Vueling EBIT boosts to 75.8m. euros in the first twelve months after its merger, increasing more than 4 times the EBIT obtained in the twelve months period before the merger (16.7m euros). Vueling improved its RASK by 6 points from the second quarter of 2009 (from 5,70 euro cents in 2009 to 6,02 Euro cents in 2010). Total revenues for the quarter doubled to reach 211.1m euros in 2010.

Exfuel CASK adjusted for dollar exchange rate, is 3% lower than in the same period of 2009, consolidating Vueling target of reaching an exfuel CASK below 4.0 euro cents for 2010.

Vueling has consolidated its position as the market leader in its main markets of Barcelona, Seville and Bilbao. Vueling carried 80% more passengers than the 2nd largest carrier in Barcelona airport.

Travel agent sales increased because of the merger with clickair (Access to the code-sharing of Iberia). Sales grew from 19% in Q2 2009 to 33% on total sales in Q2 2010 or 62.9m€ in Q2 2010 vs 17.6m euros in Q2 2009.

Vueling’s hedging policy helped to reduce the impact of the rise in fuel cost and the impact of the dollar appreciation. Fuel CASK increased by 54% from 0.86 Euro cents in the second quarter of 2009 to 1.32 euro cents in 2010. Fuel Price ($/Tm) increased by 52% from 476 $/Tm in the second quarter of 2009 to 721 $/Tm in 2010. The $/€ exchange rate was bad for Vueling from 1.36 in the second quarter of 2009 to 1.27 in 2010 (-7%).

Total CASK increased by 9% from 2009 to 2010 (5.42 Euro cents vs. 4.98 euro cents), due mainly to the strong fuel price rise.

Vueling’s increased its cash position by €100,7M over the last twelve months.

Outlook for 2010
- Despite the negative effect of the volcanic ash cloud in the second quarter of 2010, Vueling maintains the guidance for an improved net profit in 2010 as a result of its cost reduction program and the capture of merger synergies.
- The cost of fuel will increase in Q3 2010.
- The reduction of CASK ex-fuel to 4 euro cents remains one of the main objectives for 2010 .
- In addition, we expect cash levels to significally increase in 2010.