Newsflash: SWISS improves EBIT result for 2004

16.02.2005

Swiss International Air Lines (Group) achieved earnings before interest and taxes (EBIT) of minus CHF 122 million for the 2004 business year. The result compares to an EBIT of minus CHF 498 million (before restructuring costs) for the previous year.

SWISS reported earnings before interest and taxes (EBIT) of minus CHF 122 million for 2004 on consolidated total income from operating activities of CHF 3 642 million. For the previous year, SWISS recorded an EBIT of minus CHF 498 million (minus CHF 703 million after restructuring costs) on consolidated total income from operating activities of CHF 4 126 million.

The EBIT result for 2004 was affected by both impairments and non-recurring income amounts. Impairments to regional aircraft and buildings reduced the EBIT for 2004 by a total of CHF 174 million. The result also includes non-recurring income of CHF 163 million. This consists of book gains of CHF 68 million related to the agreement reached in the legal dispute with HOLCO in the second quarter, and of CHF 95 million in non-recurring income in the fourth quarter deriving largely from a one-off gain connected with the surrender of slots at London Heathrow, for which British Airways made a part-payment in the fourth quarter, and from provision adjustments.

The consolidated net loss for 2004 amounted to CHF 140 million, which compares to a consolidated net loss of CHF 687 million for the previous year. Cash and cash equivalents totalled CHF 481 million on December 31, 2004.

These provisional figures are unaudited.

The full financial statements for 2004 will be published on March 11, 2005 and presented in detail at a media conference. SWISS will not be commenting further on its 2004 results until such time.