Advanced Inflight Alliance AG announces preliminary figures for the first half of 2012
- Consolidated revenues up 13 percent to EUR 64.4 million
- EBITDA climbs 25 percent to EUR 8.1 million
- Earnings before taxes increase 10 percent to EUR 5.2 million
- Earnings per share down from EUR 0.23 to EUR 0.14 due to extraordinary items
Advanced Inflight Alliance AG (ISIN DE0001262186; WKN 126218; domiciled at: Schellingstr. 35, 80799 Munich) today released its preliminary consolidated results for the first half of 2012:
The Advanced Inflight Alliance Group performed very well in the first half of 2012.
Consolidated revenues in the first six months of 2012 surged by around 13 percent, from EUR 57.1 million to EUR 64.4 million, driven mainly by contributions to revenues from the two acquisitions executed in 2011, advantageous foreign exchange trends and, last but not least, the expansion of business with new and existing customers.
The Advanced Inflight Alliance Group increased its earnings before interest, taxes, depreciation, and amortization (EBITDA) by a substantial 25 percent from EUR 6.5 million in the first half of 2011 to EUR 8.1 million in the same period in 2012, principally thanks to improved cost of materials. The earnings contribution from the licensing business in the first quarter of 2012, for example, which was slightly weaker year-on-year as expected, was compensated by a stronger second quarter 2012. The figure for the first six months of 2012 includes extraordinary expenses associated with the acquisition of all equity interests in IMDC in the amount of EUR 45 thousand completed on April 6, 2012. Expenses of EUR 136 thousand arose in the first half of 2012 in connection with other potential acquisition projects that have not yet been completed. EBITDA in the first half of 2011 had included extraordinary charges of EUR 388 thousand related to the June 2011 acquisitions. Adjusted for these one-time effects, EBITDA in the first half of 2012 totaled EUR 8.3 million, up by around 21 percent year-on-year from EUR 6.9. The Group's operating business generated a net negative foreign currency effect of EUR 209 thousand in the first half of 2012 that is reported in other operating expenses. This contrasts with the first half of 2011, when it generated a net positive foreign currency effect of EUR 199 thousand that was recognized in other operating income. At EUR 8.5 million, EBITDA adjusted for onetime effects and for reported foreign currency effects increased by around 28 percent on the previous year's EBITDA of EUR 6.7 million, which had also been adjusted.
Earnings before interest and taxes (EBIT) rose from EUR 4.8 million in the first half of 2011 to EUR 5.8 million in the first six months of 2012. This represents an increase of 19 percent. EBIT adjusted for one-time effects and reported foreign currency effects rose to EUR 6.2 million in the first half of 2012 from EUR 5.0 million in the prior-year period.
The Advanced Inflight Alliance Group generated earnings before taxes (EBT) of EUR 5.2 million in the first half of 2012, an increase of 10 percent year-on-year (first six months 2011: EUR 4.7 million). EBT adjusted for one-time effects and reported foreign currency effects rose to EUR 5.5 million in the first half of 2012 from EUR 4.9 million in the prior-year period.
At EUR 2.4 million in the first half of 2012, net profit was down from the prior-year figure of EUR 3.3 million, mainly due to the sharp increase in income tax expense resulting from the write-off of deferred tax assets at AIA AG. As of December 31, 2011, AIA had reported deferred tax assets of EUR 1.5 million in its IFRS consolidated financial statements in connection with existing loss carry forwards. As part of the voluntary public takeover offer, PAR Investment Partners L.P. increased its stake in AIA AG to over 50 percent. This acquisition constitutes an adverse acquisition of equity under Section 8c German Corporate Income Tax Act (Körperschaftsteuergeset - KStG); as a result, the tax loss carry forward existent at the time of the said acquisition was reduced in the full amount. As a consequence, the company fully wrote off its IFRS deferred tax assets of EUR 1.5 million as of June 30, 2012, which led to a corresponding deferred tax expense. Net profit adjusted for this extraordinary tax item rose to EUR 3.9 million in the first half of 2012 from EUR 3.3 million in the prior-year period.
Earnings per share (EPS) in accordance with IFRS stood at EUR 0.14 in the first half of 2012, down from EUR 0.23 in the prior-year period. The number of shares underlying the determination of basic earnings per share rose from 14,763,220 shares by 1,985,665 shares to 16,748,885 shares due to the executed capital increases.
The final figures for the first six months of 2012 may differ from the preliminary figures reported today. The complete financial report for the first half of 2012 will be available for downloading at www.advanced-inflight-alliance.com from August 31, 2012.