Quarterly Report • Nov 22, 2012
Quarterly Report
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n Financial Indicators (in € mill., excluding employees)
| 1–9/2012 | in % | 1–9/2011 | ||
|---|---|---|---|---|
| Revenue | 457.5 | +5.1 | 435.3 | |
| Operating income | 476.0 | +6.2 | 448.4 | |
| EBITDA | 174.6 | +10.4 | 158.2 | |
| EBIT | 102.8 | +63.1 | 63.0 | |
| EBITDA margin in %1) | 38.2 | n.a. | 36.3 | |
| EBIT margin in %2) | 22.5 | n.a. | 14.5 | |
| Net profit after non-controlling interests | 71.7 | +254.5 | 20.2 | |
| Cash flow from operating activities | 139.1 | -2.2 | 142.3 | |
| Equity 30.9.2012 vs. 31.12.2011 | 862.9 | +6.3 | 811.4 | |
| Equity ratio (in %) 30.9.2012 vs. 31.12.2011 | 41.7 | n.a. | 37.7 | |
| Net debt 30.9.2012 vs. 31.12.2011 | 728.2 | -3.1 | 751.7 | |
| Gearing (in %) 30.9.2012 vs. 31.12.2011 | 84.4 | n.a. | 92.6 | |
| Capital expenditure3) | 56.5 | -68.5 | 179.3 | |
| Employees4) | 4,501 | -0.3 | 4,516 | |
| Employees 30.9.2012 vs. 31.12.2011 | 4,283 | -4.8 | 4,501 |
| MTOW in tonnes5) | 6,172,790 | -1.3 | 6,256,741 |
|---|---|---|---|
| Passengers | 16,927,884 | +5.9 | 15,992,075 |
| Thereof transfer passengers | 5,431,808 | +10.2 | 4,926,942 |
| Flight movements | 185,888 | -0.2 | 186,242 |
| Cargo (air cargo and trucking, in tonnes) | 189,074 | -8.9 | 207,460 |
| Seat occupancy in %6) | 73.1 | n.a. | 69.9 |
Definitions: 1) EBITDA margin (earnings before interest, taxes, depreciation and amortisation) = EBIT + depreciation and amortisation / Total revenue 2) EBIT margin (earnings before interest and taxes) = EBIT / Total revenue 3) Intangible assets, property, plant and equipment and prepayments, including corrections to invoices from prior years 4) Weighted average number of employees including apprentices and employees on official non-paying leave (maternity, military, etc.) and excluding the Management Board and managing directors 5) MTOW: maximum take-off weight for aircraft 6) Seat occupancy: Number of passengers / Available number of seats
| Share price on 31.12.2011 in € | 29.25 |
|---|---|
| Share price on 30.9.2012 in € | 36.07 |
| First nine month high in € (on 07.09.2012) | 36.89 |
| First nine month low in € (on 06.03.2012) | 25.61 |
| Market cap as of 30.9.2012 in million € | 757.47 |
| Traffic results for 2012 | 17 January 2013 |
|---|---|
| Annual results for 2012 | 20 March 2013 |
| 25th Annual General Meeting | 30 April 2013 |
| First quarter results for 2013 | 28 May 2013 |
| Interim financial report for 2013 | 21 August 2013 |
| Third quarter results for 2013 | 20 November 2013 |
| Vienna, Frankfurt (Xetra), | |
|---|---|
| London (SEAQ International), New York (ADR) |
| Reuters | VIE.VI |
|---|---|
| Bloomberg | FLU:AV |
| Datastream | O:FLU |
| ISIN | AT0000911805 |
| ÖKB-WKN | 091180 |
| ÖTOB | FLU |
| ADR | VIAAY |
The third quarter of 2012 was a successful period for Flughafen Wien AG from both an operational and a commercial standpoint. On the one hand, it was the first full three-month period after the opening of the new terminal Check-in 3. Since the problem-free start on 5 June, this new complex has stood the test well. Nearly 5.5 million passengers have been handled to date in the new terminal, whose systems guarantee smooth and efficient operations. On the other hand, Vienna was also able to maintain its top position among the European airports for on-time flight service and reliability in baggage handling. The central security controls have led to a further substantial reduction in the already competitive short waiting time. Another particularly positive experience: even a critical test in the form of a one-hour electrical power outage caused by a disruption in the local grid – the first of this kind in 30 years – was easily managed.
As previously announced, the experience gained through real-time operations is now being used to optimise Check-in 3 in order to provide our passengers with even greater comfort. A number of measures – for example, improvements in the guidance system and easier access to the car parks – have already been implemented. These modifications in the interest of our customers will also continue during the coming year.
The company's economic development was positive and, all in all, slightly exceeded our expectations during the reporting period, particularly with a 2.8% increase in the number of passengers over Q3/2011. Vienna Airport handled 16,927,884 passengers during the period from 1–9/2012, or a plus of 5.9% over 1–9/2011. The number of transfer passengers rose by 10.2% to a new record level of 5,431,808. This confirms our strategy to further strengthen the role of Vienna Airport as a hub with a special focus on Eastern Europe.
The efforts of our airline customers to improve capacity utilisation were reflected in a substantial improvement in seat occupancy from 69.9% to 73.1%. This is reflected in the number of flight movements, which remained nearly constant at 185,888 (-0.2% vs. 1–9/2011) despite the increase in passenger volume. Maximum take-off weight fell slightly by 1.3% to 6,172,790 tonnes, a development that also resulted from the weak economy and the related decline in cargo traffic (-8.9% to 189,074 tonnes).
Revenue recorded by the Flughafen Wien Group rose by 5.1% year-on-year to € 457.5 million for 1–9/2012. The streamlining of the organisational structure, productivity improvements and the cost reduction programme led to an above-average increase of 10.4% in earnings before interest, taxes, depreciation and amortisation (EBITDA) to € 174.6 million. The EBITDA margin also improved substantially to 38.2% (1–9/2011: 36.3%). The significant 63.1% increase in earnings before interest and taxes (EBIT) to € 102.8 million was supported by positive revenue and cost effects and, above all, by the absence of impairment charges at the extent recognised in 1–9/2011. Net profit after non-controlling interests more than tripled to € 71.7 million (1–9/2011: € 20.2 million). This strong growth resulted from the above-mentioned special effects as well as impairment charges of € 27.1 million that were recognised to investments in 2011.
However, this strong earnings improvement is contrasted by increased costs from the start of operations in the new terminal Check-in 3: depreciation and amortisation for the fourth quarter of this year will be roughly € 15 million over the comparable period in 2011, and the doubling of the terminal areas will lead to higher operating costs. In addition, the borrowing costs related to Check-in 3, which have not been capitalized since the terminal opening in Q2/2012, will add a further € 15 million this year. The start-up costs for the first months of operation and expenses for optimisation measures will also have a negative effect on earnings.
For the fourth quarter of 2012 we expect results that will break even or are slightly negative, in particular due to the above effects as well as maintenance and repairs that were rescheduled for that period. Net profit for the full financial year should therefore reflect results for the period from 1–9/2012. Results for 2012 are also expected to include positive cash flow as well as a slight reduction in net debt by year-end. A cutback in the originally planned investments for Check-in 3 and the postponement of individual projects to the coming year should limit capital expenditure for 2012 to not more than roughly € 100 million.
With respect to the next long-term project at Flughafen Wien AG after the terminal opening – the construction of a third runway – the appeals against the positive first-instance decision are currently under review. The latest estimates indicate that we cannot expect a final, legally binding decision before the end of 2013 or the beginning of 2014. A decision by Flughafen Wien AG on this project will, in any event, only be made on the basis of actual traffic development and the resulting capacity needs. An exact cost estimate based on the first-instance ruling, which defined over 400 requirements, will be available during the first half of 2013.
Schwechat, 5 November 2012
The Management Board
Günther Ofner Julian Jäger Member, CFO Member, COO
Vienna Airport handled a total of 16,927,884 passengers during the first nine months of 2012, which represents an increase of 5.9% over the comparable prior year period. However, the growth in passenger traffic slowed from the first (+9.2%) to the second (+6.8%) and into the third quarter (+2.8%). The number of passengers departing to destinations in Eastern Europe rose by a solid 13.4% to represent 20.0% of the total passenger volume. Traffic to Western Europe increased 3.9% to equal a share of 68.0%. Sound development was also recorded in the number of passengers departing to destinations in the Middle East with a plus of 10.0%. Traffic to the Far East declined by 3.8% following the termination of flights to Mumbai.
In the strategically important transfer segment, the number of passengers rose by 10.2% year-onyear. The Austrian Airlines Group, the largest and most important customer of the Flughafen Wien Group, recorded an increase of 4.6% in the number of passengers handled at Vienna Airport. Despite this growth, the airline's share of total passenger traffic fell from 50.0% in the first three quarters of the previous year to 49.4%. The number of passengers handled by the so-called lowcost carriers rose by 5.9% during the reporting period, whereby growth in the third (+11.1%) and second (+7.1%) quarters offset the decline (-3.2%) recorded in the first quarter of this year. The share of passenger traffic attributable to these carriers equalled 22.1% (1–9/2011: 22.1%).
Maximum take-off weight (MTOW) totalled 6,172,790 tonnes, which is 1.3% lower than the comparable prior year period. This development resulted from a lower number of flight movements (-0.2%) as well as a decline in cargo flights. Cargo volume (air cargo and trucking) fell by 8.9% to 189,074 tonnes.
Flight movements declined 0.2% to a total of 185,888. Seat occupancy rose from 66.9% in the prior year to 73.1% for the reporting period.
The Flughafen Wien Group recorded a 5.1% increase in revenue to € 457.5 million for the first nine months of 2012 (1–9/2011: € 435.3 million). This growth was supported by the positive development of passenger traffic as well as higher revenue in the Retail & Properties Segment. Revenue from the landing tariff was lower due to a slight decline of 0.2% and 1.3% in flight movements and maximum take-off weight (MTOW), respectively. Additionally, transfers represented an above-average share of the increase in passenger traffic and the incentives granted to airlines for this segment did not allow for comparable revenue growth.
The Airport Segment recorded an increase of € 17.1 million or 7.7% in external revenue to € 238.7 million for the first nine months of 2012. Revenue in the Handling Segment fell by € 3.2 million or 2.7% to € 116.1 million due to the decline in cargo volume, a lower number of flight movements and the effects of new handling contracts. With an increase of 10.2%, the Retail & Properties Segment generated above-average growth during the first three quarters of 2012. External revenue amounted to € 90.8 million (1–9/2011: € 82.4 million).
External revenue in the Other Segments equalled € 11.7 million and remained nearly unchanged in year-on-year comparison. (Detailed information on the development of segment revenue is provided under point 3 of the notes.)
The Flughafen Wien Group generated higher earnings during the first nine months of 2012, despite the additional costs related to the start of operations in Check-in 3. Increases were recorded in EBITDA (+10.4%), EBIT (+63.1%) and net profit for the period (+254.5%). In connection with the yearon-year improvement in EBIT and net profit, it should be noted that results for the first three quarters of 2011 were negatively influenced by € 62.1 million of special effects and impairment charges.
In addition to the positive development of revenue (+5.1%), the reporting period also brought a € 5.5 million increase in other operating income to € 18.5 million. Own work capitalised was € 0.8 million lower, but insurance compensation of € 2.5 million for damages to the terminal extension Check-in 3 and € 1.9 million from invoiced penalties from the delayed shop build-out by a lessee were recognised in the second quarter. However, the bankruptcy of the Sardana Group resulted in the write-down of these penalties. Income from the sale of property, plant and equipment and from the reversal of provisions rose by € 0.8 million and € 1.4 million, respectively.
Despite the start of operations in Check-in 3, expenditures for consumables and services rose by only € 2.5 million year-on-year to € 30.2 million. This increase was related, above all, to higher energy consumption.
The Flughafen Wien Group had an average of 4,501 employees during the first nine months of 2012 (1–9/2011: 4,516 employees). Personnel expenses remained nearly unchanged at € 189,8 million in spite of wage and salary increases mandated by collective bargaining agreements concluded in May 2012. The improvement in employee productivity continued during the reporting period: the number of employees totalled 4,283 as of 30 September 2012, or 217 less than at year-end 2011.
Other operating expenses amounted to €81.4 million, which is €8.5 million higher than the comparable prior year amount of € 73.0 million. This development reflected increases in the following positions: maintenance expenses (+ € 4.9 million), third-party services (+ € 5.3 million), damages (+ € 1.1 million), miscellaneous operating expenses (+ € 0.9 million), book value disposals of assets (+ € 0.7 million) and additions to the valuation adjustments for doubtful receivables (+ € 3.5 million) in connection with the bankruptcy of companies in the Sardana Group. In contrast, expenditures for the following items
declined: marketing and market communications (- € 1.6 million), rentals and leasing (- € 1.7 million), legal, auditing and consulting fees (- € 1.2 million), travel and training (- € 0.4 million) and bank charges (- € 0.2 million). A positive arbitration judgment led to the reversal of € 2.9 million in valuation allowances for doubtful receivables that were created in earlier years.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 10.4% year-onyear to € 174.6 million. The EBITDA margin improved 1.8 percentage points to 38.2%.
Scheduled amortisation and depreciation increased by € 18.3 million to € 66.8 million, chiefly due to the start of operations in Check-in 3 during June 2012.
Earnings for the third quarter of 2011 were negatively affected by impairment charges of € 46.6 million.
In the first nine months of 2012 impairment charges of € 2.5 million and € 2.4 million, respectively, were recognised to capitalised costs and an office building at Vienna Airport for a total of approx. € 5.0 million (1–9/2011: € 46.6 million).
Depreciation and amortisation for the first nine months of 2012 amounted to € 71.8 million, which is € 23.4 million lower than the first three quarters of the previous year.
Earnings before interest and taxes (EBIT) totalled € 102.8 million, versus € 63.0 million in the comparable prior year period (+ 63.1%). This led to an improvement in the EBIT margin from 14.5% to 22.5%.
Income from investments rose to € 0.9 million (1–9/2011: € 0.4 million) as the result of higher dividends. Net interest income declined from minus € 7.2 million in the first three quarters of 2011 to minus € 14.5 million in the reporting period. Interest income was 23.2% higher at € 3.5 million, while interest expense rose by 79.1% or € 7.9 million to € 18.0 million since the capitalisation of borrowing costs was limited to € 5.9 million (1–9/2011: € 16.4 million).
Other financial results declined € 1.5 million year-on-year to € 0.1 million.
Results for the first nine months of the previous year included impairment charges of € 5.7 million and € 21.4 million, respectively, to the 25.15% investment in Flughafen Friedrichshafen GmbH and the 66.0% investment in Košice Airport. Income from companies consolidated at equity improved from minus € 23.2 million to plus € 4.7 million. Financial results recorded by the Flughafen Wien Group amounted to minus € 8.6 million for the reporting period (1–9/2011: minus € 28.4 million).
Profit before taxes (EBT) equalled € 94.2 million for the first nine months of 2012, for an increase of 171.7% over the comparable prior year period (1–9/2011: € 34.7 million).
After the deduction of tax expense totalling € 22.0 million (1–9/2011: € 14.4 million), net profit for the first nine months of 2012 amounted to € 72.2 million (1–9/2011: € 20.2 million). This represents an increase of 257.1%. Net profit attributable to the shareholders of the parent company rose by 254.5% to € 71.7 million. Earnings per share equalled € 3.42, compared with € 0.96 in the previous year. The number of shares outstanding remained unchanged.
The Flughafen Wien Group generated revenue of € 163.9 million in the third quarter of 2012 (7–9/2011: € 155.0 million), for a quarter-on-quarter increase of 5.7%. Other operating income rose by € 0.8 million to € 5.5 million, whereby income from own work capitalised was € 1.1 million lower and income from the sale of property, plant and equipment and the reversal of provisions increased by € 0.3 million and € 1.5 million, respectively.
The cost of consumables and services increased 19.4% quarter-on-quarter to € 9.5 million, above all due to the start of operations in the new terminal Check-in 3.
Personnel expenses declined € 1.4 million to € 64.7 million, whereby wage and salary increases mandated by collective bargaining agreements were more than offset by workforce reductions.
Other operating expenses were 15.4% higher at € 29.9 million. Declines were recorded in expenditures for legal, auditing and consulting fees (- € 1.1 million), rentals and leasing (- € 1.6 million) and losses on the disposal of property, plant and equipment (- € 0.3 million). In contrast, higher expenses were recorded for maintenance (+ € 3.2 million), third-party services (+ € 1.8 million), marketing and market communications (+ € 0.4 million), insurance (+ € 0.3 million), miscellaneous operating expenses (+ € 0.9 million) and additions to valuation adjustments to receivables (+ € 0.6 million).
EBITDA amounted to € 65.3 million for the third quarter of the reporting year (7–9/2011: € 59.7 million), which represents a plus of 9.4%. Scheduled depreciation and amortisation rose by € 12.6 million to € 28.7 million, primarily due to the start of operations in Check-in 3 but also as a result of the implementation of airport-specific software. Impairment charges of € 2.4 million were recognised in the third quarter of 2012 (7–9/2011: € 46.6 million). Depreciation and amortisation fell by € 31.6 million to € 31.1 million for the third quarter of 2012. Earnings before interest and taxes (EBIT) increased € 37.2 million to € 34.2 million.
Interest income rose by € 0.2 million over the third quarter of the previous year. Primary interest expense declined from € 9.2 million to € 7.5 million due to a premature repayment of € 64.0 million on a promissory note as well as a scheduled repayment of € 42.9 million on a loan contracted within the framework of an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetzes", ULSG). However, interest expense increased from € 3.2 million to € 7.7 million owing to the end, respectively suspension of the capitalisation of borrowing costs for Check-in 3 and the third runway. No borrowing costs were capitalised during the third quarter of 2012 (7–9/2011: € 6.1 million). Earnings in the third quarter of 2011 were negatively affected by an impairment charge of € 21.4 million to the investment in Košice Airport, but income from investments accounted for at equity improved from minus € 18.6 million in that
period to plus € 2.8 million for the third quarter of 2012. Financial results improved from minus € 20.5 million in the third quarter of the prior year to minus € 3.7 million.
Profit before taxes (EBT) totalled € 30.5 million (7–9/2011: minus € 23.5 million), for a plus of € 54.0 million. After the deduction of € 7.8 million in taxes (7–9/2011: tax income of € 0.4 million), net profit equalled € 22.7 million (7–9/2011: minus € 23.1 million). Profit attributable to the shareholders of the parent company rose by € 45.8 million to € 22.7 million. Basic earnings per share for the third quarter of 2012 amounted to € 1.08 (7–9/2011: minus € 1.10).
The financial, asset and capital structure improved in comparison with the respective levels as of 31 December 2011.
The equity ratio rose from 37.7% to 41.7%, despite the distribution of a € 21.0 million dividend. Net debt declined € 23.5 million below the level on 31 December 2011 to € 728.2 million as of 30 September 2012. Accordingly, gearing improved from 92.6% to 84.4%.
Net cash flow from operating activities amounted to € 139.1 million. Net cash flow from investing activities was € 18.6 million lower than the comparable prior year period at minus € 94.9 million for the first nine months of 2012. Net cash flow from financing activities was negative at minus € 107.4 million due to the dividend distribution and the repayment of loans (1–9/2011: € 58.1 million).
Non-current assets declined € 15.3 million from the level on 31 December 2011 to € 1,909.9 million as of 30 September 2012. Additions of € 56.5 million for intangible assets, property, plant and equipment, prepayments and investment property were contrasted by depreciation and amortisation of € 71.8 million (1–9/2011: € 95.1 million) as well as book value disposals of € 1.3 million. The carrying amount of investments accounted for at equity increased € 2.9 million to € 93.8 million. Other financial assets declined € 1.7 million following the repayment of a long-term loan.
Current assets fell by a substantial € 63.8 million to € 161.2 million. The € 63.2 million or 56.8% decline in cash and cash equivalents resulted from the repayment of financial liabilities. Cash and cash equivalents totalled € 48.1 million as of 30 September 2012 (31.12.2011: € 111.3 million) (see the section on cash flow for details). Receivables and other assets declined 1.5% to € 78.5 million. This reduction reflected the reimbursement of € 13.6 million in corporate income tax prepayments and VAT credits from earlier years as well as an increase of € 10.9 million in net trade receivables that resulted from the positive development of traffic and revenue. Inventories rose by 9.3% to € 4.7 million. Current securities remained nearly unchanged in comparison with year-end 2011 and totalled € 29.8 million.
Equity rose by 6.3% over the level at 31 December 2011 to € 862.9 million as of 30 September 2012. The dividend payment of € 21.0 million for the 2011 financial year was contrasted by an increase of € 71.7 million in equity from net profit for the first nine months of 2012. The increase in equity is also attributable to the recognition of the fair value measurement of securities and hedges under other comprehensive income. Non-controlling interests as of 30 September 2012 represent the stake held by RZB Holding GmbH in the Slovakian subsidiary BTS Holding a.s., Bratislava. These non-controlling interests increased due to the reversal of a valuation allowance to other receivables in the individual financial statements of BTS Holding a.s.
The equity ratio equalled 41.7% as of 30 September 2012, compared with 37.7% as of 31 December 2011. This improvement also resulted from the reduction in financial liabilities.
Non-current liabilities fell by 16.0% or € 162.1 million to € 849.6 million, primarily due to a € 64.0 million premature repayment on a promissory note issued in 2009. An agreement was reached for the remaining balance of this promissory note that reduced the interest rate margin based on an unchanged term. Scheduled instalment payments for a loan contracted within the framework of an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetzes", ULSG) and for the above-mentioned promissory note led to the reclassification of € 103.6 million and € 17.9 million to current financial liabilities. In contrast, a € 5.3 million loan was reclassified from current to noncurrent financial liabilities.
This decline was contrasted by an increase of € 4.3 million in non-current provisions to € 119.5 million, primarily for additions to the provisions for service anniversary bonuses, part-time work for older employees and severance compensation as well as a provision to cover impending losses for residual value risks from leases. Non-current deferred taxes rose by € 6.9 million over the level on 31 December 2011 to € 30.5 million, mainly due to a temporary deferred tax liability on depreciation that was connected with the start of operations in Check-in 3.
Other non-current liabilities rose by 13.5% to € 58.5 million. This increase resulted from a change in the maturity structure of liabilities due to the environmental fund as well as lower finance lease liabilities and a decline in accruals.
Current liabilities rose by € 31.5 million to € 358.5 million. Other provisions declined by 31.8% or € 35.1 million, but the provision for taxes increased € 1.6 million to € 8.8 million. This latter change reflected the improvement in profit before tax as well as lower advance payments on corporate income taxes. The respective repayment schedules for part of the ULSG loan (€ 103.6 million) and part of the promissory note (€ 17.9 million) led to the reclassification of financial liabilities previously recorded under non-current to current as of 30 September 2012. Financial liabilities of € 42.9 million that were contracted as part of the ULSG loan and classified as current as of 31 December 2011 were repaid as planned during the first nine months of 2012. A financial liability of € 5.3 million was reclassified to non-current financial liabilities. Current financial liabilities rose by 131.5% to € 165.1 million due to these reclassifications as well as additional cash advances of € 20.0 million.
Trade payables declined by € 16.4 million to € 76.2 million. Other liabilities totalled € 33.3 million, which is € 12.5 million lower than the balance on 31 December 2011.
Profit before taxes (EBT) rose by € 59.5 million over the comparable prior year period to € 94.2 million for the first nine months of 2012.
The increase of € 13.7 million in receivables (adjusted for income taxes) and € 1.8 million in provisions was contrasted by a € 10.7 million reduction in liabilities. After the recognition of depreciation, amortisation, gains on the disposal of non-current assets and the reimbursement of overpayments on corporate income taxes, net cash flow from operating activities amounted to € 139.1 million (1–9/2011: € 142.3 million).
Net cash flow from investing activities amounted to minus € 94.9 million for the first nine months of 2012 (1–9/2011: minus € 113.5 million). Cash inflows for the disposal of non-current assets amounted to € 3.4 million (1–9/2011: T€ 84.9), while cash inflows from the disposal of financial assets equalled € 1.8 million (1–9/2011: € 1.6 million). These cash inflows were contrasted by cash outflows of € 100.1 million for additions to non-current assets (excluding financial assets) (1–9/2011: € 146.9 million). The comparable prior year period also included € 34.0 million of income from securities that resulted from the sale of an investment fund.
Net cash flow from financing activities totalled minus € 107.4 million for the first nine months of 2012. This position included repayments of € 106.9 million on financial liabilities, additional shortterm borrowings of € 20.0 million and the € 21.0 million dividend distributed for the 2011 financial year.
The change in cash and cash equivalents amounted to minus € 63.2 million and resulted in cash and cash equivalents of € 48.1 million as of 30 September 2012 (31.12.2011: € 111.3 million).
Check-in 3 (formerly VIE-Skylink) successfully started operations on 5 June 2012. The costs for the Check-in 3 are expected to be less than € 750 million.
The major investments made during the first nine months of 2012 were as follows: the terminal extension Check-in 3 at € 26.5 million1), baggage sorting equipment at € 3.3 million2), the Check-in 3 guidance system at € 3.1 million, media installations for Check-in 3 at € 1.4 million and € 8.7 million for the security system in Check-in 3. Other investments included € 0.5 million for quick boarding gates, € 3.6 million for furniture, fixtures and office equipment, € 1.9 million for retail facilities in Check-in 3, € 0.8 million in rental car facilities for car park 4, € 6.0 million in special vehicles, € 3.5 million in the revitalisation of Check-in 1 and € 6.3 million for a forwarding agent building. In total, € 56.5 million3) was invested during the first nine months of 2012.
3) After invoice corrections and insurance compensation
1) Invoice corrections (deductions) of € 13.6 million as well as a reduction of € 8.6 million in acquisition costs to reflect insurance compensation were recognised during the reporting period.
2) Invoice corrections of € 1.7 million were recognised during the reporting period (deductions).
In contrast to the previous year (natural disaster in Japan, political unrest in North Africa), the earnings position of the Flughafen Wien Group was not negatively affected by external crises during the first nine months of 2012.
The major risks and uncertainties associated with the remaining three months of the 2012 financial year are connected, above all, with the development of the economy and the aviation industry. However, political factors such as military conflicts or natural disasters like pandemics could have a negative influence on the economic position of Flughafen Wien AG. A Group-wide risk management system systematically quantifies and records all major business risks and monitors the plans to minimise these risks.
Flughafen Wien AG is currently reviewing and actively pursuing claims against contractors for damages related to the terminal extension Check-in 3. Technical experts have identified deficient performance by contractors and unjustified cost increases, which amount to € 52.1 million for the cases reviewed. Impairment charges of € 31.6 million were subsequently recognised to property, plant and equipment in 2011. The public prosecutor's office has launched an investigation of the respective circumstances.
Contractors have already repaid € 7.6 million to Flughafen Wien AG.
In the second quarter of 2012 an agreement was reached with an insurance company that resulted in a lump-sum payment of € 11.1 million as compensation for damages based on a planner's liability insurance policy concluded by Flughafen Wien AG. Of these € 11.1 million, € 2.5 million were recognised as other income and the remaining € 8.6 million were recorded as a reduction of acquisition costs without recognition through profit or loss. In connection with this insurance agreement contractors waived receivables of € 3.0 million due from Flughafen Wien AG.
The environmental impact assessment for the construction of a third runway brought a positive decision in the first instance. A ruling issued on 10 July 2012 approved the construction and operation of "Parallel runway 11R/29L" by Flughafen Wien AG. This first-instance decision lists 460 requirements to protect residents and the environment. The appeal period ended on 24 August and objections were filed by 28 parties. The environmental senate will serve as the second instance for these appeals. A legally binding positive decision is not expected before 2014. Construction could start in 2016 at the earliest, and the parallel runway would then be available for operations in 2020 or 2021 at the earliest. An estimate of the cost for this project, including the fulfilment of all requirements, should be available in the coming months.
Current forecasts for the development of passenger traffic indicate that Vienna Airport will reach its capacity limits by 2020. The parallel runway project is therefore crucial to ensure the availability of sufficient capacity on a timely basis. As soon as a legally binding decision is issued, Flughafen Wien AG will decide on the timing for realisation of this project based on the expected development of passenger traffic and profitability calculations. If the project is not realised, previously capitalised costs – including the noise protection programme – would have to be written off.
The valuation of assets is based on the assumption that Vienna International Airport will maintain its position as an east-west hub.
Information on significant transactions with related companies and persons is provided under point 8 of the notes to the condensed consolidated interim financial statements.
The number of passengers handled by Vienna Airport rose by 4.0% year-on-year to 1,990,243 in October 2012. Declines were recorded in the number of flight movements with minus 0.2%, maximum take-off weight (MTOW) with minus 1.7% and cargo with minus 12.2%. Passenger traffic to Eastern Europe (scheduled and charter flights) rose by 9.8% in October 2012, while traffic to the Middle East increased 8.0%.
Flughafen Wien AG is expecting an increase of 4% to 5% in the number of passengers for the full 2012 financial year. In contrast, no growth is expected in flight movements (0% to -1%) or maximum take-off weight (-2% to -3%). Accordingly, traffic development is expected to level off during the fourth quarter.
In October 2012 a premature instalment payment of € 17.9 million was made on the loan contracted in 2010 and 2011 within the framework of an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz", ULSG).
For the fourth quarter of 2012 the Flughafen Wien Group expects results that will break even or be slightly negative, above all due to maintenance and repairs that were rescheduled for this period. Accordingly, net profit for the 2012 financial year should reflect results for the first three quarters. This development also reflects the increased depreciation, amortisation, operating costs and interest expenses for the Check-in 3.
Capital expenditure is now expected to total € 100 million for the 2012 financial year.
Schwechat, 5 November 2012
The Management Board
Günther Ofner Julian Jäger Member, CFO Member, COO
n Segment Results
| Change | ||||
|---|---|---|---|---|
| In € million | 1–9/2012 | 1–9/2011 | in % | |
| irport | ||||
| External segment revenue | 238.7 | 221.6 | 7.7 | |
| Segment EBIT | 63.4 | 44.8 | 41.4 | |
| andling | ||||
| External segment revenue | 116.1 | 119.4 | -2.7 | |
| Segment EBIT | 11.5 | 5.2 | 121.3 | |
| Retail & Properties | ||||
| External segment revenue | 90.8 | 82.4 | 10.2 | |
| Segment EBIT | 42.5 | 29.2 | 45.3 | |
| Other Segments | ||||
| External segment revenue | 11.7 | 11.9 | -1.3 | |
| Segment EBIT | 4.2 | 2.3 | 86.5 | |
The Airport Segment covers the operation and maintenance of aircraft movement areas and the terminals as well as all equipment and facilities used for passenger and baggage handling. The responsibilities of this segment also include: assisting existing airline customers and acquiring new carriers, the management of the VIP & Business Center and lounges, the rental of facilities to airlines, airport operations, the fire department, medical services, access controls and winter services.
As of 1 January 2012, the tariffs were adjusted as follows based on the approved formula:
| • Landing tariff, infrastructure tariff airside, parking tariff: | +0.81% |
|---|---|
| • Passenger tariff, infrastructure tariff landside: | +0.39% |
| • Infrastructure tariff fuelling: | +0.68% |
The PRM tariff (passengers with reduced mobility) remains unchanged at € 0.34 per departing passenger. The security tariff was calculated at € 7.70 per departing passenger and implemented as of 16 April 2012 in accordance with the provisions of the Austrian Aviation Security Act.
Based on these index-related changes, the fixed landing tariff for scheduled and charter passenger flights was reduced to € 205.38 and the variable landing tariff to € 5.59 per MTOW. In exchange, the passenger tariff for scheduled and charter traffic was raised by € 0.74 to € 16.69 per departing passenger. The airside infrastructure tariff was cut by 10%, while the landside infrastructure tariff increased by € 0.20 to € 0.87 per departing passenger.
The Airport Segment generated revenue of € 238.7 million in the first nine months of 2012 (1–9/2011: € 221.6 million). This 7.7% year-on-year increase was supported by the growth in traffic (passengers: +5.9%) as well as higher income from the passenger tariff (incl. PRM – passengers with reduced mobility) and the security tariff. In the first nine months of 2012 revenue from the security tariff amounted to € 58.3 million, which represents an increase of 11.3% or € 5.9 million. Revenue from the passenger tariff rose by € 16.0 million or 18.3% to € 103.5 million (1–9/2011: € 87.5 million). In contrast, revenue from the landing tariff declined by € 5.6 million or 11.4% to € 43.8 million because of a change in the tariff structure (see development of tariffs) and a decline in maximum take-off weight. Revenue from fuelling was € 0.4 million lower than the comparable prior year period. Revenue from the infrastructure tariff was 2.3% higher at € 21.3 million, while revenue from special guest services increased 8.6% to € 5.3 million.
The cost of consumables in the Airport Segment declined 11.9% to € 2.7 million, above all due to a reduction in the use of de-icing and other materials. Personnel expenses rose by 7.5% year-on-year to € 25.8 million following a 4.4% increase in the average number of employees and wage and salary adjustments mandated by collective bargaining agreements. In contrast, the provisions for part-time work for older employees decreased. Other operating expenses were reduced by 1.7% to € 39.8 million, chiefly due to lower expenditures for market communication, legal, auditing and consulting fees, and lease and rental expenses.
After the inclusion of internal operating expenses totalling € 97.8 million (1–9/2011: € 83.1 million), segment EBITDA amounted to € 108.2 million for the first nine months of 2012 (1–9/2011: € 99.1 million). Depreciation and amortisation were € 9.5 million lower at € 44.8 million despite the start of operations in Check-in 3 and an impairment charge of € 2.5 million because of impairment charges totalling € 29.1 million that were recognised to Check-in 3 in the comparable prior year period. EBIT recorded by the Airport Segment totalled € 63.4 million, compared with € 44.8 million in the first nine months of 2011. The EBITDA margin equalled 40.4% (1–9/2011: 40.4%) and the EBIT margin 23.7% (1–9/2011: 18.3%).
The Handling Segment includes VIE-Handling and the subsidiaries, Vienna Aircraft Handling GmbH and Vienna International Airport Security Services Ges.m.b.H. (VIAS). The latter is responsible for security controls.
The Handling Segment generated external revenue of € 116.1 million in the first nine months of 2012 (1–9/2011: € 119.4 million). This represents a decline of € 3.2 million or 2.7%. External revenue recorded by VIE-Handling from apron handling fell by 2.2% or € 1.8 million to € 77.8 million. Despite a decline in cargo volume, revenue from cargo handling rose by 0.5% or € 0.1 million due to a change in the invoicing cycle. Revenue from security services provided by the subsidiary Vienna International Airport Security Ges.m.b.H totalled € 2.6 million (1–9/2011: € 3.1 million), while revenue from traffic handling declined slightly by € 0.6 million to € 7.4 million. General Aviation services produced external revenue of € 5.0 million (1–9/2011: € 5.5 million).
The cost of consumables in the Handling Segment declined 9.0% to € 6.7 million due to the lower use of de-icing materials. Personnel expenses rose by € 0.5 million to € 119.3 million, above all due to a higher average number of employees in the subsidiary Vienna International Airport Security Ges.m.b.H (+10.2%) following additional hiring for security functions in Check-in 3. In contrast, the average number of employees in VIE-Handling declined by 5.8%. A comparison with 31 December 2011 shows the positive effects of the personnel measures implemented during the past year: the Handling Segment had a workforce of 3,038 at the end of September 2012, which reflects a reduction of 193 employees or 6.0% versus year-end 2011. Other operating expenses fell by € 0.2 million to € 2.0 million. Internal expenses in this segment amounted to € 25.0 million or 3.2% over the comparable prior year level.
EBITDA in the Handling Segment rose by € 6.0 million to € 15.8 million for the first nine months of 2012 (1–9/2011: €9.8 million). After the deduction of depreciation and amortisation totalling € 4.3 million (1–9/2011: € 4.6 million), EBIT amounted to € 11.5 million, compared with € 5.2 million in the first three quarters of 2011. The EBITDA margin improved 3.4 percentage points year-on-year to 9.5% and the EBIT margin 3.7 percentage points to 6.9%.
The Retail & Properties Segment covers shopping, gastronomy and parking as well as the development and marketing of real estate and advertising space.
The rising importance of the Retail & Properties Segment is also underscored by aboveaverage revenue growth. This segment recorded an increase of € 8.4 million or 10.2% in external revenue to € 90.8 million for the reporting period (1–9/2011: € 82.4 million). The share of Group revenue generated by the Retail & Properties Segment rose by 0.9 percentage points to 19.8%. The strongest growth was recorded in the parking and shopping & gastronomy areas. Parking revenue increased 13.9% or € 3.9 million to € 32.3 million, while shopping and gastronomy revenue rose by 13.5% to € 30.5 million. External revenue from the rental of real estate and advertising space was 3.0% higher at € 18.3 million.
The cost of consumables rose by € 1.0 million to € 1.6 million, above all due to higher expenditures for energy and an increase in expenses charged out. This development was contrasted by a reduction of € 0.5 million in personnel expenses to € 3.3 million. Other operating expenses were € 6.7 million higher at € 19.1 million due to higher additions to valuation allowances for receivables, an addition to a provision for damages in connection with the bankruptcy of the Sardana Group and higher expenditures for maintenance. Internal operating expenses in this segment amounted to € 27.2 million (1–9/2011: € 23.0 million). Results for the comparable prior year period include an impairment charge of € 17.5 million to an investment property at Vienna Airport. Despite an impairment charge of € 2.4 million in the reporting period, depreciation and amortisation were 54.3% lower at € 12.9 million.
The Retail & Properties Segment recorded a decline of € 2.1 million in EBITDA to € 55.4 million for the first nine months of 2012 (1–9/2011: € 57.5 million). Segment EBIT amounted to € 42.5 million, compared with € 29.2 million in the first nine months of 2011. The EBITDA margin for the first nine months of 2012 equalled 53.4% (1–9/2011: 59.7%) and the EBIT margin was 40.9% (1–9/2011: 30.3%).
The reportable segment "Other Segments" provides a wide range of services for the other operating segments and for external customers. These services include technical services and repairs, infrastructure maintenance, energy supply and waste disposal, telecommunications and information technology, electromechanical and building services, the construction and maintenance of infrastructure facilities, construction management and consulting. This segment also includes the subsidiaries of Flughafen Wien AG that directly or indirectly hold shares in foreign associates and joint ventures and have no other operating activities.
External revenue recorded by the Other Segments remained nearly constant in year-onyear comparison at € 11.7 million for the first nine months of 2012.
The cost of consumables and services was € 2.9 million higher than the comparable prior year period, chiefly due to the increased use of electricity and fuel. Personnel expenses declined 6.9% to € 29.1 million. Higher third party services as well as increased legal, auditing and consulting fees were contrasted by the release of valuation allowances to other receivables. In total, other operating expenses rose by 10.7% to € 13.7 million. Depreciation and amortisation rose by € 1.8 million to € 9.5 million (1–9/2011: € 7.7 million) following the implementation of software. Internal operating expenses totalled € 6.2 million, compared with € 5.5 million in the previous year.
In the first nine months of 2012, the Other Segments recorded EBITDA of € 13.7 million (1–9/2011: € 9.9 million) and EBIT of € 4.2 million (1–9/2011: € 2.3 million).
| Change | |||||
|---|---|---|---|---|---|
| in T€ | 1–9/2012 | 1–9/2011 | in % | 7–9/2012 | 7–9/2011 |
| Revenue | 457,495.8 | 435,341.6 | 5.1 | 163,913.9 | 155,034.7 |
| Other operating income | 18,494.3 | 13,021.2 | 42.0 | 5,513.1 | 4,673.1 |
| Operating income | 475,990.1 | 448,362.9 | 6.2 | 169,427.0 | 159,707.8 |
| Consumables and services used | -30,150.9 | -27,653.8 | 9.0 | -9,520.7 | -7,976.3 |
| Personnel expenses | -189,829.2 -189,575.0 | 0.1 | -64,734.7 | -66,144.4 | |
| Other operating expenses | -81,419.6 | -72,964.9 | 11.6 | -29,881.5 | -25,896.8 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
174,590.3 | 158,169.2 | 10.4 | 65,290.0 | 59,690.4 |
| Depreciation and amortisation | -71,758.0 | -95,137.0 | -24.6 | -31,118.4 | -62,700.1 |
| Earnings before interest and taxes (EBIT) | 102,832.3 | 63,032.1 | 63.1 | 34,171.6 | -3,009.6 |
| Income from investments, excl. companies at equity | 932.3 | 364.9 | 155.5 | 0.0 | 213.9 |
| Interest income | 3,537.1 | 2,871.1 | 23.2 | 1,243.9 | 1,017.2 |
| Interest expense | -17,993.8 | -10,044.1 | 79.1 | -7,717.7 | -3,183.6 |
| Other financial expense/income | 133.6 | 1,587.7 | -91.6 | 0.0 | 10.4 |
| Financialresults, excl. companies at equity | -13,390.8 | -5,220.4 | 156.5 | -6,473.8 | -1,942.2 |
| Income from companies at equity | 4,741.7 | -23,152.8 | -120.5 | 2,807.6 | -18,573.4 |
| Financialresults | -8,649.2 | -28,373.2 | -69.5 | -3,666.2 | -20,515.6 |
| Profit before taxes (EBT) | 94,183.2 | 34,658.9 | 171.7 | 30,505.4 | -23,525.2 |
| Income taxes | -22,003.0 | -14,446.5 | 52.3 | -7,829.3 | 427.9 |
| Net profit for the period | 72,180.1 | 20,212.5 | 257.1 | 22,676.1 | -23,097.4 |
| Thereof attributable to: | |||||
| Equity holders of the parent | 71,739.6 | 20,234.1 | 254.5 | 22,677.2 | -23,084.0 |
| Non-controlling interests | 440.5 | -21.6 | n.a. | -1.1 | -13.3 |
| Earnings per share in € (basic/diluted) | 3.42 | 0.96 | 256.3 | 1.08 | -1.10 |
| Change | |||||
|---|---|---|---|---|---|
| in T€ | 1–9/2012 | 1–9/2011 | in % | 7–9/2012 | 7–9/2011 |
| Net profit for the period | 72,180.1 | 20,212.5 | 257.1 | 22,676.1 | -23,097.4 |
| Income and expenses recognised directly in equity | |||||
| Change in fair value of available-for-sale securities | 249.8 | -2,308.9 | n.a. | 248.0 | -338.0 |
| Thereof changes recognised directly in equity | 272.0 | -400.0 | n.a. | 248.0 | -338.0 |
| Thereofrealised gains (-)/losses (+) | -22.2 | -1,908.9 | -98.8 | 0.0 | 0.0 |
| Cash flow hedge | 190.1 | 166.7 | 14.0 | 76.9 | -25.1 |
| Deferred taxes on items recognised directly in equity | -110.0 | 535.5 | n.a. | -81.2 | 90.8 |
| Other comprehensive income | 329.9 | -1,606.6 | n.a. | 243.7 | -272.3 |
| Total comprehensive income | 72,510.0 | 18,605.8 | 289.7 | 22,919.8 | -23,369.7 |
| Thereof attributable to: | |||||
| Equity holders of the parent | 72,069.5 | 18,627.5 | 286.9 | 22,920.9 | -23,356.4 |
| Non-controlling interests | 440.5 | -21.6 | n.a. | -1.1 | -13.3 |
| in T€ | 30.9.2012 | 31.12.2011 | Change in % |
|---|---|---|---|
| Non-current assets | |||
| Intangible assets | 20,282.7 | 15,285.5 | 32.7 |
| Property, plant and equipment | 1,664,564.5 | 1,692,541.2 | -1.7 |
| Investment property | 126,380.5 | 119,935.4 | 5.4 |
| Investments accounted for using the equity method | 93,835.2 | 90,968.2 | 3.2 |
| Other financial assets | 4,840.8 | 6,514.4 | -25.7 |
| 1,909,903.8 | 1,925,244.6 | -0.8 | |
| Current assets | |||
| Inventories | 4,745.2 | 4,343.3 | 9.3 |
| Securities | 29,807.0 | 29,535.0 | 0.9 |
| Receivables and other assets | 78,490.1 | 79,705.4 | -1.5 |
| Cash and cash equivalents | 48,110.5 | 111,330.0 | -56.8 |
| 161,152.8 | 224,913.7 | -28.3 | |
| Total Assets | 2,071,056.6 | 2,150,158.3 | -3.7 |
| in T€ | 30.9.2012 | 31.12.2011 | Change in % |
|---|---|---|---|
| Equity | |||
| Share capital | 152,670.0 | 152,670.0 | 0.0 |
| Capital reserves | 117,657.3 | 117,657.3 | 0.0 |
| Other reserves | -1,680.6 | -2,010.5 | -16.4 |
| Retained earnings | 593,636.3 | 542,896.7 | 9.3 |
| Attributable to the equity holders of the parent | 862,283.0 | 811,213.5 | 6.3 |
| Non-controlling interests | 650.9 | 210.4 | 209.4 |
| 862,934.0 | 811,423.9 | 6.3 | |
| Non-current liabilities | |||
| Provisions | 119,455.9 | 115,195.1 | 3.7 |
| Financial liabilities | 641,063.9 | 821,285.4 | -21.9 |
| Other liabilities | 58,520.7 | 51,557.8 | 13.5 |
| Deferred tax liabilities | 30,537.8 | 23,606.9 | 29.4 |
| 849,578.4 | 1,011,645.2 | -16.0 | |
| Current liabilities | |||
| Provisions for taxation | 8,779.3 | 7,194.5 | 22.0 |
| Other provisions | 75,247.0 | 110,318.1 | -31.8 |
| Financial liabilities | 165,078.4 | 71,301.9 | 131.5 |
| Trade payables | 76,162.4 | 92,531.6 | -17.7 |
| Other liabilities | 33,277.1 | 45,743.0 | -27.3 |
| 358,544.2 | 327,089.2 | 9.6 | |
| Total Equity and Liabilities | 2,071,056.6 | 2,150,158.3 | -3.7 |
| in T€ | 1–9/2012 | 1–9/2011 | Change in % |
|---|---|---|---|
| Net cash flow from operating activities | 139,103.3 | 142,261.3 | -2.2 |
| + Payments received on the disposal of non-current assets | |||
| (excl. financial assets) | 3,399.8 | 84.9 | n.a. |
| + Payments received on the disposal of financial assets | 1,847.8 | 1,558.2 | 18.6 |
| – Payments made for the purchase of non-current assets | |||
| (excl. financial assets) | -100,125.4 | -146,876.4 | -31.8 |
| – Payments made for the purchase of financial assets | 0.0 | -2,524.4 | -100.0 |
| + Payments received in connection with | |||
| non-refundable government grants | 0.0 | 192.0 | -100.0 |
| + Payments received on the disposal of | |||
| other financial assets (securities) | 0.0 | 34,048.7 | -100.0 |
| Net cash flow from investing activities | -94,877.8 | -113,517.0 | -16.4 |
| – Dividend | -21,000.0 | -42,000.0 | -50.0 |
| –/+ Change in financial liabilities | -86,444.9 | 100,122.9 | n.a. |
| Net cash flow from financing activities | -107,444.9 | 58,122.9 | n.a. |
| Change in cash and cash equivalents | -63,219.4 | 86,867.2 | n.a. |
| + Change in cash and cash equivalents | 111,330.0 | 63,632.7 | 75.0 |
| Cash and cash equivalents at the end of the period | 48,110.5 | 150,499.9 | -68.0 |
| ttributable to equity holders of the parent |
|||||||
|---|---|---|---|---|---|---|---|
| T S 2011 in T€ |
hare capital |
Capital reserves |
otal other reserves |
Retained earnings T |
Non- con- trolling otal interests T |
otal | |
| Balance on 1.1.2011 | 152,670.0 | 117,657.3 | -895.5 | 553,294.3 822,726.1 | 232.8 | 822,958.9 | |
| Market valuation | |||||||
| of securities | -1,731.7 | -1,731.7 | -1,731.7 | ||||
| Cash-Flow Hedge | 125.0 | 125.0 | 125.0 | ||||
| Other comprehensive income | 0.0 | 0.0 | -1,606.6 | 0.0 | -1,606.6 | 0.0 | -1,606.6 |
| Net profit for the period | 20,234.1 | 20,234.1 | -21.6 | 20,212.5 | |||
| Total comprehensive income | 0.0 | 0.0 | -1,606.6 | 20,234.1 | 18,627.5 | -21.6 | 18,605.8 |
| Dividend | -42,000.0 -42,000.0 | -42,000.0 | |||||
| Balance on 30.09.2011 | 152,670.0 | 117,657.3 | -2,502.1 | 531,528.4 799,353.6 | 211.2 | 799,564.7 |
| ttributable to equity holders of the parent |
|||||||
|---|---|---|---|---|---|---|---|
| T S 2012 in T€ |
hare capital |
Capital reserves |
otal other reserves |
Retained earnings T |
Non- con- trolling otal interests T |
otal | |
| Balance on 1.1.2012 | 152,670.0 | 117,657.3 | -2,010.5 | 542,896.7 811,213.5 | 210.4 | 811,423.9 | |
| Market valuation | |||||||
| of securities | 187.3 | 187.3 | 187.3 | ||||
| Cash flow hedge | 142.5 | 142.5 | 142.5 | ||||
| Other comprehensive income | 0.0 | 0.0 | 329.9 | 0.0 | 329.9 | 0.0 | 329.9 |
| Net profit for the period | 71,739.6 | 71,739.6 | 440.5 | 72,180.1 | |||
| Total comprehensive income | 0.0 | 0.0 | 329.9 | 71,739.6 | 72,069.5 | 440.5 | 72,510.0 |
| Dividend | -21,000.0 | -21,000.0 | -21,000.0 | ||||
| Balance on 30.9.2012 | 152,670.0 | 117,657.3 | -1,680.6 | 593,636.3 862,283.0 | 650.9 | 862,934.0 |
The condensed consolidated interim financial statements of Flughafen Wien AG as of 30 September 2012 were prepared in accordance with IAS 34, as adopted by the European Union (EU).
In agreement with IAS 34 (Interim Financial Reporting), the condensed consolidated interim financial statements do not include all information and disclosures that are required for annual financial statements, and should be read in connection with the consolidated financial statements of Flughafen Wien AG as of 31 December 2011.
These condensed consolidated interim financial statements were not reviewed by a chartered accountant.
The accounting and valuation policies and the calculation methods applied in preparing the annual financial statements for 2011 were also used to prepare the condensed consolidated interim financial statements as of 30 September 2012, with the exception of the new standards that are applicable to the current reporting period. Additional information on these accounting and valuation policies as well as the new standards that require mandatory application as of 1 January 2012 is provided in the consolidated financial statements as of 31 December 2011, which form the basis for these condensed consolidated interim financial statements. The application of new standards did not result in any material changes. The use of automatic data processing equipment may lead to rounding differences in the addition of rounded amounts and percentage rates.
The composition of the operating segments, as defined in accordance with IFRS 8, has not changed since the balance sheet date on 31 December 2011. Information on the definition of the operating segments is provided in the notes to the consolidated financial statements for 2011.
| Retail & O | ther | ||||
|---|---|---|---|---|---|
| 1–9/2012 in T€ | irport H | andling P | roperties S | egments | Group |
| External segment revenue | 238,731.7 | 116,137.9 | 90,782.2 | 11,699.5 | 457,351.3 |
| Internal segment revenue | 29,205.9 | 50,650.9 | 13,074.3 | 62,955.9 | |
| Segment revenue | 267,937.6 | 166,788.8 | 103,856.5 | 74,655.4 | |
| Other external revenue1) | 144.5 | ||||
| Group revenue | 457,495.8 | ||||
| Segment results | 63,378.2 | 11,516.9 | 42,494.3 | 4,212.1 | 121,601.5 |
| Other (not allocated) | -18,769.1 | ||||
| Group EBIT | 102,832.3 | ||||
1) Other external revenue is related solely to the administrative area.
| Retail & O | ther | ||||
|---|---|---|---|---|---|
| 1–9/2011 in T€ | irport H | andling P | roperties S | egments | Group |
| External segment revenue | 221,588.1 | 119,374.6 | 82,410.9 | 11,856.4 | 435,230.1 |
| Internal segment revenue | 23,816.7 | 42,877.6 | 13,952.7 | 56,533.6 | |
| Segment revenue | 245,404.8 | 162,252.2 | 96,363.6 | 68,390.0 | |
| Other external revenue1) | 111.6 | ||||
| Group revenue | 435,341.6 | ||||
| Segment results | 44,826.7 | 5,205.1 | 29,239.8 | 2,259.0 | 81,530.6 |
| Other (not allocated) | -18,498.5 | ||||
| Group EBIT | 63,032.1 | ||||
1) Other external revenue is related solely to the administrative area.
The Airport Segment covers the operation and maintenance of aircraft movement areas and the terminals as well as all equipment and facilities used for passenger and baggage handling. The responsibilities of this segment also include: assisting existing airline customers and acquiring new carriers, the management of the VIP & Business Center and lounges, the rental of facilities to airlines, airport operations, the fire department, medical services, access controls and winter services.
As of 1 January 2012, the tariffs were adjusted as follows based on the approved formula:
| • Landing tariff, infrastructure tariff airside, parking tariff: | +0.81% |
|---|---|
| • Passenger tariff, infrastructure tariff landside: | +0.39% |
| • Infrastructure tariff fuelling: | +0.68% |
The PRM tariff (passengers with reduced mobility) remains unchanged at € 0.34 per departing passenger. The security tariff was calculated at € 7.70 per departing passenger and implemented as of 16 April 2012 in accordance with the provisions of the Austrian Aviation Security Act.
Based on these index-related changes, the fixed landing tariff for scheduled and charter passenger flights was reduced to € 205.38 and the variable landing tariff to € 5.59 per MTOW. In exchange, the passenger tariff for scheduled and charter traffic was raised by € 0.74 to € 16.69 per departing passenger. The airside infrastructure tariff was cut by 10%, while the landside infrastructure tariff increased by € 0.20 to € 0.87 per departing passenger.
The Airport Segment generated revenue of € 238.7 million in the first nine months of 2012 (1–9/2011: € 221.6 million). This 7.7% year-on-year increase was supported by the growth in traffic (passengers: +5.9%) as well as higher income from the passenger tariff (incl. PRM - passengers with reduced mobility) and the security tariff. In the first nine months of 2012 revenue from the security tariff amounted to € 58.3 million, which represents an increase of 11.3% or € 5.9 million. Revenue from the passenger tariff rose by € 16.0 million or 18.3% to € 103.5 million (1–9/2011: € 87.5 million). In contrast, revenue from the landing tariff declined by € 5.6 million or 11.4% to € 43.8 million because of a change in the tariff structure (see development of tariffs) and a decline in maximum take-off
weight. Revenue from fuelling was € 0.4 million lower than the comparable prior year period. Revenue from the infrastructure tariff was 2.3% higher at € 21.3 million, while revenue from special guest services increased 8.6% to € 5.3 million.
The cost of consumables in the Airport Segment declined 11.9% to € 2.7 million, above all due to a reduction in the use of de-icing and other materials. Personnel expenses rose by 7.5% year-on-year to € 25.8 million following a 4.4% increase in the average number of employees and wage and salary adjustments mandated by collective bargaining agreements. In contrast, the provisions for part-time work for older employees decreased. Other operating expenses were reduced by 1.7% to € 39.8 million, chiefly due to lower expenditures for market communication, legal, auditing and consulting fees, and lease and rental expenses.
After the inclusion of internal operating expenses totalling € 97.8 million (1–9/2011: € 83.1 million), segment EBITDA amounted to € 108.2 million for the first nine months of 2012 (1–9/2011: € 99.1 million). Depreciation and amortisation were € 9.5 million lower at € 44.8 million – despite the start of operations in Check-in 3 and an impairment charge of € 2.5 million – because of impairment charges totalling € 29.1 million that were recognised to Check-in 3 in the comparable prior year period. EBIT recorded by the Airport Segment totalled € 63.4 million, compared with € 44.8 million in the first nine months of 2011. The EBITDA margin equalled 40.4% (1–9/2011: 40.4%) and the EBIT margin 23.7% (1–9/2011: 18.3%).
The Handling Segment includes VIE-Handling and the subsidiaries, Vienna Aircraft Handling GmbH and Vienna International Airport Security Services Ges.m.b.H. (VIAS). The latter is responsible for security controls.
The Handling Segment generated external revenue of € 116.1 million in the first nine months of 2012 (1–9/2011: € 119.4 million). This represents a decline of € 3.2 million or 2.7%. External revenue recorded by VIE-Handling from apron handling fell by 2.2% or € 1.8 million to € 77.8 million. Despite a decline in cargo volume, revenue from cargo handling rose by 0.5% or € 0.1 million due to a change in the invoicing cycle. Revenue from security services provided by the subsidiary Vienna International Airport Security Ges.m.b.H totalled € 2.6 million (1–9/2011: € 3.1 million), while revenue from traffic handling declined slightly by € 0.6 million to € 7.4 million. General Aviation services produced external revenue of € 5.0 million (1–9/2011: € 5.5 million).
The cost of consumables in the Handling Segment declined 9.0% to € 6.7 million due to the lower use of de-icing materials. Personnel expenses rose by € 0.5 million to € 119.3 million, above all due to a higher average number of employees in the subsidiary Vienna International Airport Security Ges.m.b.H (+10.2%) following additional hiring for security functions in Check-in 3. In contrast, the average number of employees in VIE-Handling declined by 5.8%. A comparison with 31 December 2011 shows the positive effects of the personnel measures implemented during the past year: the Handling Segment had a workforce of 3,038 at the end of September 2012, which reflects a reduction of 193 employees or 6.0% versus year-end 2011. Other operating expenses fell by € 0.2 million to € 2.0 million. Internal expenses in this segment amounted to € 25.0 million or 3.2% over the comparable prior year level.
EBITDA in the Handling Segment rose by € 6.0 million to € 15.8 million for the first nine months of 2012 (1–9/2011: € 9.8 million). After the deduction of depreciation and amortisation totalling € 4.3 million (1–9/2011: € 4.6 million), EBIT amounted to € 11.5 million, compared with € 5.2 million in the first three quarters of 2011. The EBITDA margin improved 3.4 percentage points year-on-year to 9.5% and the EBIT margin 3.7 percentage points to 6.9%.
The Retail & Properties Segment covers shopping, gastronomy and parking as well as the development and marketing of real estate and advertising space.
The rising importance of the Retail & Properties Segment is also underscored by above-average revenue growth. This segment recorded an increase of € 8.4 million or 10.2% in external revenue to € 90.8 million for the reporting period (1–9/2011: € 82.4 million). The share of Group revenue generated by the Retail & Properties Segment rose by 0.9 percentage points to 19.8%. The strongest growth was recorded in the parking and shopping & gastronomy areas. Parking revenue increased 13.9% or € 3.9 million to € 32.3 million, while shopping and gastronomy revenue rose by 13.5% to € 30.5 million. External revenue from the rental of real estate and advertising space was 3.0% higher at € 18.3 million.
The cost of consumables rose by € 1.0 million to € 1.6 million, above all due to higher expenditures for energy and an increase in expenses charged out. This development was contrasted by a reduction of € 0.5 million in personnel expenses to € 3.3 million. Other operating expenses were € 6.7 million higher at € 19.1 million due to higher additions to valuation allowances for receivables, an addition to a provision for damages in connection with the bankruptcy of the Sardana Group and higher expenditures for maintenance. Internal operating expenses in this segment amounted to € 27.2 million (1–9/2011: € 23.0 million). Results for the comparable prior year period include an impairment charge of € 17.5 million to an investment property at Vienna Airport. Despite an impairment charge of € 2.4 million in the reporting period, depreciation and amortisation were 54.3% lower at € 12.9 million.
The Retail & Properties Segment recorded a decline of € 2.1 million in EBITDA to € 55.4 million for the first nine months of 2012 (1–9/2011: € 57.5 million). Segment EBIT amounted to € 42.5 million, compared with € 29.2 million in the first nine months of 2011. The EBITDA margin for the first nine months of 2012 equalled 53.4% (1–9/2011: 59.7%) and the EBIT margin was 40.9% (1–9/2011: 30.3%).
The reportable segment "Other Segments" provides a wide range of services for the other operating segments and for external customers. These services include technical services and repairs, infrastructure maintenance, energy supply and waste disposal, telecommunications and information technology, electromechanical and building services, the construction and maintenance of infrastructure facilities, construction management and consulting. This segment also includes the subsidiaries of Flughafen Wien AG that directly or indirectly hold shares in foreign associates and joint ventures and have no other operating activities.
External revenue recorded by the Other Segments remained nearly constant in year-on-year comparison at € 11.7 million for the first nine months of 2012.
The cost of consumables and services was € 2.9 million higher than the comparable prior year period, chiefly due to the increased use of electricity and fuel. Personnel expenses declined 6.9% to € 29.1 million. Higher third party services as well as increased legal, auditing and consulting fees were contrasted by the release of valuation allowances to other receivables. In total, other operating expenses rose by 10.7% to € 13.7 million. Depreciation and amortisation rose by € 1.8 million to € 9.5 million (1–9/2011: € 7.7 million) following the implementation of software. Internal operating expenses totalled € 6.2 million, compared with € 5.5 million in the previous year.
In the first nine months of 2012, the Other Segments recorded EBITDA of € 13.7 million (1–9/2011: € 9.9 million) and EBIT of € 4.2 million (1–9/2011: € 2.3 million).
Reconciliation of reportable segment results to Group EBIT
| in T€ | 1–9/2012 | 1–9/2011 |
|---|---|---|
| Total reported segment results (EBIT) | 121,601.5 | 81,530.6 |
| dministration | ||
| Revenue | 5,945.3 | 4,796.9 |
| Other operating income | 258.6 | 678.8 |
| Consumables | -150.2 | -540.3 |
| Personnel expenses | -12,352.8 | -11,729.5 |
| Other operating expenses | -12,266.2 | -11,512.0 |
| Depreciation and amortisation | -203.9 | -192.3 |
| Total not allocated | -18,769.1 | -18,498.5 |
| Group EBIT | 102,832.3 | 63,032.1 |
The non-allocated items shown in the reconciliation are related solely to the administrative area.
| in T€ | 30.9.2012 | 31.12.2011 |
|---|---|---|
| Assets by segment | ||
| Airport | 1,432,905.3 | 1,432,861.9 |
| Handling | 37,604.5 | 32,153.1 |
| Retail & Properties | 311,247.0 | 321,941.4 |
| Other Segments | 172,368.6 | 169,003.0 |
| Total assets in reportable segments | 1,954,125.5 | 1,955,959.5 |
| Assets not allocated to a specific segment | ||
| Intangible assets and property, plant and equipment used in administration | 876.5 | 1,204.9 |
| Other financial assets | 4,398.2 | 6,045.9 |
| Non-current receivables | 86.5 | 86.5 |
| Current securities | 29,807.0 | 29,535.0 |
| Inventories | 53.6 | 242.5 |
| Trade receivables | 14.2 | 7.1 |
| Receivables due from subsidiaries | 1,002.1 | 339.0 |
| Receivables due from investments recorded at equity | 48.6 | 77.8 |
| Receivables due from taxation authorities | 21,907.8 | 35,477.5 |
| Other receivables and assets | 6,961.0 | 5,002.1 |
| Prepaid expenses and deferred charges | 3,665.1 | 4,850.7 |
| Cash and cash equivalents | 48,110.5 | 111,330.0 |
| Total not allocated | 116,931.1 | 194,198.9 |
| Group assets | 2,071,056.6 | 2,150,158.3 |
The balance sheet of the Flughafen Wien Group totalled € 2,071.1 million as of 30 September 2012 (31.12.2011: € 2,150.2 million). This represents a decline of € 79.1 million or 3.7% in comparison with year-end 2011. Investments of € 56.5 million were made in property, plant and equipment and intangible assets during the first nine months of 2012. The major asset additions involved Check-in 3, furniture, fixtures and operating equipment, the revitalisation of Check-in 1, special vehicles and the forwarding agent building. The terminal extension Check-in 3 started operations in June 2012. In the first nine months of 2012, the Flughafen Wien Group recognised book value disposals of € 1.3 million and impairment charges of € 5.0 million as well as scheduled depreciation and amortisation of € 66.8 million.
The Flughafen Wien Group held cash and cash equivalents totalling € 48.1 million as of 30September 2012 (31.12.2011: € 111.3 million), whereby the decline over the past nine months resulted from the repayment of loans. Part of the promissory note issued in 2009 was repaid prematurely in January 2012 (€ 64.0 million). An agreement was reached for the remaining balance of this promissory note that reduced the interest rate margin based on an unchanged term. In addition, repayments of € 42.9 million were made on the loan contracted in 2010 and 2011 within the framework of an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz", ULSG).
Equity totalled € 862.9 million as of 30 September 2012, which reflects an increase of 6.3% over the 31 December 2011 level of € 811.4 million. This development was supported by net profit of € 72.2 million for the period as well as other comprehensive income of T€ 329.9 (1–9/2011: minus T€ 1,606.6). A dividend of € 21.0 million was distributed to shareholders during the second quarter of 2012.
Non-current liabilities declined 16.0% to € 849.6 million following the repayment of non-current financial liabilities (€ 64.0 million) as well as the reclassification of long-term loans totalling € 116.2 million to current financial liabilities in accordance with the repayment schedules. This reclassification was also responsible for a 9.6% increase in current liabilities to € 358.5 million. Non-current deferred taxes rose by € 6.9 million over the level on 31 December 2011 to € 30.5 million, primarily as the result of a temporary deferred tax liability on depreciation connected with the start of operations in Check-in 3.
Revenue recorded by the Flughafen Wien Group rose by 5.1% to € 457.5 million for the first nine months of 2012 (1–9/2011: € 435.3 million). Detailed information is provided under point 3 of these notes.
Other operating income rose by € 5.5 million to € 18.5 million, primarily due to an increase in insurance compensation ("Uniqa insurance settlement") as well as penalties invoiced to reflect the delayed completion of space by a lessee. However, the bankruptcy of companies of the Sardana Group led to the write-down of these penalties. Of the € 11.1 million in insurance compensation, € 2.5 million is reported under other income and the remaining € 8.6 million as a reduction of acquisition cost without recognition through profit or loss.
The cost of consumables rose by 9.0% to € 30.2 million, chiefly due to higher expenditures for energy. Personnel expenses amounted to € 189.8 million and remained nearly constant in yearon-year comparison (1–9/2011: € 189.6 million).
Other operating expenses increased 11.6% to € 81.4 million. Valuation allowances of € 4.4 million were recognised for doubtful receivables in the first nine months of 2012, whereby the largest component (€ 3.5 million) was related to the bankruptcy of the Sardana Group, a shop operator at Vienna Airport.
Valuation adjustments of € 2.9 million for doubtful receivables that were recognised in previous years were reversed, above all due to a positive arbitration judgment. Expenditures for marketing, legal, auditing and consulting fees as well as rentals and leasing were reduced. This decrease is contrasted by higher expenses for book value disposals, maintenance, third party services, valuation adjustments to receivables and damages.
The Flughafen Wien Group recorded EBITDA of € 174.6 million in the first nine months of 2012 (1–9/2011: € 158.2 million), for a year-on-year increase of 10.4%.
Depreciation and amortisation rose by € 18.3 million to € 66.8 million, primarily due to the start of operations in Check-in 3 and the implementation of airport-specific software. As an additional explanation to the year-on-year comparison, it should be noted that technical experts identified
Notes
damages of € 57 million to the Check-in 3 during the third quarter of 2011 which resulted in an impairment charge of € 29.1 million to property, plant and equipment in that year. Moreover, an impairment charge of € 17.5 million was recognised to an investment property at Vienna Airport at the end of September 2011 because the building was not expected to reach the originally expected occupancy over the medium-term.
In the first nine months of 2012 impairment charges of € 2.5 million and € 2.4 million, respectively, were recognised to capitalised costs and an office building at Vienna Airport for a total of approx. € 5.0 million (1–9/2011: € 46.6 million).
Depreciation and amortisation for the first nine months of 2012 amounted to € 71.8 million, which is € 23.4 million lower than the first three quarters of the previous year.
| in T€ | 1–9/2012 | 1–9/2011 |
|---|---|---|
| Scheduled amortisation | 2,667.0 | 1,396.7 |
| Scheduled depreciation | 64,131.8 | 47,147.3 |
| Impairment of property, plant and equipment | 4,959.3 | 46,593.0 |
| Total amortisation and depreciation | 71,758.0 | 95,137.0 |
EBIT rose by € 39.8 million to total € 102.8 million for the first nine months of 2012.
Financial results recorded by the Flughafen Wien Group improved € 19.7 million to minus € 8.6 million, as explained below.
Interest income and interest expense were as follows:
| in T€ | 1–9/2012 | 1–9/2011 |
|---|---|---|
| Interest income | 3,537.1 | 2,871.1 |
| Interest expense | -17,993.8 | -10,044.1 |
Borrowing costs of € 5.9 million were capitalised during the first nine months of 2012 (1-9/2011: € 16.4 million). The completion of Check-in 3 at the beginning of the second quarter of 2012 ended the capitalisation of borrowing costs for this project. The capitalisation of borrowing costs on construction work for the third runway was suspended during the second quarter of 2012. Interest income rose by 23.2% to € 3.5 million, primarily as a result of default interest awarded by an arbitration court.
Income from investments rose to € 0.9 million (1-9/2011: € 0.4 million) as the result of higher dividends.
Income from investments accounted for at equity was € 27.9 million higher at plus € 4.7 million. As an explanation to the year-on-year comparison: the second quarter of 2011 included an impairment charge of € 5.7 million to the 25.15% investment in Flughafen Friedrichshafen GmbH and the third quarter an impairment charge of € 21.4 million to the 66.0% investment in Košice Airport. (Detailed information is provided in the notes to the consolidated financial statements as of 31 December 2011.)
Other financial expense/income declined € 1.5 million year-on-year to € 0.1 million.
EBT recorded by the Flughafen Wien Group increased 171.7% to € 94.2 million for the first nine months of 2012 (1-9/2011: € 34.7 million).
Income taxes for the interim reporting period represent a best estimate of the weighted average annual income tax rate expected for the full financial year.
Tax expense for the Flughafen Wien Group comprises the following:
| in T€ | 1–9/2012 | 1–9/2011 |
|---|---|---|
| Current tax expense | 15,182.0 | 10,105.9 |
| Change in deferred income taxes | 6,821.0 | 4,340.5 |
| Total taxes | 22,003.0 | 14,446.5 |
Net profit for the period (before non-controlling interests) equalled € 72.2 million (1-9/2011: € 20.2 million).
Net cash flow from operating activities totalled € 139.1 million and was € 3.2 million lower than the comparable prior year period. This decline resulted primarily from a revenue-based increase in the balance of trade receivables as of 30 September 2012.
Net cash flow from investing activities amounted to minus € 94.9 million for the first nine months of 2012. This main components of this position included cash outflows for investments that were contrasted in part by cash inflows for the disposal of non-current assets (incl. financial assets).
Net cash flow from financing activities of minus € 107.4 million comprised the dividend payment of € 21.0 million and the repayment of financial liabilities totalling € 106.9 million as well as an increase of € 20.0 million in current financial liabilities.
The change in cash and cash equivalents amounted to minus € 63.2 million and resulted in cash and cash equivalents of € 48.1 million as of 30 September 2012.
Revenue and earnings recorded for the first and fourth quarters of the calendar year are generally lower than the second and third quarters due to the seasonal distribution of business in the aviation industry. The higher results are a consequence of the increase in passenger volume during the vacation season in Europe.
For the fourth quarter of 2012 the Flughafen Wien Group expects results that will break even or be slightly negative, above all due to maintenance and repairs that were rescheduled for this period. Accordingly, net profit for the 2012 financial year should reflect results for the first three quarters. This development also reflects the increased depreciation, amortisation, operating costs and interest expense for the Check-in 3.
These condensed consolidated interim financial statements include Flughafen Wien AG as well as 14 domestic (31.12.2011: 14) and seven foreign (31.12.2011: seven) subsidiaries over which Flughafen Wien AG exercises control. In addition, three domestic companies (31.12.2011: four) and four foreign companies (31.12.2011: four) were included using the equity method.
Four (31.12.2011: six) subsidiaries were not included in the consolidated interim financial statements because they are immaterial for the provision of a true and fair view of the asset, financial and earnings position of the Flughafen Wien Group.
As of 30 September 2012, obligations for the purchase of intangible assets amounted to € 1.2 million (31.12.2011: € 2.8 million) and obligations for the purchase of property, plant and equipment to € 69.5 million (31.12.2011: € 112.0 million).
There have been no material changes in commitments or other financial obligations since the last balance sheet date.
The circle of related parties (natural persons and legal entities) remained generally unchanged compared with the last consolidated financial statements. Business relations with related parties did not change significantly in comparison with the first nine months of the previous year.
A dividend of € 21,000,000, i.e. € 1.0 per share, was distributed to shareholders during the second quarter of 2012.
In October 2012 a premature instalment payment of € 17.9 million was made on the loan contracted in 2010 and 2011 within the framework of an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz", ULSG).
Other events after the end of the interim reporting period that are of material importance for recognition and measurement as of 30 September 2012, such as outstanding legal proceedings or claims for damages as well as other obligations and impending losses which must be recognised or disclosed in accordance with IAS 10, are included in these interim financial statements or are not known.
Schwechat, 5 November 2012
Günther Ofner Julian Jäger Member, CFO Member, COO
in accordance with § 87 (1) of the Austrian Stock Exchange Act
We confirm to the best of our knowledge that the condensed consolidated interim financial statements provide a true and fair view of the assets, liabilities, financial position and profit of the group as required by the applicable accounting standards and that the group management report provides a true and fair view of important events that occurred during the first nine months of the financial year and their impact on the condensed consolidated interim financial statements as well as the principal risks and uncertainties for the remaining three months of the financial year and the major related party transactions disclosed
Schwechat, 5 November 2012
Günther Ofner Julian Jäger Member, CFO Member, COO
Publisher: Flughafen Wien AG, Communications · P.O. Box 1, A-1300 Wien-Flughafen, Telephone: +43/1/7007-23333, Telefax: +43/1/7007-23806
Investor Relations:
Judit Helenyi, Telephone: +43/1/7007-23126, e-mail: [email protected] Mario Santi, Telephone: +43/1/7007-22826, e-mail: [email protected]
http://www.viennaairport.com · Data Registry Nr.: 008613 · Corporate Register Nr.: FN 42984 m · Court of Registry: Provincial Court in Korneuburg
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