Brussels Airlines improves first quarter result at -62 million euro EBIT

Brussels Airlines improves first quarter result at -62 million euro EBIT

Brussels Airlines closes its first quarter at EUR -62 million, an improvement of 11% compared to the previous year. Traditionally the lowest performing period of the year in the aviation industry, the first quarter was still impacted by the consequences of the Covid pandemic.

Brussels Airlines' revenue increased by EUR 102 million or 185% year-on-year to EUR 157 million in the first quarter of 2022 (previous year: EUR 55 million), thanks to a 160% increase in production (Available Seat-Kilometres). The first quarter of 2021 was highly impacted by the non-essential travel ban, which was put into place by the Belgian government, whereas the beginning of 2022 was suffering from rising COVID infection numbers caused by the Omicron variant.

Operating expenses went up by a total of EUR 97 million or 75% to EUR 227 million (previous year: EUR 130 million), principally due to higher volume and price-related increase of fuel expenses, as well as higher volume related fees and charges. The Adjusted EBIT in the reporting period amounted to EUR –62 million (previous year: EUR –70 million).

“In the first quarter we still felt the impact of the pandemic, although we were able to increase our offer by 160%. The direct impact of the Russian-Ukrainian war remained very limited for us so far, as Brussels Airlines did not have any planned operations to or over the affected region. What we do feel is the fuel price increase, although for now we are still well protected for a large part thanks to our hedging policies. We are now looking ahead to a high-demand summer as people return to travelling after the pandemic.”
​- Nina Oewerdieck,
Chief Financial Officer at Brussels Airlines

 

This year, Brussels Airlines plans to bring back its capacity to 80% of 2019 levels, thanks to the addition of two medium haul aircraft and one additional long haul aircraft, to reinforce its position in West Africa and to further strengthen its hub in Brussels. Demand is expected to be very high as the pandemic restrictions dissipate around the world.

As of 1 July 2022, Tilman Reinshagen, currently Vice President Ground Operations Hub Airlines Frankfurt, will become a member of the Brussels Airlines Executive Board as Chief Operating Officer (COO); his appointment is still subject to the approval of the SN Airholding Board of Directors; he succeeds Edi Wolfensberger, who took over the position of COO at Eurowings as of 1 April 2022.

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Maaike Andries For media requests only
Kim Daenen For media requests only

 

 

 

 

About Brussels Airlines

Brussels Airlines is the home carrier of Belgium and one of the four network airlines of the Lufthansa Group. It connects the European capital from Brussels Airport with over 85 destinations, 17 of which are in Sub Saharan Africa. The company employs 3,200 people and operates 39 aircraft.

Brussels Airlines aims to emit 50% less CO2 by 2030 compared to 2019 and plans to be carbon neutral by 2050. The airline is participating in the Stargate Project led by Brussels Airport and is therefore part of the testing ground for sustainable aviation at its home base. In addition, the airline signed the Circular Economy agreement of the Antwerp Management School in 2021. In 2023, Brussels Airlines welcomes three state-of-the-art Airbus A320neo allowing the airline to significantly lower its CO2- and noise-emissions on its medium-haul network. Next to that, the airline aims to operate its first flight using Sustainable Aviation fuel (SAF) by 2023.

As an ambassador of its country, Brussels Airlines brings the world to Belgium and the best of Belgium to the world, among others through collaborations with Belgian Star Chefs, Belgian culinary products and the  Belgian Icons, specially painted aircraft that honor a Belgian iconic person, team or event to promote Belgian culture worldwide.

More information on brusselsairlines.com 

Brussels Airlines
b.house
Zone General Aviation - Airport Building 26
1831 Diegem