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Austrian Airlines

euro adhoc: Austrian Airlines AG
Targets for 2003 bring return to profit Business plan target to 2006: 30 % equity ratio (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
Preliminary Results 2002/Forecast 2003
The Supervisory Board Meeting of Austrian Airlines AG held today, 11
December 2002, has approved the company’s result target for 2003. A
strongly positive result from operating activities (EBIT) of over EUR
40 million has been forecast for the 2002 financial year. In addition
to this, the business plan, which defines the concept for the
continued dynamic development of the Austrian Airlines Group in
coming years - up to and including 2006 - was presented to the
Supervisory Board Committee.
Results forecast for 2002
Despite extremely difficult overall conditions following the dramatic
events of 11 September 2001, the Austrian Airlines Group
fundamentally improved its business trend. It achieved this by
introducing without delay the most extensive restructuring programme
ever undertaken at the company. In December 2001, it was forecast to
break even on the EBIT level in the financial year 2002. Six months
into 2002, this forecast had been revised upwards. On 24 October
2002, based on the best business trend ever in the third quarter of
2002, the results forecast for the full year was raised to EUR 35 to
40 million (on an EBIT basis). Now, according to the latest results
forecast for the full year 2002, it appears that the Austrian
Airlines Group will generate an EBIT of over EUR 40 million.
Commenting upon the success of the past financial year, Chief
Executive Officer Vagn Soerensen made the following statement: "We
have succeeded in gaining market share and restructuring the Austrian
Airlines Group in the course of past twelve months. As a result, we
have created the prerequisites for increasing our profitability and
corporate value."
Despite the fact that passenger volume appeared to stagnate earlier
in the year and capacity continues to be reduced, the Austrian
Airlines Group made a very strong finish to its year in terms of
passengers carried. With a forecast total of 8.9 million passengers,
it appears likely that the Austrian Airlines Group will set a new
transportation record in 2002. The average load factor on scheduled
services will increase to around 70 %. The company will transport
around 123,000 tons of air cargo, approximately the same as the
previous year. In light of the weak world economic situation, this
can be considered a positive achievement.
The outlook for 2003
For the financial year 2003, the Austrian Airlines Group aims to
achieve a positive result from operating activities of around EUR 120
million and net profit of EUR 45 million. The company plans to
increase its transportation performance by 6.2 % to 9.5 million
passengers carried. The result target is based upon an exchange rate
of EUR 0.98 EUR to the USD. The fuel price for 2003 has been assumed
at a level of USD 240 per ton of kerosene. The currently low interest
rates present reasonable overall conditions for the continued
turnaround of the Austrian Airlines Group.
Business plan to end-2006
Chief Financial Officer Mr. Thomas Kleibl defined the longer-term
corporate objectives: "The priority financial objective of our
business plan for 2003-2006 is to increase our equity ratio from its
current level of 13.3 % to around 30 %. This strengthening of equity
will be guaranteed by improved profitability, which will be founded
upon continued optimisation of our network, reductions in unit costs
due to the merger of our technical units and fleet harmonisation, the
increased use of Vienna as an efficient location in East-West
transfer and further intensification of co-operation with the Star
Alliance."
end of announcement        euro adhoc 11.12.2002

Further inquiry note:

Konzernkommunikation: Johannes Davoras Johann Jurceka Tel.: 051755-1231 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

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Plus de actualités: Austrian Airlines