Austrian Airlines

euro adhoc: Austrian Airlines AG
other
Progress in turnaround despite tough background conditions

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28.02.2005

Specialisation offensive produces 10.9 % traffic growth/ EBIT improved/ Unit costs and net gearing reduced/Productivity and equity ratio increased

Result of the Austrian Airlines Group for the financial year 2004

A dedicated strategy of specialisation in services to Central and Eastern Europe (the ‘Focus East’ programme) and to the Asia/Pacific region, coupled with the respective global marketing offensives, produced an increase in passenger volume of 10.9 % in 2004 and a rise in the passenger load factor on scheduled services to 72.2 %. By consistently focusing attention on cost savings measures including a further reduction in unit costs of 6.6 %, the company succeeded in achieving an adjusted EBIT in line with its - due to the enormous increase in kerosene prices and the overcapacity that dogged the European aviation sector in the final quarter of last year - revised forecast of November 2004.

Compared to the previous year, the adjusted EBIT increased slightly, from EUR 4.2m to EUR 10.5m. The EBIT improved by EUR 16.1m to reach EUR 79.4m. Profit before tax totalled EUR 53.4m, up from EUR 25.7m the previous year (adjusted figure EUR - 20.8m, following EUR -22.4m the preceding year).

~
Key Figures              Unit         2004              2003        + / -      +/- %
Operating revenue    EURm        2,363.5        2,242.7      120.8        5.4
Operating expenses  EURm      -2,284.1      -2,179.4    -104.7      -4.8
Revenue                    EURm        2,224.7        2,040.1      184.6        9.0
EBITDAR                    EURm          319.6          420.8    -101.2    -24.1
EBITDAR adjusted 1  EURm          298.4          298.0         0.4        0.1
EBIT                         EURm            79.4            63.3        16.1      25.4
EBIT adjusted 2        EURm            10.5              4.2         6.3         -
Profit before tax    EURm            53.4            25.7        27.7         -
Profit before tax
adjusted 2                EURm          -20.8          -22.4         1.6         -
Profit after tax      EURm            40.9            46.0        -5.1    -11.1
Profit after tax
adjusted 3                EURm          -32.4            -2.1      -30.3         -
Cash flows from
operating activities EURm         148.2          345.2    -197.0    -57.1
Net profit for the
year                          EURm          40.2            45.8        -5.6    -12.2
Financial result        EURm         -26.0          -37.6        11.6      30.9
Interest-bearing
liabilities                EURm      1,816.7        1,936.0    -119.3      -6.2
Net gearing                    %         197.3          217.0          -          -
Equity ratio                  %          18.2            17.0          -          -
Passengers carried
(scheduled and charter
services)         Passengers      9,404,947  8,479,417  925,530    10.9
Passenger load factor
(scheduled)                    %          72.2            71.3          -         0.9 P
Cargo                          Tons        144,883        125,291  19,592    15.6
~

1 Adjusted to account for profit/loss on the disposal of assets, other transfer costs of aircraft and foreign currency valuations at the reporting date. 2 Adjusted to account for profit/loss on the disposal of assets, other transfer costs of aircraft and foreign currency valuations at the reporting date and revaluation of aircraft. 3 Adjusted to account for profit/loss on the disposal of assets, other transfer costs of aircraft, foreign currency valuations at the reporting date, revaluation of aircraft and the effect of changes in corporation tax.

end of announcement                                euro adhoc 28.02.2005 07:24:44
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Further inquiry note: Konzernkommunikation: Johannes Davoras Johann Jurceka Tel.: 051766-1231

Investor Relations Dr. Prisca Havranek-Kosicek Tel.: 051766 - 3642

Branche: Air Transport
ISIN:      AT0000620158
WKN:        062015
Index:    WBI, ATX Prime, ATX
Börsen:  Wiener Börse AG / official dealing



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