Vueling made a profit of 46 million euros in 2010

Vueling obtained a net profit of 45.99 million euros in financial year 2010. This amounts to a 66 per cent increase on the results of the previous year (+27.78 million €). The net margin stood at 5.7 per cent, an increase of 1.1 points over that of 2009 (4.6 per cent).

During the fourth quarter of the year, Vueling reduced the previous year’s losses by 66 per cent, from -13 million euros in 2009 to -4.4 million euros in 2010. The results for the quarter have been affected by the sharp rise in the price of fuel. Fuel costs have increased by 45 per cent, whereas the remaining costs have dropped by –0.3 per cent.

The sales turnover achieved by Vueling is 796.5 million euros. This is equal to a 32 per cent increase on 2009. The income per unit, that is, the available seat kilometres (ASK), has been 5.87c€, 1 per cent lower than that of the year before mainly due to shorter average stage lengths and the impact of the competitive environment on revenue per passenger. During the fourth quarter, revenue increased by 4 per cent to a total of 167.04 million euros and the revenue per unit increased by 5 per cent.

Vueling has carried 11,036,183 passengers in 2010. This accounts for an increase of 35 per cent on that of the same period the previous year. The company has operated 84,435 flights (35 per cent more than the year before) achieving a total load factor of 73 per cent. During the fourth quarter the airline increased the number of passengers by 3 per cent with a load factor of 72 per cent.

These traffic figures have led to an increase in leadership in the El Prat Airport of Barcelona, with a 26 per cent share. Moreover, Vueling continues to be the leading carrier at its bases in Bilbao, Seville and Ibiza.

The costs per unit excluding fuel costs have dropped by 3 per cent, to 4.07c€. On the other hand, the unit costs of fuel have increased by 32 per cent in 2010. This has affected the total unit cost, which has risen to 5.43c€, 4 per cent higher than in 2009.

The net cash position stands at 207 million euros, with a debt of 23.9 million euros and total cash of 231 million euros at 31st, December 2010.

During 2011, the company will continue to grow, adding six new aircraft to its existing fleet to cater for the activity at its new bases in Amsterdam and Toulouse, as well as an increase in routes and frequencies in the current markets. In addition, it shall take over the flight connection operations for Iberia in Madrid with five aircraft during the period March-October, proving its connection capacity for traditional airlines. In total, the company will increase its number of flights and passengers by 15 per cent.

Higher fuel costs over those of the previous year are expected in 2011, which will be partially offset by the continued cost reduction policy, not ruling out the partial transfer of the increase in this cost to an increase in fares. The objective of the company is to maintain a cost per ASK in 2011 at the same level as that of 2010.