Flughafen Wien Group: Net profit rises 3.2% to Euro 75.7 million in 2010
· Forecast for 2011: plus 5.0% in passengers, plus 3.0% in maximum take-off weight (MTOW) and plus 2.0% in flight movements
Revenue recorded by the Flughafen Wien Group rose by 6.4% to Euro 533.8 million in 2010. This increase was less than the 8.7% growth in traffic because of higher revenue deductions, among others from the extended increase in the transfer incentive and, above all, due to the growth agreements concluded with NIKI and the Austrian Airlines Group. Earnings before interest, taxes, depreciation and amortisation (EBITDA) recorded by the Flughafen Wien Group rose by 1.0% to Euro 168.1 million in 2010 (2009: Euro 166.5 million). The reserved development of EBITDA resulted chiefly from an increase in personnel expenses and other operating costs. This higher EBITDA combined with lower depreciation and amortisation led to a 2.8% improvement in EBIT, which rose to Euro 102.3 million. Financial results remained nearly unchanged in year-on-year comparison at minus Euro 3.6 million. Net profit for 2010 amounted to Euro 75.7 million, compared with Euro 73.3 million in 2009.
These results were announced by the Management Board of Flughafen Wien AG on Thursday at a press conference in Vienna. "The past year brought a recovery in traffic, and we were able to generate sound results. This year we will be faced with a number of challenges, for which we have already set an appropriate course. Responsibilities and corporate structures were reorganised, work on the Skylink project proceeded at a high pace and the long-term costs were analysed in detail. Our goal is to become faster and more customer-oriented and to demonstrate our competitive strength even better in the future," explained Christoph Herbst, Chairman of the Board of Flughafen Wien AG.
High dividend yield
Based on the development of business, a recommendation will be made to the annual general meeting on 29 April 2011, requesting the approval of a ? 2.00 dividend per share. This would represent a total distribution of Euro 42.0 million. The dividend yield for 2010 equals 3.9% based on the closing price for the reporting year.
Strong passenger growth in 2010
With an increase of 8.7% in the number of passengers to 19.7 million in 2010, Vienna International Airport far exceeded the European average of 4.2% (Source: ACI Airport Traffic Report, December 2010 - full year). Passenger traffic to the Middle East rose by 10.0%, and traffic to Eastern Europe was 13.6% higher. Maximum take-off weight increased 9.9%, flight movements 1.1% and cargo (incl. trucking) 16.5%.
Skylink: work to complete construction and preparations for start-up
Work is proceeding to complete the terminal extension VIE-Skylink - the start of operations is planned for the first half of 2012 and, from the current point of view, this schedule can be met. Parallel to construction, preparations are underway for the opening and test operations are expected to start during the fourth quarter of 2011. The maximum costs for the Skylink amount to Euro 830.0 million and, from the current point of view, this budget can be met. An "open house at the construction site" on 10 April 2011 will give the public an opportunity to gain a detailed impression of this project and the functioning of the new terminal. Other major investments in the reporting year included the revitalisation of the Terminal 2 facade and the bus gates as well as the revitalisation of the terminal roof. A total of Euro 146.9 million was invested in intangible assets, property, plant and equipment and financial assets in 2010.
Our international investments reported favourable traffic development in total. Kosice Airport handled 266,858 passengers and generated a profit of Euro 1.2 million. Malta Airport recorded a profit of Euro 10.7 million and 3,293,524 passengers. Friedrichshafen Airport reported 590,640 passengers and a loss of Euro 2.9 million.
Outlook: traffic forecast
Positive economic forecasts lead to expectations of further growth in 2011. The number of passengers should rise by 5.0%, maximum take-off weight (MTOW) by 3.0% and flight movements by 2.0%. Long-term forecasts by Flughafen Wien indicate average growth of 4.2% in the number of passengers from 2011 to 2020.
For additional information contact:
Corporate Communications Flughafen Wien AG Investor Relations:
Peter Kleemann (+43-1-) 7007-23000 Mario Santi (+43-1-) 7007-22826
Birgit Fehsler (+43-1-) 7007-22254 firstname.lastname@example.org
Clemens Schleinzer (+43-1-) 7007-22399
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Flughafen Wien Aktiengesellschaft
The report of Flughafen Wien AG on the 2010 financial year from 1 January to 31 December 2010 is available to the general public at the headquarters of the company, 1300 Flughafen Wien and is also available for download at http://ir.viennaairport.com under the menu point ?Publications?, subpoint ?Other Publications?.
The 2010 annual report is available to the general public at the headquarters of the company, 1300 Flughafen Wien, and at the offices of Bank Austria, 1010 Vienna, Am Hof 2.
Flughafen Wien, 24 March 2011 The Management Board