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Swissport gains from Servisair

PRESS RELEASE

March 09, 2015: Swissport International Ltd., a provider of ground and cargo handling services to the aviation industry, reports total revenue and other operating income of CHF 2.9 billion for the year 2014. Compared to 2013, this represents an increase of 38 per cent, mainly due to the acquisition of Servisair and new business gained, offset by foreign exchange headwinds, portfolio rationalisation and the low de-icing in 2014.

Distinctive for the aviation industry in 2014 were ongoing outsourcing trends, still growing passenger numbers in line with capacities and an air cargo business that is continuously recovering, in some regions even increasing. Swissport in this market environment saw a fairly good 2014: Ground Handling showed steady growth in most of the countries in which Swissport is operating and Swissport´s Cargo business delivered a positive year in all aspects.

The biggest impact on Swissport´s 2014 results was the successful integration of Servisair after the closing of the acquisition on 23 December 2013. Swissport could not only strengthen its overall market share, but also became the largest ground handler in the UK & Ireland with operations at more than 30 airports, and further increased its footprint in LATAM by being present in 10 countries in the region.

Overall, Swissport was able to increase its revenue by 38% to CHF 2.9 billion due to the acquisition of Servisair and new business, offset by foreign exchange headwinds, portfolio rationalisation and low de-icing due to a mild winter season. Even excluding Servisair and the above mentioned impacts, Swissport was yet again able to grow ahead of the market and increased its revenue by 6% on a like for like basis.

Compared to the previous year, the aircraft turnaround frequencies increased 5.8% year-on-year and the continuously recovering air freight market accounted for an increase of 5.4% in air freight tonnage year-on-year (both excluding Servisair). Including Servisair the number of turnarounds handled in 2014 adds up to 2.1 million flights, and tonnage moved comes to 4 million.

Major contributors to Swissport´s growth, besides the impact of the Servisair acquisition, were new contract wins, such as the multi-year pan-European ground handling contract with Germanwings, the multi-year agreement with Saudi Airlines Cargo for Brussels and Amsterdam, the global strategic partnerships with Cargolux and Transaero, and contract wins with United in London Heathrow and Washington Dulles International (offset by negative foreign exchange impacts, low de-icing, portfolio rationalisation and certain contract losses).

In 2015, Swissport will continue to capitalise on the structural growth in the aviation industry and the ongoing outsourcing trends, and will put a focus on further realising synergies and streamlining and rationalising its cost base and portfolio.

Per H. Utnegaard, Group President & CEO of Swissport International Ltd.: "2014 was an eventful year for Swissport, mainly characterised by the complex but successful integration of Servisair, the biggest acquisition in Swissport´s history. We could cement our position as the world's leading provider of ground handling and cargo services, and for 2015 we have a well defined strategy and will put a special focus on ensuring we achieve our high global quality and operational standards."

Swissport International Ltd. provides ground services for around 224 million passengers and handles 4.1 million tonnes of cargo a year on behalf of some 700 client-companies in the aviation sector. With a workforce of more than 58,000 personnel, Swissport is active at more than 265 stations in 45 countries across five continents, and generates consolidated operating revenue of CHF 3.0 billion.

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