Annual Report 1999 in PDF - Aer Lingus

É More, though, than all of this,ItÕs the architecture of the spiritBernard O’DonoghueOperating and Financial ReviewFinancial PerformanceIn 1999, Aer Lingus further continued the improvements in its overall operating performance,achieved over recent years.Capacity in the airline, as measured by available tonne kilometres (ATKs), increased by 14% to1,239 million ATKs, once again reflecting the introduction of larger aircraft and additionalflying. Output sold improved by 13% to 861 million revenue tonne kilometres (RTKs). Therewas strong growth in passenger numbers – up 13% to 6.5 million, while the airline’s passengerload factor remained unchanged at 74%.1134.21011.79899Group Turnoveron continuing operations(EMillions)The 1999 results include a number of changes in accounting policies and methodologies arisingfrom a detailed review of industry practice and the application of new accounting standards,notably FRS12 (Provisions, Contingent Liabilities and Contingent Assets) and FRS15 (TangibleFixed Assets). In accordance with accounting standards, certain of these changes give rise to arestatement of prior year results while others give rise to significant exceptional items.In the year to 31 December 1999 there was a 12% rise in Group turnover on continuingoperations from e1,011.7 million to e1,134.2 million.Operating profit on continuing operations, before the Employee Share Participation Schemecharge grew by 7.0% from e66.9m to e71.6 million while profits from discontinuedoperations declined from e6.0 million to e2.6 million. Discontinued operations in 1999comprised the Heathrow ground handling business and the third party maintenance operationat Shannon Airport, which were both sold during the year.Return on turnover on continuing operations was 6.3%, (1998: 6.6%), while our EBITDARmargin was 18.8% for 1999 (1998: 19.6%).Group operating profit before exceptional items and Employee Share Participation Scheme wase74.2 million, an increase of 1.8% on 1998 and a net interest charge was incurred ofe0.8 million, (1998: Net interest income e6.0 million).8