Quarterly Report • Nov 15, 2017
Quarterly Report
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www.viennaairport.com
Financial Indicators (in € million. excluding employees)
| Q1-3/2017 | Q1-3/20161 | Change in % | |
|---|---|---|---|
| Total revenue | 568.6 | 556.6 | 2.1 |
| Thereof Airport | 280.3 | 281.5 | -0.4 |
| Thereof Handling & Security services2 | 120.0 | 116.6 | 2.9 |
| Thereof Retail & Properties | 94.2 | 91.7 | 2.7 |
| Thereof Malta | 63.1 | 55.5 | 13.7 |
| Thereof Other Segments | 11.0 | 11.4 | -2.7 |
| EBITDA | 266.5 | 256.6 | 3.8 |
| EBITDA margin3 | 46.9 | 46.1 | n.a. |
| EBIT | 166.5 | 158.5 | 5.1 |
| EBIT margin4 | 29.3 | 28.5 | n.a. |
| Net profit | 114.1 | 106.6 | 7.1 |
| Netprofit parent company | 103.9 | 98.4 | 5.6 |
| Cash flow from operating activities | 237.1 | 212.3 | 11.7 |
| Capital expenditure5 | 85.3 | 69.0 | 23.6 |
| Income taxes | 40.8 | 38.3 | 6.5 |
| Average number of employees6 | 4,634 | 4,677 | -0.9 |
| 30.9.2017 | 31.12.2016 | Change in % | |
| Equity | 1,196.8 | 1,144.0 | 4.6 |
| Equity ratio (in %) | 57.9 | 56.7 | n.a. |
| Net debt | 255.0 | 355.5 | -28.3 |
| Total assets | 2,065.6 | 2,018.3 | 2.3 |
| Gearing (in %) | 21.3 | 31.1 | n.a. |
| Number of employees (end of period) | 4,608 | 4,626 | -0.4 |
| Passenger development of the Group | Q1-3/2017 | Q1-3/2016 | Change in % |
|---|---|---|---|
| Vienna Airport (in mill.) | 18.7 | 17.7 | 5.7 |
| Malta Airport (in mill.) | 4.6 | 3.9 | 18.2 |
| Kosice Airport (in mill.) | 0.4 | 0.3 | 15.4 |
| Vienna Airport and strat. Investments (VIE, MLA, KSC) | 23.7 | 21.9 | 8.1 |
| Traffic development Vienna Airport | |||
| Passengers (in mill.) | 18.7 | 17.7 | 5.7 |
| Thereof transfer passengers (in mill.) | 5.0 | 4.8 | 5.9 |
| Flight movements | 170,280 | 171,502 | -0.7 |
| MTOW (in mill. tonnes)7 | 6.7 | 6.5 | 3.0 |
| Cargo (air cargo and trucking; in tonnes) | 212,246 | 208,804 | 1.6 |
| Seat load factor (in %)8 | 75.0 | 73.6 | n.a. |
| Stock Market Indicators | |
|---|---|
| --------------------------- | -- |
| Market capitalisation (as of 30.9.2017; | ||
|---|---|---|
| in € mill.) | 2,772.0 | |
| Stock price: high (15.5.2017 in €) | 35.32 | |
| Stock price: low (3.1.2017 in €) | 23.59 | |
| Stock price as of 30.9.2017 (in €) | 33.00 | |
| Stock price as of 31.12.2016 (in €) | 23.40 |
| Reuters | VIEV.VI |
|---|---|
| Bloomberg | FLU:AV |
| Nasdaq | FLU-AT |
| ISIN | AT00000VIE62 |
| Spot market | FLU |
| ADR | VIAAY |
1) Comparative figures adjusted 2) New name only for clarification purposes - no change in substance to previous periods 3) EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBITDA/ Revenue 4) EBIT margin (Earnings before Interest and Taxes) = EBIT / Revenue 5) Capital expenditure: intagible assets, property, plant and equipment and prepayments including corrections to invoices from previous years, excluding financial assets 6) 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 7) MTOW: Maximum take-off weight for aircraft 8) Seat load factor: Number of passengers / available number of seats
The year is slowly drawing to an end and Flughafen Wien AG has finished the first three quarters very successfully. Despite the uncertainty arising from the restructuring and ultimate insolvency of the airberlin, the company has been able to hold its growth trajectory. The rise in passenger figures in the Flughafen Wien Group, which includes Malta and Košice airports, amounted to 8.1% or 23.7 million passengers, and at Vienna Airport we experienced growth of 5.7% to 18.7 million passengers. The numbers lost due to NIKI/ airberlin were more than compensated to a significant degree, as our home carrier Austrian Airlines and Eurowings as well as easyJet in particular made key contributions to strong growth. The range of destinations available – especially in the Far East – has also been expanded, together with more frequent services to existing destinations such as Moscow.
However, we have not just set a new record for passenger numbers – all other business performance indicators also rose to new highs: Consolidated revenues climbed by 2.1% to € 568.6 million, EBITDA improved by 3.8% to € 266.5 million and net profit for the period before non-controlling interests was up by 7.1% at € 114.1 million. As usual, detailed information on passenger figures and earnings can be found later in this report.
Regarding the infrastructure development at the site, we are making excellent progress. Planning for another office building that will satisfy the most stringent sustainability standards is progressing nicely. The Moxy Hotel, which opened just last spring, is already running at high capacity utilisation and the plans to modernise and expand the terminal complex are also at an advanced stage.
As for the third runway, we are now awaiting a new decision in the coming months after the Austrian Federal Administrative Court's refusal was overturned by the Austrian Constitutional Court and referred back to the second instance in the spring. However, it is expected that opponents of this future project will take further extraordinary legal action against a positive ruling.
In conclusion, we would like to thank you, our owners for their confidence and our employees for their professionalism and great commitment, without which the many international awards we have received again this year would not have been imaginable.
Schwechat, November 2017 The Management Board
Günther Ofner Julian Jäger
Member, CFO Member, COO
Notes: In accordance with an assessment of the Austrian Financial Market Authority regarding the consolidation of Malta Airport, the consolidated financial statements and consolidated interim financial statements of Flughafen Wien AG for 2016 were restated as if Malta Airport had been consolidated from 2006. For further information, see "VI. Retrospective Restatement" in the notes to the 2016 consolidated financial statements. 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 2016 consolidated financial statements, which are published on the website of Flughafen Wien AG (www.viennaairport.com). The financial information was not reviewed by a chartered accountant.
The passenger volume of the Flughafen Wien Group (Vienna Airport, Malta Airport and Košice Airport) increased by 8.1% to 23.7 million from January to September 2017. In addition to the growth in local passengers of 8.7% to 18.6 million, the number of transfer passengers also rose by 6.2% year-on-year to 5.1 million. The number of movements in the Group picked up by 1.7% in the first three quarters to 208,057 take-offs and landings, and the cargo volume increased by 1.8% to 223,049 tonnes.
Vienna Airport set a new passenger record with a total of 18,683,799 passengers from January to September 2017 (Q1-3/2016: 17,676,968). A key role in this good development was played by Austrian Airlines and Eurowings (including Germanwings), which greatly expanded their services this year and also achieved a higher seat load factor. easyjet reported the third-largest absolute rise in passenger numbers, and contributed to the high overall passenger growth with increased services and an improved seat load factor. This more than compensated for the significant decline in passengers at NIKI and airberlin.
The numbers in detail: 13,574,359 local passengers were handled in the first three quarters of 2017 (up 5.6%). In terms of transfers, Vienna Airport strengthened its hub function and generated significant growth of 5.9% to 5,030,334 passengers.
1) Retroactive adjustment of traffic data
The number of passengers departing to Western Europe increased by 4.2% to 6,455,286 (Q1-3/2016: 6,196,757), mainly as a result of more extensive services by Austrian Airlines and Eurowings (including Germanwings). Eastern European destinations continued their positive trend with an increase of 11.0% to 1,611,178 departing passengers, and ranked among the growth drivers in the first nine months (Q1-3/2016: 1,450,920). This encouraging development is due in part to the start of flights to Moscow by the airlines UTAir and S7 and increased services to Moscow by Austrian Airlines and Aeroflot.
Increased services to the Far East led to growth in departing passengers of 5.8% to 336,663, and the number of passengers to Africa rose by as much as 35.1% to 148,800. Despite the persistently unstable situation in North Africa, individual tourist regions, above all Egypt, have recovered. At 487,983, 4.2% more passengers year-on-year flew to the Middle East in the first nine months of 2017 thanks to increased services to Iran and Dubai. The number of passengers departing to North America rose by 0.6% to 257,727 following the start of flights to Los Angeles. Capacity reductions to other North American destinations were therefore more than offset.
In total, the average seat load factor (capacity utilisation) on scheduled and charter flights climbed from 73.6% to 75.0% from January to September 2017.
Thanks to additional capacity and good utilisation, the biggest customer Austrian Airlines reported strong growth of 14.3% to 9,004,132 passengers. This increased its share of total passenger volume at Vienna Airport to 48.2% (Q1-3/2016: 44.6%).
Vienna Airport's second biggest home carrier, Eurowings (including Germanwings), increased its passenger volume to 1,689,797 in the first nine months of 2017 (up 86.3%). Its share of total passenger volume was therefore 9.0% (Q1-3/2016: 5.1%).
NIKI saw its passenger numbers plummet by 70.3% from January to September 2017 on account of its greatly reduced offering. The seat load factor improved marginally by 0.2 percentage points thanks to better capacity utilisation for holiday destinations. Its share of total passenger volume fell to 2.9% (Q1-3/2016: 10.4%).
The number of movements declined by 0.7% in the first three quarters of 2017 to 170,280 take-offs and landings (Q1-3/2016: 171,502). By contrast, the maximum take-off weight (MTOW) increased by 3.0% to 6,714,728 tonnes on account of the increased use of larger aircraft (Q1-3/2016: 6,521,253 tonnes). The cargo volume climbed by 1.6% at 212,246 tonnes from January to September.
The foreign strategic investments Malta and Košice enjoyed impressive growth in the first three quarters of 2017, which was particularly evident in Malta at 4,634,628 passengers (up 18.2%). However, Košice Airport also reported double-digit passenger growth of 15.4% to 398,319.
The Flughafen Wien Group (FWAG) generated revenues of € 568.6 million in the first three quarters of 2017 (Q1-3/2016: € 556.6 million), an increase of 2.1%. This was caused by several effects: Passenger growth at Malta Airport is reflected in an increase in revenues of € 7.6 million to € 63.1 million. Revenues from security fees at the Vienna site rose by € 3.5 million to € 76.8 million, while landing fees were up by € 1.5 million at € 49.5 million. Revenues from apron handling due to the use of larger aircraft, the acquisition of new customers, price adjustments and higher de-icing revenues climbed to € 77.8 million (Q1-3/2016: € 75.0 million). Revenues from shopping and food & beverage services likewise rose by € 2.1 million to € 35.3 million in the first three quarters of 2017 (Q1-3/2016: € 33.2 million). The underlying reason for the revenue drop in the Airport Segment is the bankruptcy of airberlin and the reduced flight offering on the part of NIKI. This development was more than compensated by the higher passenger volume arising from flight service on existing routes taken over by other airlines. However, it also led to a stronger impact of the existing growth and transfer incentives, which in turn negatively affected average revenue per passenger.
Other operating income fell by € 0.8 million as against Q1-3/2016 to € 8.2 million (Q1-3/2016: € 8.9 million). While own work capitalised for investment projects in the Group rose by € 0.6 million to € 5.4 million, other income fell by € 1.4 million to € 2.7 million due to a non-recurring effect recognised in the previous year.
Expenses for consumables and services used increased by € 2.5 million to € 15.0 million in the first nine months of 2017, essentially as a result of the higher consumption of deicing material, fuel and maintenance materials. Energy expenses declined by € 0.3 million to € 12.3 million.
Personnel expenses rose by € 5.7 million or 2.8% as against the previous year from € 200.4 million to € 206.0 million. This rise was essentially caused by non-recurring effects as a result of updating actuarial parameters in the previous year and increases under collective bargaining agreements. Wages were up by € 2.7 million year-on-year at € 85.5 million, while salaries rose by € 2.8 million to € 68.1 million. By contrast, severance expenses were reduced by € 1.3 million to € 5.3 million. The average headcount at the Flughafen Wien Group declined from 4,677 to 4,634 (down 0.9%).
Other operating expenses decreased by € 5.7 million or 6.7% as against 2016 to € 79.9 million (Q1-3/2016: € 85.6 million). The main changes related to maintenance, refurbishment and repairs to buildings, technical equipment, runways and aprons (down € 7.1 million) as a result of more extensive maintenance projects recognised in the previous year. Purchased services increased by € 1.6 million and related in part to services such as IT. Legal, auditing and consulting costs likewise increased by € 1.5 million on account of pending litigation and higher expenses for expert opinions (including for project decisions). Other expenses decreased by € 1.0 million, mainly on account of non-recurring project expenses in the previous year.
The results of investments in companies recorded at equity amounted to € 2.8 million after € 1.9 million in the previous year, reflecting the operational improvement of these investments.
As a result of the positive development in revenues, EBITDA climbed by € 9.8 million year-on-year to € 266.5 million despite higher expenses. The EBITDA margin rose from 46.1% to 46.9%.
Depreciation and amortisation (including impairment) amounted to € 99.9 million in the first nine months of 2017 (Q1-3/2016: € 102.1 million). In the previous year a reversal of an impairment loss on the "Real Estate Office" cash-generating unit (CGU) of € 3.9 million
was recognised (total depreciation and amortisation including reversal of impairment in Q1-3/2016: € 98.1 million).
The better EBITDA allowed EBIT to rise by 5.1% to € 166.5 million (Q1-3/2016: € 158.5 million). The EBIT margin therefore also improved from 28.5% to 29.3%.
Financial results improved from minus € 13.6 million in the same period of the previous year to minus € 11.6 million. Income from investments (not including at-equity investments) fell by € 0.1 million year-on-year to € 0.5 million. Net interest income improved from minus € 14.3 million to minus € 12.3 million, essentially on account of lower interest expenses due to the ongoing repayment of financial liabilities.
Earnings before taxes (EBT) amounted to € 154.9 million in the first nine months (up 6.9% as against Q1-3/2016: € 144.9 million). After deducting income taxes of € 40.8 million (Q1-3/2016: € 38.3 million), the net profit for the period amounted to € 114.1 million (Q1-3/2016: € 106.6 million), an increase of 7.1%.
The net profit attributable to shareholders of the parent company rose by € 5.5 million to € 103.9 million (up 5.6%). The net profit for the period attributable to non-controlling interests amounted to € 10.2 million for the first three quarters (Q1-3/2016: € 8.2 million).
The Flughafen Wien Group's revenues were in line with the previous year's level at € 211.1 million in the third quarter of 2017. While non-aviation income rose by € 2.2 million to € 54.6 million on account of higher rental revenue, aviation income dropped from € 158.6 million to € 156.5 million as a result of changes in incentives and non-recurring effects. Other operating income was also on par with the previous year's figure at € 2.5 million (Q3/2016: € 2.6 million).
Expenses for consumables and services used increased by € 0.8 million year-on-year to € 8.6 million as a result of the higher consumption of maintenance materials. Personnel expenses rose by € 2.7 million to € 68.7 million due to the non-recurring effects of updating actuarial parameters in the previous year and increases under collective bargaining agreements. Other operating expenses declined from € 36.3 million in the same quarter of the previous year to € 29.3 million.
The pro rata share of net profit for the period of the investments recorded at equity rose from € 1.1 million to € 1.6 million as a result of the improvement in operating earnings at the investments.
This resulted in a rise in EBITDA of € 3.9 million (up 3.7%) for the third quarter of 2017 to € 108.6 million (Q3/2016: € 104.7 million).
Depreciation of property, plant and equipment and amortisation of intangible assets (including impairment losses) decreased by € 2.0 million year-on-year to € 31.6 million (Q3/2016: € 33.6 million). The higher EBITDA and lower depreciation and amortisation expense allowed EBIT to rise by € 5.9 million as against Q3/2016 to € 77.0 million (Q3/2016: € 71.1 million).
Financial results amounted to minus € 3.3 million in the third quarter of 2017 after
minus € 3.7 million in Q3/2016. This is due essentially to lower interest expenses on account of the repayment of financial liabilities.
At € 73.7 million, the profit before taxes was higher than the previous year's figure of € 67.3 million. This also led to a higher tax expense of € 19.6 million for the third quarter of 2017 (Q3/2016: € 18.3 million). Overall, the net profit for the third quarter of 2017 improved by 10.2% to € 54.0 million (Q3/2016: € 49.0 million). The net profit for the period of the parent company amounted to € 49.0 million, thus climbing by 9.5% (Q3/2016: € 44.7 million). The net profit for the third quarter attributable to non-controlling interests was € 5.1 million (Q3/2016: € 4.3 million).
| Q1-3/2017 in T€ | Airport | Handling & Security services1 |
Retail & Properties |
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 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 |
| Airport | Handling & Security services1 |
Retail & Properties |
Malta | Other Segments |
Group |
|---|---|---|---|---|---|
| 281,469.1 | 116,601.9 | 91,674.1 | 55,521.8 | 11,355.6 | 556,622.5 |
| 26,817.9 | 53,823.2 | 11,076.4 | 0.0 | 80,065.0 | |
| 308,286.9 | 170,425.1 | 102,750.4 | 55,521.8 | 91,420.6 | |
| 136,626.0 | 16,435.1 | 55,279.0 | 31,257.0 | 17,032.7 | 256,629.9 |
| 44.3 | 9.6 | 53.8 | 56.3 | 18.6 | |
| Segment EBIT | 70,779.6 | 12,372.7 | 45,736.5 | 24,932.7 | 4,678.6 | 158,500.2 |
|---|---|---|---|---|---|---|
| Segment EBIT margin (in %) |
23.0 | 7.3 | 44.5 | 44.9 | 5.1 |
1) New name only for clarification purposes - no change in substance compared to previous periods
2) Figures for Q1-3/2016 adjusted (see section VI in the notes to the consolidated financial statements 2016)
External revenues in the Airport Segment decreased by € 1.2 million to € 280.3 million in Q1-3/2017. The underlying reason is the bankruptcy of airberlin and the reduced flight offering on the part of NIKI. This development was more than compensated by the higher passenger volume arising from flight service on existing routes taken over by other airlines. However, it also led to a stronger impact of the existing growth and transfer incentives, which in turn negatively affected average revenue per passenger. The security fee increased by € 3.5 million year-on-year to € 76.8 million. Landing fees also increased by € 1.5 million to € 49.5 million. However, higher incentives resulted in a decline in passenger fees (including PRM) of € 7.5 million to € 113.5 million.
Internal revenues decreased by € 1.5 million year-on-year to € 25.3 million due to lower incidental rental revenues. Other income (including own work capitalised) amounted to € 3.4 million (Q1-3/2016: € 1.9 million).
The cost of external consumables increased by € 0.7 million to € 2.3 million. In addition to higher expenses for de-icing, maintenance materials were purchased in particular. Personnel expenses rose by € 2.1 million to € 31.6 million on account of non-recurring effects recognised in the previous year and a higher average headcount (499 as against 515). Other operating expenses rose slightly by € 0.3 million year-on-year to € 30.7 million. While marketing and market communication expenses were down, costs for consulting and expert opinions were on the rise. Internal operating costs decreased by € 2.6 million to € 109.3 million in the first three quarters. This is largely attributable to lower expenses for purchased security services and IT equipment.
EBITDA in the Airport Segment declined by € 1.6 million to € 135.0 million (Q1-3/2016: € 136.6 million). Taking depreciation and amortisation (including impairment) of € 65.5 million into account (Q1-3/2016: € 65.8 million), segment EBIT amounted to € 69.4 million after € 70.8 million in the same period of the previous year. The EBITDA margin fell slightly from 44.3% to 44.2%, the EBIT margin from 23.0% to 22.7%.
Revenue growth in Handling & Security services Segment of 2.9% to € 120.0 million External revenues in the Handling & Security services Segment rose by € 3.4 million to € 120.0 million in the first three quarters of 2017 (Q1-3/2016: € 116.6 million). Revenues from apron handling climbed from € 75.0 million to € 77.8 million due to the use of larger aircraft, the acquisition of new customers, price adjustments and higher de-icing revenues. Revenues from cargo handling increased from € 22.0 million to € 22.6 million in line with the cargo volume handled. The decline in traffic handling revenues from € 10.9 million to € 10.2 million mainly relates to NIKI/airberlin.
External revenues from security services increased from € 0.4 million to € 3.0 million. The General Aviation area, including the operation of the VIP & Business Centre (including other segment revenues), generated an increase in revenues of € 0.2 million in the first nine months of 2017. Internal revenues declined by € 0.9 million to € 52.9 million mainly from security services. Other income increased by € 0.4 million year-on-year to € 0.7 million.
The cost of consumables was up by € 1.3 million at € 5.4 million owing to higher consumption of de-icing materials compared to the previous year. Personnel expenses increased by € 1.7 million to € 123.6 million. This is due to non-recurring effects as a result of updating actuarial parameters in the previous year and changes in provisions in the current financial year. Other operating expenses were € 0.1 million higher than the previous year's level at € 3.9 million. Internal operating expenses were reduced by € 0.3 million to € 24.2 million in the first three quarters of 2017 as a result of lower internal expenses for maintenance work.
EBITDA in the Handling & Security services Segment rose only slightly from € 16.4 million to € 16.6 million in the first three quarters of 2017 despite a higher revenue volume on account of increased expenses. Adjusted for depreciation and amortisation of € 4.2 million (Q1-3/2016: € 4.1 million), EBIT amounted to € 12.4 million as in the previous year. The EBITDA margin was level with the previous year at 9.6%, and the EBIT margin was 0.1 percentage points lower at 7.1%.
External revenues in the Retail & Properties Segment rose by € 2.5 million to € 94.2 million year-on-year (Q1-3/2016: € 91.7 million). This development was driven by higher revenues from shopping and food & beverages services, which increased by € 2.1 million to € 35.3 million. Parking revenues increased by € 0.6 million to € 33.0 million. By contrast, rental revenues were € 0.2 million lower than in the same period of the previous year at € 25.9 million. Internal revenues declined slightly from € 11.1 million to € 10.5 million, while other income was down by € 0.7 million at € 2.4 million.
The cost of materials was at roughly the same level as in the previous year at € 0.6 million (Q1-3/2016: € 0.5 million). Personnel expenses rose by € 1.4 million to € 7.1 million in line with the higher allocated headcount. Other operating expenses decreased from € 14.0 million to € 11.0 million as a result of lower maintenance costs. Internal operating expenses declined by € 1.6 million to € 28.7 million, mainly in the area of internal rentals.
EBITDA in the Retail & Properties Segment climbed from € 55.3 million to € 59.6 million in the first three quarters on the back of revenue growth and lower expenses. Depreciation and amortisation rose to € 13.1 million (Q1-3/2016: € 9.5 million) as a result of a reversal of impairment of € 3.9 million in the previous year. Due to non-recurring effects, EBIT therefore rose only slightly by € 0.7 million to € 46.4 million (Q1-3/2016: € 45.7 million). The EBITDA margin was 56.9% (Q1-3/2016: 53.8%) and the EBIT margin was 44.4% (Q1-3/2016: 44.5%).
The Malta Segment's external revenues amounted to € 63.1 million in the first nine months, and increased by € 7.6 million essentially as a result of passenger growth (Q1-3/2016: € 55.5 million). This increase largely results from aviation (up € 5.8 million at
€ 44.8 million), though revenues from Retail & Properties were also up by € 1.6 million year-on-year at € 15.9 million.
The cost of materials was stable on the previous year at € 2.1 million, while personnel expenses were reduced by 0.5% to € 5.9 million despite the slightly higher headcount. Other operating expenses rose by € 0.8 million to € 15.9 million, and included costs for security staff, cleaning, staff for PRM services, other third-party personnel services, IT, marketing expenses, lease costs and maintenance costs. Internal operating expenses amounted to € 1.0 million (Q1-3/2016: € 1.2 million).
The Malta Segment reported EBITDA of € 38.3 million for the first three quarters of 2017 (Q1-3/2016: € 31.3 million) with an EBITDA margin of 60.7% (Q1-3/2016: 56.3%). Taking into account the segment's depreciation and amortisation of € 6.6 million, EBIT amounted to € 31.7 million (Q1-3/2016: € 24.9 million) with an EBIT margin of 50.2% (Q1-3/2016: 44.9%).
External revenues in Other Segments amounted to € 11.0 million (Q1-3/2016: € 11.4 million) in the first nine months of 2017. This decrease is due essentially to lower revenues from energy supply and waste disposal. Internal revenues declined by € 1.8 million year-on-year to € 78.3 million (Q1-3/2016: € 80.1 million). This reduction largely related to IT services and property management services for Group companies and other units. Other income amounted to € 1.7 million (Q1-3/2016: € 3.7 million). The decline is essentially on account of lower own work capitalised in this segment.
The cost of consumables and purchased services rose by € 0.3 million year-on-year to € 16.8 million. Personnel expenses rose by € 0.5 million to € 37.8 million with an average headcount of 698 (Q1-3/2016: 706). Other operating expenses decreased from € 22.4 million to € 18.3 million, largely on account of lower maintenance expenses.
The increase in the results of investments in companies recorded at equity reflects the operational improvement of these investments. Positive income of € 2.8 million was generated in the first nine months of 2017 (Q1-3/2016: € 1.9 million).
Overall, Other Segments reported EBITDA of € 17.0 million on account of lower income coupled with a reduction in expenses (Q1-3/2016: € 17.0 million). Adjusted for depreciation and amortisation of € 10.4 million (Q1-3/2016: € 12.4 million), segment EBIT amounted to € 6.6 million (Q1-3/2016: € 4.7 million). The EBITDA margin was 19.1% (Q1-3/2016: 18.6%) and the EBIT margin was 7.4% (Q1-3/2016: 5.1%).
Net debt declined to € 255.0 million as at 30 June 2017, down € 100.5 million as against the start of the year. While the equity ratio rose by 1.3 percentage points to 57.9%, gearing decreased from 31.1% (31 December 2016) to 21.3%.
Net cash flow from operating activities was € 237.1 million in Q1-3/2017 after € 212.3 million in the previous year. The increase was caused by the improved operating result and the rise in liabilities and provisions as at the end of the reporting period.
Net cash flow from investing activities amounted to minus € 121.6 million after a positive figure of € 14.9 million in the previous year. While € 77.8 million was paid for investment projects in the first nine months of 2017, a payment of € 69.1 million was received for assets available for sale in the previous year.
Free cash flow (net cash flow from operating activities plus net cash flow from investing activities) totalled € 115.5 million (Q1-3/2016: € 227.2 million), due in part to the change in cash flow from investing activities.
Net cash flow from financing activities of minus € 105.3 million (Q1-3/2016: minus € 199.7 million) is attributable to repayments of financial liabilities of € 89.9 million, proceeds from the borrowing of cash advances for short-term financing of € 44.0 million and the distribution of dividends of € 59.4 million (€ 52.5 million of which for shareholders of Flughafen Wien AG and € 6.9 million of which for non-controlling interests). In addition, payments of € 60.4 million were recognised for the acquisition of non-controlling interests in the previous year.
Cash and cash equivalents amounted to € 53.6 million as at 30 September 2017.
Non-current assets rose by € 21.6 million since the start of the year to € 1,857.5 million.
Current assets rose by € 25.6 million compared to the end of the year to € 208.1 million (31 December 2016: € 182.4 million), mainly as a result of higher cash and cash equivalents and other investments (other receivable) on account of the positive operating cash flow.
Equity has risen by 4.6% to € 1,196.8 million since 31 December 2016 (€ 1,144.0 million). The equity ratio improved to 57.9% after 56.7% as at the end of 2016.
Non-current liabilities fell by € 29.5 million to € 622.7 million on account of the reclassification of financial liabilities to current liabilities and the reversal of deferred tax liabilities.
By contrast, current liabilities increased by € 23.9 million to € 246.1 million. This is due essentially to higher provisions.
A total amount of € 85.3 million (Q1-3/2016: € 69.0 million, up € 16.3 million) was invested in intangible assets, property, plant and equipment and investment property in the first nine months of 2017. The largest additions at the Vienna site related to land purchases for the development of property projects at € 14.2 million, the expansion of Air Cargo Center East at € 11.1 million, the expansion of a transformer station at € 2.3 million and investments in taxiways of € 2.1 million. Capital expenditure at Malta Airport included € 9.0 million for terminal alterations and € 1.7 million for the instrument landing system. The company acquired an administrative and hangar building for € 2.6 million at the Bad Vöslau site.
As a result of the good traffic results to date, FWAG anticipates a rise in passenger numbers for 2017 as a whole of 5% in the Flughafen Wien Group and an increase of 4% at Vienna Airport itself. The consolidated net profit for 2017 is therefore set to be considerably higher than that of the previous year.
Vienna Airport and its investments Malta Airport and Košice Airport together handled 2.8 million passengers in October 2017, comprising an increase of 3.7% from October 2016. Accumulated passenger volume in the period January to October 2017 rose by 7.6% to 26.5 million passengers.
The number of passengers handled by Vienna Airport in October 2017 increased by 0.9% compared to the prior-year month of October to 2,185,578 passengers. The number of local passengers was up 2.1%, whereas the number of transfer passengers decreased by 2.2%. In October 2017 the number of flight movements was down by 0.3% year-on-year. Cargo volume at Vienna Airport also dropped by 5.7% compared to October 2016.
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 2017
| in T€ | Q1-3/2017 | Q1-3/20161 | C. in % | Q3/2017 | Q3/20161 |
|---|---|---|---|---|---|
| Revenues | 568,550.8 | 556,622.5 | 2.1 | 211,053.0 | 211,032.1 |
| Other operating income | 8,155.5 | 8,944.3 | -8.8 | 2,543.6 | 2,620.0 |
| Operating income | 576,706.3 | 565,566.9 | 2.0 | 213,596.6 | 213,652.2 |
| Expenses for consumables and purchased services |
-27,201.5 | -24,942.0 | 9.1 | -8,607.7 | -7,787.1 |
| Personnel expenses | -206,000.5 | -200,350.3 | 2.8 | -68,720.3 | -66,017.4 |
| Other operating expenses | -79,885.9 | -85,588.9 | -6.7 | -29,330.4 | -36,259.7 |
| Pro rata results of companies recorded at equity |
2,834.0 | 1,944.2 | 45.8 | 1,629.7 | 1,068.5 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
266,452.4 | 256,629.9 | 3.8 | 108,567.8 | 104,656.6 |
| Depreciation and amortisation | -99,012.6 | -102,075.2 | -3.0 | -31,419.8 | -33,606.5 |
| Reversals of impairment | 0.0 | 3,945.5 | -100.0 | 0.0 | 0.0 |
| Impairment | -900.7 | 0.0 | n.a | -194.8 | 0.0 |
| Earnings before interest and taxes (EBIT) |
166,539.1 | 158,500.2 | 5.1 | 76,953.2 | 71,050.0 |
| Income from investments, excluding investments recorded at equity |
537.1 | 663.0 | -19.0 | 72.0 | 103.0 |
| Interest income | 1,537.5 | 2,816.0 | -45.4 | 1,145.0 | 1,696.5 |
| Interest expense | -13,825.9 | -17,101.5 | -19.2 | -4,502.1 | -5,531.4 |
| Other financial result | 109.9 | 0.0 | n.a. | 0.0 | 0.0 |
| Financial results | -11,641.4 | -13,622.6 | 14,5 | -3,285.1 | -3,732.0 |
| Earnings before taxes (EBT) | 154,897.7 | 144,877.6 | 6.9 | 73,668.1 | 67,318.1 |
| Income taxes | -40,756.8 | -38,271.8 | 6.5 | -19,639.6 | -18,278.4 |
| Net profit for the period | 114,140.9 | 106,605.8 | 7.1 | 54,028.5 | 49,039.7 |
| Thereof attributable to: | |||||
| Equity holders of the parent | 103,913.5 | 98,413.9 | 5.6 | 48,965.8 | 44,700.9 |
| Non-controlling interests | 10,227.4 | 8,191.9 | 24.8 | 5,062.8 | 4,338.8 |
| Earnings per share (in €, basic = diluted) |
1.24 | 1.17 | 5.6 | 0.59 | 0.53 |
1) Figures for Q1-3/2016 and Q3/2016 adjusted (see section VI in the notes to the consolidated financial statements 2016)
| in T€ | Q1-3/2017 Q1-3/20161 | C. in % | Q3/2017 Q3/20161 | ||
|---|---|---|---|---|---|
| Net profit for the period | 114,140.9 | 106,605.8 | 7.1 | 54,028.5 | 49,039.7 |
| Revaluations from defined benefit plans |
-1,864.2 | 1,039.9 | n.a. | -401.0 | -3,906.1 |
|---|---|---|---|---|---|
| Thereof deferred taxes | 466.0 | -260.0 | n.a. | 100.3 | 976.5 |
| Change in fair value of available | |||||
|---|---|---|---|---|---|
| for-sale securities | -663.0 | -819.3 | -19.1 | -1,006.9 | -1,144.8 |
| Thereof changes not recognised through profit or loss |
-553.1 | -819.3 | -32.5 | -1,006.9 | -1,144.8 |
| Thereof realised gains and losses | -109.9 | 0.0 | n.a. | 0.0 | 0.0 |
| Thereof deferred taxes | 166.6 | 204.5 | -18.5 | 251.7 | 286.2 |
| Other comprehensive income | -1,894.6 | 165.1 | n.a | -1,055.9 | -3,788.2 |
| Total comprehensive income | 112,246.3 | 106,770.9 | 5.1 | 52,972.6 | 45,251.5 |
| Thereof attributable to: | |||||||
|---|---|---|---|---|---|---|---|
| Equity holders of the parent | 102,018.0 | 98,579.8 | 3.5 | 47,910.1 | 40,912.8 | ||
| Non-controlling interests | 10,228.3 | 8,191.1 | 24.9 | 5,062.5 | 4,338.8 |
1) Figures for Q1-3/2016 and Q3/2016 adjusted (see section VI in the notes to the consolidated financial statements 2016)
| Amounts in T€ | 30.9.2017 | 31.12.2016 | C. in % |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 156,654.9 | 158,964.6 | -1.5 |
| Property, plant and equipment | 1,458,776.0 | 1,455,926.9 | 0.2 |
| Investment property | 131,843.6 | 145,849.2 | -9.6 |
| Investments in companies recorded at equity | 40,961.4 | 40,235.1 | 1.8 |
| Other assets | 69,292.2 | 34,910.0 | 98.5 |
| 1,857,528.2 | 1,835,885.8 | 1.2 | |
| Current assets | |||
| Inventories | 5,823.2 | 5,970.2 | -2.5 |
| Securities | 20,737.0 | 21,301.7 | -2.7 |
| Assets available for sale | 3,058.6 | 4,307.9 | -29.0 |
| Receivables and other assets | 124,851.7 | 107,423.5 | 16.2 |
| Cash and cash equivalents | 53,599.2 | 43,438.5 | 23.4 |
| 208,069.6 | 182,441.8 | 14.0 | |
| Total assets | 2,065,597.8 | 2,018,327.6 | 2.3 |
| 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 | 680.7 | 2,847.9 | -76.1 |
| Retained earnings | 839,261.1 | 787,576.0 | 6.6 |
| Attributable to equity holders of the parent | 1,110,269.1 | 1,060,751.1 | 4.7 |
| Non-controlling interests | 86,555.7 | 83,224.1 | 4.0 |
| 1,196,824.8 | 1,143,975.2 | 4.6 | |
| Non-current liabilities | |||
| Provisions | 158,375.3 | 153,302.3 | 3.3 |
| Financial liabilities | 368,216.2 | 396,310.3 | -7.1 |
| Other liabilities | 42,114.8 | 43,627.3 | -3.5 |
| Deferred tax liabilities | 53,967.1 | 58,947.0 | -8.4 |
| 622,673.4 | 652,186.9 | -4.5 | |
| Current liabilities | |||
| Tax provisions | 15,965.5 | 1,585.4 | n.a. |
| Other provisions | 108,914.8 | 87,132.9 | 25.0 |
| Financial liabilities | 46,075.2 | 63,917.0 | -27.9 |
| Trade payables | 34,155.0 | 34,593.7 | -1.3 |
| Other liabilities | 40,989.1 | 34,936.5 | 17.3 |
| 246,099.5 | 222,165.4 | 10.8 | |
| Total equity and liabilities | 2,065,597.8 | 2,018,327.6 | 2.3 |
21
| Amounts in T€ | Q1-3/2017 | Q1-3/20161 | C, in % | |
|---|---|---|---|---|
| Profit before taxes | 154,897.7 | 144,877.6 | 6.9 | |
| + | Depreciation and amortisation of non-current assets | 99,012.6 | 102,075.2 | -3.0 |
| - | Reversals of impairment | 0.0 | -3,945.5 | -100.0 |
| + | Impairment | 900.7 | 0.0 | n.a. |
| - | Pro rata results of companies recorded at equity | -2,834.0 | -1,944.2 | 45.8 |
| + | Dividends from companies recorded at equity | 2,107.7 | 2,659.7 | -20.8 |
| + | Losses / - gains on the disposal of non-current assets | -744.0 | -13.3 | n.a. |
| - | Reversal of investment subsidies from public funds | -171.0 | -166.8 | 2.5 |
| - | Other non-cash transactions | -5.5 | -10.3 | -46.9 |
| + | Interest and dividend result | 11,751.3 | 13,622.6 | -13.7 |
| + | Dividends received | 537.1 | 663.0 | -19.0 |
| + | Interest received | 1,597.9 | 3,078.6 | -48.1 |
| - | Interest paid | -9,559.8 | -12,185.8 | -21.5 |
| - | Increase / + decrease in inventories | 147.0 | 64.9 | n.a. |
| - | Increase / + decrease in receivables | -7,003.6 | -6,513.2 | 7.5 |
| + | Increase / - decrease in liabilities and provisions | 17,207.1 | 6,059.9 | n.a. |
| Net cash flow from ordinary operating activities | 267,841.3 | 248,322.3 | 7.9 | |
| - | Income taxes paid | -30,724.6 | -36,049.5 | -14.8 |
| Net cash flow from operating activities | 237,116.7 | 212,272.8 | 11.7 | |
| + | Payments received on the disposal of non-current assets | 1,217.6 | 5,274.6 | -76.9 |
| - | Payments made for the purchase of non-current assets | -77,841.0 | -59,478.5 | 30.9 |
| + | Payments received for assets available for sale | 0.0 | 69,095.1 | -100.0 |
| + | Payments received for non-refundable grants | 0.0 | 9.9 | -100.0 |
| + | Payments received of short-term investments | 20,000.0 | 0.0 | n.a. |
| - | Payments made for short-term investments | -65,000.0 | 0.0 | n.a. |
| Net cash flow from investing activities | -121,623.4 | 14,901.1 | n.a. | |
| - | Dividend payment to Flughafen Wien AG shareholders | -52,500.0 | -42,000.0 | 25.0 |
| - | Dividend payment to non-controlling interests | -6,896.7 | -6,855.2 | 0.6 |
| - | Payments for the acquisition of non-controlling interests | 0.0 | -60,409.5 | -100.0 |
| + | Payments received from the borrowing of financial liabilities |
44,000.8 | 0.0 | n.a. |
| - | Payments made for the repayment of financial liabilities | -89,936.7 | -90,426.6 | -0.5 |
| Net cash flow from financing activities | -105,332.6 | -199,691.3 | -47.3 | |
| Change in cash and cash equivalents | 10,160.7 | 27,482.6 | -63.0 | |
| + | Cash and cash equivalents at the beginning of the period | 43,438.5 | 44,738.2 | -2.9 |
| Cash and cash equivalents at the end of the period | 53,599.2 | 72,220.8 | -25.8 |
1) Figures for Q1-3/2016 adjusted (see section VI in the notes to the consolidated financial statements 2016)
| Attributable to equity holders of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in T€ | Share capital |
Capital reserves |
Total other reserves |
Retained earnings |
Total | Non-con trolling interests |
Total | |
| As at 1.1.2016 as previously reported1 |
152,670.0 | 117,657.3 | -16,426.1 | 765,993.0 | 1,019,894.3 | 104.3 1,019,998.5 | ||
| Retrospective restatement |
0.0 | 0.0 | 18,262.4 | -1,519.5 | 16,742.9 | 102,543.4 | 119,286.3 | |
| As at 1.1.2016 adjusted1 |
152,670.0 | 117,657.3 | 1,836.3 | 764,473.5 | 1,036,637.2 | 102,647.7 1,139,284.9 | ||
| Market valuation of securities |
-614.1 | -614.1 | -0.8 | -614.9 | ||||
| Revaluation from defined benefit plans |
780.0 | 780.0 | 0.0 | 780.0 | ||||
| Other comprehen sive income |
0.0 | 0.0 | 165.9 | 0.0 | 165.9 | -0.8 | 165.1 | |
| Net profit for the period |
98,413.9 | 98,413.9 | 8,191.9 | 106,605.8 | ||||
| Total comprehen sive income |
0.0 | 0.0 | 165.9 | 98,413.9 | 98,579.8 | 8,191.1 | 106,770.9 | |
| Reversal of revaluation surplus |
-271.7 | 271.7 | 0.0 | 0.0 | 0.0 | |||
| Changes from the acquisition of non-controlling interests |
-37,898.9 | -37,898.9 | -22,510.6 | -60,409.5 | ||||
| Dividend payment | -42,000.0 | -42,000.0 | -6,855.2 | -48,855.2 | ||||
| As at 30.9.20161 | 152,670.0 | 117,657.3 | 1,730.5 | 783,260.1 | 1,055,318.0 | 81,473.0 1,136,791.0 |
| As at 1.1.2017 | 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 comprehen sive income |
0.0 | 0.0 | -1,895.4 | 103,913.5 | 102,018.0 | 10,228.3 | 112,246.3 |
| Reversal of revaluation 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 30.9.2017 | 152,670.0 | 117,657.3 | 680.7 | 839,261.1 | 1,110,269.1 | 86,555.7 1,196,824.8 |
1) Figures for 1.1.2016 adjusted (see section VI in the notes to the consolidated financial statements 2016)
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
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 Telephone: +43/1/7007-23000 E-Mail: [email protected] The Flughafen Wien Group provides the following information in the Internet:
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. on behalf of Flughafen Wien AG
Concept and Graphic Design: Dieter Dalinger, 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 8 November 2017. 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 3/2017 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".
www.viennaairport.com
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