DGAP-News: Flughafen Wien Group: 13.7% increase in net profit to EUR 43.3 million for the first half of 2011
(firmenpresse) - DGAP-News: Flughafen Wien AG / Key word(s): Half Year Results
Flughafen Wien Group: 13.7% increase in net profit to EUR 43.3 million
for the first half of 2011
25.08.2011 / 08:00
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- Revenue: +10.7% to EUR 280.3 million
- EBITDA: + 15.0% to EUR 98.5 million
- EBIT: + 25.5% to EUR 66.0 million
- Passengers: + 8.6% to 9,663,194
- Revised forecasts for 2011: + 5.0% in passengers, + 3.0% in maximum
take-off weight (MTOW) and + 1.0% in flight movements
The Flughafen Wien Group generated revenue of EUR 280.3 million in the
first half of 2011, which represents an increase of 10.7% over the
comparable prior year period. EBITDA totalled EUR 98.5 million (+15.0%) and
EBIT EUR 66.0 million (+25.5%) for the reporting period. After the
deduction of EUR 14.9 million in income tax expense (1-6/2010: EUR 11.8
million), net profit for the period amounted to EUR 43.3 million (1-6/2010:
EUR 38.1 million). The development of earnings outpaced the growth in
revenue, which led to an improvement in the EBITDA margin to 35.1%
(1-6/2011: 33.8%) and in the EBIT margin to 23.6% (1-6/2010: 20.8%).
Segment revenue
The Flughafen Wien Group generated revenue of EUR 280.3 million in the
first six months of 2011 (1-6/2010: EUR 253.2 million). This 10.7% increase
resulted from the positive development of traffic as well as the new
security charge. External revenue in the Airport Segment rose by EUR 14.0
million or 11.2% over the comparable prior year period to EUR 138.8
million. The growth in traffic was also responsible for an increase in
external revenue recorded by the Handling Segment, which rose by 4.0% to
EUR 79.7 million. The Retail&Properties Segment recorded a plus of 20.7%
in revenue to EUR 53.9 million. External revenue recorded by the Other
Segments increased EUR 1.1 million to EUR 7.8 million.
Write-off of investment in Friedrichshafen GmbH
In the second quarter of 2007 a 25.15% stake in Flughafen Friedrichshafen
GmbH was acquired for a purchase price (including transaction costs) of EUR
7.7 million. This investment is carried at equity. The acquisition was
originally made under the presumption of double-digit growth, strong
economic progress and the positive development of this region for tourism.
The company's negative development in recent years led to a series of
reductions in the carrying amount of the investment as part of the at
equity valuation to EUR 5.7 million as of 31 March 2011. The new
medium-term planning for Flughafen Friedrichshafen GmbH, which reflects the
latest developments, shows that the financial goals cannot be met during
the forecast period. A decision was therefore made to write off this
investment in full.
Steady growth in passenger traffic during first half of 2011
Vienna Airport handled a total of 9,663,194 passengers during the period
from January to June 2011, for a year-on-year increase of 8.6%. This growth
reflected the general economic recovery as well as the interruption in air
traffic across Europe during the previous year as a result of the volcanic
ash cloud. The number of transfer passengers rose by 4.6%. Traffic to
Eastern Europe grew by 12.6% during the first half of 2011 to comprise
18.3% of all departing passengers. Passenger traffic to the Middle East and
the Far East increased by 4.1% and 5.2%, respectively.
The Austrian Airlines Group recorded an increase of 3.4% in the number of
passengers handled at Vienna Airport during the first half of 2011, but
this carrier's share of total passenger traffic fell from 51.4% to 49.0%
year-on-year. The so-called low-cost carriers handled 12.9% more departing
passengers during the reporting period, which represents 22.6% of passenger
traffic in Vienna (1-6/2010: 21.8%). Maximum take-off weight (MTOW)
totalled 4,065,977 tonnes, or 8.6% more than the comparable prior year
period, and reflected the use of larger aircraft. Cargo turnover (air cargo
and trucking) declined 3.9% to 142,516 tonnes, while flight movements
increased 1.4%. The seat occupancy factor reached 66.2%, compared with
66.1% in the first half of 2010.
Skylink: work to complete the project is on schedule
Work is proceeding to complete the terminal extension VIE-Skylink, and the
start of operations is planned for the first half of 2012. Parallel to
construction, preparations are underway for the start-up and test
operations are expected to begin during the fourth quarter of 2011. Full
operations are scheduled to begin at the end of the first half of 2012.
Since a general contractor will not be engaged for this project, the
budgeted costs for the VIE Skylink were reduced by EUR 30 million to a
maximum of EUR 800.0 million.
Corporate spending
The major investments during the first six months of 2011 represented the
terminal extension VIE-Skylink at EUR 79.9 million, security control lines
at EUR 1.4 million, security systems for the VIE-Skylink at EUR 2.1
million, the revitalisation of bus gates at EUR 3.7 million and baggage
sorting equipment at EUR 0.7 million. Other investments included EUR 2.5
million for technical noise protection, EUR 3.0 million for IT hardware and
software, EUR 1.1 million in guidance system and EUR 1.2 million in
furnishings for the VIE-Skylink.
Outlook
Data for July point to growth in all traffic segments, with a year-on-year
increase of 6.0% in passenger traffic during that month. Flight movements
declined 2.2% and maximum take-off weight (MTOW) was slightly lower at
739,053 tonnes. Passenger traffic (scheduled and charter flights) to
Eastern Europe and the Middle East rose by 12.2% and 4.5%, respectively, in
July 2011. Cargo turnover (air cargo and trucking) declined 2.2% to 21,118
tonnes. Flughafen Wien AG has revised its forecasts for 2011 and is now
expecting an increase of 5.0% in passengers, 3.0% in maximum take-off
weight (MTOW) and 1.0% in flight movements.
Consolidated Income Statement in TEURFlughafen Wien Aktiengesellschaft
1-6/2011 1-6/2010 Change
in %
Revenue 280,306.9 253,163.1 10.7
Other operating income 8,348.1 7,516.1 11.1
Operating income 288,655.0 260,679.2 10.7
Consumables and services used -19,677.5 -20,345.7 -3.3
Personnel expenses -123,430.6 -112,375.8 9.8
Other operating expenses -47,068.1 -42,292.1 11.3
Earnings before interest, taxes,
depreciation
and amortisation (EBITDA) 98,478.7 85,665.6 15.0
Depreciation and amortisation -32,437.0 -33,051.3 -1.9
Earnings before interest and
taxes (EBIT) 66,041.7 52,614.2 25.5
Income from investments, excl.
Companies at equity 151.0 311.5 -51.5
Interest income 1,853.9 1,013.1 83.0
Interest expense -6,860.5 -4,989.3 37.5
Other financial expense/income 1,577.3 21.6 7,217.4
Financial results, excl. companies
at equity - 3,278.2 -3,643.1 -10.0
Income from companies at equity -4,579.4 883.9 -618.1
Financial results -7,857.6 -2,759.2 184.8
Profit before taxes (EBT) 58,184.2 49,855.1 16.7
Income taxes -14,874.3 -11,754.7 26.5
Net profit for the period 43,309.8 38,100.4 13.7
Thereof attributable to:
Equity holders of the parent 43,318.1 38,103.6 13.7
Non-controlling interests -8.3 -3.3 153.6
Earnings per share (in Euro) basic/diluted 2.06 1.81 13.8
Announcement
The report by Flughafen Wien AG on the first half-year from 1 January to 30
June 2011 is available to the general public at the company's offices in
1300 Flughafen Wien and at Unicredit Bank Austria AG, 1010 Vienna,
Schottengasse 6-8, and is also available in the Internet under
http://ir.viennaairport.com, menu point 'Publications',
sub-section 'Quarterly reports'.
Flughafen Wien, 25.08.2011
The Management Board
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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
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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136808 25.08.2011
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