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28.10.2008 – 08:16

Austrian Airlines

euro adhoc: Austrian Airlines AG
Difficult global business environment leaves its marks on Q3

--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------

quaterly report


Result of the Austrian Airlines Group, January to September 2008

Austrian CEO, Alfred Oetsch commenting on the result:  "The   difficult  business environment encountered in the first half-year   2008  once  again  deteriorated. The high level of economic uncertainty as well  as  the  financial  and  banking crisis are intensifying the incipient economic downturn.  The  positive  effects of declining fuel prices are partially offset by the stronger US dollar. We  can build upon our successful strategic positioning despite these major  challenges. In our core Focus East markets, we offer a strong  network  of  destinations  in countries  posting   disproportionately  high  growth  rates.  The    geographical location of the Vienna  hub  provides  us  with  significant  cost  and   quality advantages for transfers to the East. The current financial market  crisis,  the economic slowdown which has  had  an   increasingly  negative  impact  on  flight demand, as well as ongoing high fuel prices, which reached  a  record  level  of USD over 140/barrel during the summer months despite the steep price decline   in the meantime, make 2008 an extremely challenging financial year.   Due  to  these external influencing factors, the strong performance of Q3  2007  could  not  be matched in the year 2008. EBIT in the third quarter of 2008 amounted  to  EUR  - 9.4m, down from EUR 42.7m in Q3  2007.  The  net  result  for  the  first  three quarters 2008 also declined  to  EUR  -65.1m.  Despite  the  difficult  business environment, the expansion of short- and medium-haul route capacity by +4.0%  in the first three quarters of 2008, measured in available seat  kilometres  (ASK), was well implemented in many regions.  This is  confirmed  by  an  increase  in revenue per passenger kilometre (RPK  +4.6%),  accompanied  by  a  corresponding rise in the passenger load factor.

As the situation stands at present, we anticipate that  the  fourth   quarter  of the 2008 financial year will be characterized by  an   abrupt  slump  in  demand, negative effects from fuel hedging and the increase in value of the  US  dollar. The economic downturn has already led to a decline in flight bookings.  The  new revenue forecast through the end of the fiscal year indicated that the   previous guidance could no longer be  upheld.  As  announced  on   October  16,  2008  the expected sales-related revenue losses are higher than the relief in the area  of fuel costs, meaning a net loss of EUR 100m to EUR 125m  before  special  effects can be expected for the 2008 fiscal year.

In the current privatization process, no decision was taken yet for the sale  of the OIAG stake in Austrian Airlines. The  Supervisory   Board  of  the  OIAG  has requested  an  extension  of  privatization mandate.  We  have  described    the situation for the company and we are confident that  the  privatization  process can be finished in a positive way. Measures which would have to  be  implemented

in case of a failure, will not be  initiated  yet,  because  the  chance  for  a successful    privatization    is    still    there    and    cut-backs    could    have counterproductive effects."

                            Overview of Result January to September 2008

|Key Figures                    |            |1-9 / 2008|+/- % py    |7-9 / 2008 |+/- % py |
|Revenue                          |EURm.    |1,891.9    |-                |697.2         |1.4         |
|EBITDAR1,2                      |EURm.    |212.8        |-32.5         |73.9          |-43.1      |
|EBITDAR1,2 adjusted3      |EURm.    |232.3        |-26.0         |74.5          |-45.4      |
|Result from operating

activities (EBIT)2          |EURm.    |-34.0        |-                |-9.4          
|-            | |Result from operating activities (EBIT)2

adjusted3                         |EURm.    |-14.5        |-                |-8.8          |-            |
|Net result for the
period                              |EURm.    |-65.1        |-                |-16.4         |-            |
|Cash flow from
operating activities        |EURm.    |170.3        |-32.6         |31.6          |-48.2      |
|Net Gearing                    |%          |135.4        |-                |-                |-            |
|Earnings per share         |EUR        |-0.77        |-                |-0.20         |-            |
|CVA                                 |EURm.    |-158.0      |-                |-46.1         |-            |
|Passengers carried
(total)                            |            |8,380,039 |0.2            |3,163,354  |-3.1        |
|Passenger load factor
(scheduled service)         |%          |75.0         |-0.5P.        |77.6          |-0.5P.    |
|Employees (end
of period)                        |            |8,036        |0.7            |-                |-            |

1 Result from operating activities (EBIT) before  associates,   depreciation  and rentals. 2 Regrouping of  interest  costs  of   allocation  of  provisions  for  pensions,

severance  payments  and  anniversary  payments  from  personnel    expenses    to financial expenses. 3 Adjusted by the result from the disposal of assets, other  costs  related  the transfer of aircraft, foreign currency valuations  at  the  reporting  date  and impairment of the value of aircraft.

Please find further information concerning the disclosure according  to  §§  24 and 25 Media Act on

end of announcement                                                 euro adhoc

ots Originaltext: Austrian Airlines
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Further inquiry note:
Corporate Communications:
Livia Dandrea-Böhm
Tel.: 051766-11231

Investor Relations
Dr. Prisca Havranek-Kosicek
Tel.: 051766 - 13311

Branche: Air Transport
ISIN:      AT0000620158
WKN:        875224
Index:    WBI, ATX Prime
Börsen:  Wiener Börse AG / official market

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