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Austrian Airlines

euro adhoc: Austrian Airlines AG
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Progress in turnaround despite tough background conditions

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
28.02.2005
Specialisation offensive produces 10.9 % traffic growth/
EBIT improved/
Unit costs and net gearing reduced/Productivity and equity ratio
increased
Result of the Austrian Airlines Group for the financial year 2004
A dedicated strategy of specialisation in services to Central and
Eastern Europe (the ‘Focus East’ programme) and to the Asia/Pacific
region, coupled with the respective global marketing offensives,
produced an increase in passenger volume of 10.9 % in 2004 and a rise
in the passenger load factor on scheduled services to 72.2 %. By
consistently focusing attention on cost savings measures including a
further reduction in unit costs of 6.6 %, the company succeeded in
achieving an adjusted EBIT in line with its - due to the enormous
increase in kerosene prices and the overcapacity that dogged the
European aviation sector in the final quarter of last year - revised
forecast of November 2004.
Compared to the previous year, the adjusted EBIT increased slightly,
from EUR 4.2m to EUR 10.5m. The EBIT improved by EUR 16.1m to reach
EUR 79.4m. Profit before tax totalled EUR 53.4m, up from EUR 25.7m
the previous year (adjusted figure EUR - 20.8m, following EUR -22.4m
the preceding year).
~
Key Figures         Unit      2004         2003     + / -    +/- %
Operating revenue   EURm     2,363.5     2,242.7    120.8     5.4
Operating expenses  EURm    -2,284.1    -2,179.4   -104.7    -4.8
Revenue             EURm     2,224.7     2,040.1    184.6     9.0
EBITDAR             EURm       319.6       420.8   -101.2   -24.1
EBITDAR adjusted 1  EURm       298.4       298.0      0.4     0.1
EBIT                EURm        79.4        63.3     16.1    25.4
EBIT adjusted 2     EURm        10.5         4.2      6.3      -
Profit before tax   EURm        53.4        25.7     27.7      -
Profit before tax 
adjusted 2          EURm       -20.8       -22.4      1.6      -
Profit after tax    EURm        40.9        46.0     -5.1   -11.1
Profit after tax 
adjusted 3          EURm       -32.4        -2.1    -30.3      -
Cash flows from 
operating activities EURm      148.2       345.2   -197.0   -57.1
Net profit for the 
year                 EURm       40.2        45.8     -5.6   -12.2
Financial result     EURm      -26.0       -37.6     11.6    30.9
Interest-bearing 
liabilities          EURm    1,816.7     1,936.0   -119.3    -6.2
Net gearing             %      197.3       217.0       -       -
Equity ratio            %       18.2        17.0       -       -
Passengers carried 
(scheduled and charter
services)      Passengers    9,404,947  8,479,417  925,530   10.9
Passenger load factor 
(scheduled)             %       72.2        71.3       -      0.9 P
Cargo                 Tons     144,883     125,291  19,592   15.6
~
1 Adjusted to account for profit/loss on the disposal of assets,
other transfer costs of aircraft and foreign currency valuations at
the reporting date.
2 Adjusted to account for profit/loss on the disposal of assets,
other transfer costs of aircraft and foreign currency valuations at
the reporting date and revaluation of aircraft.
3 Adjusted to account for profit/loss on the disposal of assets,
other transfer costs of aircraft, foreign currency valuations at the
reporting date, revaluation of aircraft and the effect of changes in
corporation tax.
end of announcement                    euro adhoc 28.02.2005 07:24:44 

Further inquiry note:

Konzernkommunikation:
Johannes Davoras
Johann Jurceka
Tel.: 051766-1231

Investor Relations
Dr. Prisca Havranek-Kosicek
Tel.: 051766 - 3642

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

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