Long-term overview reveals considerable volatility

The long-term overview shows both the profitability of the Passenger Airline Group and the pronounced effects of the business cycle on its earnings. In 2007 and 2008 the segment generated a highly positive result despite the mounting impact of the financial crisis. Thereafter, however, the global economic crisis in the 2009 financial year hit the Passenger Airline Group as well.

In the first year after the crisis the segment recovered quickly, generating a substantial operating profit. In the 2011 financial year just ended, the renewed deterioration in the economic environment – caused mainly by the European debt crisis – left its mark on the income statement for the Passenger Airline Group.

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