Corporate | 26 May 2009 08:00
Flughafen Wien AG / Quarter Results
Release of a Corporate News, transmitted by DGAP - a company of EquityStory
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* Passengers: - 14.8% to 3,660,091 Passengers
* Revenue: - EUR 7.4 million (5.7%) to EUR 121.4 million
* Other operating expenses: - EUR 2.0 million (9.6%) to EUR 19.0 million
with cost savings programme
* EBITDA: - EUR 5.1 million (10.9%) to EUR 41.7 million
* EBIT: - EUR 4.6 million (15.6%) to EUR 25.1 million
* Net profit for the period: - EUR 3.3 million (15.7%) to EUR 17.5 million
Revenue recorded by the Flughafen Wien Group for the first quarter of 2009
declined 5.7% year-on-year to EUR 121.4 million. However, a cost reduction
programme supported a 9.6% decrease in other operating expenses. EBITDA for
the reporting period amounted to EUR 41.7 million (-10.9%) and EBIT reached
EUR 25.1 million (-15.6%). The EBITDA margin fell to 34.3% (first quarter
of 2008: 36.4%) and the EBIT margin to 20.7% (first quarter of 2008: 23.1%)
because the decrease in other operating expenses was less than the decline
in revenue. Financial results improved from minus EUR 2.7 million to minus
EUR 2.0 million. After the deduction of taxes totalling EUR 5.5 million,
net profit for the period equalled EUR 17.5 million (first quarter of 2008:
EUR 20.8 million).
Development of revenue outpaces traffic results
Revenue totalled EUR 121.4 million for the reporting period (first quarter
of 2008: EUR 128.8 mill.), whereby the 5.7% decline is clearly less than
the decrease in traffic. This development was supported by all segments of
the Flughafen Wien Group with the exception of the Airport Segment. The
initial application of IFRS 8 resulted in the new structuring of the
Group's operating segments. Revenue recorded by the Airport Segment fell by
9.2% year-on-year. The Handling Segment reported a decline of 2.5% and the
Retail & Properties Segment a minus of 4.2%. Revenue registered by the
'Other Segments' decreased 5.4%. The average market share of the Handling
Segment rose by 1.5 percentage points over the first quarter of 2008 to
equal 90.6% for the reporting period. This growth was also based on an
increase of EUR 1.5 million or 5.8% in revenue from apron handling
services.
Slowdown in traffic continues
Vienna International Airport handled a total of 3,660,091 passengers during
the period from January to March 2009, which represents a decrease of 14.8%
in relation to the comparable prior year period. Traffic to Eastern Europe
and Western Europe fell by 18.3% and 13.9%, respectively. The Middle East
was least affected by the economic crisis with a minus of 4.8%. An analysis
of the traffic volume by airline shows a continued decline in the share of
passengers handled by the AUA Group to 48.3% (first quarter of 2008:
48.8%). The low-cost carriers recorded the lowest drop in passenger volume
with a minus of 12.3%. Maximum take-off weight (MTOW) totalled 1,643,920
tonnes, which is 10.2% less than in the comparable prior year period. Cargo
(air cargo and trucking) fell by 19.1% to 54,220 tonnes and flight
movements by 10.4% to 56,820. Seat occupancy was 2.1 percentage points
lower at 61.3%.
Corporate Spending
The major projects carried out during the first quarter of 2009 included
the terminal expansion (VIE-Skylink) at EUR 10.2 million, the ramp in front
of the VIE-Skylink at EUR 12.5 million, the new fire department
headquarters and checkpoints at EUR 2.7 million, and the expansion of the
north-east apron and security systems at EUR 0.8 million each.
Outlook
Traffic results for April show a further decline in all segments. In
comparison with April of the previous year, the number of passengers fell
by 9.5%. Flight movements and maximum take-off weight (MTOW) decreased
12.6% and 8.8%, respectively. The number of passengers travelling to
Eastern Europe (scheduled and charter flights) was 22.1% lower in April
2009. The other European destinations reported a decline of 7.9%. Flughafen
Wien AG has revised its traffic estimates for the current year based on
developments during the first months, and is now forecasting a decrease of
9% in the number of passengers and 8% each in maximum take-off weight and
flight movements. The number of passengers handled at Vienna International
Airport is expected to reach roughly 18 million by the end of 2009.
Capital expenditure for the period from 2009 to 2013 is now planned to
total EUR 937 million (excluding the purchase of land), whereby EUR 242
million are allocated to projects that can be postponed. Investments in
projects that cannot be postponed total EUR 695 million and comprise EUR
633 million of expansion projects and EUR 62 million of replacement
investments. A decision on the timing of these investments will be made
during the second quarter of 2009.
Consolidated Interim Financial Statements
Consolidated Income Statement in TEUR
1-3/2009 1-3/2008 Change
Revenue 121,417.0 128,772.3 -5.7%
Other operating income 2,792.4 2,304.7 21.2%
Operating income 124,209.5 131,077.0 -5.2%
Consumables and services used -10,983.2 -10,911.1 0.7%
Personnel expenses -52,556.6 -52,351.6 0.4%
Other operating expenses -18,969.6 -20,995.4 -9.6%
Earnings before interest,
taxes, depreciation and
amortisation (EBITDA) 41,700.0 46,818.9 -10.9%
Depreciation and amortisation -16,594.6 -17,088.1 -2.9%
Earnings before interest and
taxes (EBIT) 25,105.5 29,730.8 -15.6%
Net financing costs -1,614.4 -2,595.3 -37.8%
Other financial income/expense -33.8 105.0 -132.2%
Financial results, excl.
companies at equity -1,648.2 -2,490.3 -33.8%
Income from companies at
equity -372.5 -163.3 128.1%
Financial results -2,020.7 -2,653.6 -23.9%
Profit before taxes (EBT) 23,084.8 27,077.2 -14.7%
Income taxes -5,543.8 -6,271.1 -11.6%
Net profit for the period 17,541.0 20,806.1 -15.7%
Thereof attributable to:
Equity holders of the parent 17,543.6 20,801,9 -15.7%
Minority interest -2.6 4.2 -160.3%
Earnings per share (in EUR)
basic/diluted 0.84 0.99 -15.2%
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first quarter from
1 January to 31 March 2009 is available to the general public
at the company's offices in 1300 Flughafen Wien and at Unicredit Bank
Austria AG, 1010 Vienna, Am Hof 2.
Flughafen Wien, 26 May 2009
The Management Board
Robert Dusek
Investor Relations
Flughafen Wien AG
Tel: 0043-1-7007/23126
26.05.2009 Financial News transmitted by DGAP
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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
Internet: www.viennaairport.com
ISIN: AT0000911805
WKN: 884216
Indices: ATX
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) London, Wien
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