Flughafen Wien AG

Earnings Release • Aug 29, 2002

News Details

Corporate | 29 August 2002 09:30

Flughafen Wien AG english

Results first six months Corporate-news announcement sent by DGAP. The sender is solely responsible for the contents of this announcement. ——————————————————————————– Non-recurring income leads to 19% increase in profit for first six-months Traffic forecasts revised upward: 1% more passengers The Flughafen Wien Group has recovered earlier than expected and more quickly than other airports from the aftermath of 11 September. The decline in turnover for the first six months remained comparatively low at 3.7%. Earnings before interest and tax (EBIT) rose by 22% to EUR 59.1 million, primarily as a result of non-recurring income recorded in the first quarter (reversal of provisions for pensions totalling EUR 19.9 mill.). Profit before tax increased by 20.6% to EUR 65.5 million, and net profit for the period rose by 19% to EUR 43.9 million. The development of traffic during the first half of the year exceeded expectations, and the Management Board of Flughafen Wien AG has therefore revised projections for 2002 upward. The new forecast calls for a plus of 1% in the number of passengers, a minus of 1% in flight movements, and a minus of 4% in maximum take-off weight (MTOW). These figures represent a major improvement over previous estimates. Construction has now started on the seven international bus gates, which are scheduled for completion next year at an investment volume of roughly EUR 9.7 million. This information was presented by the Management Board of Flughafen Wien AG, Herbert Kaufmann, Gerhard Schmid and Kurt Waniek, at a press conference in Vienna on 29 August. OVERVIEW OF KEY DATA CONSOLIDATED INCOME STATEMENT T EUR 1-6/2002 1-6/2001 Change Turnover 152,957.1 158,850.0 -3.7% Other operating income 4,477.4 2,304.7 94.3% Operating income 157,434.4 161,154.7 -2.3% Cost of materials and services -8,979.2 -8,634.9 4.0% Personnel expenses -47,577.4 -67,471.0 -29.5% Amortization of intangible assets and depreciation of fixed assets -21,024.3 -20,169.2 4.2% Other operating expenses -20,756.7 -16,439.9 26.3% Income before interest and taxes (EBIT) 59,096.9 48,439.7 22.0% Financial results 6.381.3 5,867.0 8.8% Profit before tax (EBT) 65,478.2 54,306.7 20.6% Taxes on income -21,538.9 -17,379.8 23.9% Minority interest -2.8 0.0 n.a. Net income for the period 43,936.4 36,927.0 19.0% CONSOLIDATED INCOME STATEMENT T EUR 4-6/2002 4-6/2001 Change Turnover 82,345.2 82,994.3 -0.8% Other operating income 2,104.6 1,758.3 19.7% Operating income 84,449.8 84,752.6 -0.4% Cost of materials and services -4,399.1 -3,790.1 16.1% Personnel expenses -35,723.5 -35,626.1 0.3% Amortization of intangible assets and depreciation of fixed assets -10,723.4 -10,352.5 3.6% Other operating expenses -12,629.6 -11,372.7 11.1% Income before interest and taxes (EBIT) 20,974.3 23,611.1 -11.2% Financial results 2,715.0 1,887.1 43.9% Profit before tax (EBT) 23,689.3 25,498.2 -7.1% Taxes on income -7,205.5 -7,837.6 -8.1% Minority interest -91.9 0.0 n.a. Net income for the period 16,391.9 17,660.6 -7.2% SEGMENT RESULTS T EUR 1-6/2002 1-6/2001 Change Airport – Segment turnover* 64,768.3 66,830.4 -3.1% Segment earnings 31,531.0 34,289.1 -8.0% Handling – Segment turnover* 50,158.2 55,526.4 -9.7% Segment earnings 15,252.5 9,528.5 60.1% Non-Aviation – Segment turnover* 37,926.9 36,327.3 4.4% Segment earnings 20,838.7 16,770.7 24.3% * External turnover OUTLOOK Although traffic showed a slight decline in July (passengers: -2.9%, flight movements: -0.3%, maximum take-off weight (MTOW): -1.5%), Vienna International Airport has recovered sooner than expected and more quickly than other European airports. The Management Board has therefore revised the forecast for traffic development upward, and now projects a plus of 1% in the number of passengers, a minus of 1% in flight movements, and a minus of 4% in MTOW. This represents a major improvement over the previous estimates. The decrease in passenger volume for July resulted from a lower number of charter flights, which were reduced in spring because of slow reservations. Conclusion of the agreement to acquire 40% of Malta International Airport as part of the Malta Mediterranean Link consortium, in which Flughafen Wien AG holds a 57.1% share, represents a strategic milestone in the strategy to profitably use VIE know-how at foreign airports. The Republic of Malta still owns 60% of the airport, but plans to sell 20% over the stock exchange this fall. The Flughafen Wien Group was also able to conclude technical service agreements for Malta, and the operating management of Malta Airport is now the responsibility of a former key manager of the Flughafen Wien Group. The airport expansion continued to take concrete form with the selection of a general planner for the new air traffic control tower in an EU-wide competition. This facility is scheduled for completion in 2004 and will be leased to Austro Control GmbH. Construction has also started on seven international bus gates, which will be completed in 2003 at a total cost of EUR 9.7 million. This 3,300 sq.m. of space will provide additional seating for 590 persons, 240 sq.m. of gastronomy facilities, and 150 sq.m. of shop space. The logistics centre for TNT will be completed and turned over to the tenant in September, and the expansion of the apron should also be concluded by this time. end of message, (c)DGAP 29.08.2002 ——————————————————————————– WKN: 091180; ISIN: AT0000911805; Index: ATX Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Frankfurt, Hamburg, München, Stuttgart; London 290930 Aug 02