Vueling Airlines reported financial results for Q3 2011 with the following highlights:
1) EBIT increased 2% year-over-year to €60.8 million despite a 48% increase in fuel costs.
2) Revenues grew 19.5% to €330.5 million driven by a 12.2% increase in capacity and a 6.5% improvement in revenue per available seat kilometer (RASK).
3) Load factor increased 3.1 percentage points to 81% and the company continued to maintain a strong cash position of €285 million as of September 30, 2011.
The document discusses two major perspectives in clinical psychology - the biological perspective and the cognitive behavioral perspective.
The biological perspective views psychological issues through studying the physical basis for animal behavior and human behavior. It involves examining the brain, immune system, nervous system and genetics. The perspective emerged in the early 1800s and is based on the idea that every mental illness has an underlying biological or medical cause.
The cognitive behavioral perspective emerged in the early 1900s. It focuses on how human thought processes impact behavior, as a reaction to the mechanistic nature of behaviorism. Theorists under this perspective treat thoughts as behaviors rather than just overt actions. Pioneers included Dollard and Miller who emphasized cognitive concepts to explain abnormal
Description of the strategy (business model) of Low Cost Carrier Ryanair. Focussing on the value proposition, value architecture, revenue model and corporate culture and values.
Ryanair has utilized a low-cost business model since 1985 to become Europe's largest airline. Key elements of Ryanair's strategy include maintaining extremely low fares, costs, and operating efficiencies through measures like direct point-to-point routes, online booking, and secondary airports. Ancillary revenues from fees and onboard sales have become a major part of Ryanair's revenue model at 58% as the airline focuses on frequent, low-cost flights while minimizing customer service costs. Ryanair's strategy has been highly successful but maintaining sustainability will depend on continued cost controls and exploiting new growth opportunities like additional routes and destinations.
Ryanair was founded in 1985 and has grown to become one of Europe's largest airlines. It operates over 1,600 daily flights across 1,600 routes to 180 destinations. Ryanair's strategy has been to offer low fares through cost containment and operational efficiencies. While profitability remains core, Ryanair's vision and mission have evolved to also focus on improving customer service and experience. Ryanair faces competition from other low-cost carriers like EasyJet but aims to strengthen its position through continued growth and defending its low-cost model.
This document summarizes E.ON's performance, strategic priorities, and cost-cutting plan in response to economic challenges:
1) E.ON achieved solid earnings growth from 2003-2008 but now faces commodity price declines, economic contraction, and regulatory changes estimated to reduce 2010 EBIT by €1.5 billion.
2) E.ON's strategic priorities include divesting non-core businesses, focusing on climate/renewables in Europe, and international expansion through acquisitions.
3) E.ON's Perform-to-Win plan aims to deliver €1.5 billion in EBIT by 2011 through cost savings of €1.1 billion and productivity gains of €400 million across
- Revenue for 2011 was up 7% driven by pricing actions to offset higher raw material costs, but weaker end markets and inflation impacted results
- EBITDA for 2011 was 9% lower at €1,796 million, and net income from continuing operations was €469 million compared to €664 million in 2010
- A performance improvement program is on track to address challenges from the economic environment and volatile raw material costs in 2012
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
Bourbon reported strong financial results for the first half of 2012, with revenues increasing 17.7% and EBITDA rising 27.2% compared to the same period in 2011. The CEO attributed the growth to higher average daily rates and an expanding fleet. While results were positive, the CEO noted a focus on safety, operational excellence and cost control going forward as new vessel commissioning slows. Segment results were positive across Marine Services and Subsea Services.
The document discusses two major perspectives in clinical psychology - the biological perspective and the cognitive behavioral perspective.
The biological perspective views psychological issues through studying the physical basis for animal behavior and human behavior. It involves examining the brain, immune system, nervous system and genetics. The perspective emerged in the early 1800s and is based on the idea that every mental illness has an underlying biological or medical cause.
The cognitive behavioral perspective emerged in the early 1900s. It focuses on how human thought processes impact behavior, as a reaction to the mechanistic nature of behaviorism. Theorists under this perspective treat thoughts as behaviors rather than just overt actions. Pioneers included Dollard and Miller who emphasized cognitive concepts to explain abnormal
Description of the strategy (business model) of Low Cost Carrier Ryanair. Focussing on the value proposition, value architecture, revenue model and corporate culture and values.
Ryanair has utilized a low-cost business model since 1985 to become Europe's largest airline. Key elements of Ryanair's strategy include maintaining extremely low fares, costs, and operating efficiencies through measures like direct point-to-point routes, online booking, and secondary airports. Ancillary revenues from fees and onboard sales have become a major part of Ryanair's revenue model at 58% as the airline focuses on frequent, low-cost flights while minimizing customer service costs. Ryanair's strategy has been highly successful but maintaining sustainability will depend on continued cost controls and exploiting new growth opportunities like additional routes and destinations.
Ryanair was founded in 1985 and has grown to become one of Europe's largest airlines. It operates over 1,600 daily flights across 1,600 routes to 180 destinations. Ryanair's strategy has been to offer low fares through cost containment and operational efficiencies. While profitability remains core, Ryanair's vision and mission have evolved to also focus on improving customer service and experience. Ryanair faces competition from other low-cost carriers like EasyJet but aims to strengthen its position through continued growth and defending its low-cost model.
This document summarizes E.ON's performance, strategic priorities, and cost-cutting plan in response to economic challenges:
1) E.ON achieved solid earnings growth from 2003-2008 but now faces commodity price declines, economic contraction, and regulatory changes estimated to reduce 2010 EBIT by €1.5 billion.
2) E.ON's strategic priorities include divesting non-core businesses, focusing on climate/renewables in Europe, and international expansion through acquisitions.
3) E.ON's Perform-to-Win plan aims to deliver €1.5 billion in EBIT by 2011 through cost savings of €1.1 billion and productivity gains of €400 million across
- Revenue for 2011 was up 7% driven by pricing actions to offset higher raw material costs, but weaker end markets and inflation impacted results
- EBITDA for 2011 was 9% lower at €1,796 million, and net income from continuing operations was €469 million compared to €664 million in 2010
- A performance improvement program is on track to address challenges from the economic environment and volatile raw material costs in 2012
- U.S. petroleum refining company presenting at an energy conference
- Facing challenges from weak refining market conditions and falling gasoline demand
- Taking steps to improve operating flexibility and maximize contributions from non-refining businesses like logistics and coke to maintain financial performance
Bourbon reported strong financial results for the first half of 2012, with revenues increasing 17.7% and EBITDA rising 27.2% compared to the same period in 2011. The CEO attributed the growth to higher average daily rates and an expanding fleet. While results were positive, the CEO noted a focus on safety, operational excellence and cost control going forward as new vessel commissioning slows. Segment results were positive across Marine Services and Subsea Services.
http://www.sca.com/Q32011en SCA’s interim report for the period 1 January – 30 September 2011 has been published. Operating profit , excl. restructuring costs, decreased by 5% (decreased by 1% excl. exchange rate effects) to SEK 6,697m. Net sales decreased by 1% (increased by 6% excl. exchange rate effects and divestments) to SEK 79 001m. Earnings per share rose 2% (7% excl. exchange rate effects) to SEK 5.66.
http://www.sca.com/ir
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http://www.twitter.com/SCAeveryday
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This document provides a financial review of AES Corporation for the third quarter of 2008. It includes the following key points:
- 2008 and 2009 guidance is updated, with 2008 Adjusted EPS lowered to $1.07 from $1.16 previously and 2009 Adjusted EPS lowered to a range of $1.15-$1.20 from $1.20-$1.25 previously.
- Gross margin, EPS, and cash flows for the third quarter of 2008 were on track based on improved pricing and demand in Latin America.
- The company has several power projects under construction that will provide built-in growth as they become operational through 2011.
- Debt is well-hedged with 93%
Kemira Interim Report Q3/2011 result presentationKemira Oyj
Kemira reported higher revenue and profits for the third quarter of 2011 compared to the previous year. Revenue increased slightly due to 6% organic growth offset by divestments and currency effects. Operative EBIT also increased due to higher sales prices offsetting increased variable and fixed costs. For the paper segment, revenue decreased due to divestments and currency impacts, while operative EBIT margin declined slightly. The municipal and industrial segment saw revenue and operative EBIT increase due to higher sales prices and volumes. Kemira expects full year 2011 revenue and profits to be above 2010 levels despite rising raw material costs.
Hans Wijers, CEO of AkzoNobel, and Keith Nichols, CFO, held a press conference to discuss the company's Q2 2011 results. Revenue was up 8% driven by volume and pricing increases, however raw material inflation and challenging market conditions lowered EBITDA to €551 million. The outlook for 2011 expects full-year EBITDA to be at least in line with 2010, assuming no further deterioration in economic conditions. The company continues investing in growth, innovation, and emerging markets to achieve its strategic goals.
AkzoNobel Q4 and Full Year 2011 Media PresentationAkzoNobel
The company reported a 7% increase in revenue for 2011 but EBITDA fell 9% due to weaker end markets and cost inflation. Q4 revenue rose 5% while EBITDA declined 20% impacted by weaker demand, unfavorable product mix, and higher raw material costs. The company is implementing further price increases and its performance improvement program remains on track.
The document provides guidance for the company's 2008 financial year. It summarizes the company's accomplishments in 2007, including improved profitability, debt reduction, and a successful IPO. Assumptions for 2008 include natural gas and oil price forecasts and hedge positions. The capital program and core earnings/cash flow estimates for 2008 are also presented. The pipelines business unit achieved growth in 2007 and has a $3 billion growth backlog moving forward.
The document provides guidance for the company's 2008 financial year. It summarizes the company's accomplishments in 2007, including reducing debt by over $2.5 billion. It outlines the company's assumptions for 2008 including natural gas and oil hedge positions. The document discusses the company's 2008 capital program and core earnings and cash flow estimates, forecasting net income between $760-835 million and discretionary cash between $235-450 million. It also summarizes the pipeline business unit's accomplishments in 2007 and growth backlog increasing to $3 billion.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
This document summarizes Xcel Energy's strategy to achieve financial success through environmental leadership. It plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It forecasts strong earnings growth of 5-7% annually through 2020 by investing over $2 billion per year in its regulated utilities, with enhanced regulatory recovery mechanisms. This is expected to drive rate base growth of 7.5% annually and sustainable dividend growth of 2-4% per year, providing an attractive total return profile.
The interim report summarizes the company's Q3 2011 results. Key points include:
- Organic growth was flat at 0% compared to -1% in Q3 2010. EBIT margin declined to 4.1% from 4.7% due to restructuring costs and lower volumes outside Nordic regions.
- The Nordic region saw 10% organic growth and increased profitability. However, the UK and Continental Europe regions experienced lower volumes and sales mix issues impacting margins.
- Restructuring costs totaled SEK 113m for the quarter. Excluding these, EBIT declined to SEK 126m from SEK 153m in Q3 2010.
- Net debt
- Veolia reported revenue of €8.16 billion for Q1 2011, an increase of 11.3% from Q1 2010, driven by foreign exchange impacts. On a constant scope and exchange rate basis, revenue rose 9.6%.
- Adjusted operating cash flow was €997 million, a 3.7% increase from Q1 2010. Adjusted operating income fell 1.1% to €636 million due to exchange rates.
- Net financial debt declined by €707 million from year-end 2010 to €14.51 billion, helped by the refinancing of the new Veolia Transdev entity.
Danone is a French food products company with four divisions: Fresh Dairy Products, Waters, Baby Nutrition, and Medical Nutrition. In 2011, Fresh Dairy Products accounted for 58% of revenue, which totaled €19.3 billion. The majority of revenue came from Europe, though Asia saw an 18.2% increase from 2011 to 2012. Danone's stock price on November 10, 2012 was €49.78 per share and the company expects continued revenue growth despite weak conditions in Europe.
Kemira's President and CEO Harri Kerminen:
"Kemira's organic revenue growth in the third quarter was 6%. Sales prices were higher and sales volumes remained at the same level as in the comparable period last year. Operative EBIT improved 9% compared to the second quarter, 2011.
Raw material prices have stabilized during the quarter, but looking at the first nine months of 2011, we have seen a substantial increase in raw material prices. So far, we have been successful in offsetting higher costs with sales prices. Reasons for decreased operative EBIT compared to the third quarter in 2010 were the FWA divestment made in the latter part of 2010 and negative currency exchange effect.
Paper segment successfully implemented sales price increases to cover higher raw material costs. Operative EBIT margin was close to the level of comparable quarter last year. The Municipal & Industrial segment's revenue growth picked up in the third quarter driven by both volume growth and sales price increases. Operative EBIT margin improved significantly compared to the previous quarter. The Oil & Mining segment's organic revenue growth was over 10% with an operative EBIT margin of nearly 12% being the highest quarterly margin to date for the segment.
Kemira owns a minority stake (39%) in Sachtleben, a major titanium dioxide producer. The performance of Sachtleben continued to be very strong. Kemira's share of the Sachtleben profits tripled compared to the third quarter last year and was close to EUR 10 million in the quarter.
The visibility for upcoming quarters is not as clear as when compared to the first half of 2011. However, outlook for the full year 2011 revenue and operative EBIT remains unchanged. Kemira's revenue is expected to be slightly higher and operative EBIT higher than in 2010.
WEG reported its 1Q11 results with year-over-year revenue growth of 18.7% and net income growth of 1.6%. Revenue from external markets grew 45.4% in local currency and 59.1% in US dollars. Cost of goods sold was impacted by higher steel and copper prices. EBITDA declined 9.3% due to negative impacts from foreign exchange rates on gross revenues and higher cost of goods sold, partially offset by volume increases. Cash flow from operations was positive and cash levels remained high. The company will continue investing in new production capacity to capture medium and long term growth opportunities globally.
Key figures at September 30, 2011 - Conference call on November 10, 2011ve-finance
- Veolia Environnement reported key figures for the nine months ending September 30, 2011, including revenue of €23.96 billion, up 15.8% at current exchange rates.
- Adjusted operating cash flow was €2.39 billion, up 1% at current exchange rates. Adjusted operating income was €1.25 billion, down 8.6% at current exchange rates.
- Net financial debt was €15.04 billion as of September 30, 2011.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable customer rates and regulatory approval of resource plans. The strategy also aims to deliver annual EPS growth of 5-7% through rate cases and recovery of capital investments in transmission and generation projects.
(1) Veolia reported revenue of €7.8 billion for Q1 2012, an increase of 4.6% over Q1 2011 revenue. Adjusted operating income declined 12.2% to €544 million due to lower adjusted operating cash flow.
(2) Veolia aims to reduce net financial debt below €12 billion by 2013 through asset divestments of €5 billion by the end of 2013. The company is also pursuing a cost reduction program targeting €220 million in gross savings for 2013.
(3) Looking forward, Veolia expects organic revenue growth above 3% annually and adjusted operating cash flow growth above 5% annually starting in 2014, along with a leverage ratio target of 3
The document provides an overview of Generali Group's 1Q 2011 results. Some key highlights include:
- Net result increased 16.8% to €616 million compared to 1Q 2010.
- Operating result grew 6.6% to €1,256 million.
- Life and P&C segments both saw increases in operating results of 1.7% and 26% respectively.
- Total investment portfolio remained stable at €324.2 billion, with a preference for government bonds representing 55.8% of the total bond portfolio.
How information systems are built or acquired puts information, which is what they should be about, in a secondary place. Our language adapted accordingly, and we no longer talk about information systems but applications. Applications evolved in a way to break data into diverse fragments, tightly coupled with applications and expensive to integrate. The result is technical debt, which is re-paid by taking even bigger "loans", resulting in an ever-increasing technical debt. Software engineering and procurement practices work in sync with market forces to maintain this trend. This talk demonstrates how natural this situation is. The question is: can something be done to reverse the trend?
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...Alex Pruden
Folding is a recent technique for building efficient recursive SNARKs. Several elegant folding protocols have been proposed, such as Nova, Supernova, Hypernova, Protostar, and others. However, all of them rely on an additively homomorphic commitment scheme based on discrete log, and are therefore not post-quantum secure. In this work we present LatticeFold, the first lattice-based folding protocol based on the Module SIS problem. This folding protocol naturally leads to an efficient recursive lattice-based SNARK and an efficient PCD scheme. LatticeFold supports folding low-degree relations, such as R1CS, as well as high-degree relations, such as CCS. The key challenge is to construct a secure folding protocol that works with the Ajtai commitment scheme. The difficulty, is ensuring that extracted witnesses are low norm through many rounds of folding. We present a novel technique using the sumcheck protocol to ensure that extracted witnesses are always low norm no matter how many rounds of folding are used. Our evaluation of the final proof system suggests that it is as performant as Hypernova, while providing post-quantum security.
Paper Link: https://eprint.iacr.org/2024/257
http://www.sca.com/Q32011en SCA’s interim report for the period 1 January – 30 September 2011 has been published. Operating profit , excl. restructuring costs, decreased by 5% (decreased by 1% excl. exchange rate effects) to SEK 6,697m. Net sales decreased by 1% (increased by 6% excl. exchange rate effects and divestments) to SEK 79 001m. Earnings per share rose 2% (7% excl. exchange rate effects) to SEK 5.66.
http://www.sca.com/ir
http://www.facebook.com/SCA
http://www.twitter.com/SCAeveryday
http://www.youtube.com/SCAeveryday
This document provides a financial review of AES Corporation for the third quarter of 2008. It includes the following key points:
- 2008 and 2009 guidance is updated, with 2008 Adjusted EPS lowered to $1.07 from $1.16 previously and 2009 Adjusted EPS lowered to a range of $1.15-$1.20 from $1.20-$1.25 previously.
- Gross margin, EPS, and cash flows for the third quarter of 2008 were on track based on improved pricing and demand in Latin America.
- The company has several power projects under construction that will provide built-in growth as they become operational through 2011.
- Debt is well-hedged with 93%
Kemira Interim Report Q3/2011 result presentationKemira Oyj
Kemira reported higher revenue and profits for the third quarter of 2011 compared to the previous year. Revenue increased slightly due to 6% organic growth offset by divestments and currency effects. Operative EBIT also increased due to higher sales prices offsetting increased variable and fixed costs. For the paper segment, revenue decreased due to divestments and currency impacts, while operative EBIT margin declined slightly. The municipal and industrial segment saw revenue and operative EBIT increase due to higher sales prices and volumes. Kemira expects full year 2011 revenue and profits to be above 2010 levels despite rising raw material costs.
Hans Wijers, CEO of AkzoNobel, and Keith Nichols, CFO, held a press conference to discuss the company's Q2 2011 results. Revenue was up 8% driven by volume and pricing increases, however raw material inflation and challenging market conditions lowered EBITDA to €551 million. The outlook for 2011 expects full-year EBITDA to be at least in line with 2010, assuming no further deterioration in economic conditions. The company continues investing in growth, innovation, and emerging markets to achieve its strategic goals.
AkzoNobel Q4 and Full Year 2011 Media PresentationAkzoNobel
The company reported a 7% increase in revenue for 2011 but EBITDA fell 9% due to weaker end markets and cost inflation. Q4 revenue rose 5% while EBITDA declined 20% impacted by weaker demand, unfavorable product mix, and higher raw material costs. The company is implementing further price increases and its performance improvement program remains on track.
The document provides guidance for the company's 2008 financial year. It summarizes the company's accomplishments in 2007, including improved profitability, debt reduction, and a successful IPO. Assumptions for 2008 include natural gas and oil price forecasts and hedge positions. The capital program and core earnings/cash flow estimates for 2008 are also presented. The pipelines business unit achieved growth in 2007 and has a $3 billion growth backlog moving forward.
The document provides guidance for the company's 2008 financial year. It summarizes the company's accomplishments in 2007, including reducing debt by over $2.5 billion. It outlines the company's assumptions for 2008 including natural gas and oil hedge positions. The document discusses the company's 2008 capital program and core earnings and cash flow estimates, forecasting net income between $760-835 million and discretionary cash between $235-450 million. It also summarizes the pipeline business unit's accomplishments in 2007 and growth backlog increasing to $3 billion.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
This document summarizes Xcel Energy's strategy to achieve financial success through environmental leadership. It plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It forecasts strong earnings growth of 5-7% annually through 2020 by investing over $2 billion per year in its regulated utilities, with enhanced regulatory recovery mechanisms. This is expected to drive rate base growth of 7.5% annually and sustainable dividend growth of 2-4% per year, providing an attractive total return profile.
The interim report summarizes the company's Q3 2011 results. Key points include:
- Organic growth was flat at 0% compared to -1% in Q3 2010. EBIT margin declined to 4.1% from 4.7% due to restructuring costs and lower volumes outside Nordic regions.
- The Nordic region saw 10% organic growth and increased profitability. However, the UK and Continental Europe regions experienced lower volumes and sales mix issues impacting margins.
- Restructuring costs totaled SEK 113m for the quarter. Excluding these, EBIT declined to SEK 126m from SEK 153m in Q3 2010.
- Net debt
- Veolia reported revenue of €8.16 billion for Q1 2011, an increase of 11.3% from Q1 2010, driven by foreign exchange impacts. On a constant scope and exchange rate basis, revenue rose 9.6%.
- Adjusted operating cash flow was €997 million, a 3.7% increase from Q1 2010. Adjusted operating income fell 1.1% to €636 million due to exchange rates.
- Net financial debt declined by €707 million from year-end 2010 to €14.51 billion, helped by the refinancing of the new Veolia Transdev entity.
Danone is a French food products company with four divisions: Fresh Dairy Products, Waters, Baby Nutrition, and Medical Nutrition. In 2011, Fresh Dairy Products accounted for 58% of revenue, which totaled €19.3 billion. The majority of revenue came from Europe, though Asia saw an 18.2% increase from 2011 to 2012. Danone's stock price on November 10, 2012 was €49.78 per share and the company expects continued revenue growth despite weak conditions in Europe.
Kemira's President and CEO Harri Kerminen:
"Kemira's organic revenue growth in the third quarter was 6%. Sales prices were higher and sales volumes remained at the same level as in the comparable period last year. Operative EBIT improved 9% compared to the second quarter, 2011.
Raw material prices have stabilized during the quarter, but looking at the first nine months of 2011, we have seen a substantial increase in raw material prices. So far, we have been successful in offsetting higher costs with sales prices. Reasons for decreased operative EBIT compared to the third quarter in 2010 were the FWA divestment made in the latter part of 2010 and negative currency exchange effect.
Paper segment successfully implemented sales price increases to cover higher raw material costs. Operative EBIT margin was close to the level of comparable quarter last year. The Municipal & Industrial segment's revenue growth picked up in the third quarter driven by both volume growth and sales price increases. Operative EBIT margin improved significantly compared to the previous quarter. The Oil & Mining segment's organic revenue growth was over 10% with an operative EBIT margin of nearly 12% being the highest quarterly margin to date for the segment.
Kemira owns a minority stake (39%) in Sachtleben, a major titanium dioxide producer. The performance of Sachtleben continued to be very strong. Kemira's share of the Sachtleben profits tripled compared to the third quarter last year and was close to EUR 10 million in the quarter.
The visibility for upcoming quarters is not as clear as when compared to the first half of 2011. However, outlook for the full year 2011 revenue and operative EBIT remains unchanged. Kemira's revenue is expected to be slightly higher and operative EBIT higher than in 2010.
WEG reported its 1Q11 results with year-over-year revenue growth of 18.7% and net income growth of 1.6%. Revenue from external markets grew 45.4% in local currency and 59.1% in US dollars. Cost of goods sold was impacted by higher steel and copper prices. EBITDA declined 9.3% due to negative impacts from foreign exchange rates on gross revenues and higher cost of goods sold, partially offset by volume increases. Cash flow from operations was positive and cash levels remained high. The company will continue investing in new production capacity to capture medium and long term growth opportunities globally.
Key figures at September 30, 2011 - Conference call on November 10, 2011ve-finance
- Veolia Environnement reported key figures for the nine months ending September 30, 2011, including revenue of €23.96 billion, up 15.8% at current exchange rates.
- Adjusted operating cash flow was €2.39 billion, up 1% at current exchange rates. Adjusted operating income was €1.25 billion, down 8.6% at current exchange rates.
- Net financial debt was €15.04 billion as of September 30, 2011.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable customer rates and regulatory approval of resource plans. The strategy also aims to deliver annual EPS growth of 5-7% through rate cases and recovery of capital investments in transmission and generation projects.
(1) Veolia reported revenue of €7.8 billion for Q1 2012, an increase of 4.6% over Q1 2011 revenue. Adjusted operating income declined 12.2% to €544 million due to lower adjusted operating cash flow.
(2) Veolia aims to reduce net financial debt below €12 billion by 2013 through asset divestments of €5 billion by the end of 2013. The company is also pursuing a cost reduction program targeting €220 million in gross savings for 2013.
(3) Looking forward, Veolia expects organic revenue growth above 3% annually and adjusted operating cash flow growth above 5% annually starting in 2014, along with a leverage ratio target of 3
The document provides an overview of Generali Group's 1Q 2011 results. Some key highlights include:
- Net result increased 16.8% to €616 million compared to 1Q 2010.
- Operating result grew 6.6% to €1,256 million.
- Life and P&C segments both saw increases in operating results of 1.7% and 26% respectively.
- Total investment portfolio remained stable at €324.2 billion, with a preference for government bonds representing 55.8% of the total bond portfolio.
How information systems are built or acquired puts information, which is what they should be about, in a secondary place. Our language adapted accordingly, and we no longer talk about information systems but applications. Applications evolved in a way to break data into diverse fragments, tightly coupled with applications and expensive to integrate. The result is technical debt, which is re-paid by taking even bigger "loans", resulting in an ever-increasing technical debt. Software engineering and procurement practices work in sync with market forces to maintain this trend. This talk demonstrates how natural this situation is. The question is: can something be done to reverse the trend?
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...Alex Pruden
Folding is a recent technique for building efficient recursive SNARKs. Several elegant folding protocols have been proposed, such as Nova, Supernova, Hypernova, Protostar, and others. However, all of them rely on an additively homomorphic commitment scheme based on discrete log, and are therefore not post-quantum secure. In this work we present LatticeFold, the first lattice-based folding protocol based on the Module SIS problem. This folding protocol naturally leads to an efficient recursive lattice-based SNARK and an efficient PCD scheme. LatticeFold supports folding low-degree relations, such as R1CS, as well as high-degree relations, such as CCS. The key challenge is to construct a secure folding protocol that works with the Ajtai commitment scheme. The difficulty, is ensuring that extracted witnesses are low norm through many rounds of folding. We present a novel technique using the sumcheck protocol to ensure that extracted witnesses are always low norm no matter how many rounds of folding are used. Our evaluation of the final proof system suggests that it is as performant as Hypernova, while providing post-quantum security.
Paper Link: https://eprint.iacr.org/2024/257
Building Production Ready Search Pipelines with Spark and MilvusZilliz
Spark is the widely used ETL tool for processing, indexing and ingesting data to serving stack for search. Milvus is the production-ready open-source vector database. In this talk we will show how to use Spark to process unstructured data to extract vector representations, and push the vectors to Milvus vector database for search serving.
Dandelion Hashtable: beyond billion requests per second on a commodity serverAntonios Katsarakis
This slide deck presents DLHT, a concurrent in-memory hashtable. Despite efforts to optimize hashtables, that go as far as sacrificing core functionality, state-of-the-art designs still incur multiple memory accesses per request and block request processing in three cases. First, most hashtables block while waiting for data to be retrieved from memory. Second, open-addressing designs, which represent the current state-of-the-art, either cannot free index slots on deletes or must block all requests to do so. Third, index resizes block every request until all objects are copied to the new index. Defying folklore wisdom, DLHT forgoes open-addressing and adopts a fully-featured and memory-aware closed-addressing design based on bounded cache-line-chaining. This design offers lock-free index operations and deletes that free slots instantly, (2) completes most requests with a single memory access, (3) utilizes software prefetching to hide memory latencies, and (4) employs a novel non-blocking and parallel resizing. In a commodity server and a memory-resident workload, DLHT surpasses 1.6B requests per second and provides 3.5x (12x) the throughput of the state-of-the-art closed-addressing (open-addressing) resizable hashtable on Gets (Deletes).
"Choosing proper type of scaling", Olena SyrotaFwdays
Imagine an IoT processing system that is already quite mature and production-ready and for which client coverage is growing and scaling and performance aspects are life and death questions. The system has Redis, MongoDB, and stream processing based on ksqldb. In this talk, firstly, we will analyze scaling approaches and then select the proper ones for our system.
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[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...Jason Yip
The typical problem in product engineering is not bad strategy, so much as “no strategy”. This leads to confusion, lack of motivation, and incoherent action. The next time you look for a strategy and find an empty space, instead of waiting for it to be filled, I will show you how to fill it in yourself. If you’re wrong, it forces a correction. If you’re right, it helps create focus. I’ll share how I’ve approached this in the past, both what works and lessons for what didn’t work so well.
4. HIGHLIGHTS
o Vueling Q3’11 EBIT amounted to €60.8m
o Significant capacity increase (+12% ASK and +17% seats)
driven by new international bases and Madrid operation as a
result of the agreement with Iberia
o Positive RASK performance (+7%), showing a reversal on
previous quarters trends
o CASK increases (+11%) driven by higher fuel prices, 48% higher
than last year
o Despite fuel cost increase, improvement of EBIT result by 2%
year-on-year, reaching a net income for the period of €41m
o Vueling continued to maintain a strong cash position,
strengthening further its solid balance sheet structure (€285m in
net cash, as of September 30th 2011)
4
5. MARKETS
Spanish market grew driven by European
traffic as domestic demand remains weak
Market Growth (% passenger change year-on-year)
10% 10% 10%
8% 8%
7%
2%
1% 1%
H1’11 ex-volcano Q3’11 JAN-SEPT’11
Spain-Spain Spain-Europe Total
Source: Aena and Vueling estimates.
Without excluding volcano effect: H1’11 SPA-SPA=+2%/H1’11 SPA-EUR=+14%/Q2’11 TOTAL=+11%, JAN-SEP SPA-SPA=+2%/JAN-SEP SPA-
EUR=+12%/JAN-SEP TOTAL=+10%
5
6. FUEL &
DOLLAR
High oil prices remained, but appeared stable
around $110-$115 per barrel
Brent barrel price evolution $/bbl % change
Oil price rose 48%*
2010 2011 vs. last year in the
140$ +48%
Q3’11
120$ 114.42
110$ The oil price appears
100$
77.51 stabilized around
80$
$110-$115 per
60$ barrel
Jan Feb Mar Apr May Jun Jul Aug Sept Q3’10 Q3’11
The euro / dollar
exchange rate
€/USD evolution €/USD % change improved 9%,
2010 2011 insufficient to offset
1.50 +9%
the fuel price
1.40 1.413 increase
1.30
1.291
1.20
1.10
Jan Feb Mar Apr May Jun Jul Aug Sept Q3’10 Q3’11
Source: Reuters *Brent barrel, Jet fuel raised 46%
6
8. P&L
Despite the increase in fuel cost Vueling had a OVERVIEW
significant increase in capacity and improved its
EBIT result by 2%
YoY
Q3’11 Q3’10 change
ASK (m) 4,643 4,138 +12%
Revenues (€m) 330,5 276,6 +20%
Fuel (€m) -87.4 -58.1 +51%
Opex (€m) -152.0 -133.2 +14%
D&R (€m) -30.3 -25.9 +17%
EBIT (€m) +60.8 +59.4 +2%
Net cash
+8.5 +25.8 -17m
flow (€m)
Source: Vueling Note: D&R: Depreciation + Aircraft Rent, Opex: Other operating expenses
8
9. ACTIVITY
Vueling managed significant growth in
capacity while achieving a higher load factor
Load factor1 Seats (‘000) Pax (‘000) Capacity, measured in
seats, grew by 17.4%
Vueling managed the
+3.1pp +17.4% +20.8%
capacity increase
81% 5,329 4,220
efficiently, improving
77% load factor by +3.1pp
4,539 3,494
Passengers were up by
20.8%
Q3’10 Q3’11 Q3’10 Q3’11 Q3’10 Q3’11
Source: Vueling (1): RPK/ASK
9
10. REVENUES
Revenues increased by 19% driven by growth
and RASK improvement
ASK (m) RASK (€c) Revenues (€m) Activity increased
significantly (+12.2%
ASK)
12.2% +6.5% +19.5%
A higher load factor
(+3.1pp) contributed
4,643 7.12 330.5
4,138 6.68 to RASK improvement
276.6
Total revenues
increased by 19.5%
Q3’10 Q3’11 Q3’10 Q3’11 Q3’10 Q3’11
Source: Vueling
10
11. REVENUES
RASK improved by 6% driven by better
performance and routing
Impact of key factors on RASK (€c) Enhanced revenue
management initiatives
6.5% resulted in a positive
+0.13 +0.02 +7.12 revenue performance in
+0.29 Q3’11, a trend reversal
versus previous
+6.68
quarters
Shorter average sector
length contributed to
RASK improvement
Positive contribution of
ancillaries to RASK due
to the optimization of
pricing and the maturity
RASK Q3’10 Revenue Sector Ancillary RASK Q3’11 of existing products
optimization length revenues
Source: Vueling
11
12. COSTS
CASK increased due to a 48% increase in fuel
price
ASK (m) CASK (€c.) Costs (€m) Fuel increase drove
total CASK
performance up
12.2% +10.6% +24.2% CASK ex-fuel
increased slightly
4,643 5.81 270
5.25 (+2%) due to a
4,138
217 lower stage length
1.88 +34% 87 +51%
1.40 (-4%)
fuel fuel 58
CASK fuel
ex- ex- increased by 34%,
fuel 3.85 3.92 +2% fuel 159 182 +15%
less than the 48%
increase in the fuel
price, due to
Q3’10 Q3’11 Q3’10 Q3’11 Var. Q3’10 Q3’11 Var. hedging
Source: Vueling (*) Brent barrel. Jet fuel increased 46%
12
13. FUEL &
CURRENCY
The hedging policy contributed to mitigate the
fuel price increase
Fuel hedging
81% of the fuel
952$ 982$ 980$
100% 842$ 884$ 1.000 needs for the
738$ remainder of the
80% 800
$/Jet fuel Mt
60% 600
year are hedged
at 884$ per tonne
40% 81% 400
68% 60% 64%
20%
55% 43% 200 43% of the fuel
0% 0 needs for FY2012
Q1’11 Q2’11 Q3’11 Q4’11 FY 2011 FY 2012
are hedged at
Dollar hedging 980$ per tonne
1.36 1.36 1.39 1.36 1.41 62% of the dollar
100% 1.32 1.5
needs for 2012
80%
1.0
are hedged at
60%
1.41$/€
€/$
40%
71% 83%
56% 67% 62% 0.5
20%
54%
0% 0.0
Q1’11 Q2’11 Q3’11 Q4’11 FY 2011 FY 2012
Source: Vueling (*) Brent barrel. Jet fuel increased 46%
13
14. EBIT
REVIEW
Revenue optimization and cost savings
offset the increase in fuel price
Impact of key factors EBIT (€m)
External factors
+46% (fuel and dollar)
had a negative
+60.8
+59.4 net impact of
+6.8 €17.6m
+1.0
EBIT increased
-17.6 by 2% driven by
+11.4 revenue
optimization and
+41.7
cost savings,
which offset the
fuel price
increase
EBIT Fuel and EBIT Q3’10 Growth and Sector Cost EBIT
Q3’10 dollar Pro-forma Performance length savings Q3’11
Source: Vueling
14
15. BALANCE
SHEET
Vueling continued to strengthen its balance
sheet, maintaining a solid cash position
Balance Sheet Balance Sheet Net cash (€m)
as of Q2’11 as of Q3’11
∑ €609m ∑ €639m +8.5
277 285
Equity Equity
Non-current 37% 28% Non-current 36% 37%
assets assets
Long Long
16% 27% term Current term
18%
Current liabilities assets 29% liabilities
assets Short Short
25% term Cash & term
Cash & 47% liabilities equivalents 46% 27% liabilities
equivalents Forward
19% Forward
Booking 7% Booking
Q2’11 Q3’11
Source: Vueling
15
16. C
Business 1. Growth
Review 2. Connecting passengers
3. Madrid operation
4. Winter routes
5. Internationalization
6. Business passenger
7. Operating performance
8. Cost control
16
17. GROWTH
Vueling showed a strong passenger growth
during the summer peak
Passengers in Q3’11 (‘000)
The Iberia operation in
Madrid drove domestic
+21% growth
4,220
The new European
bases in Amsterdam
292 and Toulouse together
with new summer
routes contributed to
the international
434 growth
3,494
Q3’10 Domestic Inter- Q3’11
national
Source: Vueling
17
18. TRANSFER
PAX
Q3’11 transfer passengers were up five fold
year-on-year
Connecting passengers Q3’11 (‘000 pax)
Vueling carried 369K
connecting passengers
+5x in Q3’11
145 369
Connecting passengers
56
in Barcelona doubled
versus last year in the
224 same period
Vueling-Other Airlines
connections open the
75
door to future
agreements
Vueling- Vueling- Connecting Connecting
Vueling Other Airlines pax Q3’11 pax Q3’10
Source: Vueling
18
19. MADRID
OPS
The Madrid operation showed a good
performance after six months
Copenhagen
The Madrid operation
Amsterdam Warsaw
Berlin showed a good
Paris
overall performance
The operation has
Venice been extended to the
Barcelona Bucharest winter season
Madrid Menorca Q4’11/Q1’12
Rome
Alicante
Majorca Capacity equivalent
Malaga Ibiza WINTER
to 2 aircraft in
MAD KPI’s Q3’11 winter’11
11/12(1)
Malta
Lanzarote SEAT (‘000) 550 145
ASK (m) 389 207
Fuerteventura
Fuerteventura OTP(2) 78% n/a
New winter season routes Iberia operation
Summer season routes Iberia operation (1) Expected for November’11 – March’12
(2) On time performance
Non Iberia operation routes
19
20. WINTER
ROUTES
Vueling will focus winter capacity growth in
the European market
Winter capacity (million seats) The total number of
seats will increase 8%
vs. last winter
W10 W11
+8% International capacity
will increase by 16%
5.6
5.2
Domestic frequencies
+1% +16% added in business and
connecting routes
2.8 2.8 2.8
2.4
DOMESTIC EUROPE TOTAL
20
21. BEYOND
SPAIN
Vueling has a growing presence in the
European market
Q3’11 Origin of sales in Q3’11 Origin of sales Vueling showed the
international routes across the network ability to consolidate
its presence in the
European market
Diversification of
revenue origin is
60% 60% 59%
increasing
44%
56% New bases outside of
Spain are contributing
40% 40% 41% to Vueling
internationalization
Italy France Holland
Spain Other countries
21
22. BUSINESS
PAX
“It’s Vueling Time, It’s Business Time”
…just a curtain away from traditional business!
Vueling continues
innovating in its
services aimed at
business
passengers
The new Duo
service offers
more features:
snack & drink,
empty middle
seat, preferential
treatment and
guaranteed hand
luggage space
Maximizes yield in
business routes
22
23. EXCELLENT
EXECUTION
Excellent execution: consistently high On Time
Performance and passenger recommendation levels
OTP and passenger recommendation levels
Q3’10 vs. Q3’11 o Despite busy
summer, OTP is at
Q3’10 Q3’11
100% 80%
90%
80%
o Recommendation
level is at 90%
70%
60% o “9 out of 10 business
50% passengers
40% recommend
30% Vueling”(1)
20% 88% 90%
63% 80%
10%
0%
Sept’11
May’11
Aug’10
Nov’10
Ago’11
Mar’11
Dec’10
Sep’10
Feb’11
Jun’11
Apr’11
Jan’11
Oct’10
Jul’10
Jul’11
Recommendation level OTP
(1) Source: Market surveys conducted by independent third parties.
23
24. COST
CONTROL
Vueling is on track to obtain further structural
cost reduction in 2011
Cost savings expected during 2011 (€ ‘000)
o Cost saving program
target revised from the
Savings target Realized initial €13m to the
+27%
present €16.6m, a
27% improvement
16,651 1,574
100% 3,990 o 98% of the planned
13,116 savings are already
100%
6,818 captured for FY2011
98%
o Most cost savings are
100% sustainable and will be
4,270 maintained
94%
Initial Revised Real Real Real Forecast
target target Q1’11 Q2’11 Q3’11 Q4’11
Source: Vueling
24
25. D.
Outlook 1.Opportunities
2.Risks
3.Outlook
25
26. Risks Outlook Opportunities
o Potential o FY2011 expected annual growth o Continued
increase in of 10% in passengers and 6% in industry
competitive ASK consolidation
pressure
o FY2011 RASK and ex-fuel CASK o European
o Continued similar to 2010 at comparable market
weak Spanish stage length continues to
domestic
demand
o Despite high fuel prices and a grow
o Long term
difficult operating environment, o Exploring
positive EBIT is expected for potential new
sustained high FY2011 agreements
fuel price with other
environment airlines
o CO emissions,
2
an additional
cost for the
industry
26
27. Vueling Airlines SA
Parque de Negocios Mas Blau II
Pl. del Pla de l’Estany, 5
08820 El Prat de Llobregat
Barcelona— Spain
Investor Relations
e-mail: investors@vueling.com
Phone: +34 93 378 77 16
Internet: www.vueling.com/investors
27
28. Third quarter 2011 results
Vueling achieves an operating profit of 61 million
Euros in the third quarter of the year, a 2%
increase compared to last year
HIGHLIGHTS
Vueling achieved an operating profit (EBIT) of 60.8 million Euros in the third
quarter of the year, a 2.4% increase compared to the third quarter of last year,
despite the strong rise in the fuel price (+47.6% year-on-year). The net result for the
period reached 41 million Euros.
Vueling showed a significant growth in activity, increasing the number of carried
passengers by 20.8% versus last year. The airline carried 4.2 million passengers in
the third quarter of 2011. Vueling increased its activity levels while improving the load
factor of its flights to reach 80.5%, a 3.1pp increase compared to last year. The increase
in activity is due to the new bases of Toulouse and Amsterdam, as well as the Madrid
operation that allows Vueling to feed Iberia’s long haul flights, and Vueling point to point
operations.
Total revenues were 19.5% higher than last year in the months from July to
September. The increase in revenues is due to a 6.5% improvement in revenue per
available seat kilometer (RASK), and an increase in the company’s activity (+12.2% in
ASK). Vueling showed the ability to increase its activity while improving yield.
Fuel costs continued to climb in the third quarter, reaching a 50.6% increase
compared to the same period of last year. The Brent barrel average price for the
period was 114.4 dollars per barrel, which is 47.6% higher than the third quarter of last
year, when the average price was at 77.5 dollars per barrel. Vueling‘s hedging policy
partially offset the increase in the price of fuel, the fuel cost per available seat kilometer
increased by 34.3%, which is lower than the 47.6% rise in the fuel price. Other costs grew
in line with the increase in activity levels, resulting in a cost per available seat kilometer of
3.92c€.
Vueling maintains a solid financial position and improved available cash. The net
cash position amounted to 285.5 million Euros as of September 30th 2011. Therefore, the
company maintains a solid financial position with no debt.
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
1
Vueling Airlines, SA
Investors@vueling.com
29. Summary of results
Third quarter
2011 2010 Var.
ASK (million) 4.643 4.138 +12%
Total revenue (thousand
Euros) 330.478 276.553 +20%
Fuel Costs 87.453 58.055 +51%
Ex-Fuel Costs 182.226 159.131 +15%
EBIT 60.800 59.367 +2%
EBT 58.548 61.875 -5%
Net profit/loss 40.983 43.312 -5%
In accordance with accounting standards applicable in Spain. Not audited
BUSINESS DEVELOPEMENT THIRD QUARTER 2011
Market situation
The Spanish market1 grew by 8% in passenger numbers in the third quarter of the
year. This growth was driven by the positive evolution of the Spain-Europe market
(+10%), as the Spain-Spain domestic market still shows weak growth (+2%).
Furthermore, in the third quarter of 2011, Vueling was affected by the sharp increase in
fuel prices. The price of the Brent barrel reached an average price of 114.4 dollars per
barrel, 47.6% higher than the third quarter of last year, when the price was 77.5 dollars
per barrel. During the same time period, the US Dollar has depreciated 9.4% against the
Euro.
Activity
In the third quarter, Vueling increased significantly its level of activity. The number of
available seats rose by 17 % compared to the third quarter of last year, and the number
of carried passengers increased by 20.8% to reach 4.219.670. This increase was achieved
by improving the load factor up to 80.5%, which is 3.1pp higher than the same period of
last year.
1
Includes the Spain-Spain market and the Spain-Europe market adjusted for the
effects of the volcanic ash cloud. Source: AENA and Vueling.
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
2
Vueling Airlines, SA
Investors@vueling.com
30. The key traffic figures were as follows:
Third quarter
2011 2010 Var.
Number of flights 29.804 25.231 18,1%
Number of aircraft 48 35 37,1%
ASK (thousand) 4.642.990 4.137.925 12,2%
PKT (thousand) 3.739.734 3.204.619 16,7%
Load Factor LF (PKT/ASK) 80,6% 77,5% 3,1pp
Passengers carried
(thousand) 4.220 3.494 20,8%
Number of aircraft: Average available aircraft during the period
ASK (available seat kilometre): number of seats flown multiplied by the number of kilometres flown
PKT (passenger kilometres travelled): number of passengers carried multiplied by the number of kilometres flown
Revenues
Vueling achieved total revenues of 330.5 million Euros in the third quarter of 2011. This
figure represents an increase of 19.5% compared to the same period of last year. The
increase in revenues was driven by the significant increase in activity over the quarter, as
the number of available seat kilometres (ASK) grew by 12.2%. This increase in activity
took place while improving the load factor by 3.1 pp to reach 80.5%.
The unit revenue per available seat kilometer (RASK) increased by 6.5% year-on-year.
This increase is due to a better market performance on Vueling routes, the
implementation of revenue optimization initiatives and the improvement in load factor.
Both passenger revenues and ancillary revenues have increased compared to last year.
Accordingly, ticket revenues experienced a 20% increase compared with last year, while
ancillary revenues rose by 15.2%.
Costs
Total costs increased by 24.2% compared to the same period of last year. The main
increase occurred in fuel costs, which rose by 50.6%. Other costs (ex-fuel) rose by
14.5%, in line with the activity growth (+12.2% ASK).
The increase in fuel price was very significant over the third quarter of 2011. The average
price of fuel from July to September 2011 was 1,020.5$/mT, while in 2010 it was
699.8$/mT, an increase of 46%. This rise in the price of fuel had a significant effect on
Vueling’s cost base. Even though the company’s hedging policy helped to mitigate part of
the price increase, unit fuel cost per available seat kilometer (ASK) rose by 34.3% in the
third quarter of 2011 compared to last year.
Other costs grew in line with the increase in the company’s activity. The unit cost per
available seat kilometer excluding fuel (CASK ex-fuel) stood at 3.92c€. The successful
implementation of the cost reduction program led to savings of 6.8 million Euros in the
third quarter of the year.
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
3
Vueling Airlines, SA
Investors@vueling.com
31. Business Model
Over the third quarter of 2011, Vueling saw a significant increase in passenger
numbers (+20.8%). This growth was the result of an increase both, the international
and the domestic traffic. The new bases in Amsterdam and Toulouse positively contributed
to the growth in international traffic. At a domestic level, the Madrid operation based on
the agreement with Iberia was the main factor behind such increase.
Over the period from July to September, Vueling managed to increase the number of
connecting passengers carried to reach 369,000, approximately five times more than
the same period of last year. This increase in connecting passengers is the result of
Vueling-Vueling connecting flights in Barcelona and the connecting flights with other
airlines both in Madrid and Barcelona. Thus, Vueling has doubled the number of
connecting passengers in its Barcelona hub compared to last year.
The operation carried out by Vueling in Madrid, which allows it to operate
connections for Iberia flights, performed successfully over this quarter, with good load
factor and punctuality levels (78%). This successful performance enabled the extension of
the agreement for the winter season (November’11-March’12), in which Vueling will be
operating three Iberia routes.
In the winter season Vueling will continue increasing its international routes. For
the winter season the company plans to increase the number of seats offered by 8%, with
a 16% increase in its international routes.
Over this quarter, Vueling showed the ability to consolidate its presence in the
European market. This way, in international routes, 56% of the tickets were sold to
passengers with an origin outside of Spain. In Vueling’s main European markets such
figure reaches up to 60% in Italy and France and 59% in Holland.
Vueling continues innovating its products and services for business passengers.
Accordingly, Vueling just launched the new DUO product, with expanded services over the
former DUO; a seat in the first row with a guaranteed empty middle seat, a free snack
and drink and guaranteed rack space for hand luggage. This service adds to the existing
products that Vueling offers to business passengers, such as the Pack Go and flexible
fares.
Vueling‘s operations continued to show a high level of efficiency. Punctuality levels
reached 80%, higher than the same period of last year.
Finally, Vueling continued its cost control policy. The successful implementation of
the cost savings program has allowed savings of 6.8 million Euros this quarter. Moreover,
the annual cost savings target has increased to a total of 16.7 million Euros compared to
the 13.1 million Euros initially estimated at the beginning of the year. By the end of the
third quarter, Vueling had already captured 98% of the expected annual savings.
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
4
Vueling Airlines, SA
Investors@vueling.com
32. OUTLOOK FOR 2011
The outlook for 2011 presents a series of opportunities and risks:
With regard to the opportunities, firstly, Vueling envisages the possibility of a greater
process of consolidation in the markets in which it operates. This would offer new growth
opportunities to Vueling. Secondly, Vueling could benefit from the Spain-Europe market
growth, which is expected to continue. Finally, Vueling will continue exploring
opportunities to reach new commercial agreements with other airlines.
With regard to the risks, the increase in competitive pressure in the markets where it
operates is a threat. Another risk is the continued weak demand in the Spanish domestic
market. Another significant risk is a prolonged period of sustained high oil prices. Finally,
in 2012 the airline industry will have to face the incremental cost of the CO2 emission
rights.
As it relates to the full year 2011 outlook, the company expects to achieve an activity
increase of 10% in the number passengers and a 6% increase in available seat kilometers
(ASK) compared to the previous year.
As far as other operating indicators, the company expects to maintain similar unit
revenues (RASK) and ex-fuel unit costs (CASK ex-fuel) on a comparable stage length
basis.
Accordingly, despite high fuel prices and a difficult macroeconomic and operating
environment, Vueling expects to obtain a positive result for FY2011.
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
5
Vueling Airlines, SA
Investors@vueling.com
33. Quarterly profit and loss account
Third Quarter
(€ thousand) 2011 2010 % Var.
Ticket revenue 295.054 245.801 20,04%
Fees and charges
Pure ancillary revenue 35.425 30.752 15,20%
Total revenue 330.478 276.553 19,50%
Fuel 87.453 58.055 50,64%
Handling 41.638 34.678 20,07%
Airport fees 19.569 15.549 25,85%
Navigation fees 21.227 19.113 11,06%
Crew 6.548 5.047 29,75%
Maintenance 25.593 22.993 11,31%
Commercial and marketing 11.187 10.214 9,53%
Other expenses 1.177 1.084 8,55%
Total variable costs 214.392 166.734 28,58%
Contribution margin 116.086 109.819 5,71%
Crew_SF 10.987 11.733 -6,36%
-
Maintenance_SF 1.991 -174 1244,25%
Fleet insurance 1.009 794 27,07%
Fleet leases 28.576 24.446 16,89%
Other production costs 2.177 2.080 4,67%
Total semi-fixed costs 44.741 38.879 15,08%
Operating margin 71.346 70.940 0,57%
Advertising 1.125 1.506 -25,28%
Depreciation/amortisation 1.688 1.473 14,62%
General expenses 7.733 8.594 -10,03%
Total fixed costs 10.546 11.573 -8,88%
EBIT 60.800 59.367 2,41%
Financial profit/loss 2.252 -2.508 -189,80%
Profit/loss from sub-leases 0 0
Restructuring expenses 0 0
EBT 58.548 61.875 -5,38%
Taxes 17.564 18.562 -5,38%
Net profit/loss 40.983 43.312 -5,38%
EBITDAR 91.064 85.286 6,77%
In accordance with accounting standards applicable in Spain. Not audited
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
6
Vueling Airlines, SA
Investors@vueling.com
34. Quarterly operating and financial statistics
Third Quarter
REVENUE 2011 2010 % Var.
Total revenue (thousand euros) 330.478 276.553 19,50%
Total revenue per passenger (euros) 78,32 79,15 -1,05%
Revenue per flight (euros) 11.088 10.961 1,16%
Average fare per passenger (euros) 69,92 70,35 -0,60%
Average pure ancillary revenue per passenger
(euros) 8,40 8,80 -4,61%
Revenue per ASK (eurocents) 7,12 6,68 6,50%
COSTS
Total expenses (thousand euros) 269.679 217.186 24,17%
Cost per ASK inc. fuel (eurocents) 5,81 5,25 10,66%
Fuel cost per ASK (eurocents) 1,88 1,40 34,25%
Cost per ASK ex. fuel (eurocents) 3,92 3,85 2,06%
EBITDAR (thousand euros) 91.064 85.286 6,77%
EBITDAR margin (%) 28% 31% -10,65%
EBIT (thousand euros) 60.800 59.367 2,41%
EBIT margin (%) 18% 21% -14,30%
EBT (thousand euros) 58.548 61.875 -5,38%
EBT margin (%) 18% 22% -20,82%
NET PROFIT (thousand euros) 40.983 43.312 -5,38%
NET PROFIT margin (%) 12% 16% -20,82%
OPERATIONS
ASK (million) 4.643 4.138 12,21%
PKT (million) 3.740 3.205 16,70%
Flights 29.804 25.231 18,12%
Average number of aircraft in operation 48 35 37,14%
Average block hours per aircraft and day 11,26 13,24 -14,92%
Average number of flights per aircraft and day 6,75 7,84 -13,87%
Total number of seats flown (thousand) 5.329 4.539 17,41%
Average stage length (Km) 871 912 -4,43%
Total number of passengers (thousand) 4.220 3.494 20,77%
Load Factor (PKT/ASK, %) 81% 77% 3,1 pp
In accordance with accounting standards applicable in Spain. Not audited
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
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Vueling Airlines, SA
Investors@vueling.com
35. Balance sheet as of 30/09/2011
(€ thousand) 30/9/2011 31/12/2010
ASSETS
Intangible fixed assets 62.794 61.931
Tangible fixed assets 3.489 6.154
Long term financial investments 116.251 102.525
Deferred tax assets 50.812 58.875
Total non-current assets 233.346 229.485
Inventories 2.341 1.053
Trade debtors and other accounts receivable 73.954 30.795
Short term financial investments 290.370 208.808
Deferred expenses 9.289 5.133
Cash and cash equivalents 28.769 35.972
Total current assets 404.723 281.761
TOTAL ASSETS 638.069 511.246
LIABILITES
Total net equity 232.386 199.376
Long term provisions 165.474 129.848
Other long term liabilities 139 0
Deferred tax liabilities 20.301 14.041
Long term accruals 0 0
Total non-current liabilities 185.914 143.889
Short term debt 18.620 25.138
Trade creditors and other accounts payable 154.150 109.043
Short term accrued liabilities 46.999 33.800
Total current liabilities 219.769 167.981
TOTAL NET EQUITY AND LIABILITIES 638.069 511.246
In accordance with accounting standards applicable in Spain. Not audited
NOTE: The present document is a translation of a duly approved document in the Spanish-language, and it is only for
informational purposes. Should there be a discrepancy between the present translation and the original document in Spanish-
language, the text of the original Spanish-language document shall always prevail.
8
Vueling Airlines, SA
Investors@vueling.com