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Flughafen Wien AG with sound results for 2013:*
Increase in revenue and earnings
Positive outlook on 2014
Flughafen Wien recorded sound development in 2013 with an increase in revenue, EBITDA and net profit. All business targets were met. The successful development of the company is also reflected on the capital market: the price of the Flughafen Wien share has risen by 129% since the low at the beginning of 2012. Market capitalisation increased by € 830 million, from € 547 million at the beginning of 2012 to approx. € 1,377 million as of 21 February 2014.
The outlook for 2014 points to a continuation of the upward trend: the number of passengers should increase between 1% and 3%, while the development of flight movements should range from -1% to +1%. Against this backdrop, revenue is expected to rise to over € 630 million, EBITDA to over € 240 million and net profit to over € 75 million. Net debt should fall below € 600 million.
“The company’s productivity has improved significantly since 2011, and the EBITDA margin has increased substantially from 32.5% to 38.8%. The clear strategic goals for 2014 are focused on growth, the improvement of quality and the optimisation of the airport location as well as the expansion of the non-aviation business. Investments of approx. € 110 million are planned for 2014 and will include the modernisation of infrastructure, completion of the railway station and a hangar as well as the further development of real estate“, explained Günther Ofner, member of the Management Board of Flughafen Wien AG.
“All in all, we have the development of costs and productivity under control. The first full year of operations in Check-in 3, the increase in terminal areas since the opening and the severe winter had a strong impact on operating and personnel expenses. However, we were able to offset this development with cost savings. We are optimistic over the development of business in 2014: the summer flight plan already includes a number of new destinations and additional connections. New airlines such as Air China, Air Algérie and Jet2.com have already announced their plans for the start of flights to Vienna. Our forecasts for 2014 call for an increase in the number of passengers“, commented Julian Jäger, member of the Management Board of Flughafen Wien AG.
Dividend rises to € 1.30 per share
Supported by the sound development of business in 2013, the Annual General Meeting on 5 May 2014 will be asked to approve a dividend of € 1.30 per share (2012: € 1.05) for total of € 27.3 million. The employees of Flughafen Wien AG will also participate in this distribution through the employee foundation that holds 10% of the shares. The dividend yield for the 2013 financial year equals 2.1% based on the share price as of 31 December 2013, and the pay-out ratio represents roughly 40% of net profit for 2013.
Revenue and earnings development in the segments
Revenue in the Airport Segment rose by 5.1% year-on-year to € 331.4 million. The effects of the sharp rise in depreciation over the previous year due to the start of operations in Check-in 3 and higher costs related to the increase in winter services led, as expected, to a decline in EBIT to € 42.0 million.
The Handling Segment recorded a slight 2.6% decline in revenue to € 151.9 million. This development resulted primarily from the lower number of flight movements, which was offset in part by higher income from de-icing services. The steady implementation of the cost reduction and efficiency improvement strategy led to segment EBIT of € 17.2 million. Included here are security services of VIAS as well as the handling services provided by Vienna Aircraft Handling (VAH). The 5.5% decline in flight movements during 2013 naturally had a strong effect on the Handling Segment, and the generation of positive earnings will also represent a particular challenge in the future.
The Retail & Properties Segment registered sound development in 2013, with an increase of 1.4% in revenue to € 121.2 million. This growth was supported chiefly by higher income from the increased marketing of advertising space and from shopping and gastronomy; alone in 2013, 29 new shops opened at Vienna Airport. EBIT rose to € 41.9 million. Revenue in the Other Segments increased by 5.4% to € 17.5 million (EBIT € 11.1 million).
Investments
Investments declined to € 72.9 million in 2013 as the result of cost savings and invoice corrections in favour of Flughafen Wien, also in connection with an arbitration court’s decision against a contractor who worked on Check-in 3. From the current point of view, the costs for Check-in 3 will be lower than € 725 million. Investments of approx. € 110 million are planned for 2014.
Traffic development influenced by challenges in 2013 – growth expected in 2014
Vienna Airport handled a total of 21,999,926 passengers in 2013 (-0.7%) in a challenging year that was characterised by a difficult market environment for the aviation industry throughout Europe, capacity reductions by the airlines, crisis situations in Egypt and the Middle East as well as numerous flight cancellations due to the severe winter with extremely heavy snowfall and strikes in Germany. The number of departures and arrivals fell by 5.5%, but the seat occupancy factor rose by 1.9 percentage points to 74.8% in 2013. Cargo followed declines at the beginning of the year with an increase of 10% in the second six months and a plus of 1.6% for the full year to 256,194 tonnes. 71 airlines serviced Vienna Airport on a result basis in 2013; these airlines carried passengers to 177 destinations in 69 countries. Flughafen Wien is expecting a return to growth in passenger volumes during 2014.
Preliminary Consolidated Financial Statements*
* All amounts and financial indicators are related to the preliminary results of Flughafen Wien AG for 2013.
The full annual report by Flughafen Wien AG on the 2013 financial year from 1 January to 31 December 2013 will be published at the beginning of April 2014 and be available under http://ir.viennaairport.com, menu point – Publications and reports – subpoint – Annual reports or Financial reports respectively.
The Management Board
Flughafen Wien, 25 February 2014
For additional information contact:
Corporate Communications at 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
Stefanie Tomanek (+43-1-) 7007-26939 j.helenyi@viennaairport.com
p.kleemann@viennaairport.com m.santi@viennaairport.com
c.schleinzer@viennaairport.com
s.tomanek@viennaairport.com
www.viennaairport.com
Increase in revenue and earnings
Positive outlook on 2014
- REVENUE rises to € 622.0 million (+2.4%)
- EBITDA improves substantially to € 241.5 million (+9.1%)
- NET PROFIT increases to € 73.3 million (+1.3%), despite higher scheduled depreciation (+ € 16 million) for Check-in 3
- NET DEBT falls to € 633.4 million (minus € 86 million versus 2012) – further reduction targeted
- DIVIDEND: increase to € 1.30 per share recommended (2012: € 1.05)
- INVESTMENTS total € 73 million, € 110 million planned in 2014
- POSITIVE OUTLOOK for 2014: expected increase in revenues over € 630 million
and net profit to over € 75 million
Flughafen Wien recorded sound development in 2013 with an increase in revenue, EBITDA and net profit. All business targets were met. The successful development of the company is also reflected on the capital market: the price of the Flughafen Wien share has risen by 129% since the low at the beginning of 2012. Market capitalisation increased by € 830 million, from € 547 million at the beginning of 2012 to approx. € 1,377 million as of 21 February 2014.
The outlook for 2014 points to a continuation of the upward trend: the number of passengers should increase between 1% and 3%, while the development of flight movements should range from -1% to +1%. Against this backdrop, revenue is expected to rise to over € 630 million, EBITDA to over € 240 million and net profit to over € 75 million. Net debt should fall below € 600 million.
“The company’s productivity has improved significantly since 2011, and the EBITDA margin has increased substantially from 32.5% to 38.8%. The clear strategic goals for 2014 are focused on growth, the improvement of quality and the optimisation of the airport location as well as the expansion of the non-aviation business. Investments of approx. € 110 million are planned for 2014 and will include the modernisation of infrastructure, completion of the railway station and a hangar as well as the further development of real estate“, explained Günther Ofner, member of the Management Board of Flughafen Wien AG.
“All in all, we have the development of costs and productivity under control. The first full year of operations in Check-in 3, the increase in terminal areas since the opening and the severe winter had a strong impact on operating and personnel expenses. However, we were able to offset this development with cost savings. We are optimistic over the development of business in 2014: the summer flight plan already includes a number of new destinations and additional connections. New airlines such as Air China, Air Algérie and Jet2.com have already announced their plans for the start of flights to Vienna. Our forecasts for 2014 call for an increase in the number of passengers“, commented Julian Jäger, member of the Management Board of Flughafen Wien AG.
Dividend rises to € 1.30 per share
Supported by the sound development of business in 2013, the Annual General Meeting on 5 May 2014 will be asked to approve a dividend of € 1.30 per share (2012: € 1.05) for total of € 27.3 million. The employees of Flughafen Wien AG will also participate in this distribution through the employee foundation that holds 10% of the shares. The dividend yield for the 2013 financial year equals 2.1% based on the share price as of 31 December 2013, and the pay-out ratio represents roughly 40% of net profit for 2013.
Revenue and earnings development in the segments
Revenue in the Airport Segment rose by 5.1% year-on-year to € 331.4 million. The effects of the sharp rise in depreciation over the previous year due to the start of operations in Check-in 3 and higher costs related to the increase in winter services led, as expected, to a decline in EBIT to € 42.0 million.
The Handling Segment recorded a slight 2.6% decline in revenue to € 151.9 million. This development resulted primarily from the lower number of flight movements, which was offset in part by higher income from de-icing services. The steady implementation of the cost reduction and efficiency improvement strategy led to segment EBIT of € 17.2 million. Included here are security services of VIAS as well as the handling services provided by Vienna Aircraft Handling (VAH). The 5.5% decline in flight movements during 2013 naturally had a strong effect on the Handling Segment, and the generation of positive earnings will also represent a particular challenge in the future.
The Retail & Properties Segment registered sound development in 2013, with an increase of 1.4% in revenue to € 121.2 million. This growth was supported chiefly by higher income from the increased marketing of advertising space and from shopping and gastronomy; alone in 2013, 29 new shops opened at Vienna Airport. EBIT rose to € 41.9 million. Revenue in the Other Segments increased by 5.4% to € 17.5 million (EBIT € 11.1 million).
Investments
Investments declined to € 72.9 million in 2013 as the result of cost savings and invoice corrections in favour of Flughafen Wien, also in connection with an arbitration court’s decision against a contractor who worked on Check-in 3. From the current point of view, the costs for Check-in 3 will be lower than € 725 million. Investments of approx. € 110 million are planned for 2014.
Traffic development influenced by challenges in 2013 – growth expected in 2014
Vienna Airport handled a total of 21,999,926 passengers in 2013 (-0.7%) in a challenging year that was characterised by a difficult market environment for the aviation industry throughout Europe, capacity reductions by the airlines, crisis situations in Egypt and the Middle East as well as numerous flight cancellations due to the severe winter with extremely heavy snowfall and strikes in Germany. The number of departures and arrivals fell by 5.5%, but the seat occupancy factor rose by 1.9 percentage points to 74.8% in 2013. Cargo followed declines at the beginning of the year with an increase of 10% in the second six months and a plus of 1.6% for the full year to 256,194 tonnes. 71 airlines serviced Vienna Airport on a result basis in 2013; these airlines carried passengers to 177 destinations in 69 countries. Flughafen Wien is expecting a return to growth in passenger volumes during 2014.
Preliminary Consolidated Financial Statements*
| Income Statement in € million | 2013 | 2012 | Change in % |
|---|---|---|---|
| Revenue | 622.0 | 607.4 | 2.4 |
| Other operating income | 23.8 | 24.1 | -1.3 |
| Operating income | 645.8 | 631.5 | 2.3 |
| Consumables and services used | -46.1 | -43.2 | 6.8 |
| Personnel expenses | -245.8 | -249.7 | -1.6 |
| Other operating expenses | -112.3 | -117.2 | -4.2 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 241.5 | 221.4 | 9.1 |
| Depreciation and amortisation | -124.3 | -98.1 | 26.7 |
| Impairment | -5.1 | -15.2 | -66.4 |
| Earnings before interest and taxes (EBIT) | 112.1 | 108.0 | 3.8 |
|
Income from investments, excl. companies at equity
|
2.3 | 0.9 | 150.8 |
| Interest income | 2.2 | 4.2 | -48.2 |
| Interest expense | -25.9 | -25.2 | 3.0 |
| Other financial expense/income | 0.0 | 0.2 | n.a. |
| Financial results, excl. companies at equity | -21.4 | -19.9 | 7.7 |
| Proportional share of income from companies recorded at equity | 6.2 | 5.6 | 9.4 |
| Financial results | -15.3 | -14.3 | 7.1 |
| Profit before taxes (EBT) | 96.8 | 93.7 | 3.2 |
| Income taxes | -23.5 | -21.4 | 9.7 |
| Net profit for the period | 73.3 | 72.3 | 1.3 |
| Thereof attributable to: | |||
| Equity holders of the parent | 73.3 | 71.9 | 1.9 |
| Non-controlling interests | 0.0 | 0.4 | n.a. |
| Earnings per share (in €, diluted = basic) | 3.49 | 3.42 | 2.0 |
| Balance Sheet Indicators in € million | 2013 | 2012 | Change in % |
|---|---|---|---|
| ASSETS: | |||
| Non-current assets | 1,857.6 | 1,911.7 | -2.8 |
| Current assets | 96.3 | 150.1 | -35.8 |
| EQUITY AND LIABILITIES: | |||
| Equity | 905.9 | 851.6 | 6.4 |
| Non-current liabilities | 748.2 | 834.2 | -10.3 |
| Current liabilities | 299.8 | 376.0 | -20.3 |
| Balance sheet total | 1,953.9 | 2,061.8 | -5.2 |
| Net debt | 633.4 | 719.6 | -12.0 |
| Gearing (in %) | 69.9 | 84.5 | -14.6%p. |
| Cash Flow Statement in € million | 2013 | 2012 | Change in % |
|---|---|---|---|
| Cash flow from operating activities | 204.4 | 179.7 | 13.7 |
| from investing activities | -86.4 | -126.7 | -31.8 |
| from financing activities | -154.5 | -123.9 | 24.7 |
| Free cash flow | 118.0 | 53.0 | 122.8 |
| CAPEX | 72.9 | 101.7 | -28.3 |
* All amounts and financial indicators are related to the preliminary results of Flughafen Wien AG for 2013.
The full annual report by Flughafen Wien AG on the 2013 financial year from 1 January to 31 December 2013 will be published at the beginning of April 2014 and be available under http://ir.viennaairport.com, menu point – Publications and reports – subpoint – Annual reports or Financial reports respectively.
The Management Board
Flughafen Wien, 25 February 2014
For additional information contact:
Corporate Communications at 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
Stefanie Tomanek (+43-1-) 7007-26939 j.helenyi@viennaairport.com
p.kleemann@viennaairport.com m.santi@viennaairport.com
c.schleinzer@viennaairport.com
s.tomanek@viennaairport.com
www.viennaairport.com