OTC AIBEF 2015.Pdf

FINANCIAL FIGURES 2015 FINANCIAL PERFORMANCE INDICATORS 2015 vs. 2014 in per cent 2015 2014 2013 Revenue (in million euros) –1.9 4,081.8 4,160.2 4,146.8 Flight revenue (in million euros) –2.6 3,709.4 3,808.2 3,815.5 EBITDAR (in million euros) 2.2 358.9 351.2 432.7 EBIT (in million euros) –4.5 –307.0 –293.8 –231.9 Consolidated loss for the period (in million euros) –18.6 –446.6 –376.7 –315.5 Earnings per share (in euros) –22.1 –4.04 –3.31 –2.71 Total assets (in million euros) –23.9 1,418.4 1,863.6 1,885.5 Employees (as of 31 December) 5.1 8,869* 8,440 8,905 * The increase in head count is related to the integration of employees from the NIKI Labour Pool (819 heads) into NIKI Luftfahrt GmbH during the reporting period. OPERATING PERFORMANCE INDICATORS 2015 vs. 2014 in per cent 2015 2014 2013 Passengers (PAX) –4.6 30,249,263 31,716,202 31,535,867 Flight revenue per PAX (Yields) 2.1 122.63 120.07 121.00 Available / flown seat kilometres (in billion; ASK) –5.4 55.84 59.03 57.25 Total revenue per ASK (RASK; EURct) 3.7 7.31 7.05 7.24 Total costs per ASK (CASK; EURct) 4.1 7.86 7.55 7.65 Revenue passenger kilometres (in billion; RPK) –4.6 47.01 49.27 48.57 Load factor (in per cent; RPK/ASK) 0.72* 84.18 83.46 84.85 Destinations (as at 31 December) –6.1 138 147 171 Number of aircraft at year-end (operational fleet) 2.7 153 149 140 * percentage points PLEASE NOTE THE FOLLOWING INFORMATION: 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 and/or, depending on the context, Air Berlin PLC, and its subsidiaries. This report uses the generic masculine form, which refers equally to both male and female persons. CONTENTS 2 TO OUR SHAREHOLDERS 58 GOVERNANCE 2 Message from the Chief Executive 58 Corporate governance report Officer Stefan Pichler 69 Audit Committee report 4 Statement from the Chairman of the 74 Directors’ remuneration report Board 74 ANNUAL STATEMENT BY THE CHAIRMAN OF 7 The Board of Directors THE BOARD OF DIRECTORS ON BEHALF OF 10 The Management Board THE REMUNERATION COMMITTEE 77 ANNUAL REPORT ON DIRECTORS‘ 14 THE AIRBERLIN SHARE REMUNERATION 87 Directors’ Report 16 STRATEGIC REPORT AND 89 Statement of Directors’ MANAGEMENT REPORT responsibilities in respect of the Annual Report and the financial 16 Financial and operational statements performance indicators 91 Declaration by the legal 17 Company profile representatives 18 Business model and strategy 92 Independent auditor’s report to the 24 Economic conditions members of Air Berlin PLC 25 Operating development 28 Net assets, financial position and 95 FINANCIAL STATEMENTS results of operations 32 Responsibility 95 Consolidated financial statements of 39 Principal risks and uncertainties airberlin group and financial 54 Report on forecasts and outlook for statements of Air Berlin PLC the Group 106 Notes to the consolidated and 57 Supplementary report company financial statements as at 31 December 2015 168 OTHER INFORMATION 168 Aviation glossary 169 Imprint 170 Financial calendar 2016 TO OUR SHAREHOLDERS MESSAGE FROM THE CHIEF EXECUTIVE OFFICER STEFAN PICHLER CHIEF EXECUTIVE OFFICER (CEO) Dear Shareholders, 2015 was a busy year for everyone at airberlin where progress was made. We continued on our path to become a network airline by developing our hubs in both Düsseldorf and Berlin. This will have a significant influence on our corporate structures and business areas in the months and years to come. From an operational standpoint, we reviewed all of our management processes and corporate structures with the aim to have lower organisational and operational unit costs. The fleet’s capacity and efficiency improved further in the course of eliminating unprofitable routes, creating leaner structures for cabin and ground staff and harmonising the fleet with Airbus aircraft. With the introduction of our PROS revenue management system we were able to raise our yields in 2015 despite an overall weaker market trend. Finally, we brought new management into all key areas: around 80 per cent of the top 79 senior management positions were filled by new managers who have joined to help us accomplish our turnaround. Our dialogue with customers was structured in an even more service-friendly manner this past financial year. We expanded our product range to include several new services and offered passengers more comfort by adding 40 additional XL seats in the economy class of our entire long-haul fleet, whereby passengers on all of our A330-200 long-haul jets are now offered 48 XL seats in economy class and 19 seats in Business Class. Our XL seats and their 15 cm of added legroom offer the most legroom in economy class on transatlantic flights than any other airline. airberlin’s business class uses full-flat seats for maximum privacy, comfort and personal service. The popularity of these seats shows that we are on the right track. Our new fare structure has also proven itself. Launched in the spring of 2015, this structure consists of four different fares designed to better meet the needs of our passengers. We will move ahead with our restructuring programme in 2016. 2 TO OUR SHAREHOLDERS THE AIRBERLIN SHARE STRATEGIC REPORT AND MANAGEMENT REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION With the successive reduction in restructuring costs, an optimised cost structure and rising yields, we expect to see a substantial improvement of our operational result. Being customer- and service-oriented will naturally remain our focus. The current financial year will be dedicated to expand rigorously our strategy by positioning the airberlin group as a domestic and international network carrier and making an active contribution to the Etihad Airways Partners (EAP). With the introduction of the 2016 summer flight schedule, we plan to greatly expand our network of long-haul routes by adding non-stop daily services to the US East and West Coast and the Caribbean. We will fly from Berlin and especially Düsseldorf – our two hubs optimally integrated into our German and European route network – to around 90 long-haul destinations. We are also steadily increasing the number of our medium-haul offers. In Italy, we expanded our service through our co-operation with Alitalia and, talking of holidays, we raised the number of flights to and from Palma de Mallorca. With the start of the 2016 summer schedule, airberlin will connect Mallorca and the DACH region with up to 500 flights per week. These additions will rein- force our market leadership in Berlin, Düsseldorf and Palma de Mallorca and highlight our strength in other key target areas in the DACH region. Where possible, we will further enhance our co-operation with Etihad Airways Partners through bundling of similar activities, such as in the area of procurement, in order to gain greater efficiency. Through our partnerships we will be able to offer our customers improved service from our Berlin and Düsseldorf hubs to Etihad Airways destinations through Abu Dhabi and to those of other Etihad Airways Partners. In conclusion, I am confident that airberlin will see an improved trading performance in 2016! Stefan Pichler Chief Executive Officer airberlin Annual Report 2015 3 STATEMENT FROM THE CHAIRMAN OF THE BOARD DR HANS-JOACHIM KÖRBER CHAIRMAN OF THE BOARD OF DIRECTORS The financial position of Air Berlin PLC Implementation of current restructuring programme continues The most important steps taken in the reporting year included optimising the management structures and processes and filling the newly created management positions with internationally expe- rienced airline managers. This process was completed for the time being with the recent appoint- ments made in February 2016. airberlin strengthened its position as a network carrier in the short-, medium- and long-haul seg- ments by concentrating on its two hubs Berlin and Düsseldorf and expanding its product range. The new fare concept “YourFare” for the short- and medium-haul routes more specifically targets the passengers’ preferences and needs. This new concept now includes the widely available one- way fare “JustFly“ and the “Fly Flex+” service package for business travellers as well as other offers for corporate customers. The product campaign in 2015 also introduced attractive supplementary services that clearly distinguish airberlin from its competitors. airberlin’s modern fleet, which is one of the youngest in the industry and setting standards in terms of eco-friendliness, is another factor that gives the Company a competitive edge. As the world’s most CO2-efficient carrier, airberlin is particularly appealing to environmentally conscious passengers. airberlin is also on target with its efforts to harmonise the fleet exclusively with Airbus aircraft under the current restructuring programme and streamline the related logistics. 4 TO OUR SHAREHOLDERS THE AIRBERLIN SHARE STRATEGIC REPORT AND MANAGEMENT REPORT GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION Results in 2015 still not satisfactory The first signs of progress from the structural improvements in 2015 under the restructuring programme were reflected in the better efficiency of both the fleet and route network. The load factor was brought up to a level exceeding the industry’s average and there was a marked rise in yields. This programme was accompanied by one-off restructuring charges in 2015, as forecast. These expenses mainly stemmed from the fleet’s harmonisation, organisational changes and the related personnel expenses. As a result, the structural steps taken did not generate the earnings’ improvements targeted in the reporting year.

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