Corporate | 25 February 2014 08:00
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Flughafen Wien AG / Key word(s): Preliminary Results
Flughafen Wien AG with sound results for 2013:*
Increase in revenue and earnings
– REVENUE rises to EUR 622.0 million (+2.4%) – EBITDA improves substantially to EUR 241.5 million (+9.1%) – NET PROFIT increases to EUR 73.3 million (+1.3%), despite higher scheduled depreciation (+ EUR 16 million) for Check-in 3 – NET DEBT falls to EUR 633.4 million (minus EUR 86 million versus 2012) – further reduction targeted – DIVIDEND: increase to EUR 1.30 per share recommended (2012: EUR 1.05) – INVESTMENTS total EUR 73 million, EUR 110 million planned in 2014
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POSITIVE OUTLOOK for 2014: expected increase in revenues over EUR 630 million
Flughafen Wien recorded sound development in 2013 with an increase in revenue, EBITDA and net profit. All business targets were met. The successful development of the company is also reflected on the capital market: the price of the Flughafen Wien share has risen by 129% since the low at the beginning of 2012. Market capitalisation increased by EUR 830 million, from EUR 547 million at the beginning of 2012 to approx. EUR 1,377 million as of 21 February 2014. The outlook for 2014 points to a continuation of the upward trend: the number of passengers should increase between 1% and 3%, while the development of flight movements should range from -1% to +1%. Against this backdrop, revenue is expected to rise to over EUR 630 million, EBITDA to over EUR 240 million and net profit to over EUR 75 million. Net debt should fall below EUR 600 million. “The company’s productivity has improved significantly since 2011, and the EBITDA margin has increased substantially from 32.5% to 38.8%. The clear strategic goals for 2014 are focused on growth, the improvement of quality and the optimisation of the airport location as well as the expansion of the non-aviation business. Investments of approx. EUR 110 million are planned for 2014 and will include the modernisation of infrastructure, completion of the railway station and a hangar as well as the further development of real estate”, explained Günther Ofner, member of the Management Board of Flughafen Wien AG. “All in all, we have the development of costs and productivity under control. The first full year of operations in Check-in 3, the increase in terminal areas since the opening and the severe winter had a strong impact on operating and personnel expenses. However, we were able to offset this development with cost savings. We are optimistic over the development of business in 2014: the summer flight plan already includes a number of new destinations and additional connections. New airlines such as Air China, Air Algérie and Jet2.com have already announced their plans for the start of flights to Vienna. Our forecasts for 2014 call for an increase in the number of passengers”, commented Julian Jäger, member of the Management Board of Flughafen Wien AG.
Dividend rises to EUR 1.30 per share
Revenue and earnings development in the segments
The Handling Segment recorded a slight 2.6% decline in revenue to EUR 151.9 million. This development resulted primarily from the lower number of flight movements, which was offset in part by higher income from de-icing services. The steady implementation of the cost reduction and efficiency improvement strategy led to segment EBIT of EUR 17.2 million. Included here are security services of VIAS as well as the handling services provided by Vienna Aircraft Handling (VAH). The 5.5% decline in flight movements during 2013 naturally had a strong effect on the Handling Segment, and the generation of positive earnings will also represent a particular challenge in the future. The Retail & Properties Segment registered sound development in 2013, with an increase of 1.4% in revenue to EUR 121.2 million. This growth was supported chiefly by higher income from the increased marketing of advertising space and from shopping and gastronomy; alone in 2013, 29 new shops opened at Vienna Airport. EBIT rose to EUR 41.9 million. Revenue in the Other Segments increased by 5.4% to EUR 17.5 million (EBIT EUR 11.1 million).
Investments
Traffic development influenced by challenges in 2013 – growth expected in 2014
Preliminary Consolidated Financial Statements*
* All amounts and financial indicators are related to the preliminary results
The full annual report by Flughafen Wien AG on the 2013 financial year from 1 January to 31 December 2013 will be published at the beginning of April 2014 and be available under http://ir.viennaairport.com , menu point – Publications and reports – subpoint – Annual reports or Financial reports respectively.
The Management Board
End of Corporate News 25.02.2014 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. 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; Frankfurt in Open Market ; London, Wien (Amtlicher Handel / Official Market) | |
| End of News | DGAP News-Service |
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