Ad hoc announcement Flughafen Wien AG / Keyword(s): Profit Warning/Preliminary Results Flughafen Wien AG: Ad hoc press release / Flughafen Wien AG issues profit warning Ad hoc announcement transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ------------------------------------------------------------------------------ * Non-recurring effects and impairment charges of approx. EUR 74 million have a negative effect on results for the first nine months of 2011; preliminary net profit for the period falls to approx. EUR 20 million * Skylink: experts identify damages of approx. EUR 57 million from deficient contract performance - Flughafen Wien will actively pursue claims for compensation * Management Board cuts capital expenditure programme for the period up to 2015 by EUR 70 million to EUR 590 million In connection with the preparation of the financial statements for the third quarter, the management board of the issuer has determined the following on November 18, 2011: The impairment charges and non-recurring effects of approx. EUR 74 million are attributable to the terminal extension Skylink, the investment inKošice Airport and an investment property at Vienna Airport; in addition, provisions must be recognised to cover part-time work for older employees. These non-recurring effects will have a negative effect on earnings in the third quarter of 2011, and preliminary net income for the first nine months of this year will fall to approx. EUR 20 million. Despite these results the company's operating development is positive, with an increase of 7.5% in traffic during the first three quarters of 2011. Skylink: Flughafen Wien is evaluating legal steps In the cases reviewed by technical experts, damages of approx. EUR 57 million were identified as the result of deficient performance by contractors and unjustified increases in cost. Impairment charges totalling EUR 29 million were recognised. Flughafen Wien AG will actively pursue claims for compensation from the involved companies. One company has already repaid EUR 7.6 million to Flughafen Wien AG, whereby the public prosecutor's office has also launched an investigation in this case. Impairment charge to Košice Airport In the fourth quarter of 2006 Flughafen Wien acquired a stake in Košice Airport through a consortium, and FWAG now holds an indirect share of 66%. The carrying amount of the investment in Košice Airport, which is accounted for at equity, equals EUR 47 million before the recognition of any impairment charges. This company was profitable in the past, but the latest medium term forecasts indicate that traffic growth will fall substantially below earlier expectations. Consequently, the carrying amount of the investment must be reduced through an impairment charge of EUR 21 million. Impairment charge to investment property and provisions for part-time work for older employees Recent detailed examinations indicate that a building at Vienna Airport will not reach the expected occupancy level over the medium-term. The carrying amount of this investment will therefore be reduced through an impairment charge of EUR 18 million as of 30 September 2011. Additionally, provisions of approx. EUR 6 million must be recognised to cover part-time work for older employees. Management Board cuts capital expenditure to strengthen earning power over the medium term The Management Board is taking further steps to increase the company's earning power and is cutting capital expenditure by approx. EUR 70 million to EUR 590 million for the period up to 2015. In addition to the cancellation of individual projects and a reduction in the respective expenditures, the maximum cost for the Skylink will decline to EUR 770 million. The reduction comprises cost savings as well as the release of risk provisions. These effects decrease medium term financing requirements and, in turn, will have a positive influence on the company's gearing. Detailed results on the first nine months will be announced on 24 November 2011. Kontakt: Judit Helenyi Tel: +43 1 7007/23126 Mario Santi Tel: +43 1 7007/22826 e-mail: investor-relations@viennaairport.com Investor Relations Flughafen Wien AG 18.11.2011 DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Flughafen Wien AG Postfach 1 1300 Wien-Flughafen Austria Phone: +43-1-7007/22826 Fax: +43-1-7007/23806 E-mail: investor-relations@viennaairport.com Internet: http://www.viennaairport.com ISIN: AT0000911805 WKN: 884216 Indices: ATX Prime Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; London, Wien (Amtlicher Handel / Official Market) End of Announcement DGAP News-Service ---------------------------------------------------------------------------