter holidays in April. Nevertheless, we were able to stabilize yields in the first half year so that on a six-month basis we were still slightly ahead of the comparable figures for the previous year. These results reflect the initial results of our tactical consolidation of capacity together with a newly aligned revenue management system. We are currently on our way to redesigning our business model. Through reductions of capacity and the streamlining of the fleet, we will now be able to move into an all-airbus fleet by the middle of next year to deploy and utilize aircraft capacity in a more productive way. This will help us to design a more efficient network with a clear focus on sustainably profitable markets. It will also further cut unit costs to competitive levels to enhance our unit revenues. The second quarter performance was impacted by reporting date-related effects, including those resulting from holiday schedules, which were particularly evident in the month of June. The July figures, however, compensated for this impact: the decline in passengers was significantly lower than the scheduled reduction in capacity, which lead to a two percentage point improvement of our capacity utilization compared to the prior year s period to reach a record level of 87.3 per cent. Looking forward, our review of all management structures and processes is near the finish line and planned for completion in the third quarter of This is expected to generate synergies and efficiency improvements. The key drivers for future profitability are lower unit cost and higher unit revenues. Our new fare concept for short- and medium-haul routes aims towards this direction by offering one-way flights to our special service package for discerning business travellers. The market s response to our product improvements shows us that we are on the right track to sustainable profitability through increased process efficiency with lower unit costs and a competitive product range that enables us to maximize the full potential of what customers are willing to pay. An additional boost is expected from close cooperation with our partners, including, among others, Etihad Airways, and the members of the oneworld alliance. Based on these expectations, we continue to anticipate an overall improvement in our yields and operative results for the 2015 financial year. BERLIN, AUGUST 2015 STEFAN PICHLER CHIEF EXECUTIVE OFFICER AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

4 FINANCIAL STATEMENTS AND NOTES THE AIRBERLIN SHARE SHARE PRICE PERFORMANCE The main factors driving the European stock markets in the second quarter of 2015 were the Greek debt crisis, and the resulting slide in European debt markets; growing uncertainties regarding the future interest rate policy of the US Federal Reserve; and the increasingly visible growth slowdown in China. Consequently, the German DAX index entered into a major correction of more than ten per cent from its all-time high on 10 April of 12,375 points and ended the quarter 8.5 per cent lower. Nevertheless, the DAX gained 11.6 per cent by 30 June 2015 compared to its 2014 year-end close. For the most part, airberlin shares did not fluctuate much in the first half-year increasing a net two per cent. After the 2014 year-end closing price of EUR 1.12 and the share s stability that followed, the introduction of airberlin s new fare concept for short- and medium-haul routes and the 2015 customer initiative marked a rally in the shares in early March. Within a few days, the airberlin share price gained 22 per cent and marked a year high on 6 March of EUR Another relatively stable period in the shares followed with the shares initially remaining flat but they were ultimately unable to escape general market pressures. The share s closing price on 30 June 2015 was EUR COVERAGE OF THE AIRBERLIN SHARE In the second quarter of 2015, a total of four analysts and research houses covered airberlin. One analyst recommended buying the shares, one took a neutral stance, and the remaining two analysts recommended selling or underweighting the share. Shareholder structure by nationality as at 30 June 2015 (in per cent) Germany United Arab Emirates Turkey Austria 0.51 Switzerland 0.40 Liechtenstein/Büsingen 0.21 Other EU countries / EEA countries 0.78 Other countries 0.61 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

5 FINANCIAL STATEMENTS AND NOTES Relative Performance airberlin vs. SDAX Price Index and the STOXX Europe Total Market Airlines Price Index (rebased on airberlin) EUR Source: Thomson Reuters AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

6 FINANCIAL STATEMENTS AND NOTES The Air Berlin PLC share in the first six months of 2015 Share capital: EUR 29,200,127 and GBP 50,000 Total number of issued and fully paid ordinary registered shares as at 30 June 2015: 116,800,508 Class: Ordinary registered shares Nominal value: EUR 0.25 Bloomberg symbol: AB1 GY Reuters symbol: AB1.DE ISIN: GB00B128C026 WKN: AB1000 Stock exchanges: XETRA, Frankfurt/Main; Regulated unofficial market: Berlin, Dusseldorf, Hamburg, Munich, Stuttgart Accounting standards: IAS/IFRS Market data for the first six months of 2015 Trading segment: Regulated market (Prime Standard) Primary industry: Transportation and logistics Industry group: Airlines Indices: Prime All Share, Classic All Share Designated Sponsors: Commerzbank AG Market capitalisation as at 30 June 2015: EUR million Free Float according to Deutsche Börse AG as of 30 June 2015: % Free Float market capitalisation as at 30 June 2015: EUR million Average trading volume Q in units (XETRA / all German exchanges): 140,921 / 190,347 Average trading volume 6M 2015 in units (XETRA / all German exchanges): 241,200 / 316,427 As at 30 June 2015, the Company was aware of two shareholders who each held more than five per cent of the Company s outstanding shares: Etihad Airways holding per cent and ESAS Holding A.S. with per cent. All other shareholders held less than 5 per cent of the outstanding shares. The shares are officially traded on XETRA as well as on the Frankfurt Stock Exchange. Trading on the regulated unofficial market takes place at the exchanges in Berlin, Dusseldorf, Hamburg, Munich and Stuttgart. airberlin shares are ordinary registered shares. A shareholder register is maintained to ensure compliance at all times with the aviation regulatory requirements on share ownership and effective control over the Company (EU Directive No. 1008/2008 and the air traffic agreements concluded between the Federal Republic of Germany and non-eu member states). The registrar for the shares is registrar services GmbH, Eschborn, Germany. "A shares" have also been issued. The Company provides information about its on-going investor relations activities, ad-hoc notifications, IR releases, investor and analyst presentations, as well as all other mandatory reports and disclosures in a timely manner. This information may be found on its investor relations website at ir.airberlin.com. AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

7 FINANCIAL STATEMENTS AND NOTES STRATEGIC REPORT AND INTERIM MANAGEMENT REPORT ECONOMIC CONDITIONS The economy as a whole Expectations for the economic development of industrialised countries have improved overall during the first half of The International Monetary Fund (IMF) believes these expectations are mainly due to the continued favourable financing conditions, low oil prices and better conditions on the majority of labour markets. In addition to these factors, the European economies in the first half of 2015 benefited from a looser fiscal policy and the noticeable rise in domestic demand. In the opinion of the Deutsche Bundesbank, this factor, in particular, was the reason for the continued moderate growth in Germany. Growing real wages and record levels of employment lifted private consumption and the weak euro further supported German exports. Sentiment indicators also brightened in the German economy and the strong order growth year-to-date signals a further recovery in the months to come. The air travel sector The member airlines of the International Air Transport Association (IATA) have raised their revenue passenger kilometres (RPK) during the first six months of 2015 more than their capacity measured in available seat kilometres (ASK). In comparison to the same period in the previous year, RPK increased 6.3 per cent while capacity grew only 5.9 per cent. This resulted in a slight 0.1 percentage point rise in utilisation to 79.4 per cent in the first half of With a rise of 4.8 per cent, the European airlines had a noticeably lower increase in their RPK but also had a much lower increase of 4.2 per cent in their capacity. Utilisation increased accordingly by 0.5 percentage points to 79.8 per cent. The European airlines largely continued their first quarter 2015 performance and, in an international comparison, reported the highest utilisation rate outside of the US airlines. Overall, however, the IATA has recently seen a flattening on a global scale compared to the robust industry performance seen in the first quarter of IMPORTANT EVENTS REPORTED IN THE SECOND QUARTER OF April 2015: airberlin terminates its membership in the Association of European Airlines (AEA) due to increasingly evident discrepancies in the common representation of interests of the major European airlines. airberlin will continue to be involved in aviation policy at a European level and will actively promote its own initiatives. 22 May 2015: airberlin s frequent flyer programme is recognised for the sixth consecutive time with the best award flight availability. The evaluation was conducted by the renowned US consulting firm, IdeaWorks Company and was based on 7,640 booking requests made via the websites of 25 frequent flyer programmes during March The ratings included results for the travel period June to October topbonus achieved the highest score. 19 June 2015: airberlin and Jet Airways, India s leading private international airline, extend their codeshare agreement to include six routes operated by Jet Airways to India. As of 22 June 2015, airberlin passengers can travel on nearly 100 weekly Jet Airways flights from Abu Dhabi to Bangalore, Delhi, Mumbai, Hydarabad, Kochi and Madras. Together, both airlines offer 140 weekly codeshare flights between Germany and India under a shared flight number. Since April 2015, airberlin and Jet Airways have had codeshares for all airberlin flights from Abu Dhabi to Berlin s Tegel airport and to Dusseldorf. 23 June 2015: The Annual General Meeting of Air Berlin PLC approves the 2014 financial statements. At the same time, five Members of the Board of Directors (James Hogan, Stefan Pichler, James Rigney, Ali Ismail Sabanci and Dr. Alfred Tacke) are re-elected for a further three-year term and all other proposed resolutions pass. 26 June 2015: Air Seychelles, the national airline of the Republic of Seychelles, becomes a member of the topbonus programme. Topbonus members can now collect and redeem award miles on the entire route network of Air Seychelles. The existing codeshare agreement of 144 weekly flights allows airberlin and Air Seychelles to offer convenient connections AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

8 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES between Europe and Seychelles via Abu Dhabi with numerous other onward routes with both of the airlines networks. Air Seychelles route network flies to a number of national and international destinations including Abu Dhabi, Mauritius, Antananarivo, Johannesburg, Dar es Salaam and Mumbai. BUSINESS DEVELOPMENT Report on operating performance Streamlining and focusing on our route network forms part of the restructuring programme that began in 2014 and continues in As a result, capacity in the first six months of the current financial year had a year-on-year decline of 6.4 per cent from 18,842,168 to 17,641,779 seats. Harmonising the airberlin group s fleet based on Airbus aircraft continued. At the end of the first six months of 2014, there were still 80 Airbus aircraft available and as of 30 June 2015 this increased by fifteen aircraft. At the same time, the number of Boeing aircraft fell by a total of ten to 35 aircraft. At the end of the 2014 financial year, the airberlin group still had 84 Airbus aircraft and 43 Boeing aircraft in operation. The airberlin group flew with a total of 149 aircraft at the end of the first half of 2015 from 144 aircraft at the end of the comparable period of the prior year and a total of 149 aircraft at the end of the 2014 financial year. The retirement of the aircraft held for sale, and the receipt of new aircraft do not fully coincide so that an overlap of aircraft being phased in and phased out has occurred at the end of the quarter under review. At 106,928 take-offs, a total of 4.5 per cent fewer flights were conducted compared to the half-year period of 2014 (111,992). The average flight distance grew by 3.1 per cent to 1,513 kilometres, however, airberlin s total number of flight hours decreased by 2.9 per cent (196,646 hours compared to 202,497 hours in the previous year s period). The higher average flight distance is chiefly the result of the increased cooperation with our strategic partner Etihad Airways and the higher number of flights offered to the Etihad Airways hub in Abu Dhabi. The rise in block hours per flight (+1.5 per cent over the previous year s comparable period) was supported by efficiency improvements on the ground that led to lower turnaround times between take-offs and landings. Accordingly, the 3.1 per cent reduction in the absolute number of block hours was less pronounced than the decline in the number of flights. The number of passengers (PAX) declined by 4.1 per cent to 14,035,619 passengers compared to 14,633,797 passengers in the comparable first half of the previous year. The number of passengers declined 6.3 per cent during the second quarter following a moderate drop ( 0.8 per cent) in the first quarter. This decline should be viewed in light of the far-reaching capacity reduction of 8.0 per cent during the second quarter. The capacity reduction was accompanied by a year-on-year decline in available seat kilometres (ASK) in the reporting quarter of 7.1 per cent to billion. After the first six months, ASK dropped 3.5 per cent to billion. There was a similar trend in revenue passenger kilometres (RPK), which fell 7.6 per cent from billion to billion in the reporting quarter and by 3.0 per cent from billion to billion in the six-month period. As a result, utilisation in the first half of 2015 rose 0.4 percentage points to 82.6 per cent from 82.2 per cent in the prior year s comparable period. Both on a European and a global scale, airberlin s utilisation was significantly above the industry average. Amid a competitive environment, yields in the first six months of the current financial year were slightly better than in the comparable period of the previous year. This improvement can be attributed to the initial impact of the structural measures, particularly the effect of our new revenue management system and the new fare concept introduced in the second quarter of Flight revenue (including taxes and securities fees) per PAX gained 0.5 per cent to from EUR to EUR Total revenue per PAX grew 1.9 per cent from EUR to EUR Based on ASK, total revenue in the first half of 2015 was 1.2 per cent higher (from 6.90 eurocents in the previous year s comparable period to 6.99 eurocents). Total revenue per RPK increased from 8.40 eurocents to 8.46 eurocents. Operating expenses per ASK (on the EBIT level including other operating income) grew by 0.8 per cent and reached 7.64 eurocents in the first half of 2015 from 7.59 eurocents in the previous year s comparable period. Excluding fuel expenses, operating expenses per ASK increased to 5.97 eurocents from 5.83 eurocents. AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

9 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES Key operating figures for Q / % Q Q Aircraft (as at 30 June) Flights ,906 65,330 Destinations (as at 30 June) Passengers (PAX) 6.3 8,225,222 8,774,137 Available seats (capacity) ,159,870 11,047,135 Available seat kilometres (billions; ASK) Revenue passenger kilometres (billions; RPK) Seat load factor (%; RPK/ASK) 0.4* Number of block hours , ,360 * percentage points Key operating figures for H / % H H Aircraft (as at 30 June) Flights , ,992 Destinations (as at 30 June; accumulated) Passengers (PAX) ,035,619 14,633,797 Available seats (capacity) ,641,779 18,842,168 Available seat kilometres (billions; ASK) Revenue passenger kilometres (billions; RPK) Seat load factor (%; RPK/ASK) +0.4* Number of block hours , ,595 * percentage points airberlin group s fleet of aircraft Number of aircraft 30 June June 2014 A A A A B B Q FY 2015: Saab / FY 2014: E Total Report on net assets, financial position, capital expenditure and financing Total assets at the close of the first six months of the 2015 financial year were 4.0 per cent lower than their level on 31 December 2014 (declining from EUR 1,863.6 million from EUR 1,789.7 million). Within non-current assets, property, plant and equipment declined in the course of aircraft sales by 11.2 per cent to EUR million. This contrasted with a rise in non-current trade and other receivables, which was mainly due to reporting date-related currency effects concerning prepayments in US dollars for leasing obligations. Overall, non-current assets fell slightly by 1.5 per cent to EUR million after EUR million. Current assets declined 6.1 per cent from EUR million to EUR million. Assets held for sale also declined further in the course of aircraft sales. After selling assets amounting to EUR 20.2 million in the first quarter of the current financial year, further asset sales in the amount of EUR 82.5 million were carried out during the reporting quarter. As a result, assets held AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

10 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES for sale were reported at EUR 40.1 million as of 30 June 2015 (31 December 2014: EUR million). Trade and other receivables, however, continued to increase and at the end of the reporting quarter amounted to EUR million after a total of EUR million at the end of the 2014 financial year. This item was also impacted by reporting date-related effects: portions of the customary seasonal order bookings were still contained in receivables and not yet included in cash and cash equivalents. Cash and cash equivalents were EUR million at the end of the first six months of 2015 after amounting to EUR million on 31 December Shareholders equity declined from its level of EUR million on 31 December 2014 to EUR million as of 30 June Capital measures were not carried out during the reporting quarter. As expected, the fair value measurement of hedging instruments net of taxes continued to improve in the reporting quarter compared to its level at the end of the 2014 financial year (from EUR million to EUR 59.3 million). Non-current liabilities continued to fall further during the end of the reporting quarter and amounted to EUR million at the end of the six-month period, or 3.5 per cent below their level at the end of the 2014 financial year (EUR million). This figure includes a decline in interest-bearing liabilities from aircraft financing from EUR 90.0 million at the end of the 2014 financial year to EUR 44.3 million as of 30 June Other non-current interest-bearing liabilities increased 2.5 per cent to EUR million and other non-current liabilities grew 2.8 per cent to EUR 69.1 million. Current interest-bearing liabilities from aircraft financing were significantly reduced further to EUR 78.4 million as of the end of the reporting quarter from EUR million as of 31 December At the end of the first quarter of 2015 financial year, current interest bearing liabilities stood at EUR million. Other current interest-bearing liabilities also fell further to EUR million from EUR million on 31 December Advance payments brought a seasonal rise from EUR million as of 31 December 2014 to EUR million at the end of the reporting quarter. The smaller rise compared to the EUR million increase in advance payments in the previous year s comparable quarter reflects the effect of our new revenue management strategy. This strategy is no longer focused on achieving the highest number of early bookings possible but aims at optimising bookings to improve yields and raises the importance of last minute bookings. Total current liabilities at the end of the first half of 2015 were 7.7 per cent higher than their level at the end of 2014 (EUR 1,595.9 million from EUR 1,482.0 million). As of 30 June 2015, the sum of current and non-current interest-bearing liabilities was EUR million after a total of EUR 1,063.4 million at the end of the 2014 financial year. At the close of the first quarter of 2015, this item still amounted to EUR 1,069.3 million. The sum of current and non-current liabilities increased as a result of the rise in bookings from EUR 2,279.1 million at the end of the 2014 financial year to EUR 2,364.9 million. Excluding this it would have declined from EUR 1,882.7 million to EUR 1,744.2 million. As of 30 June 2015, net debt amounted to EUR million from EUR million on the 2014 reporting date. Net cash flows from operating activities after interest paid/received, and taxes totalled EUR million in the first six months of the current financial year (previous year s period: EUR 43.4 million). The decline compared to the previous year s period is the result of the higher net loss for the period and a rise in trade and other receivables in the reporting period as well as other assets (including EUR 40.1 million related to the purchase of assets held for sale) and deferred expenses totalling EUR million (previous year s period: EUR 94.4 million). The adjustment of the reported result for the period for the non-cash result on foreign exchange and derivatives contained in net financing costs had a positive effect on cash flows. Investments in non-current fixed assets in the half-year reporting period totalled EUR 14.0 million and proceeds from asset disposals amounted to EUR million. Cash flow from investing activities was EUR million as of 30 June 2015 compared to EUR 20.3 million in the previous year s six-month period. Cash flow from financing activities recorded a net outflow of EUR million. The repayment of financial liabilities amounted to EUR million and was partially offset by proceeds of EUR 60.4 million from a reduction in interest-bearing liabilities from aircraft financing following the related sale of aircraft. With net cash outflows of EUR 45.3 million, net cash and cash equivalents at the end of the first half of the current financial year amounted to EUR million. AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

11 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES Results of operations Second quarter of 2015 In the course of capacity optimisation, Group revenue in the reporting quarter was 6.6 per cent lower year-on-year and amounted to EUR 1,071.0 million (from EUR 1,146.4 million). Flight revenue was 7.8 per cent lower falling from EUR 1,057.5 million to EUR million. The comparably smaller decline in the number of passengers is explained by the lower year-on-year yields. Ancillary revenues from ground services and other services expanded by 9.0 per cent in the reporting quarter rising from EUR 81.1 million to EUR 88.4 million. Revenues from inflight sales were slightly higher increasing from EUR 7.8 million to EUR 7.9 million. Other operating income in the reporting quarter totalled EUR 30.2 million from EUR 4.9 million in the previous year s quarter. This rise reflects higher income from aircraft sales and other income. Operating expenses in the reporting quarter declined 3.5 per cent year-on-year (from EUR 1,158.1 million in the prior year s comparable period to EUR 1,117.1 million) a lower decrease than that of revenue. This decline was mainly the result of higher personnel expenses (EUR million from EUR million in the comparable prior year s period). As mentioned in the 2015 first quarter report, personnel expenses rose as a result of wage increases in the course of 2014, the higher number of employees following the integration of employees from the NIKI Labour Pool into the airberlin group and as a result of expenses in connection with the current restructuring programme. Expenses for materials and services were 4.2 per cent lower at EUR million from EUR million in the prior year s comparable period. As a result of lower fuel prices as well as less flights fuel expenses declined by 9.3 per cent from EUR million in the comparable period of the previous year to EUR million. The decline was limited by hedging transactions for fuel prices and by the strong US dollar the global transaction currency for fuel markets. The higher number of leased aircraft and the strong US dollar generated a 7.5 per cent rise in leasing expenses from EUR million in the previous year s quarter to EUR million. Costs for catering and in-flight sales were cut from EUR 36.0 million to EUR 32.4 million. The expense items allocated to "others" had another marked decline similar to the first quarter of 2015 ( 14.4 per cent from EUR 41.1 million in the second quarter of 2014 to EUR 35.2 million). The expense items that are mainly correlated to the number of flights ( 6.8 per cent) but not directly controlled by airberlin also dropped. However, these declines were significantly smaller with a decline of 3.0 per cent for airport fees and a drop of 3.3 per cent in navigation expenses. In the course of our route optimisation, the air transportation tax declined 3.4 per cent to EUR 39.7 million from EUR 41.1 million in the prior year s quarter. Depreciation was 20.5 per cent below the comparable previous year period s level falling from EUR 17.6 million to EUR 14.0 million primarily due to fewer owned aircraft. Other operating expenses were 5.4 per cent below the comparable previous period s level (EUR million from EUR million). Almost all of the individual items included in this category reported significant declines. The increases in training expenses and other personnel expenses in the course of the fleet s harmonisation reported in the first quarter, were scaled back considerably in the reporting quarter and were at the level of the previous year s quarter. In a half-year comparison, however, there was still a considerable increase. Expenses for maintenance and repair of technical equipment fell below the previous year s level of EUR 56.4 million amounting to EUR 54.4 million. This expense item rose sharply at the start of the year as maintenance intervals came due. Sales and distribution expenses, in contrast, were higher than in the previous year s quarter (EUR 34.1 million from EUR 28.1 million). This rise reflects the marketing initiative for the expanded fare concept for short- and medium-haul routes introduced on 5 May Adjusted for this one-time effect, other operating expenses experienced an above-average decline of 10.9 per cent. Meanwhile, sales and distribution expenses have returned to their customary level. Operating earnings before depreciation, amortisation and leasing costs (EBITDAR) in the reporting quarter fell slightly to EUR million from EUR million in the previous year s period. Operating earnings before leasing expenses (EBITDA) amounted to EUR 1.9 million from EUR 10.8 million and operating income (EBIT) totalled EUR 15.9 million from EUR 6.9 million. Financing costs benefited from substantially lower interest expenses on financial liabilities (EUR 20.7 million from EUR 26.4 million). Financial expenses were offset by lower financial income (EUR 0.3 million from EUR 4.0 million) and in particular by a non-cash-flow-relevant and unrealised loss on foreign exchange and derivatives resulting from the AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

12 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES measurement as of the reporting date. In the previous year s quarter, this position contained significant gains. Net financing costs totalled EUR 20.7 million in the reporting quarter from EUR 9.5 million in the comparable previous year s quarter. The loss before tax in the second quarter of 2015 amounted to EUR 36.6 million after a profit of EUR 2.6 million in the previous year s quarter. After tax expenses of EUR 0.9 million (tax credit in previous year s quarter: EUR 6.0 million), the result for the period was EUR 37.5 million from EUR 8.6 million in the previous year s comparable quarter. Basic earnings per share were EUR 0.37 compared to EUR 0.07 and diluted earnings per share amounted to EUR 0.37 compared to EUR 0.03 in the previous year s quarter. First half of 2015 In the first six-month period of 2015, revenues of EUR 1,864.6 million were generated compared to EUR 1,908.2 million in the previous year s period. Other operating income totalled EUR 46.9 million from EUR 7.9 million. Operating expenses declined to EUR 2,087.3 million from EUR 2,105.8 million. Consequently, the result from operating activities improved to EUR million from EUR million in the 2014 six-month period. Net financing costs for the first six months of 2015 amounted to EUR 73.0 million from EUR 21.1 million. Following tax benefits of EUR 1.1 million (first six months of 2014: EUR 9.6 million) and an insignificant share of at equity investments similar to the previous year s period, the result for the period in the first half of 2015 amounted to EUR million from EUR million. Basic and diluted earnings per share in the six-month period 2015 were EUR 2.23 compared to EUR 1.73 in the previous year s period. EMPLOYEES At the end of the first six months of the 2015 financial year, the airberlin group employed a total of 9,124 employees compared to 8,696 at the end of the same quarter in the previous year and 8,440 at the end of the 2014 financial year. Of these, 4,073 employees (2014 year-end: 4,005) were employed as ground staff, and 5,051 (2014 year-end: 4,435) were part of the flying crew. In the first half of 2015, the flight personnel consisted of 3,521 cabin crew and 1,530 cockpit crew (2014 yearend: 3,097 cabin crew and 1,338 cockpit crew). As at 30 June 2015, 63 people were in training at airberlin (2014 year-end: 84). At the start of 2015, employees from the NIKI Labour Pool were integrated into the airberlin group. PRINCIPAL RISKS AND UNCERTAINTIES The risks mentioned in the chapter "Principal Risks and Uncertainties" found in the 2014 Annual Report, continue to be relevant and include, in particular, macroeconomic and industry risks, market, competitive, regulatory, operating and procurement risks, as well as general political and wage policy-related and legal and liability risks. New material risks did not arise during the reporting period. The recent developments in Greece do not present any particular risks to airberlin. The booking situation in the reporting quarter was solid with foreseeable upside potential. airberlin took advantage of this opportunity and immediately added special offers to Greece. Currently, airberlin offers a total of 74 flights from Germany and Austria to Greece. RELATED PARTY TRANSACTIONS There were no related party transactions entered into during the first six months of 2015 that had a material influence on the financial position or results of the Company. The statements regarding related party transactions contained in the 2014 Annual report in Note 31 to the Financial Statements continue to be valid. REPORT ON FORECASTS AND OTHER STATEMENTS REGARDING EXPECTED DEVELOPMENT Overall economic and industry environment In its July 2015 outlook, the IMF expects the overall positive trend in the global economy to continue throughout the year. In terms of risks for the global economy, the IMF points to the financial and real estate markets, in particular, where high volatility threatens to cause a strong distortion in asset prices. This applies, above all, to the bond market, where the risk premiums for long-term bonds are considered to be very low. AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

13 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES The overall positive developments in Europe are not expected to be jeopardised by the Greek debt crisis. The IMF has even raised its growth expectations for some of the southern European countries. According to the IMF, growth in the euro region should reach 1.5 per cent in 2015 and the developed countries should achieve real economic growth of 2.1 per cent, despite a slight downward revision in the expectations for the United States. Economic growth in the industrialised countries is expected increase slightly compared to 2014 (+1.8 per cent). With expectations of 6.8 per cent real growth in China, however, growth is still expected to be slightly lower than last year, while Russia is forecast to remain in a recession, albeit one not as bad as originally feared. The IMF and the German Federal Government expect Germany s real GDP growth to amount to 1.8 per cent in Since the start of the year, the IATA s expectations for the 2015 calendar year have become significantly more optimistic. In its June outlook, the IATA expects an overall upward trend in earnings despite some softening in the Asian and American markets and an overall fall in yields from giving customers the benefits of lower fuel prices. The IATA s outlook is based particularly on the positive development of the traffic figures and the continued low raw material prices. The expected increase in passenger numbers worldwide is 6.5 per cent rising from billion in 2014 to billion in the current year, as well as 6.7 per cent higher RPK increasing from billion to billion. A rise in utilisation from 79.8 per cent to 80.2 per cent is expected accompanied by fleet growth of 3.5 per cent and a rise in capacity of 5.3 per cent to 3.7 billion seats, or a 6.2 per cent rise in ASK. Utilisation in Europe is also expected to improve resulting from a projected 6.5 per cent increase in ASK compared to a 6.8 per cent expansion in RPK. Based on EBIT, the industry s margin is expected to rise from 4.6 per cent in the previous year to 6.9 per cent worldwide in 2015 and net earnings are expected to grow from USD 16.4 billion in the previous year to a total of USD 29.3 billion. The net margin, in turn, would increase from 2.2 per cent to 4.0 per cent. European airlines are expected to increase net earnings from USD 3.3 billion to USD 5.8 billion. This increase would result in a net margin for the current year of 2.8 per cent after 1.6 per cent in the previous year. Business development Numerous measures were taken in the first half of the 2015 financial year as part of our continuing restructuring programme, and cost savings and performance improvements were implemented. The new and running revenue management system is a part of these improvements. Strong currency effects due to the strong USD, however, continued to distort results. The exchange rate effects reported within the financial result, in particular, could level off as the year progresses. However, nonrecurring expenses from the ongoing restructuring process, which is progressing as scheduled, will also occur in the second half of As previously announced, by the third quarter of 2015, we plan to have had reviewed all management structures and processes for their added value and control quality and adapted, if necessary. These measures are expected to generate additional synergies and efficiency improvements. Additionally, further potential improvements will also be targeted in network planning, revenue management and sales. Since 5 May 2015, airberlin has had a broader fare concept for the short- and medium-haul routes in an effort to cater more specifically to the wishes and needs of its passengers. A significant enhancement in this regard is the one-way fare "JustFly" at steeply discounted prices starting from EUR 44. airberlin now also offers business travellers a special service package called "FlyFlex+". With the addition of these new fares, airberlin s fare concept now includes four fares: "JustFly", "FlyDeal", "FlyClassic" and "FlyFlex+". Even considering the risks presented in the risk report of our 2014 annual report, airberlin still expects sold RPK to develop positively during the 2015 financial year and, despite continued strong price competition, also expects an improvement in yields. Following the introduction of structural measures, particularly the new revenue management system and the new fare concept, we expect a continuation of the improvements in operating income in the second half of the year. We also expect positive effects on the trend in revenues to come from the systematic development of the product range, the advances made in network optimisation and the extended collaborations with our partners such as Etihad Airways and those within the oneworld alliance. Though our 2015 results will still be burdened by the restructuring programme, we expect the targeted year-on-year yield improvement in 2015 to lead to better results. AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

14 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES EVENTS AFTER THE REPORTING DATE 2 July 2015: SriLankan Airlines, the national airline of Sri Lanka, becomes a new codeshare partner of airberlin and NIKI. The three airlines offer daily flights between Germany, Austria and Sri Lanka via Abu Dhabi under a common flight number. 22 July 2015: airberlin opened its ninth Exclusive Waiting Area at the Stuttgart airport. As of 19 August 2015: The address for the registered head offices of Air Berlin PLC will be as follows: Air Berlin PLC, c/o Browne Jacobson LLP, Bevis Marks, Bury Court, London, EC3A 7BA, United Kingdom. BOARD OF DIRECTORS AND MANAGEMENT BOARD On the date of this report s publication, the Board of Directors and the Management Board of the Company were composed of the following directors: Executive Director Stefan Pichler, Chief Executive Officer Non Executive Directors Dr. Hans-Joachim Körber, Chairman of the Board of Directors James Hogan, Vice Chairman of the Board of Directors Joachim Hunold, Co-Vice Chairman of the Board of Directors Andries B. van Luijk James Rigney Ali Ismail Sabanci Dr. Lothar Steinebach Dr. Alfred Tacke Nicholas Teller Johannes Zurnieden Management Board Stefan Pichler Arnd Schwierholz Marco Ciomperlik Oliver Lackmann Julio Rodriguez Dr. Martina Niemann Chief Executive Officer Chief Financial Officer Chief Production Officer Chief Flight Operations Officer Chief Commercial Officer Chief Human Resources Officer Approved by the Directors on 12 August 2015 STEFAN PICHLER CHIEF EXECUTIVE OFFICER AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

15 DIRECTORS REPORT FINANCIAL STATEMENTS AND NOTES DECLARATION BY THE LEGAL REPRESENTATIVES PURSU- ANT TO SECTION 37Y WPHG AND THE "DISCLOSURE AND TRANSPARENCY RULES" OF THE UNITED KINGDOM I confirm that to the best of my knowledge and according to the applicable accounting standards for interim reporting the interim consolidated financial statements give a true and fair view of the net assets, financial position, and results of operations of the Group and that the interim group management report conveys a fair review of the development of the business including the financial performance and the position of the Group, together with a description of the main opportunities and risks relating to the Group s anticipated development in the remainder of the financial year, and includes a fair review of any information required by DTR 4.2.7R (disclosure of important events and principal risks and uncertainties) and DTR 4.2.8R (disclosure of related party transactions and changes therein). Berlin, 12 August 2015 signed Stefan Pichler, Chief Executive Officer AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

16 FINANCIAL STATEMENTS Air Berlin PLC CONSOLIDATED INCOME STATEMENT (UNAUDITED) for the period ended 30 June /15-6/15 1/14-6/14 4/15-6/15 4/14-6/ Revenue 1,864,646 1,908,189 1,070,956 1,146,389 Other operating income 46,902 7,926 30,242 4,852 Expenses for materials and services (1,448,827) (1,471,578) (802,831) (838,320) Personnel expenses (283,753) (260,501) (142,188) (135,063) Depreciation and amortisation (24,999) (35,280) (13,987) (17,606) Other operating expenses (329,731) (338,446) (158,047) (167,108) Operating expenses (2,087,310) (2,105,805) (1,117,053) (1,158,097) Result from operating activities (175,762) (189,690) (15,855) (6,856) Financial expenses (48,262) (47,494) (20,669) (26,352) Financial income 468 4, ,017 Result on foreign exchange and derivatives, net (25,196) 22,195 (303) 31,791 Net financing costs (72,990) (21,077) (20,714) 9,456 Share of at equity investments, net of tax Result before tax (248,752) (210,764) (36,569) 2,603 Income tax result 1,140 9,587 (973) 6,021 Result for the period (247,612) (201,177) (37,542) 8,624 of which: attributable to hybrid capital investors 11, , of which: attributable to Air Berlin PLC shareholders (259,513) (202,095) (43,525) 7,706 Basic earnings per share in (2,23) (1,73) (0,37) 0,07 Diluted earnings per share in (2,23) (1,73) (0,37) 0,03 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

17 FINANCIAL STATEMENTS Air Berlin PLC CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (UNAUDITED) for the period ended 30 June /15-6/15 1/14-6/14 4/15-6/15 4/14-6/ Result for the period (247,612) (201,177) (37,542) 8,624 Foreign currency translation reserve 1, Effective portion of changes in fair value of hedging instruments 46,860 11,003 12,891 21,199 Net change in fair value of hedging instruments transferred from equity to profit or loss 49,571 12,631 12,853 7,111 Income tax on other comprehensive income (2,329) (6,986) (594) (8,308) Other comprehensive income for the period, net of tax 95,877 16,758 25,155 20,013 Total comprehensive income (151,735) (184,419) (12,387) 28,637 of which: attributable to hybrid capital investors 11, , of which: attributable to Air Berlin PLC shareholders (163,636) (185,337) (18,370) 27,719 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

18 FINANCIAL STATEMENTS Air Berlin PLC CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) as of 30 June /06/ /12/ Assets Non-current assets Intangible assets 409, ,798 Property, plant and equipment 268, ,176 Trade and other receivables 106,281 85,303 Deferred tax asset 15,000 16,835 Positive market value of derivatives 40 8 Net defined benefit asset Deferred expenses 50,416 49,117 At equity investments 6,762 6,762 Non-current assets 856, ,708 Current assets Inventories 72,167 64,929 Trade and other receivables 483, ,483 Positive market value of derivatives 55,742 82,467 Deferred expenses 62,235 47,936 Assets held for sale 40, ,806 Cash and cash equivalents 219, ,229 Current assets 932, ,850 Total assets 1,789,657 1,863,558 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

19 FINANCIAL STATEMENTS Air Berlin PLC CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) as of 30 June /06/ /12/ Equity and liabilities Total equity Share capital 29,273 29,273 Share premium 435, ,085 Equity component of convertible bond Other capital reserves 217, ,056 Retained earnings (1,507,713) (1,248,200) Hedge accounting reserve, net of tax (59,331) (153,433) Foreign currency translation reserve 5,429 3,654 Remeasurement of the net defined benefit obligation (8,976) (8,976) Equity attributable to the shareholders of the Company (888,580) (724,944) Equity attributable to the hybrid capital investors 313, ,356 Total equity (575,323) (415,588) Non-current liabilities Interest-bearing liabilities due to aircraft financing 44,314 89,961 Interest-bearing liabilities 655, ,967 Provisions 12,146 6,095 Trade and other payables 35,213 37,201 Deferred tax liabilities 21,467 23,817 Negative market value of derivatives Non-current liabilities 769, ,134 Current liabilities Interest-bearing liabilities due to aircraft financing 78, ,758 Interest-bearing liabilities 207, ,714 Tax liabilities 3,808 3,266 Provisions 23,285 42,350 Trade and other payables 524, ,290 Negative market value of derivatives 119, ,548 Deferred income 17,930 19,654 Advanced payments received 620, ,432 Current liabilities 1,595,888 1,482,012 Total equity and liabilities 1,789,657 1,863,558 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

20 FINANCIAL STATEMENTS Air Berlin PLC CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) for the period ended 30 June 2015 Share capital Share premium Equity component of convertible bonds Other capital reserves Retained earnings Hedge accounting reserve, net of tax Foreign currency translation reserve Remeasurement of the net defined benefit liability Equity attributable to the shareholders of the Company Equity attributable to the hybrid capital investors Total equity Balances at 31 December , , ,056 (862,175) (5,904) 3,192 (3,188) (186,064) 0 (186,064) Loss for the period (202,095) (202,095) 918 (201,177) Other comprehensive income 16, , Total comprehensive income (202,095) 16, (185,337) 918 (184,419) Balances at 30 June , , ,056 (1,064,270) 10,744 3,302 (3,188) (371,401) 100,918 (270,483) Balances at 31 December , , ,056 (1,248,200) (153,433) 3,654 (8,976) (724,944) 309,356 (415,588) Loss for the period (259,513) (259,513) 11,901 (247,612) Other comprehensive income 94,102 1,775 95,877 95,877 Distribution to hybrid capital investors (8,000) (8,000) Total comprehensive income (259,513) 94,102 1,775 0 (163,636) 3,901 (159,735) Balances at 30 June , , ,056 (1,507,713) (59,331) 5,429 (8,976) (888,580) 313,257 (575,323) AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

21 FINANCIAL STATEMENTS Air Berlin PLC CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) for the period ended 30 June /06/ /06/ Result for the period (247,612) (201,177) Adjustments to reconcile profit or loss to cash flows from operating activities: Depreciation and amortisation of non-current assets 24,999 35,281 Gain on disposal of non-current assets (21,877) (2,456) Increase in inventories (7,238) (5,220) Increase in trade accounts receivables (82,866) (75,639) Increase in other assets and prepaid expenses (87,806) (18,773) Deferred tax benefit (2,844) (10,742) Decrease in provisions (13,014) (19,541) Increase in trade accounts payable 61,140 34,857 Increase in other current liabilities 232, ,435 Result on foreign exchange and derivatives, net 25,196 (22,195) Interest expense 45,788 45,094 Interest income (468) (4,222) Income tax expense 1,704 1,154 Shares in the profit of equity investments 0 (3) Other non-cash changes (411) 109 Cash generated from operations (72,485) (6,038) Interest paid (39,422) (37,407) Distribution to hybrid capital investors (8,000) 0 Interest received 401 1,418 Income taxes paid (1,684) (1,331) Net cash flows from operating activities (121,190) (43,358) Purchases of non-current assets (13,953) (8,759) Net advanced receipts for non-current items 1,043 (6,164) Loans given (6,000) 0 Proceeds from sale of tangible and intangible assets 201,647 35,255 Dividends from equity investments 0 3 Cash flow from investing activities 182,737 20,335 Principal payments on interest-bearing liabilities (167,285) (44,204) Drawdown of interest-bearing liabilities due to aircraft financing 60,404 0 Proceeds from issue of interest-bearing liabilities 0 364,559 Transaction costs related to issue of interest-bearing liabilities 0 (10,326) Redemption of interest-bearing liabilities 0 (11,542) Proceeds from issue of hybrid capital 0 100,000 Cash flow from financing activities (106,881) 398,486 Change in cash and cash equivalents (45,334) 375,317 Cash and cash equivalents at beginning of period 259, ,006 Foreign exchange revaluation on cash balances 5,168 2,011 Cash and cash equivalents at end of period 219, ,480 thereof bank overdrafts used for cash management purposes (63) (262) thereof cash and cash equivalents in the statement of financial position 219, ,742 AIRBERLIN INTERIM FINANCIAL REPORT AS OF 30 JUNE

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