Corporate | 3 April 2003 10:00

Flughafen Wien AG english

Results for 2002 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Flughafen Wien Group – Solid results for 2002 in spite of difficult environment Flughafen Wien AG achieved a solid set of results for 2002, despite the still difficult operating environment for the aviation industry following the events of 11 September 2001. Whilst turnover showed a slight decline of 0.5%, income before interest and taxes (EBIT) increased by 13.9% to EUR 97.1 million, profit before tax (EBT) increased by 8.9% to EUR 105.6 million, and profit for the year went up by 6.1% to EUR 70.3 million. These results can be attributed to (by international comparison), very good performance in traffic volumes and a non-recurring item of EUR 19.9 million (pre-tax) from the partial reversal of a provision for pensions. Traffic volumes varied considerably during 2002. The year started with a decline of 7.1% in the number of passengers for January and ended with a plus of 16.1% in December. Total growth in traffic was significantly better than the originally forecasted decline of 4% in the number of passengers. Vienna International Airport was one of the few European airports able to close 2002 with an increase in total traffic volumes, which equalled 1%. This development was also supported by sound growth in traffic to destinations in Eastern Europe and the Far East, and an increase of 11.2% in the number of transfer passengers. 2002 2001 Change in EUR mill. in EUR mill. in % Turnover Group 318.4 320.1 -0.5 Airport 135.8 136.2 -0.3 Handling 105.3 111.0 -5.1 Non-aviation 75.3 72.7 +3.6 Operating income 328.4 328.7 -0.1 Operating expenses 231.3 243.5 -5.0 Income before interest and taxes (EBIT) Group 97.1 85.2 +13.9 Airport 61.2 66.1 -7.5 Handling 22.5 21.8 +3.4 Non-Aviation 33.1 31.2 +6.2 Profit before tax (EBT) 105.6 96.9 +8.9 Profit for the year 70.3 66.3 +6.1 Cash flow from operating activities 120.9 98.3 +23.0 Passengers (in mill.) 12.0 11.9 +1.0 Transfer passengers (in mill.) 4.2 3.8 +11.2 Flight movements 186,782 185,425 +0.7 Maximum take-off weight (in 1000 t) 5,010 5,113 -2.0 Cargo (in 1000 t) 160.0 159.5 +0.3 RESULTS Turnover reported by the Flughafen Wien Group declined by 0.5% to EUR 318.4 million in the reporting year. With a share of 42.7% the Airport Segment remained the largest business unit, despite a slight 0.3% decline in turnover to EUR 135.8 million. Turnover in this segment is primarily driven by traffic development, which saw a 1% increase in the number of passengers, a 0.7% increase in flight movements, and a 2% decline in maximum take-off weight (MTOW), the key factor for calculating landing tariffs. The Handling Segment, which generated 33.1% of Group turnover in 2002, saw a decline of 5.1% in revenues to EUR105.3 million, primarily due to traffic development and greater pressure on prices from competition by the second ground handling agent. However, Flughafen Wien AG has successfully defended its 93% market share in 2002. GOOD DEVELOPMENT IN NON-AVIATION SEGMENT The Non-Aviation Segment generated a turnover increase of 3.6%, contributing 23.6% of the total Group turnover for the reporting year. This increase was supported by higher demand for security services (+24.2%), higher revenues from shops and gastronomy (+5.4%), and the rental of newly completed facilities in the Cargo North area to UPS and TNT. DIVIDEND Flughafen Wien AG closed the 2002 business year with distributable profit of EUR 42,008,707.66. In spite of the difficult environment, the Management Board of Flughafen Wien AG recommends payment of a dividend of EUR 2.00 per share (2001: EUR 1.9) for the reporting year, totalling a distribution of EUR 42.0 million. INVESTMENTS Investments in tangible and intangible assets increased by EUR 18.3 million to EUR 79.6 million, and remained significantly below the forecasted level of EUR 153.2 million. Low-priority projects were postponed following a decline in the number of passengers during the first five months of 2002. Major projects for the reporting year focused on the enlargement of the west and northeast aprons at a cost of EUR 25.1 million, the planning for the VIE- Skylink Terminal at worth EUR 6.4 million, and the construction of the Cargo North rental facility for EUR 10.1 million. Of major strategic importance was the EUR 25.8 million increase in financial assets to include a holding in Malta International Airport plc. Together with two other consortium partners we acquired 40% of the shares in this company during July 2002. Flughafen Wien AG holds 57.1% of the shares in Malta Mediterranean Link Consortium Ltd., and thereby indirectly owns 22.8% of Malta International Airport plc. OUTLOOK In January this year Flughafen Wien AG projected increases of slightly over 4% in the number of passengers and 2% in flight movements, as well as stagnation in maximum take-off weight (MTOW) for 2003. However, this forecast did not include the effects of a war in Iraq. “We cannot estimate the impact of the war at this time, since it will depend on the duration and effects of the conflict. Flughafen Wien AG will react to changes in a flexible manner and implement cost cutting measures. If necessary, we can also postpone planned investments”, stated Herbert Kaufmann, member and speaker of the Management Board at the press conference on 2002 results. end of message, (c)DGAP 03.04.2003 ——————————————————————————– WKN: 091180; ISIN: AT0000911805; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin-Bremen, Frankfurt, Hamburg, München, Stuttgart; London 031000 Apr 03