DGAP-News: Flughafen Wien increases revenue by approx. 5% in 1st quarter of 2013 despite slight decline in passenger traffic
(firmenpresse) - DGAP-News: Flughafen Wien AG / Key word(s): Quarter Results
Flughafen Wien increases revenue by approx. 5% in 1st quarter of 2013
despite slight decline in passenger traffic (with additional features)
21.05.2013 / 08:00
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Flughafen Wien increases revenue by approx. 5% in 1st quarter of 2013
despite slight decline in passenger traffic
- In spite of higher costs due to the severe winter: EBITDA at EUR 48.6
million, only slightly below prior year (-2.3%).
- Earnings guidance for 2013 remains unchanged in spite of reduced
traffic forecast.
- Scheduled depreciation on Check-in 3 reduces EBIT to EUR 18.1 million
(-40.5%), net profit totals EUR 9.5 million.
- Net debt further reduced - positive free cash flow of EUR 30.6 million.
Flughafen Wien AG was, similar to other European airports, affected by a
number of negative external factors during Q1/2013. However, revenue rose
by a sound 4.9% despite a slight decline in the number of passengers
(-1.7%) and an extreme winter. Stable EBITDA of EUR 48.6 million (Q1/2012:
EUR 49.8 million) allowed for a further reduction of EUR 30.6 million in
net debt to EUR 698.0 million. Free cash flow amounted to EUR 30.6 million
for the reporting period. The start of scheduled depreciation on Check-in
3, an effect that did not influence Q1 /2012 due to the start of operations
in June, reduced quarterly EBIT to EUR 18.1 million (-40.5%) and net profit
to EUR 9.5 million. In spite of the downward adjustment in the forecast for
passenger traffic, Flughafen Wien AG expressly confirms the previously
announced financial guidance for the full 2013 financial year: revenue
should exceed EUR 625 million, EBITDA should equal at least EUR 230 million
and net profit should top EUR 65 million.
Results for the first three months of 2013 were negatively influenced,
above all, by increased expenses for the de-icing of runway and apron areas
due to the extreme winter weather as well as a year-on-year rise in
operating costs following the opening of Check-in 3, higher personnel
expenses based on the collective bargaining agreements concluded in May
2012 and expanded working hours for winter services.
'In spite of the difficult operating conditions and negative external
factors that influenced the first quarter, we are still optimistic
concerning the development of business for the full year and our previous
earnings guidance remains intact. From the current point, we are expecting
net profit of over EUR 65 million for 2013 and a further reduction in net
debt. In order to meet this challenging goal, the improvement of
productivity and sustainable cost reduction will remain our top priority',
commented Günther Ofner, member of the Management Board (CFO) of Flughafen
Wien AG.
'The severe winter weather throughout Austria and the rest of Europe,
external factors such as strikes and the lack of a leap day in February
2013 had a significant impact on the development of traffic at Vienna
Airport during the first quarter of 2013. The shift of capacity to larger
aircraft also had an effect on flight movements. Against this backdrop, we
have adjusted our traffic forecast for 2013. We are now passenger traffic
to change by minus 1% to plus 1% as well as a decline of 4% to 6% in flight
movements and a slight decrease inmaximum take-off weight (MTOW)',
indicated Julian Jäger, member of the Management Board (COO) of Flughafen
Wien AG.
Most severe winter at Vienna Airport in 17 years
The heavy snowfalls during the winter months of 2012/13 presented Vienna
Airport with significant challenges. An average winter month normally
brings roughly 17 cm of snow, but approx. 180 cm were recorded in the first
quarter of 2013. The storms in February alone left nearly 82 cm of snow,
which reflects the total amount for an average five-month winter season.
With over 100 winter service calls, this winter was one of the most severe
in recent years.
1.7% decline in passengers during Q1/2013
Not least due to the harsh winter weather and the resulting limitation on
air traffic throughout Europe, the number of passengers handled at Vienna
Airport declined 1.7% to 4,411,228 in the first quarter of 2013. The number
of transfer passengers fell by 5.6% year-on-year. Passenger traffic to
Eastern Europe was relatively stable at minus 0.1%, while traffic to
Western Europe declined slightly by minus 1.5%. Growth was recorded in the
number of passengers travelling to the Middle East with a plus of 2.9% and
Africa with a plus of 12.6%. Traffic to the Far East declined by 12.7%.
The Austrian Airlines Group was responsible for a 49.2% share of the total
passenger volume during the period from January to March 2013, compared
with 49.4% in the first quarter of the previous year. During this period,
the Austrian Airlines Group carried 2.1% less passengers. The number of
passengers carried by NIKI fell by 11.8% during this same period, to
represent a decline in the share of the total passenger volume at Vienna
Airport from 10.3% in the first quarter of 2012 to 9.2%.
The decline in flight movements was stronger than the decrease in passenger
traffic with a 7.1% decrease to 52,226 movements. This led to an
improvement in the seat occupancy factor from 65.3% in the first quarter of
the previous year to 69.0%. The lower number off light movements and a drop
in cargo flights led to a reduction of 6.0% in maximum take-off weight
(MTOW) to 1,750,592 tonnes. Cargo volume (air cargo and trucking) fell by
8.0% to 60,036 tonnes.
Revenue development in the segments
Revenue in the Airport Segment rose by EUR 3.0 million, or 4.6%, to EUR
68.7 million for the first quarter of 2013. The Handling Segment recorded
an increase of 4.8% in revenue to EUR 42.7 million. The Retail&Properties
Segment reported a 4.3% increase in revenue to EUR 30.0 million. The Other
Segments recorded a plus of 17.3% in revenue to EUR 4.4 million.
Investments
A total of EUR 6.5 million was invested during this period, including EUR
1.8 million in the expansion of a forwarding agent building at the airport
and EUR 1.4 million for the renovation of Runway 16/34. Plans call for a
maximum of EUR 115 million in investments for the full year.
Traffic results April 2013: Minus 4.9% in passengers
The number of passengers handled by Vienna Airport declined 4.9%
year-on-year to 1,796,645 in April 2013. This development resulted, above
all, from a general reduction in capacity by the airlines, for example
through the installation of new seats in the long-haul aircraft by the
Austrian Airlines Group, which was also reflected in a lower number of
flight movements and maximum take-off weight, as well as the fact that
Easter fell in the month of March this year. The traffic results for April
2013 are already included in the new traffic forecast of Flughafen Wien AG.
Declines were recorded in the number of flight movements with minus 6.3%,
maximum take-off weight with minus 6.0% and cargo with minus 5.9%. The
number of transfer passengers using Vienna Airport in April 2013 was 10.5%
lower than in April 2012. The number of local passengers declined by 2.3%
during this same period.
Passenger traffic to Eastern Europe was 6.4% lower than April of the
previous year. The number of passengers travelling to Western Europe fell
by 2.4% lower, while the Middle East recorded a decline of 15.3% in April
2013.
Trafficresults in Detail
April 2013 Change January to ChangeConsolidated Interim Financial Statements as of 31 March 2013
in % April 2013 in %
Passengers: 1,796,645 -4.9 6,207,873 -2.6
Transfer passengers: 522,540 -10.5 1,880,948 -7.0
Local passengers: 1,272,199 -2.3 4,321,030 -0.4
Maximum take-off weight
(in tonnes): 649,157 -6.0 2,399,749 -6.0
Flight movements
arrival + departure): 19,285 -6.3 71,511 -6.9
Cargo in tonnes
air cargo and trucking): 21,378 -5.9 81,414 -7.5
in TEUR 1-3/2013 1-3/2012 ChangeFlughafen Wien Aktiengesellschaft
in %
Revenue 145,887.5 139,039.0 4.9
Other operating income 5,581.1 4,529.0 23.2
Operating income 151,468.6 143,567.9 5.5
Consumables and services used -17,388.4 -11,821.5 47.1
Personnel expenses -63,122.5 -60,145.5 4.9
Other operating expenses -22,327.7 -21,806.5 2.4
Earnings before interest, taxes, depreciation
and amortisation (EBITDA) 48,629.9 49,794.5 -2.3
Depreciation and amortisation -30,526.7 -16,800.5 81.7
Impairment 0.0 -2,548.3 -100.0
Earnings before interest and taxes (EBIT) 18,103.2 30,445.7 -40.5
Income from investments, excl. companies at
equity 0.0 72.9 -100.0
Interest income 572.5 722.2 -20.7
Interest expense -6,847.2 -3,395.0 101.7
Other financial expense/income 0.0 10.0 -100.0
Financial results, excl. companies at equity -6,274.7 -2,589.9 142.3
Income from companies at equity 295.3 203.6 45.0
Financial results -5,979.4 -2,386.3 150.6
Profit before taxes (EBT) 12,123.8 28,059.4 -56.8
Income taxes -2,612.0 -6,480.9 -59.7
Net profit for the period 9,511.8 21,578.5 -55.9
Thereof attributable to:
Equity holders of the parent 9,513.1 21.579.7 -55.9
Non-controlling interests -1.3 -1.2 8.8
Earnings per share (in EUR) basic/diluted 0.45 1.03 -56.3
Announcement
The report by Flughafen Wien AG on the first quarter from 1 January to 31
March 2013 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, 21.05.2013
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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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; Frankfurt in
Open Market ; London, Wien (Amtlicher Handel / Official
Market)
End of News DGAP News-Service
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