Flughafen Wien AG

Earnings Release • Aug 20, 2009

News Details

Corporate | 20 August 2009 08:00

Flughafen Wien Group:Decline in traffic triggers EUR 34.1 million drop in net profit for the period

Flughafen Wien AG / Quarter 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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* Passengers: -12.7% to 8,432,872
* Revenue: - EUR 28.1 million (10.3%) to EUR 244.6 million
* EBITDA: - EUR 24.3 million (23.3%) to EUR 80.1 million
* EBIT: - EUR 23.2 million (33.2%) to EUR 46.7 million
* Net profit for the period: - EUR 16.3 million (32.4%) to EUR 34.1 million

The Flughafen Wien Group recorded revenue of EUR 244.6 million for the
first six months of 2009, whereby the decrease of 10.3% was less than the
decline in traffic. Personnel expenses fell by 1.0% to EUR 107.6 million.
EBITDA amounted to EUR 80.1 million (-23.3%) and EBIT EUR 46.7 million
(-33.2%) for the reporting period. Financial results improved by EUR 0.8
million to minus EUR 2.4 million. After the deduction of taxes totalling
EUR 10.2 million, net profit for the period reached EUR 34.1 million
(1-6/2008: EUR 50.5 million).

Revenue decline less than drop in traffic

Revenue for the first six months of 2009 totalled EUR 244.6 million
(1-6/2008: EUR 272.7 million), whereby this 10.3% decrease was less than
the drop in traffic. Flughafen Wien AG restructured its reporting segments
at the beginning of this year in connection with the initial application of
IFRS 8. Revenue recorded by the Airport Segment fell by 13.7% year-on-year
as a result of the lower volume of traffic and a decrease of EUR 5.3
million in income from the reimbursement of costs for security services.
Declines were also reported by the Handling Segment with a minus of 8.7%
and the Retail & Properties Segment with a minus of 5.8%. The average
market share of the Handling Segments rose by 0.8 percentage points over
the comparable prior year period to 90.2%.

Vienna International Airport handled a total of 8,432,872 passengers from
January to June 2009, which represents a year-on-year decrease of 12.7%.
Traffic to Eastern Europe and Western Europe fell by 18.9% and 11.0%,
respectively. Travel to the Middle East was least affected by the global
recession, and rose by 1.6%. The share of passengers handled by the
Austrian Airlines Group declined further to 48.7% (1-6/2008: 49.4%). The
low-cost carriers recorded a decrease of 10.2% and were responsible for
23.9% of the passenger volume at Vienna. Maximum take-off weight (MTOW)
totalled 3,494,293 tonnes, which is 9.8% lower than in the first half of
the previous year. Cargo (air cargo and trucking) fell by 19.0% to 106,298
tonnes and flight movements by 10.4% to 119,353. Seat occupancy declined
0.8 percentage points to 65.9%.

Corporate spending

The major investment during the first six months of 2009 was the terminal
expansion VIE-Skylink at a cost of EUR 48.2 million. Other projects focused
on the ramp in front of the airport building at EUR 12.5 million, the new
fire department headquarters and checkpoints at EUR 5.0 million, the
guidance system at EUR 3.1 million and baggage sorting equipment at EUR 2.6
million. The Flughafen Wien Group has forecasted an investment volume of
EUR 820 million (excluding the third runway and related land) for the
period from 2009 to 2013. Of this total, EUR 493.2 million is related to
the terminals.

Outlook

Preliminary traffic results for July show a further decline in all traffic
segments. In comparison with July of the previous year, the number of
passengers fell by 5.2%. Flight movements and maximum take-off weight
(MTOW) fell by 6.8% and 4.7%, respectively. The number of passengers
travelling to Eastern Europe (scheduled and charter flights) was 10.3%
lower in July 2009. The other European destinations reported a decline of
1.9%, while traffic to the Middle East rose by 6.9%. For 2009 Flughafen
Wien AG is forecasting a decline of 9% in the number of passengers, 8% in
maximum take-off weight (MTOW) and 8% in flight movements. The number of
passengers handled at Vienna International Airport is expected to reach
roughly 18 million by the end of 2009.

Construction on the terminal expansion VIE-Skylink was interrupted on 30
June 2009 and Flughafen Wien AG has cancelled all ongoing contracts with
the construction companies and trade firms. Plans call for the invoicing of
all completed services as well as any necessary negotiations for the
continuation of contracts and/or any new tenders required under the
Austrian Public Tender Act by the end of September 2009. An EU-wide tender
has already been launched for the project management and on-site
construction management. In spite of the interruption in work, construction
on the project should be completed by July 2011. The goal of this temporary
halt is to cut costs and reduce actual expenditures below the currently
forecasted volume of EUR 830 million.

After SkyEurope Airlines, a.s. failed to comply with the agreed conditions
for the payment of outstanding receivables due to Flughafen Wien AG, all
services for this airline were terminated at midnight on 14 August 2009. As
of the deadline for this press release, Flughafen Wien AG has not received
any proposal from SkyEurope Airlines, a.s. concerning payment for the
outstanding liabilities or future services.

Consolidated Interim Financial Statements

Consolidated Income Statement in TEUR
1-6 /2009 1-6 /2008 Change 4-6/2009 4-6/2008
in %
Revenue 244,585.3 272,666.1 -10.3 123,168.2 143,893.8
Other operating income 6,380.6 4,996.9 27.7 3,588.1 2,692.3
Operating income 250,965.8 277,663.1 -9.6 126,756.4 146,586.1
Consumables and services
used -18,883.0 -20,799.2 -9.2 -7,899.8 -9,888.1
Personnel expenses -107,604.1 -108,716.4 -1.0 -55,047.5 -56,364.9
Other operating
expenses -44,357.9 -43,731.7 1.4 -25,388.3 -22,736.3
Earnings before interest,
taxes, depreciation and
amortisation (EBITDA) 80,120.8 104,415.7 -23.3 38,420.7 57,596.8
Depreciation and
amortisation -33,425.0 -34,527.0 -3.2 -16,830.5 -17,438.9
Earnings before interest
and taxes (EBIT) 46,695.8 69,888.7 -33.2 21,590.3 40,157.9
Income from investments,
excl. companies at equity 0.0 406.0 -100.0 0.0 406.0
Net financing costs -3,425.8 -5,194.7 -34.1 -1,811.4 -2,599.4
Other financial
income/expense -33.8 133.0 -125.4 0.0 28.0
Financial results, excl.
companies at equity -3,459.6 -4,655.7 -25.7 -1,811.4 -2,165.4
Income from companies at
equity 1,072.0 1,414.1 -24.2 1,444.5 1,577.4
Financial results -2,387.6 -3,241.6 -26.3 -366.9 -588.0
Profit before taxes (EBT)44,308.1 66,647.1 -33.5 21,223.4 39,569.9
Income taxes -10,173.5 -16,183.0 -37.1 -4,629.7 -9,911.9
Net profit for
the period 34,134.6 50,464.1 -32.4 16,593.6 29,658.0
Thereof attributable to:
Shareholders
of the parent 34,141.0 50,472.1 -32.4 16,597.4 29,670.2
Minority interest -6.3 -8.0 -21.0 -3.7 -12.2
Earnings per share in EUR
basic/diluted 1.63 2.40 -32.1 0.79 1.41

Flughafen Wien Aktiengesellschaft

Announcement

The report by Flughafen Wien AG on the first quarter from 1 January to 30
June 2009 is available to the general public at the company's offices in
1300 Flughafen Wien and at Unicredit Bank Austria AG, 1010 Vienna,
Am Hof 2.

Flughafen Wien, 20 August 2009

The Management Board

Robert Dusek
Investor Relations
Flughafen Wien AG

Tel:(+43-1-) 7007-23126
e-mail: r.dusek@viennaairport.com

20.08.2009 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.dusek@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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