Press releases


20.08.2009 | IR news
Flughafen Wien Group: Decline in traffic triggers EUR 34.1 million drop in net profit for the period
 
  • Passengers: -12.7% to 8,432,872
  • Revenue: - EUR 28.1 million (10.3%) to EUR 244.6 million
  • EBITDA: - EUR 24.3 million (23.3%) to EUR 80.1 million
  •  EBIT: - EUR 23.2 million (33.2%) to EUR 46.7 million
  • Net profit for the period: - EUR 16.3 million (32.4%) to EUR 34.1 million
 
The Flughafen Wien Group recorded revenue of EUR 244.6 million for the first six months of 2009, whereby the decrease of 10.3% was less than the decline in traffic. Personnel expenses fell by 1.0% to EUR 107.6 million. EBITDA amounted to EUR 80.1 million (-23.3%) and EBIT EUR 46.7 million (-33.2%) for the reporting period. Financial results improved by EUR 0.8 million to minus EUR 2.4 million. After the deduction of taxes totalling EUR 10.2 million, net profit for the period reached EUR 34.1 million (1-6/2008: EUR 50.5 million).
 
Revenue decline less than drop in traffic
Revenue for the first six months of 2009 totalled EUR 244.6 million (1-6/2008: EUR 272.7 million), whereby this 10.3% decrease was less than the drop in traffic. Flughafen Wien AG restructured its reporting segments at the beginning of this year in connection with the initial application of IFRS 8. Revenue recorded by the Airport Segment fell by 13.7% year-on-year as a result of the lower volume of traffic and a decrease of EUR 5.3 million in income from the reimbursement of costs for security services. Declines were also reported by the Handling Segment with a minus of 8.7% and the Retail & Properties Segment with a minus of 5.8%. The average market share of the Handling Segments rose by 0.8 percentage points over the comparable prior year period to 90.2%.
 
Vienna International Airport handled a total of 8,432,872 passengers from January to June 2009, which represents a year-on-year decrease of 12.7%. Traffic to Eastern Europe and Western Europe fell by 18.9% and 11.0%, respectively. Travel to the Middle East was least affected by the global recession, and rose by 1.6%. The share of passengers handled by the Austrian Airlines Group declined further to 48.7% (1-6/2008: 49.4%). The low-cost carriers recorded a decrease of 10.2% and were responsible for 23.9% of the passenger volume at Vienna. Maximum take-off weight (MTOW) totalled 3,494,293 tonnes, which is 9.8% lower than in the first half of the previous year. Cargo (air cargo and trucking) fell by 19.0% to 106,298 tonnes and flight movements by 10.4% to 119,353. Seat occupancy declined 0.8 percentage points to 65.9%.
 
Corporate spending
The major investment during the first six months of 2009 was the terminal expansion VIE-Skylink at a cost of EUR 48.2 million. Other projects focused on the ramp in front of the airport building at EUR 12.5 million, the new fire department headquarters and checkpoints at EUR 5.0 million, the guidance system at EUR 3.1 million and baggage sorting equipment at EUR 2.6 million. The Flughafen Wien Group has forecasted an investment volume of EUR 820 million (excluding the third runway and related land) for the period from 2009 to 2013. Of this total, EUR 493.2 million is related to the terminals.
 
Outlook
Preliminary traffic results for July show a further decline in all traffic segments. In comparison with July of the previous year, the number of passengers fell by 5.2%. Flight movements and maximum take-off weight (MTOW) fell by 6.8% and 4.7%, respectively. The number of passengers travelling to Eastern Europe (scheduled and charter flights) was 10.3% lower in July 2009. The other European destinations reported a decline of 1.9%, while traffic to the Middle East rose by 6.9%. For 2009 Flughafen Wien AG is forecasting a decline of 9% in the number of passengers, 8% in maximum take-off weight (MTOW) and 8% in flight movements. The number of passengers handled at Vienna International Airport is expected to reach roughly 18 million by the end of 2009.
 
Construction on the terminal expansion VIE-Skylink was interrupted on 30 June 2009 and Flughafen Wien AG has cancelled all ongoing contracts with the construction companies and trade firms. Plans call for the invoicing of all completed services as well as any necessary negotiations for the continuation of contracts and/or any new tenders required under the Austrian Public Tender Act by the end of September 2009. An EU-wide tender has already been launched for the project management and on-site construction management. In spite of the interruption in work, construction on the project should be completed by July 2011. The goal of this temporary halt is to cut costs and reduce actual expenditures below the currently forecasted volume of EUR 830 million.
 
After SkyEurope Airlines, a.s. failed to comply with the agreed conditions for the payment of outstanding receivables due to Flughafen Wien AG, all services for this airline were terminated at midnight on 14 August 2009. As of the deadline for this press release, Flughafen Wien AG has not received any proposal from SkyEurope Airlines, a.s. concerning payment for the outstanding liabilities or future services.

 

 

 

Consolidated Interim Financial Statements

 

Consolidated Income Statement in T EUR

1-6 /2009

1-6 /2008

Change in %

4-6/2009

4-6/2008

Revenue

244,585.3

272,666.1

-10.3

123,168.2

143,893.8

Other operating income

6,380.6

4,996.9

27.7

3,588.1

2,692.3

Operating income

250,965.8

277,663.1

-9.6

126,756.4

146,586.1

Consumables and services used

-18,883.0

-20,799.2

-9.2

-7,899.8

-9,888.1

Personnel expenses

-107,604.1

-108,716.4

-1.0

-55,047.5

-56,364.9

Other operating expenses

-44,357.9

-43,731.7

1.4

-25,388.3

-22,736.3

Earnings before interest, taxes, depreciation and amortisation (EBITDA)

80,120.8

 104,415.7

-23.3

38,420.7

57,596.8

Depreciation and amortisation

-33,425.0

-34,527.0

-3.2

-16,830.5

-17,438.9

Earnings before interest and taxes (EBIT)

46,695.8

69,888.7

-33.2

21,590.3

40,157.9

Income from investments,

excl. companies at equity

0.0

406.0

-100.0

0.0

406.0

Net financing costs

-3,425.8

-5,194.7

-34.1

-1,811.4

-2,599.4

Other financial income/expense

-33.8

133.0

-125.4

0.0

28.0

Financial results, excl. companies at equity

-3,459.6

-4,655.7

-25.7

-1,811.4

-2,165.4

Income from companies at equity

 1,072.0

1,414.1

-24.2

1,444.5

1,577.4

Financial results

-2,387.6

-3,241.6

-26.3

-366.9

-588.0

Profit before taxes (EBT)

44,308.1

66,647.1

-33.5

21,223.4

39,569.9

Income taxes

-10,173.5

-16,183.0

-37.1

-4,629.7

-9,911.9

Net profit for the period

34,134.6

50,464.1

-32.4

16,593.6

29,658.0

Thereof attributable to:

 

 Shareholders of the parent

34,141.0

50,472.1

-32.4

16,597.4

29,670.2

 Minority interest

-6.3

-8.0

-21.0

-3.7

-12.2

Earnings per share in  EUR basic/diluted

 1.63

2.40

-32.1

0.79

1.41


 

 Flughafen Wien Aktiengesellschaft
Announcement


The report by Flughafen Wien AG on the first quarter from
1 January to 30 June 2009 is available to the general public
at the company´s offices in 1300 Flughafen Wien
and at Unicredit Bank Austria AG, 1010 Vienna, Am Hof 2.
Flughafen Wien, 20 August 2009
The Management Board 

 


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