Flughafen Wien AG

EANS-News: Flughafen Wien AG announces increase in its Guidance for 2015 from EUR 85 million to EUR 95 million - Considerable Rise in Revenue and Earnings in Q1-3/ 2015

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9-month report

Flughafen Wien AG announces increase in its Guidance for 2015 from EUR 85
million to EUR 95 million - Considerable Rise in Revenue and Earnings in Q1-3/
2015
 
· REVENUE up 3.8% to EUR 495.1 million, EBITDA up to EUR 218.6 million
  (+8.8%) and EBIT improved to EUR 118.2 million (+11.7%)
 
· NET PROFIT FOR THE PERIOD* rose significantly to EUR 84.4 million
  (+11.9%)
 
· NET DEBT: further substantial reduction to EUR 402.3 million
 
· TRAFFIC DEVELOPMENT FROM JANUARY TO OCTOBER 2015: 1.4% increase in
  passenger volume; slight drop of 0.3% in October 2015
 
· UPWARD REVISION IN GUIDANCE FOR 2015: Revenue forecast changed to more
  than EUR 650 million, net profit expected to surpass EUR 95 million, passenger
  growth of more than 1%
 
*Profit for the period after non-controlling interests
 
 
The Flughafen Wien Group reported a good traffic and business development in the
first nine months of 2015, featuring a substantial improvement in revenue and
earnings. Revenue was up 3.8% to EUR 495.1 million, EBITDA increased 8.8% to EUR
218.6 million, EBIT climbed 11.7% to EUR 118.2 million and the net profit for
the period rose 11.9% to EUR 84.4 million. A significant further decrease in the
level of net debt was achieved thanks to the strong cash flow. Flughafen Wien
revised its guidance for the entire year 2015 upwards, with profits of more than
EUR 95 million expected instead of the original forecast of EUR 85 million.
Passenger volume should increase by more than 1%, whereas revenue is predicted
to surpass EUR 650 million and EBITDA exceeding EUR 260 million is expected.
 
"The resolute implementation of our strategy of reducing costs and enhancing
productivity has borne fruit. Earnings indicators improved considerably,
accompanied by a further substantial reduction of net debt. The outlook remains
positive. For this reason, we are improving our financial forecasts for the
entire year 2015. The development of our Airport City is also proceeding well.
For example, the logistics company Kühne + Nagel will relocate its corporate
headquarters and 120 employees to Vienna Airport. This underlines the fact that
Vienna Airport is a highly attractive real estate and office location", says
Günther Ofner, Member of the Management Board of Flughafen Wien AG.
 
"In line with the positive development of traffic results up until now and our
estimates for the coming months, we can provide a more detailed
forecast specifying an increase in total passenger volume of more than 1% for
the entire year 2015. The winter flight schedule offers new long-haul flight
connections to the destinations of Mauritius, Sri Lanka and Miami as well as
frequency increases. Several highlights for 2016 have already been announced.
Our quality strategy is also visibly recognized. Accordingly, Vienna Airport was
granted the 4-Star Airport ranking by Skytrax and the award for the best airport
team in Europe", states Julian Jäger, Member of the Management Board of
Flughafen Wien AG.
 
Passenger volume up 1.5% in the first nine months of 2015
 
Vienna Airport handled a total of 17,486,471 passengers in the first nine months
of 2015, comprising a rise of 1.5% in a year-on-year comparison. Total passenger
volume to Western Europe increased by 1.8% in this period, whereas passenger
traffic to Eastern European destinations fell by 5.6% due to the crisis
situation in Russia and the Ukraine. The expanding flight offering to the Far
East resulted in passenger growth of 5.6%. Similarly, passenger volume to the
Middle East also developed positively, showing a rise of 11.9%. The number of
passengers flying to North American and African destinations climbed by 11.5%
and 9.1% respectively.
 
Average seat occupancy (seat load factor) fell to 74.7% in the first nine months
of 2015 from 75.6% in the previous year. The number of flight movements declined
by 1.5% in the same period to 172,981 starts and landings. The maximum take-off
weight rose by 3.3% to 6,379,905 tonnes, which is mainly attributable to the
deployment of larger long-haul aircraft by the airlines. Cargo volume (air cargo
and trucking) showed a slight drop of 0.3% during the period January to
September 2015 to 198,942 tonnes.
 
Revenue and earnings development in the segments
 
In the first nine months of 2015, revenue of the Airport Segment rose by 4.1%
year-on-year to EUR 273.0 million. Revenue generated by the Handling Segment
climbed by 3.5% to EUR 113.6 million. The Retail & Properties Segment reported a
revenue increase of 3.8% to EUR 96.8 million. Revenue in the Other Segments
remained practically unchanged at EUR 11.7 million (+0.3%).
 
Investments
 
Of the total investments amounting to EUR 45.0 million in the first nine months
of the year, EUR 10.7 million related to investments in taxiways, EUR 9.9
million was for winter services and equipment parking garages and EUR 5.6
million involved investments made in connection with Runway 3. EUR 1.8 million
was for explosive trace detectors, EUR 1.3 million related to cooling units, EUR
1.3 million was designed for special vehicles and investments of EUR 1.1 million
were made in a transformer station. Total investments in the year 2015 are
expected to be well below EUR 95 million.
 
Traffic development in October 2015: Slight drop in passenger volume of 0.3%
 
The number of passengers handled by Vienna Airport in October 2015 fell slightly
by 0.3% from the comparable level of October 2014 to a total of 2,033,802. The
number of local passengers in October 2015 rose by 2.0% from the previous year,
whereas the total volume of transfer passengers was down by 5.3% in a year-on-
year comparison. This decrease was due to the crisis situation in Russia and
capacity reductions carried out by the airlines. The number of flight movements
(starts and landings) decreased by 3.1%. In contrast, there was a slightly
positive development in the maximum take-off weight (MTOW), which increased by
0.2%. Total cargo volume was down 4.4% in October 2015 compared to the prior-
year level. Cumulative passenger volume in the months January to October 2015
was up 1.4% from the previous year.
 
The number of passengers flying to Western Europe rose by 1.1% in the individual
month of October 2015, whereas passenger traffic to Eastern Europe fell by 2.9%,
which is related to the crisis situation in Russia, amongst other factors.
Passenger volume to the Middle East and Far East also dropped by 0.6% and 2.0%
respectively. Vienna Airport showed passenger growth of 6.0% to North American
destinations. In October 2015 the number of passengers flying to Africa was down
by 5.7% from the previous year.
 
Good development of strategic investments in Malta and Kosice
 
The foreign strategic investments of the Flughafen Wien Group developed well.
Malta Airport reported cumulative passenger growth of 7.4% from January to
October, with passenger volume up to more than 4.1 million passengers in the
first ten months of the year. Kosice Airport handled a total of 358,050
passengers, comprising a rise of 11.7% in the same period. 
 
 
Results in detail


                   October 2015     Change in % January-October      Change in %
                                                           2015
Passengers            2,033,802            -0.3      19,520,273             +1.4
Local                 1,437,404            +2.0      13,928,592             +3.2
passengers
Transfer                587,694            -5.3       5,505,324             -3.5
passengers

Maximum take-
off weight              744,495            +0.2       7,124,400             +3.0
(tonnes)
Flight
movements                20,008            -3.1         192,989             -1.7
(arrivals &
departures)
Cargo in tonnes

(air cargo and           25,797            -4.4         224,739             -0.8
trucking)

 

 
Consolidated Interim Financial Statements as of 30 September 2015
 

Income Statement in

EUR million                   Q1-3/2015           Q1-3/2014          Change in %
Revenue                           495.1               476.8                  3.8
Other operating
income                              7.0                11.2                -37.5
Operating income                  502.1               488.0                  2.9
                                                             
Consumables and
services used                     -25.5               -28.2                 -9.7
Personnel expenses               -191.1              -188.2                  1.5
Other operating
expenses                          -66.9               -70.8                 -5.4
Earnings before

interest, taxes,
depreciation and
amortisation
(EBITDA)                          218.6               200.8                  8.8
Scheduled
depreciation and
amortisation                     -100.4               -95.0                  5.7
Earnings before
interest and taxes

(EBIT)                            118.2               105.8                 11.7
                                                             
Income from
investments,
excluding companies
recorded at equity                  0.3                 0.1                 89.9
Interest income                     1.5                 1.1                 28.9
Interest expense                  -16.8               -18.4                 -8.8
Other financial
result                             -0.1                 0.1                 n.a.
Financial results

excl. companies
recorded at equity                -15.2               -17.1                -11.0
Results from the
disposal of
companies recorded
at equity                           0.0                 2.3               -100.0
Proportional share

of income from
companies recorded
at equity                           6.7                 6.5                  2.2
Financial results                  -8.6                -8.3                  2,8
                                                             
Earnings before
taxes (EBT)                       109.6                97.5                 12.4
                                                             
Income taxes                      -25.3               -22.6                 11.7
Net profit for the
period                             84.4                74.9                 12.7
                                                             
Thereof
attributable to:                                             
Equity holders of
the parent                         84.4                75.4                 11.9
Non-Controlling
interests                          -2.0              -529.7                -99.6
                                                             
                                                             
Earnings per share
(in EUR, basic =
diluted)                           4.02                3.59                 11.9

 

Balance sheet
Indicators in EUR
million                       30.9.2015          31.12.2014          Change in %
ASSETS:                                                                         
Non-current assets              1,744.3             1,803.4                 -3.3
Current assets                    152.4                88.8                 71.6
                                                                                
EQUITY AND
LIABILITIES:                                                                    
Equity                          1,003.2               952.5                  5.3
Non-current
liabilities                       589.7               672.2                -12.3
Current liabilities               303.8               267.5                 13.6
                                                                                
Balance sheet total             1,896.7             1,892.2                  0.2
                                                                                
Net debt                          402.3               506.2                -20.5
Gearing (in %)                     40.1                53.1                 n.a.

 

Cash flow Statement
in EUR million                Q1-3/2015           Q1-3/2014          Change in %
 Cash flow
   from operating
   activities                     186.6               186.8                 -0.1
   from investing
   activities                     -47.5               -47.5                  0.0
   from financing
   activities                     -78.2              -140.0                -44.1
                                                                                
Free cash flow                    139.1               139.3                 -0.2
                                                                                
CAPEX                              45.0                54.1                -16.8
                                                                                

                                        
                                        

The report by Flughafen Wien AG of the first nine months of 2015, from January 1
to September 30, 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

November 17, 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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