Flughafen Wien AG

Earnings Release • Aug 21, 2008

News Details

Corporate | 21 August 2008 08:00

Flughafen Wien Group: Net profit rises 15.1% to € 50.5 million

Flughafen Wien AG / Half Year Results

Release of a Corporate News, transmitted by DGAP - a company of EquityStory
AG.
The issuer / publisher is solely responsible for the content of this announcement.

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* + 12.8% in passengers at Vienna International Airport
* + 13.7% year-on-year in revenue to € 272.7 million
* + 10.7% in EBITDA to € 104.4 million
* + 14.8% in EBIT to € 69.9 million
* + 15.1% in net profit before minority interest to € 50.5 million
* + 18.8% in earnings per share to € 2.40.

Revenue recorded by the Flughafen Wien Group rose by 13.7% to € 272.7
million for the first six months of 2008. EBITDA increased 10.7% to € 104.4
million and EBIT 14.8% to € 69.9 million. The EBITDA margin declined 1.1
percentage points to 38.3% due to an increase in the cost of consumables
and other operating expenses that exceeded the growth in revenue. The EBIT
margin rose 0.3% percentage points to 25.6%. Profit attributable to the
shareholders of the parent company totalled € 50.5 million, which is 19.2%
higher than in the comparable prior year period.

Sound traffic growth

With an increase of 12.8% in the number of passengers to roughly 9.7
million Vienna International Airport again outpaced the branch in Europe,
which grew by 3.9% according to Airports Council International. The
development of traffic included increases of 22.5% to destinations in
Eastern Europe, 10.6% to the Middle East and 23.8% to North America.

The low-cost carriers again reported above-average growth with an increase
of 55.7%, which raised their share of the total passenger volume at Vienna
International Airport to 23.3%; the seat occupancy for these airlines
equalled 66.0%.

Expansion

The expansion of the terminal – VIE-Skylink – will not open in June 2009 as
originally planned. This scheduling delay was ca#used in part by additional
requirements from public authorities as well as the optimisation of the
retail and gastronomy concept and a necessary restructuring of the project
organisation. These changes and higher prices will raise the total cost of
the project to € 657 million (incl. reserves). The VIE-Skylink terminal
extension will be opened in stages beginning in October 2009.

The tender for the allocation of the 33 shops and 19 gastronomy facilities
in the new terminal area was concluded during the reporting period. The
expected minimum rental income from the Skylink for a full operating year
will total approx. € 23.0 million, which is 45% more than estimated at the
start of the tender process. This increased income will be generated above
all by the redesign and optimisation of the retail space. Including the
revenue from the space currently available at the airport, we forecast a
total significantly in excess of € 40.0 million per year.

The extension of car park 4 to include an additional 2,250 spaces was
completed as planned in early June. This car park is the largest of its
kind in Austria with a total of 4,638 spaces on eight floors as well as a
bus deck and an underground level. The expansion of this facility also
included the installation of seven extra elevators and a bridge to the
departure level. In order to meet the strong growth in traffic, five new
Schengen bus gates were opened in the Pier West at the beginning of April.

International holdings

During the second quarter of 2008 the Flughafen Wien Group acquired 33.2%
of the investment owned by the minority shareholders of the Slovakian
subsidiary KSC Holding a.s., which in turn holds a 66% stake in Košice
Airport. This transaction is subject to the approval of the cartel
authorities, which is expected for the second half of 2008. Košice Airport
recorded an increase of 55.8% in the number of passengers to 264,434 during
the first half of 2008.

Malta Airport, in which Flughafen Wien AG holds a stake of 40% through a
consortium and 10.1% of the shares directly, reported an increase of 14.5%
in the number of passengers to 1,405,897 million for the reporting period.

Friedrichshafen Airport, in which Flughafen Wien AG owns a stake of 25.15%,
reported a slight 1.1% decline in passengers to 315,409 for the first six
months of this year.

Outlook

Flughafen Wien AG expects the growth in traffic will reflect the previously
announced forecasts for 2008: +8.0% in the number of passengers as well as
+6.0% each in flight movements and maximum take-off weight.

Consolidated Interim Financial Statements
Consolidated Income Statement in T€

                   1-6/2008   1-6/2007   Change   4-6/2008   4-6/2007

Revenue 272,666.1 239,861.6 13.7% 143,893.8 129,027.4
Other operating income 4,996.9 8,274.9 -39.6% 2,692.3 6,380.2
Operating income 277,663.1 248,136.5 11.9% 146,586.1 135,407.6
Consumables and
services #used -20,799.2 -16,097.7 29.2% -9,888.1 -7,145.1
Personnel expenses -108,716.4 -103,122.1 5.4% -56,364.9 -54,542.7
Other operating
expenses -43,731.7 -34,555.9 26.6% -22,736.3 -20,664.2
Earnings before
interest, taxes,
depreciation and
amortisation (EBITDA) 104,415.7 94,360.9 10.7% 57,596.8 53,055.5
Depreciation and
amortisation -34,527.0 -33,487.5 3.1% -17,438.9 -17,151.0
Earnings before
interest and
taxes (EBIT) 69,888.7 60,873.3 14.8% 40,157.9 35,904.4
Income from investments,
excl. companies
at equity 406.0 350.0 16.0% 406.0 350.0
Net financing costs -5,194.7 -4,513.6 15.1% -2,599.4 -3,141.5
Other financial
income/expense 133.0 -178.4 -174.6% 28.0 -98.0
Financial results,
excl. companies
at equity -4,655.7 -4,342.0 7.2% -2,165.4 -2,889.5
Income from companies
at equity 1,414.1 1,140.4 24.0% 1,577.4 1,119.5
Financial results -3,241.6 -3,201.6 1.2% -588.0 -1,770.0
Profit before taxes
(EBT) 66,647.1 57,671.8 15.6% 39,569.9 34,134.5
Income taxes -16,183.0 -13,824.6 17.1% -9,911.9 -8,189.1
Net profit for
the period 50,464.1 43,847.2 15.1% 29,658.0 25,945.3
Thereof attributable to:
Equity holders
of the parent 50,472.1 42,354.4 19.2% 29,670.2 24,736.8
Minority interest -8.0 1,492.8 -100.5% -12.2 1,208.6
Earnings per share
(in €) basic/diluted 2.40 2.02 18.8% 1.41 1.18

      Flughafen Wien Aktiengesellschaft

                    Announcement

The report by Flughafen Wien AG on the first six months from 1 January to
30 June 2008 is available to the general public from the company at 1300
Flughafen Wien and from Bank Austria, 1010 Vienna, Am Hof 2.

       Flughafen Wien, 21 August 2008
          The Management Board

Flughafen Wien AG
Investor Relations:
Robert D#usek (+43-1-) 7007-23126
mailto: r.d#usek@viennaairport.com

21.08.2008 Financial News transmitted by DGAP

Language: English
Issuer: Flughafen Wien AG
Postfach 1
1300 Wien-Flughafen
Österreich
Phone: +43-1-7007/23126
Fax: +43-1-7007/23058
E-mail: r.d#usek@viennaairport.com
Internet: www.viennaairport.com
ISIN: AT0000911805
WKN: 884216
Indices: ATX
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; Foreign Exchange(s) London, Wien

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