Earnings Release • Mar 21, 2012
Earnings Release
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Corporate | 21 March 2012 08:00
Flughafen Wien AG: Flughafen Wien Group: Results for 2011
Flughafen Wien AG / Key word(s): Final Results
21.03.2012 / 08:00
Flughafen Wien Group: Results for 2011
EBITDA increases 12.4% to EUR 189.0 million
Net profit declines to EUR 31.6 million due to previously announced special effects
Positive outlook for 2012 – the new basis for growth has been created
– Revenue: plus 9.0% to EUR 582.0 million
– EBITDA: plus 12.4% to EUR 189.0 million
– EBIT: minus 34.3% to EUR 67.2 million
– Profit after tax: minus 58.3% to EUR 31.6 million
– Recommended dividend: EUR 1.0 per share (pay-out ratio: 66.5%)
– Operations in the Skylink will start on 5 June 2012
Revenue recorded by the Flughafen Wien Group rose by 9.0% to EUR 582.0 million in 2011, and EBITDA increased 12.4% to EUR 189.0 million. As expected, previously announced impairment charges and non-recurring effects reduced net profit to EUR 31.6 million (-58.3%), while EBIT amounted to EUR 67.2 million (-34.3%). The EBITDA margin improved from 31.5% in the previous year to 32.5%.
'The operating business showed sound development in 2011 – the measures implemented to reduce costs and improve productivity are taking effect. This fresh wind is good for the company', summarised Günther Ofner, member of the Management Board (CFO) of Flughafen Wien AG.
Continuing high level of capital expenditure
A total of EUR 262.8 million was invested in 2011, EUR 160 million will be spent this year and plans call for investments of EUR 590 million by 2015. 'The start of operations in the Skylink will move us a great step forward and we must then concentrate on renovating the older facilities. Vienna Airport still has significant potential in the areas of real estate, shopping, gastronomy and hotels. In order to realise these investments without increasing debt, we must continue to reduce costs and improve productivity', explained Ofner.
New, attractive incentive programme to safeguard the airport location
'2011 was a record year for passenger traffic, a development that is also reflected in revenue. Now we are setting the course for further growth at the airport location: Our recently signed growth agreement with Austrian Airlines will provide support, above all, for long-haul destinations and transfers, and create a very attractive situation for all airlines', commented Julian Jäger, member of the Management Board (COO) of Flughafen Wien AG. Vienna Airport remains the least expensive hub in the Star Alliance, ranking ahead of Munich, Zurich and Frankfurt.
'The start of operations in the Skylink on 5 June 2012 will also substantially improve the quality of our services: In a single step, we will double our shopping und gastronomy areas and offer passengers a modern, light-flooded atmosphere', remarked Jäger on the advantages of the new terminal. Preparations are currently proceeding at full speed, and over 1,600 test passengers have already completed trial operations.
Dividend yield
Based on the development of business, the annual general meeting on 24 April 2012 will be asked to approve a dividend of EUR 1.0 per share for the 2011 financial year. This would represent a total distribution of EUR 21.0 million as well as a pay-out ratio of 66.5% and a dividend yield of 3.4% based on the share price as of 31 December 2011.
Outlook on 2012 – cautiously optimistic
In spite of the economic uncertainty, the Management Board of Flughafen Wien is cautiously optimistic concerning the development of business in 2012. The target calls for EBITDA of at least EUR 200 million and net profit of over EUR 50 million as well as net debt that does not exceed four-times EBITDA, i.e. less than EUR 800 million. A slight increase is also expected in revenue.
Vienna's position as a leading hub to Eastern Europe and its high-quality services as well as growth perspectives in the non-aviation sector represent a high potential for added value that is currently not reflected in the share price. As a business location, Vienna Airport also serves as a job creator: alone the new shops and gastronomy facilities in the Skylink will provide jobs for more than 300 new employees. Roughly 19,000 men and women work at the airport location.
Segment revenue
External revenue in the Airport Segment rose by 13.3% to EUR 294.6 million in 2011. The Handling Segment recorded a 2.9% decline in revenue to EUR 160.5 million. The Retail & Properties Segment generated an increase of 18.2% in revenue to EUR 110.6 million, and external revenue in the Other Segments rose by 11.3% to EUR 16.1 million.
Strong growth in passengers during 2011
Vienna Airport set a new record in 2011 with a total of 21,106,292 passengers handled (+7.2%). The number of passengers travelling to the Middle East rose by 3.5%, while traffic to Eastern Europe increased 14.9% and impressively underscored Vienna's role as a hub to the CEE region. Maximum take-off weight was 3.7% higher; flight movements matched the prior year level at 246,157; and cargo (incl. trucking) declined 6.2% due to the weaker economic environment.
VIE is less expensive than the competition: incentive mode expanded for all airlines
With its attractive incentive model, the tariffs at Vienna Airport were lower than the European average and much less expensive than the airports in Munich, Zurich and Frankfurt during 2011. A growth agreement concluded with Austrian Airlines provides for the expansion and long-term continuation of this incentive scheme for all airlines. Flughafen Wien is creating new growth impulses for the airlines with this step, in particular for long-haul traffic and transfers. Other points in the growth agreement with AUA include the extension of the service contract for ground handling and a joint commitment to further develop Vienna Airport as a Star Alliance hub.
Real-time operations in the Skylink start on 5 June 2012
The full start of operations in the Skylink is scheduled for 5 June 2012, and preparations are currently in progress: As part of the on-going operational tests that began in January 2012, more than 1,600 persons have gone through test scenarios, over 1,100 arrivals and departures were tested and roughly 60,000 pieces of baggage were checked in. Of the nearly 700 comments received, 76% have already been handled. The total cost for the Skylink will be less than EUR 770.0 million from the current point of view. A total of EUR 262.8 million was invested in intangible assets, property, plant and equipment and financial assets during 2011, including EUR 171.8 million in the Skylink. Other major investments for the reporting year involved the revitalisation of bus gates, apron equipment and lighting aggregates.
International investments
Passenger traffic at our international investments developed as followed in 2011: Malta Airport generated a profit of EUR 11.9 million (+11.4%) based on 3,506,521 passengers. Friedrichshafen Airport handled 571,709 passengers and recorded a loss of EUR 2.7 million for the year. As previously announced, this investment was written off in full during 2011. Košice Airport handled 266,143 passengers and recorded a loss of EUR 19.3 million. An impairment charge was recognised to this investment during the reporting year, as also previously announced. In 2011 Košice Airport reported positive operating earnings.
| Financial Indicators (in EUR million) | 2011 | Change in % | 2010 |
| Total revenue | 582.0 | 9.0 | 533.8 |
| Thereof Airport | 594.6 | 13.3 | 260.0 |
| Thereof Handling | 160.5 | -2.9 | 165.2 |
| Thereof Retail & Properties | 110.6 | 18.2 | 93.6 |
| Thereof Other Segments | 16.1 | 11.3 | 14.5 |
| EBIT | 67.2 | -34.3 | 102.3 |
| EBITDA | 189.0 | 12.4 | 168.1 |
| EBITDA margin (in %) | 32.5 | – | 31.5 |
| Net profit after non-controlling interests | 31.6 | 58.3 | 75.7 |
| Cash flow from operating activities | 178.9 | 5.4 | 169.7 |
| Income taxes | 13.5 | -41.5 | 23.0 |
| Industry Indicators | 2011 | Change in % | 2010 |
| MTOW (in mill. tonnes) | 8.3 | 3.7 | 8.0 |
| Passengers (in mill.) | 21.1 | 7.2 | 19.7 |
| Thereof transfer passengers (in mill.) | 6.5 | 10.2 | 5.9 |
| Flight movements | 246,157 | 0.0 | 246,146 |
| Cargo (air cargo and trucking; in tonnes) | 277,784 | -6.2 | 295,989 |
Flughafen Wien Aktiengesellschaft
Announcement
The report of Flughafen Wien AG on the 2011 financial year from 1 January to 31 December 2011 is available to the general public at the headquarters of the company, 1300 Flughafen Wien and is also available for download at http://ir.viennaairport.com under under the menu point 'Publications', subpoint 'Other Publications'.
The annual report by Flughafen Wien AG on the 2011 financial year from 1 January to 31 December 2011 is available to the general public at the headquarters of the company, 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Schottengasse 6-8. It is also available for download at http://ir.viennaairport.com under under the menu point 'Publications', subpoint 'Other Publications'.
The Management Board
Flughafen Wien, 21 March 2012
**
Contact:**
Judit Helenyi
Investor Relations
Flughafen Wien AG
Tel: +43 1 7007/23126
e-mail: [email protected]
Mario Santi
Investor Relations
Flughafen Wien AG
Tel: +43 1 7007/22826
e-mail: [email protected]
End of Corporate News
21.03.2012 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; Open Market in Frankfurt; London, Wien (Amtlicher Handel / Official Market) |
| End of News | DGAP News-Service |
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| 161488 21.03.2012 |
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