Annual Report • Apr 11, 2014
Annual Report
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www.viennaairport.com Flughafen Wien AG
| in € million (excluding employees) |
2013 | Change in % |
2012 | 2011 | 2010 |
|---|---|---|---|---|---|
| Total revenue | 622.0 | +2.4 | 607.4 | 582.0 | 533.8 |
| Thereof Airport* | 331.4 | +5.1 | 315.3 | 294.6 | 260.0 |
| Thereof Handling* | 151.9 | -2.6 | 155.9 | 160.5 | 165.2 |
| Thereof Retail & Properties* | 121.2 | +1.4 | 119.5 | 110.6 | 93.6 |
| Thereof Other Segments* | 17.5 | +5.4 | 16.6 | 16.1 | 14.5 |
| EBITDA | 241.5 | +9.1 | 221.4 | 189.0 | 168.1 |
| EBITDA margin (in %)1 | 38.8 | n.a. | 36.5 | 32.5 | 31.5 |
| EBIT | 112.1 | +3.8 | 108.0 | 67.2 | 102.3 |
| EBIT margin (in %)2 | 18.0 | n.a. | 17.8 | 11.5 | 19.2 |
| ROCE (in %)3 | 5.1 | n.a. | 4.9 | 3.2 | 5.1 |
| Net profit after non-controlling interests | 73.3 | +1.9 | 71.9 | 31.6 | 75.7 |
| Cash flow from operating activities | 204.4 | +13.7 | 179.7 | 178.9 | 169.7 |
| Equity | 905.9 | +6.4 | 851.6 | 811.4 | 823.0 |
| Equity ratio (in %) | 46.4 | n.a. | 41.3 | 37.7 | 41.2 |
| Net debt | 633.4 | -12.0 | 719.6 | 751.7 | 666.3 |
| Balance sheet total | 1,953.9 | -5.2 | 2,061.8 | 2,150.2 | 1,998.5 |
| Gearing (in %) | 69.9 | n.a. | 84.5 | 92.6 | 81.0 |
| Capital expenditure4 | 72.8 | -28.0 | 101.2 | 260.2 | 145.5 |
| Income taxes | 23.5 | +9.7 | 21.4 | 13.5 | 23.0 |
| Average number of employees for the year5 |
4,399 | -1.7 | 4,475 | 4,525 | 4,266 |
| Number of employees on 31.12. | 4,247 | -1.3 | 4,306 | 4,500 | 4,336 |
* 2012 adjusted to the new segment reporting
Definitions: 1) EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBIT + depreciation and amortisation / revenue; 2) EBIT margin (Earnings before Interest and Taxes) = EBIT / revenue;
3) ROCE (Return on Capital Employed after Tax) = (EBIT less allocated taxes) / Average capital employed; 4) Capital expenditure: Intangible assets, property, plant and equipment and prepayments, including corrections to invoices from previous years; 5) Average number of employees for the year: Weighted average number of employees including apprentices excluding employees on official non-paying leave (maternity, military, etc.) and excluding the Management Board and managing directors;
| 2013 | Change in % |
2012 | 2011 | 2010 | |
|---|---|---|---|---|---|
| Passengers (in mill.) | 22.0 | -0.7 | 22.2 | 21.1 | 19.7 |
| Thereof transfer passengers (in mill.) | 6.8 | -3.7 | 7.1 | 6.5 | 5.9 |
| Flight movements | 231,179 | -5.5 | 244,650 | 246,157 | 246,146 |
| MTOW (in mill. tonnes)6 | 7.9 | -2.6 | 8.1 | 8.3 | 8.0 |
| Cargo (air cargo and trucking; in tonnes) | 256,194 | +1.6 | 252,276 | 277,784 | 295,989 |
| Seat occupancy (in %)7 | 74.8 | n.a. | 73.0 | 69.6 | 68.9 |
| 2013 | Change in % |
2012 | 2011 | 2010 | |
|---|---|---|---|---|---|
| Shares outstanding (in million) | 21 | 0.0 | 21 | 21 | 21 |
| P/E ratio (as of 31.12.) | 17.5 | +39.1 | 12.6 | 19.4 | 14.2 |
| Earnings per share (in €) | 3.49 | +2.0 | 3.42 | 1.50 | 3.61 |
| Dividend per share (in €)8 | 1.30 | +23.8 | 1.05 | 1.00 | 2.00 |
| Dividend yield (as of 31.12.; in %) | 2.1 | n.a. | 2.4 | 3.4 | 3.9 |
| Pay-out ratio (as a % of net profit) | 37.3 | n.a. | 30.5 | 66.5 | 55.5 |
| Market capitalisation (as of 31.12.; in € mill.) |
1,281.0 | +41.9 | 902.8 | 614.3 | 1,075.8 |
| Stock price: high (in €) | 61.43 | +42.9 | 42.99 | 51.98 | 51.23 |
| Stock price: low (in €) | 41.00 | +57.5 | 26.04 | 25.70 | 33.11 |
| Stock price: as of 31.12. (in €) | 61.00 | +41.9 | 42.99 | 29.25 | 51.23 |
| Market weighting ATX Prime (as of 31.12.; in %)9 |
1.4 | n.a. | 1.1 | 1.0 | n.a. |
6) MTOW: Maximum take-off weight for aircraft; 7) Seat occupancy: Number of passengers/Available number of seats; 8) Dividend 2013: Recommendation to the Annual General Meeting; 9) ATX Prime: The VIE share was reclassified from the ATX to the ATX Prime in March 2011
G r o u p M a n a g e m e n t R e p o r t f o r t h e 2 0 1 3 Financial Year
Economic developments, crises and other events that lead to fl ight and route cancellations or frequency reductions have a signifi cant infl uence on the commercial development of air travel. As an international hub in Central Europe, Vienna Airport is dependent on economic developments in the Euro zone and – because of its geographical location – also affected by economic trends in the CEE region.
The global economy followed two years of weaker growth with the fi rst signs of slight recovery beginning in mid-2013, which was accompanied by a shift in momentum from the emerging countries to the industrial nations. The Euro zone recorded the fi rst positive development in a longer period during the second quarter of 2013, whereby the core states – e.g. Germany and Austria – were substantially stronger than the peripheral countries. The CEE economies generally remained subdued throughout 2013: the countries in this region recorded slightly better economic performance, with the exception of the Czech Republic, Slovenia and Croatia. Stronger domestic demand is forecasted for the CEE countries starting in 2014 due to the expected recovery of key export markets. (Source: Austrian National Bank)
The Austrian economy was also very reserved in 2013 with a real GDP increase of only 0.4%. Real consumption by private households was restrained by a 2.3% increase in net wages, 2% inflation and rising unemployment. Growth in the Austrian business sector was also weak during the past year. In spite of extremely low interest rates, improved corporate financing capacity and somewhat less restrictive lending conditions, gross fixed capital investment declined and real added value rose only slightly in the manufacturing, construction and service sectors. However, the recent increase in export orders leads to expectations of higher volumes and increased capital investment beginning in 2014. (Source: Austrian National Bank)
The Austrian tourism industry, a key driver for business development at Vienna Airport, set another new record in 2013. According to Statistik Austria, the number of overnight stays rose by 1.2% year-on-year to 132.6 million. Overnight stays by foreign tourists increased 1.9% to 96.8 million. The shift in the guest structure also continued during 2013, with travellers from Central and Eastern Europe replacing visitors from Germany. The share of guests from Germany has fallen steadily over the past 10 years from 45% to 38%, while the share of guests from the CEE countries has already reached roughly 8%. An increase in overnight stays was also registered by travellers from Switzerland, Great Britain, Belgium, Russia, the USA and Sweden in 2013. In contrast, a lower number of overnight stays was recorded by visitors from the Netherlands, Italy, France and Romania. The strong growth in the number of arrivals points to a decline in the average length of stay. (Source: Statistik Austria)
Travel by the Austrian public rose slightly year-on-year in 2013. In summer 2013 (July – September), the most important holiday season, the number of vacation trips increased 2.9% to approx. 6.75 million. (Source: Statistik Austria)
Passenger traffic at the European airports rose by an average of 2.8% in 20131. Strong growth was recorded by the airports in Turkey, Russia, Iceland and Norway, while the EU airports generated only a moderate increase of 1.0%1. Vienna Airport registered a slight decline of 0.7%, not least due to the weather- and strike-related flight cancellations during the first half-year and the continuing airline consolidation. Vienna Airport handled a total of 21,999,926 passengers in 2013. The number of local passengers rose by 102,305 to 15,178,223, while transfers were 3.7% lower.
Flight movements also continued to decline in 2013. This is reflected in developments at the European airports, where flight movements fell by 1.2%1. At Vienna Airport, the number of flight movements was 5.5% lower at 231,179. Cargo recovered significantly during the second third and fourth quarters after initial declines, with a slight plus of 1.6% to 256,194 tonnes for the full year. With this development, Vienna outpaced the European average of plus 0.8%1 in the cargo segment.
In 2013 Vienna remained one of the top ten airports in Europe for punctuality and further improved its service levels.
| Passengers in thousand |
Change vs. 2012 in % |
Flight movements2 |
Change vs. 2012 in % |
|
|---|---|---|---|---|
| London* | 125,663.2 | 3.2 % | 846,330 | 0.4 % |
| Paris** | 90,327.2 | 1.7 % | 702,112 | -2.7 % |
| Frankfurt | 58,036.9 | 0.9 % | 461,603 | -2.1 % |
| Amsterdam | 52,569.3 | 3.0 % | 425,565 | 0.5 % |
| Madrid | 39,710.9 | -12.1 % | 332,361 | -10.7 % |
| Munich | 38,672.6 | 0.8 % | 361,779 | -4.0 % |
| Rome | 36,165.8 | -2.2 % | 298,001 | -3.7 % |
| Milan*** | 35,888.9 | -1.9 % | 320,475 | -5.2 % |
| Zurich | 24,816.6 | 0.3 % | 243,774 | -2.6 % |
| Vienna | 21,999.9 | -0.7 % | 229,652 | -5.5 % |
| Prague | 10,974.2 | 1.5 % | 125,710 | -2.3 % |
| Budapest | 8,510.9 | 0.2 % | 77,879 | -4.9 % |
* London Heathrow. Gatwick. Stansted ** Paris Charles de Gaulle. Paris Orly *** Milan Malpensa. Linate. Bergamo Source: ACI Europe Traffic Report December 2013
1) ACI Airport Council International – Europe. Inhouse; January – December 2013
2) Flight movements as per ACI: Movements exclusive General Aviation and Other Aircraft Movements
| Traffic indicators | 2013 | Change in % |
2012 | 2011 |
|---|---|---|---|---|
| MTOW (in million tonnes) | 7.9 | -2.6 | 8.1 | 8.3 |
| Total passengers (in million) | 22.0 | -0.7 | 22.2 | 21.1 |
| Thereof local passengers (in million) |
15.2 | 0.7 | 15.1 | 14.5 |
| Thereof transfer passengers (in million) |
6.8 | -3.7 | 7.1 | 6.5 |
| Flight movements | 231,179 | -5.5 | 244,650 | 246,157 |
| Cargo (air cargo and trucking; in tonnes) |
256,194 | 1.6 | 252,276 | 277,784 |
| Seat occupancy (in %) | 74.8 | n.a. | 73.0 | 69.6 |
| Number of destinations | 177 | -1.1 | 179 | 174 |
| Number of airlines | 71 | 0.0 | 71 | 73 |
Vienna Airport handled a total of 21,999,926 passengers during 2013 (minus 0.7%) in a challenging year that was influenced by a difficult market environment for the air travel industry throughout Europe, capacity reductions by the airlines, crises in Egypt and the Middle East and numerous flight cancellations due to the severe winter 2012/13 with extreme snowfall and strikes in Germany. The development of passenger traffic was noticeably weaker during the first two quarters, but improved substantially in the second half year.
The number of take-offs and landings at Vienna Airport fell by 5.5% in 2013, and maximum take-off weight (MTOW) declined to 7.9 million tonnes. In contrast, seat occupancy rose by 1.9 percentage points year-on-year to 74.8%. This positive development was seen, above all, in the airlines with the highest passenger volumes.
Cargo turnover rose 1.6% over the previous year to 256,194 tonnes in 2013. This growth resulted from a plus of 0.5% in air cargo and, above all, an increase of 4.2% in trucking. The turnaround came, as expected, at mid-year. In 2013 Vienna Airport won the "Hub Quality Championship", outranking Munich and Frankfurt. The cancellation of cargo connections by Saudi Arabian Airlines and Royal Jordanian from the Middle East was offset by the start of Cargolux flights in August.
Vienna Airport offered scheduled flights to 177 destinations in 2013 (2012: 179), including 42 (2012: 45) in Eastern Europe. Despite the slight decline to 2,165,556 departing passengers in 2013, Vienna Airport remains a key European east-west hub.
| Region | 2013 | 2012 | Change absolute |
Share 2013 in % |
Share 2012 in % |
Change in %-points |
|---|---|---|---|---|---|---|
| Eastern Europe | 2,165,556 | 2,226,488 | -60,932 | 19.7 | 20.1 | -0.4 |
| Western Europe | 7,536,817 | 7,495,253 | 41,564 | 68.6 | 67.8 | 0.8 |
| Far East | 363,163 | 384,524 | -21,361 | 3.3 | 3.5 | -0.2 |
| Middle East | 522,691 | 541,667 | -18,976 | 4.8 | 4.9 | -0.1 |
| North America | 233,682 | 212,488 | 21,194 | 2.1 | 1.9 | 0.2 |
| Africa | 157,229 | 189,733 | -32,504 | 1.4 | 1.7 | -0.3 |
| South America | 10,977 | 8,028 | 2,949 | 0.1 | 0.1 | 0.0 |
| Total | 10,990,115 | 11,058,181 | -68,066 | 100.0 | 100.0 |
The destinations in Western Europe registered the highest absolute growth in passengers for 2013 with a plus of 41,564 to 7,536,817. This increase raised the region's share of total passenger traffic to 68.6%. The start of flights to Chicago was reflected in a plus of 10.0% in the number of passengers travelling to North America, which was responsible for 2.1% of the departing passengers in 2013. Destinations in the Far East recorded 5.6% less passengers. The crises in Egypt and the Middle East led to a decline of 3.5% in travel to this region.
Similar to the previous year, Frankfurt was the destination for most of the passengers in 2013 – here Vienna Airport registered an increase of 11.1% to 659,393 passengers. Strong growth was also recorded in traffic to Istanbul (plus 20.4%), Moscow (plus 15.3%) and Milan (plus 11.0%). The most passengers on long-haul flights were recorded by Bangkok with 113,864, followed by New York with 87,523 and Tokyo with 72,874.
The largest customer of the Flughafen Wien Group – Austrian Airlines – reported a 1.6% in the number of passengers in 2013. This was reflected in a decline in the carrier's share of the total passenger traffic to 49.1% (2012: 49.5%). However, Austrian Airlines is still the dominating home carrier at Vienna Airport.
In the ranking of the airlines at Vienna Airport based on the number of passengers, Austrian Airlines is followed by NIKI with 11.0% (2012: 12.0%), airberlin with 6.1% (2012: 6.3%) and Lufthansa with 5.5% (2012: 5.5%). The highest absolute growth was recorded by Turkish Airlines with 35.1%, which raised its share of passenger traffic to 2.3%. Germanwings increased its share of passenger traffic to 2.7% following restructuring within the Lufthansa Group.
The average seat occupancy (scheduled and charter) rose from 73.0% in 2012 to 74.8%. Vienna Airport was regularly serviced by 71 airlines in 2013 (2012: 71), which travelled to a total of 177 destinations in 69 countries. New airlines include Cargolux, Kuwait Airways and Germania, which added Vienna to their flight schedules in 2013.
The Austrian Airport Fee Act took effect on 1 July 2012. Accordingly, the fee adjustments based on the price-cap formula and the procedure for adjustments in 2013 were based on this law.
Vienna International Airport has a fee system that is very attractive in international comparison. The fees were adjusted as of 1 January 2013 based on a price-cap formula that was accepted by FWAG, the airlines and the Austrian civil aviation authority (Austrian Ministry for Transport, Innovation and Technology (BMVIT)). The calculation of the landing, parking and airside infrastructure fee is based on the maximum take-off weight (MTOW) of the aircraft, while the passenger fee and landside infrastructure fee are based on the number of passengers. The infrastructure fee for fuelling is based on the volume of fuel. The maximum change in the fee equals the inflation rate minus 0.35-times the growth in traffic, which is defined as the three-year average for the change in traffic over the 12-month period from 1 August to 31 July. If traffic growth is negative, the maximum fee adjustment equals the inflation rate.
The fee structure was adjusted as follows as of 1 January 2013:
| Landing fee, airside infrastructure fee, parking fee: | + 1.56 % |
|---|---|
| Passenger fee, landside infrastructure fee: | + 0.72 % |
| Infrastructure fee for fuelling: | + 1.14 % |
In the general aviation/business aviation sector, the landing fee for aircraft up to four tonnes MTOW was raised to a flat rate of € 112.37 per landing and the landing fee for aircraft from four to 25 tonnes MTOW was reduced by approx. 0.5%. The passenger fee for general aviation/business aviation flights was increased to € 16.80 and now equals the passenger fee in the main terminal. The passenger fee for all passengers at Vienna Airport was subsequently reduced by € 0.01 per departing passenger.
The PRM fee (passengers with reduced mobility) remained unchanged at € 0.34 per departing passenger.
The Austrian Airport Fee Act and the Austrian Aviation Security Act of 2011 require Flughafen Wien AG to collect a security fee from departing passengers. This fee equals € 7.70 for each departing passenger (local and transfer).
In order to further strengthen Vienna's position as a transfer airport, Flughafen Wien AG increased the long-standing transfer incentive to € 12.50 per departing passenger as of 1 January 2013. The new transfer incentive programme also calls for further progressive rates under certain growth conditions.
The growth incentive programme, which comprises a destination and frequency incentive as well as a frequency rate incentive, was also continued in 2013. These measures provide sustainable protection for the role of Vienna Airport as a bridgehead between west and east.
The fee adjustments implemented on 1 January 2013 as well as the continuation and/or expansion of the successful incentive programme are designed to strengthen the competitive position of Vienna Airport and to promote strategically important intercontinental routes and traffic to destinations in Eastern and Central Europe.
In spite of the slight decline in passenger traffic and flight movements (minus 0.7%, resp. minus 5.5%), the Flughafen Wien Group increased revenue by 2.4% year-on-year to € 622.0 million in 2013. This growth was supported by the adjustment of the security fee, higher individual services (e.g. for de-icing) and higher income from the rental of advertising space. Declines were recorded, above all, in areas where business correlates with flight movements and MTOW.
Due to the seasonality of the airport business, FWAG normally generates its highest revenue during the holiday periods in the second and third quarter. The third quarter was the strongest in 2013 with 26.6% of annual revenue, followed by the second quarter with a share of 25.5%, the fourth quarter with 24.4% and the first quarter with 23.5%.
In 2013 the following changes were made to segment reporting as defined in IFRS 8:
Previously unallocated administrative costs are now assigned to the reporting segments to reflect the fact that the data used to evaluate the operating segments also includes a proportional share of overhead costs. The previously unallocated administrative costs for the services provided by various corporate departments were analysed in detail and are now assigned to the
four reporting segments – Airport, Handling, Retail & Properties and Other Segments – based on specific keys (e.g. volume, value etc.). The regular review and updating of these allocation keys ensures the correct representation of the service relationships between the operating segments and the administrative areas. The reconciliation of reportable segment results to Group EBIT is no longer required due to the allocation of administrative income and expenses. The same applies to intangible assets and property, plant and equipment assigned to the central areas. Assets that are not monitored and reported by individual segments, but at the Group level are still shown as "other (non-allocated) assets". These assets include the following: other financial assets, current securities, receivables due from taxation authorities, other receivables and assets, accruals and cash and cash equivalents.
The corresponding data and disclosures for the prior year were adjusted accordingly. Additional information is provided in the notes (1).
| in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Airport | 331.4 | 5.1 | 315.3 |
| Handling | 151.9 | -2.6 | 155.9 |
| Retail & Properties | 121.2 | 1.4 | 119.5 |
| Other Segments | 17.5 | 5.4 | 16.6 |
| Group revenue | 622.0 | 2.4 | 607.4 |
1) adjusted
| in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Landing fee | 57.3 | -2.5 | 58.8 |
| Passenger fee, incl. PRM | 144.5 | 7.4 | 134.6 |
| Infrastructure fee | 29.6 | 1.6 | 29.1 |
| GAC building and hangar | 1.6 | 83.2 | 0.9 |
| Security fee | 84.3 | 6.7 | 79.0 |
| Fuelling | 2.3 | -3.0 | 2.4 |
| Special guest services | 5.2 | 4.7 | 5.0 |
| Rentals | 5.2 | 12.7 | 4.6 |
| Vöslau Airport | 0.6 | 3.9 | 0.6 |
| Other | 0.7 | 87.0 | 0.4 |
| Total segment revenue | 331.4 | 5.1 | 315.3 |
Revenue generated by the Airport Segment rose by 5.1% (plus € 16.1 million) in 2013. The adjustment of the security fee in June 2012 led to higher income of € 84.3 million (2012: € 79.0 million), while the new fee structure and conversion of the incentive scheme resulted in an increase of € 10.0 million in the passenger fee, incl. PRM, to € 144.5 million. These developments were contrasted by a lower number of flight movements (minus 5.5%), which led to a decline in the landing fee and a contribution of € 57.3 million to revenue for the reporting year (2012: € 58.8 million). The infrastructure fee was slightly higher in 2013: revenue for the use of infrastructure equipment and facilities for passengers and aircraft rose by 1.6% to € 29.6 million (2012: € 29.1 million). With a share of 53.3% (2012: 51.9%), the Airport Segment again made the largest contribution to Group revenue in 2013.
The cost of consumables in the Airport Segment rose by an above-average € 2.0 million to € 6.7 million due to the heavy snowfall at the beginning of 2013 and the related higher use of de-icing materials as well as the increased use of materials for terminal operations. Personnel expenses were 2.3% higher, also due to the effects of increased winter services
at the beginning of the year and the related costs, resp. overtime work. The continuation of the cost reduction programme was reflected in a decline of € 8.3 million in other operating expenses during 2013. After the deduction of internal operating expenses totalling € 143.2 million, which also include higher terminal operating costs, segment EBITDA amounted to € 132.8 million (2012: € 123.9 million).
The increase in depreciation and amortisation to € 90.8 million is explained by the start of operations in the new terminal Check-in 3 and other investment projects in 2012 and 2013. EBIT in the Airport Segment therefore totalled € 42.0 million for the reporting period (2012: € 55.6 million).
| in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Apron handling | 104.5 | 0.7 | 103.8 |
| Cargo handling | 27.4 | -10.5 | 30.6 |
| Security services | 3.4 | -7.9 | 3.7 |
| Traffic handling | 8.1 | -12.9 | 9.3 |
| General aviation | 8.5 | -1.0 | 8.6 |
| Total segment revenue | 151.9 | -2.6 | 155.9 |
The Handling Segment recorded a slight 2.6% decline in external revenue to € 151.9 million in 2013. Apron handling generated sound development for the Flughafen Wien Group, above all in the area of individual services (e.g. de-icing). Revenue rose to € 104.5 million (2012: € 103.8 million), and the average market share equalled 88.5% (2012: 89.3%).
The cargo business was faced with massive declines in the first half-year, but a very good third and fourth quarter resulted in a volume plus of 1.6% to 256,194 tonnes for cargo handling. However, revenue declined from € 30.6 million to € 27.4 million due to the difficult market environment. In spite of this shift, the average market share of VIE-Handling in the cargo segment remained at a very high 93.2% (2012: 94.0%).
The subsidiary Vienna Airport Security Ges.m.b.H. (VIAS) reported a year-on-year decline of € 0.3 million in external revenue from security services to € 3.4 million (2012: € 3.7 million). Revenue from general aviation services (incl. the operation of the VIP and Business Centers) fell to € 8.5 million due to the decline in flight movements and the lower level of handling activity. The Handling Segment generated 24.4% of Group revenue for the reporting year (2012: 25.7%).
The higher revenue from aircraft de-icing services was accompanied by an increase in the use of de-icing materials, which led to an increase of € 1.7 million in consumables used to € 11.2 million. Personnel expenses declined by 2.6% based on a reduction in the average number of employees from 3,281 to 3,199, while additional savings of € 0.8 million were realised in other operating expenses. The Handling Segment generated EBITDA of € 22.6 million for the reporting year (2012: € 18.8 million), where this improvement is attributable primarily to the positive development of the subsidiary VIAS. After the deduction of depreciation and amortisation totalling € 5.4 million (2012: € 5.9 million) segment EBIT equalled € 17.2 million for an increase of 32.8% (2012: € 12.9 million).
| in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Parking | 40.0 | -4.4 | 41.8 |
| Rentals | 39.5 | 6.2 | 37.2 |
| Shopping/gastronomy | 41.7 | 2.9 | 40.5 |
| Total segment revenue | 121.2 | 1.4 | 119.5 |
1) adjusted
The Retail & Properties Segment reported further growth in 2013 with an increase in external revenue to € 121.2 million (2012: € 119.5 million). Lower occupancy in the parking facilities led to a 4.4% decline in parking income. Income from rentals (real estate and advertising space) rose by a sound 6.2% to € 39.5 million, in particular due to the increased marketing of advertising space. A positive trend was also noted in revenue from shopping and gastronomy, which rose by € 1.2 million year-on-year to € 41.7 million. After an adjustment for the effects of the bankruptcy of a lessee and other special effects, revenue in this area was 6.2% higher than the previous year.
Twenty-nine new shops opened in 2013, including the Billa supermarket, Porsche Design, Desigual, Frey Wille, Hugo Boss and many more. The importance of the non-aviation business for Vienna Airport is underscored by the 19.5% share of Group revenue (2012: 19.7%).
In addition to lower expenditures for consumables (minus € 0.4 million), personnel expenses remained constant at € 6.9 million. The increase of € 2.1 million in other operating expenses is attributable, among others, to higher maintenance and renovation costs for real estate at the airport location. EBITDA in the Retail & Properties Segment amounted to € 61.6 million in 2013 (2012: € 64.2 million). Depreciation and amortisation declined by € 6.4 million, chiefly due to the impairment charges recognised in the previous year to the CGU Real Estate Cargo and CGU Real Estate Office. EBIT rose from € 38.1 million in 2012 to € 41.9 million for the reporting year.
| in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Energy supply and waste disposal | 6.5 | -3.0 | 6.7 |
| Telecommunications and IT | 3.1 | -2.5 | 3.2 |
| Materials management | 1.9 | -17.0 | 2.2 |
| Electrical engineering, security equipment | 2.5 | 83.0 | 1.4 |
| Facility management | 1.2 | 29.4 | 0.9 |
| Workshops | 0.4 | -15.0 | 0.5 |
| Visitair Center | 0.2 | 34.7 | 0.2 |
| Other | 1.8 | 10.5 | 1.6 |
| Total segment revenue | 17.5 | 5.4 | 16.6 |
External revenue in the reporting segment "Other Segments" rose by 5.4% to € 17.5 million, among others due to the sale of security equipment. Revenue from energy supply and waste disposal services was € 0.2 million lower due to reduced energy consumption, while revenue from electrical engineering and the sale of security equipment was € 1.1 million higher. Telecommunications and IT reflected almost the prior year level with revenue of € 3.1 million. Facility management recorded an increase of € 0.3 million in revenue. Other revenue totalled € 1.8 million and resulted, among others, from cleaning and consulting services. The Other Segments recorded 2.8% of Group revenue in 2013 (2012: 2.7%).
In addition to the increase in external revenue, the Other Segments recorded a plus of 10.9% in internal revenue. This development resulted, above all, from increased charges for IT services and operating costs for terminal operations. The cost of consumables declined slightly by € 0.3 million. Personnel expenses were also reduced and totalled € 43.7 million for the reporting year. Other operating expenses rose to € 23.2 million because the previous year included the release of € 1.6 million in valuation adjustments to other receivables. Depreciation and amortisation increased by € 0.4 million, while internal operating expenses declined by € 0.1 million. The Other Segments generated EBITDA of € 24.5 million for the reporting year (2012: € 14.4 million) and EBIT of € 11.1 million (2012: € 1.4 million).
The development of earnings in the Flughafen Wien Group in 2013 can be summarised as follows:
| Change | ||||
|---|---|---|---|---|
| Consolidated income statement | 2013 | in % | 2012 | 2011 |
| Revenue | 622.0 | 2.4 | 607.4 | 582.0 |
| Other operating income | 23.8 | -1.3 | 24.1 | 20.4 |
| Operating income | 645.8 | 2.3 | 631.5 | 602.4 |
| Operating expenses, excl. depreciation, amortisation and impaiment |
404.3 | -1.4 | 410.1 | 413.4 |
| EBITDA | 241.5 | 9.1 | 221.4 | 189.0 |
| Depreciation, amortisation and impairment |
129.4 | 14.2 | 113.4 | 121.8 |
| EBIT | 112.1 | 3.8 | 108.0 | 67.2 |
| Financial results | -15.3 | 7.1 | -14.3 | -22.2 |
| EBT | 96.8 | 3.2 | 93.7 | 45.0 |
| Income taxes | 23.5 | 9.7 | 21.4 | 13.5 |
| Net profit for the period | 73.3 | 1.3 | 72.3 | 31.6 |
| Thereof attributable to non-controlling interests |
-0.0 | n.a. | 0.4 | 0.0 |
| Thereof attributable to equity holders of the parent |
73.3 | 1.9 | 71.9 | 31.6 |
| Earnings per share in EUR | 3.49 | 2.0 | 3.42 | 1.50 |
| in € million | Airport | Handling | Retail & Proper ties |
Other Segments |
Group reconcili ation |
Total |
|---|---|---|---|---|---|---|
| Operating income | 375.0 | 224.2 | 142.2 | 127.2 | -222.8 | 645.8 |
| Operating expenses |
333.1 | 207.1 | 100.3 | 116.1 | -222.8 | 533.7 |
| EBIT | 42.0 | 17.2 | 41.9 | 11.1 | 112.1 |
In spite of difficult market conditions during the reporting year, the Flughafen Wien Group recorded a sound 2.4% increase in revenue to € 622.0 million. This growth was driven, above all, by the Airport Segment. Revenue from the security fee, which was adjusted in June 2012, rose to € 84.3 million. The new fee structure and conversion of the incentive scheme led to an increase of 7.4% in the passenger fee, incl. PRM, to € 144.5 million. The Retail & Properties Segment recorded a year-on-year increase, above all, in advertising revenue (2013: € 8.4 million, plus 28.4%) due to the full year of operations in Check-in 3.
Other operating income amounted to € 23.8 million, which is slightly lower than the prior year level of € 24.1 million. Own work capitalised (Flughafen Wien AG and the subsidiaries ÖBA and VAI) fell to € 8.9 million in 2013 (2012: € 11.1 million) following a reduction in construction activity at Vienna Airport. Furthermore, other operating income was higher in the prior year because of insurance compensation received for damagesrelated to Check-in 3 ("Uniqa settlement" of € 2.5 million). In 2013, € 4.0 million of compensation for damages (arbitration settlement) were recognised and provisions of € 6.3 million were released, among others due to the positive conclusion of legal proceedings.
| in € million | 2013 | Change in % | 2012 | 2011 |
|---|---|---|---|---|
| Consumables and services used |
46.1 | 6.8 | 43.2 | 42.1 |
| Personnel | 245.8 | -1.6 | 249.7 | 258.5 |
| Other operating expenses | 112.3 | -4.2 | 117.2 | 112.9 |
| Depreciation, amortisation and impairment |
129.4 | 14.2 | 113.4 | 121.8 |
| Total | 533.7 | 2.0 | 523.4 | 535.2 |
O p e r ating e xp e nse s r ise to € 533.7 million as a r e sult o f the seve r e w inte r (2012/13) and highe r sche dule d de pr e ciation and amor tis ation
The cost of consumables and services rose by 6.8% to € 46.1 million in 2013, not least due to the severe winter in 2012/13. Heavy snowfall in the first quarter of the year led to an above-average increase in the use of de-icing materials for winter services and aircraft de-icing to € 6.3 million. In contrast, expenses for energy declined 3.5% to € 19.9 million despite full operations in the new terminal Check-in 3. The volume of other purchased materials increased in line with the growth in revenue.
The average number of employees fell by 1.7% to 4,399 during the reporting year, above all due to process optimisation, and led to a decrease of € 3.9 million in personnel expenses. This 1.6% reduction to € 245.8 million was achieved through strict cost discipline and despite wage and salary increases mandated by collective bargaining agreements beginning in May 2012 and increased winter service activities at the beginning of 2013.
Personnel expenses in the Airport Segment rose by 2.3%, chiefly due to the higher cost of winter services and in proportion to the increase in the workforce. In the Handling Segment, personnel expenses fell by 2.6% following a reduction in the average number of employees and productivity improvement. Personnel expenses in the Retail & Properties Segment remained constant, but were 1.1% lower in the Other Segments.
The average number of employees increased slightly by 0.9% in the Airport Segment, but declined by 2.5% in the Handling Segment. The Retail & Properties Segment had 0.4% more employees on average than in 2012. The average number of employees in the Other Segments was a minimal 0.1% higher. The Flughafen Wien Group had a total of 4,247 employees as of 31 December 2013, which represents a decline of 58 or 1.3% below the level at the beginning of the year.
Total wage costs were € 3.0 million lower for the reporting year due to the reduction in the workforce and the reversal of provisions for vacations and service anniversary bonuses. Total salaries declined to € 70.3 million, whereby the reduction of unused vacation time and the reversal of other employee-related provisions also had a positive effect in this area. Expenses for severance compensation rose by € 0.3 million to € 9.3 million, while expenses for pensions remained constant at € 3.1 million. The expenses for legally required duties and contributions and other employee benefits declined parallel to the other personnel expenses.
The clear focus on cost savings led to a € 4.9 million reduction in other operating expenses. In order to maintain the current high level of customer satisfaction, the Flughafen Wien Group will continue to focus on the modernisation, renovation and adaptation of buildings and open areas. These activities were reflected in an increase of € 8.1 million in maintenance costs to € 33.1 million for the reporting year. The removal of the immense volumes of snow during the first quarter of 2013 led to an increase of € 1.2 million in transport costs. Earnings were also negatively affected by higher cleaning costs related to the full operations in the terminal. Legal, auditing and consulting fees rose by € 0.6 million in 2013, while marketing and market communication expenses increased to € 19.4 million. In contrast, rental and leasing expenses were cut by 33.4% to € 6.6 million. In the prior year, results were also negatively affected by valuation allowances for doubtful receivables and damage incidents.
| EBITDA in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Airport | 132.8 | 7.1 | 123.9 |
| Handling | 22.6 | 20.1 | 18.8 |
| Retail & Properties | 61.6 | -4.1 | 64.2 |
| Other Segments | 24.5 | 70.0 | 14.4 |
| Group EBITDA | 241.5 | 9.1 | 221.4 |
1) adjusted
| EBITDA by segment | 2013 | 20121 |
|---|---|---|
| Airport | 55.0 % | 56.0 % |
| Handling | 9.3 % | 8.5 % |
| Retail & Properties | 25.5 % | 29.0 % |
| Other Segments | 10.2 % | 6.5 % |
| Group EBITDA | 100.0 % | 100.0 % |
1) adjusted
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the Flughafen Wien Group rose by 9.1% year-on-year to € 241.5 million (2012: € 221.4 million). The Airport Segment again generated the largest share of Group EBITDA with € 132.8 million or 55.0% in 2013 (2012: € 123.9 million). EBITDA in the Handling Segment rose by € 3.8 million to € 22.6 million (2012: € 18.8 million) and represented a share of 9.3%. In the Retail & Properties Segment, higher operating expenses led to a € 2.6 million decline in EBITDA to € 61.6 million (2012: € 64.2 million) and 25.5% of Group EBITDA. The Other Segments generated EBITDA of € 24.5 million (2012: € 14.4 million) for a share of 10.2%.
| in € million | 2013 | 2012 | 2011 |
|---|---|---|---|
| Capital expenditure (incl. financial assets) | 72.9 | 101.7 | 262.8 |
| Scheduled depreciation and amortisation | 124.3 | 98.1 | 66.3 |
| Impairment | 5.1 | 15.3 | 55.5 |
The completion and start of operations in the new terminal Check-in 3 during June of the previous year was reflected in a steady decline in the volume of investments since 2011. In 2013 investments in intangible assets totalled € 1.4 million and investments in property, plant and equipment amounted to € 71.5 million (including invoice adjustments from prior years). Invoice corrections of € 8.2 million during 2013 in favour of Flughafen Wien resulted from a December 2013 arbitration decision in proceedings against a contractor involved in the Check-in 3 construction. Scheduled depreciation and amortisation increased by € 26.2 million, as expected, primarily due to the full-year operations in the new terminal.
The definition of the cash-generating units (CGUs) Real Estate Cargo, Real Estate Office and Real Estate Parking was changed in 2012 to better reflect the mutual dependence of the cash flows from the related assets. This led to the aggregation of several assets (objects) in a single CGU.
Impairment testing in 2013 led to the recognition of a € 4.9 million impairment charge to a building in the CGU Real Estate Cargo, which is reported under the Retail & Properties Segment. This impairment charges reflected the reassessment of the market and demand and the subsequent updating of detailed forecasts. In addition, impairment charges of € 0.2 million were recognised to property, plant and equipment in the Airport Segment.
In the prior year, impairment charges of € 15.3 million were recognised in the Retail & Properties and Airport Segments.
| in € million | 2013 | Change in % | 20121 |
|---|---|---|---|
| Airport | 42.0 | -24.6 | 55.6 |
| Handling | 17.2 | 32.8 | 12.9 |
| Retail & Properties | 41.9 | 9.9 | 38.1 |
| Other Segments | 11.1 | n.a. | 1.4 |
| Group EBIT | 112.1 | 3.8 | 108.0 |
1) adjusted
| EBIT by segment | 2013 | 20121 |
|---|---|---|
| Airport | 37.4 % | 51.5 % |
| Handling | 15.3 % | 12.0 % |
| Retail & Properties | 37.4 % | 35.3 % |
| Other Segments | 9.9 % | 1.2 % |
| Group EBIT | 100.0 % | 100.0 % |
1) adjusted
Group EBIT rose by € 4.1 million to € 112.1 million in 2013, in spite of the year-on-year increase in scheduled depreciation and amortisation. The negative effects of scheduled depreciation and amortisation led to a reduction of EBIT in the Airport Segment to € 42.0 million (2012: € 55.6 million), but this segment still generates the largest share of Group EBIT. The Retail & Properties Segment recorded EBIT of € 41.9 million (2012: € 38.1 million), which represents 37.3% of Group EBIT for the reporting year. The Handling Segment was responsible for 15.3% of Group EBIT or € 17.2 million (2012: € 12.9 million), and the Other Segments reported EBIT of € 11.1 million (2012: € 1.4 million).
| Financial results in € million |
2013 | Change in % | 2012 | 2011 |
|---|---|---|---|---|
| Income from investments, excl. companies at equity |
2.3 | n.a. | 0.9 | 0.4 |
| Interest income | 2.2 | -48.2 | 4.2 | 4.6 |
| Interest expense | -25.9 | 3.0 | -25.2 | -13.6 |
| Other financial expense/ income |
0.0 | -100.0 | 0.2 | 1.6 |
| Financial results, excl. companies at equity |
-21.4 | 7.7 | -19.9 | -7.0 |
| Impairment losses to in vestments recorded at equity |
0.0 | n.a. | 0.0 | -19.4 |
| Proportional share of income from companies recorded at equity |
6.2 | 9.4 | 5.6 | 4.3 |
| Financial results | -15.3 | 7.1 | -14.3 | -22.2 |
Financial results equalled minus € 15.3 million in 2013, compared with minus € 14.3 million in the previous year. Financial results, excluding companies at equity, rose to € 2.3 million due to an increase in dividends.
Net interest result declined from minus € 21.0 million in 2012 to minus € 23.8 million for the reporting year. The decrease in cash and cash equivalents and the resulting lower interest income (2013: € 2.2 million) resulted, among others, from the redemption of securities. The increase in interest expense is directly related to additional costs of € 5.8 million from the end of borrowing cost capitalisation. However, this increase was largely offset by the reduction in debt, the decline in interest rates and the rescheduling of existing loans at more favourable conditions.
The proportional share of income from companies consolidated at equity rose to € 6.2 million for the reporting year (2012: € 5.6 million).
The Flughafen Wien Group recorded an increase of 3.2% in profit before taxes to € 96.8 million in 2013 (2012: € 93.7 million).
The income from the companies included in the consolidated financial statements was taxed almost exclusively in Austria. The tax rate applicable to profit before tax equalled 24.3% in 2013 (2012: 22.8%).
Net profit of € 73.3 million for the reporting year (2012: € 72.3 million) includes € 5,919.48 attributable to non-controlling interests for the proportional share of the loss recorded by the subsidiary BTS Holding a.s. "v likvidacii" (in liquidation). The share of net profit attributable to the equity holders of the parent company amounted to € 73.3 million in 2013 (2012: € 71.9 million).
Based on an unchanged number of shares outstanding, earnings per share equalled € 3.49 (2012: € 3.42).
Financial management in the Flughafen Wien Group is supported by a system of indicators that is based on selected and closely synchronised ratios. These indicators define the scope of development, profitability and financial security within which the Flughafen Wien Group moves in the pursuit of its primary goal to generate profitable growth.
Depreciation has a significant influence on the earnings indicators monitored by the Flughafen Wien Group. In order to permit an independent evaluation of the operating strength and performance of the individual business segments, EBITDA – which equals operating profit plus depreciation and amortisation – is defined as the key indicator. The Group also uses the EBITDA margin, which shows the relationship of EBITDA to revenue. The EBITDA margin equalled 38.8% in 2013, compared with 36.5% in the previous year. The protection of high profitability is a stated long-term goal of management.
The optimisation of the financial structure has top priority. This financial security is measured by the gearing ratio, which compares net financial liabilities with the carrying amount of equity. The ratio of net debt to EBITDA is also used to manage the financial structure. The company's medium-term goal is reduce this indicator to approx. 2.5. In 2013, the ratio of net debt to EBITDA equalled 2.62 (2012: 3.25).
Financial liabilities declined by € 132.4 million year-on-year in 2013 due to the lower volume of investments and the premature and scheduled repayments of loans. Cash and cash equivalents therefore fell by € 36.5 million to € 3.9 million as of 31 December 2013. Net debt, considering invested funds, totalled € 633.4 million (2012: € 719.6 million). Based on equity of € 905.9 million, gearing equalled 69.9% as of 31 December 2013 (2012: 84.5%).
In addition to the EBIT margin, the return on equity (ROE) is also used to evaluate the Group's profitability. ROE compares net profit for the period with the average capital employed during the financial year.
| in % | 2013 | 2012 | 2011 |
|---|---|---|---|
| EBITDA margin3 | 38.8 | 36.5 | 32.5 |
| EBIT margin4 | 18.0 | 17.8 | 11.5 |
| ROE5 | 8.3 | 8.7 | 3.9 |
| ROCE before tax6 | 6.8 | 6.5 | 4.2 |
3) EBITDA margin: Earnings before interest, taxes, depreciation and amortisation / Revenue
4) EBIT margin: Earnings before interest and taxes / Revenue
5) ROE (Return on Equity) = Net profit for the period / Average equity
6) ROCE (Return on Capital Employed before Tax) = EBIT / Average capital employed (Capital Employed = non-current assets, inventories, receivables and other assets minus current provisions and liabilities)
| 2013 | 2012 | |||
|---|---|---|---|---|
| in € million | as a % of the balance sheet total |
in € million | as a % of the balance sheet total |
|
| Assets | ||||
| Non-current assets | 1,857.6 | 95.1 | 1.911.7 | 92.7 |
| Current assets | 96.3 | 4.9 | 150.1 | 7.3 |
| Thereof liquid funds | 3.9 | 0.2 | 40.4 | 2.0 |
| Balance sheet total | 1,953.9 | 100.0 | 2,061.8 | 100.0 |
| Equity and liab ilities |
||||
| Equity | 905.9 | 46.4 | 851.6 | 41.3 |
| Non-current liabilities | 748.2 | 38.3 | 834.2 | 40.5 |
| Current liabilities | 299.8 | 15.3 | 376.0 | 18.2 |
| Balance sheet total | 1,953.9 | 100.0 | 2,061.8 | 100.0 |
The balance sheet total of the Flughafen Wien Group declined 5.2% year-on-year to € 1,953.9 million as of 31 December 2013. The capital-intensive nature of the Group's business activities was reflected in an increase in non-current assets to 95.1% (2012: 92.7%). Current assets were lower, above all due to a decline in cash and cash equivalents and trade receivables.
Equity rose 5.1 percentage points year-on-year to 46.4% of the balance sheet total, respectively from € 851.6 million to € 905.9 million. The repayment of financial liabilities and the reclassification of items to current liabilities reduced non-current assets as a per cent of the balance sheet total to 38.3% (2012: 40.5%). Current liabilities were also reduced in 2013 and totalled € 299.8 million as of 31 December 2013.
Non-current assets declined 2.8% to € 1,857.6 million as of 31 December 2013. The carrying amount of intangible assets was 15.1% lower at € 13.7 million. Additions of € 1.4 million were contrasted, above all, by amortisation of € 4.1 million. In the prior year, an impairment charge of € 4.3 million was recognised to goodwill allocated to the CGU Real Estate Office.
Property, plant and equipment with a combined carrying amount of € 1,622.2 million represented the largest component of non-current assets in 2013: additions of € 60.9 million were contrasted by depreciation, including impairment charges, of € 116.5 million. The majority of the additions made during the reporting year were related to the renovation of Runway 16/34 at € 25.8 million.
The carrying amount of land and buildings declined € 44.4 million year-on-year. This
change resulted primarily from depreciation of € 54.3 million and reclassifications of € 11.6 million.
The carrying amount of technical equipment and machinery rose by € 1.5 million. Other equipment, furniture, fixtures and office equipment declined, as expected, by € 4.8 million.
The change in investment property comprised additions of € 10.5 million and reclassifications of minus € 0.8 million as well as scheduled depreciation of € 4.0 million. In addition, impairment charges of € 4.9 million were recognised to reflect the latest estimates for the medium-term development of a building in the CGU Real Estate Cargo.
The carrying amount of companies consolidated at equity was increased by the positive development of these investments and the proportional share of results for the period (after the deduction of distributions received). Other financial assets declined, chiefly due to a decline in originated loans.
Current assets fell by 35.8% to € 96.3 million as of 31 December 2013. The main factor for this development was a decline in cash and cash equivalents to € 3.9 million (2012: € 40.4 million), which reflected the repayment of financial liabilities and efficient liquidity management. Inventories remained constant in year-on-year comparison at € 4.4 million, while the repayment of a bank loan led to a reduction in securities to € 20.0 million (2012: € 29.7 million). Receivables and other assets declined by € 7.6 million to € 68.0 million due to a decrease in value added tax credits and net trade receivables. In spite of the increase in revenue, trade receivables were reduced by € 8.4 million to € 34.3 million during the reporting year through active receivables management.
Despite the decline in the carrying amount of non-current assets, non-current assets as a share of total assets increased from 92.7% to 95.1% among others due to a reduction in cash and cash equivalents and receivables.
Equity recorded by the Flughafen Wien Group rose by 6.4% to € 905.9 million at year-end 2013. Net profit of € 73.3 million for the reporting year was contrasted by the dividend payment of € 22.1 million for the 2012 financial year. Equity was increased slightly by fair value measurement and the resulting change in other reserves. The recognition of actuarial differences based on changes in the parameters used to calculate employee-related provisions (revaluation of defined benefit plans) increased equity by € 2.8 million. The equity ratio rose from 41.3% at year-end 2012 to 46.4% as of 31 December 2013.
Non-controlling interests as of 31 December 2013 represent the stake in the Slovakian subsidiary BTS Holding a.s. "v likvidacii" (in liquidation), Bratislava, held by the co-shareholder RZB Holding GmbH, which was merged into Raiffeisen-Invest-Gesellschaft m.b.H. retroactively as of 31 December 2012. The non-controlling interests of the co-shareholder changed slightly due to the annual results reported by the subsidiary.
The 10.3% reduction in non-current liabilities to € 748.2 million is explained by the repayment and reclassification of financial liabilities. In 2013 partial repayments were made and rescheduling was arranged for existing loans drawn within the framework of an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz", ULSG) and a promissory note with an original value of € 249.6 million. The repayments that will follow in 2014 were reclassified to current financial liabilities. As a result, non-current financial liabilities declined by € 87.1 million to € 551.6 million.
Non-current provisions decreased by € 1.2 million during the reporting year, primarily due to the development of the provisions for pensions and service anniversary bonuses. Other non-current liabilities fell by € 3.9 million to € 34.5 million, chiefly due to the reclassification of accruals to current liabilities. Non-current deferred tax liabilities totalled € 29.6 million as of 31 December 2013. The year-on-year change from € 23.4 million in 2012 resulted primarily from temporary differences on property, plant and equipment..
Current liabilities fell by 20.3% year-on-year to € 299.8 million. Trade payables were € 19.9 million lower, among others due to the payment of invoices for construction work at Vienna Airport. Current provisions declined by € 13.7 million, whereby the reduction of unused vacation time led to a decline of € 1.2 million in the related provision. The current provision for taxes rose to € 10.4 million (2012: € 9.3 million), mainly due to the increase in profit before taxes.
The change in current financial liabilities (minus € 45.4 million) is explained, among others, by the following factors: € 65.1 million of reclassifications from non-current items and an increase in current borrowings, € 106.2 million of repayments on the ULSG loan, promissory note and other loans and a € 4.2 million reduction in cash advances. The € 1.5 million increase in miscellaneous liabilities is related chiefly to higher liabilities from a tax charge and outstanding invoices from investments in other companies.
| 2013 | 2012 | 2011 | |
|---|---|---|---|
| Net debt in € million7 | 633.4 | 719.6 | 751.7 |
| Equity ratio in % | 46.4 | 41.3 | 37.7 |
| Gearing in %8 | 69.9 | 84.5 | 92.6 |
| Equity in € million | 905.9 | 851.6 | 811.4 |
| Working capital in € million | -80.1 | -77.5 | -111.3 |
| Fixed assets / balance sheet total in %9 | 95.1 | 92.7 | 89.5 |
| Asset coverage in %10 | 89.0 | 88.2 | 94.3 |
7) Net debt = Interest-bearing liabilities – cash and cash equivalents
8) Gearing = (Interest-bearing liabilities – cash and cash equivalents) / Equity
9) Fixed assets / balance sheet total = Non-current assets / Balance sheet total
10) Asset coverage = (Equity + non-current liabilities) / Non-current assets
| in € million | 2013 | Change in % | 2012 | 2011 |
|---|---|---|---|---|
| Cash and cash equivalents as of 1 January |
40.4 | -63.7 | 111.3 | 63.6 |
| Cash flow from operating activities |
204.4 | 13.7 | 179.7 | 178.9 |
| Cash flow from investing activities |
-86.4 | -31.8 | -126.7 | -187.5 |
| Cash flow from financing activities |
-154.5 | 24.7 | -123.9 | 56.3 |
| Cash and cash equivalents as of 31 December |
3.9 | -90.3 | 40.4 | 111.3 |
| Free cash flow | 118.0 | 122.8 | 53.0 | -8.6 |
Net cash flow from operating activities rose by 13.7% during the reporting year. This development resulted from higher profit before taxes of € 96.8 million as well as an increase in depreciation and amortisation (incl. impairment charges) to € 129.4 million. Gains of € 4.3 million were also recognised on the disposal of non-current assets. Companies recorded at equity contributed € 3.0 million to operating cash flow. Receivables declined by € 10.6 million, while liabilities and provisions were reduced by a total of € 8.7 million. After the deduction of € 0.2 million from the reversal of investment subsidies and € 16.2 million of income tax payments, cash flow from operating activities amounted to € 204.4 million.
Net cash flow from investing activities totalled minus € 86.4 million for the reporting year, compared with minus € 126.7 million in 2012. The redemption of securities generated cash inflows of € 10.0 million. Payments of € 97.4 million (2012: € 133.1 million) for the purchase of property, plant and equipment and intangible assets were contrasted by proceeds of € 1.1 million on the disposal of non-current assets (incl. financial assets).
A dividend of € 22.1 million was distributed to the shareholders of the parent company in May 2013 (2012: € 21.0 million). Current and non-current financial liabilities were also reduced by € 132.4 million during the reporting year. In total, cash and cash equivalents declined by € 36.5 million to € 3.9 million as of 31 December 2013.
Investments in intangible assets, property, plant and equipment and financial assets fell by 28.3% to € 72.9 million in 2013. Invoice corrections of approx. € 8.2 million in favour of Flughafen Wien resulted from a December 2013 arbitration judgment in proceedings against a contractor involved in the Check-in 3 construction. This arbitration court decision led to claims by Flughafen Wien totalling € 16.7 million (incl. VAT). The amount (excluding VAT) equalled € 13.9 million, whereby € 4.0 million were recognised to profit or loss based on previously recorded impairment charges and € 9.9 million were accounted for as a direct reduction of acquisition costs (thereof € 1.7 million in earlier years and € 8.2 million in 2013).
Capital expenditure in 2013 included € 71.5 million for property, plant and equipment and € 1.4 million for intangible assets. The major investments made in 2013 and 2012 are listed under note (13) in the notes to the consolidated financial statements.
Following the successful start of operations in the new terminal Check-in 3 during 2012, activities for 2013 focused on the renovation of Runway 16/34. In 25 nights and four weekends during April and May, over 220,000 m² of surface area were replaced and more than 80,000 tonnes of asphalt were removed and exchanged. This involved more than 500 persons and up to 480 construction machines every night. The final grooving and marking was carried out in October 2013. This project involved a total investment of € 25.8 million during the reporting year.
| Investments in € million | 2013 | Change in % | 2012 | 2011 |
|---|---|---|---|---|
| Intangible assets | 1.4 | -58.6 | 3.3 | 4.5 |
| Property, plant and equipment | 71.5 | -27.0 | 97.9 | 255.8 |
| Financial assets | 0.0 | -90.4 | 0.5 | 2.5 |
| Total investments | 72.9 | -28.3 | 101.7 | 262.8 |
| Financing in € million | ||||
| Net cash flow from operating activities |
204.4 | 13.7 | 179.7 | 178.9 |
| Depreciation and amortisation, incl. impairment charges to intangible assets, property, plant and equipment and financial assets |
129.4 | 14.2 | 113.4 | 141.6 |
The Flughafen Wien Group (FWAG) holds investments, among others, in three international airports. In Malta Airport, FWAG owns a combined stake of approx. 33%. Of the total shares, 40% are held by a consortium in which FWAG has an investment of 57.1%; 10.1% are owned directly by FWAG (through VIE Malta), 20% by the Maltese government, and the remaining shares are listed on the stock exchange in Malta.
Flughafen Wien AG has an indirect investment of 66% in Košice Airport. Although FWAG holds the majority of voting rights, this company is managed as a joint venture because major corporate decisions are taken together with the co-shareholders.
Flughafen Wien also holds a 25.15% stake in Flughafen Friedrichshafen GmbH. As of 31 December 2013, plans called for the sale of this investment (see the notes to the consolidated financial statements).
Malta Airport handled 4,031,376 passengers in 2013, which represents a year-on-year increase of 10.4% and a new record. Košice Airport reported slight growth of 0.6% over the previous year to 237,165 passengers. Friedrichshafen Airport handled 536,030 passengers during the reporting year (minus 1.7%).
Information on the financial instruments used by the Flughafen Wien Group is provided in the notes to the consolidated financial statements (see note (34)).
The Flughafen Wien Group had no branch offices in 2013 or 2012.
The Flughafen Wien Group (FWAG) utilises an extensive risk management system, which ensures that relevant risks are identified, monitored, assessed and minimised or reduced to an acceptable level by suitable measures. The associated procedures cover the analysis of all operating and strategic business processes. Responsibility lies with the individual business unit managers or subsidiary directors. Identified risks and the related measures are documented in a separate database.
FWAG's risk management is documented in a risk management guideline. The controlling department is responsible for and coordinates the related activities. However, all FWAG employees are urged to play an active role in risk management in their work area. This approach ensures that risk management is integrated in all business processes. The
active and open communication of risks is a stated goal and a key success factor for the risk management systems.
The company has concluded insurance policies to minimise or transfer the risks arising from damages and liability. An internal control system (ICS) was installed to ensure the correctness and completeness of all business transactions in the company's accounting system. The internal audit department of Flughafen Wien AG regularly evaluates business practices and organisational processes for compliance with Group guidelines, security and efficiency. The Management Board has therefore created the necessary instruments and structures to identify risks at an early point in time and to implement appropriate countermeasures or otherwise minimise these risks. The existing systems are evaluated on a regular basis and extended as required.
The development of business at FWAG is significantly influenced by global trends in air travel which, in turn, are heavily dependent on general economic conditions. Economic fluctuations can therefore have a significant influence on FWAG. Based on an autumn forecast by the European Commission, FWAG assumes the development of the macroeconomic environment in 2014 will be more positive than in the previous year. FWAG is therefore projecting growth in passenger traffic at Vienna Airport.
The development of traffic is also significantly influenced by other external factors such as terror, war or other external shocks (e.g. pandemics, closing of air space due to natural disasters etc.). In addition to emergency plans, Vienna Airport works to counter the effects of such shocks, above all with high demands on the quality of security and proactive public relations. This involves close cooperation with the Austrian Federal Ministry of the Interior and the Federal Police Department in Schwechat as well as specific security measures for customers.
Increasing trade barriers, sanctions and political crises can have a negative effect on the supply and demand situation for air travel. These developments are therefore monitored and evaluated closely to allow for the implementation of countermeasures or preparatory actions. The development of the oil price and the related price of kerosene can also have a substantial impact on air travel.
Depending on the intensity and impact of such events, FWAG can react to the decline in traffic triggered by such shocks by adjusting available resources and modifying its capital expenditure programme.
The branch association IATA is forecasting an overall increase in net profit11 for the European airlines in 2014. However, FWAG expects a continuation of the high competitive and cost pressure on the airlines. It can therefore be assumed that the airlines will proceed with their efficiency and profitability improvement programmes (cost reduction, portfolio optimisation, slower fleet expansion, fleet reduction). This will also increase the cost pressure on the European airports.
The enactment of a new federal law ("Flugabgabegesetz") in 2011 resulted in an addi-
tional charge for airline passengers. The airlines are required to collect this additional duty for passengers departing from Austrian airports on behalf of the Austrian Ministry of Finance. The amount of the duty is dependent on the destination, and equalled € 7 for short-haul flights, € 15 for medium-haul flights and € 35 for long-haul flights as of 1 January 2013. In spite of the reduction from the 2012 level, this duty continues to have a negative effect on passenger traffic. It also has an adverse impact on Vienna Airport because the vast majority of European countries have not implemented a similar charge.
FWAG believes the EU emission guidelines and environmental standards significantly weaken the position of European airlines as well as the role of European airports as transfer hubs in comparison with alternative locations outside Europe. This could reduce the attractiveness of European airports as transfer hubs or lead to a reduction in transfer traffic over the medium-term. The creation of new hubs in the Near East and Turkey could lead to a shift in global (transfer) traffic.
The Austrian Airlines Group is responsible for 49.1% of the passengers at Vienna Airport and is FWAG's largest customer. Its sustainable development as a strong home carrier and the network strategy of the Star Alliance, in which the Austrian Airlines Group is a partner, have a significant influence on the commercial success of FWAG. The development of this key customer is continuously monitored and analysed by the responsible business units.
Austrian Airlines made substantial progress with its restructuring programme in 2013. One major element was the extensive aircraft reorganisation as part of the fleet harmonisation policy, which led to an improvement in occupancy and productivity for the airline. These measures were also reflected in a year-on-year decline of 1.6% in the number of passengers handled by Austrian Airlines at Vienna Airport to 10.8 million in 2013. With the increase in its long-haul offering, Austrian Airlines made an important contribution to strengthening the attractiveness of Vienna Airport as a transfer hub. Austrian Airlines is expected to continue the strategy implemented in 2013 with a further increase its longhaul routes over the coming years, among others with a fifth Boeing 777 starting in July 2014 and the planned start of flights to Newark (USA). FWAG also assumes that Austrian Airlines will successfully complete its economic turnaround and continue the current network strategy with a focus on east/west transfers.
NIKI and airberlin hold second and third place in the FWAG customer ranking with market shares of 11.0% and 6.1%, respectively. The elimination of the East European hub in 2013 was also reflected in a decline in passenger volumes. Despite an improvement in cost efficiency the targeted economic turnaround was not reached in 2013.
NIKI further increased Vienna's standing as a hub to Greece for the airberlin Group in 2013 (with a current offering of 19 destinations in this country). Vienna Airport therefore plays an important role in the development plans of the airberlin Group.
The future development of airberlin is connected with uncertainty due to the current earnings situation, in spite of the investment and support provided by Etihad Airways. The company plans to generate € 50 million of additional funds on the capital market in 2014 by increasing the volume of a bond. With the "Turbine" turnaround programme, airberlin is working to reach a sustainable competitive earnings position. This programme involves, among others, fleet reductions and the optimisation of the route network. However, FWAG assumes these adjustments will only have a minimal direct effect on Vienna Airport.
FWAG counteracts market risk with marketing measures as well as competitive fee and incentive models that apply equally to all airlines. In particular, the company's goal is to share the airlines' market risk and thereby promote strategically important intercontinental routes and traffic to destinations in Eastern and Central Europe.
The handling services provided by FWAG are the subject of growing price pressure as well as rising quality demands from the airlines. Service level agreements (SLA) that include penalties for the failure to meet quality targets are becoming increasingly popular.
The number of flight movements, which is a determining factor for handling revenue, is declining as the result of efficiency improvement measures implemented by the airlines (larger aircraft and higher seat occupancy). This trend and active marketing by the competitor Celebi Ground Services Austria GmbH are creating additional pressure on earnings in the Handling Segment.
In spite of these developments, Flughafen Wien AG was generally able to protect its leading market position in ramp handling and cargo during the reporting year. The foundation for this strong standing in competition with other service providers is formed by specially designed service packages and high quality standards. In 2012 handling agreements for ramp services that cover the period up to 2019 were concluded with the key customers Austrian Airlines and airberlin/NIKI. These agreements substantially reduce the market risk for the Handling Segment.
Flughafen Wien is facing an additional challenge from the further liberalisation of ground handling services. Among others, the new requirements call for the licensing of at least three agents (currently two) to provide ramp handling services at Vienna Airport and also give airlines the right to carry out their own handling. This would further increase competitive pressure and the risk of losing market shares to competitors. The risk of market entry by a third handling agent is not expected to materialise before 2019/20 and direct handling by the airlines at the earliest in 2017. In order to minimise or prevent negative economic consequences, Flughafen Wien has taken a number of steps at EU level together with the association of German airports ("Arbeitsgemeinschaft Deutscher Verkehrsflughäfen", ADV).
In the cargo business, the dominant market position of the few airlines and forwarding agents represents a certain risk. FWAG works to further diversity its portfolio and thereby reduce this risk by continuously monitoring these airlines and acquiring new customers. The cargo business is also highly sensitive to economic fluctuations. FWAG is therefore continuing to monitor these developments closely because of the active cargo strategy and the related expansion of the cargo infrastructure at Vienna Airport that is plannedto begin in 2014.
FWAG rents buildings and space that are used primarily by airlines or rented by companies whose business is dependent on the development of air traffic. Consequently, this area is exposed not only to general real estate market risks, but also to the risks of shifts in passenger traffic and consumer behaviour that could have an effect on the development of earnings from the retail sector.
The foreign airport investments of Flughafen Wien (Malta, Košice and Friedrichshafen) are not only exposed to the above-mentioned branch risks, but also to additional local challenges and market risks. One of the major risks in this area is the five-year restructuring plan for Air Malta, which is expected – or must – ensure the survival of Malta's home carrier by 2016. The bankruptcy of this airline would most likely have negative consequences for the investment in Malta. However, this risk has been substantially reduced due to the impressive progress made by the airline in recent years.
Political and regulatory risks – which include the taxation of air travel, air traffic restrictions by public authorities, changes in applicable laws and requirements by public authorities that result in additional costs – are monitored continuously. These types of factors can influence medium-term planning and create a risk that a specific investment may become impaired.
Capital expenditure at FWAG is financed primarily by operating cash flows as well as long-term, fixed interest and/or variable interest borrowings.
Interest rate risk results, above all, from variable interest financial liabilities and assets. The FWAG treasury department is responsible for the efficient management of interest rate and market risks, evaluates the respective risk positions on a regular basis as part of risk controlling and selectively uses interest rate derivatives to minimise the risk of changing interest rates.
Detailed information on financial instruments, strategies and financial risks – including liquidity risk, credit risk, interest rate risk and foreign exchange risk – is provided in the notes to the consolidated financial statements.
The EIB credit agreement defines terms for the liability of qualified guarantors. The current guarantors cancelled the guarantee agreement that serves as collateral for the EIB loan as of 27 June 2013 at the full amount of € 400.0 million. Following the conclusion of a new syndicated guarantee agreement, six financial institutions took over as guarantors for the outstanding EIB loan of € 400.0 million as of 28 June 2013.
FWAG's expansion projects are exposed to various risks – including the loss of suppliers, higher construction costs or changes in planning – that could increase the intended expenditures. A special analysis procedure is therefore used in the planning stage to evaluate the potential risk associated with investment projects, while regular risk monitoring is based on an analysis and evaluation process that is part of project controlling. Any special risks identified by the project managers (e.g. contaminated soil) are incorporated in the respective calculations.
Expansion projects are developed in close coordination with the airlines based on the expected development of traffic. Expert forecasts for the growth in passenger volumes over the medium- and long-term reduce the financial risk associated with these investments and ensure that sufficient capacity is available to meet the forecasted demand.
In connection with the construction of Check-in 3, all outstanding, unaccepted invoices (with one exception) related to cancelled contracts were settled with positive results. Possible claims against contractors for damages are also under evaluation. FWAG has received compensation of over € 28 million for damages to date, including € 14.1 million from insurance compensation and the waiver of receivables and € 13.9 million from a positive arbitration decision.
The environmental impact assessment for the construction of a third runway brought a positive decision in the first instance. A ruling issued on 10 July 2012 approved the construction and operation of "Parallel runway 11R/29L" by FWAG. This first-instance decision lists 460 requirements to protect residents and the environment. The appeal period ended on 24 August 2012, and 28 parties filed appeals against the decision. A change in legal regulations transferred the jurisdiction for these appeals to the new Federal Administrative Court at the end of 2013. FWAG does not expect a final decision before the end of 2014. It is also possible that the Supreme Courts, or even the European Court of Justice, will also be asked to review this matter.
Current forecasts for the development of passenger traffic indicate that Vienna Airport will reach its capacity limits by 2020. The parallel runway project is therefore crucial to ensure the availability of sufficient capacity on a timely basis. As soon as a legally binding decision is issued, Flughafen Wien AG will decide on the realisation of this project based on the expected development of passenger traffic and profitability calculations. If the first-instance decision is reversed or the project is not realised, previously capitalised costs would have to be written off.
The valuation of assets is based on the assumption that Vienna Airport will maintain its position as an east-west hub.
The requirements of public authorities, above all in the area of environmental protection (e.g. noise, emissions, changes in departure and approach routes) can create legal risks. Flughafen Wien AG works to counter these risks, above all, with information and the involvement of local citizens in the mediation process (e.g. third runway) or through neighbourhood advisory boards.
The revision of the guideline for airport ground handling services is currently in preparation at the EU level. Based on the current status of the legislative process, the new guideline would bring about a number of significant changes. These changes would, among others, further open the market on unequal terms and place airports at a disadvantage in competition with other handling companies (prohibitions on subcontracting and cross-subsidisation would only affect airports, forced legal outsourcing etc.).
Motivated and committed employees play an important role in the success of FWAG. In order to counteract the loss of know-how through turnover, numerous measures have been implemented to strengthen employee ties. Steps have also been taken to increase occupational safety and to minimise illness-related absences.
The inclusion of risk management in the planning process allows for the early identification, assessment of risks – above all for ICT projects (information and communication technology) – and the implementation of appropriate measures. Measures are also in place to continuously improve this risk management process.
The major operating risks in the area of information and communications technology include system breakdowns, the destruction of central systems and the potential loss of sensitive data. This risk was further reduced in 2013 by the expansion of preventive measures, e.g. the implementation of additional redundancies.
Non-compliance with legal requirements can create a liability for management. A software project was therefore implemented to monitor legal risks, and the necessary actions were taken. For example, any storage or archiving of personal data is reported in accordance with Austrian data protection laws.
The basic infrastructure, which includes electricity and air conditioning supplies, is exposed to slightly higher risk in connection with the availability of central systems. A local problem was identified in the electricity supply during 2013 and measures were immediately taken to remedy the situation.
Redundant systems have been implemented at all central network interfaces to permit the continued operation of the network and related systems if an individual component breaks down. However, there is a low residual risk because unforeseeable errors (disasters) preclude guarantees for 100% availability.
State-of-the art monitoring systems and emergency procedures have been implemented for all operating systems – for example, the mach2, Vienna Airport's core system – which support the early identification of problems and ensure a high degree of reliability. These systems are the focus of continuous development to guarantee compliance with the latest technical and legal requirements.
The mach2 systems form the backbone of the IT systems used at Vienna Airport. They provide nearly all other systems with an update on incoming and outgoing flights in near real-time and also show flights planned for the future. The necessary master data (e.g. airlines etc.) is administered centrally and also made available to the related systems.
In addition, the mach2 systems include a number of special functions that are required for airport operations. Examples of these functions are load planning, telex reception, dispatch and distribution, and display systems for passengers and employees.
Additional systems are linked to the mach2 and cover apron planning, ground handling disposition and cargo handling.
The ERP software (Enterprise Resource Planning) SAP is used as the central accounting system. This system is not only used for invoicing, but also for central analysis and reporting. In addition to previously realised measures such as controlling, additional quality assurance measures are planned to further minimise the risk of a breakdown.
The situation at Vienna Airport can be considered stable because of the existing operational restrictions (prohibition on the use of noise-sensitive take-off and landing routes from 9:00 pm to 7:00 am) as well as a limit on the absolute number of flight movements between 11:30 pm and 5:30 am. Additional restrictions on night flights could lead, in particular, to a decline in cargo and long-haul traffic.
The risk of damages includes fire and other events that could result from natural disasters, accidents or terror as well as the theft of property. In addition to appropriate safety and fire protection measures and emergency plans that are rehearsed on a regular basis, these risks are covered by insurance.
The major liability risks connected with operations are covered by aviation liability insurance, while the risks associated with terror liability are covered by terror liability insurance.
A general evaluation of the risk situation concluded that the continued existence of FWAG is protected for the foreseeable future and did not identify any risks that could endanger this continued existence. FWAG has sufficient liquidity reserves to pursue the airport expansion as planned.
In accordance with § 82 of the Austrian Stock Corporation Act, the Management Board is responsible for the development and implementation of an internal control and risk management system for accounting processes that meets the company's requirements. The following section explains the organisation of the internal controls related to accounting processes at FWAG.
The structure and design of FWAG's internal control system (ICS) was defined in a guideline. The objective of the internal control system is to ensure the reliability of financial reporting and compliance with all applicable laws and regulations.
The description of the major features of these internal controls is based on the structure of the internationally recognised COSO model (Committee of Sponsoring Organisations of the Treadway Commission). Accordingly, the internal control system comprises the following components: control environment, risk assessment, control activities, information and communication and monitoring. The relevant processes involve the identification and assessment of the financial and accounting risks to which the company is exposed as well as the implementation of appropriate controls. The documentation for the control system is maintained in standard software that also supports the processrelated depiction of risks and controls.
The corporate culture within which management and employees operate has a significant influence on the control environment. FWAG works actively to improve communications and to convey its principal values as a means of anchoring moral standards, ethics and integrity in the company and in interaction with other parties. An important contribution in this area is the voluntary code of conduct implemented by FWAG, which defines the rules for giving and accepting gifts and invitations.
The implementation of the internal control system for accounting processes is regulated by internal guidelines and directives. The related responsibilities were adjusted to meet the needs of the company and thereby create a satisfactory control environment.
The risks associated with accounting processes are identified by management and monitored by the Supervisory Board. Attention is focused on risks that are normally considered to be material. The annual financial statements form the main criterion for the identification of the major ICS risks. A change in the volume of business processes or the underlying accounts can lead to changes in the identifiable ICS risks and controls.
The preparation of the annual (consolidated) financial statements involves the use of estimates, which carry an inherent risk of deviation from actual future developments. In particular, the following circumstances or positions in the annual (consolidated) financial statements are involved: employee-related provisions, the results of legal disputes, the collectability of receivables and the valuation of investments in other companies and property, plant and equipment. The company draws on external experts or publicly available sources whenever necessary, in order to minimise the risk of inaccurate estimates.
In addition to the Supervisory Board and Management Board, mid-level management (e.g. department heads and senior managers) carry out control activities for on-going business processes to ensure that potential errors or variances in financial reporting are prevented, discovered and corrected. These controls range from the variance-based analysis of results for the various accounting periods by management and the controlling department to the specific transition of accounts and the analysis of routine accounting processes.
Control activities to guarantee IT security represent an integral part of the internal control system. Access to sensitive functions and data is restricted. SAP and PC Konsol enterprise reporting software are used for accounting and financial reporting purposes. The functionality of the accounting system is guaranteed, among others, by automated IT controls.
In the subsidiaries, the respective managers are responsible for the development and implementation of an internal control and risk management system for accounting processes that meets the needs of their particular company. These managers also represent the final authority for ensuring compliance with all related group guidelines and directives.
The guidelines and directives for financial reporting are updated regularly by management, and communicated to all involved employees via the Intranet or internal announcements. Activities at the management level are intended to ensure compliance with all accounting guidelines and directives, and to also identify and communicate
weak points and opportunities for the improvement of accounting processes. The accounting staff also attends regular training courses that cover changes in international accounting policies and practices, in order to minimise the risk of unintended errors.
Management, the controlling department and the Supervisory Board are responsible for continuous monitoring of the internal control systems in FWAG. In addition, the individual department heads and senior managers are responsible for monitoring activities in their respective areas. Specific persons have been designated as the responsible control authorities. Controls are reviewed to ensure their effectiveness, and the ICS is also evaluated by the internal audit department. The results of monitoring activities are reported to management and the Supervisory Board.
As a central internal service provider of information and communications technology, the information systems service unit develops and operates software for airport operations. The MACH airport operating system, which was used for many decades, was replaced by the mach2 successor system in 2012. This system replacement also included the ongoing improvement and expansion of individual programme modules by the information systems service unit. For example, a new "passenger call" function was developed in 2013 to improve quality for passengers by changing the previous messages ("go to the gate" and "boarding") and thereby expanding the status reports on the flight information monitors.
Work also proceeded on the implementation of the CDM-ISP project (Collaborative Decision Making - Information Sharing Platform) in 2013. The information sharing platform to be developed as part of this project will create the basis for introducing the CDM process at Vienna Airport. Through more exact planning, better analysis and the optimisation of resources, this tool will lead to significant cost savings for the participating system partners.
Another focal point was and is the improvement of customer satisfaction, among others through the further development of an airport-specific App for iOS and Android (viennaairport App).
Expenses for the research and development of individual programme modules of the airport operations software and other development activities amounted to € 0.7 million in 2013 (2012: € 1.1 million).
FWAG believes in careful and conscious interaction with the environment and is committed to compliance with all relevant environmental laws, directives and requirements by public authorities. Within the framework of its corporate social responsibility strategy, FWAG works to sustainably increase the value of the company and to continuously reduce the negative ecological effects of its business operations. The company has implemented numerous measures to reduce the negative impact of air traffic by minimising the effects of pollutant and noise emissions on the environment.
For example, a wide range of optimisation projects led to a significant and sustainable reduction in energy consumption. Substantial savings have already been realised with the replacement of technical equipment, the optimisation of air conditioning, the replacement of frequency converters and the improvement of apron lighting.
A total of € 1.1 million (2012: € 1.2 million) was invested in environmental protection during the reporting year (excluding the noise protection programme). Projects were focused on the reduction of pollutant and noise emissions in order to minimise the effects on the environment – and above all on neighbouring residents.
FWAG participates in the ACAS programme (Airport Carbon Accreditation System) managed by Airport Council International (ACI, the worldwide professional association of airport operators). This programme is monitored by independent experts and will lead to a sustainable reduction in CO2 emissions at Vienna Airport. Level 1 (preparation of a CO2 emission balance sheet) was reached in 2013, and plans call for the attainment of Level 2 (reduction in CO2 emissions at the airport location) in 2015.
Initial preparations were completed for the implementation of an environmental management system such as EMAS/ISO 14.001. This will support the increased realisation of future synergies in the areas of energy management, ecological procurement and sustainability.
Management has decided to issue a new sustainability report and established an interdisciplinary project team in 2013 to ensure a comprehensive approach. Plans call for the publication of this report during the second half of 2014.
Activities in 2013 also focused on increased opportunities to finance environmentally relevant investments through subsidies. For this purpose, the environmental management department established a subsidy management function. A subsidy equal to 10% of the project volume was received for the refitting of air conditioning equipment with frequency converters.
Together with Schwechat and Fischamend, a new cycling route was built in 2013 that connects the two municipalities via Vienna Airport. The route is 17 km long and includes 5.5 km of new areas. The costs amounted to € 1.5 million, whereby one-third was financed by the province of Lower Austria and two-thirds by the municipalities of Fischamend and Schwechat, Vienna Airport and the "klima:aktiv mobil" subsidy fund.
The FWAG noise protection programme, which was established in 2005 as part of the mediation progress, was successfully continued in 2013. Nearly 12,000 households in the region now benefit from the related measures. Funds totalling € 51.5 million have been provided for the implementation of noise protection measures. Expert opinions were prepared for roughly 6,200 properties by the end of 2013, and optimal noise protection was installed in 2,800 of these properties.
| 2013 | 2012 | |
|---|---|---|
| Number of passengers | 21,999,926 | 22,165,794 |
| Electricity consumption per year in kWh | 151,642,950 | 156,030,072 |
| Electricity consumption in kWh per year and passenger | 6.89 | 7.04 |
| Heat consumption per year in MWh | 126,194 | 123,964 |
| Heat consumption in MWh per year and passenger | 0.0057 | 0.0056 |
| Water consumption per year in m³ | 650,603 | 703,974 |
| Water consumption in m³ per year and passenger | 0.030 | 0.032 |
| Waste water disposal per year in m³ | 768,420 | 649,071 |
| Waste water disposal per year and passenger | 0.035 | 0.029 |
| Residual waste aircraft in kg | 1,134,400 | 1,164,280 |
| Residual waste aircraft in kg per passenger | 0.052 | 0.053 |
| Waste paper VIE in kg | 1,148,920 | 1,778,500 |
| Waste paper VIE in kg per passenger | 0.052 | 0.080 |
| Aluminium/cans/metal VIE in kg | 5,730 | 9,250 |
| Aluminium/cans/metal in kg per passenger | 0.0003 | 0.0004 |
| Biogenic waste VIE in kg | 182,680 | 195,560 |
| Biogenic waste VIE in kg per passenger | 0.008 | 0.009 |
| Glass VIE in kg | 110,210 | 100,010 |
| Glass VIE in kg per passenger | 0.005 | 0.005 |
| Plastic packaging VIE in kg | 130,080 | 135,960 |
| Plastic packaging VIE in kg per passenger | 0.006 | 0.006 |
| Hazardous waste VIE in kg | 195,266 | 202,574 |
| Hazardous waste VIE in kg per passenger | 0.009 | 0.009 |
| Share recycled in % | 89.3 % | 90.3 % |
The average number of employees in FWAG declined by 77 in 2013 as a result of synergy effects from organisational restructuring and the on-going cost reduction programme. The largest staff reduction was recorded in the Handling Segment, where process optimisation led to a decline of 82 employees on average.
The Flughafen Wien Group had 4,247 employees as of 31 December 2013, or 59 less than on 31 December 2012 (4,306 employees). As one of the main employers in the eastern region of Austria, Vienna Airport and the companies located here provide roughly 20,000 jobs.
The measures implemented in previous years to reduce holiday and overtime were continued in 2013.
| 2013 | Change in % |
20121 | |
|---|---|---|---|
| Airport | 496 | 0.9 | 492 |
| Handling | 3,199 | -2.5 | 3,281 |
| Retail & Properties | 83 | 0.4 | 83 |
| Other Segments | 621 | 0.1 | 620 |
| Total | 4,399 | -1.7 | 4,475 |
1) adjusted
| 2013 | Change in % |
2012 | 2011 | |
|---|---|---|---|---|
| Number of employees (average) | 4,399 | -1.7 | 4,475 | 4,525 |
| Thereof wage employees | 3,213 | -2.7 | 3,301 | 3,314 |
| Thereof salaried employees | 1,186 | 1.0 | 1,174 | 1,211 |
| Number of employees (31 December) | 4,247 | -1.3 | 4,306 | 4,500 |
| Thereof wage employees | 3,050 | -2.0 | 3,112 | 3,262 |
| Thereof salaried employees | 1,198 | 0.3 | 1,194 | 1,238 |
| Apprentices | 55 | -3.8 | 57 | 56 |
| Traffic units per employee* | 7,426 | 0.9 | 7,362 | 6,848 |
| Average age in years* | 40.4 | 1.3 | 39.9 | 39.5 |
| Length of service in years* | 10.9 | 4.8 | 10.4 | 10.5 |
| Share of women in %* | 12.5 | 0.8 | 12.4 | 12.3 |
| Training expenditures in EUR* | 972,000 | 33.5 | 730,000 | 902,000 |
| Reportable accidents* | 115 | -20.7 | 145 | 143 |
*) Based on Flughafen Wien AG
The number of traffic units per employee in FWAG rose by 0.9% to 7,426 in 2013 based on the continued implementation of measures to improve efficiency throughout the Group.
Flughafen Wien also provides voluntary benefits for its workforce to strengthen identification with the company and to increase motivation. These benefits include free-ofcharge transportation to and from Vienna, a day care centre with flexible opening hours and reduced costs for numerous recreational and sporting activities.
Flughafen Wien AG created an independent employee foundation over ten years ago to allow its employees to participate directly in the success of the company. This foundation holds 10% of the shares in FWAG and distributes the dividends received on these shares to company employees. The bodies of the foundation are defined in the articles of association and are completely independent of Flughafen Wien AG. After the annual dividend is received by the foundation, the income from these shares is distributed to employees based on their respective wage or salary. Approx. € 2.2 million was dispersed during the reporting year – which represents the dividend payment for 2012 – and corresponds to 27.81% of the average gross monthly salary or wage per employee.
The share capital of Flughafen Wien AG totals € 152,670,000 and is fully paid in. It is divided into 21,000,000 shares of bearer stock, which are securitised in a collective certificate and deposited at the ÖKB (Österreichische Kontrollbank AG). All shares carry the same rights and obligations ("one share = one vote").
Two core shareholders – the province of Lower Austria (4.2 million shares) and the city of Vienna12 (4.2 million shares) – hold 40% of the company's shares in a syndicate. The syndication agreement was concluded in 1999 and has remained unchanged since that time. It calls for the joint exercise of voting rights on the syndicated shares at the annual general meeting. Any amendments to the syndication agreement, the dissolution of the syndicate and resolutions to admit a new partner to the syndicate require unanimous approval. The syndication agreement provides for reciprocal rights of purchase if one party intends to sell its syndicated shares to a buyer outside the syndicate (third party) through a legal transaction in exchange for return compensation. This reciprocal right of purchase does not apply if the syndicated shares are transferred to a holding company in which the transferring syndicate partner owns at least a majority stake. The company is not aware of any other limitations on voting rights or the transfer of shares.
The city of Vienna and the province of Lower Austria each hold 20% and Flughafen Wien Mitarbeiterbeteiligung Privatstiftung (the employee foundation) holds 10% of the share capital of Flughafen Wien AG. On 8 June 2012 Flughafen Wien AG was informed that Silchester International Investors LLP held a stake of 10.07% in the company. On 20 March 2013 Silchester International Investors LLP notified Flughafen Wien AG that its investment had been reduced to 9.99% and was therefore below the reporting threshold. The company is not aware of any other shareholders with a stake of 10% or more in share capital.
The company is not aware of any special control rights on the part of shareholders
12) As of 15 April 2013 the city of Vienna transferred 4.200.000 bearer shares in Flughafen Wien Aktiengesellschaft to Wien Holding GmbH in the form of a contribution in kind. Wien Holding GmbH therefore holds a stake of 20.0% in the share capital of the company. This transfer had no effect on the syndication agreement.
The voting rights for the shares held by the Flughafen Wien employee foundation are exercised by the managing board of this entity. The appointment to or dismissal of members from the foundation's managing board requires the approval of the advisory board of the Flughafen Wien employee fund, whereby a simple majority is required for such decisions. The advisory board is comprised of five members, with two members each delegated by employees and the employer. These four members unanimously elect a fifth person to serve as the chairman of the advisory board.
In accordance with the Austrian Corporate Governance Code, the company's articles of association permit the appointment of a person to the Management Board for the last time in the calendar year in which the candidate reaches his/her 65th birthday. Election to the Supervisory Board is possible for the last time in the calendar year in which the candidate reaches his/her 70th birthday. There are no other provisions governing the appointment or dismissal of members of the Managing Board or Supervisory Board or the amendment of the company's articles of association that are not derived directly from Austrian law.
The Management Board has been granted no explicit rights that are not derived directly from Austrian law, in particular with respect to the issue or repurchase of shares in the company. The company has no authorised capital at the present time.
Change of control clauses are included in the agreements for the € 400.0 million EIB (European Investment Bank) loan, the € 69.0 million promissory note (current balance: € 12.0 million), the € 30.0 million loan (current balance: € 17.1 million) concluded pursuant to an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz") and other financing agreements with a total volume of € 159.5 million (current balance: € 154.4 million).These financing agreements with a total volume of € 658.5 million (current balance: € 583.5 million) were concluded with Austrian and international financial institutions. In the event of an actual, impending or justifiably assumed change of control (in accordance with the following definition), these financial liabilities could be called prematurely and related collateral may be cancelled if there are reasons to assume the change will or could have a negative impact on the future fulfilment of the financial liability and Flughafen Wien AG does not take actions within a certain period of time to provide this contract partner with collateral that is deemed acceptable. A change of control is defined as an event that leads to (i) a direct or indirect reduction in the investment held jointly by the province of Lower Austria and the city of Vienna in Flughafen Wien AG to less than 40% of the total number of voting shares or (ii) a natural person or legal entity that currently does not exercise control over Flughafen Wien AG gains control over Flughafen Wien AG (e.g. either directly or indirectly, through the ownership of shares, economic circumstances or in another manner, and either alone or together with third parties (i) acquires more than 50% of the voting shares in Flughafen Wien AG or (ii) the right to nominate the majority of members to the decision-making bodies of Flughafen Wien AG or exercises a controlling influence over these persons). For financing of € 417.3 million, a change of control does not include the direct or indirect reduction in the joint investment held by the province of Lower Austria and the city of Vienna to less than 40% but more than 30% of the voting shares in Flughafen AG in conjunction with a capital increase by the company without the full or partial exercise of subscription rights by these two shareholders, unless a natural person or legal entity that does not currently exercise control over Flughafen Wien AG gains control over the company at the same time.
There are no agreements for compensation between the company and the members of its Management Board, Supervisory Board or employees that would take effect if a public takeover bid is made.
Forecasts for 2014 show a slight improvement in the Austrian economy. The Austrian economic research institute WIFO is projecting real GDP growth of 1.7% for 2014 and 2015, which will be driven by higher capital expenditure and rising exports. Consumer prices are expected to increase by 1.8%, while unemployment is forecasted to exceed 2013 at 5.2%. According to WIFO, Austria's export sector should record a real increase of 5.5% in 2014. (Sources: Austrian National Bank, WIFO)
The World Bank is predicting growth of 3.2%, which will be supported primarily by the Asian countries. Current forecasts for the Euro zone point to slower growth of roughly 1% due to higher unemployment and debt repayment. The CESEE countries (the European member states in Central, Eastern and South-Eastern Europe) should also generate positive growth in 2014, whereby the average is estimated at approx. 2%. (Sources: Austrian National Bank, WIFO)
Based on the current airline strategies and previously announced introduction of new routes, FWAG is expecting growth of 1% to 3% in passengers and minus 1% to plus 1% in flight movements for 2014.
FWAG's forecast for 2014, based on the above factors, shows an increase in revenue to over € 630 million and EBITDA of at least € 240 million. Profit after tax should exceed € 75 million from the current point of view. Net debt should decline further to less than € 600 million, and capital expenditure should amount to € 110 million.
Vienna airport recorded an increase in traffic during January 2014. the number of passengers handled rose by 2.3% year-on-year to 1,406,351. Flight movements declined slightly by 1.3%, and maximum take-off weight was 1.5% higher. the positive trend in the cargo sector continued with a plus of 9.9%. the number of transfers declined by 5.4%, but the number of local passengers increased by 6.1%.
the fee structure at Vienna airport was adjusted as follows as of 1 January 2014 based on the index formula defined in the austrian airport Fee act:
| Landing fee, airside infrastructure fee, parking fee: | + 1.87% |
|---|---|
| passenger fee, landside infrastructure fee: | + 0.55% |
| Infrastructure fee for fuelling: | + 1.83% |
the prm fee (passengers with reduced mobility) and the security fee remained unchanged at € 0.34 and € 7.70 per departing passenger, respectively.
Schwechat, 7 march 2014
The Management Board
member, CFo member, Coo
Günther Ofner Julian Jäger
for the period from 1 January to 31 December 2013
| in T€ | Notes | 2013 | 2012 |
|---|---|---|---|
| Revenue | (1) | 621,993.5 | 607,371.7 |
| Other operating income | (2) | 23,782.3 | 24,098.5 |
| Operating income | 645,775.9 | 631,470.3 | |
| Consumables and services used | (3) | -46,147.2 | -43,188.9 |
| Personnel expenses | (4) | -245,789.5 | -249,664.0 |
| Other operating expenses | (5) | -112,344.0 | -117,231.4 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
241,495.2 | 221,386.0 | |
| Depreciation and amortisation | (6) | -124,300.1 | -98,111.1 |
| Impairment | (6) | -5,116.0 | -15,248.6 |
| Earnings before interest and taxes (EBIT) | 112,079.1 | 108,026.3 | |
| Income from investments, excl. companies at equity | (8) | 2,338.0 | 932.1 |
| Interest income | (9) | 2,160.9 | 4,170.9 |
| Interest expense | (9) | -25,946.7 | -25,199.9 |
| Other financial expense/income | 0.0 | 187.4 | |
| Financial results, excl. companies at equity | -21,447.9 | -19,909.5 | |
| Proportional share of income from companies recorded at equity |
(7) | 6,155.9 | 5,625.3 |
| Financial results | -15,292.0 | -14,284.2 | |
| Profit before taxes (EBT) | 96,787.1 | 93,742.0 | |
| Income taxes | (11) | -23,501.7 | -21,414.7 |
| Net profit for the period | 73,285.4 | 72,327.3 | |
| Thereof attributable to: | |||
| Equity holders of the parent | 73,291.3 | 71,889.8 | |
| Non-controlling interests | -5.9 | 437.5 | |
| Number of shares outstanding (weighted average) | (21) | 21,000,000 | 21,000,000 |
| Earnings per share (in €, basic = diluted) | 3.49 | 3.42 | |
| Recommended/paid dividend per share (in €) | 1.30 | 1.05 | |
| Recommended/paid dividend (in T€) | 27,300.0 | 22,050.0 | |
| Pay-out ratio (in % of net profit) | 37.25 | 30.49 |
for the period from 1 January to 31 December 2013
| in T€ | 2013 | 2012 |
|---|---|---|
| Net profit for the period | 73,285.4 | 72,327.3 |
| Other comprehensive income from items that may not be reclassified to the income statement in furture periods |
||
| Revaluations from defined benefit plans | 3,706.0 | -15,313.2 |
| Thereof deferred taxes | -926.5 | 3,828.3 |
| Other comprehensive income from items that may be reclassified to the income statement in furture periods |
||
| Change in fair value of available-for-sale securities | 437.3 | 175.6 |
| Thereof changes not recognised through profit or loss | 89.3 | 228.2 |
| Thereof realised gains and losses | 348.0 | -52.6 |
| Cash flow hedge | 0.0 | 240.5 |
| Thereof realised gains and losses | 0.0 | 240.5 |
| Thereof deferred taxes | -109.3 | -104.0 |
| Other comprehensive income | 3,107.4 | -11,172.8 |
| Total comprehensive income | 76,392.9 | 61,154.5 |
| Thereof attributable to: | ||
| Equity holders of the parent | 76,398.8 | 60,717.0 |
| Non-controlling interests | -5.9 | 437.5 |
as of 31 December 2013
| in T€ | Notes | 31.12.2013 | 31.12.2012 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | (12) | 13,733.1 | 16,177.0 |
| Property, plant and equipment | (13) | 1,622,159.0 | 1,677,534.4 |
| Investment property | (14) | 119,561.1 | 118,863.6 |
| Investments accounted for using the equity method | (15) | 97,865.9 | 94,718.9 |
| Other financial assets | (16) | 4,290.3 | 4,419.4 |
| 1,857,609.2 | 1,911,713.2 | ||
| Current assets | |||
| Inventories | (17) | 4,360.8 | 4,356.0 |
| Securities | (18) | 20,000.0 | 29,652.0 |
| Receivables and other assets | (19) | 68,043.7 | 75,643.2 |
| Cash and cash equivalents | (20) | 3,923.3 | 40,439.0 |
| 96,327.7 | 150,090.2 | ||
| Total Assets | 1,953,937.0 | 2,061,803.4 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | (21) | 152,670.0 | 152,670.0 |
| Capital reserves | (22) | 117,657.3 | 117,657.3 |
| Other reserves | (23) | -10,075.9 | -13,183.3 |
| Retained earnings | (24) | 645,027.9 | 593,786.5 |
| Attributable to equity holders of the parent | 905,279.3 | 850,930.6 | |
| Non-controlling interests | (25) | 641.9 | 647.9 |
| 905,921.3 | 851,578.4 | ||
| Non-current liabilities | |||
| Provisions | (26) | 132,460.4 | 133,707.0 |
| Financial liabilities | (27) | 551,646.4 | 638,730.2 |
| Other liabilities | (28) | 34,540.1 | 38,429.7 |
| Deferred tax liabilities | (29) | 29,580.7 | 23,367.1 |
| 748,227.7 | 834,233.9 | ||
| Current liabilities | |||
| Provisions for taxation | (30) | 10,429.3 | 9,258.6 |
| Other provisions | (30) | 73,635.2 | 87,272.9 |
| Financial liabilities | (27) | 105,646.0 | 151,006.5 |
| Trade payables | (31) | 49,717.6 | 69,583.7 |
| Other liabilities | (32) | 60,359.9 | 58,869.3 |
| 299,788.1 | 375,991.0 | ||
| Total Equity and Liabilities | 1,953,937.0 | 2,061,803.4 |
for the period from 1 January to 31 December 2013
| in T€ | 2013 | 2012 | |
|---|---|---|---|
| Profit before taxes | 96,787.1 | 93,742.0 | |
| + | Depreciation of non-current assets | 129,416.1 | 113,359.7 |
| - | Revaluation of non-current assets | 0.0 | -13.3 |
| - | Proportional share of income from companies recorded at equity |
-6,155.9 | -5,625.3 |
| + | Dividends from companies recorded at equity | 3,008.9 | 1,874.6 |
| + | Losses / - gains on the disposal of non-current assets | -4,250.5 | -1,449.2 |
| - | Reversal of investment subsidies from public funds | -223.8 | -278.2 |
| - | Other non-cash transactions | 3.9 | 961.1 |
| - | Increase / + decrease in inventories | -4.8 | -12.7 |
| - | Increase / + decrease in receivables | 10,642.3 | -2,474.2 |
| + | Increase / - decrease in provisions | 13,366.1 | -3,672.2 |
| + | Increase / - decrease in liabilities | -22,041.4 | -7,405.5 |
| Net cash flows from ordinary operating activities | 220,547.9 | 189,006.8 | |
| - | Income taxes paid | -16,193.5 | -9,336.3 |
| Net cash flow from operating activities | 204,354.4 | 179,670.5 | |
| + | Payments received on the disposal of non-current assets | 1,054.7 | 6,385.0 |
| - | Payments made for the purchase of non-current assets | -97,430.9 | -133,095.8 |
| + | Payments received in connection with non-refundable government grants |
0.3 | 0.0 |
| + | Payments received on the disposal of securities | 10,000.0 | 0.0 |
| Net cash flow from investing activities | -86,375.9 | -126,710.9 | |
| - | Dividend | -22,050.0 | -21,000.0 |
| +/- | Change in financial liabilities | -132,444.2 | -102,850.6 |
| Net cash flow from financing activities | -154,494.2 | -123,850.6 | |
| Change in cash and cash equivalents | -36,515.7 | -70,891.0 | |
| + | Cash and cash equivalents at the beginning of the period | 40,439.0 | 111,330.0 |
| Cash and cash equivalents at the end of the period | 3,923.3 | 40,439.0 | |
| Detailed explanation see note (33) |
for the period from 1 January to 31 December 2013
| Attributable to equity | |||||
|---|---|---|---|---|---|
| in T€ | Share capital |
Capital reserves |
Available for-sale reserve |
Hedging reserve |
Revaluations from defined benefit plans |
| Balance on 1.1.2012 | 152,670.0 | 117,657.3 | -201.3 | -180.4 | -9,261.6 |
| Market valuation of securities | 131.7 | ||||
| Cash flow hedge | 180.4 | ||||
| Revaluations from defined benefit plans |
-11,484.9 | ||||
| Other comprehensive income | 0.0 | 0.0 | 131.7 | 180.4 | -11,484.9 |
| Net profit for the period | |||||
| Total comprehensive income | 0.0 | 0.0 | 131.7 | 180.4 | -11,484.9 |
| Dividend | |||||
| Balance on 31.12.2012 | 152,670.0 | 117,657.3 | -69.6 | 0.0 | -20,746.5 |
| Balance on 1.1.2013 | 152,670.0 | 117,657.3 | -69.6 | 0.0 | -20,746.5 |
| Market valuation of securities | 328.0 | ||||
| Revaluations from defined benefit plans |
2,779.5 | ||||
| Other comprehensive income | 0.0 | 0.0 | 328.0 | 0.0 | 2,779.5 |
| Net profit for the period | |||||
| Total comprehensive income | 0.0 | 0.0 | 328.0 | 0.0 | 2,779.5 |
| Dividend |
Balance on 31.12.2013 152,670.0 117,657.3 258.4 0.0 -17,967.1 7,632.9 -10,075.9 645,027.9 905,279.3 641.9 905,921.3
| holders of the parent | |||||
|---|---|---|---|---|---|
| Total | Non-controlling interests |
Total | Retained earnings |
Total other reserves |
Currency trans lation reserve |
| 811,423.9 | 210.4 | 811,213.5 | 542,896.7 | -2,010.5 | 7,632.9 |
| 131.7 | 131.7 | 131.7 | |||
| 180.4 | 180.4 | 180.4 | |||
| -11,484.9 | -11,484.9 | -11,484.9 | |||
| -11,172.8 | 0.0 | -11,172.8 | 0.0 | -11,172.8 | 0.0 |
| 72,327.3 | 437.5 | 71,889.8 | 71,889.8 | ||
| 61,154.5 | 437.5 | 60,717.0 | 71,889.8 | -11,172.8 | 0.0 |
| -21,000.0 | -21,000.0 | -21,000.0 | |||
| 851,578.4 | 647.9 | 850,930.5 | 593,786.5 | -13,183.3 | 7,632.9 |
| 851,578.4 | 647.9 | 850,930.5 | 593,786.5 | -13,183.3 | 7,632.9 |
| 328.0 | 328.0 | 328.0 | |||
| 2,779.5 | 2,779.5 | 2,779.5 | |||
| 3,107.4 | 0.0 | 3,107.4 | 0.0 | 3,107.4 | 0.0 |
| 73,285.4 | -5.9 | 73,291.3 | 73,291.3 | ||
| 76,392.9 | -5.9 | 76,398.8 | 73,291.3 | 3,107.4 | 0.0 |
| -22,050.0 | -22,050.0 | -22,050.0 | |||
| 905,921.3 | 641.9 | 905,279.3 | 645,027.9 | -10,075.9 | 7,632.9 |
N o t e s t o t h e C o n s o l i d a t e d F i n a n c i a l S t a t e m e n t s f o r t h e 2013 Financial Year
Flughafen Wien Aktiengesellschaft (AG), the parent company of the group, and its subsidiaries are service companies that are active in the construction and operation of civil airports and related facilities. As a civil airport operator, the company manages Vienna Airport. The company's headquarters are located in Schwechat, Austria. The address is: Flughafen Wien AG, P.O. Box 1, A-1300 Wien-Flughafen. Flughafen Wien AG is listed in the company register of the provincial and commercial court of Korneuburg under number FN 42984 m.
The major operating permits held by Flughafen Wien AG are as follows:
In accordance with § 7 of the Austrian Air Transportation Act dated 21 August 1936, the Federal Ministry for Transportation and State-Owned Entities issued a permit to Flughafen Wien Betriebsgesellschaft m.b.H. on 27 March 1955 for the creation and operation of Vienna Airport to serve general traffi c purposes and for runway 11/29.
In accordance with § 78 (2) of the Austrian Air Transportation Act (Federal Gazette BGBl. Nr. 253/1957), the Federal Ministry for Transportation issued an operating permit for instrument runway 16/34, including taxiways and lighting systems, on 15 September 1977.
Vienna Airport was certifi ed by the Federal Ministry for Transportation, Innovation and Technology in 2010. The certifi cation document was issued on 31 December 2010 and confi rms that the facilities used by Flughafen Wien AG to ensure safe and smooth operations comply with the applicable Austrian regulations. This certifi cation is valid up to 31 December 2015 and/or as long as the respective requirements are met. The next certifi cation is scheduled for 2015, but may be postponed by the authorities to 2017 to allow for coordination with the enactment of a new EU directive.
The consolidated financial statements of Flughafen Wien AG as of 31 December 2013 were prepared in accordance with International Financial Reporting Standards (IFRS ), as adopted by the European Union (EU), as well as the additional disclosures required for the notes by § 245a of the Austrian Commercial Code.
The financial year represents the calendar year. The structure of the balance sheet distinguishes between non-current and current assets and liabilities, which are in part classified by term in the notes. The income statement is prepared in accordance with the nature of expense method under which "total costs" are shown.
The consolidated financial statements are generally prepared at historical acquisition and production cost. In contrast to this procedure, derivative financial instruments and available-for-sale financial assets are stated at fair value.
The financial statements of Flughafen Wien AG and its subsidiaries are consolidated on the basis of uniform accounting and valuation principles. The financial statements of all subsidiaries included in the consolidation are prepared as of the balance sheet date for the consolidated financial statements.
The consolidated financial statements are prepared in euros. In order to provide a better overview, amounts are generally shown in thousand euros (T€). These rounded figures also include exact amounts that are not shown, and rounding differences can therefore occur. The same applies to other information such as the number of employees, traffic data etc.
The Group applied all new or revised standards and interpretations that were issued by the International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC) of the IASB and adopted by the EU, if these standards and interpretations were relevant for the business activities of the Group and required mandatory application during the reporting year.
| ■ Amendment to IFRS 1 concerning fixed transition dates and hyperinflation |
Applicable to financial years beginning on or after 1 January 2013 |
|---|---|
| ■ Amendments to IAS 12 concerning deferred taxes: recovery of underlying assets |
Applicable to financial years beginning on or after 1 January 2013 |
| ■ IFRS 13 "Fair Value Measurement" | Applicable to financial years beginning on or after 1 January 2013 |
| ■ Amendments to IAS 19 "Employee Ben efits" |
Applicable to financial years beginning on or after 1 January 2013 |
| ■ Amendments to IAS 1 concerning the presentation of individual components of other comprehensive income |
Applicable to financial years beginning on or after 1 July 2012 |
| ■ IFRIC 20 "Stripping Costs in the | Applicable to financial years beginning |
|---|---|
| Production Phase of a Surface Mine" | on or after 1 January 2013 |
| ■ Amendments to IFRS 7 concerning the net presentation of financial assets and financial liabilities |
Applicable to financial years beginning on or after 1 January 2013 |
| ■ Amendments to IFRS 1 concerning | Applicable to financial years beginning |
| "Government Loans" | on or after 1 January 2013 |
| ■ Improvements to individual IFRS (Improvement Project 2009-2011) from May 2012 |
Applicable to financial years beginning on or after 1 January 2013 |
The amendments to IAS 19 "Employee Benefits" require mandatory application beginning with the 2013 financial year. The revised standard includes fundamental changes as well as clarifications and changes in formulation. The most important amendment concerns the obligation to report actuarial gains and losses on post-employment benefits at the time they arise – without later recycling to the income statement – under other comprehensive income. The Flughafen Wien Group elected to use the option provided by IAS 19 (2004) and has already recorded these actuarial gains and losses under other comprehensive income in previous years. The Group did not use the corridor method, which is no longer permitted by IAS 19 (2011); consequently, there are no quantitative effects.
In addition, the income from plan assets is no longer measured on the basis of the expected return from these assets, but by applying the same interest rate used to discount the defined benefit obligation. This change has no effect on the consolidated financial statements because the Flughafen Wien Group currently holds no plan assets.
IAS 19 (2011) defines expanded disclosure requirements for defined benefits plans (e.g. sensitivity analyses), requires the recognition of subsequent service costs as incurred under profit or loss and calls for changes in the recognition of post-employment benefits.
Accordingly, supplementary payments at the end of employment (so-called "wage/salary equalisation") in connection with part-time employment agreements with older employees are no longer classified as termination benefits, but as other long-term employee benefits. These supplementary payments must therefore be recognised successively based on the minimum length of service and not in the form of a provision at the start of this part-time work. These part-time employment agreements are, de facto, only concluded by employees who have been with the company for many years. Therefore, there is no material effect on the consolidated financial statements and no retroactive adjustment in agreement with the transition rules defined by IAS 19 (2011).
In accordance with the amendments to IAS 1, the Flughafen Wien Group changed the arrangement of other comprehensive income on the statement of comprehensive income to permit the separate presentation of the items that will be reclassified to the income statement and items that will never be reclassified. The prior year data were adjusted accordingly.
IFRS 13 "Fair Value Measurement" defines fair measurement and provides application guidelines for the determination of fair value. IFRS 13 creates a uniform framework for determining fair value and presenting the related disclosures on fair value measurement, when this information is required or permitted by other IFRS (with the exception of IAS 17
and IFRS 2). This standard replaces and expands the required disclosures on fair value measurement in other IFRS (including IFRS 7).
IFRS 13 defines fair value as an "exit price", i.e. the price that would be received to sell an asset or paid to transfer a liability. Similar to the practice applied to the fair value measurement of financial assets, this standard also introduced a three-level hierarchy system based on observable market prices.
In agreement with the transition guidelines provided by IFRS 13, the Flughafen Wien Group applied the new rules for fair value measurement prospectively and did not provide comparable prior year information for the new disclosures. This change had no major effect on the valuation of the Group's assets or liabilities.
The application of the other new or amended standards and interpretations had no effect on the asset, financial or earnings position, financial performance or cash flows of the Flughafen Wien Group.
| ■ IFRS 9 "Financial Instruments" | Initial application still open; not adopted by the EU into European law as of the balance sheet date |
|---|---|
| ■ Amendments to IFRS 9 and IFRS 7 | Initial application still open; not adopted |
| concerning the "Mandatory Effective | by the EU into European law as of the |
| Date" and "Transition Disclosures" | balance sheet date |
| ■ Hedge accounting and amendments to IFRS 9, IFRS 7 and IAS 39 |
Initial application still open; not adopted by the EU into European law as of the balance sheet date |
| ■ Amendments to IAS 32 concerning "Offsetting Financial Assets and Financial Liabilities" |
Applicable to financial years beginning on or after 1 January 2014 |
| ■ IFRS 10 "Consolidated Financial | Applicable to financial years beginning |
| Statements" | on or after 1 January 2014 |
| ■ IFRS 11 "Joint Arrangements" | Applicable to financial years beginning on or after 1 January 2014 |
| ■ IFRS 12 "Disclosures of Interests in | Applicable to financial years beginning |
| Other Entities" | on or after 1 January 2014 |
| ■ New version of IAS 27 "Separate | Applicable to financial years beginning |
| Financial Statements" | on or after 1 January 2014 |
| ■ New version of IAS 28 "Investments in | Applicable to financial years beginning |
| Associates and Joint Ventures" | on or after 1 January 2014 |
| ■ Amendments to IFRS 10, IFRS 11 and IFRS 12 concerning transition guidance from June 2012 |
Applicable to financial years beginning on or after 1 January 2014 |
The following standards and interpretations had been announced by 31 December 2013, but did not require mandatory application during the reporting year:
| ■ Amendments to IFRS 10, IFRS 12 and IAS 27 concerning "Investment Entities" from October 2012 |
Applicable to financial years beginning on or after 1 January 2014 |
|---|---|
| ■ Amendments to IAS 39 "Novation of Derivatives and Continuation of Hedge Accounting" |
Applicable to financial years beginning on or after 1 January 2014 |
| ■ Amendments to IAS 36 "Recoverable Amount Disclosures for Non-Financial Assets" |
Applicable to financial years beginning on or after 1 January 2014 |
| ■ IFRIC 21 "Levies" | Applicable to financial years beginning on or after 1 January 2014; not adopted by the EU into European law as of the balance sheet date |
| ■ Improvements to individual IFRS (Improvement Project 2010-2012) |
Applicable to financial years beginning on or after 1 July 2014; not adopted by the EU into European law as of the balance sheet date |
| ■ Improvements to individual IFRS (Improvement Project 2011-2013) |
Applicable to financial years beginning on or after 1 July 2014; not adopted by the EU into European law as of the balance sheet date |
| ■ Amendments to IAS 19 (2011) "Employee Benefits" |
Applicable to financial years beginning on or after 1 July 2014; not adopted by the EU into European law as of balance sheet date |
| ■ Amendments to IAS 19 (2011) "Employee Benefits" |
Applicable to financial years beginning on or after 1 July 2014; not adopted by the EU into European law as of the balance sheet date |
There are no plans for the voluntary premature application of the above-mentioned standards and interpretations. The effects of the changes are as follows:
In accordance with IFRS 10, the Flughafen Wien Group will change its accounting method with the beginning of the 2014 financial year. IFRS 10 leads to the establishment of a uniform control model for determining whether a subsidiary should be consolidated. This control model focuses on whether the parent has power over the investee, is exposed to risks from or has rights to variable returns from its involvement with the investee and has the ability to use its power over the investee to affect the amount of its returns.
Flughafen Wien AG, as the parent company, will re-evaluate the existence of control over the companies in which it holds investments as of 1 January 2014. Preliminary analyses indicate that no effects are expected from the initial application of this standard.
IFRS 11 regulates the accounting from joint arrangements and replaces IAS 31 "Financial Reporting of Interests in Joint Ventures". Under IFRS 11, the Flughafen Wien Group must classify its interests in joint arrangements as a joint operation (if the Group has rights to
the assets and obligations for the liabilities relating to the arrangement) or a joint venture (if the Group has rights to the net assets of the arrangement).
In accordance with the transition guidance provided by IFRS 11, Flughafen Wien AG, as the parent company, must re-evaluate the classification of its joint ventures as of 1 January 2014. Preliminary analyses indicate that no material effects are expected from the initial application of this standard.
IFRS 12 "Disclosure of Interests in Other Entities" summarises the disclosure requirements for subsidiaries, associates and joint ventures as well as unconsolidated structured entities. It replaces the respective rules in IAS 27, IAS 28 and IAS 31 and requires more extensive disclosures.
The other standards and interpretations are not expected to have any effect on the consolidated financial statements.
IFRS 9 (2009) introduces new requirements for classifying and measuring financial assets. In accordance with this standard, financial assets are classified and measures on the basis of the business model within which they is held and the characteristics of the contractual cash flows. IFRS 9 (2010) also introduces changes relating to financial liabilities. The effects of IFRS 9 on the asset, financial or earnings position Flughafen Wien Group were not yet evaluated.
The consolidated financial statements include all subsidiaries, joint ventures and associated companies of Flughafen Wien AG, with the exception of four subsidiaries (2012: four). Subsidiaries are companies under the direct or indirect control of the Flughafen Wien Group.
These four subsidiaries were not included in the consolidated financial statements for 2013 or 2012 because their economic significance and influence on the asset, financial and earnings position of the Group are immaterial. The consolidated revenues of these companies equalled less than 2.0% of Group revenue for the reporting year (2012: less than 2.0%). The internal materiality thresholds were defined to ensure that only individual immaterial subsidiaries are not included in the consolidation.
Control is considered to exist when the parent company is directly or indirectly able to govern the financial and operating policies of an entity. The existence and effects of potential voting rights that can be exercised or converted at the present time are included in determining whether control exists. A subsidiary is initially consolidated when control begins and deconsolidated when control ends.
Joint ventures are companies in which control is exercised together with other entities. Associated companies are entities over which Flughafen Wien AG can exercise significant influence but do not qualify for classification as a subsidiary or joint venture. Associated companies and joint ventures are included in the consolidated financial statements using the equity method.
The 2013 consolidated financial statements include Flughafen Wien AG as well as 14 domestic (2012: 14) and 7 foreign (2012: 7) subsidiaries that are controlled by Flughafen Wien AG. In addition, 3 domestic (2012: 3) and 4 foreign companies (2012: 4) were included at equity.
The companies included in the consolidated financial statements and the respective consolidation methods are listed in an appendix to the notes.
City Air Terminal Betriebsgesellschaft m.b.H., Malta Mediterranean Link Consortium Ltd. and Letisko Košice – Airport Košice, a.s. are included in the consolidated financial statements using the equity method, even though Flughafen Wien AG directly or indirectly controls the majority of voting rights. These companies are considered to be under joint control because key decisions on corporate policies are made in cooperation with the co-shareholders. The 10.1% stake in Malta International Airport plc that is held directly is also classified as an associate because the total investment held through Malta Mediterranean Link Consortium Ltd. allows Flughafen Wien AG to exercise a significant influence on business and financial policies.
The investment in Flughafen Friedrichshafen GmbH, which is carried at equity and allocated to the Other Segments, was designated for sale as of 31 December 2013. This investment is not reported separately in accordance with IFRS 5 because it was fully impaired as of the balance sheet date and there were no effects on profit or loss.
Changes in the consolidation range during 2013 and 2012 There were no initial consolidations or deconsolidations in 2013 or 2012.
In accordance with IFRS, acquired subsidiaries are accounted for using the acquisition method. The cost of the acquisition represents the fair value of the surrendered assets and issued equity instruments as well as any liabilities arising or assumed as of the transaction date. The acquisition cost also includes the fair value of recognised assets or liabilities resulting from a contingent consideration agreement. Acquisition-related costs are recognised as expenses. In connection with the initial consolidation, the identifiable assets, liabilities and contingent liabilities resulting from the business combination are measured at fair value as of the acquisition date.
As of the date of each business combination, the group decides whether to recognise non-controlling interests in the acquired company – which represent equity interests and give their owners a claim to a proportionate share of the acquiree's net assets in the event of liquidation – at fair value or based on the proportionate share of the acquiree's identifiable net assets. All other components of the non-controlling interests are recognised at the applicable acquisition-date fair value.
Goodwill represents the excess of the fair value of return compensation, the fair value of any non-controlling interest in the acquired company and the fair value of any previously held equity interests as of the acquisition date over Group's share of net assets measured at fair value. If an acquisition takes place below market value – i.e. the acquisition cost is lower than the net assets of the acquired company measured at fair value – this negative amount is again reviewed and subsequently recognised to profit or loss.
Non-controlling interests are reported separately on the consolidated balance sheet under equity.
All intercompany balances, business transactions, income and expenses are eliminated. Any gains or losses resulting from intercompany transactions that are included in the carrying amount of assets such as inventories or property, plant and equipment are also eliminated.
The accounting and valuation methods used by the subsidiaries were changed, where necessary, to ensure the application of uniform policies throughout the Group.
Changes in the investment that do not lead to a loss of control over the subsidiary are accounted for as transactions with shareholders of the parent company. If the acquisition of a non-controlling interest results in a difference between the return compensation and the respective share of the carrying amount of the net assets in the subsidiary, this difference is recognised directly in equity. Gains or losses on the sale of non-controlling interests are also recognised directly in equity.
Investments in associated companies and joint ventures that are included in the consolidated financial statements using the equity method are recognised at cost as of the acquisition date. This carrying amount is subsequently increased or decreased by the share of profit or loss attributable to the Flughafen Wien Group and by any distributions, capital contributions or capital withdrawals. Goodwill related to an associated company or joint venture is included in the carrying amount of the investment and is not amortised on a scheduled basis. In the periods following the initial recognition of a business combination, any realised differences between the carrying amount and the fair value of assets and liabilities are adjusted, amortised or reversed in accordance with the treatment of the corresponding items. If the application of IAS 39 indicates that an investment could be impaired, the full carrying amount is tested for impairment.
The reporting currency and functional currency of all Group companies is the euro.
Foreign currency transactions in the individual company financial statements are translated into the functional currency at the exchange rate in effect on the date of the business deal. Monetary items in foreign currencies are translated at the exchange rate in effect on the balance sheet date. Differences arising from foreign currency translation are basically recognised to profit or loss as a net amount.
Intangible assets with a finite useful life are recognised at cost and amortised on a straight-line basis over a useful life of four to twenty years. If there are signs of impairment and the recoverable amount – which is the higher of fair value less costs to sell and the value in use of the asset – is less than the carrying amount, an impairment loss is recognised.
Internally generated intangible assets are recognised at production cost when the relevant criteria are met and amortised over their expected useful life. The useful life of these assets equals eight years.
Borrowing costs and development expenses are capitalised when the relevant criteria are met and subsequently amortised over their useful life.
Intangible assets with indefinite useful lives are valued at cost. These assets are not amortised on a systematic basis, but are tested for impairment each year and reduced to the recoverable amount if necessary. If the reasons for a previously recognised impairment loss cease to exist, the carrying amount of the relevant asset is increased accordingly; this procedure is not applied to goodwill.
Goodwill is not amortised on a systematic basis; but is tested for impairment by evaluating the recoverable amount of the cash-generating unit (CGU) to which it was allocated ("impairment only approach"). Cash-generating units are created by combining assets at the lowest level that generate independent cash flows or form the basis of monitoring by management. An impairment test must be carried out each year and also when there are signs that the cash-generating unit may be impaired. If the carrying amount of a cash-generating unit exceeds its recoverable amount, the relevant goodwill must be written down by the difference. Impairment losses recognised to goodwill may never be reversed. If the impairment of a cash-generating unit exceeds the carrying amount of allocated goodwill, the remaining impairment loss is recognised through a proportional reduction in the carrying amounts of the assets belonging to the cash-generating unit.
The recoverable amount of a cash-generating unit is generally determined by calculating the value in use according to the discounted cash flow (DCF) method. These DCF calculations are based on financial plans covering several years, which were approved by management and are also used for internal reporting. The designated planning periods reflect the assumptions for market developments over the short- to mid-term. Cash flows after the detailed planning period are computed using the expected long-term
growth rates. The risk-adjusted cost of capital represents the weighted average cost of capital for equity and debt (WACC).
Property, plant and equipment are carried at acquisition or production cost, which is reduced by straight-line depreciation. The production cost for internally generated assets comprises direct costs and an appropriate share of material and production overheads as well as production-based administrative expenses. Acquisition and production cost includes the purchase price as well as any direct costs that are required to bring the asset to the intended location and operating condition. Borrowing costs that are directly related to the acquisition, construction or production of qualified assets are capitalised as part of acquisition or production cost. In cases where major components of property, plant or equipment must be replaced at regular intervals, the Group recognises these components as separate assets with a specific useful life and depreciates them accordingly. The cost of major inspections is recognised in the carrying amount of the item of property, plant and equipment if the recognition criteria are met. All other maintenance and service costs are expensed as incurred. The depreciation period reflects the expected useful life.
The depreciation period is determined on the basis of the presumed economic useful life, whereby scheduled depreciation is based on the following useful lives:
| Years | |
|---|---|
| Operational buildings | 33,3 |
| Components of Check-in 3: | |
| Building shell | 50 |
| Facade | 25 |
| Interior furnishings | 20 |
| Technical equipment | 25 |
| Other buildings | 10 – 50 |
| Take-off and landing runways, taxiways, aprons | 20 – 60 |
| Technical noise protection | 20 |
| Other facilities | 7 – 20 |
| Technical equipment and machinery | 5 – 20 |
| Motor vehicles | 2 – 10 |
| Other equipment, furniture, fixtures and office equipment | 2 – 15 |
The measures for technical noise protection were identified as an independent component of property, plant and equipment for the first time in 2012. This reflects general developments through the increasing focus by airports on noise protection programmes.
Intangible assets and property, plant and equipment that show signs of impairment are tested by comparing the respective carrying amount with the recoverable amount. If it is not possible to associate the asset with future cash flows that are independent of other assets, the impairment test is performed on the next higher group of assets (cash-generating unit). If the recoverable amount is less than the carrying amount, an impairment loss is recognised to reduce the asset or cash-generating unit to this lower amount. In cases where the reasons for previously recognised impairment losses cease to exist, the impairment loss is accordingly reversed.
The recoverable amount of a cash-generating unit (CGU) generally represents the higher of the value in use or the net selling price. The value in use is calculated according to the discounted cash flow (DCF) method, which involves the preparation of cash flow forecasts for the expected useful life of the asset or cash-generating unit. The discount rate used for the calculation reflects the risk associated with the asset or cash-generating unit.
The individual assets of the Flughafen Wien Group are aggregated together with other assets until a group is identified that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. This type of group is designated as a cash-generating unit (CGU). The Flughafen Wien Group follows the concept of mutual (complementary) production or technical service relationships or legal dependence between individual assets to assess the independence of cash inflows.
Impairment charges were recognised to the following cash-generating units (CGU) of the Flughafen Wien Group in 2013 and 2012:
The definition of the CGUs Real Estate Cargo, Real Estate Office and Real Estate Parking was changed in 2012 to better reflect the mutual dependence of the cash flows from the involved assets. This led to the aggregation of several assets (objects) in a single CGU.
Investment property comprises all property that is held to generate rental income and/ or for capital appreciation, and is not used for production or administrative purposes. It also includes land held for a future use that cannot be determined at the present time. If the property is used in part for business operations, the relevant share is allocated to this category of use. Investment property is carried at depreciated cost. Borrowing costs are capitalised as part of acquisition or production cost. Depreciation is calculated over a period of 33.3 to 50 years based on the straight line method. The fair value of investment property is determined independent of measurement based on the depreciated purchase
or production cost. If prices on an active market are not available for the airport location in Schwechat, fair value is not based on market factors but is determined internally by applying the capitalised income method as of the balance sheet date. Additional information on the valuation methods and key parameters is provided under note (14).
A lease is an agreement under which a lessor conveys the right to use an asset for an agreed period of time to a lessee in exchange for a payment. The Flughafen Wien Group serves as both a lessor and lessee.
A lease that transfers the major opportunities and risks connected with the ownership of the leased asset to the lessee is classified as a finance lease in accordance with IAS 17. All other leases are classified as operating leases.
If economic ownership is attributable to the Flughafen Wien Group as the lessee (finance lease), the leased asset is recognised as a non-current asset at the present value of future minimum lease payments or at fair value (if this value is lower). The asset is subsequently depreciated over the economic useful life or over the term of the lease if this period is shorter. Any impairment losses are charged to the carrying amount of the leased asset. The future payment obligations resulting from finance leases are recorded under other financial liabilities.
If the economic ownership of the leased asset remains with the lessor, the lease payments are distributed over the term of the lease on a straight-line basis and recorded under other operating expenses (operating lease). In cases where the Flughafen Wien Group acts as the lessor, the leased assets are capitalised at acquisition or production cost and depreciated accordingly. Income from operating leases is recognised on a straight-line basis over the lease term.
Inventories are stated at the lower of cost and net selling value, whereby the determination of cost is based on the moving average price method. Net selling value represents the estimated proceeds on sale in a normal business transaction less the estimated costs of completion and estimated selling expenses. Net selling value also includes any impairment that could result from reduced usability.
The provisions for severance compensation, pensions, semiretirement programmes for older employees and service anniversary bonuses are accounted for as obligations resulting from defined benefit plans, whereby the calculations are based on actuarial principles and the projected unit credit method. The recognised liabilities represent the defined benefit obligation. For the severance compensation and pension provisions, actuarial gains and losses arising from adjustments to reflect past history or changes in actuarial assumptions are recognised to other comprehensive income; the comparable changes in service anniversary bonuses and semiretirement programmes are expensed
as incurred. All other changes, such as service cost or interest expense, are reported under personnel expenses.
The determination of the present value of future claims incorporates future wage and salary increases.
Employee turnover (for severance compensation and service anniversary bonuses) was included in the calculation in the form of annual turnover probabilities, which were based on actual employee turnover in the Group during the past ten years. No turnover probabilities were included for employees in semiretirement programmes. For the provisions for severance compensation, turnover probabilities (combined with pay-out probabilities) were calculated on a graduated basis from year 1 to 25 of employment in the Group, with separate indicators for wage employees (6.2% with 30.7% to 6.7% with 92.0%) and salaried employees (7.7% with 41.7% to 7.3% with 92.2%). The provisions for service anniversary bonuses include turnover probabilities ranging from year 1 to 25 of employment in the Group, also with separate indicators for wage employees (6.2% to 0.6%) and salaried employees (7.7% to 0.6%). In previous years, a branch-specific turnover discount was used. The effects of this change in estimates led to actuarial gains from demographic assumptions (see note (26)).
The discount rate was based on the investment yields applicable to the respective balance sheet dates.
The retirement age represents the first possible date for early retirement permitted by the 2004 pension reform in Austria (federal budget act of 2003) and reflects all transition regulations. The retirement age for female employees reflects a gradual increase in the retirement age for women in keeping with Austrian law.
The F.W. Pagler AVÖ 2008-P life expectancy tables (mixed stand) form the biometric basis for the calculation of the provisions, whereby the specifications for salaried employees apply to the provision for pensions.
The obligations for severance compensation, pensions, semiretirement programmes for older employees and service anniversary bonuses were calculated on the basis of the following parameters:
| 2013 | 2012 | |
|---|---|---|
| Discount rate (pensions, severance comp., service anniv. bonuses) |
3,35 | 3,15 |
| Discount rate (semiretirement programmes) | 1,00 | 1,00 |
| Wage and salary increases (severance comp., service anniv. bonuses) |
3,69 | 3,69 |
| Pension increases (only for pensions) | 2,10 | 2,10 |
| Discount for employee turnover* | n.a. | 0,00 -12,00 |
*2013: turnover probabilities as described above
Payments required by defined contribution plans (contributions to pension plans and legally required employee severance compensation funds) are recognised to profit or loss in the appropriate period, and shown under personnel expenses.
Other provisions include legal or constructive obligations to third parties, which are based on past transactions or events and are expected to lead to an outflow or resources that can be reliably estimated. These provisions reflect all recognisable risks related to the assumed settlement amount and are based on the best possible estimate. A provision is not created if it is not possible to reliably estimate the amount of the obligation. Provisions are discounted if the resulting effect is material. Expenses resulting from the discounting of provisions are included with the costs of the respective provisions, with the exception of the provisions for severance compensation, pensions, service anniversary bonuses and semiretirement programmes.
Government grants are recognised at fair value when it is reasonably certain that the Group will meet the relevant conditions attached to the grants and it is reasonably certain the grants will actually be received.
Government grants for costs are recognised as income over the periods required to match them with the costs they are intended to compensate.
Government grants for the purchase of property, plant and equipment ("investment subsidies") are recorded under current or non-current liabilities and recognised as income on a straight-line basis over the useful life of the related asset. The special investment allowances granted by the Republic of Austria are treated as investment subsidies.
A financial instrument is a contract that simultaneously creates a financial asset in one entity and a financial liability or equity instrument in another entity. In particular, financial assets include financial investments such as non-consolidated and other holdings, securities, trade receivables, credits granted and other receivables, non-derivative and derivative financial assets held for trading, and cash and cash equivalents. Financial liabilities generally represent an obligation to deliver cash or other financial assets to a creditor and consist, above all, of amounts due to credit institutions, trade payables and derivative financial liabilities. The initial recognition and derecognition of financial instruments generally takes place as of the settlement date, which is the day on which the asset is delivered to or by the Group. Financial assets and financial liabilities are normally not offset for presentation, except in cases where there is a legally enforceable right to offset the amounts and settlement will take place on a net basis.
Financial assets are initially recognised at fair value. The fair values shown on the balance sheet generally represent the market prices of the financial assets. In cases where market prices are not readily available, fair value is determined using accepted valuation models and current market parameters. For this calculation, the cash flows previously fixed or determined by way of forward rates based on the current yield curve are discounted as of the measurement date using the discount factors calculated from the yield curve applicable to the reporting date.
The Flughafen Wien Group has not elected to use the option that permits, under certain conditions, the designation of financial assets and financial liabilities upon initial recognition as financial assets or financial liabilities at fair value through profit or loss (fair value option).
Securitised receivables for which there is no active market are assigned to the category "loans and receivables" and carried at amortised cost. Non-interest bearing financial assets and low-interest financial assets are recognised at fair value on the date of purchase. Any material difference between cost and the repayment amount is accrued over the term of the loan in accordance with the effective interest rate method and reported under financial results. In the event of impairment, the carrying amount of the financial asset is reduced to the present value of the expected repayments with recognition through profit or loss. If the reasons for previously recognised impairment losses cease to exist, the impairment loss is appropriately reversed.
Investments in securities classified as "financial assets held for trading" are measured at fair value if this figure can be reliably determined. Any gains and losses resulting from subsequent measurement are recognised to profit or loss in the period incurred.
Shares in non-consolidated subsidiaries and other securities as well as associated companies and other investments that are not recorded at equity are classified as "availablefor sale financial assets" and generally measured at fair value if this figure can be reliably determined.
If the fair value of non-listed equity instruments cannot be reliably determined, the shares are carried at cost after the deduction of any necessary impairment losses.
Gains and losses resulting from changes in fair value are basically recognised under other comprehensive income (available-for-sale reserve) after the deduction of deferred taxes. Impairment losses that reflect a lasting and significant decline in fair value are recognised to profit or loss and removed from the fair value reserve. If circumstances at a later measurement date indicate that fair value has increased as a result of events which occurred after the recognition of the impairment loss, a corresponding reversal of the impairment loss is generally recognised to profit or loss. Impairment losses recognised to profit or loss for available-for-sale equity instruments may only be reversed without recognition to profit or loss. Impairment losses to equity instruments that are measured at cost may neither be reversed to profit or loss nor recognised directly in equity.
Any accumulated gains and losses recognised to equity on the measurement of financial assets at fair value are transferred to the income statement when the relevant asset expires or is sold.
Purchases and sales are recognised as of the settlement date.
Trade receivables and other current receivables are measured at the initially recognised value less impairment losses. Individual valuation allowances are recorded to reflect the expected credit risk. The conclusion of bankruptcy proceedings leads to derecognition of the involved receivables, whereby previously recognised valuation adjustments are used when a receivable is derecognised. The creation of individual valuation allowances also involves the aggregation of potentially impaired receivables based on similar credit risk characteristics and the subsequent recognition of valuation allowances in accordance with past experience. Impairment losses on trade receivables are recorded to separate allowance accounts. Other non-current receivables are measured at amortised cost and, if material, payment at a later date is reflected through discounting.
Cash and cash equivalents, which include bank accounts and short-term deposits with credit institutions, have a remaining term of up to three months at the date of acquisition. These items are measured at fair value, which generally reflects the nominal value.
Financial liabilities are recognised at an amount equal to the actual funds received, which generally reflects fair value. Any material difference between the amount received and the repayment amount is distributed over the term of the liability according to the effective interest rate method, and reported under financial results. Trade payables and other liabilities are carried at amortised cost.
Income taxes include the taxes due and payable on taxable income as well as deferred taxes. The provisions for taxation generally comprise domestic and foreign income tax obligations, and cover the reporting year as well as any obligations from previous years. The liabilities are calculated in accordance with the tax regulations of the countries where the Group conducts its business activities.
Flughafen Wien AG is the group parent under the definition provided by § 9 (8) of the Austrian Corporate Income Tax Act of 1988. In this function, the group parent apportions and charges the applicable share of taxes to the member companies of the group; if a group company generates a loss, the relevant credit is only made when this company again records taxable profit. This settlement of tax charges leads to a reduction in the tax expense shown on the income statement of the group parent. If there are any subsequent variances, the tax settlements with group companies are adjusted accordingly.
In accordance with the liability approach, deferred tax assets and deferred tax liabilities are recognised on temporary differences between the carrying amounts on the consolidated balance sheet and the balance sheet prepared for tax purposes as well as on tax loss carryforwards. Deferred tax assets are recognised when it is probable that sufficient taxable profit will be available to utilise a deductible temporary difference.
Deferred taxes are only recognised on temporary differences arising from shares in subsidiaries and companies recorded at equity if there is an intention to sell the investment and the gain on sale will be taxable. Deferred taxes are valued in accordance with the tax regulations that are valid or were enacted as of the balance sheet date for the financial statements. Therefore, the tax rates expected in the future are applied to the reversal of temporary differences.
Revenue and other operating income is realised when services are provided or the risks and opportunities associated with these services have been transferred to the buyer, under the assumption that a probable economic benefit will flow and this benefit can be reliably estimated.
Flughafen Wien levies charges for the use of airport infrastructure in the form of landing, parking, passenger and infrastructure fees. These fees are subject to the approval of the Austrian civil aviation authority. Flughafen Wien also charges various types of ground handling fees that are not subject to the approval of public authorities, e.g. for apron, cargo and traffic handling.
In addition, the Flughafen Wien Group realises revenue from the rental of parking space and other areas (which is based on fixed or variable (revenue-related) fees) as well as revenue from energy supply and waste disposal and security services. Rental income is recognised as revenue on a straight-line basis over the term of the respective rental agreement. Rental incentives granted to tenants are accounted for as a component of the total rental income over the term of the rental agreement. Variable rents are accrued in line with the related revenue. Rental income from other real estate is recorded under miscellaneous income.
This position includes the share of profit or loss from companies valued at equity as well as impairment charges, write-ups, sale proceeds and dividends. Dividends are recognised when the relevant resolution for distribution has been passed.
The presentation of the Group's asset, financial and earnings position in the consolidated financial statements requires discretionary judgment concerning the measurement and valuation methods applied as well as the assumptions and estimates made by management. Actual results may differ from these estimates. The following key estimates and related assumptions as well as the uncertainties connected with the accounting and valuation methods applied by the Group are decisive for an understanding of the underlying risks of financial reporting and the possible effects on the consolidated financial statements in future financial years.
The impairment testing of intangible assets (carrying amount: T€ 13,678.9, 2012: T€ 16,122.8) and goodwill (carrying amount: T€ 54.2, 2012: T€ 54.2), property, plant and equipment (carrying amount: T€ 1,622,159.0, 2012: T€ 1,677,534.4), investment property (carrying amount: T€ 119,561.1, 2012: T€ 118,863.6) and financial assets (carrying amount: T€ 102,156.1, 2012: T€ 99,138.3), including investments in companies accounted for at equity (carrying amount: T€ 97,865.9, 2012: T€ 94,718.9) involves estimates for the cause, timing and amount of impairment/revaluation. Impairment/revaluation can be caused by a number of factors, such as changes in the current competitive situation, expectations for the development of passenger volume, increases in the cost of capital, changes in the future availability of financing, technological obsolescence, the termination of services, current replacement costs, the purchase prices paid for comparable transactions or other changes in the operating environment. The recoverable amount generally represents the higher of the value in use or the net selling price. The value in use is determined in accordance with the discounted cash flow method, which also incorporates assumptions by management for future cash flows, risk-adjusted discount rates and appropriate useful lives. For this reason, the calculation of the present value of expected future cash flows and the classification of an asset as impaired depend on management's judgment and evaluation of future development opportunities.
The determination of the acquisition and production cost of property, plant and equipment and investment property is connected with uncertainty because of the on-going construction activity and related examination requirements. This uncertainty is connected, above all, with recently concluded or on-going projects (construction in progress).
Based on current estimates for the development of passenger traffic, Vienna Airport will reach its capacity limits after 2020. The parallel runway project is therefore being actively pursued to ensure the availability of sufficient capacity as required. After the legally binding ruling is received, Flughafen Wien AG will take a decision on the realisation of this project based on the expected growth in passenger traffic and flight movements and the economic feasibility. If the first-instance decision is reversed or the project is not realised, previously capitalised costs would have to be written off.
The Flughafen Wien Group created valuation allowances of T€ 7,841.9 (2012: T€ 8,115.0) for doubtful receivables to reflect expected losses arising from the unwillingness or inability of customers to meet their payment obligations. Management evaluates the appropriateness of these valuation allowances based on the term structure of receivable balances and past experience with the derecognition of receivables, also considering the credit standing of customers and changes in payment conditions. If the financial position of customers deteriorates, actual write-offs could exceed the scope of the expected derecognition.
The valuation of provisions for severance compensation, pensions and service anniversary bonuses with a combined carrying amount of T€ 102,738.1 (2012: T€ 105,247.9) and for semiretirement programmes with a carrying amount of T€ 20,262.0 (2012: T€ 19,487.0) is based on assumptions for the discount rate, retirement age, life expectancy and turnover probabilities as well as future increases in wages, salaries and pensions.
The provisions for pending legal proceedings and other outstanding claims arising from settlement, arbitration or government proceedings total T€ 4,004.2 (2012: T€ 5,084.7). The recognition and measurement of these provisions are connected to a significant degree with estimates made by management. The evaluation of the probability that pending legal proceedings will be successful and lead to a liability as well as the quantification of the possible amount of a related payment obligation are dependent to a significant degree on an assessment of the respective situation. As a result of the uncertainties connected with this assessment, actual losses may differ from the original estimates and the amount of the provision.
Income taxes are computed for every tax jurisdiction in which the Group operates. This involves the calculation of actual expected taxes for each tax subject as well as an evaluation of the temporary differences between the carrying amounts of certain balance sheet items in the consolidated financial statements and the financial statements prepared for tax purposes. Deferred tax assets of T€ 12,118.8 (2012: T€ 12,802.3) were recognised to the extent that is probable that the Group will be able to utilise them in the future. The use of deferred tax assets is dependent on the ability to generate sufficient income in the individual tax jurisdictions. Various factors are used to evaluate the probability of the future use of deferred tax assets, which may include past earnings, operating forecasts and/or tax planning strategies. If actual earnings differ from these estimates or the estimates must be adjusted in future periods, this may have a negative effect on the asset, financial and earnings position of the group. The impairment of a deferred tax asset leads to derecognition of the relevant item through profit or loss.
The external tax audit of the Austrian companies included in the consolidated financial statements, which covered the years from 2004 to 2007 (including, among others, corpo-
rate income tax and value added tax) as well as a review pursuant to § 144 of the Austrian Fiscal Code for 2008 and 2012 was concluded in 2013 and did not lead to any major objections. The resulting obligations are reflected in these consolidated financial statements. The tax authorities have already announced a continuation of the tax audit for the years from 2008 to 2011. Any resulting obligations are connected with uncertainty as of the balance sheet date on 31 December 2013, and future developments may lead to adjustments in subsequent periods.
Revenue includes all income generated by the ordinary business activities of the Flughafen Wien Group. Revenue is presented excluding value added tax as well as other taxes that are collected from customers and passed on to taxation authorities.
In accordance with IFRS 8, segment reporting is based on the Group's internal reporting structure. The operating segments of the Flughafen Wien Group include the business units of Flughafen Wien AG that form the basis for the company's organisation as well as various subsidiaries. These operating segments are aggregated into the following reporting segments: Airport, Handling, Retail & Properties and Other Segments. The management of the Flughafen Wien Group is based on reporting that covers profit and loss, capital expenditure and employee-related data for the individual business units of Flughafen Wien AG as well as revenue, EBITDA, EBIT, net profit for the period, planned investments and employee-related data for the individual subsidiaries.
In 2013 the following changes were made to segment reporting as defined in IFRS 8:
Previously unallocated administrative costs are now assigned to the reporting segments to reflect the fact that the data used to evaluate the operating segments also includes a proportional share of overhead costs.
The previously unallocated administrative costs for the services provided by various corporate departments were analysed in detail and are now assigned to the four reporting segments – Airport, Handling, Retail & Properties and Other Segments – based on specific keys (e.g. volume, value etc.). The regular review and updating of these allocation keys ensures the correct representation of the service relationships between the operating segments and the administrative areas. The reconciliation of reportable segment results to Group EBIT is no longer required due to the allocation of administrative income and expenses. The same applies to intangible assets and property, plant and equipment assigned to the central areas. Assets that are not monitored and reported by individual segments, but at the Group level are still shown as "other (non-allocated) assets". These assets include the following: other financial assets, current securities, receivables due from taxation authorities, other receivables and assets, accruals and cash and cash equivalents.
The corresponding data and disclosures for the prior year were adjusted accordingly.
The "operations" business unit of Flughafen Wien AG (previously: "aviation" and "airport services") and the subsidiaries that provide such services are combined under the reporting segment "Airport". The operations business unit generally provides the traditional services performed by an airport operator. These services include the operation and maintenance of all aircraft movement areas and the terminals as well as the equipment and facilities involved in passenger and baggage handling. The fees for these services are, for the most part, subject to fee regulations. The operations business unit also provides a wide range of services to support airport operations, to deal with emergencies and disruptions and to ensure security.
The Handling Segment includes the "handling" business unit of Flughafen Wien AG as well as the subsidiaries that provide services in this segment. The segment supplies a variety of services for the handling of aircraft and passengers on scheduled and charter flights. It is also responsible for the handling of general aviation aircraft and passengers as well as the operation of the General Aviation Center as well as the VIP lounges and the VIP center. In addition, security controls for persons and hand luggage are performed by the Handling Segment.
The Retail & Properties Segment covers the real estate and centre management business units of Flughafen Wien AG as well as the subsidiaries that provide services under this segment.
This segment provides various services to support airport operations, including shopping, gastronomy and parking. Activities for the development and marketing of real estate are also included here.
The operating segments that are not independently reportable and cannot be aggregated with another reportable segment are combined into the reporting segment "Other Segments" in accordance with IFRS 8.16.
Included here are various services provided by individual business units of Flughafen Wien AG or other subsidiaries, e.g. technical services and repairs, energy supply and waste disposal, telecommunications and information technology, electromechanical and building services, the construction and maintenance of infrastructure facilities, construction management and consulting.
Also allocated to this segment are the subsidiaries of Flughafen Wien AG that hold shares in associated companies or joint ventures and have no other operating activities.
The accounting principles used to develop the segment data are the same as the accounting principles applied in preparing the IFRS consolidated financial statements. The criteria used by the Flughafen Wien Group to evaluate segment performance include, among others, earnings before interest and taxes (EBIT) (after the deduction of overhead costs). Depreciation is split into scheduled depreciation and impairment losses, and is derived from the assets allocated to the individual segments. The underlying prices for inter-segment revenues and services reflect market-based standard costs or rates, which are generally based on internal costs.
Other items such as financial results or tax expense attributable to the individual operating segments are not included under segment information because internal reporting only covers these positions down to and including EBIT and these other positions are monitored centrally.
Segment assets and liabilities comprise all assets and liabilities that can be allocated to the operating business. In particular, segment assets include intangible assets, property, plant and equipment, trade receivables and other receivables as well as inventories. The Flughafen Wien Group does not show segment liabilities for each reportable operating segment because these liabilities are monitored centrally. Segment assets do not include the assets shown under "Other (not allocated)" in the reconciliation of segment assets to Group assets. The Group assets designated as not allocated consist primarily of financial assets, current securities, receivables due from taxation authorities, other receivables and assets, prepaid expenses and deferred charges and cash and cash equivalents.
Segment investments include additions to intangible assets and property, plant and equipment, and investment property.
The information provided by geographic area also includes information on the revenue generated with external customers as well as the amounts recognised for non-current assets. The allocation of assets and income to the various geographical areas is based on the location of the unit (subsidiary) that recognised the income or owns the assets.
The number of employees at the segment level is based on the average number of employees for the financial year, weighted by the scope of employment.
Companies consolidated at equity are reported under the Other Segments.
| Retail & Proper |
Other | ||||
|---|---|---|---|---|---|
| 2013 in T€ | Airport | Handling | ties | Segments | Group |
| External segment revenue | 331,430.8 | 151,856.5 | 121,166.0 | 17,540.2 | 621,993.5 |
| Internal segment revenue | 34,067.1 | 71,468.0 | 17,143.3 | 100,183.7 | |
| Segment revenue | 365,497.8 | 223,324.5 | 138,309.3 | 117,723.9 | |
| Segment results (EBIT) | 41,956.6 | 17,163.1 | 41,851.8 | 11,107.6 | 112,079.1 |
| Impairment charges | 216.0 | 0.0 | 4,900.0 | 0.0 | 5.116.0 |
| Scheduled depreciation and | |||||
| amortisation | 90,607.5 | 5,413.8 | 14,850.0 | 13,428.8 | 124,300.1 |
| Segment impairment, depreciation and |
|||||
| amortisation | 90,823.5 | 5,413.8 | 19,750.0 | 13,428.8 | 129,416.1 |
| Segment investments* | 55,203.1 | 4,351.9 | 9,478.1 | 3,809.1 | 72,842.1 |
| Segment assets | 1,406,569.2 | 33,014.4 | 261,589.6 | 191,500.6 | 1,892,673.9 |
| Thereof carrying amount of companies recorded at |
|||||
| equity | 97,865.9 | ||||
| Other (not allocated) | 61,263.1 | ||||
| Group assets | 1,953,937.0 | ||||
| Segment employees | |||||
| (average) | 496 | 3,199 | 83 | 621 | 4,399 |
*including invoice corrections
| Retail & Proper |
Other | ||||
|---|---|---|---|---|---|
| 2012 in T€ External segment revenue |
Airport 315,330.1 |
Handling 155,871.7 |
ties 119,527.8 |
Segments 16,642.1 |
Group 607,371.7 |
| Internal segment revenue | 39,993.7 | 68,921.5 | 18,315.0 | 90,335.6 | |
| Segment revenue | 355,323.9 | 224,793.2 | 137,842.8 | 106,977.6 | |
| Segment results (EBIT) | 55,639.0 | 12,926.2 | 38,096.3 | 1,364.8 | 108,026.3 |
| Impairment charges | 3,365.4 | 0.0 | 11,883.2 | 0.0 | 15,248.6 |
| Scheduled depreciation and amortisation |
64,937.1 | 5,878.0 | 14,227.6 | 13,068.4 | 98,111.1 |
| Segment impairment, depreciation and amortisation |
68,302.5 | 5,878.0 | 26,110.9 | 13,068.4 | 113,359.7 |
| Segment investments* | 73,143.7 | 8,545.4 | 12,809.9 | 6,692.3 | 101,191.3 |
| Segment assets | 1,446,534.2 | 36,776.9 | 301,530.0 | 170,843.5 | 1,955,684.6 |
| Thereof carrying amount of companies recorded at equity |
94,718.9 | ||||
| Other (not allocated) | 106,118.8 | ||||
| Group assets | 2,061,803.4 | ||||
| Segment employees (average) |
492 | 3,281 | 83 | 620 | 4,475 |
*including invoice corrections
| in T€ | 31.12.2013 | 31.12.2012* |
|---|---|---|
| Assets by segment | ||
| Airport | 1,406,569.2 | 1,446,534.2 |
| Handling | 33,014.4 | 36,776.9 |
| Retail & Properties | 261,589.6 | 301,530.0 |
| Other Segments | 191,500.6 | 170,843.5 |
| Total assets in reportable segments | 1,892,673.9 | 1,955,684.6 |
| Other (non-allocated) assets | ||
|---|---|---|
| Other financial assets | 3,810.6 | 3,940.1 |
| Current securities | 20,000.0 | 29,652.0 |
| Receivables due from taxation authorities | 14,778.9 | 21,398.5 |
| Other receivables and assets | 13,856.2 | 6,729.6 |
| Prepaid expenses and deferred charges | 4,894.1 | 3,959.7 |
| Cash and cash equivalents | 3,923.3 | 40,439.0 |
| Total not allocated | 61,263.1 | 106,118.8 |
| Group assets | 1,953,937.0 | 2,061,803.4 |
*adjusted
| in T€ | Austria | Malta | Slovakia | Group |
|---|---|---|---|---|
| External revenue | 621,068.1 | 925.4 | 0.0 | 621,993.5 |
| Non-current assets | 1,768,184.6 | 55,539.3 | 33,885.4 | 1,857,609.2 |
| in T€ | Austria | Malta | Slovakia | Group |
|---|---|---|---|---|
| External revenue | 606,637.2 | 734.5 | 0.0 | 607,371.7 |
| Non-current assets | 1,824,814.9 | 52,721.8 | 34,176.5 | 1,911,713.2 |
The assets allocated to Malta and Slovakia also include the investments in other companies owned by these fully consolidated subsidiaries. The investments in Malta Airport generated net profit of € 5.0 million in 2013 (2012: € 4.2 million), which is reported under income from investments recorded at equity. The investment in Košice Airport generated income of € 0.5 million (2012: € 0.9 million). The values of the investments in the airport corporations in Malta and Slovakia are not shown here.
The Flughafen Wien Group recorded revenue of € 225.3 million with its major customer in 2013 (2012: € 222.4 million). This revenue was generated in all segments.
| in T€ | 2013 | 2012 |
|---|---|---|
| Own work capitalised | 8,898.5 | 11,108.6 |
| Income from the disposal of property, plant and equipment | 4,440.9 | 3,421.5 |
| Thereof income from compensation for damages/ arbitration judgment |
4,000.0 | 2,500.0 |
| Income from the reversal of provisions | 6,307.5 | 4,890.0 |
| Income from the reversal of investment subsidies (government grants) |
223.8 | 278.2 |
| Other rental income | 844.4 | 788.6 |
| Income from insurance | 107.6 | 88.1 |
| Miscellaneous | 2,959.7 | 3,523.5 |
| 23,782.3 | 24,098.5 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Consumables | 23,449.4 | 19,742.8 |
| Energy | 19,859.9 | 20,588.4 |
| Services | 2,837.9 | 2,857.8 |
| 46,147.2 | 43,188.9 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Wages | 109,585.8 | 112,625.9 |
| Salaries | 70,283.3 | 70,786.7 |
| Expenses for severance compensation | 9,255.6 | 8,947.0 |
| Thereof contributions to severance fund | 1,690.5 | 1,659.0 |
| Expenses for pensions | 3,061.7 | 3,063.5 |
| Thereof contributions to pension funds | 2,549.3 | 2,399.7 |
| Expenses for legally required duties and contributions | 51,892.8 | 52,025.3 |
| Other employee benefits | 1,710.2 | 2,215.6 |
| 245,789.5 | 249,664.0 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Other taxes (excluding income taxes) | 680.6 | 595.1 |
| Maintenance | 33,097.2 | 24,976.4 |
| Third party services | 21,132.0 | 23,626.2 |
| Consulting expenses | 6,045.4 | 5,473.5 |
| Marketing and market communication | 19,359.3 | 17,952.6 |
| Postage and telecommunications | 1,191.1 | 1,371.1 |
| Rental and lease payments | 6,639.7 | 9,971.2 |
| Insurance | 3,348.6 | 3,351.9 |
| Travel and training | 2,057.5 | 1,572.6 |
| Damages | 352.8 | 4,398.5 |
| Impending losses | 488.3 | 1,731.9 |
| Valuation allowances to and derecognition of receivables | -11.8 | 1,888.5 |
| Losses on the disposal of property, plant and equipment | 190.4 | 2,219.3 |
| Exchange rate differences, bank charges | 588.6 | 629.4 |
| Miscellaneous operating expenses | 17,184.4 | 17,473.1 |
| 112,344.0 | 117,231.4 |
Maintenance expenses cover the regular upkeep of buildings and equipment, the maintenance of data processing equipment and the renovation of runways, aprons, car parks and taxiways.
Third party services consist primarily of costs for the baggage reconciliation system and baggage-related services, fees for waste water and garbage disposal, cleaning services and temporary personnel for the subsidiary Vienna Airport Infrastruktur Maintenance GmbH.
Consulting expenses include fees paid to attorneys, notaries public, tax advisors and the auditors of the annual financial statements as well as miscellaneous consulting fees.
Impending losses comprise losses related to residual value risks arising from leases for real estate at the Vienna Airport location (also see note (26), Miscellaneous provisions).
The expenses for marketing and market communications were related chiefly to marketing measures, above all to strengthen Vienna's position as a hub, as well as traditional public relations activities.
The following services were provided by auditor of the annual financial statements during the reporting year:
| in T€ | 2013 | 2012 |
|---|---|---|
| Audit of the annual financial statements | 253.6 | 232.2 |
| Other auditing services | 62.0 | 62.0 |
| Other services | 0.5 | 16.3 |
| 316.1 | 310.6 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Amortisation of intangible assets | ||
| Scheduled amortisation | 4,065.1 | 3,845.7 |
| Impairment charges | 0.0 | 4,340.2 |
| Thereof goodwill CGU Real Estate Office | 0.0 | 4,340.2 |
| 4,065.1 | 8,185.9 | |
| Depreciation of property, plant and equipment | ||
| Scheduled depreciation | 116,280.3 | 90,581.7 |
| Impairment charges | 216.0 | 3,432.5 |
| Thereof CGU Aviation | 216.0 | 3,432.5 |
| 116,496.3 | 94,014.1 | |
| Depreciation of investment property | ||
| Scheduled depreciation | 3,954.7 | 3,683.7 |
| Impairment charges | 4,900.0 | 7,476.0 |
| Thereof CGU Real Estate Office | 0.0 | 2,411.0 |
| Thereof CGU Real Estate Cargo | 4,900.0 | 5,065.0 |
| 8,854.7 | 11,159.7 | |
| Total depreciation, amortisation and impairment | 129,416.1 | 113,359.7 |
The impairment tests to intangible assets, property, plant and equipment, and investment property involve the determination of the recoverable amount for the respective cash-generating units based on the value in use. The future cash inflows and outflows of the individual cash-generating units are determined on the basis of the latest forecasts approved by the Management Board for the period from 2014 to 2018. The weighted average cost of capital (WACC) after-tax was used as the discount rate (2013: 6.1%; 2012: 6.1%). This WACC was based on a risk-free interest rate that was derived from the yield on 15-year federal bonds and subsequently adjusted to include a premium for market risk.
Impairment testing for the 2013 financial year led to the recognition of the following impairment charges:
Impairment testing in 2013 led to the recognition of a € 4.9 million impairment charge to a property in the cash-generating unit Real Estate Cargo. This impairment charge was based on the estimated medium-term development of the market and demand as defined by the forecast. The most important parameters for the calculation of the value in use were the discount rate (WACC) after tax and a growth rate of 1% after the detailed planning period (five years). The forecasted EBITDA is based on expectations for future results with an adjustment for past experience. The impairment charge was recognised in the Retail & Properties Segment.
Impairment charges of T€ 216.0 were recognised to other property, plant and equipment in 2013. These impairment charges were recorded in the Airport Segment.
Impairment testing for the 2012 financial year led to the recognition of the following impairment charges:
Impairment testing in 2012 led to the recognition of an impairment charge to an office building in the cash-generating unit Real Estate Office and to the recognition of an impairment charge to the related goodwill in this CGU.
The most important parameters for the calculation of the value in use were the discount rate (WACC) after tax and a growth rate of 1% after the detailed planning period (five years). The forecasted EBITDA is based on expectations for future results in line with past experience. A new estimate for future occupancy was also included in the cash flows. The results of the impairment test indicated a need for an impairment charge of € 6.7 million, which is reflected a reduction of € 4.3 million to the carrying amount of the allocated goodwill and a reduction of € 2.4 million in the carrying amount of a building. The impairment charges were recognised in the Retail & Properties Segment.
Impairment testing in 2012 led to the recognition of impairment charges totalling € 5.1 million to three properties in the cash-generating unit "Real Estate Cargo". These impairment charges resulted from changes in the forecast to include revised estimates for the medium-term development of the market and demand.
The most important parameters for the calculation of the value in use were the discount rate (WACC) after tax and a growth rate of 1% after the detailed planning period (five years). The forecasted EBITDA is based on expectations for future results in line with past experience. The impairment charges were recognised in the Retail & Properties Segment.
Additional impairment charges totalling € 3.4 million were also recognised during the reporting year, primarily to construction containers, fixtures and office equipment and technical equipment in the Airport and Retail & Properties Segments.
| in T€ | 2013 | 2012 |
|---|---|---|
| Proportional share of results for the period | 6,155.9 | 5,625.3 |
| 6,155.9 | 5,625.3 |
The cumulative total of unrecognised losses equals T€ 1,484.4 (2012: T€ 1,189.3). A pro rata share of losses totalling T€ 295.1 was not recognised in 2013 (2012: T€ 1,189.3) because the related shares were written off in an earlier accounting period.
A summary of financial information on associated companies and joint ventures (revenue, results for the period, assets and liabilities) is provided in the appendix "Investments" at the end of the notes.
| in T€ | 2013 | 2012 |
|---|---|---|
| Income from non-consolidated subsidiaries | 2,268.0 | 789.2 |
| Income from investments in other companies | 70.0 | 70.0 |
| Income from the disposal of non-consolidated subsidiaries | 0.0 | 72.9 |
| 2,338.0 | 932.1 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Interest and similar income | 2,160.9 | 4,170.9 |
| Interest and similar expenses | -25,946.7 | -25,199.9 |
| -23,785.9 | -21,029.0 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Income from the write-up of financial assets | 0.0 | 13.3 |
| Income from the disposal of securities and similar rights | 0.0 | 174.1 |
| 0.0 | 187.4 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Current tax expense | 18,026.9 | 19,309.7 |
| Current tax income related to prior periods | 297.1 | -1,379.5 |
| Change in deferred income taxes | 2,898.0 | 3,484.5 |
| Deferred taxes related to prior periods | 2,279.7 | 0.0 |
| 23,501.7 | 21,414.7 |
Tax expense of T€ 23,501.7 for 2013 (2012: T€ 21,414.7) is T€ 695.1 (2012: T€ 2,020.8) lower (2012: lower) than calculated tax expense of T€ 24,196.8 (2012: T€ 23,435.5) that would result from the application of the Austrian corporate tax rate (25%) to profit before tax of T€ 96,787.1 (2012: T€ 93,742.0).
The difference between the calculated tax rate and the effective tax rate shown in the financial statements is explained by the following table:
| in T€ | 2013 | 2012* |
|---|---|---|
| Profit before taxes | 96,787.1 | 93,742.0 |
| Calculated income tax | 24,196.8 | 23,435.5 |
| Adjustments for foreign tax rates | -183.8 | -550.5 |
|---|---|---|
| At-Equity valuations | -1,544.7 | -1,196.4 |
| Income from investments (tax free) | -578.8 | -218.0 |
| Current year losses for which deferred tax assets were not recognised |
0.0 | 1.085.0 |
| Derecognition of deferred tax assets on tax loss carryforwards |
0.0 | 1,649.7 |
| Other permanent differences | -964.6 | -1,411.0 |
| Income tax expense for the period | 20,924.9 | 22,794.3 |
| Tax income/expense from prior periods | 2,576.8 | -1,379.5 |
| Income tax expense as reported on the income statement | 23,501.7 | 21,414.7 |
| Effective tax rate | 24.3 % | 22.8 % |
*adjusted
The differences between the carrying amounts in the IFRS financial statements and the financial statements prepared for tax purposes as well as the loss carryforwards recognised as of the balance sheet date have an effect on deferred tax liabilities as shown on the balance sheet. Additional information is provided under note (29).
| in T€ | Concessions and rights |
Goodwill Real Estate Office |
Goodwill Real Estate Parking |
Total |
|---|---|---|---|---|
| Net carrying amount as of 1.1.2013 |
16,122.8 | 0.0 | 54.2 | 16,177.0 |
| Additions | 1,360.0 | 0.0 | 0.0 | 1,360.0 |
| Transfers | 283.4 | 0.0 | 0.0 | 283.4 |
| Disposals | -22.2 | 0.0 | 0.0 | -22.2 |
| Amortisation | -4,065.1 | 0.0 | 0.0 | -4,065.1 |
| Net carrying amount as of 31.12.2013 |
13,678.9 | 0.0 | 54.2 | 13,733.1 |
| Acquisition cost | 42,660.1 | 4,340.2 | 54.2 | 47,054.4 |
|---|---|---|---|---|
| Accumulated amortisation | -28,981.2 | -4,340.2 | 0.0 | -33,321.4 |
| Net carrying amount | 13,678.9 | 0.0 | 54.2 | 13,733.1 |
| in T€ | Concessions and rights |
Goodwill Real Estate Office |
Goodwill Real Estate Parking |
Total |
|---|---|---|---|---|
| Net carrying amount as of 1.1.2012 |
10,891.2 | 4,340.2 | 54.2 | 15,285.5 |
| Additions | 3,284.9 | 0.0 | 0.0 | 3,284.9 |
| Transfers | 5,919.6 | 0.0 | 0.0 | 5,919.6 |
| Disposals | -127.2 | 0.0 | 0.0 | -127.2 |
| Amortisation | -3,845.7 | 0.0 | 0.0 | -3,845.7 |
| Impairment | 0.0 | -4,340.2 | 0.0 | -4,340.2 |
| Net carrying amount as of 31.12.2012 |
16,122.8 | 0.0 | 54.2 | 16,177.0 |
| Acquisition cost | 41,204.8 | 4,340.2 | 54.2 | 45,599.1 |
|---|---|---|---|---|
| Accumulated amortisation | -25,082.0 | -4,340.2 | 0.0 | -29,422.2 |
| Net carrying amount | 16,122.8 | 0.0 | 54.2 | 16,177.0 |
The major additions and transfers for the reporting year represent purchased software. Expenditures of T€ 741.6 for the research and development of individual modules of an airport operations software programme were recognised as expenses in 2013 (2012: T€ 1,076.5).
Impairment testing in 2012 led to the recognition of an impairment charge of T€ 4,340.2 to goodwill allocated to the cash-generating unit Real Estate Office. Additional details are provided under note (6).
| Development from 1.1. to 31.12.2013 | ||||||
|---|---|---|---|---|---|---|
| in T€ | Land and buildings |
Technical equipment and machinery |
Other equipment, furniture, fixtures and office equipment |
Prepay ments and construc tion in progress |
Total | |
| Net carrying amount as of 1.1.2013 |
1,193,590.9 | 331,727.9 | 81,818.0 | 70,397.6 | 1,677,534.4 | |
| Additions* | -1,606.4 | 30,377.4 | 17,243.9 | 14,930.1 | 60,944.9 | |
| Transfers | 11,623.6 | 10,724.6 | 844.5 | -22,632.2 | 560.4 | |
| Disposals | -35.2 | -13.3 | -335.9 | 0.0 | -384.4 | |
| Depreciation | -54,348.1 | -39,580.7 | -22,351.5 | 0.0 | -116,280.3 | |
| Impairment | 0.0 | 0.0 | -216.0 | 0.0 | -216.0 | |
| Net carrying amount as of 31.12.2013 |
1,149,224.7 | 333,235.9 | 77,002.9 | 62,695.5 | 1,622,159.0 |
| Acquisition cost | 1,586,204.5 | 810,703.8 | 238,047.5 | 63,210.4 | 2,698,166.1 |
|---|---|---|---|---|---|
| Accumulated depreciation | -436,979.8 | -477,467.9 | -161,044.6 | -514.9 | -1,076,007.2 |
| Net carrying amount | 1,149,224.7 | 333,235.9 | 77,002.9 | 62,695.5 | 1,622,159.0 |
* The additions include invoice corrections of € 13.5 million, which are accounted for as negative additions, as well as a reduction of € 8.2 million in acquisition costs to reflect an arbitration judgment.
| in T€ | Land and buildings |
Technical equipment and machinery |
Other equipment, furniture, fixtures and office equipment |
Prepay ments and construc tion in progress |
Total |
|---|---|---|---|---|---|
| Net carrying amount as of 1.1.2012 |
469,317.7 | 214,425.8 | 47,600.1 | 961,197.6 | 1.692,541.2 |
| Additions* | 37,847.6 | 12,128.4 | 25,755.9 | 10,777.3 | 86,509.2 |
| Transfers | 728,931.2 | 136,831.0 | 29,954.6 | -900,210.8 | -4,494.0 |
| Disposals | -960.3 | -182.1 | -498.9 | -1,366.6 | -3,007.9 |
| Depreciation | -40,876.7 | -31,346.3 | -18,358.6 | 0.0 | -90,581.7 |
| Impairment | -668.5 | -128.9 | -2,635.0 | 0.0 | -3,432.5 |
| Net carrying amount as of 31.12.2012 |
1,193,590.9 | 331,727.9 | 81,818.0 | 70,397.6 | 1,677,534.4 |
| Acquisition cost | 1,577,160.9 | 789,861.2 | 230,912.6 | 70,912.5 | 2,668,847.3 |
|---|---|---|---|---|---|
| Accumulated depreciation | -383,570.0 | -458,133.4 | -149,094.6 | -514.9 | -991,312.9 |
| Net carrying amount | 1,193,590.9 | 331,727.9 | 81,818.0 | 70,397.6 | 1,677,534.4 |
* The additions include invoice corrections of € 7.3 million, which are accounted for as negative additions, as well as a reduction of € 8.6 million in acquisition costs to reflect insurance compensation.
Borrowing costs of T€ 88.4 were capitalised in 2013 (2012: T€ 5,909.5). The average interest rate on financing for the reporting year was 3.30% (2012: 3.45%).
One building and one piece of technical equipment were accounted for as finance leases in 2013:
| in T€ | Land and buildings |
Technical equipment and machinery |
Total |
|---|---|---|---|
| Net carrying amount as of 1.1.2013 |
7,603.1 | 0.0 | 7,603.1 |
| Additions | 0.0 | 170.8 | 170.8 |
| Depreciation | -912.4 | -25.6 | -938.0 |
| Net carrying amount as of 31.12.2013 |
6,690.7 | 145.1 | 6,835.8 |
| 9,427.8 | 170.8 | 9,598.6 |
|---|---|---|
| -2,737.1 | -25.6 | -2,762.7 |
| 6,690.7 | 145.1 | 6,835.8 |
| 11 | 5 | |
| in T€ | Land and buildings |
Total |
|---|---|---|
| Net carrying amount as of 1.1.2012 | 8,515.4 | 8,515.4 |
| Depreciation | -912.4 | -912.4 |
| Net carrying amount as of 31.12.2012 | 7,603.1 | 7,603.1 |
| Acquisition cost | 9,427.8 | 9,427.8 |
|---|---|---|
| Accumulated depreciation | -1,824.7 | -1,824.7 |
| Net carrying amount | 7,603.1 | 7,603.1 |
| Useful life (in years) | 11 |
The following table shows the major additions to property, plant and equipment and intangible assets in 2013 and 2012, including capitalised borrowing costs:
| Airport Segment in T€ | 2013 |
|---|---|
| Runway 16/34 | 25,801.9 |
| Third runway | 8,564.2 |
| Hangar 7 | 6,066.3 |
| Jet sweepers | 4,479.3 |
| Railway station building | 4,241.5 |
| Existing building, south-corridor | 3,164.7 |
| Special vehicles | 2,249.3 |
| Fire brigade vehicles | 1,382.1 |
| Adaptations to Check-in 3 | 1,265.4 |
| Airport fencing | 1,025.4 |
| Handling Segment in T€ | 2013 |
| Towing vehicles | 1,518.7 |
| Lifting and loading vehicles | 760.9 |
| Ground equipment for apron handling | 702.2 |
| Automobiles, busses, vans, delivery trucks | 385.3 |
| Special vehicles | 277.5 |
| X-ray equipment | 220.0 |
| Transport and baggage carts | 205.6 |
| Retail & Properties Segment in T€ | 2013 |
| Forwarding agent building | 7,790.3 |
| Advertising space in Check-in 3 | 901.0 |
| Fixtures and operating equipment, incl. software, tools | 847.3 |
| Work on buildings | 192.8 |
| Other Segments in T€ | 2013 |
| IT hardware | 2,025.7 |
| Software | 991.4 |
| Fixtures and operating equipment | 749.2 |
| Automobiles, busses, vans, delivery trucks | 277.2 |
| Machinery, tools | 80.9 |
| Airport Segment in T€ | 2012 |
|---|---|
| Check-in 3 | 32,935.2 |
| Security systems | 9,740.9 |
| Third runway | 9,729.5 |
| Baggage sorting equipment for Check-in 3 | 5,589.4 |
| Revitalisation of Terminal 2 | 4,167.9 |
| Fixtures and operating equipment, incl. software | 3,658.7 |
| Guidance system for Check-in 3 | 3,524.8 |
| Revitalisation of Terminal 1 | 3,147.9 |
| Furniture for Check-in 3 | 3,070.2 |
| Conveyor bridge | 1,280.6 |
| Airport fencing | 1,216.5 |
| Runway 16/34 | 1,078.2 |
| Motor vehicles | 714.3 |
| Quick boarding gates | 532.5 |
| Handling Segment in T€ | 2012 |
| Special vehicles | 5,444.0 |
| Towing vehicles | 760.8 |
| Automobiles, busses, vans, delivery trucks | 553.5 |
| Ground equipment for apron handling | 353.3 |
| Transport and baggage carts | 325.8 |
| Lifting and loading vehicles | 143.4 |
| Retail & Properties Segment in T€ | 2012 |
| Forwarding agent building | 9,276.4 |
| Retail expansion Check-in 3 | 2,202.2 |
| Car rental areas in car park 4 | 794.0 |
| Roads and parking areas | 572.5 |
| Advertising space in Check-in 3 | 443.2 |
| Fixtures and operating equipment, incl. software and tools | 412.5 |
| Skidata equipment for parking areas and car parks | 369.9 |
| Other Segments in T€ IT hardware |
2012 1,928.6 |
| Replacement of host software | 1,661.0 |
| Fixtures and operating equipment | 1,444.1 |
| Software | 1,409.1 |
| Buildings | 539.1 |
| Machinery, tools | 383.0 |
The transfers from prepayments and construction in progress to the other asset categories in 2012 were related, above all, to the following positions: the terminal extension (Check-in 3) at € 658.6 million (including impairment charges of € 31.6 million), capitalised borrowing costs (€ 57.5 million), baggage sorting equipment (€ 46.3 million), and interface projects (€ 85.5 million). In addition, technical noise protection measures totalling € 34.6 million were recognised as part of the costs for the third runway and will be depreciated over their useful life.
| in T€ | Investment property | Prepayments and construction in progress |
Total |
|---|---|---|---|
| Net carrying amount as of 1.1.2013 |
113,322.4 | 5,541.2 | 118,863.6 |
| Additions | 3,034.9 | 7,502.3 | 10,537.2 |
| Transfers | 4,674.4 | -5,518.2 | -843.8 |
| Disposals | -141.2 | 0.0 | -141.2 |
| Depreciation | -3,954.7 | 0.0 | -3,954.7 |
| Impairment | -4,900.0 | 0.0 | -4,900.0 |
| Net carrying amount as of 31.12.2013 |
112,035.7 | 7,525.3 | 119,561.1 |
| Acquisition cost | 190,435.0 | 7,525.3 | 197,960.3 |
|---|---|---|---|
| Accumulated depreciation | -78,399.2 | 0.0 | -78,399.2 |
| Net carrying amount | 112,035.7 | 7,525.3 | 119,561.1 |
| Prepayments and construction in |
|||
|---|---|---|---|
| in T€ | Investment property | progress | Total |
| Net carrying amount as of 1.1.2012 |
119,187.4 | 748.0 | 119,935.4 |
| Additions | 5,994.9 | 5,541.2 | 11,536.1 |
| Transfers | -677.7 | -748.0 | -1,425.7 |
| Disposals | -22.6 | 0.0 | -22.6 |
| Depreciation | -3,683.7 | 0.0 | -3,683.7 |
| Impairment | -7,476.0 | 0.0 | -7,476.0 |
| Net carrying amount as of 31.12.2012 |
113,322.4 | 5,541.2 | 118,863.6 |
| Acquisition cost | 186,829.4 | 5,541.2 | 192,370.6 |
|---|---|---|---|
| Accumulated depreciation | -73,507.0 | 0.0 | -73,507.0 |
| Net carrying amount | 113,322.4 | 5,541.2 | 118,863.6 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Rental income | 15,007.7 | 14,687.8 |
| Operating expenses for rented properties | 6,191.3 | 5,759.2 |
| Operating expenses for vacant properties | 710.2 | 924.8 |
Investment property consists of buildings that are held to generate rental income.
The fair value of investment properties is determined on the basis of earnings values that are not based on observable market data (Level 3). As of 31 December 2013, the fair value of the investment properties amounted to T€ 130,824.2 (2012: T€ 129,799.3).
The internal valuation model used to calculate fair value is based on the present value of the net cash flows generated by the properties and includes the expected increase in rents, relocations, occupancy rates and all other costs attributable to these assets. The expected net cash flows are discounted with the WACC applicable to the Flughafen Wien Group. With only a few exceptions, the calculation covers a detailed planning period of five years that is followed by a perpetual yield. The net cash flows reflect the amounts in the 2014 budget and long-term corporate planning.
Key, non-observable input factors:
The following changes in the non-observable input factors would lead to a material increase (decrease) in fair value:
| in T€ | 2013 | 2012 |
|---|---|---|
| Net carrying amount as of 1.1. | 94,718.8 | 90,968.2 |
| Share of profit for the period | 6,178.8 | 5,637.5 |
| Share of loss for the period | -22.8 | -12.3 |
| Dividends | -3,008.9 | -1,874.6 |
| Net carrying amount as of 31.12. | 97,865.9 | 94,718.8 |
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Originated loans and receivables (LaR) | 595.1 | 813.5 |
| Thereof loans granted to employees | 90.6 | 93.1 |
| Thereof other loans and receivables | 504.5 | 720.3 |
| Available-for-sale assets (AfS) | 3,695.2 | 3,606.0 |
| Thereof investments in non-consolidated subsidiaries | 157.3 | 157.3 |
| Thereof long-term investment funds and securities | 3,537.9 | 3,448.6 |
| 4,290.3 | 4,419.4 |
Definition of valuation categories: LaR – loans and receivables, AfS – financial instruments available for sale
Originated loans and receivables include the following: a loan of T€ 188.6 (2012: T€ 153.9) to Société Internationale Télécommunications Aéronautiques SC, a loan of T€ 0.0 (2012: T€ 96.8) to AIRPORT JET SET SERVICE, Christian Hirmann Gesellschaft m.b.H., loans of
T€ 90.6 (2012: T€ 93.1) to employees, a receivable of T€ 109.6 (2012: T€ 116.3) related to the granting of an investment subsidy by the Austrian Environmental Fund and a loan of T€ 206.2 (2012: T€ 353.5) for the pre-financing of a bicycle path for the surrounding communities.
The valuation allowances recognised to the above items totalled T€ 332.0 (2012: T€ 332.0).
Available-for-sale financial assets consist chiefly of T€ 3,537.8 (2012: T€ 3,448.6) in investment fund shares and similar rights that have been held for a longer period of time as well as shares in non-consolidated companies totalling T€ 157.3 (2012: T€ 157.3), which were not included in the consolidated financial statements because the related amounts are currently immaterial.
GetService Dienstleistungsgesellschaft m.b.H. "GetService"-Flughafen-Sicherheits- und Servicedienst GmbH Salzburger Flughafen Sicherheitsgesellschaft m.b.H. VIE Shops Entwicklungs- und Betriebsges.m.b.H.
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Consumables and supplies | 4,360.8 | 4,356.0 |
| 4,360.8 | 4,356.0 |
Consumables and supplies consist mainly of de-icing materials, fuel, spare parts and other materials used in airport operations. As of 31 December 2013 and 31 December 2012, no inventories were valued at the net selling price.
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Fixed-interest securities | 20,000.0 | 29,652.0 |
| Thereof AfS | 0.0 | 9,652.0 |
| Thereof LaR | 20,000.0 | 20,000.0 |
| 20,000.0 | 29,652.0 |
Definition of valuation categories: LaR – loans and receivables, AfS – financial instruments available for sale
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Gross trade receivables | 42,105.9 | 50,801.9 |
| Less valuation allowances | -7,841.9 | -8,115.0 |
| Net trade receivables (LaR) | 34,264.0 | 42,686.9 |
| Receivables due from non-consolidated subsidiaries | 188.6 | 403.5 |
| Subtotal (LaR) | 34,452.6 | 43,090.4 |
| Receivables due from investments recorded at equity (LaR) | 61.8 | 465.0 |
| Receivables due from taxation authorities | 14,778.9 | 21,398.5 |
| Other receivables and assets (excl. financial instruments) | 53.3 | 68.9 |
| Other receivables and assets (LaR) | 13,802.9 | 6,660.7 |
| Prepaid expenses and deferred charges | 4,894.1 | 3,959.7 |
| 68,043.7 | 75,643.2 |
Definition of valuation categories: LaR – loans and receivables
The payment terms for trade receivables generally range from 8 to 30 days. Individual valuation allowances were recognised to reflect possible bad debt losses. The carrying amount of trade receivables approximates the fair value of these items. The receivables due from taxation authorities represent advance payments on corporate income taxes as well as VAT tax credits that were offset against liabilities arising from payroll-related taxes.
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Cash | 127.2 | 131.6 |
| Deposits with financial institutions | 3,796.0 | 7,010.4 |
| Short-term deposits (time deposits) | 0.0 | 33,297.0 |
| 3,923.3 | 40,439.0 |
All short-term investments had a maximum commitment period of three months at the time the investment was made. The average interest rate on deposits with financial institutions equalled 0.2% as of 31 December 2013 (2012: 1.07%). The carrying amount of cash and cash equivalents approximates fair value.
No fixed-term deposits were pledged to domestic financial institutions as of the balance sheet date.
The share capital of Flughafen Wien AG is fully paid in and totals T€ 152,670.0. It is divided into 21,000,000 shares of bearer stock, which are securitised in a collective instrument that is deposited with Österreichische Kontrollbank. All shares carry the same rights and obligations ("one share – one vote"). There were 21,000,000 shares outstanding as of 31 December 2013, which represents the same number as in the prior year.
Earnings per share as shown on the income statement are calculated by dividing the share of net profit for the period attributable to the shareholders of the parent company by the weighted average number of shares outstanding for the financial year. There are no option rights for the issue of new shares. Therefore, basic earnings per share equal diluted earnings per share.
The recommended dividend is dependent on the approval of the annual general meeting, and was therefore not recognised as a liability in the consolidated financial statements. The recommended dividend for the 2013 financial year equals € 1.30 (2012: € 1.05) per share.
Capital reserves comprise a T€ 92,221.8 premium generated by the stock issue in 1992 and a T€ 25,435.5 premium realised on the capital increase in 1995. These items were recognised in the individual financial statements of Flughafen Wien AG.
The component items of other reserves are described below. The development of these reserves is shown on the statement of changes in equity:
d) Currency translation reserve: This reserve covers all differences resulting from the translation of foreign subsidiary financial statements from the functional currency to the Group's reporting currency.
Retained earnings comprise the profits generated by the Group after the deduction of dividends. The maximum amount available for distribution to the shareholders of the parent company equals the amount shown as "total profit" on the individual financial statements of Flughafen Wien AG as of 31 December 2013, which were prepared in accordance with Austrian generally accepted accounting principles.
The tenth (extraordinary) annual general meeting on 15 November 2000 authorised the repurchase of Flughafen Wien shares at an amount equal to 10% of share capital for subsequent transfer to an employee foundation. A total of 2,100,000 shares (10% of share capital) were repurchased on 30 November 2000. These shares were transferred to Flughafen Wien Mitarbeiter-Beteiligung-Privatstiftung (the employee foundation) on 20 December 2000 (2,000,000 shares) and on 2 February 2001 (100,000 shares). The shares owned by the foundation carry voting and dividend rights, whereby the dividends received from Flughafen Wien AG are distributed directly to employees with no deductions.
This share-based payment to employees of the Flughafen Wien Group was granted prior to the enactment of IFRS 2 "Share-based Payment". The effects of these distributions to employees in 2000 and 2001 as well as the corporate income tax payments made on behalf of the employee foundation total T€ 14,012.4 and were recognised directly in equity under retained earnings. There were no such effects in 2013 or 2012.
Non-controlling interests represent shares held by third parties in the equity of consolidated subsidiaries. As of the balance sheet date, non-controlling interests reflected the stake in the Slovakian subsidiary BTS Holding a.s. "v likvidacii" (in liquidation) held by the co-shareholder RZB Holding GmbH, which was merged into Raiffeisen-Invest-Gesellschaft m.b.H. retroactively as of 31 December 2012.
The development of non-controlling interests is shown on the statement of changes in equity.
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Severance compensation | 71,995.8 | 71,460.5 |
| Pensions | 15,060.2 | 16,658.6 |
| Service anniversary bonuses | 15,682.1 | 17,128.8 |
| Semiretirement programmes for older employees | 20,262.0 | 19,487.0 |
| Miscellaneous provisions | 9,460.3 | 8,972.0 |
| 132,460.4 | 133,707.0 |
Legal regulations and collective bargaining agreements grant employees who joined the company before 1 January 2003 a lump-sum payment on termination or retirement. The amount of this severance compensation is based on the length of service with the company and compensation at the end of employment.
Employees who joined the company after 31 December 2002 no longer have a direct claim to legal severance compensation from their employer. For these employment contracts, severance compensation obligations are met through regular payments to an employee benefit fund. This severance compensation model only requires the employer to make regular contributions. Collective bargaining agreements also entitle these employees to severance compensation payments; provisions were created to cover the relevant amounts.
This defined benefit plan exposes the Flughafen Wien Group to actuarial risks, e.g. longevity or interest rate risks.
Information on the actuarial assumptions is provided under the section on significant accounting policies.
| in T€ | 2013 | 2012 |
|---|---|---|
| Provision recognised as of 1.1. = present value (DBO) of | ||
| obligations | 71,460.5 | 58,513.3 |
| Net expense recognised to profit or loss | 7,014.1 | 6,350.4 |
| Actuarial gains(-)/losses(+) recognised under other | ||
| comprehensive income | -2,699.3 | 13,345.6 |
| Thereof from financial assumptions | -972.5 | 13,345.6 |
| Thereof from demographic assumptions | -1,726.9 | 0.0 |
| Severance compensation payments | -3,779.6 | -6,748.8 |
| Provision recognised as of 31.12. = present value (DBO) of | ||
| obligations | 71,995.8 | 71,460.5 |
The cumulative actuarial differences on the provisions for severance compensation that were recognised in other comprehensive income amounted to T€ -17,781.3 as of 31 December 2013 (2012: T€ -19,805.8).
Personnel expenses include the following:
| in T€ | 2013 | 2012 |
|---|---|---|
| Service cost | 4,796.3 | 3,828.5 |
| Interest cost | 2,217.8 | 2,522.0 |
| Severance compensation expense recorded under personnel expenses |
7,014.1 | 6,350.4 |
The expected payments for severance compensation obligations in the coming year total T€ 4,578.6 (2012: T€ 1,266.8).
As of 31 December 2013 the weighted average remaining term of the defined benefit obligations was 11.9 years (2012: 12.4 years).
The following actuarial assumptions used to calculate the defined benefit obligation are considered material. Changes in these assumptions would have the following effect on the obligation:
| in T€ | Increase (+1%) |
Decrease (-1%) |
|---|---|---|
| Discount rate | -6,486.1 | 7,583.1 |
| Future wage and salary increases | 7,641.6 | -5,678.5 |
Flughafen Wien AG has concluded individual agreements for the payment of supplementary defined pension benefits to certain active and retired key employees. Similar to the prior year, these commitments were not covered by plan assets as of the balance sheet date.
Employees who joined the company before 1 September 1986 had a claim to defined benefit pension subsidies based on special company agreements. These payments were dependent on the length of employment and final compensation. In autumn 2001 active employees were given the option of receiving a one-time settlement payment equal to 100% of the 2000 provision for pensions, as calculated in accordance with Austrian commercial law, and transferring to a contribution-based pension fund model with no requirement for subsequent contributions on the part of the employer. A total of 588 employees accepted this offer at the beginning of 2002. Retired employees who did not accept the settlement offered in 2001 still have a claim to pension payments.
For employees who joined the company after 1 September 1986, Flughafen Wien AG has concluded a company agreement for retirement, invalidity and survivors' pensions through a contract with a pension fund (defined contribution plan).
The company makes payments equal to 2.5% of monthly wages and salaries for all employees covered by the company pension agreement as long as their employment relationship remains in effect. In addition, employees can make additional contributions to the fund. Employees' claims to retirement and survivors' pensions arising from contributions made by the employer are transferred to the pension fund five years after the start of contribution payments. These amounts become vested after a further five years.
This defined benefit plan exposes the Flughafen Wien Group to actuarial risks, e.g. longevity or interest rate risks.
Information on the actuarial assumptions is provided under the section on significant accounting policies.
| in T€ | 2013 | 2012 |
|---|---|---|
| Provision recognised as of 1.1. = present value (DBO) of obligations |
16,658.6 | 15,188.2 |
| Net expense recognised to profit or loss | 512.4 | 663.9 |
| Actuarial gains(-)/losses(+) recognised under other comprehensive income |
-1,006.6 | 1,951.1 |
| Thereof from financial assumptions | -1,006.6 | 1,951.1 |
| Thereof from demographic assumptions | 0.0 | 0.0 |
| Pension payments | -1,104.2 | -1,144.5 |
| Provision recognised as of 31.12. = present value (DBO) of obligations |
15,060.2 | 16,658.6 |
The cumulative actuarial differences on the provisions for pensions that were recognised in other comprehensive income amounted to T€ -185.8 as of 31 December 2013 (2012: T€ -940.7).
Personnel expenses include the following:
| in T€ | 2013 | 2012 |
|---|---|---|
| Service cost | 8.5 | 9.6 |
| Interest cost | 503.9 | 654.3 |
| Pension expenses recorded under personnel expenses | 512.4 | 663.9 |
The expected payments for pension obligations in the coming year total T€ 1,276.2 (2012: T€ 1,321.2).
As of 31 December 2013 the weighted average remaining term of the defined benefit obligations was 11.8 years (2012: 12.8 years).
The following actuarial assumptions used to calculate the defined benefit obligation are considered material. Changes in these assumptions would have the following effect on the obligation:
| in T€ | Increase (+1%) |
Decrease (-1%) |
|---|---|---|
| Discount rate | -1,201.7 | 1,396.8 |
| Increase in compensation during entitlement period | 20.3 | -18.8 |
| Increase in pensions during payment phase | 1,379.8 | -1,212.5 |
The employees of the Austrian companies are entitled to receive special long-service bonuses. The specific entitlement criteria and amount of the bonus are regulated by the collective bargaining agreements for the employees of public airports in Austria.
| in T€ | 2013 | 2012 |
|---|---|---|
| Provision recognised as of 1.1. = present value (DBO) of | ||
| obligations | 17,128.8 | 14,199.0 |
| Income/expense recognised to profit or loss | -873.5 | 3,392.9 |
| Service anniversary payments | -573.2 | -463.1 |
| Provision recognised as of 31.12. = present value (DBO) of obligations |
15,682.1 | 17,128.8 |
Personnel expenses include the following:
| in T€ | 2013 | 2012 |
|---|---|---|
| Service cost | 1,162.8 | 960.5 |
| Interest cost | 509.3 | 594.6 |
| Actuarial gains (-) / losses (+) recognised to profit or loss | -2,545.6 | 1,837.8 |
| Service anniversary bonuses recorded under personnel expenses | -873.5 | 3,392.9 |
Provisions were recognised for the expenses arising from the obligation to make supplementary payments (so-called "wage/salary equalisation") to employees working under semiretirement programmes and the costs for additional work in excess of the agreed part-time employment. In accordance with the changes to IAS 19 (2011), these supplementary payments were no longer classified as termination benefits but as other longterm employee benefits beginning in 2013. These supplementary payments are not recognised as a lump-sum provision at the start of the part-time employment, but recorded successively over the active working phase based on an average employment of 24 years for salaried employees and 15 years for wage employees. The application of this change in accounting policy in the previous year would not have led to any material effects. Consequently, the comparable prior period data were not adjusted.
| in T€ | 2013 | 2012 |
|---|---|---|
| Provision recognised as of 1.1. = present value (DBO) of obligations |
19,487.0 | 20,054.6 |
| Net expense recognised to profit or loss | 4,273.8 | 3,988.7 |
| Payments for semiretirement programmes | -3,498.8 | -4,556.3 |
| Provision recognised as of 31.12. = present value (DBO) of obligations |
20,262.0 | 19,487.0 |
Personnel expenses include the following:
| in T€ | 2013 | 2012 |
|---|---|---|
| Service cost | 3,878.9 | 4,532.7 |
| Interest cost | 172.7 | 802.2 |
| Actuarial gains (-) / losses (+) recognised to profit or loss | 222.2 | -1,346.2 |
| Semiretirement payments recorded under personnel expenses | 4,273.8 | 3,988.7 |
| in T€ | 1,1,2013 | Use | Addition | 31.12.2013 |
|---|---|---|---|---|
| Miscellaneous provisions | 8,972.0 | 0.0 | 488.3 | 9,460.3 |
| in T€ | 1,1,2012 | Use | Addition | 31.12.2012 |
| Miscellaneous provisions | 7,240.1 | 0.0 | 1,731.9 | 8,972.0 |
This position includes a provision for impending losses related to residual value risks arising from leases for real estate at the Vienna Airport location.
The effect from the compounding of this provision amounted to T€ 496.2 (2012: T€ 400.4).
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Current financial liabilities | 105,646.0 | 151,006.5 |
| Long-term bank loans | 551,646.4 | 638,730.2 |
| Financial liabilities | 657,292.5 | 789,736.7 |
Current financial liabilities include short-term advances of € 15.8 million (2012: € 20.0 million).
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Up to one year | 105,646.0 | 151,006.5 |
| More than one year and up to five years | 226,646.4 | 283,596.4 |
| More than five years | 325,000.0 | 355,133.7 |
| 657,292.5 | 789,736.7 |
All financial liabilities were concluded in euros. The average interest rate on financial liabilities equalled 3.55% for the reporting year (2012: 3.57%).
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Waste water association | 2,700.0 | 2,700.0 |
| Finance lease liabilities | 6,655.1 | 7,372.9 |
| Liabilities to investments accounted for at equity | 0.0 | 764.8 |
| Subtotal financial liabilities (FLAC)* | 9,355.1 | 10,837.6 |
| Accruals | 23,958.4 | 26,164.4 |
| Investment subsidies from public funds | 1,226.6 | 1,427.6 |
| 34,540.1 | 38,429.7 |
*FLAC: financial liabilities at amortised cost
The accruals consist primarily of rental prepayments by Austro Control GmbH for the air traffic control tower, which was completed in 2005. The lease has a term of 33 years ending in April 2038.
Flughafen Wien AG received non-repayable investment subsidies from public authorities during the period from 1977 to 1985. In 1997, 1998 and 1999 Flughafen Wien AG also received investment subsidies from the European Union. The investment allowances received from the Republic of Austria from 2002 to 2004 are accounted for as government grants and reversed to profit or loss over the useful life of the relevant assets.
Other non-current liabilities also include a finance lease liability, which reflects the rental of a maintenance and winter services hall and the rental of telephone equipment. The current portion of the lease liability is reported under other current liabilities (see note (32)).
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Up to one year | 811.5 | 735.1 |
| Over one year and up to five years | 3,873.3 | 3,535.3 |
| Over five years | 2,781.8 | 3,837.5 |
| 7,466.6 | 8,108.0 |
The remaining term of the minimum lease payments and the transition to the present value as of the balance sheet date are as follows:
| Total | ||||
|---|---|---|---|---|
| in T€ | Up to 1 year | 31.12.2013 | ||
| Lease payments | 1,322.6 | 5,273.5 | 3,032.5 | 9,628.6 |
| - Discounts | 511.1 | 1,400.2 | 250.7 | 2,162.0 |
| Present value | 811.5 | 3,873.3 | 2,781.8 | 7,466.6 |
| Remaining term | Total | |||
|---|---|---|---|---|
| in T€ | Up to 1 year | 31.12.2012 | ||
| Lease payments | 1,299.6 | 5,198.6 | 4,332.1 | 10,830.4 |
| - Discounts | 564.5 | 1,663.3 | 494.6 | 2,722.4 |
| Present value | 735.1 | 3,535.3 | 3,837.5 | 8,108.0 |
The basic lease term equals 11 years for the real estate and five years for the technical equipment. This represents the useful life of the respective leased asset for the calculation of depreciation. If Flughafen Wien AG does not terminate the real estate lease in accordance with the respective provisions, it will automatically be extended for a further three years.
| in T€ | 2013 | 2012 |
|---|---|---|
| Deferred tax assets | ||
| Intangible assets and property, plant and equipment | 29.6 | 13.8 |
| Financial assets | 199.3 | 238.9 |
| Provisions for severance compensation | 7,922.5 | 8,007.3 |
| Provisions for pensions | 1,145.7 | 1,340.9 |
| Provisions for service anniversary bonuses | 1,422.4 | 1,929.6 |
| Other provisions | 1,399.3 | 1,209.6 |
| Tax loss carryforwards | 0.0 | 62.1 |
| 12,118.8 | 12,802.3 | |
| Deferred tax liabilities | ||
| Intangible assets and property, plant and equipment | 39,354.3 | 33,709.3 |
| Securities | 15.6 | 202.9 |
| Other assets and liabilities | 13.5 | 93.1 |
| Tax provisions from consolidation entries | 2,316.1 | 2,164.0 |
| 41,699.5 | 36,169.4 | |
| Total net deferred taxes | -29,580.7 | -23,367.1 |
The following tables show the development and allocation of the total change in the provision for deferred taxes into the components recognised to profit or loss and the components recognised to other comprehensive income:
| in T€ | 2013 | 2012 |
|---|---|---|
| Balance on 1.1. | 12,802.3 | 10,354.6 |
| Changes recognised to profit or loss: | 243.0 | -1,380.6 |
| Changes recognised to other comprehensive income: | ||
| Revaluations from defined benefit plans | -926.5 | 3,828.3 |
| Balance on 31.12. | 12,118.8 | 12,802.3 |
| in T€ | 2013 | 2012 |
|---|---|---|
| Balance on 1.1. | 36,169.4 | 33,961.5 |
| Changes recognised to profit or loss: | 5,420.8 | 2,103.9 |
| Changes recognised to other comprehensive income: | ||
| Non-current securities | 22.3 | 14.6 |
| Current securities | 87.0 | 29.3 |
| Hedging reserve | 0.0 | 60.1 |
| Other changes recognised to other comprehensive income | 109.3 | 104.0 |
| Balance on 31.12. | 41,699.5 | 36,169.4 |
The calculation of deferred tax assets for the Austrian companies is based on the applicable corporate income rate (25%). The deferred tax assets and deferred tax liabilities held by the Austrian companies were netted out. The calculation of taxes in foreign countries is based on the applicable tax rates (32.5%/35% for Malta and 19% for Slovakia).
The change recorded without recognition through profit or loss involves gains and losses on available-for-sale financial instruments and cash flow hedges as well as the revaluation of defined benefit plans.
Deferred taxes were not recognised for investments recorded at equity or shares in subsidiaries and joint ventures. Temporary differences of T€ 551.0 (2012: T€ 2,596.0) are related to investments and joint ventures recorded at equity, which would have led to deferred tax liabilities of T€ 137.8 (2012: deferred tax assets of T€ 649.0).
Deferred tax assets of T€ 1,998.4 had not been recognised as of 31 December 2013 (2012: T€ 2,599.5). These amounts are related primarily to deferred tax assets on loss carryforwards. Also included here are deferred tax assets on loss carryforwards from the write-off of investments, which must be distributed over seven years.
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Unused vacation | 8,513.3 | 9,675.8 |
| Other claims by employees | 9,147.2 | 9,100.6 |
| Income taxes | 10,429.3 | 9,258.6 |
| Foundation expenses | 906.3 | 906.3 |
| Goods and services not yet invoiced | 28,339.9 | 43,557.5 |
| Outstanding discounts | 8,549.3 | 11,223.9 |
| Miscellaneous provisions | 18,179.1 | 12,808.7 |
| 84,064.5 | 96,531.5 |
| in T€ | 1.1.2013 | Use | Reversal | Addition | 31.12.2013 |
|---|---|---|---|---|---|
| Unused vacation | 9,675.8 | -1,166.3 | -96.0 | 99.8 | 8,513.3 |
| Other claims by employees |
9,100.6 | -5,360.6 | -2,046.1 | 7,453.3 | 9,147.2 |
| Income taxes | 9,258.6 | -6,736.3 | -1.8 | 7,908.8 | 10,429.3 |
| Foundation expenses |
906.3 | 0.0 | 0.0 | 0.0 | 906.3 |
| Goods and services not yet invoiced |
43,557.5 | -23,934.7 | -2,497.2 | 11,214.3 | 28,339.9 |
| Outstanding discounts |
11,223.9 | -10,152.8 | -486.7 | 7,965.0 | 8,549.3 |
| Miscellaneous provisions |
12,808.7 | -5,066.7 | -3,301.9 | 13,739.0 | 18,179.1 |
| 96,531.5 | -52,417.3 | -8,429.8 | 48,380.1 | 84,064.5 |
The provisions for other claims by employees consist primarily of accrued overtime pay, other remuneration and performance bonuses.
The provision for foundation expenses represents the current portion of the obligation to cover the tax expenses of Flughafen Wien Mitarbeiter-Beteiligung-Privatstiftung (the employee foundation). Changes to this provision are recorded under other comprehensive income without recognition through profit or loss.
The provisions for outstanding discounts represent discounts to which the airlines are entitled and cover the period up to the balance sheet date.
Miscellaneous current provisions consist chiefly of provisions for damages and legal proceedings as well as other accruals.
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| To third parties | 46,843.4 | 62,383.5 |
| To non-consolidated subsidiaries | 2,843.4 | 7,168.9 |
| To companies recorded at equity | 30.8 | 31.3 |
| 49,717.6 | 69,583.7 |
| in T€ | 31.12.2013 | 31.12.2012 |
|---|---|---|
| Amounts due to companies recorded at equity | 7,938.3 | 5,891.0 |
| Customers with credit balances | 1,597.7 | 1,094.6 |
| Environmental fund | 29,535.6 | 26,101.3 |
| Finance lease liabilities (current portion) | 811.5 | 735.1 |
| Miscellaneous liabilities | 2,595.1 | 6,770.7 |
| Accrued wages | 6,815.9 | 7,182.8 |
| Subtotal financial liabilities (FLAC)* | 49,294.1 | 47,775.5 |
| Other tax liabilities | 2,295.4 | 2,024.2 |
| Other accruals | 1,405.0 | 1,521.1 |
| Other social security liabilities | 7,164.1 | 7,324.6 |
| Investment subsidies (government grants) | 201.2 | 223.8 |
| 60,359.9 | 58,869.3 |
* FLAC: financial liabilities at amortised cost
The liabilities to the environmental fund represent obligations arising from the mediation process. Of the outstanding liability, T€ 29,535.6 were classified to miscellaneous current liabilities as of 31 December 2013 to reflect the assumption that the conditions for payment will be met in 2014.
The other accruals consist primarily of the current portion of rental prepayments by Austro Control GmbH for the air traffic control tower.
The indirect method was used to prepare the consolidated cash flow statement. Information on the components of cash and cash equivalents is provided under note 20.
Interest payments and dividends received are included under cash flow from operating activities. Of this amount, T€ 2,571.3 (2012: T€ 3,454.1) represent interest income and T€ 22,718.2 (2012: T€ 26,817.9) interest expense. Dividends received (excluding companies recorded at equity) totalled T€ 2,358.2 (2012: T€ 880.1). The dividend paid by Flughafen Wien AG is included under cash flow from financing activities.
Purchases of property, plant and equipment in prior years that led to cash outflows in 2013 resulted in the addition of T€ 24,544.5 (2012: T€ 31,440.6) to payments made for the purchase of non-current assets. In addition, non-cash income of € 4.0 million was deducted from payments received on the disposal of non-current assets in 2013.
The following tables show the term structure of receivables, originated loans and other financial assets as well as the development of valuation allowances:
| Carrying amount after valuation allowance |
Thereof neither adjusted nor |
Thereof not adjusted but overdue during the following periods Up to 30 From 31 to From 91 to From 181 to |
Over 360 | ||||
|---|---|---|---|---|---|---|---|
| 2013 in T€ | 31.12.2013 | overdue | days | 90 days | 180 days | 360 days | days |
| Remaining term up to 1 year |
68,317.3 | 62,465.8 | 1,747.1 | 166.2 | -1.7 | 359.1 | 2,780.9 |
| Remaining term over 1 year |
595.1 | 595.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 68,912.4 | 63,060.9 | 1,747.1 | 166.2 | -1.7 | 359.1 | 2,780.9 |
| Carrying amount after valuation |
Thereof neither adjusted |
following periods | Thereof not adjusted but overdue during the | ||||
|---|---|---|---|---|---|---|---|
| 2012 in T€ | allowance 31.12.2012 |
nor overdue |
Up to 30 days |
From 31 to 90 days |
From 91 to 180 days |
From 181 to 360 days |
Over 360 days |
| Remaining term up to 1 year |
70,216.2 | 63,455.2 | 1,351.0 | 307.7 | 966.8 | 396.5 | 2,764.6 |
| Remaining term over 1 year |
720.3 | 720.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | 70,936.5 | 64,175.5 | 1,351.0 | 307.7 | 966.8 | 396.5 | 2,764.6 |
There were no indications as of the balance sheet date that the debtors would be unable to meet their obligations for the payment of receivables or originated loans that were neither adjusted nor overdue.
The valuation allowances relate primarily to trade and other receivables, and developed as follows in 2013 and 2012:
| 2013 in T€ | Valuation allowances 1.1.2013 |
Use | Reversal | Addition | Valuation allowances 31.12.2013 |
|---|---|---|---|---|---|
| Individual valuation allowances |
8,375.5 | -191.8 | -1,226.0 | 1,194.1 | 8,151.8 |
| Collective valuation allowances |
14.0 | -5.8 | 8.2 | ||
| Total | 8,389.4 | -191.8 | -1,231.7 | 1,194.1 | 8,160.0 |
| 2012 in T€ | Valuation allowances 1.1.2012 |
Use | Reversal | Addition | Valuation allowances 31.12.2012 |
|---|---|---|---|---|---|
| Individual valuation allowances |
6,769.9 | -217.3 | -3,166.4 | 4,989.3 | 8,375.5 |
| Collective valuation allowances |
19.9 | -5.9 | 14.0 | ||
| Total | 6,789.7 | -217.3 | -3,172.3 | 4,989.3 | 8,389.4 |
Expenses for the derecognition of receivables (primarily trade receivables) totalled T€ 25.8 in 2013 (2012: T€ 71.5).
An analysis of the receivables adjusted as of the balance sheet date according to the period overdue is shown below:
| 2013 in T€ | Carrying amount before valuation allowance 31.12.2013 |
Individual valuation allowance 31.12.2013 |
Collective valuation allowance 31.12.2013 |
Carrying amount after valuation allowance 31.12.2013 |
|---|---|---|---|---|
| Overdue < 1 year | 1,225.9 | 1,110.5 | 1.1 | 114.3 |
| Overdue > 1 year | 7,734.1 | 7,041.3 | 7.1 | 685.7 |
| Total | 8,960.0 | 8,151.8 | 8.2 | 800.0 |
| 2012* in T€ | Carrying amount before valuation allowance 31.12.2012 |
Individual valuation allowance 31.12.2012 |
Collective valuation allowance 31.12.2012 |
Carrying amount after valuation allowance 31.12.2012 |
|---|---|---|---|---|
| Overdue < 1 year | 5,988.3 | 5,275.2 | 8.9 | 704.3 |
| Overdue > 1 year | 3,375.4 | 3,100.3 | 5.1 | 270.0 |
| Total | 9,363.7 | 8,375.5 | 14.0 | 974.3 |
*adjusted
The following tables show the contractually agreed conditions and (undiscounted) interest and principal payments on the non-derivative financial liabilities held by the Flughafen Wien Group:
| 2013 in T€ | Carrying amount 31.12.13 |
Gross cash flows Total as of 31.12.2013 |
< 1 year | Cash flows 1 - 5 years |
> 5 years | Interest rate* |
|---|---|---|---|---|---|---|
| Fixed-interest bank loans |
461,983.8 | 664,289.3 | 24,624.7 | 211,266.6 | 428,398.0 | 4.78% |
| Variable interest bank loans |
195,308.7 | 198,174.7 | 104,711.3 | 93,463.4 | 0.0 | 0.94% |
| Trade payables | 49,717.6 | 49,717.6 | 49,717.6 | n.a. | ||
| Other liabilities | 51,182.6 | 51,182.5 | 48,482.5 | 2,700.0 | n.a. | |
| Finance lease liabilities |
7,466.6 | 9,628.6 | 1,322.6 | 5,273.5 | 3,032.5 | 7.51% |
| Total | 765,659.2 | 972,992.8 | 228,858.7 | 312,703.5 | 431,430.5 |
* Weighted average as of the balance sheet date, including any guarantee fees
| 2012 in T€ | Carrying amount 31.12.12 |
Gross cash flows Total as of 31.12.2012 |
< 1 year | Cash flows 1 - 5 years |
> 5 years | Interest rate* |
|---|---|---|---|---|---|---|
| Fixed-interest bank loans |
467,817.5 | 694,018.4 | 27,583.5 | 189,936.6 | 476,498.3 | 4.49% |
| Variable interest bank loans |
321,919.2 | 331,187.7 | 150,227.0 | 180,960.7 | 0.0 | 1.90% |
| Trade payables | 69,583.7 | 69,583.7 | 69,583.7 | n.a. | ||
| Other liabilities | 50,505.1 | 50,505.1 | 47,040.3 | 3,464.8 | n.a. | |
| Finance lease liabilities |
8,108.0 | 10,830.4 | 1,299.6 | 5,198.6 | 4,332.1 | 7.51% |
| Total | 917,933.5 | 1,156,125.3 | 295,734.2 | 379,560.6 | 480,830.4 |
* Weighted average as of the balance sheet date, including any guarantee fees
Of the total bank loans, T€ 505,429.6 (prior year adjusted: T€ 729,906.2) are secured by guarantees in accordance with the respective contracts. These guarantors receive a fee for these commitments.
This listing includes all instruments held by the Group as of 31 December 2013 for which payments have been contractually agreed. The variable interest payments on financial instruments were based on the interest rates on 31 December 2013. Financial liabilities that can be repaid at any time are always allocated to the earliest repayment period.
| 2013 in T€ | Valuation category |
Carrying amount 31.12.2013 |
Nominal value = fair value |
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | Cash reserve | 3,923.3 | 3,923.3 |
| Trade receivables | LaR | 34,452.6 | |
| Originated loans and other receivables | LaR | 34,459.8 | |
| Thereof fixed-interest securities | LaR | 20,000.0 | |
| Thereof receivables due from associated companies |
LaR | 61.8 | |
| Thereof other receivables | LaR | 13,802.9 | |
| Thereof originated loans | LaR | 595.1 | |
| Total | LaR | 68,912.4 | |
| Other non-derivative financial assets | |||
| Investments in other companies (not consolidated)* |
AfS | 157.3 | |
| Available-for-sale securities | AfS | 3,537.9 | |
| Thereof long-term investment funds, securities and rights* |
AfS | 3,537.9 | |
| Total | AfS | 3,695.2 | |
| LIABILITIES | |||
| Trade payables | FLAC | 49,717.6 | |
| Financial liabilities | FLAC | 657,292.5 | |
| Thereof non-current financial liabilities | FLAC | 551,646.4 | |
| Thereof current financial liabilities | FLAC | 105,646.0 | |
| Other non-current liabilities | FLAC | 9,355.1 | |
| Thereof non-current lease liabilities | FLAC | 6,655.1 | |
| Thereof miscellaneous non-current liabilities | FLAC | 2,700.0 | |
| Other current liabilities | FLAC | 49,294.1 | |
| Thereof current lease liabilities | FLAC | 811.5 | |
| Thereof miscellaneous current liabilities | FLAC | 48,482.6 | |
| Total | FLAC | 765,659.2 | |
* Fair value could not be reliably determined due to the lack of market values; selected items are therefore carried at amortised cost.
Management assumes that – with the exception of the items listed below – the carrying amounts of financial assets and financial liabilities stated at cost generally reflect fair value.
| Carrying amount as per IAS 39 | ||||
|---|---|---|---|---|
| Amortised cost | Fair value not recognised in Cost profit or loss |
Fair value recognised in profit or loss |
Fair value 31.12.2013 |
Notes |
| 3,923.3 | (20) | |||
| 34,452.6 | 34,452.6 | (19) | ||
| 34,459.8 | 35,967.0 | |||
| 20,000.0 | 21,507.2 | (18) | ||
| 61.8 | 61.8 | (19) | ||
| 13,802.9 | 13,802.9 | (19) | ||
| 595.1 | 595.1 | (16) | ||
| 68,912.4 | 70,419.6 | |||
| 0.0 | 157.3 | 157.3 | (16) | |
| 632.7 2,905.1 |
3,537.9 | |||
| 632.7 2,905.1 |
3,537.9 | (16) | ||
| 0.0 | 790.1 2,905.1 |
3,695.2 | ||
| 49,717.6 | 49,717.6 | (31) | ||
| 657,292.5 | 666,736.3 | (27) | ||
| 551,646.4 | 561,090.3 | (27) | ||
| 105,646.0 | 105,646.0 | (27) | ||
| 9,355.1 | 10,387.6 | (28) | ||
| 6,655.1 | 7,687.6 | (28) | ||
| 2,700.0 | 2,700.0 | (28) | ||
| 49,294.1 | 49,420.0 | (32) | ||
| 811.5 | 937.5 | (32) | ||
| 48,482.6 | 48,482.6 | (32) | ||
| 765,659.2 | 776,261.5 | |||
LaR - Loans and receivables
AfS - Available-for-sale financial instruments FLAC - Financial liabilities measured at amortised cost
| 20121 in T€ | Valuation category |
Carrying amount 31.12.2012 |
Nominal value = fair value |
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | Barreserve | 40,439.0 | 40,439.0 |
| Trade receivables | LaR | 43,090.4 | |
| Originated loans and other receivables | LaR | 27,846.1 | |
| Thereof fixed-interest securities | LaR | 20,000.0 | |
| Thereof receivables due from associated com panies |
LaR | 465.0 | |
| Thereof other receivables | LaR | 6,660.7 | |
| Thereof originated loans | LaR | 720.3 | |
| Total | LaR | 70,936.5 | |
| Other non-derivative financial assets | |||
| Investments in other companies (not consoli dated)2 |
AfS | 157.3 | |
| Available-for-sale securities | AfS | 13,100.6 | |
| Thereof long-term investment funds, secu rities and right2 |
AfS | 3,448.6 | |
| Thereof fixed-interest securities | AfS | 9,652.0 | |
| Total | AfS | 13,258.0 | |
| LIABILITIES | |||
| Trade payables | FLAC | 69,583.7 | |
| Financial liabilities | FLAC | 789,736.7 | |
| Thereof non-current financial liabilities | FLAC | 638,730.2 | |
| Thereof current financial liabilities | FLAC | 151,006.5 | |
| Other non-current liabilities | FLAC | 10,837.6 | |
| Thereof non-current lease liabilities | FLAC | 7,372.9 | |
| Thereof miscellaneous non-current liabilities | FLAC | 3,464.8 | |
| Other current liabilities | FLAC | 47,775.5 | |
| Thereof current lease liabilities | FLAC | 735.1 | |
| Thereof miscellaneous current liabilities | FLAC | 47,040.3 | |
| Total | FLAC | 917,933.5 |
1) adjusted
2) Fair value could not be reliably determined due to the lack of market values; selected items are therefore carried at amortised cost.
| Carrying amount as per IAS 39 | |||||
|---|---|---|---|---|---|
| Amortised cost | Cost | Fair value not recognised in profit or loss |
Fair value recognised in profit or loss |
Fair value 31.12.2012 |
Notes |
| 40,439.0 | (20) | ||||
| 43,090.4 | 43,090.4 | (19) | |||
| 27,846.1 | 30,215.7 | ||||
| 20,000.0 | 22,369.6 | (18) | |||
| 465.0 | 465.0 | (19) | |||
| 6,660.7 | 6,660.7 | (19) | |||
| 720.3 | 720.3 | (16) | |||
| 70,936.5 | 73,306.1 | ||||
| 157.3 | 157.3 | (16) | |||
| 632.8 | 12,467.8 | 13,100.6 | |||
| 632.8 | 2,815.8 | 3,448.6 | (16) | ||
| 9,652.0 | 9,652.0 | (18) | |||
| 790.2 | 12,467.8 | 13,258.0 | |||
| 69,583.7 | 69,583.7 | (31) | |||
| 789,736.7 | 799,851.0 | (27) | |||
| 638,730.2 | 648,844.5 | (27) | |||
| 151,006.5 | 151,006.5 | (27) | |||
| 10,837.6 | 11,984.0 | (28) | |||
| 7,372.9 | 8,519.2 | (28) | |||
| 3,464.8 | 3,464.8 | (28) |
Abbreviations:
Other current liabilities FLAC 47,775.5 47,775.5 47,889.8 (32) Thereof current lease liabilities FLAC 735.1 735.1 849.4 (32)
LaR - Loans and receivables
AfS - Available-for-sale financial instruments FLAC - Financial liabilities measured at amortised cost
The trade receivables, originated loans and other receivables generally have short remaining terms and therefore basically approximate fair value.
The fair value of the fixed-interest securities allocated to the category "loans and receivables" (LaR) represents the market price (Level 1).
The non-consolidated investments in other companies that are allocated to the category "available-for-sale financial assets (AfS)" represent equity instruments that are not listed on a regulated market and whose fair value could not be reliably determined. These investments are therefore carried at cost or amortised cost.
Trade payables and other liabilities normally have short remaining terms, and the carrying amounts of these items approximate fair value as of the balance sheet date.
The fair values of financial liabilities due to financial institutions (bank loans) and other financial liabilities (above all leasing liabilities) are generally determined using the present value of the payments for these obligations in accordance with the yield curve applicable to the respective remaining terms and a credit spread appropriate for Flughafen Wien (Level 2).
The following section presents an overview of the financial instruments measured or recognised at fair value (available-for-sale securities recognised at fair value through profit or loss) based on the valuation categories defined in IFRS 13. The individual levels are defined as follows.
The market price (stock exchange price) represents the fair value for financial assets and financial liabilities that are traded on active liquid markets at standardised terms and conditions. This method is also applied to listed redeemable obligations, promissory notes and perpetual bonds
The fair value of the financial assets and financial liabilities in this category, which are not traded on an active market, is derived directly (i.e. similar to market price) or indirectly (i.e. similar to prices or quoted prices) from market prices.
This category includes financial assets and financial liabilities (excluding derivatives) whose fair value is determined by applying recognised valuation models and valuation parameters that are not based on observable market data.
The following section provides an overview of financial instruments that are measured at fair value after initial recognition. These financial instruments are classified in three levels of disclosure that reflect the significance of the factors used for measurement:
| Level 1 | Level 2 | Level 3 | 31.12.2013 | |
|---|---|---|---|---|
| ASSETS in T€ | Market prices |
Derived prices |
Non-derived prices |
Total |
| Financial assets carried at fair value | ||||
| Available-for-sale securities | 389.1 | 2,516.0 | 0.0 | 2,905.1 |
| Available-for-sale financial assets – total |
389.1 | 2,516.0 | 0.0 | 2,905.1 |
The fair value of the available-for-sale securities classified under Level 2 is based on rights from life insurance policies and based on the capitalisation value of these policies. The capitalisation value equals the coverage capital and the profit participation of the respective policy.
No items were reclassiefied between Levels 1 and 2 during the reportig year.
| Level 1 | Level 2 | Level 3 | 31.12.2012 | |
|---|---|---|---|---|
| ASSETS in T€ | Market prices |
Derived prices |
Non-derived prices |
Total |
| Financial assets carried at fair value | ||||
| Available-for-sale securities | 10,038.2 | 2,429.6 | 0.0 | 12,467.8 |
| Available-for-sale financial assets – total |
10,038.2 | 2,429.6 | 0.0 | 12,467.8 |
| 2013 in T€ | From interest income / dividends |
From interest expense |
|---|---|---|
| Cash reserve | 87.3 | 0.0 |
| Loans and receivables (LaR) | 1,790.6 | -30.0 |
| Available-for-sale financial assets (AfS) | 2,621.0 | |
| Financial liabilities at amortised cost (FLAC) | -25,916.7 | |
| Total | 4,498.9 | -25,946.7 |
| 2012 in T€ | From interest income / dividends |
From interest expense |
At fair value through profit or loss |
|---|---|---|---|
| Cash reserve | 2,103.9 | ||
| Loans and receivables (LaR) | 1,432.1 | -18.9 | |
| Available-for-sale financial assets (AfS) | 1,494.1 | 0.0 | |
| Financial liabilities at amortised cost (FLAC) | -24,888.1 | ||
| Hedging | -292.8 | ||
| Total | 5,030.1 | -25,199.7 | 0.0 |
*Less deferred taxes
The interest received on financial instruments is included under net financing costs. The other components of net results are recorded under other financial results, with the exception of the valuation allowances to trade and other receivables that are classified under loans and receivables. These valuation allowances are shown under other operating expenses.
Net financing costs of T€ 25,916.7 (2012: T€ 24,888.1) for financial liabilities measured at amortised cost consist primarily of interest expense on bank loans. This item also includes the interest added to and discounted from other financial liabilities.
In connection with the recording of changes in the fair value of available-for-sale financial assets without recognition to profit or loss, valuation gains of T€ 67.0 (less deferred taxes) were recognised in other comprehensive income (2012: net valuation gain of T€ 171.2).
| From subsequent measurement | ||||
|---|---|---|---|---|
| From dere results cognition* 2013 |
Impairment | Foreign currency translation |
A fair value not through profit or loss* |
At fair value through profit or loss |
| 3.9 | ||||
| 11.8 | -2.4 | |||
| 261.0 328.0 |
67.0 | 0.0 | ||
| 261.0 341.3 |
11.8 | 1.5 | 67.0 | 0.0 |
| From subsequent measurement | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Foreign currency translation |
A fair value not through profit or loss* |
At fair value through profit or loss |
From interest expense |
From interest income / dividends |
Impairment | cognition* | From dere |
Net results 2012 |
||||||||||||||||||||||||||||||||
| 1.9 | 2,103.9 | 1.9 | ||||||||||||||||||||||||||||||||||||||
| 0.0 | -18.9 | 1,432.1 | -1,875.2 | -1,875.2 | ||||||||||||||||||||||||||||||||||||
| 171.2 | 0.0 | 1,494.1 | 112.3 | 283.5 | ||||||||||||||||||||||||||||||||||||
| -24,888.1 | 0.0 | |||||||||||||||||||||||||||||||||||||||
| -292.8 | 180.4 | 180.4 | ||||||||||||||||||||||||||||||||||||||
| 1.9 | 171.2 | 0.0 | -25,199.7 | 5,030.1 | -1,875.2 | 292.7 | -1,409.5 |
The financial assets, liabilities and planned transactions of the Flughafen Wien Group are exposed to a variety of market risks that include the risks resulting from changes in interest rates, exchange rates and stock market prices. The goal of financial risk management is to limit these market risks through the continuous optimisation of operating and financial activities. The measures to achieve these objectives are contingent on the expected risk, and include the selected use of derivative and non-derivative hedging instruments. Hedging generally involves only those risks that could influence the Group's cash flows. Derivative financial instruments are used exclusively for hedging purposes, and never for trading or other speculative reasons. In order to minimise credit risk, hedges are principally concluded with leading financial institutions that have a first-class credit rating.
The basic principles of the Group's financial policy are defined each year by the Management Board and monitored by the Supervisory Board. The Group treasury department is responsible for the implementation of financial policy and on-going risk management. Certain transactions require the prior approval of the business unit manager and, if specific limits are exceeded, the approval of the Management Board, which is provided with regular information on the scope and volume of the Group's current risk exposure. The treasury department views the effective management of liquidity risk and market risk as one of its primary duties.
The objective of liquidity management is to ensure that the Group is able to meet its payment obligations at all times. Liquidity management is based on short-term and longterm liquidity forecasts, which are subject to variance analyses and adjusted if necessary. The Group's operating segments provide the treasury department with information that is used to develop a liquidity profile, and the active management of payment flows is used to optimise net financing costs. Certain components of financial investments are held in the form of securities (investment funds, bonds) that serve as a liquidity reserve and can generally be sold at any time.
Additional quantitative information is provided under note (34).
The Flughafen Wien Group is exposed to risks arising from its business operations as well as the risk of default that is connected with certain investment and financing activities. In the investment and financing area, transactions are concluded almost exclusively with partners that have at least an "A" credit rating (S&P, Moody`s). Contract partners that are not rated by these agencies must have an excellent credit standing. The Group only acquires shares in investment funds that are directed by recognised international asset management companies. In the operating business, outstanding receivables are monitored continuously on a centralised basis. The risk resulting from default is minimised by short payment periods, agreements for the provision of collateral such as deposits or bank guarantees, and the increased use of direct debit and automatic collection procedures. The risk of default is countered by individual and collective valuation allowances. The credit risk associated with receivables can generally be considered low, since the majority of receivables are due and payable within a short period of time and are based on long-term relationships with customers.
The carrying amount of financial assets (including derivative financial instruments with a positive market value) represents the maximum default and credit risk, since there were no major agreements (e.g. settlement agreements) as of 31 December 2013 that would reduce the maximum risk of default.
Additional quantitative information is provided under note (34). Information on other financial obligations and risks is included in note (38).
Interest rate risk represents the risk that the fair value or the future payment flows generated by a financial instrument could fluctuate because of changes in interest rate levels. Interest rate risk includes the present value risk on fixed interest financial instruments as well as the risk associated with cash flows from variable interest financial instruments, and is related above all to long-term financial instruments. These longer terms are less important in the operating area, but can be material for financial assets, securities and financial liabilities.
The Flughafen Wien Group is exposed to interest rate risk mainly in the euro zone. In accordance with the current and forecasted debt structure, the treasury department selectively used interest rate derivatives in the past to adjust the interest rates on financial liabilities to meet the composition defined by management and thereby reduce the potential impact of interest rate fluctuations.
In order to depict market risks, IFRS 7 requires the disclosure of sensitivity analyses that demonstrate the effects of hypothetical changes in relevant risk variables on earnings and equity. The Flughafen Wien Group is not only exposed to interest rate risks, but also to foreign exchange risks and price risks arising from investments in other companies. The periodic effects are determined by evaluating the hypothetical changes in risk variables on financial instruments as of the balance sheet date for the financial statements. This procedure assumes that the amount determined as of this date is representative of the entire year.
Interest rate risks are presented in the form of sensitivity analyses as required by IFRS 7. These analyses show the effects of changes in interest rate levels on financing costs, interest income and expenses as well as other components of earnings and equity. The interest rate sensitivity analyses are based on the following assumptions:
If market interest rates had been 100 basis points higher/lower as of 31 December 2013, earnings would have been T€ 1,389.4 lower or T€ 1,310.7 higher (2012: T€ 1,489.8 higher/ lower). The theoretical impact on earnings results from the potential effect of variable interest securities and financial liabilities. If market interest rates had been 100 basis points higher/lower as of 31 December 2013, equity – including tax effects – would have been T€ 1,042.0 lower or T€ 983.0 higher (2012: T€ 1,117.4 higher/lower).
Foreign exchange risks arise in connection with financial instruments that are denominated in a currency other than the functional currency of the group company for which they are measured. For the purposes of IFRS, there is no foreign exchange risk on financial instruments that are denominated in the functional currency. Differences resulting from the translation of financial statements from a foreign currency into the Group currency are not affected by the provisions of IFRS 7.
The Flughafen Wien Group is exposed to foreign exchange risks in connection with investments, financing measures and operating activities. Foreign exchange risks in the investment area arise primarily in connection with the purchase and sale of stakes in foreign companies. As of the balance sheet date for the 2013 financial statements, the Group was not exposed to any material risks from transactions denominated in a foreign currency.
Foreign exchange risks in the financing area are related to financial liabilities that are denominated in foreign currencies as well as foreign currency loans that were concluded as financing for Group companies. The Flughafen Wien Group was not exposed to any material foreign exchange risks in the financing area as of 31 December 2013.
The individual Group companies carry out their business activities almost entirely in their relevant functional currency (euro), which is generally the same as the reporting currency of the Flughafen Wien Group. For this reason, the Group's foreign exchange risk in the operating area is considered to be low.
In accordance with IFRS 7, foreign exchange risks are generally presented in the form of a sensitivity analysis. The relevant risk variables are generally non-functional currencies in which the Group holds financial instruments. The foreign exchange sensitivity analysis is based on the following assumptions:
The major non-derivative monetary financial instruments – which include receivables, interest-bearing securities and debt instruments, cash and cash equivalents, and interest-bearing liabilities – are denominated primarily in the functional currency. Therefore, changes in foreign exchange rates have no material effect on earnings or equity.
Interest income from and expenses for financial instruments are recognised primarily in the functional currency. As a result, changes in the foreign exchange rates relating to these items have no effect on earnings or equity.
In summary, the risks to the Flughafen Wien Group arising from changes in foreign exchange rates were considered to be immaterial as of the closing date for the 2013 financial statements.
In connection with the analysis of market risks, IFRS 7 also requires the disclosure of information on the effects of hypothetical changes in risk variables on the price of financial instruments. The relevant risk variables include, above all, stock market prices or indexes. As of 31 December 2013 and 2012, the Flughafen Wien Group held no investments that would be categorised as available for sale – with the exception of shares in subsidiaries not included in the consolidation.
Financial management in the Flughafen Wien Group is designed to support a sustainable increase in the value of the company and also maintain a capital structure that will ensure an excellent credit rating.
Gearing represents the most important indicator for financial management. It is defined as the ratio of net financial liabilities (non-current and current financial liabilities less liquid funds and current securities) to equity as shown on the consolidated balance sheet. The main instruments used for managing gearing are an increase or decrease in financial liabilities as well as the strengthening of the equity base through the retention of earnings or the adjustment of dividend payments. Management has not defined a specific target for gearing, but has set a limit of 60% (2012: 60%) for the debt ratio over the medium-term. This goal remains unchanged from the previous year. The following table shows the development of gearing:
| in T€ | 2013 | 2012 |
|---|---|---|
| Financial liabilities | 657,292.5 | 789,736.7 |
| - Liquid funds | -3,923.3 | -40,439.0 |
| - Current securities | -20,000.0 | -29,652.0 |
| = Net financial liabilities | 633,369.2 | 719,645.7 |
| ./. Carrying amount of equity | 905,921.3 | 851,578.4 |
| = Gearing | 69.9 % | 84.5 % |
Gearing declined year-on-year, above all due to the repayment of borrowings. The reduction in borrowings was accompanied by a decrease of € 46.2 million in cash and cash equivalents.
The ratio of net debt to EBITDA is also used to manage the Group's financial structure. The medium-term goal is to reduce this indicator to roughly 2.5. In 2013 net debt to EBITDA equalled 2.62 (2012: 3.25).
Neither Flughafen Wien AG nor its subsidiaries are subject to minimum capital requirements defined by external sources.
The following table shows the lease payments arising from non-cancellable rental and lease contracts in which the Flughafen Wien Group serves as the lessor. In particular, the related objects represent operating and commercial buildings at Vienna Airport (including investment property).
| in T€ | 2013 | 2012 |
|---|---|---|
| Lease payments recognised as income of the reporting period | 133,589.6 | 131,937.2 |
| Thereof conditional payments from revenue-based rents | 5,023.3 | 7,899.0 |
| Future minimum lease payments: | ||
| Up to one year | 69,129.8 | 53,332.7 |
| Over one and up to five years | 165,802.4 | 137,215.6 |
| Over five years | 104,040.9 | 71,726.9 |
Major non-cancellable leases in which the Flughafen Wien Group serves as the lessee have been concluded with HERMIONE Raiffeisen-Immobilien-Leasing GmbH for the rental of operating buildings at Vienna International Airport and, up to and including 2012, with SITA Information Networking Computing Inc., USA, for the rental of operating equipment and furnishings, including operating software, for the check-in counters in the terminals. The following table shows the lease payments arising from these contracts:
| in T€ | 2013 | 2012 |
|---|---|---|
| Lease payments recognised as expenses of the reporting period | 6,246.5 | 9,527.2 |
| Thereof conditional payments from expense-based rents | 860.2 | 1,855.3 |
| Future minimum lease payments: | ||
|---|---|---|
| Up to one year | 6,175.1 | 8,733.4 |
| Over one and up to five years | 22,773.0 | 33,139.6 |
| Over five years | 34,063.0 | 39,301.3 |
The conditional lease payments recognised as expenses during the reporting period are linked to a fixed reference interest rate (six-month EURIBOR).
Flughafen Wien AG is required to assume the costs of the "Flughafen Wien Mitarbeiter-Beteiligung-Privatstiftung" (the employee foundation), which consist primarily of corporate income tax and administrative costs, in the form of subsequent contributions.
In accordance with § 7 (4) of the charter of the Schwechat Waste Water Association dated 10 December 2003, Flughafen Wien AG is liable as a member of this organisation for T€ 2,977.5 (2012: T€ 3,435.7) of loans related to the construction and expansion of sewage treatment facilities.
The Malta Mediterranean Link Consortium Group (MMLC) entered into a loan with a term ending in mid-2018 and an outstanding balance of € 9.0 million as of 31 December 2013 (2012: € 11.1 million). Flughafen Wien AG has agreed not to sell its investment in MMLC during the term of this loan. Furthermore, Flughafen Wien AG has confirmed the following to the lending institution: all necessary steps will be undertaken to ensure that the group's investments maintain a healthy financial position at all times; the corporate policies of Flughafen Wien AG include the fulfilment of financial obligations by MMLC at all times; and MMLC will be equipped with a financial basis that enables the company to meet its obligations at any time.
Information on commitments for pension and pension subsidy payments is provided under note (26).
As of 31 December 2013, obligations for the purchase of intangible assets amounted to € 1.0 million (2012: € 1.2 million) and obligations for the purchase of property, plant and equipment to € 20.2 million (2012: € 68.9 million).
Related companies include subsidiaries, non-consolidated subsidiaries of the Flughafen Wien Group, associated companies, the shareholders of Flughafen Wien AG (the province of Lower Austria and the city of Vienna each hold 20% of the shares) and their major subsidiaries as well as the members of management in key positions. The Flughafen Wien Group maintains business relations with companies in which the province of Lower Austria and/or the city of Vienna hold direct or indirect investments; these entities are also classified as related companies in the sense of IAS 24. Transactions with these companies are carried out at arm's length. The transactions carried out in the sense of IAS 24 involve everyday transactions related to the operating business and were not material in total. Purchases are made at ordinary market prices less standard volume rebates or other rebates granted on the basis of the business relationship.
The business relationships between Flughafen Wien AG and non-consolidated subsidiaries are immaterial. Information on the receivables and liabilities due from/to related companies and persons is provided under the relevant position in the notes. The services provided by non-consolidated subsidiaries led to expenses of T€ 8,937.2 (2012: T€ 7,408.4).
In 2013 the Flughafen Wien Group recorded revenue of T€ 985.1 (2012: T€ 962.9) from transactions with the joint venture City Air Terminal Betriebsgesellschaft m.b.H., T€ 643.4 (2012: T€ 643.4) with the associated company Schedule Coordination Austria GmbH and T€ 925.4 (2012: T€ 734.5) with the joint venture Malta International Airport plc. The revenue recorded from transactions with City Air Terminal Betriebsgesellschaft.m.b.H consists chiefly of services provided by Flughafen Wien AG and its subsidiaries for railway operations (baggage
handling, station operations, IT services etc.). The revenue generated by the associated company Schedule Coordination Austria GmbH represents charges by Flughafen Wien AG for the provision of personnel as well as IT and other services. The revenue recorded with the joint venture Malta International Airport plc. is generated primarily by consulting services.
As of 31 December 2013, receivables and originated loans due from joint ventures recorded at equity amounted to T€ 37.3 (2012: T€ 27.9). The comparable amount for associated companies recorded at equity was T€ 27.5 (2012: T€ 33.3).
As of 31 December 2013, liabilities to joint ventures recorded at equity totalled T€ 7,938.3 (2012: T€ 6,655.8) and liabilities to associated companies recorded at equity equalled T€ 30.8 (2012: T€ 31.3).
No material transactions were conducted between the Flughafen Wien Group and persons in key management positions or their close family members. Relations with bodies of the company are described under note (40).
The following table shows the average number of employees in the Flughafen Wien Group:
| 2013 | 2012 | |
|---|---|---|
| Workers | 3,213 | 3,301 |
| Staff | 1,186 | 1,174 |
| 4,399 | 4,475 |
The members of the Management Board of Flughafen Wien AG received the following remuneration for the 2013 and 2012 financial years:
| in T€ | Fixed compensation |
Performance based compen sation for 2012 |
Non-cash remuneration |
Total remuneration |
|---|---|---|---|---|
| Günther Ofner | 253.7 | 183.2 | 7.2 | 444.2 |
| Julian Jäger | 253.7 | 183.2 | 7.2 | 444.2 |
| 507.5 | 366.5 | 14.4 | 888.4 |
| in T€ | Fixed compensation |
Performance based compen sation for 2011 |
Non-cash remuneration |
Total remuneration |
|---|---|---|---|---|
| Günther Ofner | 252.7 | 80.8 | 7.2 | 340.8 |
| Julian Jäger | 252.7 | 80.8 | 7.1 | 340.7 |
| 505.5 | 161.6 | 14.3 | 681.5 |
The remuneration system for the members of the Management Board and first level of management is comprised of fixed and performance-based components. The performance-based remuneration represents bonuses for the 2012 financial year that were paid out during 2013. There are no stock option plans for management.
On behalf of Julian Jäger and Günther Ofner, the company makes payments equalling 15% of the respective salary to a pension fund. The contribution for each board member amounted to T€ 70.8 in 2013 (2012: T€ 44.6).
For other employees, exceptional performance and the realisation of targeted goals are rewarded in the form of bonuses.
Remuneration paid to former members of the Management Board amounted to T€ 606.8 in 2013 (2012: T€ 1,169.4).
Key management includes the members of the Management Board, the authorised officers of Flughafen Wien AG and the members of the Supervisory Board of Flughafen Wien AG. The following table shows the remuneration paid to these persons in 2013 and 2012, including the changes in provisions:
| in T€ | Supervisory Board |
Management Board |
Key employees |
|---|---|---|---|
| Current payments | 115.9 | 1,027.4 | 2,645.7 |
| Post-employment benefits (contributions to pension funds) |
0.0 | 141.6 | 44.9 |
| Other long-term benefits | 0.0 | 0.0 | 20.6 |
| Termination benefits | 0.0 | 0.0 | 110.2 |
| Total | 115.9 | 1,169.0 | 2,821.5 |
| in T€ | Supervisory Board |
Management Board |
Key employees |
|---|---|---|---|
| Current payments | 121.0 | 1,025.3 | 2,294.7 |
| Post-employment benefits (contributions to pension funds) |
0.0 | 89.2 | 33.2 |
| Other long-term benefits | 0.0 | 0.0 | 18.9 |
| Termination benefits | 0.0 | 0.0 | 82.9 |
| Total | 121.0 | 1,114.6 | 2,429.6 |
Payments of T€ 115.9 were made to the members of the Supervisory Board in 2013 (2012: T€ 107.8).
all events occurring after the balance sheet date that are important for valuation and measurement as of 31 december 2013 – such as outstanding legal proceedings or claims for damages and other obligations or impending losses that must be recognised or disclosed in accordance with ias 10 – are included in these consolidated financial statements or are not known.
schwechat, 7 march 2014
The Management Board:
Günther Ofner Julian Jäger member, CFo member, Coo
| Company | viation Abbre |
mpany Parent co |
Country | wned by the Group Share o |
Type of con solidation |
|---|---|---|---|---|---|
| Flughafen Wien AG | VIE | Austria | VK | ||
| Flughafen Wien Immobilienverwer tungsgesellschaft m.b.H. |
IVW | VIE | Austria | 100.0% | VK |
| Flugplatz Vöslau BetriebsGmbH | LOAV | VAH | Austria | 100.0% | VK |
| Mazur Parkplatz GmbH | MAZU | VIEL | Austria | 100.0% | VK |
| VIE International Beteiligungsma nagement Gesellschaft m.b.H. |
VINT | VIAB | Austria | 100.0% | VK |
| VIE Liegenschaftsbeteiligungsgesell schaft m.b.H. |
VIEL | VIE | Austria | 100.0% | VK |
| VIE Office Park Errichtungs- und Betriebsgesellschaft m.b.H. |
VOPE | VIEL | Austria | 100.0% | VK |
| Vienna Aircraft Handling Gesellschaft m.b.H. |
VAH | VIE | Austria | 100.0% | VK |
| Vienna Airport Business Park Immo bilienbesitzgesellschaft m.b.H. |
BPIB | VIEL | Austria | 100.0% | VK |
| Vienna Airport Infrastruktur Mainte nance GmbH |
VAI | VIE | Austria | 100.0% | VK |
| Vienna International Airport Beteili gungsholding GmbH |
VIAB | VIE | Austria | 100.0% | VK |
| Vienna International Airport Security Services Ges.m.b.H. |
VIAS | VIE | Austria | 100.0% | VK |
| VIE Office Park 3 BetriebsGmbH | VWTC | VIEL | Austria | 100.0% | VK |
| BTS Holding, a.s. "v likvidacii" | BTSH | VIE | Slovakia | 80.95% | VK |
| KSC Holding, a.s. | KSCH | VIE | Slovakia | 100.0% | VK |
| VIE (Malta) Limited | VIE Malta |
VINT | Malta | 100.0% | VK |
| VIE Malta Finance Holding Ltd. | VIE MFH | VIE | Malta | 100.0% | VK |
| VIE Malta Finance Ltd. | VIE MF | VIE MFH | Malta | 100.0% | VK |
| VIE Operations Holding Limited | VIE OPH | VINT | Malta | 100.0% | VK |
| VIE Operations Limited | VIE OP | VIE OPH | Malta | 100.0% | VK |
| Company | viation Abbre |
mpany Parent co |
Country | wned by the Group Share o |
Type of con solidation |
|---|---|---|---|---|---|
| VIE ÖBA GmbH | OEBA | VIE | Austria | 100.0% | VK |
| Vienna Auslands Projektentwicklung und Beteiligung GmbH |
VAPB | VIE | Austria | 100.0% | VK |
| City Air Terminal Betriebsgesellschaft m.b.H. |
CAT | VIE | Austria | 50.1% | EQ |
| SCA Schedule Coordination Austria GmbH |
SCA | VIE | Austria | 49.0% | EQ |
| Flughafen Friedrichshafen GmbH | FDH | VINT | Germany | 25.15% | EQ |
| Letisko Košice – Airport Košice. a.s. | KSC | KSCH | Slovakia | 66.0% | EQ |
| Malta International Airport p.l.c. | MIA | VIE Malta | Malta | 33.0% | EQ |
| Malta Mediterranean Link Consorti um Limited (Teilkonzern mit Malta International Airport p.l.c.) |
MMLC | VIE Malta | Malta | 57.1% | EQ |
| Columinis Holding GmbH in Liquida tion |
CMIS | VAPB | Austria | 50.0% | EQ |
| GetService Dienstleistungsgesell schaft m.b.H. |
GETS | VIAS | Austria | 100.0% | NK |
| "GetService"-Flughafen-Sicherheits und Servicedienst GmbH |
GET2 | VIAS | Austria | 51.0% | NK |
| Salzburger Flughafen Sicherheitsge sellschaft m.b.H. |
SFS | VIAS | Austria | 100.0% | NK |
| VIE Shops Entwicklungs- und Betriebsges.m.b.H. |
SHOP | VIE | Austria | 100.0% | NK |
EQ = equity method
Type of consolidation:
VK = full consolidation
NK = not consolidated for reasons of immateriality
All amounts were determined in accordance with national law, unless IFRS data were available.
| Flughafen Wien Immobilienverwertungsgesellschaft m.b.H. (IVW) |
||
|---|---|---|
| Headquarters: | Schwechat | |
| Share owned: | 100 % VIE | |
| The commercial leasing of assets, in particular real estate, as well as the acquisition of prop erty and buildings at Vienna Airport. |
||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 103,017.7 | 107,647.8 |
| Liabilities | 16,624.5 | 18,148.2 |
| Equity | 86,393.1 | 89,499.6 |
| Revenue | 17,042.1 | 16,661.0 |
| Net profit for the period | 8,417.6 | 10,639.1 |
| Headquarters: | Bad Vöslau | |
|---|---|---|
| Share owned: | 100 % VAH | |
| Operation and development of Vöslau Airport as well as the planning, construction and operation of buildings and equipment. |
||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 1,594.1 | 1,652.0 |
| Liabilities | 397.9 | 548.2 |
| Equity | 1,196.2 | 1,103.8 |
| Revenue | 921.0 | 889.4 |
| Net profit/loss for the period | 92.4 | -78.3 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100 % VIEL | |
| Operation of the Mazur car park and parking facilities. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 5,951.9 | 6,103.8 |
| Liabilities | 223.7 | 377.3 |
| Equity | 5,728.2 | 5,726.5 |
| Revenue | 2,442.1 | 2,434.6 |
| Net profit for the period | 1,367.7 | 1,369.4 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100 % VIAB | |
| Founding and management of local project companies for international acquisitions; con sulting and project management. |
||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 44,874.8 | 44,925.3 |
| Liabilities | 4,643.2 | 6,806.2 |
| Equity | 40,231.6 | 38,119.1 |
| Revenue | 937.9 | 776.1 |
| Net profit for the period | 2,112.5 | 489.7 |
| Headquarters: Schwechat |
||
|---|---|---|
| Share owned: 100 % VIE |
||
| Holding company for the BPIB, VOPE, MAZUR and VWTC subsidiaries, which are active in the purchase, development and marketing of property under their ownership. |
||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 33,575.1 | 31,267.4 |
| Liabilities | 5,910.0 | 6,304.0 |
| Equity | 27,665.1 | 24,963.4 |
| Revenue | 0.0 | 0.0 |
| Net profit/loss for the period | 2,701.7 | -24,990.2 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100 % VIEL | |
| Development of real estate, in particular the Office Park 2. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 41,479.7 | 42,837.8 |
| Liabilities | 22,132.6 | 23,511.6 |
| Equity | 19,347.1 | 19,326.2 |
| Revenue | 3,212.8 | 3,367.8 |
| Net profit for the period | 1,386.9 | 1,303.0 |
| Headquarters: Schwechat |
|||
|---|---|---|---|
| Share owned: | 100 % VIE | ||
| Provision of a full range of services for general aviation and, in particular, for business avia tion; major revenue generators are private aircraft handling and aircraft handling services provided on behalf of Flughafen Wien AG in the general aviation sector (incl. fuelling and the provision of hangar space). |
|||
| IFRS values in T€ | 2013 | 2012 | |
| Assets | 7,447.3 | 7,287.7 | |
| Liabilities | 1,301.2 | 1,128.3 | |
| Equity | 6,146.1 | 6,159.5 | |
| Revenue | 12,180.5 | 12,133.0 | |
| Net profit for the period | 2,232.1 | 1,582.8 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 99 % VIEL 1 % IVW | |
| Purchase and marketing of property | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 14,147.7 | 11,719.0 |
| Liabilities | 9,838.9 | 9,370.6 |
| Equity | 4,308.8 | 2,348.4 |
| Revenue | 9,162.4 | 9,035.1 |
| Net profit for the period | 1,960.4 | 602.1 |
| Share owned: 100 % VIE Provision of services for electrical facilities and equipment as well as the construction of electrical and supply facilities, in particular technical equipment for airports; the installation of electrical infrastructure; and the sale of security equipment. |
Headquarters: | Schwechat |
|---|---|---|
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Assets | 6,084.5 | 5,961.2 |
| Liabilities | 3,452.1 | 3,291.2 |
| Equity | 2,632.4 | 2,670.0 |
| Revenue | 19,024.5 | 15,218.4 |
| Net profit for the period | 1,143.6 | 1,258.7 |
| Headquarters: | Schwechat |
|---|---|
| Share owned: | 100 % VIE |
| Acquisition and investment in international subsidiaries and other companies; participation in international airport privatisation programmes; this company serves as the holding com pany for the VINT subsidiary. |
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Assets | 59,885.4 | 59,791.8 |
| Liabilities | 2,216.4 | 2,157.4 |
| Equity | 57,669.0 | 57,634.4 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 34.7 | 37.8 |
| Vienna International Airport Security Services Ges.m.b.H. (VIAS) |
|
|---|---|
| ----------------------------------------------------------------------- | -- |
| Headquarters: | Schwechat |
|---|---|
| Share owned: | 100 % VIE |
| Provision of security services (persons and hand luggage) on behalf of the Austrian Ministry |
of the Interior, and various other services for aviation customers (wheelchair transport, control of oversize baggage, document control etc.); the company also participates in tenders for the provision of security services at other airports through its Austrian and foreign subsidiaries.
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Assets | 32,876.5 | 25,405.5 |
| Liabilities | 14,479.6 | 12,926.9 |
| Equity | 18,397.0 | 12,478.6 |
| Revenue | 51,441.5 | 47,200.6 |
| Net profit for the period | 9,591.6 | 4,786.8 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 99% VIEL 1% BPIB | |
| Rental and development of real estate, in particular the Office Park 3. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 8,625.2 | 9,057.9 |
| Liabilities | 5,915.8 | 7,300.4 |
| Equity | 2,709.4 | 1,757.5 |
| Revenue | 2,329.9 | 2,352.0 |
| Net profit/loss for the period | 951.9 | -3,243.2 |
| Headquarters: | Bratislava, Slovakia | |
|---|---|---|
| Share owned: | 47.7% VIE 33.25% VINT | |
| Provision of services and consulting for airports; plans also call for the company to hold the intended investment in Bratislava Airport. |
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Assets | 3,672.8 | 3,709.0 |
| Liabilities | 303.4 | 308.5 |
| Equity | 3,369.4 | 3,400.5 |
| Revenue | 0.0 | 0.0 |
| Loss/net profit for the period | -31.1 | 2,296.4 |
| Bratislava, Slovakia | |
|---|---|
| 47.7% VIE 52.30% VINT | |
Holding company for the 66% investment in Košice Airport as well as the provision of consulting services.
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Assets | 33,724.7 | 34,030.2 |
| Liabilities | 3,182.7 | 3,977.5 |
| Equity | 30,542.0 | 30,052.7 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 489.3 | 901.7 |
| Headquarters: | Luqa, Malta |
|---|---|
| Share owned: | 99.8% VINT 0.2% VIAB |
| Provision of services and consulting for airports; the financial statements of VIE (Malta) |
Limited include the at-equity valuation of the subgroup financial statements of Malta Mediterranean Link Consortium Ltd. and Malta International Airport plc.
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Assets | 56,439.6 | 53,357.5 |
| Liabilities | 11,940.7 | 13,701.2 |
| Equity | 44,498.9 | 39,656.4 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 4,842.6 | 3,748.1 |
| Headquarters: | Luqa, Malta | |
|---|---|---|
| Share owned: | 99.95% VIE 0.05% VIAB | |
| Holding company for the subsidiary VIE Malta Finance Ltd. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 14,157.6 | 7,975.1 |
| Liabilities | 14.7 | 16.3 |
| Equity | 14,142.9 | 7,958.9 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 6,184.1 | 7,008.6 |
| Headquarters: | Luqa, Malta | |
|---|---|---|
| Share owned: | 99.95% VIE MFH 0.05% VIAB | |
| Purchase and sale, investment and trading in financial instruments. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 173,129.4 | 294,640.0 |
| Liabilities | 172,461.8 | 288,736.7 |
| Equity | 667.6 | 5,903.4 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 665.6 | 5,901.4 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIE | |
| Provision of all types of construction and construction-related services, among others for construction projects realised by Flughafen Wien AG or other companies. |
||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 906.2 | 3,362.9 |
| Liabilities | 440.2 | 2,642.4 |
| Equity | 466.0 | 720.5 |
| Revenue | 3,793.8 | 6,250.1 |
| Net profit for the period | 398.4 | 310.9 |
| Vienna Auslands Projektentwicklung und Beteiligung GmbH (VAPB) |
||
|---|---|---|
| Headquarters: | Schwechat | |
| Share owned: | 100% VIE | |
| Acquisition of international subsidiaries and investments in other companies. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 214.9 | 224.4 |
| Liabilities | 200.9 | 200.9 |
| Equity | 14.0 | 23.5 |
| Revenue | 0.0 | 0.0 |
| Loss for the period | -9.5 | -25.9 |
| Headquarters: | Luqa, Malta | |
|---|---|---|
| Share owned: | 99.95% VINT 0.05% VIAB | |
| Holding company for VIE Operations Limited. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 156.4 | 256.3 |
| Liabilities | 33.3 | 29.0 |
| Equity | 123.1 | 227.3 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 1,070.8 | 546.1 |
| Headquarters: | Luqa, Malta | |
|---|---|---|
| Share owned: | 99.95% VIE OPH 0.05% VINT | |
| Provision of support, services and consultancy for international airports. | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 552.9 | 895.2 |
| Liabilities | 203.4 | 368.9 |
| Equity | 349.5 | 526.3 |
| Revenue | 925.4 | 734.5 |
| Net profit for the period | 597.5 | 461.3 |
| Type of holding: | Joint venture |
|---|---|
| Headquarters: | Schwechat |
| Share owned: | 50.1% VIE |
Operation of the City Airport Express as a railway operator from the "Wien-Mitte" transit centre to and from Vienna International Airport; operation of check-in facilities at the "Wien-Mitte" transit centre combined with baggage logistics for airport passengers; consulting for third parties on the organisation and development of traffic connections between airports and cities.
| IFRS values in T€ | 2013 | 2012 |
|---|---|---|
| Non-current assets | 8,979.4 | 10,056.3 |
| Current assets | 8,467.6 | 7,224.6 |
| Non-current liabilities | 338.7 | 371.8 |
| Current liabilities | 839.3 | 1,949.8 |
| Equity | 16,269.0 | 14,959.2 |
| Revenue | 10,844.8 | 10,364.7 |
| Net profit for the period | 1,309.8 | 1,091.7 |
| Type of holding: | Associated company | |
|---|---|---|
| Headquarters: | Schwechat | |
| Share owned: | 49% VIE | |
| Schedule coordinator for airports in Austria, e.g. the company allocates time slots to aircraft in accordance with EU law, principles defined by the IATA and applicable legal regulations, and also carries out other activities that are directly or indirectly related to the business of the company. |
||
| Values in acc. with the Austrian Commercial Code in T€ | 2013* | 2012 |
| Assets | 661.5 | 744.2 |
| Liabilities | 104.3 | 114.5 |
| Equity | 557.3 | 629.8 |
| Revenue | 813.1 | 845.6 |
| Loss for the period | -46.5 | -18.8 |
* Preliminary values
| Type of holding: Associated company |
||
|---|---|---|
| Headquarters: | Friedrichshafen, Germany | |
| Share owned: | 25.15% VINT | |
| Operation of Friedrichshafen Airport | ||
| IFRS values in T€ | 2013 | 2012 |
| Assets | 39,907.7 | 40,740.5 |
| Liabilities | 33,101.2 | 32,762.9 |
| Equity | 6,806.6 | 7,977.6 |
| Revenue | 10,678.4 | 10,436.2 |
| Loss for the period | -1,173.4 | -4,728.6 |
| Type of holding: | Joint venture | |
|---|---|---|
| Headquarters: | Košice, Slovakia | |
| Share owned: | 66% KSCH | |
| Operation of Košice Airport. | ||
| Local law in T€ | 2013 | 2012 |
| Non-current assets | 35,469.7 | 38,191.2 |
| Current assets | 16,792.4 | 14,345.7 |
| Non-current liabilities | 342.8 | 416.0 |
| Current liabilities | 1,111.1 | 854.3 |
| Equity | 50,808.1 | 51,266.7 |
| Revenue | 7,301.2 | 7,292.7 |
| Net profit for the period | 780.0 | 1,408.9 |
| Type of holding: | Joint venture | ||
|---|---|---|---|
| Headquarters: | Luqa, Malta | ||
| Share owned: | 10.1% VIE Malta 40% MMLC | ||
| Operation of Malta International Airport. | |||
| IFRS values in T€ | 2013* | 2012** | |
| Non-current assets | 120,147.0 | 119,129.1 | |
| Current assets | 41,960.2 | 35,114.5 | |
| Non-current liabilities | 70,262.0 | 71,999.0 | |
| Current liabilities | 24,861.5 | 19,899.3 | |
| Equity | 66,983.8 | 62,345.2 | |
| Revenue | 58,788.5 | 52,812.0 | |
| Net profit for the period | 14,587.7 | 12,459.9 |
* Preliminary values
** Adjusted to reflect final values
This company is listed on the Malta Stock Exchange. The market price per share equalled € 2.16 as of the balance sheet date (2012: € 1.80) and the market value of the 10.1% directly owned stake was T€ 29,517.1 (2012: T€ 24,597.5).
| Type of holding: Joint venture |
||
|---|---|---|
| Headquarters: | La Valetta, Malta | |
| Share owned: | 57.1% VIE Malta | |
| Holding company for the investment in Malta International Airport. | ||
| IFRS values in T€ | 2013* | 2012** |
| Non-current assets | 146,961.8 | 145,943.8 |
| Current assets | 41,999.2 | 35,656.6 |
| Non-current liabilities | 77,172.0 | 81,009.0 |
| Current liabilities | 26,858.8 | 21,825.0 |
| Equity | 84,930.3 | 78,766.4 |
| Revenue | 58,788.5 | 52,812.0 |
| Net profit for the period | 14,484.7 | 12,269.4 |
* Preliminary values
** Adjusted to reflect final values
| Type of holding: | Joint venture | |
|---|---|---|
| Headquarters: | Vienna | |
| Share owned: | 50% VAPB | |
| Joint venture to acquire investments in other companies. | ||
| IFRS values in T€ | 2013* | 2012 |
| Non-current assets | 0.0 | 0.0 |
| Current assets | 14.3 | 14.7 |
| Non-current liabilities | 0.0 | 0.0 |
| Current liabilities | 1.5 | 1.5 |
| Equity | 12.8 | 13.2 |
| Revenue | 0.0 | 0.0 |
| Loss for the period | -0.4 | -6.1 |
* Preliminary values
| Headquarters: | ||
|---|---|---|
| Share owned: | 100% VIAS | |
| Provision of all types of security services related to airport operations. | ||
| Values in acc. with Austrian Commercial Code in T€ | 2013 | 2012 |
| Assets | 708.0 | 829.2 |
| Liabilities | 177.6 | 242.2 |
| Equity | 530.4 | 586.9 |
| Revenue | 1,488.6 | 2,162.1 |
| Net profit for the period | 69.3 | 125.9 |
| Headquarters: | Schwechat | |||
|---|---|---|---|---|
| Share owned: | 51% VIAS | |||
| Provision of security services, personnel leasing, cleaning including snow removal etc. | ||||
| Values in acc. with Austrian Commercial Code in T€ | 2013 | 2012 | ||
| Assets | 3,387.1 | 6,845.7 | ||
| Liabilities | 2,169.1 | 2,490.3 | ||
| Equity | 1,217.9 | 4,355.4 | ||
| Revenue | 8,756.8 | 7,977.7 | ||
| Net profit for the period | 1,060.7 | 828.4 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIAS | |
| Provision of security services; the company is not active at the present time. | ||
| Values in acc. with Austrian Commercial Code in T€ | 2013 | 2012 |
| Assets | 49.4 | 51.1 |
| Liabilities | 0.1 | 0.0 |
| Equity | 49.4 | 51.1 |
| Revenue | 0.0 | 0.0 |
| Loss for the period | -1.7 | -2.8 |
| Headquarters: | Schwechat | ||
|---|---|---|---|
| Share owned: | 100% VIE | ||
| Planning, development, marketing and operation of shops at airports in Austria and other countries. |
|||
| Values in acc. with Austrian Commercial Code in T€ | 2013 | 2012 | |
| Assets | 1.6 | 4.5 | |
| Liabilities | 0.0 | 0.0 | |
| Equity | 1.6 | 4.5 | |
| Revenue | 0.0 | 0.0 | |
| Loss for the period | -2.9 | -3.6 |
In accordance with § 82 of the austrian Stock Corporation act
We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group as required by the applicable accounting standards and that the group management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal risks and uncertainties the group faces.
Schwechat, 7 march 2014 The Mangement Board:
Günther Ofner Julian Jäger member, Cfo member, Coo
We have audited the accompanying consolidated financial statements of
for the year from 1 January 2013 to 31 December 2013. These consolidated financial statements comprise the consolidated balance sheet/consolidated statement of financial position as of 31 December 2013, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of cash flows and the consolidated statement of changes in equity for the fiscal year 2013 and a summary of significant accounting policies and other explanatory notes.
The Company's management is responsible for the group accounting system and for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to § 245a UGB (Austrian Commercial Code). This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and, as well as in accordance with International Standards on Auditing, issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC). Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal control relevant to the Group's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the consolidated financial statements comply with legal requirements and give a true and fair view of the financial position of the Group as of 31 December 2013 and of its financial performance and its cash flows for the year from 1 January to 31 December 2013 in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU.
Pursuant to statutory provisions, the management report for the Group is to be audited as to whether it is consistent with the consolidated financial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report for the Group is consistent with the consolidated financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report for the Group is consistent with the consolidated financial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Vienna, 10 March 2014
signed by:
Heidi Schachinger Michael Schlenk Wirtschaftsprüferin Wirtschaftsprüfer
(Austrian Chartered Accountants)
Flughafen Wien AG M a n a g e m e n t R e p o r t f o r t h e 2 0 1 3 F i n a n c i a l Y e a r
Economic developments, crises and other events that lead to fl ight and route cancellations or frequency reductions have a signifi cant infl uence on the commercial development of air travel. As an international hub in Central Europe, Vienna Airport is dependent on economic developments in the Euro zone and – because of its geographical location – also affected by economic trends in the CEE region.
The global economy followed two years of weaker growth with the fi rst signs of slight recovery beginning in mid-2013, which was accompanied by a shift in momentum from the emerging countries to the industrial nations. The Euro zone recorded the fi rst positive development in a longer period during the second quarter of 2013, whereby the core states – e.g. Germany and Austria – were substantially stronger than the peripheral countries. The CEE economies generally remained subdued throughout 2013: the countries in this region recorded slightly better economic performance, with the exception of the Czech Republic, Slovenia and Croatia. Stronger domestic demand is forecasted for the CEE countries starting in 2014 due to the expected recovery of key export markets. (Source: Austrian National Bank)
The Austrian economy was also very reserved in 2013 with a real GDP increase of only 0.4%. Real consumption by private households was restrained by a 2.3% increase in net wages, 2% inflation and rising unemployment. Growth in the Austrian business sector was also weak during the past year. In spite of extremely low interest rates, improved corporate financing capacity and somewhat less restrictive lending conditions, gross fixed capital investment declined and real added value rose only slightly in the manufacturing, construction and service sectors. However, the recent increase in export orders leads to expectations of higher volumes and increased capital investment beginning in 2014. (Source: Austrian National Bank)
The Austrian tourism industry, a key driver for business development at Vienna Airport, set another new record in 2013. According to Statistik Austria, the number of overnight stays rose by 1.2% year-on-year to 132.6 million. Overnight stays by foreign tourists increased 1.9% to 96.8 million. The shift in the guest structure also continued during 2013, with travellers from Central and Eastern Europe replacing visitors from Germany. The share of guests from Germany has fallen steadily over the past 10 years from 45% to 38%, while the share of guests from the CEE countries has already reached roughly 8%. An increase in overnight stays was also registered by travellers from Switzerland, Great Britain, Belgium, Russia, the USA and Sweden in 2013. In contrast, a lower number of overnight stays was recorded by visitors from the Netherlands, Italy, France and Romania. The strong growth in the number of arrivals points to a decline in the average length of stay. (Source: Statistik Austria)
Travel by the Austrian public rose slightly year-on-year in 2013. In summer 2013 (July – September), the most important holiday season, the number of vacation trips increased 2.9% to approx. 6.75 million. (Source: Statistik Austria)
Passenger traffic at the European airports rose by an average of 2.8% in 2013.1 Strong growth was recorded by the airports in Turkey, Russia, Iceland and Norway, while the EU airports generated only a moderate increase of 1.0%.1 Vienna Airport registered a slight decline of 0.7%, not least due to the weather- and strike-related flight cancellations during the first half-year and the continuing airline consolidation. Vienna Airport handled a total of 21,999,926 passengers in 2013. The number of local passengers rose by 102,305 to 15,178,223, while transfers were 3.7% lower.
Flight movements also continued to decline in 2013. This is reflected in developments at the European airports, where flight movements fell by 1.2%1 . At Vienna Airport, the number of flight movements was 5.5% lower at 231,179. Cargo recovered significantly during the second third and fourth quarters after initial declines, with a slight plus of 1.6% to 256,194 tonnes for the full year. With this development, Vienna outpaced the European average of plus 0.8%1 in the cargo segment.
In 2013 Vienna remained one of the top ten airports in Europe for punctuality and further improved its service levels.
| Passengers in thousand |
Change vs. 2012 in % |
Flight movements2 |
Change vs. 2012 in % |
|
|---|---|---|---|---|
| London* | 125,663.2 | 3.2 | 846,330 | 0.4 |
| Paris** | 90,327.2 | 1.7 | 702,112 | -2.7 |
| Frankfurt | 58,036.9 | 0.9 | 461,603 | -2.1 |
| Amsterdam | 52,569.3 | 3.0 | 425,565 | 0.5 |
| Madrid | 39,710.9 | -12.1 | 332,361 | -10.7 |
| Munich | 38,672.6 | 0.8 | 361,779 | -4.0 |
| Rome | 36,165.8 | -2.2 | 298,001 | -3.7 |
| Milan*** | 35,888.9 | -1.9 | 320,475 | -5.2 |
| Zurich | 24,816.6 | 0.3 | 243,774 | -2.6 |
| Vienna | 21,999.9 | -0.7 | 229,652 | -5.5 |
| Prague | 10,974.2 | 1.5 | 125,710 | -2.3 |
| Budapest | 8,510.9 | 0.2 | 77,879 | -4.9 |
* London Heathrow, Gatwick, Stansted ** Paris Charles de Gaulle, Paris Orly *** Milan Malpensa, Linate, Bergamo Source: ACI Europe Traffic Report December 2013
1) ACI Airport Council International – Europe, internal; January – December 2013
2) Flight movements as per ACI: Movements exclusive General Aviation and Other Aircraft Movements
| Traffic indicators | 2013 | Change in % | 2012 | 2011 |
|---|---|---|---|---|
| MTOW (in million tonnes) | 7.9 | -2.6 | 8.1 | 8.3 |
| Total passengers (in million) | 22.0 | -0.7 | 22.2 | 21.1 |
| Thereof local passengers (in million) |
15.2 | 0.7 | 15.1 | 14.5 |
| Thereof transfer passengers (in million) |
6.8 | -3.7 | 7.1 | 6.5 |
| Flight movements | 231,179 | -5.5 | 244,650 | 246,157 |
| Cargo (air cargo and trucking; in tonnes) |
256,194 | 1.6 | 252,276 | 277,784 |
| Seat occupancy (in %) | 74.8 | n.a. | 73.0 | 69.6 |
| Number of destinations | 177 | -1.1 | 179 | 174 |
| Number of airlines | 71 | 0.0 | 71 | 73 |
Vienna Airport handled a total of 21,999,926 passengers during 2013 (minus 0.7%) in a challenging year that was influenced by a difficult market environment for the air travel industry throughout Europe, capacity reductions by the airlines, crises in Egypt and the Middle East and numerous flight cancellations due to the severe winter 2012/13 with extreme snowfall and strikes in Germany. The development of passenger traffic was noticeably weaker during the first two quarters, but improved substantially in the second halfyear.
The number of take-offs and landings at Vienna Airport fell by 5.5% in 2013, and maximum take-off weight (MTOW) declined to 7.9 million tonnes. In contrast, seat occupancy rose by 1.9 percentage points year-on-year to 74.8%. This positive development was seen, above all, in the airlines with the highest passenger volumes.
Cargo turnover rose 1.6% over the previous year to 256,194 tonnes in 2013. This growth resulted from a plus of 0.5% in air cargo and, above all, an increase of 4.2% in trucking. The turnaround came, as expected, at mid-year. In 2013 Vienna Airport won the "Hub Quality Championship", outranking Munich and Frankfurt. The cancellation of cargo connections by Saudi Arabian Airlines and Royal Jordanian from the Middle East was offset by the start of Cargolux flights in August.
Vienna Airport offered scheduled flights to 177 destinations in 2013 (2012: 179), including 42 (2012: 45) in Eastern Europe. Despite the slight decline to 2,165,556 departing passengers in 2013, Vienna Airport remains a key European east-west hub.
| Region | 2013 | 2012 | Change absolute |
Share 2013 in % |
Share 2012 in % |
Change in %-points |
|---|---|---|---|---|---|---|
| Eastern Europe | 2,165,556 | 2,226,488 | -60,932 | 19.7 | 20.1 | -0.4 |
| Western Europe | 7,536,817 | 7,495,253 | 41,564 | 68.6 | 67.8 | 0.8 |
| Far East | 363,163 | 384,524 | -21,361 | 3.3 | 3.5 | -0.2 |
| Middle East | 522,691 | 541,667 | -18,976 | 4.8 | 4.9 | -0.1 |
| North America | 233,682 | 212,488 | 21,194 | 2.1 | 1.9 | 0.2 |
| Africa | 157,229 | 189,733 | -32,504 | 1.4 | 1.7 | -0.3 |
| South America | 10,977 | 8,028 | 2,949 | 0.1 | 0.1 | 0.0 |
| Total | 10,990,115 | 11,058,181 | -68,066 | 100.0 | 100.0 |
The destinations in Western Europe registered the highest absolute growth in passengers for 2013 with a plus of 41,564 to 7,536,817. This increase raised the region's share of total passenger traffic to 68.6%. The start of flights to Chicago was reflected in a plus of 10.0% in the number of passengers travelling to North America, which was responsible for 2.1% of the departing passengers in 2013. Destinations in the Far East recorded 5.6% less passengers. The crises in Egypt and the Middle East led to a decline of 3.5% in travel to this region.
Similar to the previous year, Frankfurt was the destination for most of the passengers in 2013 – here Vienna Airport registered an increase of 11.1% to 659,393 passengers. Strong growth was also recorded in traffic to Istanbul (plus 20.4%), Moscow (plus 15.3%) and Milan (plus 11.0%). The most passengers on long-haul flights were recorded by Bangkok with 113,864, followed by New York with 87,523 and Tokyo with 72,874.
The largest customer of the Flughafen Wien Group – Austrian Airlines – reported a 1.6% in the number of passengers in 2013. This was reflected in a decline in the carrier's share of the total passenger traffic to 49.1% (2012: 49.5%). However, Austrian Airlines is still the dominating home carrier at Vienna Airport.
In the ranking of the airlines at Vienna Airport based on the number of passengers, Austrian Airlines is followed by NIKI with 11.0% (2012: 12.0%), airberlin with 6.1% (2012: 6.3%) and Lufthansa with 5.5% (2012: 5.5%). The highest absolute growth was recorded by Turkish Airlines with 35.1%, which raised its share of passenger traffic to 2.3%. Germanwings increased its share of passenger traffic to 2.7% following restructuring within the Lufthansa Group.
The average seat occupancy (scheduled and charter) rose from 73.0% in 2012 to 74.8%. Vienna Airport was regularly serviced by 71 airlines in 2013 (2012: 71), which travelled to a total of 177 destinations in 69 countries. New airlines include Cargolux, Kuwait Airways and Germania, which added Vienna to their flight schedules in 2013.
The Austrian Airport Fee Act took effect on 1 July 2012. Accordingly, the fee adjustments based on the price-cap formula and the procedure for adjustments in 2013 were based on this law.
Vienna International Airport has a fee system that is very attractive in international comparison. The fees were adjusted as of 1 January 2013 based on a price-cap formula that was accepted by FWAG, the airlines and the Austrian civil aviation authority (Austrian Ministry for Transport, Innovation and Technology (BMVIT)). The calculation of the landing, parking and airside infrastructure fee is based on the maximum take-off weight (MTOW) of the aircraft, while the passenger fee and landside infrastructure fee are based on the number of passengers. The infrastructure fee for fuelling is based on the volume of fuel. The maximum change in the fee equals the inflation rate minus 0.35-times the growth in traffic, which is defined as the three-year average for the change in traffic over the 12-month period from 1 August to 31 July. If traffic growth is negative, the maximum fee adjustment equals the inflation rate.
The fee structure was adjusted as follows as of 1 January 2013:
| Landing fee, airside infrastructure fee, parking fee: | + 1.56% |
|---|---|
| Passenger fee, landside infrastructure fee: | + 0.72% |
| Infrastructure fee for fuelling: | + 1.14% |
In the general aviation/business aviation sector, the landing fee for aircraft up to four tonnes MTOW was raised to a flat rate of € 112.37 per landing and the landing fee for aircraft from four to 25 tonnes MTOW was reduced by approx. 0.5%. The passenger fee for general aviation/business aviation flights was increased to € 16.80 and now equals the passenger fee in the main terminal. The passenger fee for all passengers at Vienna Airport was subsequently reduced by € 0.01 per departing passenger.
The PRM fee (passengers with reduced mobility) remained unchanged at € 0.34 per departing passenger.
The Austrian Airport Fee Act and the Austrian Aviation Security Act of 2011 require Flughafen Wien AG to collect a security fee from departing passengers. This fee equals € 7.70 for each departing passenger (local and transfer).
In order to further strengthen Vienna's position as a transfer airport, Flughafen Wien AG increased the long-standing transfer incentive to € 12.50 per departing passenger as of 1 January 2013. The new transfer incentive programme also calls for further progressive rates under certain growth conditions.
The growth incentive programme, which comprises a destination and frequency incentive as well as a frequency rate incentive, was also continued in 2013. These measures provide sustainable protection for the role of Vienna Airport as a bridgehead between west and east.
The fee adjustments implemented on 1 January 2013 as well as the continuation and/or expansion of the successful incentive programme are designed to strengthen the competitive position of Vienna Airport and to promote strategically important intercontinental routes and traffic to destinations in Eastern and Central Europe.
In spite of the slight decline in passenger traffic and flight movements (minus 0.7%, resp. minus 5.5%), Flughafen Wien AG recorded an increase of € 11.2 million in revenue in 2013. This growth was supported by the adjustment of the security fee, higher individual services (e.g. for de-icing) and higher income from the rental of advertising space. Declines were recorded, above all, in areas where business correlates with flight movements and MTOW. The seasonality of the airport business also creates a situation where Flughafen Wien AG normally generates its highest revenue during the holiday periods in the second and third quarters.
Airport revenue rose by € 14.0 million to € 307.0 million for the reporting year. This increase resulted primarily from the adjustment of the security fee in June 2012 and led to higher income of € 84.7 million (2012: € 78.5 million). In addition to higher passenger fees, the fees for the use of infrastructure equipment and facilities for passengers and aircraft also increased. These developments were contrasted by a lower number of flight movements (minus 5.5%), which led to a decline in the landing fee and a contribution of € 62.9 million to revenue for the reporting year. Temporary deductions were lower due to the changed fee structure and the adjustment of the incentive scheme.
Handling revenue declined 2.5% to € 140.9 million. Revenue from ramp handling was € 11.5 million lower, but revenue from individual services rose to € 20.7 million chiefly due to an increase in aircraft de-icing. Vienna Airport's apron handling had a market share of 88.5% in 2013 (2012: 89.3%). Revenue from traffic handling fell to € 7.8 million. The cargo business was faced with massive declines in the first half-year, but a very good third and fourth quarter resulted in a volume plus of 1.6% to 256,194 tonnes for cargo handling. However, revenue declined from € 31.2 million to € 28.2 million due to the difficult market environment. In spite of this shift, the market share of VIE-Handling in the cargo segment remained at a very high 93.2% (2012: 94.0%).
Non-aviation revenue also increased in 2013 and, including revenue from subsidiaries, rose to € 155.9 million (2012: € 155.1 million). Lower occupancy in the parking facilities led to a 4.5% decline in parking income, but rental and leasing income (incl. turnover-based rents) rose by a sound 5.1% to € 83.4 million among others due to the increased marketing of advertising space.
The development of earnings at Flughafen Wien AG in 2013 can be summarised as follows:
| Amounts in € million | 2013 | Change in % | 2012 |
|---|---|---|---|
| Revenue | 603.8 | 1.9 | 592.6 |
| Other operating income (incl. own work capitalised) | 14.1 | -16.7 | 16.9 |
| Operating income | 617.8 | 1.4 | 609.4 |
| Operating expenses, excl. depreciation and amortisation |
-441.4 | 0.8 | -437.9 |
| EBITDA | 176.4 | 2.9 | 171.5 |
| Depreciation, amortisation and impairment | -119.5 | 16.9 | -102.2 |
| EBIT | 56.9 | -17.8 | 69.3 |
| Financial results | -2.1 | -91.6 | -25.0 |
| EBT | 54.8 | 23.8 | 44.3 |
| Income taxes | -10.5 | -4.1 | -10.9 |
| Net profit for the year | 44.3 | 32.9 | 33.4 |
Revenue rose by 1.9% in 2013, chiefly due to the positive development of airport and non-aviation revenue. Detailed information is provided in the section "Revenue in 2013".
Other operating income amounted to € 14.1 million, which is 16.7% lower than the prior year. The decline in construction activity at Vienna Airport was reflected in a lower volume of own work capitalised, which equalled € 2.2 million in 2013 (2012: € 3.5 million).
Income from the disposal of non-current assets rose from € 3.4 million to € 4.3 million. In the previous year, this position included insurance compensation received for damages to the terminal expansion Check-in 3 ("Uniqa settlement": € 2.5 million). In 2013, € 4.0 million of compensation for damages (arbitration settlement) were recognised.
Operating income amounted to € 617.8 million for the reporting year (2012: € 609.4 million).
| Amounts in € million | 2013 | 2012 |
|---|---|---|
| Consumables and services used | 82.6 | 77.3 |
| Personnel | 196.9 | 217.6 |
| Other operating expenses | 161.9 | 143.1 |
| Depreciation, amortisation and impairment | 119.5 | 102.2 |
| Total | 560.9 | 540.2 |
The cost of consumables and services rose by 6.9% to € 82.6 million in 2013, not least due to the severe winter in 2012/13. Heavy snowfall in the first quarter of the year led to an above-average increase in the use of de-icing materials for winter services and aircraft de-icing to € 6.3 million. In contrast, expenses for energy declined 2.9% to € 19.4 million despite full operations in the new terminal Check-in 3. The cost of services rose to € 43.4 million due to higher charges for security services.
The average number of employees fell by 1.5% to 3,216 during the reporting year, above all due to process optimisation, and led to a decrease of 9.5% in personnel expenses. This reduction of € 20.7 million to € 196.9 million was achieved through strict cost discipline and despite wage and salary increases mandated by collective bargaining agreements beginning in May 2012 and increased winter service activities at the beginning of 2013.
Total wage costs were € 2.5 million lower for the reporting year due to the reduction in the workforce and the reversal of provisions for vacations and service anniversary bonuses. Total salaries declined slightly to € 63.8 million, despite an increase in workforce, whereby the reduction of unused vacation time and the reversal of other employee-related provisions had a positive effect. Expenses for severance compensation and pensions fell to € 6.1 million and € 2.1 million, respectively, chiefly due to changes in parameters (turnover and discount rate). The expenses for legally required duties and contributions and other employee benefits declined parallel to the other personnel expenses.
Other operating expenses rose by € 18.8 million or 13.1% year-on-year. This increase resulted primarily from the renovation of Runway 16/34, which involved expenditures of € 25.8 million in 2013. In addition to higher maintenance costs for the modernisation, renovation and adaptation of buildings and open areas, services provided by subsidiaries for terminal operations (e.g. cleaning) increased by € 4.3 million. Legal, auditing and consulting fees rose by € 0.7 million, while marketing and market communication expenses increased to € 19.4 million. In contrast, rental and leasing expenses were cut by 65.2% to € 1.4 million. In the prior year, results were also negatively affected by valuation allowances for doubtful receivables and damage incidents.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) recorded by Flughafen Wien AG rose by 2.9% to € 176.4 million (2012: € 171.5 million) due to the increase in revenue.
| Amounts in € million | 2013 | 2012 |
|---|---|---|
| Depreciation, amortisation and impairment | 119.5 | 102.2 |
| Investments | 68.5 | 109.6 |
In 2013 investments in intangible assets totalled € 1.4 million and investments in property, plant and equipment amounted to € 67.0 million. Scheduled depreciation and amortisation rose by € 23.0 million year-on-year, chiefly due to the start of operations in Check-in 3 during June 2012.
Impairment testing in 2013 led to the recognition of a € 4.9 million impairment charge to a cargo building at Vienna Airport. Impairment charges of € 0.2 million were also recognised to property, plant and equipment. In 2012, impairment charges amounted to € 10.9 million.
The increase in scheduled depreciation and amortisation led to a 17.8% year-on-year decline in EBIT.
Financial results equalled minus € 2.1 million for the reporting year, compared with minus € 25.0 million in 2012. Higher income from investments in other companies led to an increase of € 6.1 million in this position to € 19.8 million. Income from loans granted declined by € 0.7 million to € 0.8 million. Interest income declined to € 2.9 million, but income from the disposal and write-up of financial assets and non-current securities rose to € 1.7 million. Interest expense fell by € 11.4 million following the repayment of financial liabilities during the reporting year.
Flughafen Wien AG recorded profit before tax of € 54.8 million in 2013 (2012: € 44.3 million). The tax rate equalled 19.1% for the reporting year (2012: 24.7%). Net profit amounted to € 44.3 million (2012: € 33.4 million).
Financial management at Flughafen Wien AG is supported by a system of indicators that is based on selected and closely synchronised ratios. These indicators define the scope of development, profitability and financial security within which Flughafen Wien AG moves in the pursuit of its primary goal to generate profitable growth.
Depreciation has a significant influence on the earnings indicators monitored by Flughafen Wien AG. In order to permit an independent evaluation of the operating strength and performance of the individual business segments, EBITDA – which equals operating profit plus depreciation and amortisation – is defined as the key indicator. The company also uses the EBITDA margin, which shows the relationship of EBITDA to revenue. The EBITDA margin equalled 29.2% in 2013, compared with 28.9% in the previous year. The protection of high profitability is a stated long-term goal of management.
The optimisation of the financial structure has top priority. This financial security is measured by the gearing ratio, which compares net financial liabilities with the carrying amount of equity. The ratio of net debt to EBITDA is also used to manage the financial structure.
Financial liabilities declined during the reporting year due to the lower volume of investments and the premature and scheduled repayments of loans. Cash and cash equivalents therefore fell by € 34.5 million to € 1.5 million as of 31 December 2013.
In addition to the EBIT margin, the return on equity (ROE) is also used to evaluate the company's profitability. ROE compares net profit for the period with the average capital employed during the financial year. The benchmark for this return is the cost of capital, which represents a weighted average of the cost of equity and debt (weighted average cost of capital, WACC).
| 2013 | 2012 | |
|---|---|---|
| EBIT in € million | 56.9 | 69.3 |
| EBITDA in € million | 176.4 | 171.5 |
| EBIT margin in % | 9.4% | 11.7% |
| EBITDA margin in % | 29.2% | 28.9% |
| ROE in % | 6.2% | 4.8% |
Definition of indicators:
EBIT margin EBIT (Earnings before Interest and Taxes). Formula: EBIT / Revenue
EBITDA margin EBITDA (Earnings before Interest, Taxes, Depreciation and Amortisation). Formula: (EBIT + depreciation and amortisation) / Revenue
ROE (Return on Equity after Tax). Formula: Net profit for the period / Average equity (including untaxed reserves and investment subsidies). Average equity: (Equity in the prior year + equity in the current year)/2
| 2013 | 2012 | |
|---|---|---|
| Assets | ||
| Non-current assets in % | 94.9% | 92.8% |
| Current assets in % | 5.1% | 7.2% |
| Total assets in T€ | 1,815,133.9 | 1,939,370.4 |
| Equity and liabilities | ||
| Equity*) in % | 40.1% | 36.4% |
| Liabilities in % | 59.9% | 63.6% |
| Total equity and liabilities in T€ | 1,815,133.9 | 1,939,370.4 |
*) including untaxed reserves and government grants
The balance sheet total of Flughafen Wien AG amounted to T€ 1,815,133.9 as of 31 December 2013, which represents a year-on-year decline of 6.4%. The capital-intensive nature of the business activities was reflected in an increase in non-current assets to 94.9% (2012: 92.8%). Current assets were lower, above all due to a decline in cash and cash equivalents.
Equity (including untaxed reserves and government grants) as a share of the balance sheet total rose 3.7 percentage points over the comparable prior year figure. Liabilities declined to 59.9% of the balance sheet total (2012: 63.6%), primarily due to the repayment of financial liabilities.
The total assets held by Flughafen Wien AG declined by 6.4% or € 124.2 million to € 1,815.1 million (2012: € 1,939.4 million). The carrying amount of intangible assets decreased € 2.2 million to € 12.9 million. Additions of € 1.4 million were contrasted by amortisation of € 3.8 million.
Property, plant and equipment with a combined carrying amount of € 1,463.8 million represented the largest component of non-current assets in 2013: additions of € 67.0 million were contrasted by depreciation of € 115.7 million. The major investments in 2013 were as follows: forwarding agent building, hangar 7, third runway and motor vehicles (incl. special vehicles). The carrying amount of land and buildings, including buildings on land owned by third parties, declined to € 1,079.0 million. This development is attributable, above all, to depreciation of € 53.9 million recognised during the reporting year.
Scheduled depreciation also led to a decline in the carrying amount of technical equipment and machinery to € 243.1 million. A total of € 16.8 million was invested in other equipment, furniture, fixtures and office equipment during 2013. The carrying amount of
these assets totalled € 72.9 million as of 31 December 2013. Projects under construction, including prepayments made, amounted to € 68.8 million at year-end 2013.
Current assets (excl. prepaid expenses and deferred charges) fell by 35.0% to € 88.3 million in 2013. The main reason for this development was a decline in cash and cash equivalents to € 1.5 million (2012: € 36.0 million), which resulted from the repayment of financial liabilities. Receivables and other assets decreased € 4.7 million year-on-year to € 70.4 million. Net trade receivables were reduced from € 40.9 million to € 32.5 million, primarily by active receivables management. In contrast, receivables due from subsidiaries rose to € 13.7 million (2012: € 10.2 million). Inventories increased to € 4.4 million, and securities declined by € 8.9 million to € 12.1 million following the redemption of securities. Prepaid expenses and deferred charges were higher in year-on-year comparison due to higher prepayments, among others for duties and miscellaneous services.
Equity recorded by Flughafen Wien AG rose by 3.3% to € 718.0 million as of 31 December 2013. Net profit of € 44.3 million for the reporting year was contrasted by the dividend payment of € 22.1 million for 2012.
Provisions were reduced from € 212.1 million to € 200.5 million. The provision for severance compensation rose to € 68.7 million, but the provision for pensions fell to € 15.1 million. The reduction of vacation time had a positive effect on the other provisions. The recognition of final invoices led to a decline of € 14.9 million in the provision for goods and services not yet invoiced.
Amounts due to financial institutions declined 1.3% or € 6.8 million due to the repayment of financial liabilities and a reduction in cash advances. Trade payables were reduced by 24.0% to € 44.7 million. Amounts due to subsidiaries fell by € 111.9 million to € 250.8 million following the repayment of intercompany loans. Other liabilities were also reduced by € 2.0 million due to the realisation of accruals. Reversals led to a decline of € 1.2 million in deferred income to € 24.4 million.
| in T€ | 2013 | 2012 | |
|---|---|---|---|
| Net cash flow from operating activities: | |||
| Profit for the year | 44,329.7 | 33,350.6 | |
| + | Depreciation, amortisation and impairment | 119,498.7 | 102,228.7 |
| – | Write-ups to financial assets | -645.4 | -733.4 |
| + | Change in government grants | -223.6 | -278.2 |
| +/– | Change in employee-related provisions | -1,518.4 | 16,110.2 |
| +/– | Change in other non-current provisions | 775.0 | -567.6 |
| –/+ | Gains(-)/losses(+)on the disposal of intangible assets and property, plant and equipment |
-4,154.2 | -1,618.6 |
| +/– | Gains(-)/losses(+)on the disposal of financial assets | 0.0 | -140.5 |
| + | Results from the disposal of current securities | -1,100.0 | -690.1 |
| +/- | Other non-cash income and expenses | 3.9 | 720.6 |
| Gross cash flow | 156,965.8 | 148,381.8 | |
| -/+ | Increase/ decrease in inventories | -425.4 | 201.7 |
| -/+ | Increase/ decrease in trade receivables | 8,464.7 | -8,470.2 |
| -/+ | Increase/ decrease in receivables due from subsidiaries and associates |
-3,473.6 | -2,112.4 |
| -/+ | Increase/ decrease in other receivables and assets (excl. financing) as well as prepaid expenses and deferred charges |
2,503.9 | 16,130.1 |
| +/– | Increase/ decrease in trade payables and in other provi sions |
2.908,1 | -4.103,6 |
| +/- | Increase/ decrease in amounts due to Group companies (excl. financing) |
7,974.7 | 18,016.2 |
| +/- | Increase/ decrease in other liabilities (excl. financing) and deferred income |
-3,213.0 | -2,289.7 |
| 14,739.4 | 17,372.1 | ||
| Operating cash flow | 171,705.1 | 165,753.9 | |
| Net cash flow from investing activities: | |||
| - | Payments made for investments in intangible assets and property, plant and equipment |
-74,566.7 | -127,187.0 |
| + | Disposal of intangible assets and property, plant and equipment |
501.4 | 3,630.1 |
| - | Investments in financial assets | -130.8 | -545.1 |
| + | Disposal of financial assets and current securities | 15,423.0 | 15,337.5 |
| -58,773.1 | -108,764.5 | ||
| Net cash flow from financing activities: | |||
| - | Dividend/repayment of shareholder contributions | -22,050.0 | -21,000.0 |
| +/- | Change in medium- and short-term financial liabilities | -125,350.4 | -99,147.5 |
| -147,400.4 | -120,147.5 | ||
| Change in cash and cash equivalents | -34,468.4 | -63,158.1 |
Investments in intangible assets, property, plant and equipment and financial assets declined to € 68.5 million in 2013. Invoice corrections of approx. € 8.2 million in favour of Flughafen Wien resulted from a December 2013 arbitration judgment in proceedings against a contractor involved in the Check-in 3 construction. This arbitration court decision led to claims by Flughafen Wien totalling € 16.7 million (incl. VAT). The amount (excluding VAT) equalled € 13.9 million, whereby € 4.0 million were recognised to profit or loss based on previously recorded impairment charges and € 9.9 million were accounted for as a direct reduction of acquisition costs (thereof € 1.7 million in earlier years and € 8.2 million in 2013). Capital expenditure in 2013 included € 67.0 million for property, plant and equipment, € 1.4 million for intangible assets and € 0.1 million for financial assets.
Detailed information on capital expenditure is provided in the following table:
| Project | Additions in T€ |
|---|---|
| Third runway | 8,564.2 |
| Forwarding agent building | 7,789.4 |
| Hangar 7 | 6,066.3 |
| Jet sweepers | 4,479.3 |
| Railway station building | 4,241.5 |
Flughafen Wien AG had no branch offices in 2013 or 2012.
A financial instrument is a contract that simultaneously creates a financial asset in one entity and a financial liability or equity instrument in another entity. In particular, financial assets include financial investments such as consolidated and other holdings, securities, trade receivables, originated loans and other receivables, non-derivative and derivative financial assets, and cash and cash equivalents. Financial liabilities generally represent an obligation to deliver cash or other financial assets to a creditor and consist, above all, of amounts due to financial institutions, trade payables and derivative financial liabilities. Financial assets and financial liabilities are normally not offset for presentation, except in cases where there is a legally enforceable right to offset the amounts and settlement will take place on a net basis.
In 2007 Flughafen Wien AG concluded an interest rate swap (receive variable – pay fixed) to hedge the cash flows on a variable interest financial liability. This variable interest financial liability was designated as the hedged item at an amount reflecting the nominal value of the interest rate swap. The interest rate swap expired in 2012. In addition, Vienna Aircraft Handling Gesellschaft m.b.H. was granted an option that calls for Flughafen Wien AG to purchase the shares in Flugplatz Vöslau BetriebsGmbH for a fixed price of T€ 5,562.4. Further details are provided in the notes to the financial statements.
The Flughafen Wien Group (FWAG) utilises an extensive risk management system, which ensures that relevant risks are identified, monitored, assessed and minimised or reduced to an acceptable level by suitable measures. The associated procedures cover the analysis of all operating and strategic business processes. Responsibility lies with the individual business unit managers or subsidiary directors. Identified risks and the related measures are documented in a separate database.
FWAG's risk management is documented in a risk management guideline. The controlling department is responsible for and coordinates the related activities. However, all FWAG employees are urged to play an active role in risk management in their work area. This approach ensures that risk management is integrated in all business processes. The active and open communication of risks is a stated goal and a key success factor for the risk management systems.
The company has concluded insurance policies to minimise or transfer the risks arising from damages and liability. An internal control system (ICS) was installed to ensure the correctness and completeness of all business transactions in the company's accounting system. The internal audit department of Flughafen Wien AG regularly evaluates business practices and organisational processes for compliance with Group guidelines, security and efficiency. The Management Board has therefore created the necessary instruments and structures to identify risks at an early point in time and to implement appropriate countermeasures or otherwise minimise these risks. The existing systems are evaluated on a regular basis and extended as required.
The development of business at FWAG is significantly influenced by global trends in air travel which, in turn, are heavily dependent on general economic conditions. Economic fluctuations can therefore have a significant influence on FWAG. Based on an autumn forecast by the European Commission, FWAG assumes the development of the macroeconomic environment in 2014 will be more positive than in the previous year. FWAG is therefore projecting growth in passenger traffic at Vienna Airport.
The development of traffic is also significantly influenced by other external factors such as terror, war or other external shocks (e.g. pandemics, closing of air space due to natural disasters etc.). In addition to emergency plans, Vienna Airport works to counter the effects of such shocks, above all with high demands on the quality of security and proactive public relations. This involves close cooperation with the Austrian Federal Ministry of the Interior and the Federal Police Department in Schwechat as well as specific security measures for customers.
Increasing trade barriers, sanctions and political crises can have a negative effect on the supply and demand situation for air travel. These developments are therefore monitored and evaluated closely to allow for the implementation of countermeasures or preparatory actions. The development of the oil price and the related price of kerosene can also have a substantial impact on air travel.
Depending on the intensity and impact of such events, FWAG can react to the decline in traffic triggered by such shocks by adjusting available resources and modifying its capital expenditure programme.
The branch association IATA is forecasting an overall increase in net profit3 for the European airlines in 2014. However, FWAG expects a continuation of the high competitive and cost pressure on the airlines. It can therefore be assumed that the airlines will proceed with their efficiency and profitability improvement programmes (cost reduction, portfolio optimisation, slower fleet expansion, fleet reduction). This will also increase the cost pressure on the European airports.
The enactment of a new federal law ("Flugabgabegesetz") in 2011 resulted in an additional charge for airline passengers. The airlines are required to collect this additional duty for passengers departing from Austrian airports on behalf of the Austrian Ministry of Finance. The amount of the duty is dependent on the destination, and equalled € 7 for short-haul flights, € 15 for medium-haul flights and € 35 for long-haul flights as of 1 January 2013. In spite of the reduction from the 2012 level, this duty continues to have a negative effect on passenger traffic. It also has an adverse impact on Vienna Airport because the vast majority of European countries have not implemented a similar charge.
FWAG believes the EU emission guidelines and environmental standards significantly weaken the position of European airlines as well as the role of European airports as transfer hubs in comparison with alternative locations outside Europe. This could reduce the attractiveness of European airports as transfer hubs or lead to a reduction in transfer traffic over the medium-term. The creation of new hubs in the Near East and Turkey could lead to a shift in global (transfer) traffic.
The Austrian Airlines Group is responsible for 49.1% of the passengers at Vienna Airport and is FWAG's largest customer. Its sustainable development as a strong home carrier and the network strategy of the Star Alliance, in which the Austrian Airlines Group is a partner, have a significant influence on the commercial success of FWAG. The development of this key customer is continuously monitored and analysed by the responsible business units.
Austrian Airlines made substantial progress with its restructuring programme in 2013. One major element was the extensive aircraft reorganisation as part of the fleet harmonisation policy, which led to an improvement in occupancy and productivity for the airline. These measures were also reflected in a year-on-year decline of 1.6% in the number
of passengers handled by Austrian Airlines at Vienna Airport to 10.8 million in 2013. With the increase in its long-haul offering, Austrian Airlines made an important contribution to strengthening the attractiveness of Vienna Airport as a transfer hub. Austrian Airlines is expected to continue the strategy implemented in 2013 with a further increase its longhaul routes over the coming years, among others with a fifth Boeing 777 starting in July 2014 and the planned start of flights to Newark (USA). FWAG also assumes that Austrian Airlines will successfully complete its economic turnaround and continue the current network strategy with a focus on east/west transfers.
NIKI and airberlin hold second and third place in the FWAG customer ranking with market shares of 11.0% and 6.1%, respectively. The elimination of the East European hub in 2013 was also reflected in a decline in passenger volumes. Despite an improvement in cost efficiency, the targeted economic turnaround was not reached in 2013.
NIKI further increased Vienna's standing as a hub to Greece for the airberlin Group in 2013 (with a current offering of 19 destinations in this country). Vienna Airport therefore plays an important role in the development plans of the airberlin Group.
The future development of airberlin is connected with uncertainty due to the current earnings situation, in spite of the investment and support provided by Etihad Airways. The company plans to generate € 50 million of additional funds on the capital market in 2014 by increasing the volume of a bond. With the "Turbine" turnaround programme, airberlin is working to reach a sustainable competitive earnings position. This programme involves, among others, fleet reductions and the optimisation of the route network. However, FWAG assumes these adjustments will only have a minimal direct effect on Vienna Airport.
FWAG counteracts market risk with marketing measures as well as competitive fee and incentive models that apply equally to all airlines. In particular, the company's goal is to share the airlines' market risk and thereby promote strategically important intercontinental routes and traffic to destinations in Eastern and Central Europe.
The handling services provided by FWAG are the subject of growing price pressure as well as rising quality demands from the airlines. Service level agreements (SLA) that include penalties for the failure to meet quality targets are becoming increasingly popular.
The number of flight movements, which is a determining factor for handling revenue, is declining as the result of efficiency improvement measures implemented by the airlines (larger aircraft and higher seat occupancy). This trend and active marketing by the competitor Celebi Ground Services Austria GmbH are creating additional pressure on earnings in the Handling Segment.
In spite of these developments, Flughafen Wien AG was generally able to protect its leading market position in ramp handling and cargo during the reporting year. The foundation for this strong standing in competition with other service providers is formed by specially designed service packages and high quality standards. In 2012 handling agreements for ramp services that cover the period up to 2019 were concluded with the key customers Austrian Airlines and airberlin/NIKI. These agreements substantially reduce the market risk for the Handling Segment.
Flughafen Wien is facing an additional challenge from the further liberalisation of ground handling services. Among others, the new requirements call for the licensing of at least three agents (currently two) to provide ramp handling services at Vienna Airport and also give airlines the right to carry out their own handling. This would further increase competitive pressure and the risk of losing market shares to competitors. The risk
of market entry by a third handling agent is not expected to materialise before 2019/20 and direct handling by the airlines at the earliest in 2017. In order to minimise or prevent negative economic consequences, Flughafen Wien has taken a number of steps at EU level together with the association of German airports ("Arbeitsgemeinschaft Deutscher Verkehrsflughäfen", ADV).
In the cargo business, the dominant market position of the few airlines and forwarding agents represents a certain risk. FWAG works to further diversity its portfolio and thereby reduce this risk by continuously monitoring these airlines and acquiring new customers. The cargo business is also highly sensitive to economic fluctuations. FWAG is therefore continuing to monitor these developments closely because of the active cargo strategy and the related expansion of the cargo infrastructure at Vienna Airport that is planned to begin in 2014.
FWAG rents buildings and space that are used primarily by airlines or rented by companies whose business is dependent on the development of air traffic. Consequently, this area is exposed not only to general real estate market risks, but also to the risks of shifts in passenger traffic and consumer behaviour that could have an effect on the development of earnings from the retail sector.
The foreign airport investments of Flughafen Wien (Malta, Košice and Friedrichshafen) are not only exposed to the above-mentioned branch risks, but also to additional local challenges and market risks. One of the major risks in this area is the five-year restructuring plan for Air Malta, which is expected – or must – ensure the survival of Malta's home carrier by 2016. The bankruptcy of this airline would most likely have negative consequences for the investment in Malta. However, this risk has been substantially reduced due to the impressive progress made by the airline in recent years.
Political and regulatory risks – which include the taxation of air travel, air traffic restrictions by public authorities, changes in applicable laws and requirements by public authorities that result in additional costs – are monitored continuously. These types of factors can influence medium-term planning and create a risk that a specific investment may become impaired.
Capital expenditure at FWAG is financed primarily by operating cash flows as well as long-term, fixed interest and/or variable interest borrowings.
Interest rate risk results, above all, from variable interest financial liabilities and assets. The FWAG treasury department is responsible for the efficient management of interest rate and market risks, evaluates the respective risk positions on a regular basis as part of risk controlling and selectively uses interest rate derivatives to minimise the risk of changing interest rates.
The EIB credit agreement defines terms for the liability of qualified guarantors. The current guarantors cancelled the guarantee agreement that serves as collateral for the EIB loan as of 27 June 2013 at the full amount of € 400.0 million. Following the conclusion of a new syndicated guarantee agreement, six financial institutions took over as guarantors for the outstanding EIB loan of € 400.0 million as of 28 June 2013.
FWAG's expansion projects are exposed to various risks – including the loss of suppliers, higher construction costs or changes in planning – that could increase the intended expenditures. A special analysis procedure is therefore used in the planning stage to evaluate the potential risk associated with investment projects, while regular risk monitoring is based on an analysis and evaluation process that is part of project controlling. Any special risks identified by the project managers (e.g. contaminated soil) are incorporated in the respective calculations.
Expansion projects are developed in close coordination with the airlines based on the expected development of traffic. Expert forecasts for the growth in passenger volumes over the medium- and long-term reduce the financial risk associated with these investments and ensure that sufficient capacity is available to meet the forecasted demand.
In connection with the construction of Check-in 3, all outstanding, unaccepted invoices (with one exception) related to cancelled contracts were settled with positive results. Possible claims against contractors for damages are also under evaluation. FWAG has received compensation of over € 28 million for damages to date, including € 14.1 million from insurance compensation and the waiver of receivables and € 13.9 million from a positive arbitration decision.
The environmental impact assessment for the construction of a third runway brought a positive decision in the first instance. A ruling issued on 10 July 2012 approved the construction and operation of "Parallel runway 11R/29L" by FWAG. This first-instance decision lists 460 requirements to protect residents and the environment. The appeal period ended on 24 August 2012, and 28 parties filed appeals against the decision. A change in legal regulations transferred the jurisdiction for these appeals to the new Federal Administrative Court at the end of 2013. FWAG does not expect a final decision before the end of 2014. It is also possible that the Supreme Courts, or even the European Court of Justice, will also be asked to review this matter.
Current forecasts for the development of passenger traffic indicate that Vienna Airport will reach its capacity limits by 2020. The parallel runway project is therefore crucial to ensure the availability of sufficient capacity on a timely basis. As soon as a legally binding decision is issued, Flughafen Wien AG will decide on the realisation of this project based on the expected development of passenger traffic and profitability calculations. If the first-instance decision is reversed or the project is not realised, previously capitalised costs would have to be written off.
The valuation of assets is based on the assumption that Vienna Airport will maintain its position as an east-west hub.
The requirements of public authorities, above all in the area of environmental protection (e.g. noise, emissions, changes in departure and approach routes) can create legal risks. Flughafen Wien AG works to counter these risks, above all, with information and the involvement of local citizens in the mediation process (e.g. third runway) or through neighbourhood advisory boards.
The revision of the guideline for airport ground handling services is currently in preparation at the EU level. Based on the current status of the legislative process, the new guideline would bring about a number of significant changes. These changes would, among others, further open the market on unequal terms and place airports at a disadvantage in competition with other handling companies (prohibitions on subcontracting and cross-subsidisation would only affect airports, forced legal outsourcing etc.).
Motivated and committed employees play an important role in the success of FWAG. In order to counteract the loss of know-how through turnover, numerous measures have been implemented to strengthen employee ties. Steps have also been taken to increase occupational safety and to minimise illness-related absences.
The inclusion of risk management in the planning process allows for the early identification, assessment of risks – above all for ICT projects (information and communication technology) – and the implementation of appropriate measures. Measures are also in place to continuously improve this risk management process.
The major operating risks in the area of information and communications technology include system breakdowns, the destruction of central systems and the potential loss of sensitive data. This risk was further reduced in 2013 by the expansion of preventive measures, e.g. the implementation of additional redundancies.
Non-compliance with legal requirements can create a liability for management. A software project was therefore implemented to monitor legal risks, and the necessary actions were taken. For example, any storage or archiving of personal data is reported in accordance with Austrian data protection laws.
The basic infrastructure, which includes electricity and air conditioning supplies, is exposed to slightly higher risk in connection with the availability of central systems. A local problem was identified in the electricity supply during 2013 and measures were immediately taken to remedy the situation.
Redundant systems have been implemented at all central network interfaces to permit the continued operation of the network and related systems if an individual component breaks down. However, there is a low residual risk because unforeseeable errors (disasters) preclude guarantees for 100% availability.
State-of-the art monitoring systems and emergency procedures have been implemented for all operating systems – for example, the mach2, Vienna Airport's core system – which support the early identification of problems and ensure a high degree of reliability. These systems are the focus of continuous development to guarantee compliance with the latest technical and legal requirements.
The mach2 systems form the backbone of the IT systems used at Vienna Airport. They provide nearly all other systems with an update on incoming and outgoing flights in near real-time and also show flights planned for the future. The necessary master data (e.g. airlines etc.) is administered centrally and also made available to the related systems.
In addition, the mach2 systems include a number of special functions that are required for airport operations. Examples of these functions are load planning, telex reception, dispatch and distribution, and display systems for passengers and employees.
Additional systems are linked to the mach2 and cover apron planning, ground handling disposition and cargo handling.
The ERP software (Enterprise Resource Planning) SAP is used as the central accounting system. This system is not only used for invoicing, but also for central analysis and reporting. In addition to previously realised measures such as controlling, additional quality assurance measures are planned to further minimise the risk of a breakdown.
The situation at Vienna Airport can be considered stable because of the existing operational restrictions (prohibition on the use of noise-sensitive take-off and landing routes from 9:00 pm to 7:00 am) as well as a limit on the absolute number of flight movements between 11:30 pm and 5:30 am. Additional restrictions on night flights could lead, in particular, to a decline in cargo and long-haul traffic.
The risk of damages includes fire and other events that could result from natural disasters, accidents or terror as well as the theft of property. In addition to appropriate safety and fire protection measures and emergency plans that are rehearsed on a regular basis, these risks are covered by insurance.
The major liability risks connected with operations are covered by aviation liability insurance, while the risks associated with terror liability are covered by terror liability insurance.
A general evaluation of the risk situation concluded that the continued existence of FWAG is protected for the foreseeable future and did not identify any risks that could endanger this continued existence. FWAG has sufficient liquidity reserves to pursue the airport expansion as planned.
In accordance with § 82 of the Austrian Stock Corporation Act, the Management Board is responsible for the development and implementation of an internal control and risk management system for accounting processes that meets the company's requirements. The following section explains the organisation of the internal controls related to accounting processes at FWAG.
The structure and design of FWAG's internal control system (ICS) was defined in a guideline. The objective of the internal control system is to ensure the reliability of financial reporting and compliance with all applicable laws and regulations.
The description of the major features of these internal controls is based on the structure of the internationally recognised COSO model (Committee of Sponsoring Organisations of the Treadway Commission). Accordingly, the internal control system comprises the following components: control environment, risk assessment, control activities, information and communication and monitoring. The relevant processes involve the identification and assessment of the financial and accounting risks to which the company is exposed as well as the implementation of appropriate controls. The documentation for the control system is maintained in standard software that also supports the process-related depiction of risks and controls.
The corporate culture within which management and employees operate has a significant influence on the control environment. FWAG works actively to improve communications and to convey its principal values as a means of anchoring moral standards, ethics and integrity in the company and in interaction with other parties. An important contribution in this area is the voluntary code of conduct implemented by FWAG, which defines the rules for giving and accepting gifts and invitations.
The implementation of the internal control system for accounting processes is regulated by internal guidelines and directives. The related responsibilities were adjusted to meet the needs of the company and thereby create a satisfactory control environment.
The risks associated with accounting processes are identified by management and monitored by the Supervisory Board. Attention is focused on risks that are normally considered to be material. The consolidated and annual financial statements form the main criteria for the identification of the major ICS risks. A change in the volume of business processes or the underlying accounts can lead to changes in the identifiable ICS risks and controls.
The preparation of the annual (consolidated) financial statements involves the use of estimates, which carry an inherent risk of deviation from actual future developments. In particular, the following circumstances or positions in the annual (consolidated) financial statements are involved: employee-related provisions, the results of legal disputes,
the collectability of receivables and the valuation of investments in other companies and property, plant and equipment. The company draws on external experts or publicly available sources whenever necessary, in order to minimise the risk of inaccurate estimates.
In addition to the Supervisory Board and Management Board, mid-level management (e.g. department heads and senior managers) carry out control activities for on-going business processes to ensure that potential errors or variances in financial reporting are prevented, discovered and corrected. These controls range from the variance-based analysis of results for the various accounting periods by management and the controlling department to the specific transition of accounts and the analysis of routine accounting processes.
Control activities to guarantee IT security represent an integral part of the internal control system. Access to sensitive functions and data is restricted. SAP and PC Konsol enterprise reporting software are used for accounting and financial reporting purposes. The functionality of the accounting system is guaranteed, among others, by automated IT controls.
In the subsidiaries, the respective managers are responsible for the development and implementation of an internal control and risk management system for accounting processes that meets the needs of their particular company. These managers also represent the final authority for ensuring compliance with all related group guidelines and directives.
The guidelines and directives for financial reporting are updated regularly by management, and communicated to all involved employees via the Intranet or internal announcements. Activities at the management level are intended to ensure compliance with all accounting guidelines and directives, and to also identify and communicate weak points and opportunities for the improvement of accounting processes. The accounting staff also attends regular training courses that cover changes in international accounting policies and practices, in order to minimise the risk of unintended errors.
Management, the controlling department and the Supervisory Board are responsible for continuous monitoring of the internal control systems in FWAG. In addition, the individual department heads and senior managers are responsible for monitoring activities in their respective areas. Specific persons have been designated as the responsible control authorities. Controls are reviewed to ensure their effectiveness, and the ICS is also evaluated by the internal audit department. The results of monitoring activities are reported to the Audit Committee and the Supervisory Board.
As a central internal service provider of information and communications technology, the information systems service unit develops and operates software for airport operations. The MACH airport operating system, which was used for many decades, was replaced by the mach2 successor system in 2012. This system replacement also included the ongoing improvement and expansion of individual programme modules by the information systems service unit. For example, a new "passenger call" function was developed in 2013 to improve quality for passengers by changing the previous messages ("go to the gate" and "boarding") and thereby expanding the status reports on the flight information monitors.
Work also proceeded on the implementation of the CDM-ISP project (Collaborative Decision Making - Information Sharing Platform) in 2013. The information sharing platform to be developed as part of this project will create the basis for introducing the CDM process at Vienna Airport. Through more exact planning, better analysis and the optimisation of resources, this tool will lead to significant cost savings for the participating system partners.
Another focal point was and is the improvement of customer satisfaction, among others through the further development of an airport-specific App for iOS and Android (viennaairport App).
Expenses for the research and development of individual programme modules of the airport operations software and other development activities amounted to € 0.7 million in 2013 (2012: € 1.1 million).
FWAG believes in careful and conscious interaction with the environment and is committed to compliance with all relevant environmental laws, directives and requirements by public authorities. Within the framework of its corporate social responsibility strategy, FWAG works to sustainably increase the value of the company and to continuously reduce the negative ecological effects of its business operations. The company has implemented numerous measures to reduce the negative impact of air traffic by minimising the effects of pollutant and noise emissions on the environment.
For example, a wide range of optimisation projects led to a significant and sustainable reduction in energy consumption. Substantial savings have already been realised with the replacement of technical equipment, the optimisation of air conditioning, the replacement of frequency converters and the improvement of apron lighting.
A total of € 1.1 million (2012: € 1.2 million) was invested in environmental protection during the reporting year (excluding the noise protection programme). Projects were focused on the reduction of pollutant and noise emissions in order to minimise the effects on the environment – and above all on neighbouring residents.
FWAG participates in the ACAS programme (Airport Carbon Accreditation System) managed by Airport Council International (ACI, the worldwide professional association
of airport operators). This programme is monitored by independent experts and will lead to a sustainable reduction in CO2 emissions at Vienna Airport. Level 1 (preparation of a CO2 emission balance sheet) was reached in 2013, and plans call for the attainment of Level 2 (reduction in CO2 emissions at the airport location) in 2015.
Initial preparations were completed for the implementation of an environmental management system such as EMAS/ISO 14.001. This will support the increased realisation of future synergies in the areas of energy management, ecological procurement and sustainability.
Management has decided to issue a new sustainability report and established an interdisciplinary project team in 2013 to ensure a comprehensive approach. Plans call for the publication of this report during the second half of 2014.
Activities in 2013 also focused on increased opportunities to finance environmentally relevant investments through subsidies. For this purpose, the environmental management department established a subsidy management function. A subsidy equal to 10% of the project volume was received for the refitting of air conditioning equipment with frequency converters.
Together with Schwechat and Fischamend, a new cycling route was built in 2013 that connects the two municipalities via Vienna Airport. The route is 17 km long and includes 5.5 km of new areas. The costs amounted to € 1.5 million, whereby one-third was financed by the province of Lower Austria and two-thirds by the municipalities of Fischamend and Schwechat, Vienna Airport and the "klima:aktiv mobil" subsidy fund.
The FWAG noise protection programme, which was established in 2005 as part of the mediation progress, was successfully continued in 2013. Nearly 12,000 households in the region now benefit from the related measures. Funds totalling € 51.5 million have been provided for the implementation of noise protection measures. Expert opinions were prepared for roughly 6,200 properties by the end of 2013, and optimal noise protection was installed in 2,800 of these properties.
| 2013 | 2012 | |
|---|---|---|
| Number of passengers | 21,999,926 | 22,165,794 |
| Electricity consumption per year in kWh | 151,642,950 | 156,030,072 |
| Electricity consumption in kWh per year and passenger | 6.89 | 7.04 |
| Heat consumption per year in MWh | 126,194 | 123,964 |
| Heat consumption in MWh per year and passenger | 0.0057 | 0.0056 |
| Water consumption per year in m³ | 650,603 | 703,974 |
| Water consumption in m³ per year and passenger | 0.030 | 0.032 |
| Waste water disposal per year in m³ | 768,420 | 649,071 |
| Waste water disposal per year and passenger | 0.035 | 0.029 |
| Residual waste aircraft in kg | 1,134,400 | 1,164,280 |
| Residual waste aircraft in kg per passenger | 0.052 | 0.053 |
| Waste paper VIE in kg | 1,148,920 | 1,778,500 |
| Waste paper VIE in kg per passenger | 0.052 | 0.080 |
| Aluminium/cans/metal VIE in kg | 5,730 | 9,250 |
| Aluminium/cans/metal in kg per passenger | 0.0003 | 0.0004 |
| Biogenic waste VIE in kg | 182,680 | 195,560 |
| Biogenic waste VIE in kg per passenger | 0.008 | 0.009 |
| Glass VIE in kg | 110,210 | 100,010 |
| Glass VIE in kg per passenger | 0.005 | 0.005 |
| Plastic packaging VIE in kg | 130,080 | 135,960 |
| Plastic packaging VIE in kg per passenger | 0.006 | 0.006 |
| Hazardous waste VIE in kg | 195,266 | 202,574 |
| Hazardous waste VIE in kg per passenger | 0.009 | 0.009 |
| Share recycled in % | 89.3 % | 90.3 % |
The average number of employees in Flughafen Wien AG declined by 50 in 2013 as a result of synergy effects from organisational restructuring and the on-going cost reduction programme. The measures implemented in previous years to reduce holiday and overtime were continued in 2013.
| Employees | 2013 | Change in % |
2012 |
|---|---|---|---|
| Number of employees (average) | 3,216 | -1.5 | 3,266 |
| Thereof wage employees | 2,151 | -3.1 | 2,220 |
| Thereof salaried employees | 1,065 | 1.8 | 1,046 |
| Number of employees (31 December) | 3,035 | -2.0 | 3,098 |
| Traffic units per employee | 7,426 | 0.9 | 7,362 |
| Average age in years | 40.4 | 1.3 | 39.9 |
| Length of service in years | 10.9 | 4.8 | 10.4 |
| Share of women in % | 12.5 | 0.8 | 12.4 |
| Training expenditures in EUR | 972,000 | 33.5 | 730,000 |
| Reportable accidents | 115 | -20.7 | 145 |
The number of traffic units per employee in FWAG rose by 0.9% to 7,426 in 2013 based on the continued implementation of measures to improve efficiency throughout the Group.
Flughafen Wien AG also provides voluntary benefits for its workforce to strengthen identification with the company and to increase motivation. These benefits include freeof-charge transportation to and from Vienna, a day care centre with flexible opening hours and reduced costs for numerous recreational and sporting activities.
Flughafen Wien AG created an independent employee foundation over ten years ago to allow its employees to participate directly in the success of the company. This foundation holds 10% of the shares in FWAG and distributes the dividends received on these shares to company employees. The bodies of the foundation are defined in the articles of association and are completely independent of Flughafen Wien AG. After the annual dividend is received by the foundation, the income from these shares is distributed to employees based on their respective wage or salary. Approx. € 2.2 million was dispersed during the reporting year – which represents the dividend payment for 2012 – and corresponds to 27.81% of the average gross monthly salary or wage per employee.
The share capital of Flughafen Wien AG totals € 152,670,000 and is fully paid in. It is divided into 21,000,000 shares of bearer stock, which are securitised in a collective certificate and deposited at the ÖKB (Österreichische Kontrollbank AG). All shares carry the same rights and obligations ("one share = one vote").
Two core shareholders – the province of Lower Austria (4.2 million shares) and the city of Vienna4 (4.2 million shares) – hold 40% of the company's shares in a syndicate. The syndication agreement was concluded in 1999 and has remained unchanged since that time. It calls for the joint exercise of voting rights on the syndicated shares at the annual general meeting. Any amendments to the syndication agreement, the dissolution of the syndicate and resolutions to admit a new partner to the syndicate require unanimous approval. The syndication agreement provides for reciprocal rights of purchase if one party intends to sell its syndicated shares to a buyer outside the syndicate (third party) through a legal transaction in exchange for return compensation. This reciprocal right of purchase does not apply if the syndicated shares are transferred to a holding company in which the transferring syndicate partner owns at least a majority stake. The company is not aware of any other limitations on voting rights or the transfer of shares.
The city of Vienna and the province of Lower Austria each hold 20% and Flughafen Wien Mitarbeiterbeteiligung Privatstiftung (the employee foundation) holds 10% of the share capital of Flughafen Wien AG. On 8 June 2012 Flughafen Wien AG was informed that Silchester International Investors LLP held a stake of 10.07% in the company. On 20 March 2013 Silchester International Investors LLP notified Flughafen Wien AG that its investment had been reduced to 9.99% and was therefore below the reporting threshold. The company is not aware of any other shareholders with a stake of 10% or more in share capital.
The company is not aware of any special control rights on the part of shareholders.
4) As of 15 April 2013 the city of Vienna transferred 4,200,000 bearer shares in Flughafen Wien Aktiengesellschaft to Wien Holding GmbH in the form of a contribution in kind. Wien Holding GmbH therefore holds a stake of 20.0% in the share capital of the company. This transfer had no effect on the syndication agreement.
The voting rights for the shares held by the Flughafen Wien employee foundation are exercised by the managing board of this entity. The appointment to or dismissal of members from the foundation's managing board requires the approval of the advisory board of the Flughafen Wien employee fund, whereby a simple majority is required for such decisions. The advisory board is comprised of five members, with two members each delegated by employees and the employer. These four members unanimously elect a fifth person to serve as the chairman of the advisory board.
In accordance with the Austrian Corporate Governance Code, the company's articles of association permit the appointment of a person to the Management Board for the last time in the calendar year in which the candidate reaches his/her 65th birthday. Election to the Supervisory Board is possible for the last time in the calendar year in which the candidate reaches his/her 70th birthday. There are no other provisions governing the appointment or dismissal of members of the Managing Board or Supervisory Board or the amendment of the company's articles of association that are not derived directly from Austrian law.
The Management Board has been granted no explicit rights that are not derived directly from Austrian law, in particular with respect to the issue or repurchase of shares in the company. The company has no authorised capital at the present time.
Change of control clauses are included in the agreements for the € 400.0 million EIB (European Investment Bank) loan, the € 69.0 million promissory note (current balance: € 12.0 million), the € 30.0 million loan (current balance: € 17.1 million) concluded pursuant to an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz") and other financing agreements with a total volume of € 159.5 million (current balance: € 154.4 million).These financing agreements with a total volume of € 658.5 million (current balance: € 583.5 million) were concluded with Austrian and international financial institutions. In the event of an actual, impending or justifiably assumed change of control (in accordance with the following definition), these financial liabilities could be called prematurely and related collateral may be cancelled if there are reasons to assume the change will or could have a negative impact on the future fulfilment of the financial liability and Flughafen Wien AG does not take actions within a certain period of time to provide this contract partner with collateral that is deemed acceptable. A change of control is defined as an event that leads to (i) a direct or indirect reduction in the investment held jointly by the province of Lower Austria and the city of Vienna in Flughafen Wien AG to less than 40% of the total number of voting shares or (ii) a natural person or legal entity that currently does not exercise control over Flughafen Wien AG gains control over Flughafen Wien AG (e.g. either directly or indirectly, through the ownership of shares, economic circumstances or in another manner, and either alone or together with third parties (i) acquires more than 50% of the voting shares in Flughafen Wien AG or (ii) the right to nominate the majority of members to the decision-making bodies of Flughafen Wien AG or exercises a controlling influence over these persons). For financing of € 417.3 million, a change of control does not include the direct or indirect reduction in the joint investment held by the province of Lower Austria and the city of Vienna to less than 40% but more than 30% of the voting shares in Flughafen AG in conjunction with a capital increase by the company without the full or partial exercise of subscription rights by these two shareholders, unless a natural person or legal entity that does not currently exercise control over Flughafen Wien AG gains control over the company at the same time.
There are no agreements for compensation between the company and the members of its Management Board, Supervisory Board or employees that would take effect if a public takeover bid is made.
Forecasts for 2014 show a slight improvement in the Austrian economy. The Austrian economic research institute WIFO is projecting real GDP growth of 1.7% for 2014 and 2015, which will be driven by higher capital expenditure and rising exports. Consumer prices are expected to increase by 1.8%, while unemployment is forecasted to exceed 2013 at 5.2%. According to WIFO, Austria's export sector should record a real increase of 5.5% in 2014. (Sources: Austrian National Bank, WIFO)
The World Bank is predicting growth of 3.2%, which will be supported primarily by the Asian countries. Current forecasts for the Euro zone point to slower growth of roughly 1% due to higher unemployment and debt repayment. The CESEE countries (the European member states in Central, Eastern and South-Eastern Europe) should also generate positive growth in 2014, whereby the average is estimated at approx. 2%. (Sources: Austrian National Bank, WIFO)
Based on the current airline strategies and previously announced introduction of new routes, FWAG is expecting growth of 1% to 3% in passengers and minus 1% to plus 1% in flight movements for 2014.
FWAG's forecast for 2014, based on the above factors, shows an increase in group revenue to over € 630 million and group EBITDA of at least € 240 million. Profit after tax for the Flughafen-Wien-Group should exceed € 75 million from the current point of view. Net debt should decline further to less than € 600 million, and capital expenditure should amount to € 110 million (related to group figures).
no significant events occurred after the balance sheet date which would have a material effect on the earnings, financial or asset position of Flughafen Wien ag.
Vienna airport recorded an increase in traffic during January 2014. the number of passengers handled rose by 2.3% year-on-year to 1,406,351. Flight movements declined slightly by 1.3%, and maximum take-off weight was 1.5% higher. the positive trend in the cargo sector continued with a plus of 9.9%. the number of transfers declined by 5.4%, but the number of local passengers increased by 6.1%.
the fee structure at Vienna airport was adjusted as follows as of 1 January 2014 based on the index formula defined in the austrian airport Fee act:
| Landing fee, airside infrastructure fee, parking fee: | + 1.87 % |
|---|---|
| passenger fee, landside infrastructure fee: | + 0.55 % |
| Infrastructure fee for fuelling: | + 1.83 % |
the pRM fee (passengers with reduced mobility) and the security fee remained unchanged at € 0.34 and € 7.70 per departing passenger, respectively.
Schwechat, 7 March 2014
The Management Board
Günther Ofner Julian Jäger Member, CFo Member, Coo
as of 31 December 2013
| ASSETS | 31.12.2013 in € |
31.12.2012 in T€ |
|
|---|---|---|---|
| A | Non-current assets | ||
| I. | Intangible assets | ||
| 1. Concessions and rights | 12,868,530.29 | 15,065.0 | |
| II. | Property, plant and equipment | ||
| 1. Land and buildings | 1,078,957,551.47 | 1,115,688.1 | |
| 2. Machinery and equipment | 243,116,818.71 | 268,579.4 | |
| 3. Other equipment, furniture, fixtures and office equipment |
72,934,366.75 | 77,581.6 | |
| 4. Prepayments made and construction in progress |
68,825,048.80 | 72,939.7 | |
| Total II | 1,463,833,785.73 | 1,534,788.9 | |
| III. | Financial assets | ||
| 1. Shares in subsidiaries | 190,756,648.10 | 190,756.6 | |
| 2. Loans granted to subsidiaries | 41,785,495.20 | 46,302.9 | |
| 3. Investments in other companies | 9,116,686.50 | 9,116.7 | |
| 4. Non-current securities | 3,148,771.07 | 3,062.4 | |
| 5. Other loans granted | 504,474.71 | 720.3 | |
| Total III | 245,312,075.58 | 249,959.0 | |
| Total A | 1,722,014,391.60 | 1,799,812.9 | |
| B | Current assets | ||
| I. | Inventories | ||
| 1. Supplies | 4,360,793.96 | 3,935.4 | |
| II. | Receivables and other assets | ||
| 1. Trade receivables | 32,474,970.00 | 40,939.7 | |
| 2. Receivables due from subsidiaries | 13,706,396.10 | 10,241.5 | |
| 3. Receivables due from companies in which an investment is held |
61,831.36 | 53.0 | |
| 4. Other receivables and assets | 24,156,277.98 | 23,877.5 | |
| Total II | 70,399,475.44 | 75,111.7 | |
| III. | Securities and shares | ||
| 1. Miscellaneous securities and shares | 12,050,000.00 | 20,950.0 | |
| IV. | Cash on hand and deposits with financial institutions |
1,518,558.94 | 35,987.0 |
| Total B | 88,328,828.34 | 135,984.1 | |
| C | Prepaid expenses and deferred charges | 4,790,638.93 | 3,573.4 |
Total ASSETS 1,815,133,858.87 1,939,370.4
| EQUITY AND LIABILITIES | 31.12.2013 in € |
31.12.2012 in T€ |
|
|---|---|---|---|
| A | Equity | ||
| I. | Share capital | 152,670,000.00 | 152,670.0 |
| II. | Share premium (appropriated) | 117,657,318.52 | 117,657.3 |
| III. | Reserves | ||
| 1. Statutory reserve | 2,579,158.88 | 2,579.2 | |
| 2. Other reserves (voluntary reserves) | 417,800,888.90 | 400,330.9 | |
| Total III | 420,380,047.78 | 402,910.0 | |
| IV. | Retained earnings | 27,305,339.67 | 22,051.3 |
| Thereof profit carried forward: € 1,340.59; 2012: T€ 9.1 |
|||
| Total A | 718,012,705.97 | 695,288.7 | |
| B | Untaxed reserves | ||
| 1. Valuation reserve based on special depreciation |
9,074,833.44 | 9,519.1 | |
| 2. Other untaxed reserves | 159,203.15 | 159.2 | |
| Total B | 9,234,036.59 | 9,678.3 | |
| C | Government grants | 1,427,847.32 | 1,651.4 |
| D | Provisions | ||
| 1. Provisions for severance compensation | 68,666,213.94 | 67,826.9 | |
| 2. Provisions for pensions | 15,060,204.66 | 16,658.6 | |
| 3. Provisions for taxes | 7,739,091.26 | 6,567.0 | |
| 4. Other provisions | 109,056,992.55 | 121,094.9 | |
| Total D | 200,522,502.41 | 212,147.4 | |
| E | Liabilities | ||
| 1. Amounts due to financial institutions | 504,139,354.01 | 510,939.8 | |
| 2. Trade payables | 44,660,678.94 | 58,739.6 | |
| 3. Amounts due to subsidiaries | 250,756,054.01 | 362,618.3 | |
| 4. Amounts due to companies in which an investment is held |
7,943,143.78 | 6,656.2 | |
| 5. Other liabilities | 54,044,042.64 | 56,083.8 | |
| Thereof from taxes: € 0.0; 2012: T€ 0.0 | |||
| Thereof from social security: € 6,021,461.34; 2012: T€ 6,238.6 |
|||
| Total E | 861,543,273.38 | 995,037.7 | |
| F | Deferred income | 24,393,493.20 | 25,566.8 |
| Total EQUITY AND LIABILITIES | 1,815,133,858.87 | 1,939,370.4 | |
| Contingent liabilities | 68,491,092.25 | 72,409.5 |
from 1 January to 31 December 2013
| 1.1. - 31.12.2013 in € |
1.1. - 31.12.2012 in T€ |
||
|---|---|---|---|
| 1. | Revenue | 603,754,792.25 | 592,575.6 |
| 2. | Own work capitalised | 2,204,624.14 | 3,510.4 |
| 3. | Other operating income | ||
| a) Income from the disposal of non-current assets, with the exception of financial assets |
4,301,109.34 | 3,428.1 | |
| b) Income from the reversal of provisions | 4,392,171.30 | 4,471.6 | |
| c) Income from the reversal of government grants |
223,848.22 | 278.2 | |
| d) Miscellaneous | 2,937,592.00 | 5,181.7 | |
| Total 3. | 11,854,720.86 | 13,359.6 | |
| 4. | Operating income (subtotal of No. 1 to 3) | 617,814,137.25 | 609,445.5 |
| 5. | Cost of consumables and services | ||
| a) Cost of materials | 39,241,904.43 | 37,225.4 | |
| b) Cost of services | 43,405,534.92 | 40,107.9 | |
| Total 5. | 82,647,439.35 | 77,333.4 | |
| 6. | Personnel expenses | ||
| a) Wages | 81,613,611.97 | 84,133.5 | |
| b) Salaries | 63,829,816.21 | 63,883.0 | |
| c) Expenses for severance compensation and contributions to employee severance compen sation fund |
6,094,969.92 | 20,743.4 | |
| d) Expenses for pensions | 2,055,106.13 | 5,014.6 | |
| e) Expenses for legally required social security and payroll-related duties and mandatory contributions |
41,731,273.39 | 41,902.0 | |
| f) Other employee benefits | 1,556,008.51 | 1,874.3 | |
| Total 6. | 196,880,786.13 | 217,550.9 | |
| 7. | Depreciation and amortisation | 119,498,742.84 | 102,228.7 |
| Thereof impairment charges to non-current assets in acc. with § 204 (2) Austrian Commer cial Code: € 5,116,006.80; 2012: T€ 10,874.0 |
| 1.1. - 31.12.2013 in € |
1.1. - 31.12.2012 in T€ |
||
|---|---|---|---|
| 8. | Other operating expenses | ||
| a) Non-income based taxes | 574,264.15 | 493.3 | |
| b) Miscellaneous | 161,288,670.65 | 142,567.6 | |
| Total 8. | 161,862,934.80 | 143,060.9 | |
| Total 5. - 8. | 560,889,903.12 | 540,173.8 | |
| 9. | Operating profit (subtotal of No. 1 to 8) | 56,924,234.13 | 69,271.7 |
| 10. | Income from investments in other companies | 19,821,428.65 | 6,066.3 |
| Thereof from subsidiaries: € 19,738,688.65 2012: T€ 5,983.6 |
|||
| 11. | Income from other securities and loans granted | 828,136.43 | 1,523.3 |
| Thereof from subsidiaries: € 820,815.82 2012: T€ 1,517.1 |
|||
| 12. | Interest and similar income | 2,864,218.32 | 4,629.3 |
| Thereof from subsidiaries: € 1,219,925.06 2012: T€ 1,826.8 |
|||
| 13. | Income from the disposal and write-up of financial assets |
1,745,354.00 | 1,563.9 |
| 14. | Interest and similar expenses | 27,363,674.43 | 38,769.7 |
| Thereof to subsidiaries: € 4,669,030.21 2012: T€ 16,479.4 |
|||
| 15. | Financial results (subtotal of No. 10 to 14) | -2,104,537.03 | -24,986.8 |
| 16. | Profit on ordinary activities | 54,819,697.10 | 44,284.9 |
| 17. | Income taxes | -10,489,991.90 | -10,934.3 |
| 18. | Net profit for the year | 44,329,705.20 | 33,350.6 |
| 19. | Reversal of untaxed reserves | 444,293.88 | 121.7 |
| 20. | Addition to reserves | 17,470,000.00 | 11,430.0 |
| 21. | Profit carried forward from the prior year | 1,340.59 | 9.1 |
| 22. | Retained earnings | 27,305,339.67 | 22,051.3 |
Notes to the 2 0 1 3 A n n u a l F i n a n c i a l S t a t e m e n t s o f F l u g h a f e n W i e n A k t i e n g e s e l l s c h a f t
Flughafen Wien Aktiengesellschaft (AG) and its subsidiaries are service companies that are active in the construction and operation of civil airports and related facilities. As a civil airport operator, Flughafen Wien AG manages Vienna Airport. The company's headquarters are located in Schwechat, Austria. The address is: Flughafen Wien AG, P.O. Box 1, A-1300 Wien-Flughafen. Flughafen Wien AG is listed in the company register of the provincial and commercial court of Korneuburg under number FN 42984 m.
The major operating permits held by Flughafen Wien AG are as follows:
In accordance with § 7 of the Austrian Air Transportation Act dated 21 August 1936, the Federal Ministry for Transportation and State-Owned Entities issued a permit to Flughafen Wien Betriebsgesellschaft m.b.H. on 27 March 1955 for the creation and operation of Vienna Airport to serve general traffi c purposes and for the runway 11/29.
In accordance with § 78 (2) of the Austrian Air Transportation Act (Federal Gazette BGBl. Nr. 253/1957), the Federal Ministry for Transportation issued an operating permit for instrument runway 16/34, including taxiways and lighting systems, on 15 September 1977.
Vienna Airport was certifi ed by the Federal Ministry for Transportation, Innovation and Technology in 2010. The certifi cation document was issued on 31 December 2010. This document confi rms that the facilities used by Flughafen Wien AG to ensure safe and smooth operations comply with the applicable Austrian regulations. This certifi cation is valid up to 31 December 2015 and/or as long as the respective requirements are met. The next certifi cation is scheduled for 2015, but may be postponed by the authorities to 2017 to allow for coordination with the enactment of a new EU directive.
The annual financial statements as of 31 December 2013 were prepared in accordance with the provisions of the Austrian Commercial Code, in the current version.
The annual financial statements were prepared in accordance with the principles of correct bookkeeping and accounting (§ 201 (2) of the Austrian Commercial Code) as well as the general principle of providing a true and fair view of the asset, financial and earnings position of the company (§ 222 (2) of the Austrian Commercial Code). In particular, the principle of prudence was observed and impending losses were recognised but unrealised gains were not recorded. All assets, provisions and obligations were recorded and individually measured, whereby valuation was free of arbitrariness.
It should be noted that rounding differences can result from the use of rounded amounts in the annual financial statements.
As of 31 December 2013, Flughafen Wien AG was party to a contract for the transfer of profit and loss with the subsidiary Vienna Aircraft Handling Gesellschaft m.b.H.
The company is classified as a large corporation under the provisions of § 221 (3) of the Austrian Commercial Code.
The balance sheet and the income statement were structured in accordance with the provisions of §§ 195 to 211 and 222 to 235 of the Austrian Commercial Code. The income statement was prepared in accordance with the nature of expense method under which "total costs" are shown as defined in § 231 (2) of the Austrian Commercial Code.
Purchased intangible assets and property, plant and equipment are carried at acquisition or production cost, less scheduled amortisation and depreciation as well as any necessary impairment charges. Production costs also include an appropriate part of material and production overheads, but exclude interest.
The company's assets have the following useful lives: intangible assets: 4 to 20 years; facilities installed on property: 10 to 20 years; buildings: 10 to 50 years; machinery and equipment: 4 to 20 years; other equipment, furniture, fixtures and office equipment: 4 to 15 years; and technical noise protection: 20 years.
The measures for technical noise protection, which were recognised as project costs in connection with the third runway, were reclassified in 2012 and will be depreciated over their useful life. This reflects the growing importance of noise programmes for general operations in the vicinity of airports.
Assets are depreciated or amortised beginning on the recognition date, i.e. the date the asset is placed in use. Scheduled depreciation/amortisation has been calculated on a straight-line basis; since 2012 depreciation has started with the month the asset is placed in use (pro rata temporis).
Low-value assets are written off completely in the year of purchase.
The determination of the acquisition and production cost of property, plant and equipment is connected with uncertainty because of the on-going construction activity and associated examination requirements. This uncertainty is related primarily to recently completed and current construction projects (construction in progress).
Financial assets are recognised at cost. Impairment charges and write-ups are only recorded if the circumstances are considered to be lasting. Write-ups do not result in an increase in the carrying amount of the asset over its original cost.
Non-interest bearing loans granted by the company are discounted, while interestbearing loans are carried at the nominal value as of the balance sheet date.
In accordance with § 206 of the Austrian Commercial Code, current assets are carried at acquisition or production cost that reflects loss-free valuation.
Inventories are recognised at acquisition or production cost that reflects loss-free valuation.
Identifiable risks related to receivables are reflected in valuation adjustments.
Foreign currency assets are measured using the exchange rate in effect on the date of acquisition or the lower rate on the balance sheet date. Foreign currency liabilities are measured using the exchange rate in effect on the date of acquisition or the higher rate on the balance sheet date.
Revaluations permitted by § 208 (1) of the Austrian Commercial Code were not recorded in accordance with § 208 (2) of the Austrian Commercial Code, when a lower value could be retained for the determination of taxable profit under the condition that this amount can also be used in the annual financial statements.
The company did not elect to use the option provided by § 198 (10) of the Austrian Commercial Code for the capitalisation of deferred taxes.
Provisions were recorded at the amount considered necessary by reasonable judgment. Detailed information on the calculation of the provisions for severance compensation, pensions, service anniversary bonuses and semiretirement programmes for older employees is provided under the respective balance sheet positions.
Liabilities were recorded at their repayment amount, in accordance with the principle of conservatism.
The subsidiary Vienna Aircraft Handling Gesellschaft m.b.H. was granted an option that provides for the purchase of the shares in Flugplatz Vöslau BetriebsGmbH by Flughafen Wien Aktiengesellschaft for a fixed price of T€ 5,562.4.
The company held no other derivative financial instruments as of 31 December 2013.
The development of the individual positions of non-current assets is shown on the attached schedule of non-current assets.
The value of land included under land and buildings is T€ 92,442.0 (2012: T€ 92,393.4).
The following write-ups were recorded to loans granted to subsidiaries: T€ 534.8 (2012: T€ 605.2) to reflect the reversal of the discount from a shareholder loan (IVW) and T€ 110.5 (2012: T€ 114.9) to a shareholder loan (KSC-Holding).
Of the total loans granted, T€ 2,599.4 (2012: T€ 2,696.1) are due and payable within one year.
Non-current securities comprise the following:
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Shares | 494.9 | 494.9 |
| Other | 2,653.9 | 2,567.5 |
| 3,148.8 | 3,062.4 |
The position "Other" consists mainly of the repurchase value of reinsurance for pensions (T€ 2,516.0; 2012: T€ 2,429.6).
Inventories were valued using the weighted average price method or, in certain cases, the fixed price method. In individual cases, write-downs were recorded to reflect low turnover.
Valuation adjustments of T€ 7,707.8 had been recorded to trade receivables as of the balance sheet date (2012: T€ 7,637.3).
As in the prior year, receivables due from subsidiaries resulted primarily from invoices for the provision of goods and services as well as contracts for the transfer of profit and loss.
The following table shows the terms of receivables and other assets:
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Trade receivables | 32,475.0 | 40,939.7 |
| Receivables due from subsidiaries | 13,706.4 | 10,241.5 |
| Receivables due from associates | 61.8 | 53.0 |
| Other receivables and assets | 24,065.7 | 23,784.3 |
| Total | 70,308.9 | 75,018.6 |
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Other receivables and assets | 90.6 | 93.1 |
| Total | 90.6 | 93.1 |
Other receivables and assets include T€ 1,303.4 (2012: T€ 1,681.4) of credit card settlements and T€ 346.2 (2012: T€ 770.5) of accrued interest as well as other receivables from funds in transit of T€ 2,607.3, which will only become due and payable after the balance sheet date.
The major components of other receivables are as follows:
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Receivables from taxes | 14,270.3 | 20,594.5 |
| Receivables from arbitration settlement | 4,584.5 | 0.0 |
| Receivables from funds in transit | 2,607.3 | 0.0 |
| Receivables from credit card companies | 1,303.4 | 1,681.4 |
| Accrued interest | 346.2 | 770.5 |
| Receivables from salary/wage advances | 330.3 | 327.6 |
| Miscellaneous receivables | 714.2 | 503.4 |
| Total | 24,156.3 | 23,877.5 |
The receivables from taxes consist primarily of corporate income tax prepayments of T€ 11,104.0 (2012: T€ 11,104.0) as well as value added tax credits which were offset against payroll taxes and duties.
The company held no treasury shares as of 31 December 2013.
Current securities consist of the following:
| Amounts in T€ | Book value 2013 |
Market value 2013 |
Book value 2012 |
Market value 2012 |
|---|---|---|---|---|
| RZB bond (subordinated) | n.a. | n.a. | 8,900.0 | 9,652.0 |
| RLB NÖ supplementary capital |
12,050.0 | 13,021.6 | 12,050.0 | 13,477.7 |
| Total | 12,050.0 | 13,021.6 | 20,950.0 | 23,129.7 |
No write-ups to current securities would have been possible in 2013 (2012: T€ 752.0 of possible write-ups were not recorded). A subordinated bond issued by RZB was redeemed at the purchase price of T€ 10,000.00.
The company did not elect to use the option provided by § 198 (10) of the Austrian Commercial Code for the capitalisation of deferred taxes. Deferred tax assets totalled T€ 10,649.8 (2012: T€ 11,212.9).
The deferred tax assets are related primarily to employee-related provisions.
Share capital totalled € 152,670,000.00 as of 31 December 2013. It is divided into 21,000,000 shares of zero par value bearer common stock with voting and dividend rights, which are securitised in a collective instrument that is deposited with Österreichische Kontrollbank.
The stock issue in 1992 generated a premium of T€ 92,221.8, while the capital increase in 1995 generated a premium of T€ 25,435.5. These two amounts comprise the appropriated share premium. The statutory reserve remains unchanged at the prior year level of T€ 2,579.2.
Voluntary reserves rose from T€ 400,330.9 by T€ 17,470.0 to T€ 417,800.9. Retained earnings totalled T€ 27,305.3 (2012: T€ 22,051.3).
The following table shows the development of retained earnings during the reporting year:
| Amounts in T€ | |
|---|---|
| Retained earnings as of 31.12.2012 | 22,051.3 |
| - Distribution of profit | 22,050.0 |
| + Net profit for the year | 44,329.7 |
| + Release of untaxed reserves | 444.3 |
| - Addition to reserves | 17,470.0 |
| Retained earnings as of 31.12.2013 | 27,305.3 |
The composition and development of untaxed reserves is shown in the attached appendices 2, 3 and 4.
The company received investment subsidies from public authorities during the period from 1977 to 1985. These grants are shown separately after untaxed reserves as an extension to the legal structure of the balance sheet. The classification and development of this position are shown in the attached listing (Appendix 5).
The calculation of the provision for severance compensation at Flughafen Wien AG as of 31 December 2013 was based on an actuarial expert opinion, which was prepared in accordance with IFRS (IAS 19). An interest rate of 3.35% (2012: 3.15%) and the projected unit credit method were used for the calculation. The retirement age represents the first possible date for (early) retirement permitted by the 2004 pension reform in Austria
(federal budget act of 2003) and reflects all transition regulations. The biometric basis for the calculation is formed by the F.W. Pagler – AVÖ 2008-P life expectancy tables for male and female employees. An assumed increase of 3.69% (2012: 3.69%) was applied to salaries. Employee turnover (combined with probability of pay-outs) was included on the basis of a graduated scale ranging from 1 to 25 years of service, with separate scales for wage employees (6.2% with 30.7% probability of pay-outs to 6.7% with 92.0% probability of pay-outs) and salaried employees (7.7% with 41.7% probability of pay-outs to 7.3% with 92.2% probability of pay-outs). All actuarial gains and losses were recognised immediately to profit or loss.
The provisions for pensions were determined in accordance with actuarial principles based on IFRS (IAS 19). An interest rate of 3.35% (2012: 3.15%) and the projected unit credit method were used for the calculation. The biometric basis for calculation is formed by the F.W. Pagler – AVÖ 2008-P life expectancy tables for salaried employees. The retirement age represents the first possible date for (early) retirement permitted by the 2004 pension reform in Austria (federal budget act of 2003) and reflects all transition regulations. An assumed increase of 3.69% (2012: 3.69%) was applied to salaries and a retirement trend of 2.1% (2012: 2.1%) was assumed. Employee turnover was not included in the calculation since only two more active employees have defined benefit claims. All actuarial gains and losses were recognised immediately to profit or loss.
The provisions for service anniversary bonuses were computed in accordance with actuarial principles based on IFRS (IAS 19). An interest rate of 3.35% (2012: 3.15%) and the projected unit credit method were used for the calculation. The biometric basis for calculation is formed by the F.W. Pagler – AVÖ 2008-P life expectancy tables for male and female employees. The retirement age represents the first possible date for (early) retirement permitted by the 2004 pension reform in Austria (federal budget act of 2003) and reflects all transition regulations. An assumed increase of 3.69% (2012: 3.69%) was applied to salaries. Employee turnover was included in calculating the provisions for service anniversary bonuses based on a graduated scale ranging from year 1 to 25 of employment, with separate indicators for wage employees (6.2% to 0.6%) and salaried employees (7.7% to 0.6%) (2012: 12% from year 1 of service to 0.25% in year 19). All actuarial gains and losses were recognised immediately to profit or loss.
The provisions for semiretirement programmes were computed in accordance with actuarial principles based on IFRS (IAS 19). An interest rate of 1.0% (2012: 1.0%) and the projected unit credit method were used for the calculation. An assumed increase of 3.69% (2012: 3.69%) was applied to salaries. Ancillary payroll costs were included at approx. 21% (up to the maximum contribution threshold under Austrian "ASVG" social security law). All actuarial gains and losses were recognised immediately to profit or loss.
Other provisions consist mainly of the following: service anniversary bonuses: T€ 14,896.3 (2012: T€ 15,655.6), semiretirement programmes: T€ 20,262.0 (2012: T€ 19,487.0), unused vacation: T€ 6,940.0 (2012: T€ 8,074.0), bonuses for 2013 and previous years: T€ 2,696.2 (2012: T€ 2,744.5), deliveries and services not yet invoiced: T€ 26,479.4 (2012: T€ 41,384.6), discounts: T€ 8,549.9 (2012: T€ 11,223.9), various employee-related expenses: T€ 3,972.5 (2012: T€ 4,878.5) and a provision for an impending loss from a put option of T€ 5,562.4 (2012: T€ 5,562.4) granted to Vienna Aircraft Handling Ges.m.b.H. for the acquisition of Flugplatz Vöslau BetriebsGmbH.
The following table shows the terms of liabilities:
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Amounts due to financial institutions | 20,664.4 | 47,381.1 |
| Trade payables | 44,660.7 | 58,739.6 |
| Amounts due to subsidiaries | 86,806.1 | 80,118.3 |
| Amounts due to companies in which an investment is held | 7,943.1 | 5,891.4 |
| Other liabilities | 44,690.9 | 46,010.9 |
| Total | 204,765.1 | 238,141.3 |
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Amounts due to financial institutions | 158,475.0 | 108,425.0 |
| Amounts due to companies in which an investment is held | 0.0 | 764.8 |
| Amounts due to subsidiaries | 150,250.0 | 243,000.0 |
| Other liabilities | 3,871.3 | 3,535.3 |
| Total | 312,596.3 | 355,725.1 |
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Amounts due to financial institutions | 325,000.0 | 355,133.8 |
| Amounts due to subsidiaries | 13,700.0 | 39,500.0 |
| Other liabilities | 5,481.8 | 6,537.5 |
| Total | 344,181.8 | 401,171.3 |
The non-current liabilities due to subsidiaries include T€ 163,950.0 (2012: T€ 282,500.0) related to financing. Current liabilities due to subsidiaries resulted, among others, from deposits of subsidiaries' liquid funds.
Amounts due to companies in which an investment is held consist primarily of bank deposits invested for City Air Terminal Betriebsgesellschaft m.b.H.
Other liabilities include the following expenses that will become due and payable after the balance sheet date: wages and salaries of T€ 5,029.8 (2012: T€ 5,470.5) from payroll accounting for December 2013 and 2012, customer credits of T€ 1,470.0 (2012: T€ 1,052.4), amounts of T€ 6,021.5 (2012: T€ 6,238.6) due to social security carriers and accrued interest of T€ 217.3 (2012: T€ 188.5).
Deferred income consists chiefly of T€ 23,227.0 (2012: T€ 24,181.5) in advance rental payments for the air traffic control tower.
In accordance with § 7 Par. 4 of the charter of the Schwechat Waste Water Association dated 10 December 2003, Flughafen Wien AG is liable as a member of this organisation for T€ 2,977.5 (2012: T€ 3,435.7) of loans related to the construction and expansion of sewage treatment facilities.
Vienna Airport Business Park Immobilienbesitzgesellschaft m.b.H., a wholly owned subsidiary of the Flughafen Wien Group, concluded a lease with HERMIONE Raiffeisen-Immobilien-Leasing GmbH in December 2005 for hangar buildings at Vienna International Airport. Flughafen Wien AG has issued a guarantee for payment of the variable leasing fees, which currently equal approximately T€ 367.9 and T€ 27.6 per month over the remaining term of 12 years and for annual payments of T€ 479.1 on borrowing costs for construction financing over a period of 12 years. A total liability of T€ 62,713.6 (2012: T€ 67,573.9) was recorded below the balance sheet up to the end of these terms.
Flughafen Wien AG issued an open-ended comfort letter on behalf of VIE Office Park 3 BetriebsgmbH to cover current and future liabilities. This comfort letter carries a maximum liability of T€ 2,800.0 (2012: T€ 1,400.0).
The company had purchase obligations for intangible assets and property, plant and equipment totalling € 21.0 million as of 31 December 2013 (2012: € 69.7 million).
Flughafen Wien AG is required to carry the costs of the Flughafen Wien Mitarbeiterbeteiligung Privatstiftung (the employee foundation) through subsequent contributions to the fund. These costs consist primarily of corporate income tax.
The following table shows the obligations to third parties arising from the use of property, plant and equipment not shown on the balance sheet:
| Amounts in T€ | 2014 | 2014-2018 |
|---|---|---|
| Liabilities arising from operating leases | 945.6 | 4,728.0 |
| Liabilities arising from a contract for participation rights concluded with subsidiaries |
17,042.1 | 85,210.5 |
| Total | 17,987.7 | 89,938.5 |
Flughafen Wien AG has provided Landesbank Baden-Württemberg with a guarantee for the correct and timely payment of principal and interest related to the T€ 69,000.0 promissory note issued by the subsidiary VIE Malta Finance Ltd. The outstanding balance of this promissory note equalled T€ 12,000.0 as of 31 December 2013. This financing is included under amounts due to subsidiaries and additional disclosures under contingent liabilities are therefore not required.
Flughafen Wien AG is liable to Raiffeisen Landesbank Niederösterreich for a maximum amount of T€ 30,000.00 related to the correct and timely payment of principal and interest for financing contracted by the subsidiary VIE Malta Finance Ltd in accordance with an Austrian law to strengthen liquidity ("Unternehmensliquiditätsstärkungsgesetz"). The outstanding balance of this loan equalled T€ 17,142.9 as of 31 December 2013. This financing is included under amounts due to subsidiaries and additional disclosures under contingent liabilities are therefore not required.
Flughafen Wien AG is also liable to Raiffeisenbank International and BAWAG for the correct and timely payment of principal and interest on short-term financing of € 100.0 million (loan agreements) and € 25.0 million (working capital facility) contracted by VIE Malta Finance Ltd. The outstanding balance equalled € 124.0 million as of 31 December 2013. This financing is included under amounts due to subsidiaries and additional disclosures under contingent liabilities are therefore not required
The Malta Mediterranean Link Consortium Group (MMLC) entered into a loan with a term ending in mid-2018, which had an outstanding balance of € 9.0 million as of 31 December 2013. Flughafen Wien AG has agreed not to sell its investment in MMLC during the term of this loan. Furthermore, Flughafen Wien AG has confirmed the following to the lending institution: all necessary steps will be undertaken to ensure that the group's investments maintain a healthy financial position at all times; the corporate policies of Flughafen Wien AG include the fulfilment of financial obligations by MMLC at all times; and MMLC will be equipped with a financial basis that enables the company to meet its obligations at any time.
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Airport revenue | 306,981.7 | 292,971.9 |
| Handling revenue | 140,882.3 | 144,532.7 |
| Aviation revenue | 447,864.0 | 437,504.5 |
| Lease, rental and usage revenue, parking revenue | 115,090.1 | 112,070.9 |
| Other revenue | 40,800.7 | 43,000.2 |
| Non-aviation revenue | 155,890.8 | 155,071.0 |
| Total revenue | 603,754.8 | 592,575.6 |
| Thereof with subsidiaries | 13,602.3 | 13,775.2 |
Aviation revenue comprises airport and handling revenues. Non-aviation revenue consists of revenues generated by energy supply and waste disposal services, IT services, rentals and concessions, passenger services and other services.
All revenues were generated in Austria.
Aviation revenue rose by 2.4% to T€ 447,864.0, among others due to the increase in the security fee and lower discounts.
Non-aviation revenue recorded by Flughafen Wien AG increased 0.5% to T€ 155,890.8. This development was supported primarily by higher turnover-based revenue and rental income, inclusive advertising space.
Personnel expenses declined 9.5% year-on-year to T€ 196,880.8 (2012: T€ 217,550.9). This reduction is, among others, attributable to lower additions to the provisions for pensions and severance compensation based on changes in parameters (employee turnover) as well as the development of interest rates.
Wage costs fell by T€ 2,519.9 to T€ 81,613.6, while expenses for salaries declined by T€ 53.2 to T€ 63,829.8. The reduction in wages was based on a lower average number of employees as well as a decrease in non-recurring payments and the addition to the provision for service anniversary bonuses. Salaries were reduced by a decline in overtime work and a lower addition to the provision for service anniversary bonuses.
Severance compensation expenses are classified as follows:
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Change in severance compensation provision | 839.3 | 12,231.1 |
| Severance payments (incl. voluntary severance payments) | 4,034.5 | 7,320.5 |
| Contributions to employee severance compensation funds | 1,221.2 | 1,191.8 |
| Total | 6,095.0 | 20,743.4 |
Depreciation and amortisation rose by 16.9%, or T€ 17,270.1, year-on-year to T€ 119,498.7, above all due to the start of operations in Check-in 3 and the resulting increase in scheduled depreciation. In contrast, impairment charges were substantially lower than the previous year (T€ 5,116.0; 2012: T€ 10,874.0).
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Maintenance | 54,992.7 | 26,466.1 |
| Services provided by subsidiaries | 52,424.6 | 48,143.9 |
| Marketing and market communication | 19,326.1 | 17,789.6 |
| Third party services | 12,321.5 | 14,473.5 |
| Legal, audit and consulting fees | 5,698.6 | 5,023.4 |
| Miscellaneous operating costs | 4,207.5 | 7,077.4 |
| Insurance | 3,254.1 | 3,243.5 |
| Travel and training | 1,715.7 | 1,302.3 |
| Transportation | 1,544.7 | 428.1 |
| Rentals and leasing | 1,389.4 | 3,991.6 |
| Additions to valuation adjustments to receivables | 1,161.9 | 4,939.1 |
| Postage and telecommunications expenses | 1,137.2 | 1,307.1 |
| Losses on disposals of non-current assets | 146.9 | 1,809.5 |
| Damages | 109.2 | 4,353.1 |
| Miscellaneous | 2,432.8 | 2,712.6 |
| Total | 161,862.9 | 143,060.9 |
Other operating expenses comprise the following:
Information on expenses for the auditor of the annual financial statements is provided in the notes to the consolidated financial statements of Flughafen Wien AG.
Financial results totalled minus T€ 2,104.5 (2012: T€ -24,986.8) and consist of the following:
| Amounts in T€ | 2013 | 2012 |
|---|---|---|
| Income from investments in other companies | 19,821.4 | 6,066.3 |
| Thereof from subsidiaries | 19,738.7 | 5,983.6 |
| Income from securities and loans granted | 828.1 | 1,523.3 |
| Thereof from subsidiaries | 820.8 | 1,517.1 |
| Interest and similar income | 2,864.2 | 4,629.3 |
| Thereof from subsidiaries | 1,219.9 | 1,826.8 |
| Income from the disposal and write-up of financial assets | 1,745.4 | 1,563.9 |
| Thereof from the write-up of loans to subsidiaries | 645.4 | 733.4 |
| Interest and similar expenses | -27,363.7 | -38,769.7 |
| Thereof due to subsidiaries | -4,669.0 | -16,479.4 |
| Total | -2,104.5 | -24,986.8 |
Income from investments in other companies includes income of T€ 2,294.7 (2012: T€ 1,503.6) from contracts for the transfer of profit and loss.
Since 2005, Flughafen Wien AG has served as the head of a tax group as defined in § 9 of
the Austrian Corporate Tax Act. The head of the group charges or (in the case of a loss) credits corporate income tax to the members of the group based on their individual tax liability (or credit). Income tax expenses amounted to T€ 10,490.0 in 2013 (2012: T€ 10,934.3) and includes the tax expense of the head of the group for that year as well as tax income of T€ 300.0 relating to a previous accounting period.
The members of the Supervisory Board in 2013 are listed below:
Gabriele DOMSCHITZ Bettina GLATZ-KREMSNER Erwin HAMESEDER Burkhard HOFER Ewald KIRSCHNER Franz LAUER (up to 30.4.2013) Hans-Jörgen MANSTEIN (up to 30.4.2013) Alfons METZGER (up to 30.4.2013) Claus J. RAIDL (up to 30.4.2013) Wolfgang RUTTENSTORFER Karin REST (as of 30.04.2013) Gerhard STARSICH (as of 30.04.2013) Herbert PAIERL (as of 30.04.2013) Robert LASSHOFER (as of 30.04.2013)
Manfred BIEGLER Thomas SCHÄFFER Heinz WESSELY Heinz STRAUBY Michael STRASSEGGER
Ewald KIRSCHNER (as of 30.04.2013) Erwin HAMESEDER (up to 30.4.2013)
Erwin HAMESEDER (as of 30.04.2013) Wolfgang RUTTENSTORFER Ewald KIRSCHNER (up to 30.4.2013)
Julian JÄGER Günther OFNER The average number of employees (excl. the Management Board) was as follows:
| 2013 | 2012 | |
|---|---|---|
| Wage employees | 2,151 | 2,220 |
| Salaried employees | 1,065 | 1,046 |
| Total | 3,216 | 3,266 |
The members of the Management Board of Flughafen Wien AG received the following remuneration for their work in 2013 and 2012:
| in T€ | Fixed compensa tion |
Performance based com pensation for 2012 |
Non-cash remunera tion |
Total remunera tion |
|---|---|---|---|---|
| Günther Ofner | 253.7 | 183.2 | 7.2 | 444.2 |
| Julian Jäger | 253.7 | 183.2 | 7.2 | 444.2 |
| 507.5 | 366.5 | 14.4 | 888.4 |
| in T€ | Fixed compensa tion |
Performance based com pensation for 2011 |
Non-cash remunera tion |
Total remunera tion |
|---|---|---|---|---|
| Günther Ofner | 252.7 | 80.8 | 7.2 | 340.8 |
| Julian Jäger | 252.7 | 80.8 | 7.1 | 340.7 |
| 505.5 | 161.6 | 14.3 | 681.5 |
The performance-based compensation represents bonuses for the 2012 financial year, which were paid out during 2013.
On behalf of Julian Jäger and Günther Ofner, the company makes payments equalling 15% of the respective salary to a pension fund. The contribution for each board member amounted to T€ 70.8 in 2013 (2012: T€ 44.6).
Remuneration paid to former members of the management Board amounted to t€ 606.8 (2012: t€ 1,169.4).
the total expenses for severance compensation and pensions, excluding former members of the management Board, amounted to t€ 296.7 (2012: t€ 205.3) for the members of the management Board and key employees. the comparable amount for other employees was t€ 7,853.3 (2012: t€ 25,552.7).
the members of the supervisory Board received attendance fees and remuneration of t€ 115.9 in 2013 (2012: t€ 107.8).
As of 31 December 2013, there were no outstanding receivables from advances or loans granted to the members of the supervisory Board or management Board.
schwechat, 7 march 2014
The Management Board
Günther Ofner Julian Jäger member, cFo member, coo
Appendix 1 to the Notes
| Development of acquisition and production cost | ||||
|---|---|---|---|---|
| Non-Current Assets in € | Balance on 1.1.2013 |
Direct additions |
Reclassifications | Disposals |
| I. Intangible assets | ||||
| Concessions and rights | 38,157,019.56 | 1,352,295.35 | 283,369.53 | 187,646.53 |
| II. Property, plant and equipment | ||||
| 1. Land and buildings, including buildings on land owned by third parties |
1,403,409,200.73 | 18,924,079.86 | 15,779,837.40 | 22,089,759.08 |
| 2. Machinery and equipment | 772,667,076.27 | 8,828,060.74 | 9,464,107.15 | 24,288,577.54 |
| 3. Other equipment, furniture, fittings and office equipment |
224,262,540.83 | 16,839,653.72 | 1,006,127.72 | 10,987,050.57 |
| 4. Prepayments made and construction in progress |
72,939,729.09 | 22,441,216.43 | -26,533,441.80 | 22,454.92 |
| Subtotal | 2,473,278,546.92 | 67,033,010.75 | -283,369.53 | 57,387,842.11 |
| III. Financial assets | ||||
| 1. Shares in subsidiaries | 192,456,648.10 | 0.00 | 0.00 | 0.00 |
| 2. Loans granted to subsidiaries | 48,784,458.36 | 0.00 | 0.00 | 5,162,765.35 |
| 3. Investments in other companies | 9,116,686.50 | 0.00 | 0.00 | 0.00 |
| 4. Non-current securities (rights) | 3,062,403.01 | 86,368.06 | 0.00 | 0.00 |
| 5. Other loans granted | 720,333.13 | 44,406.38 | 0.00 | 260,264.80 |
| Subtotal | 254,140,529.10 | 130,774.44 | 0.00 | 5,423,030.15 |
| Total | 2,765,576,095.58 | 68,516,080.54 | 0.00 | 62,998,518.79 |
| 0.00 | 0.00 | 190,756,648.10 | 190,756,648.10 | 0.00 | 1,700,000.00 | 192,456,648.10 | |
|---|---|---|---|---|---|---|---|
| -645,354.00 | 0.00 | 46,302,906.55 | 41,785,495.20 | 0.00 | 1,836,197.81 | 43,621,693.01 | |
| 0.00 | 0.00 | 9,116,686.50 | 9,116,686.50 | 0.00 | 0.00 | 9,116,686.50 | |
| 0.00 | 0.00 | 3,062,403.01 | 3,148,771.07 | 0.00 | 0.00 | 3,148,771.07 | |
| 0.00 | 0.00 | 720,333.13 | 504,474.71 | 0.00 | 0.00 | 504,474.71 | |
| -645,354.00 | 0.00 | 249,958,977.29 | 245,312,075.58 | 0.00 | 3,536,197.81 | 248,848,273.39 |
| 0.00 | 53,928,344.63 | 1,115,688,057.42 | 1,078,957,551.47 | -168,092.64 | 337,065,807.44 | 1,416,023,358.91 |
|---|---|---|---|---|---|---|
| 0.00 | 40,028,012.99 | 268,579,438.92 | 243,116,818.71 | 6,429.12 | 523,553,847.91 | 766,670,666.62 |
| 0.00 | 21,727,014.54 | 77,581,648.66 | 72,934,366.75 | 161,663.52 | 158,186,904.95 | 231,121,271.70 |
| 0.00 | 0.00 | 72,939,729.09 | 68,825,048.80 | 0.00 | 0.00 | 68,825,048.80 |
| 0.00 | 115,683,372.16 | 1,534,788,874.09 | 1,463,833,785.73 | 0.00 | 1,018,806,560.30 | 2,482,640,346.03 |
| Book values | ||||||||
|---|---|---|---|---|---|---|---|---|
| Balance on 31.12.2013 |
Accumulated depr./amort. 31.12.2013 |
Reclassifica tions depr./amort. |
Balance on 31.12.2013 |
Balance on 1.1.2013 |
Depr./amort. for current year |
Write-ups for current year |
||
| 39,605,037.91 | 26,736,507.62 | 0.00 | 12,868,530.29 | 15,065,048.55 | 3,815,370.68 | 0.00 |
| Amounts in € | Balance on 1.1.2013 |
Use to cover direct deprecia tion |
Reversal to disposed assets |
Addition | Balance on 31.12.2013 |
|---|---|---|---|---|---|
| I. Property, plant and equipment | |||||
| 1. Land and buildings | 1,227,601.23 | 0.00 | 0.00 | 0.00 | 1,227,601.23 |
| 2. Machinery and equipment |
1,093,125.93 | 16,538.37 | 16,549.19 | 0.00 | 1,060,038.37 |
| 3. Other equipment, furniture, fixtures and office equip ment |
2,177,553.33 | 368,640.42 | 41,112.72 | 0.00 | 1,767,800.19 |
| Total | 4,498,280.49 | 385,178.79 | 57,661.91 | 0.00 | 4,055,439.79 |
Appendix 3 to the Notes
| Amounts in € | Balance on 1.1.2013 |
Use to cover direct depreciation |
Addition | Balance on 31.12.2013 |
||
|---|---|---|---|---|---|---|
| I. Property, plant and equipment | ||||||
| 1. Land and buildings | 5,020,846.83 | 1,453.18 | 0.00 | 5,019,393.65 | ||
| Total | 5,020,846.83 | 1,453.18 | 0.00 | 5,019,393.65 |
| Amounts in € | Balance on 1.1.2013 |
Reversal | Addition | Balance on 31.12.2013 |
|---|---|---|---|---|
| 1994 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1996 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1997 | 0.00 | 0.00 | 0.00 | 0.00 |
| 1998 | 0.00 | 0.00 | 0.00 | 0.00 |
| 2000 | 159,203.15 | 0.00 | 0.00 | 159,203.15 |
| Total | 159,203.15 | 0.00 | 0.00 | 159,203.15 |
| Amounts in € | Balance on 1.1.2013 |
Disposal | Reversal | Addition | Balance on 1.1.2013 |
|---|---|---|---|---|---|
| I. Property, plant and equipment | |||||
| 1. Land and buildings | 1,422,539.01 | 0.00 | 171,457.55 | 0.00 | 1,251,081.46 |
| 2. Machinery and equipment |
160,585.13 | 0.00 | 38,676.37 | 0.00 | 121,908.76 |
| 3. Other equipment, furniture, fixtures and office equip ment |
68,313.22 | 0.00 | 13,456.12 | 0.00 | 54,857.10 |
| Total | 1,651,437.36 | 0.00 | 223,590.04 | 0.00 | 1,427,847.32 |
Appendix 6 to the Notes
| Headquarters: | Schwechat | ||||
|---|---|---|---|---|---|
| Share owned: | 100% VIE | ||||
| The commercial leasing of assets, in particular real estate, as well as the acquisition of property and buildings at Vienna Airport. |
|||||
| in T€ | 2013 | 2012 | |||
| Equity | 85,731.1 | 88,837.2 | |||
| Revenue | 17,042.1 | 16,661.0 | |||
| Net profit for the period | 8,417.9 | 11,522.7 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIE | |
| Provision of a full range of services for general aviation and, in particular, for business avia tion; major revenue generators are private aircraft handling and aircraft handling services provided on behalf of Flughafen Wien AG in the general aviation sector (incl. fuelling and the provision of hangar space). |
||
| in T€ | 2013 | 2012 |
| Equity | 5,583.4 | 5,583.4 |
| Revenue | 12,180.5 | 12,133.0 |
| Net profit for the period | 2,293.7 | 1,503.6 |
1) Austrian companies according with Austrian Commercial Code
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIE | |
| Provision of services for electrical facilities and equipment as well as the construction of elec trical and supply facilities, in particular technical equipment for airports; the installation of electrical infrastructure. |
||
| in T€ | 2013 | 2012 |
| Equity | 2,500.6 | 2,573.3 |
Revenue 19,024.5 15,218.4 Net profit for the period 1,195.3 1,175.9
| Headquarters: | Schwechat |
|---|---|
| Share owned: | 100% VIE |
| Provision of security services (persons and hand luggage) on behalf of the Austrian Ministry of the Interior, and various other services for aviation customers (wheelchair transport, con trol of oversize baggage, document control etc.); the company also participates in tenders for the provision of security services at other airports through its Austrian and foreign sub sidiaries. |
|
| in T€ | 2013 | 2012 |
|---|---|---|
| Equity | 17,695.5 | 11,545.0 |
| Revenue | 51,441.5 | 47,200.6 |
| Net profit for the period | 10,131.1 | 4,085.8 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIE | |
| Holding company for the BPIB, VOPE, MAZUR and VWTC subsidiaries, which are active in the purchase, development and marketing of property under their ownership. |
||
| in T€ | 2013 | 2012 |
| Equity | 26,069.1 | 23,614.4 |
| Revenue | 0.0 | 0.0 |
| Net profit/loss for the period | 2,454.7 | -25,243.2 |
217
| Headquarters: | Schwechat |
|---|---|
| Share owned: | 100% VIE |
| Acquisition and investment in international subsidiaries and other companies; participation in international airport privatisation programmes; this company serves as the holding com |
pany for the VINT subsidiary.
| in T€ | 2013 | 2012 |
|---|---|---|
| Equity | 57,668.9 | 57,634.2 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 34.7 | 37.8 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIE | |
| Planning, development, marketing and operation of shops at airports in Austria and other countries. |
||
| in T€ | 2013 | 2012 |
| Equity | 1.6 | 4.5 |
| Revenue | 0.0 | 0.0 |
| Loss for the period | -2.9 | -3.6 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 50.1% VIE | |
| Operation of the City Airport Express as a railway operator from the "Wien-Mitte" transit centre to and from Vienna International Airport; operation of check-in facilities at the "Wien Mitte" transit centre combined with baggage logistics for airport passengers; consulting for third parties on the organisation and development of traffic connections between airports and cities. |
||
| in T€ | 2013 | 2012 |
| Equity | 15,551.3 | 13,823.3 |
| Revenue | 10,844.8 | 10,364.7 |
|---|---|---|
| Net profit for the period | 1,727.2 | 1,445.6 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 49% VIE | |
| Schedule coordinator for airports in Austria, e.g. the company allocates time slots to aircraft in accordance with EU law, principles defined by the IATA and applicable legal regulations, and also carries out other activities that are directly or indirectly related to the business of the company. |
||
| in T€ | 20131 | 2012 |
| Equity | 557.3 | 629.8 |
Revenue 813.1 845.6 Loss for the period -46.5 -18.8
1) Preliminary values
| Headquarters: Bratislava, Slowakei |
||
|---|---|---|
| Share owned: | 47.7% VIE 33.25% VINT | |
| Provision of services and consulting for airports; plans also call for the company to hold the intended investment in Bratislava Airport. |
||
| IFRS values in T€ | 2013 | 2012 |
| Equity | 3,369.4 | 3,400.5 |
| Revenue | 0.0 | 0.0 |
| Loss/net profit for the period | -31.1 | 2,296.4 |
| Headquarters: Bratislava, Slowakei |
||
|---|---|---|
| Share owned: 47.7% VIE 52.3% VINT |
||
| Holding company for the 66% investment in Košice Airport as well as the provision of consulting services. |
||
| IFRS values in T€ | 2013 | 2012 |
| Equity | 30,542.0 | 30,052.7 |
| Revenue | 0.0 | 0.0 |
| Net profit for the period | 489.3 | 901.7 |
| Headquarters: | Schwechat | |
|---|---|---|
| Share owned: | 100% VIE | |
| Provision of all types of construction and construction-related services, among others for construction projects realised by Flughafen Wien AG or other companies. |
||
| in T€ | 2013 | 2012 |
| Equity | 448.1 | 688.9 |
| Revenue | 3,793.8 | 6,250.1 |
| Net profit for the period | 407.2 | 310.6 |
| Headquarters: | Schwechat | ||
|---|---|---|---|
| Share owned: | 100% VIE | ||
| Acquisition of international subsidiaries and investments in other companies. | |||
| in T€ | 2013 | 2012 | |
| Equity | 14.0 | 23.5 | |
| Revenue | 0.0 | 0.0 | |
| Loss for the period | -9.5 | -25.9 |
| Headquarters: | Luqa, Malta | ||
|---|---|---|---|
| Share owned: | 99.95% VIE 0.05 % VIAB | ||
| Holding company for the subsidiary VIE Malta Finance Ltd. | |||
| IFRS values in T€ | 2013 | 2012 | |
| Equity | 14,142.9 | 7,958.9 | |
| Revenue | 0.0 | 0.0 | |
| Net profit for the period | 6,184.1 | 7,008.6 |
In accordance with § 82 of the austrian Stock Corporation act
We confirm to the best of our knowledge that the seperate financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the parent company as required by the applicable accounting standards and that the management report gives a true and fair view of the development and performance of the business and the position of the company, together with a description of the principal risks and uncertainties the company faces.
Schwechat, 7 march 2014 The Mangement Board:
Günther Ofner Julian Jäger member, Cfo member, Coo
We have audited the accompanying financial statements, including the accounting system, of
for the fiscal year from 1 January 2013 to 31 December 2013. These financial statements comprise the statement of financial position as of 31 December 2013, the income statement for the fiscal year 2013, and the notes.
The Company's management is responsible for the accounting system and for the preparation and fair presentation of these financial statements in accordance with Austrian Generally Accepted Accounting Principles. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with laws and regulations applicable in Austria and Austrian Standards on Auditing. Those standards require that we comply with professional guidelines and that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Our audit did not give rise to any objections. In our opinion, which is based on the results of our audit, the financial statements comply with legal requirements and give a true and fair view of the financial position of the Company as of 31 December 2013 and of its financial performance for the year from 1 January 2013 to 31 December 2013 in accordance with Austrian Generally Accepted Accounting Principles.
Pursuant to statutory provisions, the management report is to be audited as to whether it is consistent with the financial statements and as to whether the other disclosures are not misleading with respect to the Company's position. The auditor's report also has to contain a statement as to whether the management report is consistent with the financial statements and whether the disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
In our opinion, the management report is consistent with the financial statements. The disclosures pursuant to Section 243a UGB (Austrian Commercial Code) are appropriate.
Vienna, 10 March 2014
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
signed by:
Heidi Schachinger Michael Schlenk Wirtschaftsprüferin Wirtschaftsprüfer
(Austrian Chartered Accountants)
Publisher Flughafen Wien Aktiengesellschaft p.O. Box 1 1300 Wien-Flughafen Austria
telephone: +43/1/7007-0 telefax: +43/1/7007-23001
Data registry nr.: 008613 Corporate register nr.: Fn 42984 m Court of registry: provincial Court Korneuburg
Judit Helenyi telephone: +43/1/7007-23126 E-mail: [email protected] mario Santi telephone: +43/1/7007-22826 E-mail: [email protected]
Stephan Klasmann telephone: +43/1/7007-22300 E-mail: [email protected]
peter Kleemann telephone: +43/1/7007-23000 E-mail: [email protected]
Print Shop Ueberreuter print GmbH 2100 Korneuburg Austria
Flughafen Wien AG website: http://www.viennaairport.com Investor Relations: http://ir.viennaairport.com Noise protection programme at Vienna International Airport: http://www.laermschutzprogramm.at The environment and aviation: http://www.vie-umwelt.at Facts & figures on the third runway: http://www.drittepiste.viennaairport.com Dialogue forum at Vienna International Airport: http://www.dialogforum.at Mediation process (archive): http://www.viemediation.at
(Head of Department: martin moser)
on behalf of Flughafen Wien AG.
Production: Dieter Dalinger, Gabriele rosenzopf Layout and Table Layout: petra meier Portraits: Leszek Wisniewski Information Graphics: rene Gatti, Gabriele rosenzopf
this annual report contains assumptions and forecasts, which were based on information available up to the copy deadline on 7 march 2014. If the premises for these forecasts do not occur or risks indicated in the risk report arise, actual results may vary from these estimates. Although the greatest caution was exercised in preparing data, all information related to the future is provided without guarantee. the Annual report 2013 of Flughafen Wien AG is also available on our homepage http://ir.viennaairport.com under the menu point "publications and reports"
www.viennaairport.com
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