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Flughafen Wien Group: 13.7% increase in net profit to € 43.3 million for the first half of 2011
- Revenue: +10.7% to € 280.3 million
- EBITDA: + 15.0% to € 98.5 million
- EBIT: + 25.5% to € 66.0 million
- Passengers: + 8.6% to 9,663,194
- Revised forecasts for 2011: + 5.0% in passengers, + 3.0% in maximum take-off weight (MTOW) and + 1.0% in flight movements
The Flughafen Wien Group generated revenue of € 280.3 million in the first half of 2011, which represents an increase
of 10.7% over the comparable prior year period. EBITDA totalled € 98.5 million (+15.0%) and EBIT € 66.0 million
(+25.5%) for the reporting period. After the deduction of € 14.9 million in income tax expense (1-6/2010: € 11.8
million), net profit for the period amounted to € 43.3 million (1-6/2010: € 38.1 million). The development of earnings outpaced the growth in revenue, which led to an improvement in the EBITDA margin to 35.1% (1-6/2010:
33.8%) and in the EBIT margin to 23.6% (1-6/2010: 20.8%).
Segment revenue
The Flughafen Wien Group generated revenue of € 280.3 million in the first six months of 2011 (1-6/2010: € 253.2 million). This 10.7% increase resulted from the positive development of traffic as well as the new
security charge. External revenue in the Airport Segment rose by € 14.0 million or 11.2% over the comparable prior year
period to € 138.8 million. The growth in traffic was also responsible for an increase in external revenue recorded by
the Handling Segment, which rose by 4.0% to € 79.7 million. The Retail & Properties Segment recorded a plus of 20.7%
in revenue to € 53.9 million. External revenue recorded by the Other Segments increased € 1.1 million to €
7.8 million.
Write-off of investment in Friedrichshafen GmbH
In the second quarter of 2007 a 25.15% stake in Flughafen Friedrichshafen GmbH was acquired for a purchase price (including
transaction costs) of € 7.7 million. This investment is carried at equity. The acquisition was originally made under
the presumption of double-digit growth, strong economic progress and the positive development of this region for tourism.
The company’s negative development in recent years led to a series of reductions in the carrying amount of the investment
as part of the at equity valuation to € 5.7 million as of 31 March 2011. The new medium-term planning for Flughafen
Friedrichshafen GmbH, which reflects the latest developments, shows that the financial goals cannot be met during the forecast
period. A decision was therefore made to write off this investment in full.
Steady growth in passenger traffic during first half of 2011
Vienna Airport handled a total of 9,663,194 passengers during the period from January to June 2011, for a year-on-year increase
of 8.6%. This growth reflected the general economic recovery as well as the interruption in air traffic across Europe during
the previous year as a result of the volcanic ash cloud. The number of transfer passengers rose by 4.6%. Traffic to Eastern
Europe grew by 12.6% during the first half of 2011 to comprise 18.3% of all departing passengers. Passenger traffic to the
Middle East and the Far East increased by 4.1% and 5.2%, respectively.
The Austrian Airlines Group recorded an increase of 3.4% in the number of passengers handled at Vienna Airport during the
first half of 2011, but this carrier’s share of total passenger traffic fell from 51.4% to 49.0% year-on-year. The so-called
low-cost carriers handled 12.9% more departing passengers during the reporting period, which represents 22.6% of passenger
traffic in Vienna (1-6/2010: 21.8%). Maximum take-off weight (MTOW) totalled 4,065,977 tonnes, or 8.6% more than the comparable
prior year period, and reflected the use of larger aircraft. Cargo turnover (air cargo and trucking) declined 3.9% to 142,516
tonnes, while flight movements increased 1.4%. The seat occupancy factor reached 66.2%, compared with 66.1% in the first half
of 2010.
Skylink: work to complete the project is on schedule
Work is proceeding to complete the terminal extension VIE-Skylink, and the start of operations is planned for the first half
of 2012. Parallel to construction, preparations are underway for the start-up and test operations are expected to begin during
the fourth quarter of 2011. Full operations are scheduled to begin at the end of the first half of 2012. Since a general contractor
will not be engaged for this project, the budgeted costs for the VIE Skylink were reduced by € 30 million to a maximum
of € 800.0 million.
Corporate spending
The major investments during the first six months of 2011 represented the terminal extension VIE-Skylink at € 79.9 million,
security control lines at € 1.4 million, security systems for the VIE-Skylink at € 2.1 million, the revitalisation
of bus gates at € 3.7 million and baggage sorting equipment at € 0.7 million. Other investments included € 2.5
million for technical noise protection, € 3.0 million for IT hardware and software, € 1.1 million in guidance
system and € 1.2 million in furnishings for the VIE-Skylink.
Outlook
Data for July point to growth in all traffic segments, with a year-on-year increase of 6.0% in passenger traffic during that
month. Flight movements declined 2.2% and maximum take-off weight (MTOW) was slightly lower at 739,053 tonnes. Passenger traffic
(scheduled and charter flights) to Eastern Europe and the Middle East rose by 12.2% and 4.5%, respectively, in July 2011.
Cargo turnover (air cargo and trucking) declined 2.2% to 21,118 tonnes. Flughafen Wien AG has revised its forecasts for 2011
and is now expecting an increase of 5.0% in passengers, 3.0% in maximum take-off weight (MTOW) and 1.0% in flight movements.
For additional information contact:
Corporate Communications Flughafen Wien AG
Peter Kleemann (+43-1-) 7007-23000
Clemens Schleinzer (+43-1-) 7007-22399
Birgit Fehsler (+43-1-) 7007-22254
Investor Relations:
Judit Helenyi (+43-1-)7007-23126
Mario Santi (+43-1-) 7007-22826
Consolidated Interim Financial Statements
|
Consolidated Income Statement in T€
|
1-6/2011
|
1-6/2010
|
Change
in % |
|---|---|---|---|
|
Revenue
|
280,306.9
|
253,163.1
|
10.7
|
|
Other operating income
|
8,348.1
|
7,516.1
|
11.1
|
|
Operating income
|
288,655.0
|
260,679.2
|
10.7
|
|
Consumables and services used
|
-19,677.5
|
-20,345.7
|
-3.3
|
|
Personnel expenses
|
-123,430.6
|
-112,375.8
|
9.8
|
|
Other operating expenses
|
-47,068.1
|
-42,292.1
|
11.3
|
|
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
|
98,478.7
|
85,665.6
|
15.0
|
|
Depreciation and amortisation
|
-32,437.0
|
-33,051.3
|
-1.9
|
|
Earnings before interest and taxes (EBIT)
|
66,041.7
|
52,614.2
|
25.5
|
|
Income from investments, excl. Companies at equity
|
151.0
|
311.5
|
-51.5
|
|
Interest income
|
1,853.9
|
1,013.1
|
83.0
|
|
Interest expense
|
-6,860.5
|
-4,989.3
|
37.5
|
|
Other financial expense/income
|
1,577.3
|
21.6
|
7,217.4
|
|
Financial results, excl. companies at equity
|
-3,278.2
|
-3,643.1
|
-10.0
|
|
Income from companies at equity
|
-4,579.4
|
883.9
|
-618.1
|
|
Financial results
|
-7,857.6
|
-2,759.2
|
184.8
|
|
Profit before taxes (EBT)
|
58,184.2
|
49,855.1
|
16.7
|
|
Income taxes
|
-14,874.3
|
-11,754.7
|
26.5
|
|
Net profit for the period
|
43,309.8
|
38,100.4
|
13.7
|
|
Thereof attributable to:
|
|
|
|
|
Equity holders of the parent
|
43,318.1
|
38,103.6
|
13.7
|
|
Non-controlling interests
|
-8.3
|
-3.3
|
153.6
|
|
Earnings per share (in Euro) basic/diluted
|
2.06
|
1.81
|
13.8
|
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first half-year from 1 January to 30 June 2011 is available to the general public at
the company’s offices in 1300 Flughafen Wien and at Unicredit Bank Austria AG, 1010 Vienna, Schottengasse 6-8, and is
also available in the Internet under http://ir.viennaairport.com, menu point “Publications“, sub-section “Quarterly reports”.
Flughafen Wien, 25.08.2011
The Management Board