Ralf Teckentrup
Chief Executive Officer
1 These are unaudited pro forma figures for the twelve months ended 30 September 2008. For a definition of how these figures have been compiled, please refer to Appendix 1 - Unaudited pro forma financial information. See the Statutory results for the eleven months to 30 September 2008. See Appendix 2 - Key performance indicators definitions.
Operational highlights
- Following the withdrawal from consolidation negotiations, first with Air Berlin, and then with Germanwings and TuiFly, Condor continues to operate successfully on a stand-alone basis
- Condor operated profitably for the fourth year in a row through good capacity management, cost discipline and the focus on profitable tourist destinations
- We reduced our fleet by one aircraft, thus reducing capacity, and at the same time we increased seat load factor by 2.4%
- We invested in the quality of our service through the introduction of new premium economy seating and the refurbishment of the cabins of our Boeing-767 fleet
- Measures are in place to reduce costs, improve the technical performance of our fleet and increase fuel savings
Key facts
6.8m
passengers
34
aircraft
one-third
of seats sold
in-house
Our Airlines Germany segment has performed well in a period when other airlines have suffered significantly in the face of rising fuel prices and intense competition. Although the operating profit margin reduced from 5.4% to 4.6%, contribution to Group profitability remained in line with the prior year with pro forma profit from operations at £45.4m.
Total revenue increased by 14.3%, to £978.2m. Adjusting for the impact of translation exchange rates, underlying revenue was broadly flat year on year. This reflects the planned reductions in capacity, offset by improved load factors and yields. The increase in yield of 9.6% largely reflects increased income from fuel surcharges and a change in mix from selling to our own German tour operator to selling more to third party tour operators.
Fuel costs increased significantly year on year. However, we were able to largely mitigate the impact of this at the gross margin level by the improved yields and load factors noted above, together with tight cost control. Beneficial movements in foreign exchange rates also contributed positively to the year on year performance.
Key performance indicators
Capacity††
−4.7%
Yield###
+9.6%
Seat load factor†††
+2.4%
Sold seats‡‡ |
|
|---|---|
| Change % | |
| Thomas Cook tour operators | −28.4 |
| 3rd party tour operators | +18.5 |
| External seat only | −3.5 |
| Total sold seats | −9.5 |
Sold seats‡‡ |
|
|---|---|
| Europe (excl. Cities) | −10.8 |
| Long haul | +1.5 |
| Cities | −24.2 |
| Total sold seats | −9.5 |
Revenue |
|||
|---|---|---|---|
| 12 months ended 30 September 2008 £m |
12 months ended 30 September 2007 £m |
Change % |
|
| Revenue – external* | 680.7 | 511.7 | +33.0 |
| Revenue – internal* | 297.5 | 344.1 | −13.5 |
| Total revenue* | 978.2 | 855.8 | +14.3 |
See Appendix 2