Corporate | 25 November 2010 08:00
Flughafen Wien AG / Key word(s): Quarter Results
25.11.2010 08:00
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. EBITDA: + 9.0% to EUR 144.5 million
. EBIT: + 15.0% to EUR 95.2 million
. Passengers: + 8.3% to 14,870,628
. Increase in forecast for 2010: passengers + 9.0%, maximum take-off
weight (MTOW) + 10.0% and flight movements + 1.0%
. Agreements concluded with Austrian Airlines and NIKI to utilise joint
growth perspectives
The Flughafen Wien Group recorded revenue of EUR 397.8 million in the first
nine months of 2010, which represents an increase of 6.3% over the
comparable prior year period. Net profit rose by 18.8% to EUR 72.2 million
(1-9/2009: EUR 60.8 million), or at a higher rate than the increase in
traffic. EBITDA amounted to EUR 144.5 million (+9.0%) and EBIT EUR 95.2
million (+15.0%) for the reporting period. The stronger earnings growth in
relation to the development of revenue supported an improvement in the
EBITDA margin to 36.3% (1-9/2009: 35.4%) and the EBIT margin to 23.9%
(1-9/2009: 22.1%).
'Flughafen Wien AG continues to pursue its growth course and produced sound
results for the first three quarters of 2010. That confirms our standing as
a successful and strong corporation. The development of traffic also
exceeded our expectations, increasing by more than double the European
average during the first nine months. In order to support this growth over
the long-term and strengthen the position of Vienna International Airport
as a hub, we have concluded agreements with Austrian Airlines and NIKI',
explained Herbert Kaufmann, speaker of the Management Board of Flughafen
Wien AG.
Segment revenue
Revenue recorded by the Flughafen Wien Group rose by 6.3% to EUR 397.8
million for the first nine months of 2010 (1-9/2009: EUR 374.4 million).
This increase was less than the growth in traffic due to the conclusion of
agreements with the Austrian Airlines Group and NIKI to utilise joint
growth opportunities as well as the related measures to drive traffic
growth and expand and/or strengthen the hub system. External revenue
recorded by the Airport Segment rose by 18.7% to EUR 199.3 million, above
all due to a change in the allocation of revenue from passenger and baggage
controls that was previously assigned to the Handling Segment and equalled
EUR 22.4 million for the reporting period. This change in allocation was
also responsible for a EUR 10.9 million decline in Handling Segment revenue
to EUR 117.3 million. The average market share of the Handling Segment fell
by 0.8 percentage points to 89.3%. The Retail & Properties Segment reported
a 6.1% increase in revenue to EUR 70.0 million, while revenue in the 'Other
Segments' declined EUR 1.0 million to EUR 10.8 million.
New agreements with Austrian Airlines and NIKI
Two key objectives of Flughafen Wien AG are to further develop the economic
position of Vienna International Airport by creating sustainable incentives
for airlines to generate long-term growth based in Vienna and, at the same
time, to expand and strengthen the hub system. In order to meet these
objectives, Flughafen Wien AG concluded agreements with Austrian Airlines
and NIKI to improve the current system partnerships. The related expenses
to be carried by Flughafen Wien AG amount to approx. EUR 17.0 million, but
will only be payable in full if the agreed growth targets are met. Results
for the third quarter of 2010 include 75% of this total.
The goal of these new agreements is to realise joint opportunities for
growth. The agreements include an extension of the prior year increase in
the transfer incentive to EUR 10.21 per passenger; this incentive would
have expired in June 2010. These agreements also include measures that will
help to optimise space in the AUA base at Vienna International Airport.
Furthermore, cooperation within the system partnership will be strengthened
to improve core processes in order to share the resulting cost and service
benefits.
8.3% traffic growth during the first three quarters of 2010
Vienna International Airport handled a total 14,870,628 passengers during
the period from January to September 2010. This reflects an increase of
8.3% over the comparable prior year period and was realised despite the
negative effects of the volcanic ash cloud on air traffic throughout
Europe. The development of passenger traffic in Vienna during the first
three quarters of this year was more than twice as high as the European
average. The number of passengers departing to Eastern Europe and Western
Europe rose by 12.8% and 7.5%, respectively. Traffic to the Middle East was
12.0% higher, while destinations in Africa recorded a plus of 7.3%. The
number of passengers travelling to North America matched the comparable
prior year period. The Austrian Airlines Group reported a 13.1% increase in
the number of passengers handled at Vienna International Airport, which
raised its share of total passenger traffic from 49.4% in the first nine
months of 2009 to 51.6%. The low-cost carriers handled 0.9% more passengers
during the first three quarters of 2010, which represents 21.8% of
passenger traffic in Vienna (1-9/2009: 23.4%). Maximum take-off weight
(MTOW) totalled 5,947,507 tonnes, which is 9.2% higher than the comparable
prior year period. The volume of cargo handled (air cargo and trucking)
rose by 23.3% to 217,259 tonnes. The number of flight movements increased
by a slight 0.9% to 185,523. Seat occupancy rose from 68.8% in the first
nine months of 2009 to 69.4% in the reporting period.
Corporate spending
The major investments during the first nine months of 2010 involved the
terminal extension VIE-Skylink at EUR 43.5 million, security systems at EUR
7.3 million, technical noise protection and the environmental fund at EUR
4.2 million, infrastructure extensions for the west expansion at EUR 2.2
million, passenger security control lines at EUR 1.4 million, advertising
space at EUR 1.8 million and baggage sorting equipment at EUR 1.7 million
as well as EUR 1.0 million each for towing vehicles and real estate.
Outlook
Results for October show positive development in all traffic segments. In
comparison with October of the previous year, the number of passengers
handled in Vienna rose by 11.4%. Flight movements increased 3.8% and
maximum take-off weight (MTOW) 14.4%. The number of passengers handled
during the first nine months of 2010 was 8.6% higher than the comparable
prior year period.
Based on this sound development, Flughafen Wien AG has revised its traffic
forecasts for 2010 and now expects a plus of 9.0% in the number of
passengers, 10.0% in maximum take-off weight (MTOW) and 1.0% in flight
movements.
Latest estimates call for investments of EUR 129.0 million in 2010. This
amount covers replacements and maintenance, but excludes expenditures for
the third runway, the purchase of land and borrowing costs capitalised
during construction. The reduction in planned investments resulted from the
postponed realisation of projects that include the revitalisation of
Terminal 2, the forwarding agent building and the bus gates. It also
reflects the renegotiation of contracts for the VIE-Skylink project at more
favourable conditions and the implementation of other measures that led to
an increase in the provision for risk and reserves. In addition, individual
investments for the VIE-Skylink project were rescheduled to later periods.
The goal is to keep the total costs below EUR 830 million and to also
guarantee the start of operations during the first half of 2012.
Consolidated Interim Financial Statements
Consolidated Income Statement in TEUR/
1-9/2010 1-9/2009 Change 7-9/2010 7-9/2009
in %
Revenue 397,814.6 374,353.6 6.3 144,651.5 129,768.3
Other operating
income 11,347.0 10,637.1 6.7 3,830.8 4,256.6
Operating income 409,161.6 384,990.7 6.3 148,482.3 134,024.9
Consumables and
services used -28,553.3 -26,991.6 5.8 -8,207.6 -8,108.5
Personnel expenses -168,522.6 -160,183.2 5.2 -56,146.8 -52,579.1
Other operating
expenses -67,613.3 -65,212.0 3.7 -25,321.2 -20,854.1
Earnings before interest, taxes,depreciation and
amortisation (EBITDA) 144,472.3 132,603.9 9.0 58,806.7 52,483.1
Depreciation and
amortisation -49,268.5 -49,838.3 -1.1 -16,217.1 -16,413.3
Earnings before interest
and taxes (EBIT) 95,203.9 82,765.6 15.0 42,589.6 36,069.8
Income from investments, excl. companies at
equity 311.5 225.0 38.5 0.0 225.0
Net financing costs -5,090.8 -7,247.7 -29.8 -1,114.6 -3,821.9
Other financial
income/expense 32.3 -33.8 -195.6 10.8 0.0
Financial results, excl. companies
at equity -4,746.9 -7,056.5 -32.7 -1,103.8 -3,596.9
Income from companies
at equity 3,549.7 3,362.5 5.6 2,665.7 2,290.5
Financial results -1,197.2 -3,694.0 -67.6 1,561.9 -1,306.4
Profit before taxes
(EBT) 94,006.6 79,071.5 18.9 44,151.6 34,763.4
Income taxes -21,818.4 -18,309.6 19.2 -10,063.7 -8,136.1
Net profit for
the period 72,188.3 60,761.9 18.8 34,087.9 26,627.3
Thereof attributable to:
Shareholders of the
parent 72,204.4 60,771.4 18.8 34,100.8 26,630.5
Non-controlling
interests -16.2 -9.5 70.3 -12.9 -3.2
Earnings per share in EUR
basic/diluted 3.44 2.89 19.0 1.63 1.26
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first three quarters from 1 January
to 30 September 2010 is available to the general public at the company's
offices in 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Am Hof,
and is also available in the Internet under http://ir.viennaairport.com,
menu point 'Publications', sub-section 'Other Publications'.
The Management Board
Flughafen Wien, 25.11.2010
Mario Santi
Flughafen Wien AG
Investor Relations
Tel: +43-1-7007/22826
e-mail: m.santi@viennaairport.com
25.11.2010 Dissemination of a Corporate News, transmitted by DGAP -
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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 München, Berlin, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) London, Wien (Amtlicher Handel
/ Official Market)
End of Announcement DGAP News-Service
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