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Austrian Airlines

EANS-Adhoc: Austrian Airlines AG
Financial Results of the Austrian Airlines Group for the First Half-Year 2009

  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.
6-month report
04.08.2009
Economic crisis affects revenue and earnings
. Net result for the period amounts to minus 166.6 million Euro, due to
      impairment losses on aircraft
    . Performance of the second quarter better than first quarter, but still
      below expectations
    . Cash flow from operating activities at 21.2 million Euro is positive,
      liquidity is assured
    . Cost reduction measures and integration in the Lufthansa Group will lead
      to a positive earnings contribution of 300 million Euro annualy
The crisis in the international aviation industry intensified further in the
second quarter of 2009. This development is also reflected in the 
financial figures of the Austrian Airlines Group for the first half 
of 2009, which posted a net result for the period of minus 166.6 
million Euro, including non-cash impairment losses of 74.3 million 
Euro resulting from the valuation of aircraft. The adjusted resulting
from operating activities (EBIT) amounted to minus 88.4 million Euro,
with the second quarter EBIT of minus 18.1 million Euro perceptibly 
better than the first quarter, at minus 70.3 million Euro. 
Nevertheless, there was still no return to the profit zone.
"We are suffering from extremely weak demand, similar to the 
situation affecting the entire airline sector," according to the 
members of the Austrian Executive Board Peter Malanik and Andreas 
Bierwirth. "The crisis has relentlessly revealed our weaknesses. Of 
course we cannot be satisfied with the half-year results. It is not 
very comforting to know that the entire aviation industry is standing
with its back against the wall. We are fighting with all the means 
and energy at our disposal to overcome the crisis and massively 
improve profitability through structural measures. For the time 
being, tough countermeasures enabled us to significantly reduce our 
operating losses for the second quarter of the 2009 financial year," 
the two board members add.
This tendency is also reflected in the development of the operating 
cash flow. Following a negative cash flow of minus 13.8 million Euro 
in the first quarter 2009, Austrian Airlines succeeded in generating 
a positive cash flow of 35.0 million Euro in the second quarter of 
2009. On balance, the cash flow from operating activities for the 
first half-year was 21.2 million Euro. As at the balance sheet date 
of June 30, 2009, the liquidity of the Austrian Airlines Group 
totaled about 180 million Euro (consisting of 84.1 million Euro cash 
and cash equivalents and 95.5 million Euro disposable securities). 
The Austrian Airlines Group has sufficient liquidity also beyond the 
end of 2009, even if the economic situation does not improve.
Initial successes were achieved in the first half of 2009 by the 
comprehensive range of measures initiated by Austrian Airlines to 
overcome the crisis and increase profitability. The anti-crisis 
package developed in recent months has been successively implemented,
and will unfold its full potential in the second half of the year. We
expect to achieve the targeted cost savings of 15 percent for the 
year 2009 as a whole on the basis of prevailing aircraft fuel prices.
The short-term measures to reduce costs will be consequently 
substituted by sustainable measures. Thus we will reach a positive 
earnings contribution of more than 300 million Euro per year on a 
medium-term basis. In this regard, the sustainability package will 
continually reduce the costs by 200 million Euro per year. The 
reduction of the personnel expenditure by 150 million Euro for the 
period 2010 to 2015 leads to a further cost reduction of about 25 
million Euro per year. In addition, Austrian Airlines will enormously
benefit from the integration in the Lufthansa Group, in terms of both
revenue and costs: The management anticipates an earnings effect of 
80 million Euro annually already starting in the year 2010. The board
members Bierwirth and Malanik add: "The cooperation within the 
Lufthansa Group will massively benefit us. We expect a significant 
impetus to growth by being able to access Lufthansa's international 
route and sales networks. This will help a great deal, in the light 
of our strong focus on the transfer business. And naturally we will 
be able to exploit considerable synergies in terms of costs."
Key figures at a glance:
|EURm                     |1-6/2009|1-6/2008|+/- %|4-6/2009|4-6/2008 |+/- %|
|Revenue                  |934.6   |1,194.7 |-21.8|495.8   |669.4   |-25.9|
|Operating revenue        |969.3   |1,226.2 |-21.0|514.6   |682.8   |-24.6|
|Operating expenses       |1,130.9 |1,256.1 |-10.0|599.2   |659.9   |-9.2 |
|EBITDAR1,2               |49.9    |133.6   |-62.6|58.1    |106.8   |-45.6|
|EBITDAR1,2 adjusted3     |48.8    |141.3   |-65.5|50.3    |106.6   |-52.8|
|Result from operating
|activities (EBIT)2       |-161.6  |-29.9   |-    |-84.6   |22.9    |-    |
|Result from operating
|activities (EBIT2)
|adjusted3                |-88.4   |-22.2   |-    |-18.1   |22.7    |-    |
|Financial result         |-14.6   |-18.8   |22.3 |-3.8    |-3.2    |-18.8|
|Result before tax        |-177.2  |-40.3   |-    |-89.1   |20.1    |-    |
|Net result for the period|-166.6  |-48.7   |-    |-78.5   |11.7    |-    |
1 Result from operating activities (EBIT) before associates, 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 related
 the transfer of aircraft, foreign currency valuations at the reporting date
 and impairment of the value of aircraft.
Please find our detailed Austrian  Airlines  Group  Half-year  Financial  Report
(January-June 2009) on the Internet at
http://www.austrianairlines.co.at/eng/Investor/reports/
Owner, Editor, Distributor:  Austrian  Airlines  AG,  Corporate  Communications 
public.relations@austrian.com.
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
Corporate Communications
Martin Hehemann
Tel.: +43/5/1766-11231

Austrian Airlines
Investor Relations
Thomas Krammer
Tel.: +43/5/1766-13311

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

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