Corporate | 19 November 2009 08:00
Flughafen Wien AG / Quarter Results
19.11.2009
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* Passengers: - 10.3% to 13,732,465
* Revenue: -10.4% to EUR 374.4 million
* New contracts for plant services on Skylink project
Revenue recorded by the Flughafen Wien Group totalled EUR 374.4 million for
the first nine months of 2009, whereby this 10.4% decline reflects the
development of traffic. Personnel expenses and other operating expenses
were reduced by 2.9% and 2.2%, respectively. EBITDA amounted to EUR 132.6
million (-19.2%) and EBIT equalled EUR 82.8 million (-26.6%) for the
reporting period. Financial results were 4.3% lower at minus EUR 3.7
million. After the deduction of EUR 18.3 million in income tax expense, net
profit for the period totalled EUR 60.8 million (1-9/2008: EUR 84.7
million).
Parallel development of revenue and traffic
Revenue fell by 10.4% to EUR 374.4 million for the first nine months of
2009 (1-9/2008: EUR 418.0 million). Flughafen Wien AG restructured its
reporting segments at the beginning of this year in connection with the
application of IFRS 8. Revenue recorded by the Airport Segment declined
12.6% year-on-year as a result of the downturn in traffic and a decrease of
EUR 6.5 million in income from the reimbursement of costs for security
services. The Handling Segment reported a revenue decline of 10.2% and the
Retail & Properties Segment a minus of 6.6%. The average market share of
the Handling Segment rose by 0.5 percentage points over the comparable
prior year period to 90.1%.
Slower decline in traffic
Vienna International Airport handled a total of 13,732,465 passengers
during the period from January to September 2009, which represents a
year-on-year decline of 10.3%. Traffic to Eastern Europe and Western Europe
fell by 17.0% and 8.4%, respectively. Travel to the Middle East was least
affected by the economic crisis, and increased 5.4% during the reporting
period. The share of passengers handled by the Austrian Airlines Group
continued to decline, totalling 49.4% for the first nine months (1-9/2008:
49.8%). The low-cost carriers handled 23.4% of the passengers at Vienna
International Airport (1-9/2008: 23.2%), for a decline of 9.4%. Maximum
take-off weight (MTOW) amounted to 5,445,848 tonnes, which is 8.6% lower
than in the comparable prior year period. Cargo volume (air cargo and
trucking) fell by 12.5% to 176,243 tonnes, and flight movements declined
9.8% to 183,783. Seat occupancy remained unchanged in comparison with the
prior year at 68.8%.
Corporate spending
The major investment during the first nine months of 2009 was the terminal
expansion VIE-Skylink at a cost of EUR 56.8 million. Other projects focused
on the ramp in front of the airport building at EUR 12.5 million, the new
fire department headquarters and checkpoints at EUR 6.3 million, baggage
sorting equipment at EUR 5.3 million, the guidance system at EUR 3.1
million, technical noise protection at EUR 1.9 million and a forwarding
agent building at EUR 1.1 million.
New contracts for plant services on Skylink project
Contract negotiations between Flughafen Wien AG and the relevant firms and
tenders for the continuation of construction on the terminal expansion
VIE-Skylink are proceeding positively. An important step was completed with
the signing of new contracts for the heating, air conditioning and
ventilation systems as well as sanitary facilities, which bring a
significant financial improvement for Flughafen Wien AG: ARGE HKL (a joint
venture with Axima Gebäudetechnik GmbH, Siemens Bacon GmbH & Co KG and
Ortner GmbH) was commissioned to carry out the work on the heating, air
conditioning and ventilation systems. The contract for the sanitary
facilities was awarded to Ortner GmbH. Contracts with 20 other firms are
expected to be concluded in the coming weeks. Construction on this project
should resume in mid-February 2010 and should be completed by July 2011.
The goal of this temporary halt is to cut costs and reduce actual
expenditures below the currently forecasted volume of EUR 830 million.
Outlook
Traffic data for October show a substantially slower decline in all traffic
segments. In comparison with October of the previous year, the number of
passengers fell by 2.9%. Flight movements and maximum take-off weight
(MTOW) decreased 8.2% and 5.8%, respectively. The number of passengers
travelling to Eastern Europe (scheduled and charter flights) was 12.3%
lower in October 2009, while the other European destinations remain nearly
stable with an increase of 0.2%. Traffic to the Middle East rose by 12.8%
during the reporting period. In addition to the existing handling contract
with Austrian Airlines, handling contracts were also concluded with other
carriers and the market share of Flughafen Wien AG in this segment of
business appears to be secure in any case at approx. 90% for 2010. In the
cargo segment, Vienna International Airport surpassed the European average
in spite of the weak economic environment, and is increasing its share of
the market. The volume of cargo rose by 4.0% over the level recorded in
October 2008. For 2009 Flughafen Wien AG is forecasting a decline of 9% in
the number of passengers, 8% in maximum take-off weight (MTOW) and 8% in
flight movements. The number of passengers handled at Vienna International
Airport is expected to reach roughly 18 million by the end of 2009.
Consolidated Interim Financial Statements
Consolidated Income Statement in TEUR
1-9 /2009 1-9 /2008 Change 7-9/2009 7-9/2008
in %
Revenue 374,353.6 417,966.2 -10.4 129,768.3 145,300.1
Other operating
income 10,637.1 7,605.4 39.9 4,256.6 2,608.4
Operating income 384,990.7 425,571.5 -9.5 134,024.9 147,908.5
Consumables and
services used -26,991.6 -29,681.3 -9.1 -8,108.5 -8,882.1
Personnel expenses -160,183.2 -164,982.4 -2.9 -52,579.1 -56,265.9
Other operating
expenses -65,212.0 -66,711.1 -2.2 -20,854.1 -22,979.5
Earnings before interest,
taxes, depreciation and
amortisation (EBITDA) 132,603.9 164,196.7 -19.2 52,483.1 59,781.0
Depreciation and
amortisation -49,838.3 -51,387.5 -3.0 -16,413.3 -16,860.5
Earnings before interest
and taxes (EBIT) 82,765.6 112,809.2 -26.6 36,069.8 42,920.5
Income from investments,
excl. companies at
equity 225.0 406.0 -44.6 225.0 0.0
Net financing costs -7,247.7 -7,484.9 -3.2 -3,821.9 -2,290.2
Other financial
income/expense -33.8 133.0 -125.4 0.0 0.0
Financial results, excl.
companies at equity -7,056.5 -6,945.9 1.6 -3,596.9 -2,290.2
Income from companies
at equity 3,362.5 3,405.1 -1.3 2,290.5 1,991.0
Financial results -3,694.0 -3,540.8 4.3 -1,306.4 -299.3
Profit before
taxes (EBT) 79,071.5 109,268.4 -27.6 34,763.4 42,621.3
Income taxes -18,309.6 -24,544.2 -25.4 -8,136.1 -8,361.2
Net profit for
the period 60,761.9 84,724.2 -28.3 26,627.3 34,260.1
Thereof attributable to:
Shareholders of
the parent 60,771.4 84,732.3 -28.3 26,630.5 34,260.2
Minority interest -9.5 -8.1 16.7 -3.2 -0.1
Earnings per share
in EUR basic/diluted 2.89 4.03 -28.3 1.26 1.63
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first three quarters from 1 January
to 30 September 2009 is available to the general public at the company's
offices in 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Am Hof 2.
The Management Board
Flughafen Wien, 19 November 2009
Robert Dusek
Investor Relations
Flughafen Wien AG
Tel: +43-1-7007/23126
e-mail: r.dusek@viennaairport.com
19.11.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 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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