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Austrian Airlines

EANS-Adhoc: Austrian Airlines AG
Global economic crisis brings slump in demand and decline in revenue

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
quaterly report
05.05.2009
Result of the Austrian Airlines Group, Q1 2009
Dr. Andreas  Bierwirth,  member  of  the  Austrian  Executive  Board,
said  the following  about  the  first  quarter  of  2009:  "The  
world  economic  crisis, recession in Europe and the most serious 
economic downturn seen in the  post-war period in Austria have all 
ensured that the start to  the  2009  financial  year has been 
difficult in the extreme. Meanwhile many countries in Central and 
Eastern Europe have also  been  affected by the crisis, which has led
to  a  temporary  reduction  in  traffic  flows  of crucial 
importance to us. However, we are anxious to  maintain  the  network 
by operating smaller aircraft. In the Middle East, meanwhile, growth 
is  continuing despite  the  crisis.  The  corrections  necessary  in
this  region  have  been relatively minor. In the summer months, for 
instance, we  now  offer  just  one, rather than two, flights a day 
to Dubai, and we now fly to  Tel  Aviv  using  an A321 instead of a 
Boeing 767. Should the general downward  trend  continue  over the 
course of the coming  year,  however,  we  are  prepared.  Further  
capacity adjustments  would  be  evaluated  on  a  step-by-step  
basis,  and   would   be implemented taking into consideration the 
transfer flows of  importance  to  the company."
Furthermore Dr. Bierwirth summed up the result for the first  quarter
of  2009: "Due to the industry-wide slump in demand, flight revenue 
fell  by  17%  to  EUR 415.3 million in the first three months of 
this year.  Our  EBIT  in  the  first quarter stood at EUR -77.0 
million, compared to EUR -52.8 million  the  previous year. The 
reduction in fuel costs was only able to compensate for the  slump  
in demand to a partial extent. The result for the quarter  from  
January  to  March fell by EUR -27.7 million, to EUR -88.1 million." 
Dr. Peter Malanik, member of the Austrian Executive Board continued: 
"In  light of the drastic  nature  of  framework  conditions,  we  
introduced  a  range  of measures at the beginning of this year  in  
an  effort  to  compensate  for  the expected decline in revenue and 
counteract the crisis.  We  have  set  ourselves the goal of making 
total cost savings in the order of EUR 225 million.  We  have already
succeeded in implementing numerous packages of measures, beginning  
with production cutbacks, through to internal optimization measures 
as well as Group- wide  measures  impacting  personnel  such  as  
short-time  working,   temporary deferments in compensation and 
suspension  of  pension  fund  contributions.  We have also been 
involved in negotiations with system partners such  as  Flughafen 
Wien AG, with whome we agreed on more competitive framework 
conditions. The  cut in the security charge for transfer passengers 
at Vienna Airport  also  has  the potential to provide us with cost 
savings." Dr. Malanik also made following statement on the status  of
the  privatisation: "The privatisation is going ahead as planned.  We
have  examined  the  takeover offer published by Lufthansa in detail,
and are recommending to shareholders  in Austrian Airlines AG that 
they accept that  offer.  The  Supervisory  Board  has agreed  with  
our  recommendation.  The   essential   prerequisite   for   final 
performance of the contracts is that Lufthansa control over 75%  of  
the  shares in Austrian Airlines by the end of the normal acceptance 
period  of  the  public
takeover offer. It is also  necessary  for  us  to  gain  the  approval  of  the
European Commission under Competition and State Aid Law.  We  are  confident  of
achieving closing by mid-2009."
Overview of Financial Result, first Quarter 2009
|Key indicators                   |          |1-3 /2009 |1-3 / 2008|+/- % PY  |
|Revenue                          |EURm      |438.8     |525.3     |-16.5     |
|EBITDAR1,2                       |EURm      |-8.2      |26.8      |-         |
|EBITDAR1,2 adjusted3             |EURm      |-1.5      |34.7      |-         |
|Result from operating activities
|(EBIT)2                           EURm      |-77.0     |-52.8     |-45.8     |
|Result from operating activities
|(EBIT)2 adjusted3                 EURm      |-70.3     |-44.9     |-56.6     |
|Net result for the period        |EURm      |-88.1     |-60.4     |-45.9     |
|Cash flow from operating
|activities                        EURm      |-13.8     |43.8      |-         |
|Net gearing                      |%         |527.3     |135.3     |-         |
|Passengers carried (scheduled &
|charter)                          passengers|1,942,391 |2,299,382 |-15.5     |
|Passenger load factor (scheduled
|services)                         %         |67.8      |71.8      |-4.0P     |
|Employees (end of period)        |          |7,681     |7,842     |-2.1      |
1 Result from operating activities (EBIT) before associates, before 
depreciation and rentals 2 The expected income from plan assets was 
reclassified from personnel expenses to financial expenses. 3 
Adjusted by the result from the disposal of assets, other costs of 
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 www.austrian.com
end of announcement                               euro adhoc

Further inquiry note:

Austrian Airlines AG
Corporate Communications
Patricia Strampfer
+43/5/1766-11231

Austrian Airlines AG
Investor Relations
Thomas Krammer
+43/5/1766-13311

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

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