Crossair Reports A loss Of CHF 314 Million For 2001.

The Crossair Group closed the year 2001 with a consolidated loss of CHF 314 million (previous year CHF 25.4 million). About CHF 290 million of the loss was attributable to exceptional charges in connection with the collapse of Swissair. Without the after effects of the terrorist attacks on September 11 and the collapse of Swissair, Crossair would have made a profit. Turnover increased by about 9%. There will be no dividend payment to the shareholders.

The loss of the Crossair Group amounted to CHF 314 million, compared with CHF 25.4 million the previous year. No less than CHF 290 million was attributable to the exceptional costs in connection with the collapse of Swissair. These consisted mainly from debtor losses on credits with Swissair, obligations under the Qualiflyer frequent flyer programme, reserves for outstanding legal actions and the loss of wet-lease revenues from 19 aircraft wet-leased to Swissair in the fourth quarter of 2001. During the year, the number of employees increased from 3,680 to 4,430. Because of the exceptional circumstances, there will once again be no dividend payment.  Detailed figures will be presented at the Annual Press Conference on March 26.

Last year, Crossair carried 5.9 million passengers. This represented a drop of 6% from the previous year. The optimisation of the fleet and the route network led to a reduction in the seat-load factor on scheduled flights from 52% to 51%.

In view of the expansion of the business through the addition of 26 short- and medium-range aircraft, as well as 26 long-haul aircraft, the first phase of a capital increase was carried out at the end of the year. At the end of the year, the capital of Crossair AG amounted to CHF 2322 million, thus providing a good basis for the start-up of SWISS.