DGAP-News: Flughafen Wien AG: 3.8% increase in revenue to EUR 304.8 million for first half of 2013 in spite of a decline in passenger traffic - earnings guidance for 2013 is confirmed
(firmenpresse) - DGAP-News: Flughafen Wien AG / Key word(s): Half Year Results
Flughafen Wien AG: 3.8% increase in revenue to EUR 304.8 million for
first half of 2013 in spite of a decline in passenger traffic -
earnings guidance for 2013 is confirmed
14.08.2013 / 08:01
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Flughafen Wien on a sound course:
3.8% increase in revenue to EUR 304.8 million for first half of 2013 in
spite of a decline in passenger traffic - earnings guidance for 2013 is
confirmed
- EBITDA rises by 10.2% to EUR 120.4 million
- Scheduled deprecation on Check-in 3 reduces EBIT to EUR 59.4 million
(-13.4% and net profit to EUR 40.9 million (-16.6%)
- Full year target for net debt already met at EUR 683 million by end of
June - investments reduced to EUR 100 million
Flughafen Wien AG successfully mastered the first half of 2013 despite
numerous challenges created by the extremely severe winter with numerous
flight cancellations, strikes at airline companies and key airports,
capacity adjustments by airlines and the lack of an extra calendar day
(i.e. leap day in 2012). Passenger traffic, flight movements, maximum
take-off weight and cargo declined during the first six months of 2013,
but revenue rose by 3.8% to EUR 304.8 million and EBITDA increased by
10.2%. Net debt was reduced by a further EUR 36.6 million to EUR 683.0
million. Free cash flow tripled year-on-year during the first six months to
EUR 68.3 million. Scheduled depreciation on Check-in 3 reduced as expected
EBIT to EUR 59.4 million (-13.4%), and net profit after non-controlling
interests to EUR 40.9 million(-16.6%).
Flughafen Wien confirms earnings targets for 2013
Flughafen Wien confirms the previously announced earnings guidance for
2013: EBITDA is expected to increase to over EUR 230 million and net profit
should top EUR 65 million. Net debt should fall below EUR 680 million by
year-end. Revenue should reach EUR 625 million, but could be slightly lower
if there is a decline in the number of passengers. With respect to traffic,
Flughafen Wien AG still expects the development of passenger traffic will
range from minus 1% to plus 1%. Flight movements are forecasted to decline
by 4% to 6% and maximum take-off weight (MTOW) should slightly decline.
'The measures introduced to reduce costs and improve productivity have
brought positive results. With this latest reduction in net debt, we have
already met our target for 2013 and are now aiming for a further
improvement to under EUR 680 million. Free cash flow also tripled during
the past half-year. That strengthens the company's financial power and is a
course we intend to follow', explained Günther Ofner, member of the
Management Board (CFO) of Flughafen Wien AG.
'Traffic development in the first half of 2013 was challenging throughout
Europe. The branch is under substantial cost pressure which is reflected,
above all, in capacity reductions by the airlines. We are well-positioned
and have a sound cost structure, as is illustrated by the constant level of
personnel expenses despite increases defined by collective bargaining
agreements. The first signs of market recovery have appeared, and the
airlines see an improvement in the seat load factor', commented Julian
Jäger, member of the Management Board (COO) of Flughafen Wien AG.
Passenger traffic in the first half of 2013
Vienna Airport handled a total of 10,241,736 passengers during the first
half of 2013, which represents a year-on-year decline of 1.7%. The
development of traffic was influenced by numerous external factors,
including the extremely severe winter and resulting limitations on air
traffic across Europe during the first quarter, flight cancellations due to
strikes at other airports, on-going capacity adjustments by the airlines
and the lack of an extra calendar day (i.e. leap day in 2012). The number
of transfer passengers fell 6.4% below the comparable 2012 level. Passenger
traffic to destinations in Eastern Europe fell by 2.9% in the first
half-year, while the West European destinations remained largely stable
with a minus of 0.4%. Traffic was 4.9% lower to destinations in the Middle
East and 10.9% lower to the Far East. Africa recorded growth in the number
of passengers with an increase of 3.7%.
The Austrian Airlines Group handled 49.2% of the total number of passengers
using Vienna Airport from January to June 2013, and carried 2.8% less
passengers during this period. NIKI recorded a decline of 8.5% in the
number of passengers during the first half of 2013 and a 10.6% share of the
total passengers in Vienna.
The decline in flight movements was stronger than the decrease in passenger
traffic, amounting to a minus 6.4% to 112,806 movements. This led to an
improvement in the seat load factor from 69.7% in the first half of 2012 to
72.5%. The lower number of flight movements and cargo flights led to a
decline of 5.1% in maximum take-off weight (MTOW) to 3,810,878 tonnes.
Cargo volume (air cargo and trucking) fell by 6.2% to 122,872 tonnes.
Revenue development in the segments
Revenue in the Airport Segment rose by EUR 11.2 million, or 7.7%, to EUR
156.5 million for the first half of 2013. The Handling Segment recorded a
slight 1.8% decline in revenue to EUR 79.2 million because of a decline in
cargo volumes, despite positive development in June. The Retail&Properties Segment recorded a 1.7% increase in revenue to EUR 60.6
million. Revenue in the Other Segments increased 6.5% to EUR 8.5 million.
Investments
A total of EUR 37.0 million was invested during the first half of 2013,
whereby the major project involved the renovation of Runway 16/34 at EUR
23.3 million. A further EUR 4.6 million was spend on the expansion of a
forwarding agent building. Investments for the full 2013 financial year
have been reduced and are now expected to total EUR 100 million.
Consolidated Interim Financial Statements as of 30 June 2013
in TEUR H1/2013 H1/2012 ChangeFlughafen Wien Aktiengesellschaft
in%
Revenue 304,828.1 293,581.9 3.8
Other operating income 13,910.1 12,981.2 7.2
Operating income 318,738.3 306,563.1 4.0
Consumables and services used -26,267.3 -20,630.2 27.3
Personnel expenses -125,510.0 -125,094.5 0.3
Other operating expenses -46,522.4 -51,538.2 -9.7
Earnings before interest, taxes,
depreciation and amortisation (EBITDA) 120,438.6 109,300.3 10.2
Depreciation and amortisation -61,006.9 -38,091.3 60.2
Impairment 0.0 -2,548.3 -100.0
Earnings before interest and taxes (EBIT) 59,431.7 68,660.7 -13.4
Income from investments, excl. companies
at equity 2,338.0 932.3 150.8
Interest income 1,080.1 2,293.2 -52.9
Interest expense -13,233.6 -10,276.1 28.8
Other financial expense/income 0.0 133.6 -100.0
Financial results, excl. companies
at equity -9,815.5 -6,917.0 41.9
Income from companies at equity2,101.7 1,934.0 8.7
Financial results -7,713.8 -4,983.0 54.8
Profit before taxes (EBT) 51,717.9 63,677.7 -18.8
Income taxes -10,811.9 -14,173.7 -23.7
Net profit for the period 40,906.0 49,504.0 -17.4
Thereof attributable to:
Equity holders of the parent 40,908.7 49,062.4 -16.6
Non-controlling interests -2.7 441.6 n.a.
Earnings per share in EUR
Basic=diluted 1.95 2.34 -16.7
Announcement
The report by Flughafen Wien AG on the first half-year from 1 January to 30
June 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, 14.8.2013
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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225714 14.08.2013
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earnings-guidance-for-2013-is-confirmed
Unternehmensinformation / Kurzprofil:
Datum: 14.08.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 287487
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