Press Releases & News
Flughafen Wien Group:
Net profit falls to € 20.2 million for 1-9/2011 due to special effects
- Revenue: + 9.4% to € 435.3 million
- EBITDA: + 9.5% to € 158.2 million
- EBIT: - 33.8% to € 63.0 million
- Passengers: + 7.5% to 15,992,075
As reported for the most part in an ad-hoc press release on 18 November 2011, Flughafen Wien AG is now announcing detailed results for the first three quarters of 2011.
The Flughafen Wien Group generated revenue of € 435.3 million in the first nine months of 2011, for an increase of 9.4% over the comparable prior year period. The impairment charges and non-recurring effects occurring in the third quarter of 2011 amount to approx. € 74 million and involve identified damages in the VIE-Skylink, the investment in Košice Airport and a property at Vienna Airport as well as provisions for part-time work for older employees.
These non-recurring effects and impairment charges had a negative influence on third quarter results. In the first three quarters
of 2011 the Flughafen Wien Group generated EBITDA of € 158.2 million (+9.5%) and EBIT of € 63,0 million (-33.8%).
After the deduction of € 14.4 million in tax expense (1-9/2010: € 21.8 million), net profit for the period
amounted to € 20.2 million (1-9/2010: € 72.2 million). The EBITDA margin remained stable at 36.3%
(1-9/2010: 36.3%). Since the development of earnings did not match the growth in revenue, the EBIT margin declined to 14.5% (1-9/2010: 23.9%).
Year-on-year improvement in operating profit before special effects
Earnings before interest, taxes, depreciation and amortisation (EBITDA) ? before the deduction of special effects ? rose by
13.4% year-on-year to € 163.8 million, while earnings before interest and taxes (EBIT) before special effects totalled € 115.3 million
(1-9/2010: € 95.2 million). Operating profit for the period before the deduction on non-recurring effects and impairment
charges amounted to € 82.3 million for the first nine months of 2011
(1-9/2010: € 72.2 million).
Segment revenue
Revenue recorded by the Flughafen Wien Group rose by 9.4% to € 435.3 million for the first three quarters of 2011 (1-9/2010: € 397.8 million). This positive development was supported by both traffic growth and the new security charge. External revenue in the Airport Segment rose by € 22.3 million or 11.2% to € 221.6 million. The Handling Segment reported a € 2.1 million increase in revenue to € 119.4 million. Revenue generated by the Retail & Properties Segment increased € 12.4 million to € 82.4 million. External revenue recorded by the Other Segments increased € 1.0 million to € 11.9 million.
7.5% increase in passengers during the first nine months of 2011
Vienna Airport handled a total of 15,992,075 passengers during the first nine months of 2011, for an increase of 7.5% over the comparable prior year period. The number of transfer passengers rose by 8.1%. Traffic to Eastern Europe increased 13.7% during the period from January to September 2011 to comprise 18.7% of all departing passengers. Passenger traffic to the Middle East and the Far East increased 2.5% and 9.2%, respectively. This growth was contrasted by a decline of 30.6% in the number of passengers departing for Africa.
The Austrian Airlines Group recorded an increase of 4.1% in the number of passengers handled at Vienna Airport during the first three quarters of 2011, but this carrier’s share of total passenger traffic fell from 51.6% to 50.0% year-on-year. The so-called low-cost carriers handled 9.4% more departing passengers during the reporting period, which represented 22.1% of passenger traffic in Vienna (1-9/2010: 21.8%). Maximum take-off weight (MTOW) totalled 6,256,741 tonnes, or 5.2% higher than the comparable prior year period. The number off flight movements increased 0.4%. Seat occupancy reached 69.9%, compared with 69.4% in the first nine months of 2010. Cargo volume (air cargo and trucking) declined 4.5% to 207,460 tonnes.
Skylink: work to complete the project is on schedule
Activities to complete the terminal extension VIE-Skylink are proceeding and ? parallel to construction, which is now 97% complete ? preparations are underway for the operational start-up. Full operations are scheduled to begin at the end of the first half of 2012. The release of risk provisions and a reduction in expenditures led to a reduction of € 30 million in the maximum planned costs for this project to € 770 million. In the cases reviewed by technical experts, damages of approx. € 57 million were identified as the result of deficient performance by contractors and unjustified increases in costs. Consequently, an impairment charge of approx. € 29 million was recognised. Flughafen Wien AG is actively pursuing claims for compensation from the involved companies.
Impairment charges to Košice and an investment property as well as provisions for part-time work for older employees
In the fourth quarter of 2006 Flughafen Wien acquired a stake in Košice Airport through a consortium, and FWAG now holds an indirect share of 66%. The carrying amount of the investment in Košice Airport, which is accounted for at equity, equals € 47 million before the recognition of any impairment charges. This company was profitable in the past, but the latest medium term forecasts indicate that traffic growth will fall substantially below earlier expectations. Accordingly, the carrying amount of the investment was reduced through an impairment charge of € 21 million. Recent detailed examinations also indicate that a building at Vienna Airport will not reach the expected occupancy over the medium-term. The carrying amount of this investment was therefore reduced through an impairment charge of approx. € 18 million as of 30 September 2011. Provisions of approx. € 6 million were also recognised to cover part-time work for older employees.
Investments and new capital expenditure plan for 2011-2015
The major investments during the first nine months of 2011 represented the terminal extension VIE-Skylink (€ 133.5 million), security control lines (€ 1.8 million), security systems in the VIE-Skylink (€ 3.3 million), the revitalisation of bus gates (€ 4.3 million) and baggage sorting equipment (€ 1.1 million). Other investments included € 4.5 million for technical noise protection and the environmental fund, € 3.5 million for IT hardware and software, € 1.3 million for the guidance system and € 2.2 million for VIE-Skylink furnishings.
Investments totalling € 590 million (excl. land) are now planned for the period from 2011 to 2015, which means a reduction of € 70 million to the previous investment planning.
Outlook
The number of passengers rose by 4.7% year-on-year in October. Flight movements declined by 0.7%, while maximum take-off weight (MTOW) rose slightly to 724,443 tonnes. Passenger traffic to Eastern Europe rose by17.0%, but traffic to the Middle East declined by 1.7%. Cargo turnover (air cargo and trucking) declined 8.6% to 24,404 tonnes. Based on this sound development, Flughafen Wien expects an increase in the number of passengers above the 5% originally forecasted for 2011.
For additional information contact:
Corporate Communications Flughafen Wien AG 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
p.kleemann@viennaairport.com j.helenyi@viennaairport.com
c.schleinzer@viennaairport.com m.santi@viennaairport.com
Consolidated Interim Financial Statements
|
Consolidated Income Statement in T€ |
1?9/2011 |
1?9/2010 |
Change in % |
|---|---|---|---|
|
Revenue |
435,341.6 |
397,814.6 |
9.4 |
|
Other operating income |
13,021.2 |
11,347.0 |
14.8 |
|
Operating income |
448,362.9 |
409,161.6 |
9.6 |
|
Consumables and services used |
-27,653.8 |
-28,553.3 |
-3.2 |
|
Personnel expenses |
-189,575.0 |
-168,522.6 |
12.5 |
|
Other operating expenses |
-72,964.9 |
-67,613.3 |
7.9 |
|
Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
158,169.2 |
144,472.3 |
9.5 |
|
Depreciation and amortisation |
-95,137.0 |
-49,268.5 |
93.1 |
|
Earnings before interest and taxes (EBIT) |
63,032.1 |
95,203.9 |
-33.8 |
|
Income from investments, excl. companies at equity |
364.9 |
311.5 |
17.1 |
|
Interest income |
2,871.1 |
2,409.4 |
19.2 |
|
Interest expense |
-10,044.1 |
-7,500.2 |
33.9 |
|
Other financial expense/income |
1,587.7 |
32.3 |
n.a. |
|
Financial results, excl. companies at equity |
-5,220.4 |
-4,746.9 |
10.0 |
|
Income from companies at equity |
-23,152.8 |
3,549.7 |
n.a. |
|
Financial results |
-28,373.2 |
-1,197.2 |
n.a. |
|
Profit before taxes (EBT) |
34,658.9 |
94,006.6 |
-63.1 |
|
Income taxes |
-14,446.5 |
-21,818.4 |
-33.8 |
|
Net profit for the period |
20,212.5 |
72,188.3 |
-72.0 |
|
Thereof attributable to: |
|
|
|
|
Equity holders of the parent |
20,234.1 |
72,204.4 |
-72.0 |
|
Non-controlling interests |
-21.6 |
-16.2 |
33.9 |
|
Earnings per share (in Euro) basic/diluted |
0.96 |
3.44 |
-72.1 |
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first three quarters from 1 January to 30 September 2011 and the single third quarter is available to the general public at the company’s offices in 1300 Flughafen Wien and at Bank Austria, 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, 24.11.2011 The Management Board