Flughafen Wien AG

Earnings Release • Nov 15, 2001

News Details

Corporate | 15 November 2001 09:01

Flughafen Wien AG english

Results for the First Nine Months of 2001 Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– The tragic events of 11 September have changed the international aviation industry in a significant way, at least in the short term. Although the consequences influenced the results of the Flughafen Wien Group for the nine months to 30 September, the overall impact was considerably less than at other European airports. Earnings before interest and taxes declined by 4.5%, and profit for the period decreased by 2.4%. With passengers growth of 2.4%, the development of traffic for the first nine months exceeded the European average. The primary driver for this growth was the volume of transfer passengers, which increased by 14.7%. Flight movements rose by 0.7%, while maximum take-off weight (MTOW) declined by 2.3%. The decline of 3.6% in passenger numbers at Vienna International Airport in September was better than a number of other European airports. The decline was limited by the fact that passenger volume fell by only 6% between 12 September and 30 September. The strong position of Vienna International Airport as an east-west hub was again demonstrated by a steady increase in the number of passengers travelling to Eastern Europe during September. Business has remained relatively stable as travel to the USA and Middle East represents only 7% of the total number of passengers handled at Vienna International Airport. Turnover For the first nine months of the year Group turnover declined by 0.8% to EUR 246.6 million, although external revenues in the airport segment increased by 0.9% to EUR 106.9 million. The handling segment registered a 4.9% fall in turnover to EUR 84.1 million following the slower growth in flight movements and a mild winter. Developments were satisfactory in the shop and gastronomy area, which supported growth of 2.6% in non-aviation segment turnover to EUR 55.3 million. Earnings Earnings before interest and taxes fell by 4.5% to EUR 79.2 million. Financial results rose by 34.4% to EUR 8.8 million. Profit before tax declined by 1.7% to EUR 88.0 million, while profit for the period fell by 2.4% to EUR 59.5 million due to an increase in taxes after elimination of the investment allowance. Operating expenses remained virtually unchanged from the prior year level at EUR 171.0 million (0.6%). At EUR 12.3 million, the cost of materials and services were 6.5% lower. Personnel expenses declined by 1.9% to EUR 101.9 million, with the number of the employees decreasing slightly. Other operating expenses rose by 32.4% to EUR 26.6 million as a result of higher costs for marketing, advertising and public relations, the mediation process, and maintenance. Investments Expenditure for tangible and intangible assets totalled EUR 31.2 million for the first nine months of 2001. Outlook The efforts to attract logistics companies to Vienna International Airport have again proved successful. Following UPS, TNT now plans to establish a cargo and operations centre at Vienna International Airport. The jury’s decision to award the general planning for the office park to architect Wilhelm Holzbauer marks an important milestone in the development of the non-aviation segment. The office park, which is scheduled for completion in 2004, will add 26,000 square meters of space, of which 18,000 square meters will be rented to outside companies. At a time when a number of airlines are cancelling routes, it is encouraging that Eva Air has added a fourth frequency on the Vienna-Bangkok-Taipei route as of 2 November. The development of traffic in October was also influenced by the events of 11 September. The number of passengers decreased by 13.1%, flight movements by 3.6%, and maximum take-off weight by 9.1%. Travel to Eastern Europe increased by 3.0%. From January to October the number of the passengers rose by 0.7%, flight movements by 0.3%, and maximum take-off weight fell by 3.0%. The Management Board expects the number of flight movements for 2001 to be similar to the previous year. Vienna International Airport expects a decline of 1% in the number of passengers and decline of 3% in maximum take-off weight. The previously announced medium-term forecasts for the development of Vienna International Airport remain in place, subject to any deterioration in the global political environment. The short transfer times, combined with high standards of security and service, form a solid basis to further strengthen the position of Vienna as a transfer hub. Moreover, Vienna International Airport is currently examining a new tariff model which will act as an incentive for long-haul carriers to operate from Vienna. Any investment and spending activity will reflect the actual development of traffic. Vienna International Airport is presently reviewing additional models to make expansion projects even more flexible. Key Figures on the Flughafen Wien Group Industry Indicators 1-9/2001 Change in % 1-9/2000 MTOW (in tonnes) 3,963,006 -2.3 4,054,360 Passengers 9,377,411 2.4 9,159,872 Transfer passangers 2,906,796 14.7 2,534,536 Flight movements 141,861 0.7 140,814 Cargo in tonnes (air cargo and trucking) 119,620 -9.8 132,578 Financial Indicators Amounts in T EUR, except employees 1-9/2001 Change in % 1-9/2000 Total turnover 246,559.4 -0.8 248,609.3 EBIT (operating profit) 79,225.9 -4.5 82,984.7 EBIT Margin in % 31.7 -3.5 32.8 EBITDA Margin in % 43.7 -4.5 45.8 Net profit for the period 59,507.2 -2.4 60,957.9 Cash flow from operating activities 71,629.6 -4.1 74,727.7 Equity 522,985.0 -12.4 596,793.6 Capital expenditures 31,165.7 55.8 20,005.4 Employees at end of period 2,645 -0.8 2,665 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 15.11.2001