Cargolux - 2010 shows a healthy profit

After the dramatic decline of the worldwide economy in 2009, the faith of the Cargolux shareholders in the Company was well founded. As demonstrated by the full-year results, 2010 was a year of comeback for Cargolux. The Company managed to achieve a remarkable turnaround and reached a net profit of US$ 59.8 million on total income of US$ 1,748 million.

The recovery of the air cargo market continued during 2010 and, while it was initially volume driven, prices started to recover in March. Overall, the air cargo market grew by 20.6 %, after 2 years of decline.

In 2010, the Group made significant progress in reducing its exposure to anti-trust cases. Cargolux entered into settlement agreements with the anti-trust authorities of Canada and New Zealand and accepted a fine imposed by the South Korean authority. In November, the European Commission imposed a fine of €79.99 million against the Company. Cargolux has filed a court plea for annulment of this decision. Additionally, in December 2010, the Group reached a settlement agreement with US civil class action plaintiffs that provides payment of US$ 35 .1 million. This agreement is subject to acceptance before mid-2011 by class members representing at least 75% of the total claims volume, and to final court approval.

Source: Cargolux