Flughafen Wien Group:
Net profit rises 15.1% to EUR 50.5 million
* + 12.8% in passengers at Vienna International Airport
* + 13.7% year-on-year in revenue to EUR 272.7 million
* + 10.7% in EBITDA to EUR 104.4 million
* + 14.8% in EBIT to EUR 69.9 million
* + 15.1% in net profit before minority interest to EUR 50.5 million
* + 18.8% in earnings per share to EUR 2.40.
Revenue recorded by the Flughafen Wien Group rose by 13.7% to EUR 272.7 million for the first six months of 2008. EBITDA increased 10.7% to EUR 104.4 million and EBIT 14.8% to EUR 69.9 million. The EBITDA margin declined 1.1 percentage points to 38.3% due to an increase in the cost of consumables and other operating expenses that exceeded the growth in revenue. The EBIT margin rose 0.3% percentage points to 25.6%. Profit attributable to the shareholders of the parent company totalled EUR 50.5 million, which is 19.2% higher than in the comparable prior year period.
Sound traffic growth
With an increase of 12.8% in the number of passengers to roughly 9.7 million Vienna International Airport again outpaced the branch in Europe, which grew by 3.9% according to Airports Council International. The development of traffic included increases of 22.5% to destinations in Eastern Europe, 10.6% to the Middle East and 23.8% to North America.
The low-cost carriers again reported above-average growth with an increase of 55.7%, whichraised their share of the total passenger volume at Vienna International Airport to 23.3%; the seat occupancy for these airlines equalled 66.0%.
The expansion of the terminal - VIE-Skylink - will not open in June 2009 as originally planned. This scheduling delay was caused in part by additional requirements from public authorities as well as the optimisation of the retail and gastronomy concept and a necessary restructuring of the project organisation. These changes and higher prices will raise the total cost of the project to EUR 657 million (incl. reserves). The VIE-Skylink terminal extension will be opened in stages beginning in October 2009.
The tender for the allocation of the 33 shops and 19 gastronomy facilities in the new terminal area was concluded during the reporting period. The expected minimum rental income from the Skylink for a full operating year will total approx. EUR 23.0 million, which is 45% more than estimated at the start of the tender process. This increased income will be generated above all by the redesign and optimisation of the retail space. Including the revenue from the space currently available at the airport, we forecast a total significantly in excess of EUR 40.0 million per year.
The extension of car park 4 to include an additional 2,250 spaces was completed as planned in early June. This car park is the largest of its kind in Austria with a total of 4,638 spaces on eight floors as well as a bus deck and an underground level. The expansion of this facility also included the installation of seven extra elevators and a bridge to the departure level. In order to meet the strong growth in traffic, five new Schengen bus gates were opened in the Pier West at the beginning of April.
During the second quarter of 2008 the Flughafen Wien Group acquired 33.2% of the investment owned by the minority shareholders of the Slovakian subsidiary KSC Holding a.s., which in turn holds a 66% stake in Kosice Airport. This transaction is subject to the approval of the cartel authorities, which is expected for the second half of 2008. Kosice Airport recorded an increase of 55.8% in the number of passengers to 264,434 during the first half of 2008.
Malta Airport, in which Flughafen Wien AG holds a stake of 40% through a consortium and 10.1% of the shares directly, reported an increase of 14.5% in the number of passengers to 1,405,897 million for the reporting period.
Friedrichshafen Airport, in which Flughafen Wien AG owns a stake of 25.15%, reported a slight 1.1% decline in passengers to 315,409 for the first six months of this year.
Flughafen Wien AG expects the growth in traffic will reflect the previously announced forecasts for 2008: +8.0% in the number of passengers as well as +6.0% each in flight movements and maximum take-off weight.
For additional information contact:
Corporate Communications Flughafen Wien AG
Michael Kochwalter (+43-1-) 7007-22300
Brigitta Pongratz (+43-1-) 7007-22399
Birgit Fehsler (+43-1-) 7007-22254
Elisabeth Kern (+43-1-) 7007-23000
Robert Dusek (+43-1-) 7007-23126
Consolidated Interim Financial Statements
Consolidated Income Statement in T EUR
Other operating income
Consumables and services used
Other operating expenses
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
Depreciation and amortisation
Earnings before interest and taxes (EBIT)
Income from investments, excl. companies at equity
Net financing costs
Other financial income/expense
Financial results, excl. companies at equity
Income from companies at equity
Profit before taxes (EBT)
Net profit for the period
Thereof attributable to:
Equity holders of the parent
Earnings per share (in EUR) basic/diluted
Flughafen Wien Aktiengesellschaft
The report by Flughafen Wien AG on the first six months from
1 January to 30 June 2008 is available to the general public
from the company at 1300 Flughafen Wien
and from Bank Austria, 1010 Vienna, Am Hof 2.
Flughafen Wien, 21 August 2008
The Management Board