Flughafen Wien AG

EANS-News: Positive Business Development of Flughafen Wien AG in the first nine months of 2014

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Subtitle: 2.9% increase in passenger traffic and 16.4% higher net profit for the
period - upward revision of guidance for 2014

quarterly report/FWAG: Quarterly Report 3/2014

Positive Business Development of Flughafen Wien AG in the first nine months of
2014
 
2.9% increase in passenger traffic and 16.4% higher net profit for the period -
upward revision of guidance for 2014
 
* 2.9% more passengers in the period January to September 2014 (1.4% increase in
October 2014)
 
* Q1-3/2014 revenue up 1.4% to EUR 476.8 million, significant improvement of
EBITDA (+ 4.8%) to EUR 200.8 million and EBIT (+ 12.1%) to EUR 105.8 million
 
* Strong increase of 17.2% in the net profit for the period after
non-controlling interests to EUR 75.4 million
 
* Further reduction of net debt to EUR 519.9 million
 
* Improved outlook for the entire year 2014: EBITDA above EUR 245 million
(previously EUR 240 million) and net profit anticipated to exceed EUR 80 million
(previously EUR 75 million)
 
Flughafen Wien AG reports a good traffic and business development in the first
nine months of 2014. After an extremely mild winter in the first quarter of 2014
and the related decline in revenue from aircraft de-icing, revenue of Flughafen
Wien AG picked up again in the following months and increased by 1.4% in the
period January to September 2014.
 
Earnings could be significantly improved thanks to cost reduction and
productivity increases. EBITDA climbed 4.8% to EUR 200.8 million (Q1-3/2013: EUR
191.5 million), whereas EBIT rose by 12.1% to EUR 105.8 million (Q1-3/2013: EUR
94.4 million) and the net profit after non-controlling interests for the period
was up 17.2% to EUR 75.4 million (Q1-3/2013: EUR 64.3 million). Net debt was
once again substantially reduced to the current level of EUR 519.9 million.
 
On the basis of this good business development, Flughafen Wien revised its
original guidance for 2014 upwards. EBITDA is expected to surpass EUR 245
million, compared to the previous forecast of EUR 240 million, and the
consolidated net profit will likely be over EUR 80 million, up from EUR 75
million. Flughafen Wien AG expects an increase in passenger traffic of between
2% and 3% for 2014.
 
"Business developed well in spite of considerable challenges facing us such as
political crises in Ukraine and Middle East, unfavourable exchange rate
fluctuations and strike-related flight cancellations. Therefore we have made an
upward revision to our original guidance for 2014. We generated a substantial
improvement in the net profit for the period and further reduced the level of
net debt thanks to stringent cost discipline and sustainable productivity
increases", says Günther Ofner, Chief Financial Officer of Flughafen Wien AG.
 
"From a traffic perspective, the year has been proceeding well up until now, and
we have now pinpointed the growth forecast for passenger volume to be in the
range of 2% to 3% for the entire year 2014. In particular, long-haul flight
connections to North America and the Far East are developing very positively. At
the same time, we are pressing ahead with our service drive. The new design of
Pier West featuring an extensive culinary offering from DO & CO has been
concluded, numerous new shops were opened and new service facilities were
initiated such as waiting time measurements at security checks. The putting into
operation of the enlarged train station at Vienna Airport enabling long-distance
trains coming from a westerly direction to make a stop at the airport will
provide added impetus", states Julian Jäger, Member of the Management Board of
Flughafen Wien AG.
 
2.9% rise in passenger traffic in Q1-3/2014

Flughafen Wien AG reported a 2.9% increase in passenger traffic at Vienna
Airport in the first nine months of 2014 up to 17,220,242 passengers, including
the strongest monthly volume in the company's history featuring 2,275,933
passengers in August 2014. The number of local passengers rose by 5.2% in Q1-3/
2014, whereas the number of transfer passengers fell by 2.8%. This can be
primarily attributed to the 4.7% drop in passenger traffic to Eastern Europe in
the first three quarters of the year caused mainly by the Ukraine crisis. In
contrast, there was a 3.6% rise in the number of passengers travelling to
Western Europe in the same period. Passenger traffic to North America developed
gratifyingly in Q1-3/2014, climbing by 29.2%, while the number of passengers
flying to destinations in the Far East rose by 14.0%. This development was
mainly driven by the new Austrian Airlines flight connections to Newark and
Chicago and the assumption of flight service to Peking by Air China. Middle
Eastern destinations registered a 4.1% rise in passenger volume in Q1-3/2014.
 
The number of flight movements also rose marginally, increasing by 0.2% to
175,683 starts and landings during the period January to September 2014. The
maximum take-off weight was up 3.5% to 6,174,010 tonnes, and capacity
utilisation of the aircraft improved as reflected in the increased seat load
factor of 75.6%. Cargo volume (air cargo and trucking) also developed very well,
rising by 7.3% to 199,165 tonnes.
 
Revenue development of the segments

In the first nine months of 2014, external revenue of the Airport Segment
climbed 4.5% year-on-year to EUR 262.1 million. The Handling segment reported a
4.5% drop in external revenue to EUR 109.8 million due to the mild winter and
the resulting decline in income from aircraft de-icing services. The Retail &
Properties Segment generated a 1.8% revenue increase to EUR 93.3 million.
External revenue of the "Other Segments" segment fell by 9.6% to EUR 11.7
million.
 
Investments

The total investments of EUR 54.1 million in the first three quarters of 2014
included EUR 10.9 million for construction of a new maintenance hangar, EUR 6.2
million for the modernisation of Pier West and EUR 5.2 million for the
environmental fund and technical noise protection.
 
Traffic development in October 2014: Passenger increase of 1.4%

In October 2014 the number of passengers handled by Vienna Airport was up 1.4%
in a year-on-year comparison to 2,038,924 people. Total flight movements climbed
by 0.7%, whereas the maximum take-off weight grew by 4.1% and cargo volume rose
by 10.8%.
 
The number of transfer passengers at Vienna Airport fell by 5.1% from the prior-
year level. One major factor underlying this development was the passenger
decline to Eastern European destinations as a consequence of the crisis
situation in the Ukraine. The number of local passengers rose by 4.1% in the
same period, which more than compensated for the crisis-related decrease in
transfer passenger traffic.
 
The number of passengers departing for Western Europe in October 2014 was up
1.4%, in contrast to the 11.8% decrease in passengers travelling to Eastern
Europe related to the Ukraine crisis. The Middle East reported a 0.6% increase
in October 2014, whereas passenger traffic to the Far East was up 13.1%.
Passenger volumes to North America rose sharply, climbing by 29.4% compared to
October 2013. This development is mainly due to the launch of flight service to
Newark (USA) by Austrian Airlines and the increase in the frequency of its
flights to Chicago (USA).
 
Good development of strategic investments in Malta and Kosice

The strategic investments of Flughafen Wien AG also developed well. Malta
Airport reported a cumulative passenger growth of 6.7% in the period January-
October 2014 to 3.8 million passengers in the first ten months of the year. The
number of passengers handled by Kosice Airport also rose by 53.7% in the same
period to 320,554 passengers.
 
 
 
Results in detail


                   October 2014     Change in %      January to      Change in %
                                                  October  2014

Passengers:           2,038,924            +1.4      19,259,585             +2.7
Local
passengers:           1,409,463            +4.1      13,491,966             +5.1
Transfer
passengers:             620,588            -5.1       5,706,716             -3.1
Maximum take-

off weight
(in tonnes):            743,042            +4.1       6,917,030             +3.6
Flight
movements
(arrival &
departure):              20,654            +0.7         196,336             +0.2
Cargo in tonnes

(air cargo and
trucking):               26,974           +10.8         226,589             +7.7

 

  
Key Indicators of the Consolidated Interim Financial Statement Indicators as of
September 30, 2014
 
 
Income Statement 

in EUR million                Q1-3/2014           Q1-3/2013          Change in %

Revenue                           476.8               470.3                  1.4
Other operating
income                             11.2                16.5                -32.5
Operating income                  488.0               486.8                  0.2
                                                                                
Consumables and
services used                     -28.2               -34.7                -18.6
Personnel expenses               -188.2              -185.4                  1.6
Other operating
expenses                          -70.8               -75.3                 -6.0
Earnings before

interest, taxes,
depreciation and
amortisation

(EBITDA)                          200.8               191.5                  4.8
Depreciation and
amortisation                      -95.0               -92.0                  3.2
Impairments                         0.0                 5.1               -100.0
Earnings before

interest and taxes
(EBIT)                            105.8                94.4                 12.1
Income from
investments excl.

companies at equity                 0.1                 2.3                -94.1
Interest income                     1.1                 1.4                -21.4
Interest expense                  -18.4               -19.8                 -6.9
Other financial
results                             0.1                 0.0                 n.a.
Financial results

excl. companies at
equity                            -17.1               -16.0                  6.7
Result from
companies accounted
for using the

equity method                       8.8                 5.2                 69.2
Financial results                  -8.3               -10.8                -23.2
                                                                                
Earnings before
taxes (EBT)                        97.5                83.6                 16.7
                                                                                
Income taxes                      -22.6               -19.2                 17.6
Net profit for the
period                             74.9                64.3                 16.4
                                                                                
Thereof
attributable to:                                                                
Equity holders of
the parent                         75.4                64.3                 17.2
Non-Controlling
interests                          -0.5                 0.0                 n.a.
                                                                                
Earnings per share
(in EUR, basic =
diluted)                           3.59                3.06                 17.2

 
Balance sheet Indicators
in EUR million                30.9.2014          31.12.2013          Change in %



ASSETS:                                                                         
Non-current assets              1,819.3             1,857.6                 -2.1
Current assets                     86.7                96.3                -10.0
                                                                                
EQUITY AND
LIABILITIES:                                                                    
Equity                            947.4               905.9                  4.6
Non-current
liabilities                       718.1               748.2                 -4.0
Current liabilities               240.5               299.8                -19.8
                                                                                
Balance sheet total             1,906.0             1,953.9                 -2.5
                                                                                
Net debt                          519.9               633.4                -17.9
Gearing (in %)                     54.9                69.9                 n.a.
                                                                                
Cash flow Statement

in EUR million                Q1-3/2014           Q1-3/2013          Change in %

Cash flow from
operating
activities                        186.8               171.3                  9.0
Cash flow from
investing

activities                        -47.5               -59.0                -19.5
Cash flow financing
activities                       -140.0              -144.9                 -3.4
                                                                                
Free cash flow                    139.3               112.3                 24.0
                                                                                
CAPEX                              54.1                55.2                 -2.0

 

The report by Flughafen Wien AG of the first nine months of 2014, from January 1
to September 30, 2014, is available to the general public at the company's
offices at 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Schottengasse
6-8. It is also available on the Internet at http://viennaairport.com/en/
company/investor_relations/publications_and_reports/quarterly_reports

The Management Board of Flughafen Wien AG

November 18, 2014

Further inquiry note:
Investor Relations:
Mag. Judit Helenyi (+43-1)7007-23126; j.helenyi@viennaairport.com
Mario Santi (+43-1)7007-22826; m.santi@viennaairport.com

end of announcement                               euro adhoc 
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company:     Flughafen Wien AG
             Postfach  1
             A-1300 Wien-Flughafen
phone:       +43 1 7007 - 22826
FAX:         +43 1 7007 - 23806
mail:     investor-relations@viennaairport.com
WWW:      http://viennaairport.com/unternehmen/investor_relations
sector:      Transport
ISIN:        AT0000911805
indexes:     ATX Prime, ATX
stockmarkets: official market: Wien 
language:   English
 

 


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