Ad-hoc | 28 April 1999 10:03

Ad hoc-Service: Flughafen Wien AG 1998 Result

Ad hoc-Mitteilung übermittelt durch die DGAP. Für den Inhalt der Mitteilung ist allein der Emittent verantwortlich. —————————————————————————— Flughafen Wien Group 1998 Results 1998 was a record year for the publicly traded Flughafen Wien AG. Dr. Gerhard Kastelic and Dr. Franz Kotrba, members of the Board of Directors, announced the outstanding 1998 results for the Flughafen Wien Group at a press conference in Vienna. 1998 1997 Change ATS m/EUR ATS m/EUR 1998/97 in % Total turnover 4,355/316 4,072/296 +7.0 Operating income 4,407/320 4,134/300 +6.6 EBIT 902/ 66 771/ 56 +17.0 Profit on ordinary activities 1,051/ 76 917/ 67 +14.6 Net profit 710/ 52 618/ 45 +14.8 Cash earnings 1,369/ 99 1,263/ 92 +8.3 Passengers (m) 10.639,095 9.738,292 +9.3 There of transfer passengers 1,391,352 1,033,313 +34.6 Flight movements 165,242 156,747 +5.4 Maximum Take-off weight (1000 tons) 4,684 4,456 +5.1 Cargo volume (1000 tons) 150.1 148.7 +1.0 FLUGHAFEN WIEN GROUP – 1998 HIGHLIGHTS: – Aviation turnover rose by 6.5% to ATS 3.1 billion (EUR 226 million) as a result of excellent traffic growth. Non-aviation turnover increased even more strongly, registering growth of 8.2% to ATS 1.2 billion (EUR 90 million). – Operating income rose by 6.6% to ATS 4.4 billion (EUR 320 million). – A strong improvement in productivity – nearly 8% more traffic units per employee – and a moderate rise in operating costs, led to EBIT growth of 17% to ATS 902 million (EUR 66 million). – The EBIT margin rose from 18.7 to 20.5%. – Profit on ordinary activities increased by 14.6% to ATS 1,051 million (EUR 76 million). – Net profit amounted to ATS 710 million (EUR 52 million), representing an increase of 14.8% over the previous year. Capital expenditure at ATS 339 million (EUR 25 million) was lower due to the postponement of the project “Improvements to runway system 16/34. FINANCIAL RESULTS IN DETAIL Turnover recorded by the Flughafen Wien Group rose by 7% to ATS 4.4 billion (EUR 316 million). Aviation turnover increased by 6.5% to ATS 3.1 billion (EUR 226 million). Non-aviation turnover rose by 8.2% to ATS 1.2 billion (EUR 90 million) as a result of satisfactory revenues in the shopping and parking segments, and income from security services. Operating expenses increased by 4.2% to ATS 3.5 billion (EUR 255 million). The cost of materials and services remained stable due to a decline in the volume of materials used – in particular as a result of the sale of the hangar operations and lower use of de-icing materials. The number of employees increased by 1.8%, primarily in VIAS, while personnel expenses rose by 3.9% to ATS 1.7 billion (EUR 123 million). The rise in average personnel costs per employee was lower than the increase mandated by collective bargaining agreements, chiefly as a result of the early retirement program introduced in 1997. For this reason the program will be continued. Depreciation declined to ATS 640 million (EUR 47 million), or by 1.2%, compared to the previous year reflecting a reduced level of capital expenditure. Other operating expenses increased by 17.9% to ATS 577 million (EUR 42 million). The cost of maintenance rose as a result of obligations to repair damage to buildings. Higher expenses were also recorded for outside services and consulting (SAP implementation, Masterplan 2015), advertising and public relations. Profit on ordinary activities increased by 14.6% to ATS 1,051 million (EUR 76 million). After the deduction of taxes, which rose 13.9% to ATS 341 million (EUR 25 million, net profit amounted to ATS 710 million (EUR 52 million). This figure represents a 14.8% increase over the previous year. Including transfers of ATS 315 million (EUR 23 million.) to reserves and the addition of profit carried forward totaling ATS 25 million (EUR 2 million), the Flughafen Wien Group recorded total profit of ATS 420 million (EUR 31 million). The Board of Directors and Advisory Board recommend the following distribution from total profit: payment of an 8% dividend plus a 12% bonus on capital stock of ATS 2.1 billion – or ATS 420 million (EUR 31 million). BALANCE SHEET The 1998 consolidated balance sheet of the Flughafen Wien Group recorded an increase of ATS 491 million (EUR 36 million) to ATS 10.1 billion (EUR 731 million). Equity rose by 5.2% to ATS 7.5 billion (EUR 549 million). Fixed and financial assets declined by ATS 297 million (EUR 22 million) to ATS 6.9 billion (EUR 498 million). Expressed as a percentage of the balance sheet total, fixed and financial assets declined by seven percentage points to 68% as a result of low investment activity (ATS 339 million; EUR 25 million). Operating cash flow, combined with low investment volume, led to an increase of ATS 788 million (EUR 57 million.) in current assets, which totaled ATS 3.2 billion (EUR 232 million) and represented 32% of the balance sheet total. TRAFFIC The growth of traffic at Vienna International Airport considerably exceeded expectations in 1998, and the 9.3% growth in the number of passengers was particularly impressive. The increases in the number of take-offs and landings (flight movements) and the maximum take-off weight were nearly equal at 5,4% and 5,1% respectively. PASSENGERS A total of 10.6 million passengers passed through the airport in 1998, with one in eight passengers a transfer passenger. After an increase of 17.1% in 1997, the number of transfer passengers rose again in 1998 by an impressive 34.6%. The progress during these two years reflects the success of the strategy developed by Vienna International Airport, together with the Austrian Airlines Aviation Group, to promote the airport as a major hub. FLIGHT MOVEMENTS The development of flight movements also surpassed expectations. Take- offs and landings rose by 5.4% to a level of 165,000 during the prior year. Airline capacity utilization improved again, increasing by 2.5 percentage points to 62.8% in the scheduled traffic segment. MAXIMUM TAKE-OFF WEIGHT At 5.1%, the increase in maximum Take-off weight was slightly below the rise in flight movements. This represented the first reversal of the trend towards smaller aircraft since 1990. SMALL INCREASE IN CARGO VOLUME After strong growth in 1997, a decline in cargo turnover was expected in the wake of the economic crises in Asia and the CIS countries. Although this situation did not materialize, volume rose by only 1% to 150,000 tons. Ende der Mitteilung