Earnings Release • May 21, 2013
Earnings Release
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Corporate | 21 May 2013 08:00
Flughafen Wien increases revenue by approx. 5% in 1st quarter of 2013 despite slight decline in passenger traffic
Flughafen Wien AG / Key word(s): Quarter Results
21.05.2013 / 08:00
Flughafen Wien increases revenue by approx. 5% in 1st quarter of 2013 despite slight decline in passenger traffic
– In spite of higher costs due to the severe winter: EBITDA at EUR 48.6 million, only slightly below prior year (-2.3%).
– Earnings guidance for 2013 remains unchanged in spite of reduced traffic forecast.
– Scheduled depreciation on Check-in 3 reduces EBIT to EUR 18.1 million (-40.5%),
net profit totals EUR 9.5 million.
– Net debt further reduced – positive free cash flow of EUR 30.6 million.
Flughafen Wien AG was, similar to other European airports, affected by a number of negative external factors during Q1/2013. However, revenue rose by a sound 4.9% despite a slight decline in the number of passengers (-1.7%) and an extreme winter. Stable EBITDA of EUR 48.6 million (Q1/2012: EUR 49.8 million) allowed for a further reduction of EUR 30.6 million in net debt to EUR 698.0 million. Free cash flow amounted to EUR 30.6 million for the reporting period. The start of scheduled depreciation on Check-in 3, an effect that did not influence Q1 /2012 due to the start of operations in June, reduced quarterly EBIT to EUR 18.1 million (-40.5%) and net profit to EUR 9.5 million. In spite of the downward adjustment in the forecast for passenger traffic, Flughafen Wien AG expressly confirms the previously announced financial guidance for the full 2013 financial year: revenue should exceed EUR 625 million, EBITDA should equal at least EUR 230 million and net profit should top EUR 65 million.
Results for the first three months of 2013 were negatively influenced, above all, by increased expenses for the de-icing of runway and apron areas due to the extreme winter weather as well as a year-on-year rise in operating costs following the opening of Check-in 3, higher personnel expenses based on the collective bargaining agreements concluded in May 2012 and expanded working hours for winter services.
‘In spite of the difficult operating conditions and negative external factors that influenced the first quarter, we are still optimistic concerning the development of business for the full year and our previous earnings guidance remains intact. From the current point, we are expecting net profit of over EUR 65 million for 2013 and a further reduction in net debt. In order to meet this challenging goal, the improvement of productivity and sustainable cost reduction will remain our top priority’, commented Günther Ofner, member of the Management Board (CFO) of Flughafen Wien AG.
‘The severe winter weather throughout Austria and the rest of Europe, external factors such as strikes and the lack of a leap day in February 2013 had a significant impact on the development of traffic at Vienna Airport during the first quarter of 2013. The shift of capacity to larger aircraft also had an effect on flight movements. Against this backdrop, we have adjusted our traffic forecast for 2013. We are now passenger traffic to change by minus 1% to plus 1% as well as a decline of 4% to 6% in flight movements and a slight decrease in maximum take-off weight (MTOW)’, indicated Julian Jäger, member of the Management Board (COO) of Flughafen Wien AG.
Most severe winter at Vienna Airport in 17 years
The heavy snowfalls during the winter months of 2012/13 presented Vienna Airport with significant challenges. An average winter month normally brings roughly 17 cm of snow, but approx. 180 cm were recorded in the first quarter of 2013. The storms in February alone left nearly 82 cm of snow, which reflects the total amount for an average five-month winter season. With over 100 winter service calls, this winter was one of the most severe in recent years.
1.7% decline in passengers during Q1/2013
Not least due to the harsh winter weather and the resulting limitation on air traffic throughout Europe, the number of passengers handled at Vienna Airport declined 1.7% to 4,411,228 in the first quarter of 2013. The number of transfer passengers fell by 5.6% year-on-year. Passenger traffic to Eastern Europe was relatively stable at minus 0.1%, while traffic to Western Europe declined slightly by minus 1.5%. Growth was recorded in the number of passengers travelling to the Middle East with a plus of 2.9% and Africa with a plus of 12.6%. Traffic to the Far East declined by 12.7%.
The Austrian Airlines Group was responsible for a 49.2% share of the total passenger volume during the period from January to March 2013, compared with 49.4% in the first quarter of the previous year. During this period, the Austrian Airlines Group carried 2.1% less passengers. The number of passengers carried by NIKI fell by 11.8% during this same period, to represent a decline in the share of the total passenger volume at Vienna Airport from 10.3% in the first quarter of 2012 to 9.2%.
The decline in flight movements was stronger than the decrease in passenger traffic with a 7.1% decrease to 52,226 movements. This led to an improvement in the seat occupancy factor from 65.3% in the first quarter of the previous year to 69.0%. The lower number off light movements and a drop in cargo flights led to a reduction of 6.0% in maximum take-off weight (MTOW) to 1,750,592 tonnes. Cargo volume (air cargo and trucking) fell by 8.0% to 60,036 tonnes.
Revenue development in the segments
Revenue in the Airport Segment rose by EUR 3.0 million, or 4.6%, to EUR 68.7 million for the first quarter of 2013. The Handling Segment recorded an increase of 4.8% in revenue to EUR 42.7 million. The Retail & Properties Segment reported a 4.3% increase in revenue to EUR 30.0 million. The Other Segments recorded a plus of 17.3% in revenue to EUR 4.4 million.
Investments
A total of EUR 6.5 million was invested during this period, including EUR 1.8 million in the expansion of a forwarding agent building at the airport and EUR 1.4 million for the renovation of Runway 16/34. Plans call for a maximum of EUR 115 million in investments for the full year.
Traffic results April 2013: Minus 4.9% in passengers
The number of passengers handled by Vienna Airport declined 4.9% year-on-year to 1,796,645 in April 2013. This development resulted, above all, from a general reduction in capacity by the airlines, for example through the installation of new seats in the long-haul aircraft by the Austrian Airlines Group, which was also reflected in a lower number of flight movements and maximum take-off weight, as well as the fact that Easter fell in the month of March this year. The traffic results for April 2013 are already included in the new traffic forecast of Flughafen Wien AG.
Declines were recorded in the number of flight movements with minus 6.3%, maximum take-off weight with minus 6.0% and cargo with minus 5.9%. The number of transfer passengers using Vienna Airport in April 2013 was 10.5% lower than in April 2012. The number of local passengers declined by 2.3% during this same period.
Passenger traffic to Eastern Europe was 6.4% lower than April of the previous year. The number of passengers travelling to Western Europe fell by 2.4% lower, while the Middle East recorded a decline of 15.3% in April 2013.
Traffic results in Detail
| April 2013 | Change in % | January to April 2013 |
Change in % | |
| Passengers: | 1,796,645 | -4.9 | 6,207,873 | -2.6 |
| Transfer passengers: | 522,540 | -10.5 | 1,880,948 | -7.0 |
| Local passengers: | 1,272,199 | -2.3 | 4,321,030 | -0.4 |
| Maximum take-off weight (in tonnes): |
649,157 | -6.0 | 2,399,749 | -6.0 |
| Flight movements (arrival + departure): |
19,285 | -6.3 | 71,511 | -6.9 |
| Cargo in tonnes (air cargo and trucking): |
21,378 | -5.9 | 81,414 | -7.5 |
Consolidated Interim Financial Statements as of 31 March 2013
| in TEUR | 1-3/2013 | 1-3/2012 | Change in % |
| Revenue | 145,887.5 | 139,039.0 | 4.9 |
| Other operating income | 5,581.1 | 4,529.0 | 23.2 |
| Operating income | 151,468.6 | 143,567.9 | 5.5 |
| Consumables and services used | -17,388.4 | -11,821.5 | 47.1 |
| Personnel expenses | -63,122.5 | -60,145.5 | 4.9 |
| Other operating expenses | -22,327.7 | -21,806.5 | 2.4 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 48,629.9 | 49,794.5 | -2.3 |
| Depreciation and amortisation | -30,526.7 | -16,800.5 | 81.7 |
| Impairment | 0.0 | -2,548.3 | -100.0 |
| Earnings before interest and taxes (EBIT) | 18,103.2 | 30,445.7 | -40.5 |
| Income from investments, excl. companies at equity | 0.0 | 72.9 | -100.0 |
| Interest income | 572.5 | 722.2 | -20.7 |
| Interest expense | -6,847.2 | -3,395.0 | 101.7 |
| Other financial expense/income | 0.0 | 10.0 | -100.0 |
| Financial results, excl. companies at equity | -6,274.7 | -2,589.9 | 142.3 |
| Income from companies at equity | 295.3 | 203.6 | 45.0 |
| Financial results | -5,979.4 | -2,386.3 | 150.6 |
| Profit before taxes (EBT) | 12,123.8 | 28,059.4 | -56.8 |
| Income taxes | -2,612.0 | -6,480.9 | -59.7 |
| Net profit for the period | 9,511.8 | 21,578.5 | -55.9 |
| Thereof attributable to: | |||
| Equity holders of the parent | 9,513.1 | 21.579.7 | -55.9 |
| Non-controlling interests | -1.3 | -1.2 | 8.8 |
| Earnings per share (in EUR) basic/diluted | 0.45 | 1.03 | -56.3 |
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first quarter from 1 January to 31 March 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, 21.05.2013
Contact:
Judit Helenyi
Flughafen Wien AG
Investor Relations
Tel: +43 1 7007/23126
e-mail: [email protected]
End of Corporate News
21.05.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory 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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| 211769 21.05.2013 |
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