Quarterly Report • Nov 14, 2018
Quarterly Report
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| in € million | Q1-3/2018 | Q1-3/20171 | Veränd. in % |
|---|---|---|---|
| Total revenue | 596.3 | 568.6 | 4.9 |
| Thereof Airport | 293.2 | 280.3 | 4.6 |
| Thereof Handling & Security Services | 122.8 | 120.0 | 2.4 |
| Thereof Retail & Properties | 97.2 | 94.2 | 3.3 |
| Thereof Malta | 70.8 | 63.1 | 12.2 |
| Thereof Other Segments | 12.3 | 11.0 | 11.3 |
| EBITDA | 284.1 | 266.5 | 6.6 |
| EBITDA margin (in%)2 | 47.6 | 46.9 | n.a. |
| EBIT | 190.4 | 166.5 | 14.3 |
| EBIT margin (in %)3 | 31.9 | 29.3 | n.a. |
| Net profit | 133.0 | 114.1 | 16.5 |
| Net profit parent company | 120.9 | 103.9 | 16.3 |
| Cash flow from operating activities | 226.2 | 237.1 | -4.6 |
| Capital expenditure4 | 112.7 | 85.3 | 32.2 |
| Income taxes | 47.9 | 40.8 | 17.4 |
| Average number of employees5 | 4,801 | 4,634 | 3.6 |
| in € million | 30.9.2018 | 31.12.2017 | Veränd. in % |
| Equity | 1,280.7 | 1,211.0 | 5.8 |
| Equity ratio (in %) | 59.9 | 58.7 | n.a. |
| Net debt | 118.0 | 227.0 | -48.0 |
| Total assets | 2,138.4 | 2,063.0 | 3.7 |
| Gearing (in %) | 9.2 | 18.7 | n.a. |
| Number of employees (end of period) | 4,841 | 4,639 | 4.3 |
| Passenger development of the Group | Q1-3/2018 | Q1-3/2017 | Veränd. in % | |||
|---|---|---|---|---|---|---|
| Vienna Airport (in mill.) | 20.1 | 18.7 | 7.3 | |||
| Malta Airport (in mill.) | 5.3 | 4.6 | 14.2 | |||
| Košice Airport (in mill.) | 0.4 | 0.4 | 12.1 | |||
| Vienna Airport and strat. Investments (VIE, MLA, KSC) | 25.8 | 23.7 | 8.7 | |||
| Traffic development Vienna Airport | ||||||
| Passengers (in mill.) | 20.1 | 18.7 | 7.3 | |||
| thereof transfer passengers (in mill.) | 5.2 | 5.0 | 2.8 | |||
| Flight movements | 178,393 | 170,280 | 4.8 | |||
| MTOW (in mill. tonnes)6 | 7.1 | 6.7 | 5.4 | |||
| Cargo (air cargo and trucking; in tonnes)7 | 218,244 | 212,242 | 2.8 | |||
| Seat load factor (in %)8 | 76.7 | 75.0 | n.a. | |||
| Stock Market Indicators |
Ticker Symbols |
|
|---|---|---|
| Market capitalisation | ||
| (as of 30.9.2018; in € mill.) | 2,948.4 | |
| Stock price: high (29.1.2018; in €) | 36.30 | |
| Stock price: low (13.7.2018; in €) | 31.50 | |
| Stock price as of 30.9.2018 (in €) | 35.10 | |
| Stock price as of 31.12.2017 (in €) | 33.65 |
| Reuters | VIEV.VI |
|---|---|
| Bloomberg | FLU:AV |
| Nasdaq | FLU-AT |
| ISIN | AT00000VIE62 |
| Kassamarkt | FLU |
| ADR | VIAAY |
1) Application of IFRS 15 and IFRS 9 as of 1 January 2018. Prior-year period was not adjusted. 2) EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBITDA/ Revenue 3) EBIT margin (Earnings before Interest and Taxes) = EBIT / Revenue 4) Capital expenditure: intangible assets, property, plant and equipment and investment property including corrections to invoices from previous years, excluding financial assets 5) Average number of employees: Weighted average number of employees including apprentices, excluding employees on official non-paying leave (maternity, military, etc.) and the Management Board and managing directors 6) MTOW: Maximum take-off weight for aircraft 7) Cargo figures 2017: adjusted 8) Seat load factor: Number of passengers / available number of seats
Flughafen Wien AG has continued its record run in the third quarter. Passenger numbers and flight movements reached new highs in the first nine months of the 2018 financial year, and all financial key performance indicators continued to improve significantly. The Flughafen Wien Group reported an increase of 8.7% as against the previous year to 25.8 million passengers in the first three quarters, with Malta and Košice airports achieving double-digit growth. The number of passengers handled at Vienna Airport was up 7.3% at 20.1 million. The majority of this growth was accounted for by local passengers, but there was a noticeable increase in transfer traffic as well. The fact that a new daily record of 101,841 passengers was set at Vienna Airport on 21 September highlights the excellent overall performance.
The main growth driver was our home carrier Austrian Airlines, which expanded its services significantly with more frequent flights and greater capacity. However, the new low-cost carriers in Vienna – Laudamotion, Level and Wizz Air in addition to their competitors already established at the site easyjet and Eurowings – also contributed to the new passenger record. It is particularly gratifying that the seat load factor, i.e. aircraft capacity utilisation, rose from 75.0% to 76.7%. The strong traffic trend also led to impressive growth in aircraft movements of 4.8% to around 178,000 take-offs and landings, which shows that the absorption of passenger growth by larger aircraft is reaching its limits.
The excellent traffic figures also enabled new records in the Group's results: Revenues climbed by 4.9% to € 596.3 million, while EBITDA rose by 6.6% to € 284.1 million. The net result improved by as much as 16.5% to € 133.0 million, and net debt has virtually halved since the start of the year (31 December 2017: € 227.0 million) to € 118.0 million. As usual, the details of traffic and financial performance can be found later in this report.
The first-rate development in passenger numbers, which continued in October, also means that we can raise our guidance once again: We are now forecasting passenger growth for both the Group and at Vienna Airport of at least 10%. We are also very confident of achieving our financial targets: We are anticipating revenues in excess of € 770 million, EBITDA over € 350 million and a net result of more than € 148 million.
In addition to the very positive development in our operating activities, we are also making good progress in the expansion of our infrastructure. Office Park 4 is already under construction and will provide around 26,000 m² of state-of-the-art office space from the middle of 2020. At the same time, the comprehensive improvements to Terminal 2 and Pier East are already being implemented, and will allow a particularly high-class and relaxed travel experience once completed.
We have also made further progress on the third runway, Vienna Airport's most important infrastructure project: The Austrian Constitutional Court has rejected the complaint brought by opponents to the project against the positive decision by the Federal Administrative Court. As expected, they have now also appealed to the Supreme Administrative Court. A final decision on this construction project, which is of key significance for the entire region and business location, is therefore still pending. Naturally, we are still committed to our strategic objective of strengthening Vienna Airport's position as the leading air traffic hub for destinations in Central and Eastern Europe.
Finally, we would like to thank our shareholders and customers for their trust, as well as all of our employees for their exemplary dedication and high level of professionalism.
Schwechat, November 2018 The Management Board
Günther Ofner Julian Jäger CFO COO
The passenger volume of the Flughafen Wien Group (Vienna Airport, Malta Airport and Košice Airport) increased by 8.7% to 25.8 million in the first three quarters of 2018. In addition to the growth in local passengers of 10.4% to 20.5 million, the number of transfer passengers also rose by 3.0% year-on-year to 5.2 million. The number of movements in the Group rose by 6.2% in the period from January to September to 220,950 take-offs and landings, and the cargo volume increased by 3.2% to 230,124 tonnes.
Vienna Airport set a new record in the first nine months of 2018 with a total of 20,050,262 passengers (Q1-3/2017: 18,684,037). There were also three days in the third quarter with more than 100,000 passengers; the daily record is now 101,841 and was set on 21 September 2018.
The clear growth in passengers is mainly thanks to Austrian Airlines, which expanded its services significantly with more frequent flights and greater capacity. easyJet reported its second-largest absolute passenger increase at Vienna Airport. Like Eurowings (including Germanwings), the new low-cost carriers at the site – Laudamotion (flight operations commenced on and based here since 1 June), Wizz Air (flight operations commenced on 27 April, based here since 14 June) and Level (flight operations commenced on and based here since 17 July) – also contributed to the significant expansion in passenger numbers.
1) Retroactive adjustment of traffic data
The numbers in detail: Vienna Airport achieved strong growth of 9.1% in the number of local passengers in the first three quarters of 2018 with 14,805,092 travellers. Its function as a hub is highlighted by the 2.8% rise in the number of transfer passengers to 5,170,460.
The Western Europe region, above all Italy and Spain, benefited from various new routes offered by Laudamotion, Vueling, Level, Wizz Air and Eurowings (including Germanwings), in addition to increased capacity by Austrian Airlines. Overall the number of departing passengers was up 6.7% at 6,887,777 (Q1-3/2017: 6,455,385). 1,677,351 passengers flew to the CEE region (Q1-3/2017: 1,611,079). This rise of 4.1% was predominantly due to new routes from Wizz Air and increased services by Austrian Airlines. The significant passenger growth of 36.5% to 459,585 passengers to the Far East was above all driven by Thai Airways, Austrian Airlines and EVA Air (Q1-3/2017: 336,663). Passenger volumes to the Middle East increased by 5.5% to 514,875 as a result of greater capacity at Qatar Airways and the new routes from Wizz Air and Saudia. The number of passengers departing to North America rose slightly by 2.8% to 265,007. The development in traffic to Africa was excellent on account of more frequent flights by Ethiopian Airlines to Addis Ababa, rising by 30.4% to 194,105 departing passengers.
The positive trend in Vienna Airport's general key figures continued. Average capacity utilisation (seat load factor) for scheduled and charter flights increased from 75.0% to 76.7% in the first three quarters. The number of movements rose significantly by 4.8% in the first nine months of 2018 to 178,393 take-offs and landings (Q1-3/2017: 170,280). The maximum take-off weight (MTOW) increased by 5.4% to 7,077,972 tonnes (Q1-3/2017: 6,714,728 tonnes). The cargo volume rose by 2.8% year-on-year to 218,244 tonnes in the reporting period.
Austrian Airlines, the site's largest customer, enjoyed an excellent performance thanks to expanded services and higher capacity utilisation. This increased its market share of passenger volume at Vienna Airport to 48.8% (Q1-3/2017: 48.2%).
Second place, with a market share of 9.6% (Q1-3/2017: 9.0%), went to Eurowings (including Germanwings). Various new routes and more frequent flights on existing routes led to a passenger volume of 1,931,900 (Q1-3/2017: 1,689,797).
easyJet, the third-largest customer, reported a rise in passenger numbers of 62.8% to 974,509 passengers in the reporting period (Q1-3/2017: 598,558), thanks mainly to the addition of Berlin-Tegel as a destination. Its share of total passenger volume was therefore 4.9% (Q1-3/2017: 3.2%).
The newly established bases for low-cost carriers at the site performed well. Laudamotion flew 217,064 passengers in total by the end of the third quarter, while Wizz Air and Level reported 202,032 and 186,135 passengers respectively.
The foreign strategic investments Malta and Košice enjoyed impressive growth in the first nine months of 2018. Malta airport experienced a marked increase of 14.2% to 5.3 million passengers. Košice airport also experienced strong growth of 12.1% in passenger numbers to 446,593.
The Flughafen Wien Group (FWAG) generated revenues of € 596.3 million in the first three quarters of 2018 (Q1-3/2017: € 568.6 million), an increase of 4.9%. The positive effect of passenger growth in the Airport Segment is offset by adjustments to incentives, which are intended to strengthen airline bases at the Vienna site, as a result of which this segment's revenues rose (by € 12.9 million or 4.6%) at a slower rate than passenger numbers. It should also be noted that expenses previously incurred under marketing and market communication for the Airport Segment have now been reclassified to the incentive model. While this has reduced revenue on the one hand, on the other the segment's expenses for market communication (within other operating expenses) were down € 6.4 million on the figure for the previous year. In total, the Airport Segment generated an increase in revenues of € 12.9 million to € 293.2 million.
Revenues from apron handling were lower than in the same period of the previous year, decreasing from € 77.8 million in Q1-3/2017 to € 74.0 million in Q1-3/2018. This decline due to price adjustments was offset by higher revenues from de-icing. Revenues from cargo handling increased from € 22.6 million to € 24.9 million among others due to the cargo volume handled and document handling operations. In total, the Handling & Security Services Segment improved its revenues by € 2.9 million to € 122.8 million (Q1-3/2017: € 120.0 million).
Revenues from shopping and food and beverage services rose by € 1.2 million to € 36.5 million in the first nine months of 2018 (Q1-3/2017: € 35.3 million). Parking revenues also grew by € 1.1 million year-on-year to € 34.0 million (Q1-3/2017: € 33.0 million). Rental revenues were up by € 0.8 million at € 26.7 million (Q1-3/2017: € 25.9 million). In total, external revenues in the Retail & Properties Segment rose from € 94.2 million to € 97.2 million in Q1-3/2018.
Revenues at Malta airport climbed by € 7.7 million year-on-year to € 70.8 million as a result of passenger growth (Q1-3/2017: € 63.1 million).
Other operating income rose by a total of € 3.2 million to € 11.4 million as a result of the non-recurring effects of a property sale to DHL (income: € 3.0 million) and the first-time consolidation of GetService Dienstleistungsgesellschaft m.b.H (GETS) (Q1-3/2017: € 8.2 million).
Expenses for consumables and services used increased by € 2.3 million to € 29.5 million in the first nine months of 2018, essentially as a result of the higher consumption of electricity and materials (Q1-3/2017: € 27.2 million).
Personnel expenses rose by € 11.9 million or 5.8% as against the previous year from € 206.0 million to € 217.9 million, essentially due to pay increases under collective bargaining agreements, a higher average headcount (caused in part by the first-time consolidation of GETS), increased overtime and compensatory rest on account of delays and flight disruptions as well as changes to provisions (among others due to the update of actuarial parameters). Wages climbed by € 3.7 million as against the previous year to € 89.2 million while salaries were up by € 7.2 million at € 75.3 million. Expenses for severance compensation climbed by € 0.7 million year-on-year at € 6.0 million due to changes in provisions. The average headcount (FTE, full-time equivalents) at the Flughafen Wien Group increased by 3.6% from 4,634 to 4,801. In the first three quarters 6,191 people were employed at the Vienna site (all companies at the Vienna site including companies accounted for using the equity method, number of employment relationships).
Other operating expenses decreased by € 0.9 million as against 2017 to € 79.0 million (Q1-3/2017: € 79.9 million). The main changes were in marketing expenses (down € 6.0 million throughout the Group) and legal, auditing and consulting costs (down € 1.6 million). Maintenance costs rose by € 3.3 million and other expenses by € 2.0 million, essentially on account of costs arising from the mediation process.
The positive operating results of investments recorded at equity were stable on the previous year at € 2.8 million (Q1-3/2017: € 2.8 million).
As a result of the positive development in revenues, the additional other income from the sale of land to DHL and the reduction in other operating expenses, EBITDA climbed by € 17.7 million or 6.6% year-on-year to € 284.1 million, despite higher personnel expenses. The EBITDA margin rose from 46.9% to 47.6%.
Depreciation and amortisation amounted to € 93.8 million in the first nine months of 2018 (Q1-3/2017: € 99.9 million including impairment). The decline essentially relates to signage, security and monitoring facilities and building sections that were still depreciated in the previous period.
The better EBITDA and the € 6.1 million decrease in depreciation and amortisation (including impairment) allowed EBIT to rise by 14.3% to € 190.4 million (Q1-3/2017: € 166.5 million). The EBIT margin therefore also improved from 29.3% to 31.9%.
Lifted by net interest result following the repayment of loans and the subsequent measurement of securities (as a result of the application of IFRS 9 since financial year 2018), financial results improved from minus € 11.6 million in the same period of the previous year to minus € 9.5 million.
Earnings before taxes (EBT) amounted to € 180.8 million in the first nine months, up 16.7% as against the previous year (Q1-3/2017: € 154.9 million). After deducting income taxes of € 47.9 million (Q1-3/2017: € 40.8 million), the net profit for the period amounted to € 133.0 million (Q1-3/2017: € 114.1 million), an increase of 16.5%.
The net profit attributable to shareholders of the parent company rose by € 17.0 million to € 120.9 million (up 16.3%). The net profit for the period attributable to non-controlling interests amounted to € 12.1 million for the first three quarters (Q1-3/2017: € 10.2 million)
The Flughafen Wien Group's revenues increased by € 11.8 million (up 5.6%) to € 222.9 million in the third quarter of 2018 (Q3/2017: € 211.1 million) thanks to the positive passenger development in the Group and higher rental income. Other operating income was down slightly on the previous year's figure at € 2.4 million (Q3/2017: € 2.5 million).
Expenses for consumables and services used increased by € 0.9 million year-on-year to € 9.5 million. Personnel expenses climbed by € 4.0 million to € 72.7 million as a result of pay rises under collective bargaining agreements, changes in provisions and increased overtime and compensatory rest caused by delays and flight disruptions. Lower expenses for marketing and market communication year-on-year allowed other operating expenses to drop from € 29.3 million to € 28.3 million.
The pro rata share of net profit for the period of the investments recorded at equity rose slightly year-on-year from € 1.6 million to € 1.7 million. Revenue growth resulted in a rise in EBITDA of € 8.0 million (up 7.4%) for the third quarter of 2018 to € 116.6 million (Q3/2017: € 108.6 million).
Depreciation of property, plant and equipment and amortisation of intangible assets decreased by € 0.9 million year-on-year to € 30.7 million (Q3/2017: € 31.6 million, including impairment). The higher EBITDA and lower depreciation and amortisation allowed EBIT to rise by € 8.9 million as against Q3/2017 to € 85.8 million (Q3/2017: € 77.0 million).
As in the previous year, financial results amounted to minus € 3.3 million in the third quarter of 2018. At € 82.6 million, profit before taxes was higher than the previous year's figure of € 73.7 million. This also led to a higher tax expense of € 22.0 million for the third quarter of 2018 (Q3/2017: € 19.6 million). Overall, the net profit for the third quarter of 2018 improved by 12.2% to € 60.6 million (Q3/2017: € 54.0 million).
The net profit for the period of the parent company amounted to € 54.7 million, thus climbing by 11.8% (Q3/2017: € 49.0 million). The net profit for the third quarter attributable to non-controlling interests was € 5.9 million (Q3/2017: € 5.1 million).
| Q1-3/2018 in T€ | Airport | Handling & Security Services |
Retail & Proper ties |
Malta | Other Segments |
Group |
|---|---|---|---|---|---|---|
| External segment revenues |
293,174.6 | 122,832.1 | 97,237.7 | 70,802.8 | 12,299.7 | 596,346.9 |
| Internal segment revenues |
25,598.2 | 53,484.6 | 11,482.7 | 0.0 | 76,689.6 | |
| Segment revenues 318,772.8 | 176,316.7 | 108,720.4 | 70,802.8 | 88,989.3 |
| Segment EBITDA | 152,017.7 | 10,889.3 | 64,425.5 | 43,358.7 | 13,456.1 | 284,147.2 |
|---|---|---|---|---|---|---|
| Segment EBITDA margin (in %) |
47.7 | 6.2 | 59.3 | 61.2 | 15.1 |
| Segment EBIT | 91,617.6 | 6,098.7 | 50,983.9 | 36,566.4 | 5,093.0 | 190,359.6 |
|---|---|---|---|---|---|---|
| Segment EBIT margin (in %) |
28.7 | 3.5 | 46.9 | 51.6 | 5.7 |
| Q1-3/2017 in T€ | Airport | Handling & Security Services |
Retail & Proper ties |
Malta | Other Segments |
Group |
|---|---|---|---|---|---|---|
| External segment revenues |
280,252.5 | 119,972.2 | 94,152.5 | 63,127.3 | 11,046.3 | 568,550.8 |
| Internal segment revenues |
25,341.3 | 52,946.0 | 10,470.6 | 0.0 | 78,273.8 | |
| Segment revenues | 305,593.8 | 172,918.1 | 104,623.1 | 63,127.3 | 89,320.1 |
| Segment EBITDA | 134,985.3 | 16,558.7 | 59,572.4 | 38,288.3 | 17,047.8 | 266,452.4 |
|---|---|---|---|---|---|---|
| Segment EBITDA margin (in %) |
44.2 | 9.6 | 56.9 | 60.7 | 19.1 |
| Segment EBIT | 69,442.5 | 12,354.3 | 46,422.9 | 31,687.4 | 6,632.0 | 166,539.1 |
|---|---|---|---|---|---|---|
| Segment EBIT margin (in %) |
22.7 | 7.1 | 44.4 | 50.2 | 7.4 |
External revenues in the Airport Segment increased by € 12.9 million to € 293.2 million in the first nine months of 2018. The positive effect of passenger growth in the Airport Segment is offset by adjustments to incentives, which are intended to strengthen airline bases at the Vienna site, as a result of which this segment's revenues rose (by € 12.9 million or 4.6%) at a slower rate than passenger numbers. It should also be noted that expenses previously incurred under marketing and market communication for the Airport Segment have now been reclassified to the incentive model. While this has reduced revenue on the one hand, on the other the segment's expenses for market communication (within other operating expenses) were down € 6.4 million on the figure for the previous year. Passenger fees (including PRM) therefore rose only marginally to € 113.6 million (Q1-3/2017: € 113.5 million). The security fee increased by € 6.9 million year-on-year to € 83.7 million. This was firstly due to positive passenger growth and secondly to higher charges. The landing fee rose by € 2.5 million to € 52.0 million. In line with growth in traffic, infrastructure fees climbed to € 27.0 million after € 25.1 million in Q1-3/2017. There was a positive development in lounge revenues, which were up by € 1.2 million at € 7.6 million.
Internal revenues rose slightly by € 0.3 million year-on-year to € 25.6 million, while other income (including own work capitalised) amounted to € 3.5 million (Q1-3/2017: € 3.4 million).
The cost of external materials climbed by € 0.2 million year-on-year to € 2.6 million. The increase is mainly due to higher de-icing expenses. Personnel expenses climbed by € 1.7 million to € 33.3 million as a result of the higher average headcount (555 as against 515). Other operating expenses fell by € 3.9 million to € 26.8 million. While marketing and market communication expenses were down, costs for building and facility maintenance were on the rise, as were expenses in connection with the mediation process. Internal operating costs decreased by € 1.7 million to € 107.6 million in the first three quarters.
EBITDA in the Airport Segment improved by € 17.0 million or 12.6% to € 152.0 million in the first nine months of 2018 (Q1-3/2017: € 135.0 million). Taking depreciation and amortisation of € 60.4 million into account (Q1-3/2017: € 65.5 million including impairment), segment EBIT amounted to € 91.6 million after € 69.4 million in the same period of the previous year (up 31.9%). The EBITDA margin rose from 44.2% to 47.7%, the EBIT margin from 22.7% to 28.7%.
External revenues in the Handling & Security Services Segment rose by € 2.9 million to € 122.8 million in the first three quarters of 2018 (Q1-3/2017: € 120.0 million). Revenues from apron handling fell slightly from € 77.8 million in the same period of the previous year to € 74.0 million on account of contract changes. Revenues from cargo handling increased from € 22.6 million to € 24.9 million among others in line with the cargo volume
handled and document handling operations. External revenues from security services climbed to € 3.7 million, partly as a result of the first-time consolidation of GETS. The General Aviation area, including the operation of the VIP & Business Centre, generated growth in revenues of € 2.3 million in the first nine months of 2018. Internal revenues rose by € 0.5 million to € 53.5 million, mainly in the area of traffic handling, while other income was stable year-on-year at € 0.7 million.
The cost of consumables was up € 0.9 million at € 6.3 million, partly on account of higher purchased services for the VIP & Business Centre and higher fuel consumption. Personnel expenses rose by € 6.0 million to € 129.6 million as a result of the higher average headcount (an increase of 65 to 3,074 employees). In addition, delays and flight disruptions led to higher expenses for overtime, compensatory rest and allowances. Other operating expenses were € 1.9 million higher than the previous year's level at € 5.8 million. The rise essentially results from higher expenses for rent, maintenance and third-party staff from related Group companies.
EBITDA in the Handling & Security Services Segment fell from € 16.6 million to € 10.9 million in the first nine months of 2018 as a result of the higher personnel expenses in particular. Adjusted for depreciation and amortisation of € 4.8 million (Q1-3/2017: € 4.2 million), EBIT amounted to € 6.1 million (Q1-3/2017: € 12.4 million). The EBITDA margin was below the previous year's 9.6% at 6.2%, while the EBIT margin was 3.5% in Q1-3/2018 (Q1-3/2017: 7.1%).
External revenues in the Retail & Properties Segment rose by € 3.1 million to € 97.2 million year-on-year (Q1-3/2017: € 94.2 million). On the one hand, this development was driven by higher revenues from shopping, food and beverage services, which increased by € 1.2 million to € 36.5 million. On the other, parking revenues climbed by € 1.1 million to € 34.0 million. Rental revenues expanded by € 0.8 million to € 26.7 million (Q1-3/2017: € 25.9 million). Internal revenues increased from € 10.5 million to € 11.5 million, while other income was up by € 2.8 million year-on-year at € 5.2 million as a result of the property sale to DHL.
The cost of materials grew, mainly in the area of advertising space, by € 0.3 million to € 0.8 million (Q1-3/2017: € 0.6 million). Personnel expenses rose slightly to € 7.4 million (Q1-3/2017: € 7.1 million) with a headcount of 106 (Q1-3/2017: 102). Other operating expenses increased from € 11.0 million to € 11.8 million as a result of higher maintenance costs. Internal operating expenses climbed by € 0.7 million to € 29.4 million.
EBITDA in the Retail & Properties Segment rose by 8.1% from € 59.6 million to € 64.4 million in the first three quarters of 2018 in spite of slightly higher expenses. This was thanks firstly to revenue growth and secondly to higher other income from the properly sale. Depreciation and amortisation was slightly higher than in the previous year at € 13.4 million (Q1-3/2017: € 13.1 million). EBIT also rose by € 4.6 million or 9.8% to € 51.0 million (Q1-3/2017: € 46.4 million). The EBITDA margin was 59.3% (Q1-3/2017: 56.9%) and the EBIT margin was 46.9% (Q1-3/2017: 44.4%).
The Malta Segment's external revenues increased by € 7.7 million to € 70.8 million in the first nine months, falling slightly short of passenger growth on account of the incentive model.
The cost of materials was € 0.3 million higher than in the previous year at € 2.4 million. Personnel expenses climbed by € 0.9 million to € 6.8 million owing to the higher headcount and collective bargaining agreements. Other operating expenses rose by € 2.3 million to € 18.2 million in line with passenger growth, and included expenses for security staff, cleaning, PRM services, other third-party personnel services, IT services, airline marketing, leases and maintenance.
The Malta Segment reported EBITDA of € 43.4 million for the first nine months of 2018 (Q1-3/2017: € 38.3 million) with an EBITDA margin of 61.2% after 60.7% in the previous year. Taking into account depreciation and amortisation of € 6.8 million, EBIT amounted to € 36.6 million (Q1-3/2017: € 31.7 million) with an EBIT margin of 51.6% (Q1-3/2017: 50.2%).
External revenues in Other Segments amounted to € 12.3 million (Q1-3/2017: € 11.0 million) in the first three quarters of 2018. This increase results from higher revenues from energy supply and waste disposal. Internal revenues declined marginally by € 1.6 million year-on-year to € 76.7 million (Q1-3/2017: € 78.3 million). Other income (including own work capitalised) amounted to € 2.0 million (Q1-3/2017: € 1.7 million).
The cost of consumables and services used rose by € 0.6 million year-on-year to € 17.4 million. Personnel expenses expanded by € 3.0 million to € 40.8 million with an average headcount of 730 (Q1-3/2017: 698). Other operating expenses decreased from € 18.3 million year-on-year to € 16.4 million on account of lower third-party services. Internal operating costs were up by € 1.9 million at € 5.7 million on account of higher purchased services.
The results of investments in companies recorded at equity reflect the operating results of these investments. As in the previous year, income of € 2.8 million was reported in the first nine months of 2018.
Overall, Other Segments reported EBITDA of € 13.5 million (Q1-3/2017: € 17.0 million). Adjusted for lower depreciation and amortisation in the first three quarters of 2018 of € 8.4 million (Q1-3/2017: € 10.4 million), segment EBIT amounted to € 5.1 million (Q1-3/2017: € 6.6 million). The EBITDA margin was 15.1% (Q1-3/2017: 19.1%) and the EBIT margin was 5.7% (Q1-3/2017: 7.4%).
Net debt declined to € 118.0 million as at 30 September 2018, down € 109.0 million as against the start of the year. The equity ratio rose by 1.2 percentage points to 59.9%. Gearing likewise improved from 18.7% (31 December 2017) to 9.2%.
Net cash flow from operating activities was € 226.2 million in Q1-3/2018 after € 237.1 million in the previous year. Operating earnings (EBT plus depreciation, amortisation and impairment less measurement of financial instruments) rose by € 19.3 million to € 274.1 million (Q1-3/2017: € 254.8 million). The improvement in operating earnings is offset by an increase in receivables of € 15.6 million (Q1-3/2017: € 7.0 million). Payments for income taxes totalled € 43.0 million in the first nine months (Q1-3/2017: € 30.7 million).
Net cash flow from investing activities amounted to minus € 108.7 million after minus € 121.6 million in the previous year. While € 54.5 million was paid for investment projects (including financial assets) in the first nine months of 2018, payments of € 77.8 million were made in the previous year. Furthermore, € 70.0 million (previous year: € 65.0 million) was invested in current and non-current term deposits and € 5.0 million in a bond in the first three quarters of 2018. This is offset by proceeds from past term deposits of € 20.0 million in 2017 and 2018.
Free cash flow (net cash flow from operating activities plus net cash flow from investing activities) therefore amounted to € 117.5 million (Q1-3/2017: € 115.5 million).
Net cash flow from financing activities of minus € 140.3 million (Q1-3/2017: minus € 105.3 million) is due firstly to repayments of financial liabilities of € 76.3 million and secondly to dividend payments of € 64.0 million (thereof € 57.1 million for shareholders of Flughafen Wien AG and € 6.9 million for non-controlling shareholders).
Cash and cash equivalents amounted to € 25.1 million as at 30 September 2018 after € 47.9 million as at 31 December 2017.
Non-current assets have risen by € 49.6 million to € 1,920.5 million since the start of the year. Additions to intangible assets, property, plant and equipment and investment property of € 112.7 million are offset by depreciation and amortisation of € 93.8 million. € 56.8 million of additions relate to the payment obligation to the environmental fund in connection with the project to build the third runway. Taking into account the positive operating results (€ 2.8 million) and dividend distributions (€ 1.6 million), the carrying amount of investments recorded at equity rose from € 41.0 million to € 42.1 million. The change in other assets is as a result of the reclassification of time deposits owing to their maturity profile on the one hand and remeasurement of financial instruments on the other.
Current assets increased by € 25.7 million as against 31 December 2017 (€ 192.1 million) to € 217.8 million, mainly as a result of higher receivables and other assets (increase in term deposits of € 25.0 million and other receivables from the sale of land to DHL of € 5.3 million). Securities rose by € 5.5 million to € 27.7 million, essentially as a result of the purchase of a bond (€ 5.0 million). The drop in "assets available for sale" from € 3.0 million to € 0.0 million occurred as a result of both the sale of land to DHL and a reclassification to non-current assets, as another plot of land was no longer classified under "assets available for sale". Trade receivables climbed by € 13.7 million year-on-year to € 72.9 million (31 December 2017: € 59.2 million). Cash and cash equivalents fell to € 25.1 million as at 30 September 2018 (31 December 2017: € 47.9 million) following the repayment of financial liabilities.
Equity has risen by 5.8% to € 1,280.7 million since 31 December 2017 (€ 1,211.0 million). This is due firstly to the net profit for the period (including the results of non-controlling interests) for the first nine months of € 133.0 million, and secondly to the dividend distribution of € 64.0 million, € 57.1 million of which was distributed to shareholders of Flughafen Wien AG and € 6.9 million to the non-controlling interests. The equity ratio rose slightly to 59.9% after 58.7% as at the end of 2017.
Non-current liabilities fell by € 48.3 million to € 553.0 million, essentially as a result of the reclassification of financial liabilities to current liabilities, early repayments and the reversal of deferred tax liabilities.
By contrast, current liabilities increased by € 53.9 million to € 304.6 million. The increase in other liabilities by a total of € 62.4 million to € 102.0 million was mainly the result of the payment obligation to the environmental fund in connection with the third runway project. Scheduled and early repayments allowed current financial liabilities to decrease by € 20.1 million to € 26.8 million. As a result of the positive operating earnings, tax provisions changed by € 8.4 million to € 18.7 million.
A total amount of € 112.7 million (Q1-3/2017: € 85.3 million) was invested in intangible assets, property, plant and equipment and investment property in the first nine months of 2018. The largest investment projects are the third runway project at € 56.8 million, the terminal development projects at € 7.7 million and Office Park 4 at € 4.8 million. A total of € 5.3 million was invested at Malta Airport in the first three quarters, including for terminal alterations and airport traffic areas.
As a result of the good traffic results to date, FWAG anticipates a significantly stronger rise in passenger numbers for 2018 as a whole than previously expected, and is raising its passenger guidance for the Group and Vienna Airport itself to more than 10%. Accordingly, FWAG is forecasting EBITDA of more than € 350 million and a net profit for the period (before non-controlling interests) in excess of € 148 million. Revenues are expected to amount to more than € 770 million. The company's guidance for capital expenditure is € 175 million and net debt of less than € 200 million by the end of the year.
Vienna Airport and its investments in Malta airport and Košice together handled 3.3 million passengers in total, an increase of 15.9% as against October 2017. Accumulated passenger volume rose by 9.5% to 29.1 million passengers in the period January to October.
The number of passengers handled by Vienna Airport in October 2018 increased by 18.2% compared to the prior-year month of October to 2,583,961 passengers. The number of local passengers was up 21.8% and transfer passengers increased by 9.6%. The number of flight movements increased by 11.8% year-on-year in October 2018. Cargo volume at Vienna Airport also rose by 7.5% compared to October of the previous year. Accumulated passenger volume rose by 8.5% to 22.6 million passengers in the period January to October.
Schwechat, 7 November 2018 The Management Board
Günther Ofner Julian Jäger CFO COO
The quarterly figures on the asset, financial and earnings position have been prepared in accordance with the International Reporting Standards (IFRS) as adopted by the European Union. The financial information does not include full interim financial statements in accordance with IAS 34. Further information on accounting policies can be found in the 2017 consolidated financial statements, which are published on the website of Flughafen Wien AG (www.viennaairport.com). The financial information was not reviewed by an auditor.
C o n d e n s e d C o n s o l i d a t e d I n t e r i m F i n a n c i a l S t a t e m e n t s as of 30. September 2018
from 1 January to 30 September 2018
| in T€ | Q1-3/2018 | Q1-3/20171 | V. in % | Q3/2018 | Q3/20171 |
|---|---|---|---|---|---|
| Revenues | 596,346.9 | 568,550.8 | 4.9 | 222,891.1 | 211,053.0 |
| Other operating income | 11,387.8 | 8,155.5 | 39.6 | 2,447.1 | 2,543.6 |
| Operating income | 607,734.7 | 576,706.3 | 5.4 | 225,338.2 | 213,596.6 |
| Expenses for consumables and | |||||
| purchased services | -29,474.6 | -27,201.5 | 8.4 | -9,514.1 | -8,607.7 |
| Personnel expenses | -217,900.7 | -206,000.5 | 5.8 | -72,703.4 | -68,720.3 |
| Other operating expenses | -79,004.0 | -79,885.9 | -1.1 | -28,306.2 | -29,330.4 |
| Pro rata results of companies recorded at equity |
2,791.8 | 2,834.0 | -1.5 | 1,742.2 | 1,629.7 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
284,147.2 | 266,452.4 | 6.6 | 116,556.7 | 108,567.8 |
| Depreciation and amortisation | -93,787.6 | -99,012.6 | -5.3 | -30,712.3 | -31,419.8 |
| Impairment | 0.0 | -900.7 | -100.0 | 0.0 | -194.8 |
| Earnings before interest and taxes (EBIT) |
190,359.6 | 166,539.1 | 14.3 | 85,844.4 | 76,953.2 |
| Income from investments, excluding companies recorded at equity |
331.4 | 537.1 | -38.3 | 0.0 | 72.0 |
| Interest income | 1,779.3 | 1,537.5 | 15.7 | 1,567.5 | 1,145.0 |
| Interest expense | -12,180.6 | -13,825.9 | -11.9 | -3,888.7 | -4,502.1 |
| Other financial result | 531.5 | 109.9 | n.a. | -947.5 | 0.0 |
| Financial results | -9,538.4 | -11,641.4 | 18.1 | -3,268.7 | -3,285.1 |
| Earnings before taxes (EBT) | 180,821.1 | 154,897.7 | 16.7 | 82,575.6 | 73,668.1 |
| Income taxes | -47,853.0 | -40,756.8 | 17.4 | -21,960.6 | -19,639.6 |
| Net profit for the period | 132,968.2 | 114,140.9 | 16.5 | 60,615.1 | 54,028.5 |
| Thereof attributable to: | |||||
| Equity holders of the parent | 120,881.5 | 103,913.5 | 16.3 | 54,734.6 | 48,965.8 |
| Non-controlling interests | 12,086.7 | 10,227.4 | 18.2 | 5,880.5 | 5,062.8 |
| Earnings per share (in €, basic = diluted) |
1.44 | 1.24 | 16.3 | 0.65 | 0.59 |
1) Application of IFRS 15 and IFRS 9 since 1 January 2018. Prior-year period was not adjusted.
from 1 January to 30 September 2018
| in T€ | Q1-3/2018 Q1-3/20171 | V. in % | Q3/2018 Q3/20171 | ||
|---|---|---|---|---|---|
| Net profit for the period | 132,968.2 | 114,140.9 | 16.5 | 60,615.1 | 54,028.5 |
Other comprehensive income from items that will not be reclassified to the consolidated income statement in future periods
| Revaluations from defined benefit plans |
-3,280.3 | -1,864.2 | 76.0 | -1,471.2 | -401.0 |
|---|---|---|---|---|---|
| Change in fair value of equity investments at FVOCI |
313.1 | 0.0 | n.a. | 0.0 | 0.0 |
| Thereof deferred taxes | 741.8 | 466.0 | 59.2 | 367.8 | 100.3 |
| Change in fair value of available-for-sale securities |
0.0 | -663.0 | -100.0 | 0.0 | -1,006.9 |
|---|---|---|---|---|---|
| Thereof changes not recognised through profit or loss |
0.0 | -553.1 | -100.0 | 0.0 | -1,006.9 |
| Thereof realised gains and losses | 0.0 | -109.9 | -100.0 | 0.0 | 0.0 |
| Thereof deferred taxes | 0.0 | 166.6 | -100.0 | 0.0 | 251.7 |
| Other comprehensive income | -2,225.4 | -1,894.6 | 17.5 | -1,103.4 | -1,055.9 |
| Total comprehensive income | 130,742.7 | 112,246.3 | 16.5 | 59,511.7 | 52,972.6 |
| Thereof attributable to: | |||||||
|---|---|---|---|---|---|---|---|
| Equity holders of the parent | 118,656.1 | 102,018.0 | 16.3 | 53,631.2 | 47,910.1 | ||
| Non-controlling interests | 12,086.7 | 10,228.3 | 18.2 | 5,880.5 | 5,062.5 |
1) Application of IFRS 15 and IFRS 9 since 1 January 2018. Prior-year period was not adjusted.
as at 30 September 2018
| in T€ | 30.9.2018 | 31.12.20171 | V. in % |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 156,037.5 | 156,606.3 | -0.4 |
| Property, plant and equipment | 1,460,843.6 | 1,441,371.9 | 1.4 |
| Investment property | 133,006.9 | 132,819.5 | 0.1 |
| Investments in companies recorded at equity | 42,135.1 | 40,987.2 | 2.8 |
| Other assets | 128,508.5 | 99,129.1 | 29.6 |
| 1,920,531.5 | 1,870,914.0 | 2.7 | |
| Current assets | |||
| Inventories | 5,727.2 | 5,979.5 | -4.2 |
| Securities | 27,692.7 | 22,178.7 | 24.9 |
| Assets available for sale | 0.0 | 2,961.3 | -100.0 |
| Receivables and other assets | 159,255.4 | 113,038.2 | 40.9 |
| Cash and cash equivalents | 25,144.6 | 47,918.7 | -47.5 |
| 217,819.9 | 192,076.4 | 13.4 | |
| Total assets | 2,138,351.4 | 2,062,990.3 | 3.7 |
| EQUITY & LIABILITIES | |||
| Equity | |||
| Share capital | 152,670.0 | 152,670.0 | 0.0 |
| Capital reserves | 117,657.3 | 117,657.3 | 0.0 |
| Other reserves | 945.2 | 1,941.3 | -51.3 |
| Retained earnings | 915,717.2 | 850,181.4 | 7.7 |
| Attributable to equity holders of the parent | 1,186,989.7 | 1,122,450.0 | 5.7 |
| Non-controlling interests | 93,690.0 | 88,506.2 | 5.9 |
| 1,280,679.7 | 1,210,956.2 | 5.8 | |
| Non-current liabilities | |||
| Provisions | 160,846.9 | 153,103.0 | 5.1 |
| Financial liabilities | 300,000.0 | 356,147.6 | -15.8 |
| Other liabilities | 43,038.3 | 39,615.0 | 8.6 |
| Deferred tax liabilities | 49,154.9 | 52,432.3 | -6.3 |
| 553,040.2 | 601,298.0 | -8.0 | |
| Current liabilities | |||
| Tax provisions | 18,704.0 | 10,318.3 | 81.3 |
| Other provisions | 118,917.1 | 107,833.5 | 10.3 |
| Financial liabilities | 26,834.1 | 46,962.7 | -42.9 |
| Trade payables | 38,194.8 | 46,043.9 | -17.0 |
| Other liabilities | 101,981.7 | 39,577.7 | n.a. |
| 304,631.6 | 250,736.1 | 21.5 | |
| Total equity and liabilities | 2,138,351.4 | 2,062,990.3 | 3.7 |
1) Application of IFRS 15 and IFRS 9 since 1 January 2018. Prior-year period was not adjusted.
from 1 January to 30 September 2018
| in T€ | Q1-3/2018 | Q1-3/20171 | V. in % | |
|---|---|---|---|---|
| Earnings before taxes (EBT) | 180,821.1 | 154,897.7 | 16.7 | |
| +/- | Depreciation and amortisation/reversals thereof | 93,787.6 | 99,012.6 | -5.3 |
| + | Impairment | 0.0 | 900.7 | -100.0 |
| +/- | Measurement of financial instruments | -531.5 | 0.0 | n.a. |
| - | Pro rata results of companies recorded at equity | -2,791.8 | -2,834.0 | -1.5 |
| + | Dividends from companies recorded at equity | 1,643.9 | 2,107.7 | -22.0 |
| + | Losses/- gains on the disposal of assets | -3,211.4 | -744.0 | n.a. |
| - | Reversal of investment subsidies from public funds | -141.5 | -171.0 | -17.2 |
| +/- | Other non-cash transactions | 0.0 | -5.5 | -100.0 |
| + | Interest and dividend result | 10,070.0 | 11,751.3 | -14.3 |
| + | Dividends received | 331.4 | 537.1 | -38.3 |
| + | Interest received | 1,551.6 | 1,597.9 | -2.9 |
| - | Interest paid | -8,477.7 | -9,559.8 | -11.3 |
| - | Increase/+ decrease in inventories | 252.3 | 147.0 | 71.6 |
| - | Increase/+ decrease in receivables | -15,648.1 | -7,003.6 | n.a. |
| + | Increase/- decrease in provisions and liabilities | 11,516.3 | 17,207.1 | -33.1 |
| Net cash flow from ordinary operating activities | 269,172.1 | 267,841.3 | 0.5 | |
| - | Income taxes paid | -42,980.8 | -30,724.6 | 39.9 |
| Net cash flow from operating activities | 226,191.3 | 237,116.7 | -4.6 | |
| Payments received on the disposal of non-current assets | ||||
| + | (not including financial assets) | 805.4 | 701.4 | 14.8 |
| + | Payments received from the disposal of financial assets | 3.3 | 516.1 | -99.4 |
| - | Payments made for the purchase of non-current assets (not including financial assets) |
-54,261.1 | -77,471.0 | -30.0 |
| - | Payments made for the purchase of financial assets | -231.1 | -370.0 | -37.5 |
| + | Payments received of current and non-current investments |
20,000.0 | 20,000.0 | 0.0 |
| - | Payments made for current and non-current investments and securities |
-74,982.7 | -65,000.0 | 15.4 |
| Net cash flow from investing activities | -108,666.2 | -121,623.4 | -10.7 | |
| - | Dividend payment to Flughafen Wien AG shareholders | -57,120.0 | -52,500.0 | 8.8 |
| - | Dividend payment to non-controlling interests | -6,902.9 | -6,896.7 | 0.1 |
| + | Payments received from the borrowing of financial liabilities |
0.3 | 44,000.8 | -100.0 |
| - | Payments made for the repayment of financial liabilities |
-76,276.6 | -89,936.7 | -15.2 |
| Net cash flow from financing activities | -140,299.2 | -105,332.6 | 33.2 | |
| Change in cash and cash equivalents | -22,774.1 | 10,160.7 | n.a. | |
| + | Cash and cash equivalents at the beginning of the period | 47,918.7 | 43,438.5 | 10.3 |
| Cash and cash equivalents at the end of the period | 25,144.6 | 53,599.2 | -53.1 |
1) Application of IFRS 15 and IFRS 9 since 1 January 2018. Prior-year period was not adjusted.
from 1 January to 30 September 2018
| Attributable to equity holders of parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| in T€ | Share capital |
Capital reserves |
Total other reserves |
Retained earnings |
Total | Non-con trolling interests |
Total | |
| As at 1.1.20171 | 152,670.0 | 117,657.3 | 2,847.9 | 787,576.0 | 1,060,751.1 | 83,224.1 1,143,975.2 | ||
| Market valuation of securities |
-497.3 | -497.3 | 0.9 | -496.4 | ||||
| Revaluation from defined benefit plans |
-1,398.1 | -1,398.1 | 0.0 | -1,398.1 | ||||
| Other comprehen sive income |
0.0 | 0.0 | -1,895.4 | 0.0 | -1,895.4 | 0.9 | -1,894.6 | |
| Net profit for the period |
103,913.5 | 103,913.5 | 10,227.4 | 114,140.9 | ||||
| Total | 0.0 | 0.0 | -1,895.4 | 103,913.5 | 102,018.0 | 10,228.3 | 112,246.3 | |
| Reversal of revalua tion surplus |
-271.7 | 271.7 | 0.0 | 0.0 | 0.0 | |||
| Dividend payment | -52,500.0 | -52,500.0 | -6,896.7 | -59,396.7 | ||||
| As at 30.9.20171 | 152,670.0 | 117,657.3 | 680.7 | 839,261.1 | 1,110,269.1 | 86,555.7 1,196,824.8 |
| As at 1.1.2018 | 152,670.0 | 117,657.3 | 1,941.3 | 850,181.4 | 1,122,450.0 | 88,506.2 1,210,956.2 | |
|---|---|---|---|---|---|---|---|
| First-time adoption of IFRS 9 |
0.0 | 0.0 | 1,501.0 | 1,502.7 | 3,003.6 | 0.0 | 3,003.6 |
| Balance on 1.1.2018, adjusted |
152,670.0 | 117,657.3 | 3,442.3 | 851,684.0 | 1,125,453.6 | 88,506.2 1,213,959.9 | |
| Market valuation of equity investments |
234.8 | 234.8 | 0.0 | 234.8 | |||
| Revaluation from defined benefit plans |
-2,460.2 | -2,460.2 | 0.0 | -2,460.2 | |||
| Other comprehen sive income |
0.0 | 0.0 | -2,225.4 | 0.0 | -2,225.4 | 0.0 | -2,225.4 |
| Net profit for the period |
120,881.5 | 120,881.5 | 12,086.7 | 132,968.2 | |||
| Total | 0.0 | 0.0 | -2,225.4 | 120,881.5 | 118,656.1 | 12,086.7 | 130,742.7 |
| Reversal of revalua tion surplus |
-271.7 | 271.7 | 0.0 | 0.0 | 0.0 | ||
| Dividend payment | -57,120.0 | -57,120.0 | -6,902.9 | -64,022.9 | |||
| As at 30.9.2018 | 152,670.0 | 117,657.3 | 945.2 | 915,717.2 | 1,186,989.7 | 93,690.0 | 1,280,679.7 |
1) Application of IFRS 15 and IFRS 9 since 1 January 2018. Prior-year period was not adjusted.
Flughafen Wien Aktiengesellschaft P.O. Box 1 1300 Wien-Flughafen, Austria
Telephone: +43/1/7007-0 Telefax: +43/1/7007-23001
Data Registry Nr.: 008613 Corporate Register Nr.: FN 42984 m Court of Registry: Provincial Court Korneuburg
Mag. Judit Helenyi Telephone: +43/1/7007-23126 E-Mail: [email protected] Mario Santi Telephone: +43/1/7007-22826 E-Mail: [email protected]
Stephan Klasmann Telephone: +43/1/7007-22300 E-Mail: [email protected]
Peter Kleemann, MAS Telephone: +43/1/7007-23000 E-Mail: [email protected]
Flughafen Wien AG website: http://www.viennaairport.com Investor Relations: http://www.viennaairport.com/en/ company/investor_relations Noise protection programme at Vienna International Airport: http://www.laermschutzprogramm.at The environment and aviation: http://www.vie-umwelt.at Facts & figures on the third runway: http://www.viennaairport.com/ unternehmen/flughafen_wien_ag/3_piste Dialogue forum at Vienna International Airport: http://www.dialogforum.at Mediation process (archive): http://www.viemediation.at
This Quarterly Report was prepared by VGN – Content Marketing / Corporate Publishing.
Creative Director: Gabriele Rosenzopf MSc Layout, Table Layout and Coordination: Rene Gatti
Disclaimer: This quarterly report contains assumptions and forecasts, which are based on information available up to the copy deadline on 7 November 2018. If the premises for these forecasts do not occur or risks indicated in the risk report arise, actual results may vary from these estimates. Although the greatest caution was exercised in preparing data, all information related to the future is provided without guarantee. The quarterly report 3/2018 of Flughafen Wien AG is also available on our homepage http://www.viennaairport.com/en/company/investor_relations under the menu point "Publications and reports".
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