Flughafen Wien AG

Earnings Release • Nov 14, 2002

News Details

Corporate | 14 November 2002 08:30

Flughafen Wien AG english

Results for the Nine Months to 30 September 2002 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Flughafen Wien Group records – modest EBIT growth in 3rd Quarter For the first nine months of 2002, the Flughafen Wien Group recorded an increase of 13.6% in earnings before interest and tax (EBIT) to EUR 90 million. The 2.5% decline in turnover was more than offset by non-recurring income from the first quarter (reversal of EUR 19.9 mill. in provisions for pensions). Profit before tax (EBT) rose by 12.1% to EUR 98.7 million for the reporting period, and net profit for the first three quarters increased by 10.6% to EUR 65.8 million. “Traffic has started to normalize one year after the tragic events of 11 September, and our business is improving from quarter to quarter”, commented Herbert Kaufmann, member and speaker of the Management Board of Flughafen Wien AG, on the development of this publicly traded company in 2002. The third quarter of this year closed with a plus of 0.5% in earnings before interest and tax without the support of non-recurring items. Consolidated Income Statement First Nine Months in T EUR 1-9/2002 1-9/2001 Change Turnover 240,284.3 246,559.4 -2.5% other operating income 6,755.6 3,655.3 84.8% Operating income 247,039.9 250,214.8 -1.3% Cost of material and services -12,937.0 -12,332.9 4.9% Personnel expenses -81,650.1 -101,867.3 -19.8% Amortisation of intangible assets and depreciation of fixed assets -31,285.9 -30,165.1 3.7% other operating expenses -31,126.9 -26,623.5 16.9% Income before interest and taxes (EBIT) 90,040.1 79,225.9 13.6% Financial results 8,641.9 8,794.0 -1.7% Profit before tax (EBT) 98,682.0 88,019.9 12.1% Taxes on income -32,860.4 -28,512.7 15.2% Minority interest -8.0 0.0 n.a. Profit for the period 65,813.6 59,507.2 10.6% Consolidated Income Statement 3rd Quarter in T EUR 7-9/2002 7-9/2001 Change Turnover 87,327.2 87,709.4 -0.4% other operating income 2,278.3 1,350.6 68.7% Operating income 89,605.4 89,060.0 0.6% Cost of material and services -3,957.8 -3,697.9 7.0% Personnel expenses -34,072.7 -34,396.3 -0.9% Amortisation of intangible assets and depreciation of fixed assets -10,261.6 -9,995.9 2.7% other operating expenses -10,370.2 -10,183.7 1.8% Income before interest and taxes (EBIT) 30,943.2 30,786.2 0.5% Financial results 2,260.5 2,927.0 -22.8% Profit before tax (EBT) 33,203.8 33,713.1 -1.5% Taxes on income -11,321.5 -11,132.9 1.7% Minority interest -5.2 0.0 n.a. Profit for the period 21,877.2 22,580.2 -3.1% Segment Results First Nine Months in T EUR 1-9/2002 1-9/2001 Change Airport Segment turnover* 104,981.1 106,932.5 -1.8% Segment profit 55,109.1 57,217.2 -3.7% Handling Segment turnover* 77,726,2 84,076.3 -7.6% Segment profit 19,917.5 13,640.2 46.0% Non-Aviation Segment turnover* 57,432.6 55,337.4 3.8% Segment profit 29,044.1 24,334.1 19.4% * external turnover Outlook Following an increase of 2.7% in the number of passengers during September, October closed with a rise of 14.7%. Flight movements rose by 4.6% and maximum take-off weight (MTOW) by 3.6%. Growth was particularly significant in the number of transfer passengers (+22.5%) and travel to Eastern Europe (+11.8%). At the end of August, the Management Board of Vienna International Airport revised the annual forecast for traffic development upward, and assumes that Vienna International Airport will close 2002 with modest growth in the number of passengers, slight decline in flight movements, and a decrease of 4% in MTOW. Earnings for 2002, as a whole, will be influenced by the non-recurring item from the first quarter and the general development of business in the fourth quarter. Looking at other international projects Vienna International Airport still holds a 7% share in the Berlin airport consortium, which has concluded a letter of intent with the seller of the Berlin airports. The Management Board has decided to temporarily postpone the project in Mashad for business reasons. Similarly, in Spain the necessary license for the start of construction at Ciudad Real Airport is still outstanding. Vienna International Airport has therefore decided to suspend activities and await further developments. For additional information contact: Dagmar Lang (+43-1-)7007-22103 Hans Mayer (+43-1-)7007-23000 end of message, (c)DGAP 14.11.2002 ——————————————————————————– WKN: 091180; ISIN: AT0000911805; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München, Stuttgart; London 140830 Nov 02