Earnings Release • Nov 14, 2013
Earnings Release
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Corporate | 14 November 2013 08:00
Flughafen Wien with results as of 30 September 2013: Sound performance to date through cost discipline in a difficult year for the aviation industry
Flughafen Wien AG / Key word(s): Quarter Results
14.11.2013 / 08:00
Flughafen Wien with results as of 30 September 2013:
Sound performance to date through cost discipline in a difficult year for the aviation industry
– Q1-3/2013 revenue rises to EUR 470.3 million (+2.8%)
– EBITDA rises by an impressive 9.7% to EUR 191.5 million
– Increase in scheduled depreciation and amortisation for Check-in 3
reduces EBIT to EUR 94.4 million (-8.2%)
– Net profit for the period reaches EUR 64.3 million (-10.9%); full-year target of
EUR 65 million nearly met by end of Q3
– Reduction of EUR 80.6 million in net debt to EUR 639 million clearly tops original forecast; free cash flow increases by approx. EUR 70 million to EUR 112.3 million
– Capital expenditure at EUR 80 million by year-end (minus EUR 20 million versus guidance)
Flughafen Wien Group recorded an increase of 2.8% in revenue to EUR 470.3 million and an impressive growth of 9.7% in EBITDA to EUR 191.5 million during the first three quarters of 2013. These results represent sound performance to date in a year that has been difficult for the aviation industry with a decline in passenger traffic, reduced capacity and strikes.
Net debt was EUR 80.6 million lower than year-end 2012 at EUR 639 million on 30 September 2013. Free cash flow improved by EUR 68.1 million from EUR 44.2 million to EUR 112.3 million.
The scheduled depreciation and amortisation for Check-in 3 and an impairment charge of EUR 4.9 million to a cargo building reduced EBIT to EUR 94.4 million (-8.2%).
Net profit for the first three quarters reflected the forecast at EUR 64.3 million (-10.9%) and nearly reached the full-year target of EUR 65 million already by the end of the third quarter.
This development was made possible, despite the decline in passengers, above all, by cost reduction and productivity improvement measures.
Concrete earnings guidance for 2013
Based on business development and results for the first three quarters, Flughafen Wien is now issuing concrete earnings guidance for the full 12 months of 2013: EBITDA will increase to over EUR 230 million and net profit will clearly exceed EUR 65 million. The reduction in net debt will, from the current point of view, be significantly higher than originally forecasted and net debt should fall below EUR 640 million. For 2013 Flughafen Wien AG expects a slight decrease in passenger traffic, which could reflect the lower end of the announced range of minus 1% to plus 1%, as well as a decline of 4% to 6% in flight movements and a slight drop in maximum take-off weight (MTOW). Revenue will exceed the previous year but, as announced, could be slightly lower than the originally forecasted EUR 625 million due to the slight decline in passenger traffic.
Cost discipline and productivity improvements
‘Cost discipline and productivity improvements have allowed us to generate sound performance to date in a very challenging year’, explained Günther Ofner, member of the Management Board (CFO) of Flughafen Wien AG. Julian Jäger, member of the Management Board (COO) of Flughafen Wien AG, commented: ‘A number of external factors made this year extremely challenging from a traffic standpoint and our activities remain focused on cost efficiency, productivity improvement and the realisation of new earnings opportunities. Positive aspects included the growth trend in cargo, the slightly higher number of passengers in October and new frequencies and connections like Mombasa, Bremen and Milan-Linate.’
Passenger traffic in Q1-3/2013
Flughafen Wien AG recorded a slight 1.1% decrease in passengers to 16,738,211 for the first nine months of 2013. This decline is attributable to a number of external factors, such as the severe winter weather at airports across Europe, airline and airport strikes and the resulting flight reductions and cancellations, the Yen devaluation, political unrest in Egypt and on-going capacity adjustments by the airlines. The number of transfer passengers fell by 3.7%, and the number of local passengers rose by 0.2%. The number of passengers departing to destinations in Eastern Europe declined 2.4%, while the West European destinations recorded a slight plus of 0.3%. The number of passengers travelling to North America rose by 2.2% following the resumption of long-haul flights to Chicago. Declines were recorded in traffic to the Middle East with minus 5.1% and to the Far East with minus 9.3%.
A total of 175,341 flight movements were registered in the first three quarters of 2013. This 5.7% decline was higher than the decrease in passenger traffic and therefore supported a substantial improvement in the seat load factor to 75.2% (versus 73.1%). Malta Airport, a key investment of Flughafen Wien AG, handled approx. 3,160,000 passengers during the first nine months of 2013, for a sound increase of 9.0% or more than 260,000 passengers.
Increase in cargo traffic since June 2013
Due to the positive trend since mid-2013, cargo (air cargo and trucking) is at 186.033 tonnes only 1.6% lower on a cumulative basis than the comparable figure for 2012. The decrease in flight movements and the development of cargo volumes was reflected in a 3.4% decline in maximum take-off weight (MTOW) to 5,963,309 tonnes based on a slight upward trend.
Revenue development in the segments
Revenue in the Airport Segment rose by EUR 13.8 million, or 5.8%, year-on-year to EUR 250.7 million for the first three quarters of 2013. The Handling Segment recorded a slight 2.3% decrease in revenue to EUR 115.0 million due to the decline in cargo volumes, despite an improvement since mid-year. The Retail & Properties Segment recorded a 0.9% increase in revenue to EUR 91.6 million. Revenue in the Other Segments increased 7.1% to EUR 12.9 million.
For a detailed comparison with the first three quarters of the previous year, Flughafen Wien AG notes that administrative costs were allocated to the individual reporting segments in accordance with IFRS 8 starting with the third quarter of 2013. Additional information is provided in the quarterly report under www.viennaairport.com .
Capital expenditure forecast reduced to EUR 80 million
A total of EUR 55.3 million was invested during the first nine months of 2013, whereby the major project involved the renovation of Runway 16/34 at EUR 23.4 million. A further EUR 5.6 million was spent on the expansion of a forwarding agent building. Investments for the full 2013 financial year have been reduced and are now expected to total approx. EUR 80 million
Slight increase in traffic during October 2013: plus 1.0% in passengers and plus 14% in cargo
The number of passengers handled by Vienna Airport in October 2013 rose by 1.0% year-on-year to 2,010,190. Flight movements declined by 5.0%, while maximum take-off weight increased 0.3%. Cargo traffic increased 14.0%. The number of transfer passengers using Vienna Airport in October 2013 was 0.6% higher than in October 2012, and the number of local passengers rose by 1.2% during this same period.
Traffic Results in Detail
| October 2013 | Change in % | January to October 2013 |
Change in % | |
| Passengers: | 2,010,190 | +1.0 | 18,748,395 | -0.9 |
| Local passengers: | 1,354,270 | +1.2 | 12,840,243 | +0.3 |
| Transfer passengers: | 653,686 | +0.6 | 5,886,848 | -3.2 |
| Maximum take-off weight (in tonnes): |
713,801 | +0.3 | 6,677,110 | -3.0 |
| Flight movements (arrival + departure): |
20,512 | -5.0 | 195,853 | -5.6 |
| Cargo in tonnes (air cargo and trucking): |
24,339 | +14.0 | 210,372 | 0.0 |
Consolidated Interim Financial Statements as of 30 September 2013
| in TEUR | Q1-3/2013 | Q1-3/2012 | Change in % |
| Revenue | 470,309.9 | 457,495.8 | 2.8 |
| Other operating income | 16,513.8 | 18,494.3 | -10.7 |
| Operating income | 486,823.7 | 475,990.1 | 2.3 |
| Consumables and services used | -34,654.9 | -30,150.9 | 14.9 |
| Personnel expenses | -185,352.1 | -189,829.2 | -2.4 |
| Other operating expenses | -75,267.2 | -81,419.6 | -7.6 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 191,549.5 | 174,590.3 | 9.7 |
| Scheduled depreciation and amortisation | -92,019.7 | -66,798.7 | 37.8 |
| Impairment | -5,116.0 | -4,959.3 | 3.2 |
| Earnings before interest and taxes (EBIT) | 94,413.9 | 102,832.3 | -8.2 |
| Income from investments, excl. companies at equity | 2,338.0 | 932.3 | 150.8 |
| Interest income | 1,436.7 | 3,537.1 | -59.4 |
| Interest expense | -19,792.0 | -17,993.8 | 10.0 |
| Other financial expense/income | 0.0 | 133.6 | -100.0 |
| Financial results, excl. companies at equity | -16,017.3 | -13,390.8 | 19.6 |
| Income from companies at equity | 5,179.1 | 4,741.7 | 9.2 |
| Financial results | -10,838.2 | -8,649.2 | 25.3 |
| Profit before taxes (EBT) | 83,575.6 | 94,183.2 | -11.3 |
| Income taxes | -19,238.7 | -22,003.0 | -12.6 |
| Net profit for the period | 64,336.9 | 72,180.1 | -10.9 |
| Thereof attributable to: | |||
| Equity holders of the parent | 64,340.9 | 71,739.6 | -10.3 |
| Non-controlling interests | -4.0 | 440.5 | n.a. |
| Earnings per share (in EUR, diluted = basic) | 3.06 | 3.42 | -10.5 |
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first three quarters from 1 January to 30 September 2013 is available to the general public at the company’s offices in 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Schottengasse 6-8. It is also available in the Internet
under http://ir.viennaairport.com , menu point ‘Publications’, sub-section ‘Quarterly Reports’.
The Management Board
Flughafen Wien, 14.11.2013
Contact:
Judit Helenyi
Flughafen Wien AG
Investor Relations
Tel: +43 1 7007/23126
e-mail: [email protected]
End of Corporate News
14.11.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG.
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| Language: | English |
| Company: | Flughafen Wien AG |
| Postfach 1 | |
| 1300 Wien-Flughafen | |
| Austria | |
| Phone: | +43-1-7007/22826 |
| Fax: | +43-1-7007/23806 |
| E-mail: | [email protected] |
| Internet: | http://www.viennaairport.com |
| ISIN: | AT0000911805 |
| WKN: | 884216 |
| Indices: | ATX Prime |
| Listed: | Freiverkehr in Berlin, München, Stuttgart; Frankfurt in Open Market ; London, Wien (Amtlicher Handel / Official Market) |
| End of News | DGAP News-Service |
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| 239793 14.11.2013 |
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