Flughafen Wien AG

Earnings Release • May 16, 2002

News Details

Corporate | 16 May 2002 08:32

Flughafen Wien AG english

Results 1. Quarter 2002 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Flughafen Wien report 53.5 percent increase in EBIT for the first quarter of 2002 due to one-time effect During the first three months of 2002 most European airports still continued to suffer from the effects of 11 September, with traffic declining as a result. Vienna International Airport closed the first quarter with an overall decrease of 4.9% in the number of passengers, although the number of transfer passengers rose by 4.5%. Flight movements fell by 3.9%, maximum take-off weight by 10.1%, and cargo volume by 15.2%. However a one-time effect – the settlement of pension claims and subsequent reversal of provisions for pensions totalling EUR9.9 million – led to an increase of 53.5% in earnings before interest and taxes (EBIT) to EUR8.1 million for the reporting period. As a result, profit for the first quarter rose by 43% to EUR7.5 million. OUTLOOK At the end of April, the government of Malta agreed to sell 40% of the shares in Malta International Airport to the consortium “Malta Mediterranean Link”. The company will receive a license to operate Malta International Airport for the next 65 years. The Maltese government will remain majority shareholder of the airport and hold an investment of 60%. This transaction is likely to be concluded by the end of May, and is contingent upon approval by the Maltese Parliament. “Malta Mediterranean Link” is comprised of Flughafen Wien AG, the majority shareholder (53.24%), as well as SNC-Lavalin Inc. (36.13%) and the Maltese Bianchi & Company (10.63%). The equity share held by Flughafen Wien AG equals roughly EUR6 million of the consortium’s total investment. The Flughafen Wien Group will conclude a technical service agreement to support the airport operator in strategic development, the expansion of retail business, airport and aviation marketing, and personnel development. Malta International Airport currently handles 3 million passengers per year and generates turnover of EUR0 million. It has a workforce of 450. Traffic declined during the month of April. The number of passengers fell by 5.3 %, but flight movements decreased by only 0.5%. Maximum take-off weight dropped by 8.6% because of the use of smaller aircraft, and cargo volume was 10.1% lower. Vienna International Airport was able to further expand its position as a transfer airport, with the number of transfer passengers rising by a significant 10.4% in April. Interim Financial Statements for the First Quarter 2001 according to IAS Flughafen Wien AG Consolidated Income Statement tEUR 1-3/2002 1-3/2001 Change Turnover 70,611.9 75,855.7 -6.9% Other operating income 2,372.7 546.5 334.2% Operating income 72,984.6 76,402.2 -4.5% Cost of materials and services -4,580.1 -4,844.8 -5.5% Personnel expenses -11,853.9 -31,844.9 -62.8% Amortisation of intangible assets and depreciation of fixed assets -10,300.9 -9,816.7 4.9% Other operating expenses -8,127.2 -5,067.1 60.4% Income before interest and taxes (EBIT) 38,122.6 24,828.6 53.5% Financial results 3,666.3 3,979.9 -7.9% Profit before tax (EBT) 41,788.9 28,808.5 45.1% Taxes on income -14,333.5 -9,542.1 50.2% Minority interest 89.1 0.0 Profit for the period 27,544.5 19,266.4 43.0% Earnings per share (in EUR 1.31 0.92 42.4% Segment Results TEUR 1-3/2002 1-3/2001 Change Airport Segment turnover* 28,642.7 30,360.5 -5.7% Segment profit 15,839.2 15,623.4 1.4% Handling Segment turnover* 23,645.5 28,091.2 -15.8% Segment profit 11,693.6 5,314.8 120.0% Non-Aviation Segment turnover* 18,268.6 17,346.7 5.3% Segment profit 13,348.6 7,961.9 67.7% * external turnover Key Data on the Flughafen Wien Group Industry Indicators 1-3/2002 Change in % 1-3/2001 MTOW (in tonnes) 1,084,752 -10.1 1,207,186 Passengers 2,354,049 -4.9 2,475,477 Transfer passengers 809,978 +4.5 775,032 Flight movements 42,006 -3.9 43,697 Cargo (air cargo and trucking; in tonnes) 34,744 -15.2 40,959 Financial Indicators Amounts in TEURexcept employees 1-3/2002 Change in % 1-3/2001 Total turnover 70,611.9 -6.9 75,855.7 EBIT 38,122.6 +53.5 24,828.6 EBIT-Margin in % 52.2 +60.7 32.5 EBITDA-Margin in % 66.4 +46.3 45.4 Net profit for the period 27,544.5 +43.0 19,266.4 Cash flow from operating activities 6,990.6 -33.2 10,467.1 Equity 559,280.2 +4.9 533,110.8 Capital expenditures 6,658.8 -16.9 8,009.1 Employees at end of period 2,602 -1.0 2,628 For additional information contact: Dagmar Lang (+43-1-)7007-22103 Hans Mayer (+43-1-)7007-23000 Stuart Leasor, Financial Dynamics (+44-20)72697173 end of message, (c)DGAP 16.05.2002