Corporate | 25 May 2007 08:00
Flughafen Wien AG / Quarter Results
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.) Turnover: + 3.9% to € 110.8 million
.) EBITDA: + 7.1% to € 41.3 million
.) EBIT: + 3.7% to € 25.0 million
.) Passengers: + 9.4% to 3,691,415
The Flughafen Wien Group remained on its growth course with excellent
results for the first quarter of 2007. With a plus of 9.4%, the increase in
passenger volume exceeded forecasts by a substantial margin. Turnover rose
by 3.9% to € 110.8 million, EBITDA by 7.1% to € 41.3 million and EBIT by
3.7% to € 25.0 million. Net profit of € 17.9 million for the period
represents an improvement of 5.0 %.
Increase in passenger volume
Vienna International Airport is able to report excellent traffic statistics
for the first three months of 2007: the number of passengers rose by 9.4%
to a total of 3,691,415 and transfers increased 13.1%. Further improvement
was recorded in maximum take-off weight (MTOW) with +4.4%, flight movements
with +4.2% and cargo with +0.6%. The strongest growth was registered in
travel to destinations in the Near East, where the number of passengers
rose by 24.5% during the first quarter of this year, and in traffic to
Eastern Europe with a plus of 18.6%. The sound development of traffic to
Eastern Europe was driven above all by the Austrian Airline Group. In
addition, the low-cost carriers increased the number of passengers handled
at Vienna International Airport by 27.0% and thereby raised their share of
passenger volume by 2.2 percentage points to 15.2%. Of the total increase
in passengers recorded for the first quarter of this year, 37.6% was
generated by the low-cost carriers.
Sound traffic development drives turnover
Turnover rose by 3.9% to € 110.8 million for the first three months of
2007. The higher volume of traffic led to an increase of 7.1% in turnover
recorded by the Airport Segment to € 47.8 million, despite a reduction of
1.38% in the landing tariff. The 7.9% decline in Handling Segment turnover
to € 33.2 million is explained primarily by the mild winter, which led to a
sharp drop in de-icing requirements and subsequent decrease of 47.6% in
income from individual services. An increase of 2.8% in handling activities
was unable to completely offset this development. The average market share
remained nearly constant at 88.5%. The growth in turnover recorded by the
Non-Aviation Segment continued during the first quarter of 2007 with a plus
of 15.1% to € 29.8 million. This development was supported above all by
higher earnings from security controls, rentals, shops and gastronomy as
well as parking.
The decline in other operating income resulted chiefly from a reduction in
capitalised services, which are provided by Vienna Airport Infrastruktur
Maintenance GmbH for Flughafen Wien AG.
Expenses
The cost of materials and services fell 18.0% to € 9.0 million during the
first quarter of 2007, primarily due to a reduction in the use of de-icing
materials as a consequence of the warm weather. Personnel expenses rose by
3.7% to € 48.6 million parallel to the growth in the workforce and as a
consequence of wage and salary increases mandated by collective bargaining
agreements. These effects were contrasted by lower expenses for overtime.
The 6.5% rise in the number of employees to 3,920 resulted not only from
the positive development of traffic, but also from additional hiring in
connection with the expansion of security services to include the
examination of liquids in hand luggage. Other operating expenses rose by
3.7% to € 13.9 million. Lower maintenance costs were contrasted by higher
expenditures for marketing. The depreciation of tangible assets and
amortisation of intangible assets increased 12.7% to € 16.3 million.
Earnings
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
increased 7.1% to € 41.3 million for the first quarter of 2007, and led to
an improvement of 1.5 percentage points in the EBITDA margin to 36.6%.
Income before interest and taxes (EBIT) rose by 3.7% to € 25.0 million and
the EBIT margin increased 0.2 percentage points to 22.2%. Financial results
improved by € 0.1 million over the comparable prior year period to a total
of € -1.4 million. Profit before taxes (EBT) grew by 4.3% to € 23.5
million, and triggered an increase of 2.1% in tax expense to € 5.6 million.
The resulting net profit for the period totalled € 17.9 million. The share
of net profit attributable to minority interests equalled € 0.3 million for
the first quarter of 2007, while the share of profit attributable to the
shareholders of the parent company totalled € 17.6 million (first quarter
of 2006 € 17.1 mill.).
Corporate Spending
The largest single investments made during the first three months of 2007
included € 17.5 million for the construction of the VIE-Skylink terminal
and € 10.8 million for the Office Park II.
Outlook
The positive development recorded by Vienna International Airport continued
into April with strong growth in all traffic segments. In comparison to
April of the previous year, the number of passengers increased 8.9% to
1,528,021. Flight movements rose by 6.2%, maximum take-off weight by 7.0%
and the number of transfer passengers by 6.9%. The total number of
passengers (scheduled and charter) travelling to Eastern Europe was 26.5%
higher in April 2007. Sound development was also recorded in travel to
other European destinations with a plus of 11.0% and in flights to the Near
East with a plus of 9.7% in passengers. Together with the introduction of
the summer flight plan, new airlines will add Vienna International Airport
to their programmes with further destinations and additional frequencies.
Flughafen Wien AG acquired the 'World Trade Center', an office building
with roughly 18,000 m² of rentable space, from the previous owners
retroactive as of 1 January 2007. This facility will now become the Office
Park III. The building was constructed in 1989 by a third party on land
owned by Flughafen Wien AG, directly across from the arrivals hall and
adjacent to the nh-Hotel.
Flughafen Wien AG obtained all necessary approvals from public authorities
for the construction of the VIE-Skylink terminal and is acting in
compliance with Austrian law. An administrative ruling on the expansion of
the VIE-Skylink terminal was issued by the Province of Lower Austria, and
states that an environmental impact assessment is not required for this
project.
On 1 March 2007 Flughafen Wien AG filed the environmental impact assessment
for the project 'Parallel runway 11R/29L' with the Government of the
Province of Lower Austria for evaluation in accordance with the Austrian
Environmental Impact Assessment Act of 2000.
Interim Financial Statements for the First Quarter of 2007 according to
IFRS
Consolidated Income Statement
T€ 1-3/2007 1-3/2006 Change
Turnover 110,834.2 106,653.0 3.9%
Other operating income 1,894.8 3,043.5 -37.7%
Operating income 112,728.9 109,696.5 2.8%
Cost of materials and
services -8,952.6 -10,912.6 -18.0%
Personnel expenses -48,579.3 -46,825.6 3.7%
Other operating
expenses -13,891.6 -13,400.7 3.7%
Earnings before
interest, taxes,
depreciation and
amortisation (EBITDA) 41,305.4 38,557.6 7.1%
Depreciation and
amortisation -16,336.5 -14,490.3 12.7%
Income before interest
and taxes (EBIT) 24,968.9 24,067.3 3.7%
Net financing costs -1,372.1 -1,254.7 9.4%
Other financial results -80.4 0.0 n.a.
Financial results,
excl. associates
at equity -1,452.5 -1,254.7 15.8%
Income from
associates at equity 20.9 -253.8 -108.2%
Financial results -1,431.6 -1,508.5 -5.1%
Profit before
taxes (EBT) 23,537.3 22,558.8 4.3%
Taxes on income -5,635.4 -5,517.5 2.1%
Net profit for
the period 17,901.9 17,041.4 5.0%
Thereof attributable
to minority interests 284.2 -17.6 -1,715.1%
Thereof attributable
to the parent company 17,617.7 17,059.0 3.3%
Earnings per share
(in €) 0.84 0.81 3.7%
Consolidated Balance Sheet
T€ 31.3.2007 31.12.2006 Change
Non-current assets 1,231,520.2 1,215,908.8 1.3%
Current assets 346,894.3 269,495.4 28.7%
Assets 1,578,414.5 1,485,404.2 6.3%
Equity 760,084.4 739,196.4 2.8%
Non-current liabilities 613,038.0 485,267.9 26.3%
Current liabilities 205,292.1 260,939.8 -21.3%
Equity and Liabilities 1,578,414.5 1,485,404.2 6.3%
Consolidated Cash Flow Statement
T€ 1-3/2007 1-3/2006 Change
Net cash flows
from operating activities 21,956.2 18,600.8 18.0%
from investing activities -81,138.6 -84,780.1 -4.3%
from financing activities 97,210.9 56,299.6 72.7%
Change in cash and
cash equivalents 38,028.5 -9,879.7 -484.9%
Change in revaluation
reserve for securities 345.2 651.0 -47.0%
Effect of exchange rate
fluctuations on cash held 4.5 -91.1 -105.0%
Cash and cash equivalents
at the beginning of
the period 128,914.0 58,231.5 121.4%
Cash and cash
equivalents at the
end of the period 167,292.1 48,911.8 242.0%
Segment Results
T€ 1-3/2007 1-3/2006 Change
Airport
Segment turnover* 47,833.9 44,671.4 7.1%
Segment earnings 18,761.2 14,055.4 33.5%
Handling
Segment turnover* 33,187.0 36,042.0 -7.9%
Segment earnings 1,821.5 6,042.0 -69.9%
Non-Aviation
Segment turnover* 29,780.8 25,876.9 15.1%
Segment earnings 9,468.9 9,195.8 3.0%
*External turnover
Financial Indicators (in T€, excluding employees)
1-3/2007 Change in % 1-3/2006
Total turnover 110,834.2 + 3.9 106,653.0
EBIT 24,968.9 + 3.7 24,067.3
EBITDA 41,305.4 + 7.1 38,557.6
EBIT margin in % 22.2 + 1.0 21.9
EBITDA margin in % 36.6 + 4.2 35.2
Net profit after
minority interests 17,617.7 + 3.3 17,059.0
Cash flow from
operating activities 21,956.2 + 18.0 18,600.8
Equity 760,084.4 + 7.4 707,941.2
Capital expenditure 31,459.1 + 26.1 24,941.0
Employees, average
for the period 3,920 + 6.5 3,681
Industry Indicators
1-3/2007 Change in % 1-3/2006
MTOW (in tonnes) 1,578,951 + 4.4 1,512,582
Passengers 3,691,415 + 9.4 3,375,744
Transfer passengers 1,322,164 + 13.1 1,169,276
Flight movements 56,482 + 4.2 54,207
Cargo(air cargo and
trucking) in tonnes 62,970 + 0.6 62,599
Seat occupancy in % 64.3 + 3.4 62.2
Robert Dusek
Investor Relations
r.dusek@viennaairport.com
Tel: 0043-1-7007/23126
DGAP 25.05.2007
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Language: English
Issuer: Flughafen Wien AG
Postfach 1
1300 Wien-Flughafen Österreich
Phone: +43-1-7007/23126
Fax: +43-1-7007/23058
E-mail: r.dusek@viennaairport.com
www: www.viennaairport.com
ISIN: AT0000911805
WKN: 884216
Indices: ATX
Listed: Amtlicher Markt in Wien; Freiverkehr in Berlin-Bremen,
Stuttgart, München; Open Market in Frankfurt; Foreign
Exchange(s) London
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