DGAP-News: Flughafen Wien AG: Flughafen Wien increases revenue and earnings in the first quarter of 2012
(firmenpresse) - DGAP-News: Flughafen Wien AG / Key word(s): Quarter Results
Flughafen Wien AG: Flughafen Wien increases revenue and earnings in
the first quarter of 2012
23.05.2012 / 08:00
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Flughafen Wien increases revenue and earnings in the first quarter of 2012
Following a successful first quarter, management raises the annual forecast
for passenger traffic and after-tax profit in 2012.
Supervisory Board approves EUR 11.1 million insurance settlement as
compensation for damages in Skylink.
In the first quarter of 2012 the Flughafen Wien Group recorded a strong
improvement in all relevant indicators. Revenue rose by 5.7% to EUR 139.0
million and EBITDA by a sound 12.6% to EUR 49.8 million. EBIT increased by
8.5% to EUR 30.4 million and net profit for the period by 9.1% to EUR 21.6
million. Earnings per share for the first quarter equalled EUR 1.03,
compared with EUR 0.94 in the first quarter of 2011.
The first quarter improvements involved absolute figures as well as
profitability indicators. The EBITDA margin rose from 33.6% in the previous
year to 35.8% and the EBIT margin from 21.3% to 21.9% (also see the
attached table).
'The sound development of traffic and results in the first quarter of 2012
confirms not only our set course, but also our three strategic focal
points: to improve productivity, drive growth and reduce costs', commented
Günther Ofner, member of the Management Board (CFO) of Flughafen Wien AG,
on this solid performance. 'The effects of our previously implemented
measures are now visible. We successfully reduced other administrative
operating expenses and cut personnel costs. Our guidance on results for
2012 appears to be very well protected from the current point of view',
added the Airport CFO: 'Based on our latest assumptions for the full 2012
financial year, revenue will exceed EUR 600 million and EBITDA will top EUR
200 million. We have also raised the forecast for net profit from at least
EUR 50 million to EUR 55 million.'
The sound financial indicators resulted, above all, from positive
development in the core business: 'Traffic remained strong throughout the
first quarter with an increase of 9.2% in the number of passengers. Based
on this growth, we are raising our traffic forecast for 2012. We now expect
an increase of 4 % to 5% in the number of passengers, whereby the
successful start of operations in the Skylink represents an important
factor in reaching this target. We expect a significant improvement in
quality for our passengers', explained Julian Jäger, member of the
Management Board (COO) of Flughafen Wien AG, commenting with optimism on
projected results for the full 2012 financial year. Conversely, Jäger does
not see any growth in flight movements (0 to -1%) or maximum take-off
weight (MTOW) (-2 % to -3%) in 2012.
Compensation for damages in Skylink: Supervisory Board approves insurance
settlement with UNIQA
In a meeting on 22 May 2012, the Supervisory Board of Flughafen Wien AG
approved a proposed insurance settlement of EUR 11.1 million. This
settlement is the result of claims against planners and consultants for
compensation related to damages in the Skylink. A further EUR 3.0 million
were recognised following the waiver of receivables by the involved
companies, which resulted in a total of EUR 14.1 million for Flughafen Wien
AG. Independent of these circumstances, Flughafen Wien AG will continue to
actively pursue claims for damages against the involved companies. Current
estimates place the cost of the Skylink at less than EUR 770 million.
However, Ofner also sees a significant negative impact on 2012 earnings due
to the start of operations in the terminal extension. The projected
additional income of approx. EUR 20 million is contrasted by higher
operating costs of EUR 35 to 40 million. Depreciation will total nearly EUR
40 million and interest expense will rise by approx. EUR 20 million.
Plus 9.2% in passengers during Q1/2012
Vienna Airport handled 4,485,787 passengers in the first quarter of 2012,
or 9.2% more than the previous year. The number of transfer passengers rose
by 22.4%. Traffic to Eastern Europe increased 24.1% during the period from
January to March 2012. The number of passengers travelling to the Middle
East and Far East rose by 7.9% and 5.1%, respectively. The percentage rise
in traffic to North America and Africa was even higher at 37.3% and 14.2%.
This growth trend continued during April 2012 with a 9.5% increase in the
number of passengers.
Growth reported by Austrian Airlines
The Austrian Airlines Group, Vienna's most important customer, handled
13.8% more passengers at Vienna Airport during the first quarter of 2012.
This raised the carrier's share of total passenger traffic from 47.4% in
the first quarter of 2011 to 49.4%. The so-called low-cost carriers
recorded a 3.2% decline in number of passengers, which reduced their share
of total passenger traffic from 23.4% in the comparable prior year period
to 20.7%. In contrast to the development of passenger volume, flight
movements decreased 2.0% to 56,238. Seat occupancy improved from 60.9% in
the first quarter of 2011 to 65.3%. These factors and a lower number of
cargo flights were responsible for a 2.8% decline in maximum take-off
weight (MTOW) to 1,861,752 tonnes. Cargo volume (air cargo and trucking)
fell 9.1% to 65,173 tonnes.
Revenue development in the segments
Revenue in the Airport Segment rose by EUR 3.7 million or 5.9% over the
first quarter of 2011 to EUR 66.2 million for the reporting period. This
growth was supported, above all, by the sound development of traffic with a
strong increase in the number of passengers. The Handling Segment recorded
an increase of 1.4% in revenue to EUR 40.3 million. The Retail&Properties
Segment generated the highest revenue growth with a plus of 12.6% to EUR
28.8 million. This increase was supported by higher rental income as well
as the positive development of revenue from shopping, gastronomy and
parking. Revenue recorded by the Other Segments amounted to EUR 3.6 million
and remained relatively constant in comparison with the previous year.
Preparations for the Skylink start-up proceeding at full speed
The new terminal Skylink - which will be designated as 'Check-in 3' on all
airport signs - will start full operations on 5 June 2012. Preparations for
the start-up are proceeding at full speed. In extensive trials, over 3,200
test passengers walked through all procedures and simulated over 1,700
arrivals and departures as well as the check-in of more than 85,000 pieces
of baggage. Current activities include the conversion of test systems to
real time, the relocation of individual operating units, technical testing
and official approval processes. The designation of the terminals at Vienna
Airport will now change as follows: 'Check In 1' (for Terminal 1), 'Check
In 1A' (for Terminal 1A) and 'Check In 2' (for Terminal 2).
Corporate spending
Of the EUR 10.9 million invested in the first quarter of 2012, the major
component was directed to the terminal extension Skylink at EUR 8.5
million. Other projects included EUR 2.1 million for a forwarding agent
building and EUR 0.5 million for quick boarding gates. Investments are
expected to total a maximum of EUR 160 million for the full 2012 financial
year. Net debt should reach a maximum level in 2012, but will remain below
four-times EBITDA, i.e. under EUR 800 million.
Consolidated Interim Financial Statements
Consolidated income statement
in TEUR 1-3/2012 1-3/2011 Change in %
Revenue 139,039.0 131,517.9 5.7
Other operating income 4,529.0 3,744.1 21.0
Operating income 143,567.9 135,261.9 6.1
Consumables and services used -11,821.5 -12,157.1 -2.8
Personnel expenses -60,145.5 -58,187.8 3.4
Other operating expenses -21,806.5 -20,692.6 5.4
Earnings before interest, taxes,
depreciation
and amortisation (EBITDA) 49,794.5 44,224.5 12.6
Depreciation and amortisation -19,348.8 -16,176.2 19.6
Earnings before interest and
taxes (EBIT) 30,445.7 28,048.4 8.5
Income from investments, excl.
companies at equity 72.9 0.0 .n.a.
Interest income 722.2 853.9 -15.4
Interest expense -3,395.0 -3,216.7 5.5
Other financial expense/income 10.0 10.4 -3.8
Financial results,
excl. companies at equity -2,589.9 -2,352.4 10.1
Income from
companies at equity 203.6 -53.9 -477.4
Financial results -2,386.3 -2,406.4 -0.8
Profit before taxes (EBT) 28,059.4 25,642.0 9.4
Income taxes -6,480.9 -5,862.6 10.5
Net profit for the period 21,578.5 19,779.4 9.1
Thereof attributable to:
Equity holders of the parent 21,579.7 19,779.9 9.1
Non-controlling interests -1.2 -0.6 106.3
Earnings per share
(in EUR, basic = diluted) 1.03 0.94 9.6
Flughafen Wien Aktiengesellschaft
Announcement
The report by Flughafen Wien AG on the first quarter from 1 January to 31
March 2012 is available to the general public at the company's offices in
1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Schottengasse 6-8. It
is also available in the Internet under http://ir.viennaairport.com menu
point 'Publications', sub-section 'Quarterly Reports'.
The Management Board
Flughafen Wien, 23.05.2012
Contact:
Judit Helenyi
Flughafen Wien AG
Investor Relations
Tel: +43 1 7007/23126
e-mail: j.helenyi(at)viennaairport.com
End of Corporate News
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23.05.2012 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Flughafen Wien AG
Postfach 1
1300 Wien-Flughafen
Austria
Phone: +43-1-7007/22826
Fax: +43-1-7007/23806
E-mail: investor-relations(at)viennaairport.com
Internet: http://www.viennaairport.com
ISIN: AT0000911805
WKN: 884216
Indices: ATX Prime
Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in
Frankfurt; London, Wien (Amtlicher Handel / Official
Market)
End of News DGAP News-Service
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