Flughafen Wien AG

EANS-News: Flughafen Wien AG Results in Q1 2015: Increased Revenue and Earnings despite Passenger Decline

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quarterly report

Flughafen Wien AG Results in Q1 2015: Increased Revenue and Earnings despite
Passenger Decline
 

* REVENUE up slightly to EUR 140.7 million (+0.9%), EBITDA improved to EUR 54.0
  million (+1.4%) and EBIT rose to EUR 21.9 million (+4.8%)
   
* NET PROFIT FOR THE PERIOD(*) increased considerably to EUR 14.1 million
(+15.4%)

* NET DEBT reduced further to EUR 492.9 million

* POSITIVE OUTLOOK confirmed for 2015: revenue of more than EUR 645 million, net
  profit to surpass EUR 85 million

(*)Net profit for the period after non-controlling interests
 
In spite of the expected decline in passenger volume (-2.8%) and flight
movements (-3.0%), Flughafen Wien AG reported an improvement in revenue (+0.9%) 
and net profit for the period (+15.4%) in the first quarter of 2015. The drop in
the number of passengers can mainly be attributed to capacity reductions on the 
part of Austrian Airlines as well as the consequences of the political crises in
Russia and the Ukraine and in the Middle East. The higher net profit for the
period generated despite these conditions is primarily due to productivity
increases and strict cost discipline. The strong cash flow gratifyingly enabled
a further reduction in the net debt.  
 
"Flughafen Wien AG also feels the impact of developments related to the crisis
situations prevailing in Russia and the Ukraine and the reduction in the flight
offering on the part of several airlines. Nevertheless, revenue and net profit
could be improved in the first quarter of the year. This shows that we are on
the right track with our strategy designed to reduce costs and increase
productivity. For this reason, from today's perspective we will also reach our
earnings targets for 2015, namely to further raise revenue and the consolidated
net profit for the period", explains Günther Ofner, Member of the Management
Board of Flughafen Wien AG.
 
"Numerous changes and new features in the flight offering from Vienna have
already been announced this year, including new long-haul routes to Sri Lanka,
Mauritius and Miami, additional destinations such as Tallinn, Bordeaux and many
others and increased frequencies. In spite of the weaker seat load factor we
confirm our flight traffic forecast for 2015. The development in the retail
segment is also gratifying. We managed to boost revenue from shopping and
gastronomy despite reduced passenger numbers", says Julian Jäger, Member of the
Management Board of Flughafen Wien AG.
 
Flight traffic declined in Q1/2015 as expected - forecast confirmed for 2015

As previously disclosed by Flughafen Wien AG, flight traffic was down in the
first quarter of 2015. A total of 4,300,592 passengers were handled by Vienna
Airport in the first three months of the year, comprising a drop of 2.8% from
the prior-year quarter. This is mainly related to reductions in the flight
offering of Austrian Airlines and the crisis situations in Russia, the Ukraine
and the Middle East. Total passenger volume to Eastern Europe fell by 15.3%,
destinations in Western Europe saw a decline in passenger volumes by 1.6% and
the number of passengers flying to the Middle East was down slightly by 0.7%.

In contrast, passenger volume to the Far East rose by 5.3% and to North America
by 12.6%. Thanks to new routes to Africa introduced in 2014, the number of
passengers flying to destinations in Africa even climbed by 65.3%. Air traffic
forecasts remain unchanged and predict a growth in the total number of
passengers between 0% and 2%, and a 0% to 1% rise in the number of flight
movements.
 
Flight movements declined by 3% to a total of 49,658 in the first three months
of 2015 due to the strategy of airlines to deploy larger aircraft, whereas the
average seat occupancy (seat load factor) fell marginally to 67.7% from the
68.6% in the previous year. In contrast, the maximum take-off weight (MTOW) rose
by 0.5% to 1,772,403 tonnes. Cargo volume (air cargo and trucking) in the first
quarter of 2015 was down 1.2% to 63,311 tonnes.
 
Revenue and earnings development in the segments

Revenue of the Airport Segment in the first three months of 2015 rose by 0.9%
year-on-year to EUR 70.9 million. Revenue generated by the Handling Segment
remained virtually unchanged, decreasing by 0.3% to EUR 35.2 million. The Retail
& Properties Segment increased its quarterly revenue by 3.1% to EUR 30.9
million. Revenue in the Other Segments at EUR 3.8 million was almost unchanged
from the previous year.
 
Investments

Of the total investments amounting to EUR 17.0 million in the first quarter of
2015, EUR 10.7 million related to winter services and equipment parking garages,
investments in connection with the third runway to the amount of EUR 2.1
million, EUR 1.0 million for refrigeration machines and EUR 0.3 million for
construction of a new charter bus parking lot. Total CAPEX of about EUR 95
million is expected in 2015.  
 
Traffic development in April 2015: 1.1% drop in passenger volume

Vienna Airport reported 1,915,233 passengers in the month of April 2015, a
decline of 1.1% compared to April 2014. In particular, the decline in capacity
utilization in the Austrian Airlines flight offering along with the crises in
Russia and the Ukraine and the related drop in transfer traffic are the
underlying reasons for this development. The number of local passengers rose by
1.5% in April 2015, whereas the total volume of transfer passengers fell by 8.4%
from the previous year. The number of flight movements (starts and landings) was
down by 0.9%. In contrast, the maximum take-off weight (MTOW) was clearly
positive, rising by 5.3%. Cargo volume (air cargo and trucking) in April 2015
fell by 1.3% from the prior-year level. 
 
The number of passengers flying to Western Europe was down 1.5% in April 2015.
In Eastern Europe, passenger traffic fell by 10.5% compared to April 2014 as a
result of the crises in Russia and the Ukraine. The Middle East region showed a
decline of 2.0% in April 2015, whereas passenger volume to destinations in the
Far East fell by 1.2%. Contrary to these developments, the number of passengers
flying to North American destinations rose by 11.3%, and passenger traffic to
Africa was up 30.3%.
 
Good development of strategic investments in Malta and Kosice

The foreign strategic investments of Flughafen Wien AG developed well. Malta
Airport reported a cumulative passenger growth of 5.1% in the period January to
April 2015 to 1,085,809 passengers. Kosice Airport handled a total of 74,822
passengers in the same period, a rise of 15.7%.
 
 
Results in detail


                  April 2015    Change in %   January-April     Change in %
                                                   2015
Passengers(total): 1,915,233       -1.1         6,215,825            -2.3
Local passengers:  1,384,537       +1.5         4,559,817            +1.4
Transfer passengers: 523,208       -8.4         1,620,530           -12.7
Maximum take-off  
weightin tonnes:     722,684       +5.3         2,495,087            +1.8
Flight movements
(arrivals &
departures):          19,315       -0.9            68,973            -2.5
Air cargo and
trucking in           23,030       -1.3            86,341            -1.3
tonnes:



Consolidated Interim Financial Statementsas of 31 March 2015
 

Income Statement in

EUR million                     Q1/2015             Q1/2014          Change in %
Revenue                           140.7               139.5                  0.9
Other operating
income                              3.6                 4.2                -15.2
Operating income                  144.3               143.7                  0.4
                                                             
Consumables and
services used                      -9.6               -11.3                -15.2
Personnel expenses                -62.2               -60.1                  3.5
Other operating
expenses                          -18.5               -19.1                 -2.9
Earnings before

interest, taxes,
depreciation and
amortisation

(EBITDA)                           54.0                53.2                  1.4
Depreciation and
amortisation                      -32.1               -32.3                 -0.7
Earnings before
interest and taxes
(EBIT)                             21.9                20.9                  4.8
                                                             
Interest income                     1.0                 0.4                163.2
Interest expense                   -5.7                -6.1                 -6.5
Financial results

excl. companies at
equity                             -4.8                -5.8                -17.5
Result from
companies accounted
for using the

equity method                       1.2                 0.8                 38.7
Financial results                  -3.6                -4.9                -27.0
                                                             
Earnings before
taxes (EBT)                        18.3                16.0                 14.7
                                                             
Income taxes                       -4.2                -3.8                 12.2
Net profit for the
period                             14.0                12.2                 15.4
                                                             
Thereof
attributable to:                                             
Equity holders of
the parent                         14.1                12.2                 15.4
Non-Controlling
interests (in EUR
1,000)                             -0.6                -1.9                -66.4
                                                             
Earnings per share
(in EUR, basic =
diluted)                           0.67                0.58                 15.4


Balance sheet

Indicators in EUR

million                       31.3.2015          31.12.2014          Change in %
ASSETS:                                                                         
Non-current assets              1,789.4             1,803.4                 -0.8
Current assets                     86.0                88.8                 -3.2
                                                                                
EQUITY AND
LIABILITIES:                                                                    
Equity                            967.2               952.5                  1.5
Non-current
liabilities                       664.7               672.2                 -1.1
Current liabilities               243.5               267.5                 -9.0
                                                                                
Balance sheet total             1,875.4             1,892.2                 -0.9
                                                                                
Net debt                          492.9               506.2                 -2.6
Gearing (in %)                     51.0                53.1                 n.a.


Cash flow Statement
in EUR million                  Q1/2015             Q1/2014          Change in %
Cash flow 
from operating
activities                         42.3                46.7                 -9.4
                 
from investing
activities                        -28.8               -18.3                 57.3
                 
from financing
activities                        -13.6               -28.5                -52.3
                                                                                
Free cash flow                     13.6                28.4                -52.3
                                                                                
CAPEX                              17.0                10.1                 68.3

                                                                                
                                        
 

The report by Flughafen Wien AG of the first three months of 2015, from January
1 to March 31, 2015, 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.
 
19 May, 2015

The Management Board of Flughafen Wien AG

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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