IR - News
Positive commercial development at Flughafen Wien AG: first three quarters bring higher revenues and earnings
Guidance for 2012 confirmed – break even or slightly weaker results expected for fourth quarter
CAPEX for 2012 reduced to approx. € 100 million
Check-in 1 to reopen in January 2013 after modernisation
The Flughafen Wien Group reported a substantial improvement in all key indicators for the first nine months of 2012. Revenue increased by 5.1% to € 457.5 million and EBITDA by 10.4% to € 174.6 million. EBIT rose to € 102.8 million (+63.1%) and net profit to € 71.7 million.
In connection with this year-on-year improvement, it should be noted that results for the first three quarters of 2011 were negatively influenced by special effects and impairment charges. The EBITDA margin rose from 36.3% in the previous year to 38.2% and the EBIT margin increased from 14.5% to 22.5%.
“We are on the right course. The measures implemented to increase productivity, reduce costs and streamline the organisational structure are producing the intended results. We were also able to cut the costs for Check-in 3. For 2012 we are expecting positive net cash flow and a slight reduction in net debt“, commented Günther Ofner, member of the Management Board (CFO) of Flughafen Wien AG, on the latest financial results. “Even though earnings will be negatively affected by increased depreciation, amortisation and operating costs as well as higher interest expense for Check-in 3, we are optimistic that we will reach all our targets for this year“, added Ofner.
Flughafen Wien expects slightly negative for the fourth quarter of 2012, in part due to maintenance and repairs that were rescheduled for this period as well as the generally slower growth in passenger volumes. Net profit for the full 2012 financial year should therefore equal or be slightly lower than the first three quarters.
“The sound development of passenger traffic has had a positive effect on revenue and earnings. Our core business is developing well and we are optimistic that we will reach our forecast for an increase of roughly 5% in the number of passengers this year“, explained Julian Jäger, member of the Management Board (COO) of Flughafen Wien AG. “Consequently, high quality services and a modern infrastructure are our top priority. We are currently modernising Check-in 1, which will open in January 2013 as the new terminal for Air Berlin/NIKI. The shopping offering at the airport will also be expanded in the near future. Detailed contract negotiations are now underway with several operators, and we are optimistic that the leases will be signed by the end of this year”, stated Jäger.
Vienna Airport handled a total of 16,927,884 passengers during the first nine months of 2012, which represents a year-on-year increase of 5.9%. The number of transfer passengers rose by 10.2% over the comparable prior year period. The number of passengers departing to destinations in Eastern Europe rose by 13.4% from January to September 2012 and traffic to the Middle East increased 10.0%. Traffic to the Far East declined by 3.8% following the termination of flights to Mumbai.
Passenger increase for Austrian Airlines
The Austrian Airlines Group recorded an increase of 4.6% in the number of passengers handled at Vienna Airport during the first nine months of 2012 despite successful restructuring and partial capacity reductions. This airline’s share of total passenger traffic fell slightly from 50.0% to 49.4%. The so-called low-cost carriers handled 5.9% more passengers during the reporting period, while their share of total passenger traffic remained unchanged in comparison with the previous year at 22.1%. In contrast to the growth in passenger volume, flight movements declined 0.2% to 185,888. This led to an improvement in seat occupancy from 69.9% in the prior year period to 73.1% for the reporting period. Maximum take-off weight (MTOW) totalled 6,172,790 tonnes, which is 1.3% lower than the comparable prior year period. This development resulted from the lower number of flight movements as well as a decline in cargo flights. Cargo volume (air cargo and trucking) fell by 8.9% to 189,074 tonnes.
Revenue recorded by the Airport Segment increased € 17.1 million or 7.7% to € 238.7 million for the first nine months of 2012, above all due to the sound development of traffic and strong growth in the number of passengers. Revenue in the Handling Segment fell by € 3.2 million or 2.7% to € 116.1 million due to the decline in cargo volume, a lower number of flight movements and the effects of new handling contracts. The Retail & Properties Segment generated an increase of 10.2% in revenue to € 90.8 million. Revenue in the Other Segments equalled € 11.7 million and remained nearly unchanged in year-on-year comparison.
The revitalisation of Check-in 1 is proceeding on schedule and involves the modernisation of the walls, flooring and lighting concept in the terminal. Air Berlin/NIKI will start operations in these new surroundings during January 2013. Optimisation measures have already started in Check-in 3, and operations have been largely problem-free from a technical standpoint. In order to improve accessibility, five working groups were created together with organisations for the disabled. A number of improvements ‑ such as the refitting of the sanitary facilities and the creation of a new route for passengers to car park 3 ‑ have already been made.
The Flughafen Wien Group invested a total of € 56.5 million during the first nine months of 2012, whereby the terminal expansion Check-in 3 represented the major project at € 26.5 million. Other projects included € 6.3 million for a forwarding agent building, € 6.0 million for special vehicles and € 3.5 million for the revitalization of Check-in 1. Capital expenditure for the 2012 financial year has been reduced to approx. € 100 million.
Corporate Communications Flughafen Wien AG
Press Office: Investor Relations:
Peter Kleemann (+43-1-) 7007-23000 Judit Helenyi (+43-1-)7007-23126
Clemens Schleinzer (+43-1-) 7007-22399 Mario Santi (+43-1-) 7007-22826
Consolidated Interim Financial Statements
|
Consolidated Income Statement in T€
|
1–9/2012
|
1–9/2011
|
Change |
|---|---|---|---|
|
Revenue
|
457,495.8
|
435,341.6
|
5.1
|
|
Other operating income
|
18,494.3
|
13,021.2
|
42.0
|
|
Operating income
|
475,990.1
|
448,362.9
|
6.2
|
|
Consumables and services used |
-30,150.9
|
-27,653.8
|
9.0
|
|
Personnel expenses
|
-189,829.2
|
-189,575.0
|
0.1
|
|
Other operating expenses
|
-81,419.6
|
-72,964.9
|
11.6
|
|
Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
174,590.3
|
158,169.2
|
10.4
|
|
Depreciation and amortisation |
-71,758.0
|
-95,137.0
|
-24.6
|
|
Earnings before interest and taxes (EBIT)
|
102,832.3
|
63,032.1
|
63.1
|
|
Income from investments, excl. companies at equity |
932.3
|
364.9
|
155.5
|
|
Interest income
|
3,537.1
|
2,871.1
|
23.2
|
|
Interest expense
|
-17,993.8
|
-10,044.1
|
79.1
|
|
Other financial expense/income |
133.6
|
1,587.7
|
-91.6
|
|
Financial results, excl. companies at equity |
-13,390.8
|
-5,220.4
|
156.5
|
|
Income from companies at equity |
4,741.7
|
-23,152.8
|
n.a.
|
|
Financial results
|
-8,649.2
|
-28,373.2
|
-69.5
|
|
Profit before taxes (EBT)
|
94,183.2
|
34,658.9
|
171.7
|
|
Income taxes
|
-22,003.0
|
-14,446.5
|
52.3
|
|
Net profit for the period
|
72,180.1
|
20,212.5
|
257.1
|
|
Thereof attributable to:
|
|
|
|
|
Equity holders of the parent
|
71,739.6
|
20,234.1
|
254.5
|
|
Non-controlling interests
|
440.5
|
-21.6
|
n.a.
|
|
Earnings per share (in €) basic/diluted |
3.42
|
0.96
|
256.3
|
The report by Flughafen Wien AG on the first three quarters from 1 January to 30 September 2012 is available to the general public at the company’s offices in 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Schottengasse 6-8. It is also available in the Internet under http://ir.viennaairport.com menu point “Publications“,
sub-section "Quarterly Reports".
Flughafen Wien, 22.11.2012 The Management Board