Austrian Airlines

euro adhoc: Austrian Airlines AG
Quarterly or Semiannual Financial Statements
Austrian Airlines Group continues to accelerate away from competition (E)

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Recent traffic and service offensives produce growth in traffic of over 10 %, high load factor and income trends and EBIT in line with forecasts

Results of the Austrian Airlines Group for 1st Quarter of 2004

By pressing on with its mix of broad-based traffic offensives, innovative marketing campaigns and unswerving cost management, the Austrian Airlines Group today published results for the first quarter of 2004 that are the envy of the aviation industry. The company produced a striking improvement in passenger volume of 10.8 %, a huge rise in revenue passenger kilometers of 19 % and a clear increase in load factor on scheduled services to 70.6 % to improve its overall result for the first three months of the year in line with earlier forecasts.

Compared to the first quarter of the previous year, the company succeeded in improving its adjusted EBIT by EUR 23.1m to EUR -27.8m (the EBIT rose by EUR 6.9m to EUR -40.8m). The adjusted profit before tax was EUR -34.9m, compared to EUR -58.3m for the comparison period the previous year  (profit before tax was up from -53.3m in 2003 to EUR -47.6m this year).

In his analysis of the results, the Group’s Chief Executive Officer, Vagn Soerensen, noted: "We continue to implement our strategy of compensating for declining yields by increasing load factors and driving costs down further. According to the trend emerging in our traffic and results, we are well on course to achieve this objective. With the necessary structural optimisations of the past twelve months now behind us, we are now free to devote our full attention to the current expansionary offensive - the Focus East programme - which has been designed to extend our market leadership in services from and to Central and Eastern Europe, and to build up our network in the Asia/Pacific region. Motivation is high throughout the company, and our offensive is already beginning to bring real results. The Austrian Airlines Group is now firing on all cylinders, and beginning to pull away from the competition!"

Comparison of Quarter 1 financial indicators, 2004/2003

EURm                                                         2004         2003      +/-  %
Revenue                                                  471.0        448.0      + 5.1
EBITDAR                                                    16.3         63.0      -74.1
EBITDAR adjusted 1                                  42.4         17.7         -
EBIT                                                        -40.8        -47.7      +14.5
EBIT adjusted 2                                      -27.8        -50.9      +45.4
Profit before tax                                  -47.6        -53.3      +10.7
Profit before tax adjusted 2                 -34.9        -58.3      +40.1
Cash flows from operating activities      61.0         46.7         -
Passengers carried (scheduled and      1,931,838 1,742,845  +10.8
charter services)
Passenger load factor (scheduled            70.6         64.7      + 5.9 P.
services) in %

1 Adjusted for profits from the disposal of assets and for exchange rate valuations at the reporting date. 2 Adjusted for profits from the disposal of assets, exchange rate valuations at the reporting date and revaluations of aircraft.

end of announcement            euro adhoc 06.05.2004

Further inquiry note: Konzernkommunikation: Johannes Davoras Johann Jurceka Tel.: 051766-1231

Investor Relations Karl Knezourek Tel.: 051766 - 3328

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

Weitere Meldungen: Austrian Airlines

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