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Press releases & news

25.05.2007 | Press releases

25.05.2007: First quarter of 2007 brings 7.1% increase in EBITDA to ? 41.3 million


  • Turnover: + 3.9% to ? 110.8 million
  • EBITDA: + 7.1% to ? 41.3 million
  • EBIT: + 3.7% to ? 25.0 million
  • Passengers: + 9.4% to 3,691,415
 
 
The Flughafen Wien Group remained on its growth course with excellent results for the first quarter of 2007. With a plus of 9.4%, the increase in passenger volume exceeded forecasts by a substantial margin. Turnover rose by 3.9% to ? 110.8 million, EBITDA by 7.1% to ? 41.3 million and EBIT by 3.7% to ? 25.0 million. Net profit of ? 17.9 million for the period represents an improvement of 5.0 %.
 
Increase in passenger volume
Vienna International Airport is able to report excellent traffic statistics for the first three months of 2007: the number of passengers rose by 9.4% to a total of 3,691,415 and transfers increased 13.1%. Further improvement was recorded in maximum take-off weight (MTOW) with +4.4%, flight movements with +4.2% and cargo with +0.6%. The strongest growth was registered in travel to destinations in the Near East, where the number of passengers rose by 24.5% during the first quarter of this year, and in traffic to Eastern Europe with a plus of 18.6%. The sound development of traffic to Eastern Europe was driven above all by the Austrian Airline Group. In addition, the low-cost carriers increased the number of passengers handled at Vienna International Airport by 27.0% and thereby raised their share of passenger volume by 2.2 percentage points to 15.2%. Of the total increase in passengers recorded for the first quarter of this year, 37.6% was generated by the low-cost carriers.
 
Sound traffic development drives turnover
Turnover rose by 3.9% to ? 110.8 million for the first three months of 2007. The higher volume of traffic led to an increase of 7.1% in turnover recorded by the Airport Segment to ? 47.8 million, despite a reduction of 1.38% in the landing tariff. The 7.9% decline in Handling Segment turnover to ? 33.2 million is explained primarily by the mild winter, which led to a sharp drop in de-icing requirements and subsequent decrease of 47.6% in income from individual services. An increase of 2.8% in handling activities was unable to completely offset this development. The average market share remained nearly constant at 88.5%. The growth in turnover recorded by the Non-Aviation Segment continued during the first quarter of 2007 with a plus of 15.1% to ? 29.8 million. This development was supported above all by higher earnings from security controls, rentals, shops and gastronomy as well as parking.
 
The decline in other operating income resulted chiefly from a reduction in capitalised services, which are provided by Vienna Airport Infrastruktur Maintenance GmbH for Flughafen Wien AG.
 
Expenses
The cost of materials and services fell 18.0% to ? 9.0 million during the first quarter of 2007, primarily due to a reduction in the use of de-icing materials as a consequence of the warm weather. Personnel expenses rose by 3.7% to ? 48.6 million parallel to the growth in the workforce and as a consequence of wage and salary increases mandated by collective bargaining agreements. These effects were contrasted by lower expenses for overtime. The 6.5% rise in the number of employees to 3,920 resulted not only from the positive development of traffic, but also from additional hiring in connection with the expansion of security services to include the examination of liquids in hand luggage. Other operating expenses rose by 3.7% to ? 13.9 million. Lower maintenance costs were contrasted by higher expenditures for marketing. The depreciation of tangible assets and amortisation of intangible assets increased 12.7% to ? 16.3 million.
 
Earnings
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 7.1% to ? 41.3 million for the first quarter of 2007, and led to an improvement of 1.5 percentage points in the EBITDA margin to 36.6%. Income before interest and taxes (EBIT) rose by 3.7% to ? 25.0 million and the EBIT margin increased 0.2 percentage points to 22.2%. Financial results improved by ? 0.1 million over the comparable prior year period to a total of ? -1.4 million. Profit before taxes (EBT) grew by 4.3% to ? 23.5 million, and triggered an increase of 2.1% in tax expense to ? 5.6 million. The resulting net profit for the period totalled ? 17.9 million. The share of net profit attributable to minority interests equalled ? 0.3 million for the first quarter of 2007, while the share of profit attributable to the shareholders of the parent company totalled ? 17.6 million (first quarter of 2006 ? 17.1 mill.).
 
Corporate Spending
The largest single investments made during the first three months of 2007 included ? 17.5 million for the construction of the VIE-Skylink terminal and ? 10.8 million for the Office Park II.
 
Outlook
The positive development recorded by Vienna International Airport continued into April with strong growth in all traffic segments. In comparison to April of the previous year, the number of passengers increased 8.9% to 1,528,021. Flight movements rose by 6.2%, maximum take-off weight by 7.0% and the number of transfer passengers by 6.9%. The total number of passengers (scheduled and charter) travelling to Eastern Europe was 26.5% higher in April 2007. Sound development was also recorded in travel to other European destinations with a plus of 11.0% and in flights to the Near East with a plus of 9.7% in passengers. Together with the introduction of the summer flight plan, new airlines will add Vienna International Airport to their programmes with further destinations and additional frequencies.
 
Flughafen Wien AG acquired the "World Trade Center", an office building with roughly 18,000 m² of rentable space, from the previous owners retroactive as of 1 January 2007. This facility will now become the Office Park III. The building was constructed in 1989 by a third party on land owned by Flughafen Wien AG, directly across from the arrivals hall and adjacent to the nh-Hotel.
 
Flughafen Wien AG obtained all necessary approvals from public authorities for the construction of the VIE-Skylink terminal and is acting in compliance with Austrian law. An administrative ruling on the expansion of the VIE-Skylink terminal was issued by the Province of Lower Austria, and states that an environmental impact assessment is not required for this project.
 
On 1 March 2007 Flughafen Wien AG filed the environmental impact assessment for the project ?Parallel runway 11R/29L? with the Government of the Province of Lower Austria for evaluation in accordance with the Austrian Environmental Impact Assessment Act of 2000.
 
Interim Financial Statements for the First Quarter of 2007 according to IFRS
Flughafen Wien AG
 

T?
 1-3/2007
 1-3/2006
Change
Turnover
110,834.2
106,653.0
3.9%
Other operating income
1,894.8
3,043.5
-37.7%
Operating income
112,728.9
109,696.5
2.8%
Cost of materials and services
-8,952.6
-10,912.6
-18.0%
Personnel expenses
-48,579.3
-46,825.6
3.7%
Other operating expenses
-13,891.6
-13,400.7
3.7%
Earnings before interest, taxes, depreciation
and amortisation (EBITDA)
41,305.4
38,557.6
7.1%
Depreciation and amortisation
-16,336.5
-14,490.3
12.7%
Income before interest and taxes (EBIT)
24,968.9
24,067.3
3.7%
Net financing costs
-1,372.1
-1,254.7
9.4%
Other financial results
-80.4
0.0
n.a.
Financial results, excl. associates at equity
-1,452.5
-1,254.7
15.8%
Income from associates at equity
20.9
-253.8
-108.2%
Financial results
-1,431.6
-1,508.5
-5.1%
Profit before taxes (EBT)
23,537.3
22,558.8
4.3%
Taxes on income
-5,635.4
-5,517.5
2.1%
Net profit for the period
17,901.9
17,041.4
5.0%
Thereof attributable to minority interests
284.2
-17.6
-1,715.1%
Thereof attributable to the parent company
17,617.7
17,059.0
3.3%
Earnings per share (in ?)
0.84
0.81
3.7%
 
 
 
 
Consolidated Balance Sheet
 
 
 
T?
31.3.2007
31.12.2006
Change
Non-current assets
1,231,520.2
1,215,908.8
1.3%
Current assets
346,894.3
269,495.4
28.7%
Assets
1,578,414.5
1,485,404.2
6.3%
Equity
760,084.4
739,196.4
2.8%
Non-current liabilities
613,038.0
485,267.9
26.3%
Current liabilities
205,292.1
260,939.8
-21.3%
Equity and Liabilities
1,578,414.5
1,485,404.2
6.3%
 
 
 
 
Consolidated Cash Flow Statement
 
 
 
T?
1-3/2007
1-3/2006
Change
Net cash flows
 
 
 
from operating activities
21,956.2
18,600.8
18.0%
from investing activities
-81,138.6
-84,780.1
-4.3%
from financing activities
97,210.9
56,299.6
72.7%
 
 
 
 
Change in cash and cash equivalents
38,028.5
-9,879.7
-484.9%
Change in revaluation reserve for securities
345.2
651.0
-47.0%
Effect of exchange rate fluctuations on cash held
4.5
-91.1
-105.0%
Cash and cash equivalents at the beginning of the period
128,914.0
58,231.5
121.4%
Cash and cash equivalents at the end of the period
167,292.1
48,911.8
242.0%
 
 
 
 
Segment Results
 
 
 
T?
 1-3/2007
 1-3/2006
Change
Airport
 
 
 
Segment turnover* Icon für Inpagelink
47,833.9
44,671.4
7.1%
Segment earnings
18,761.2
14,055.4
33.5%
Handling
 
 
 
Segment turnover*
33,187.0
36,042.0
-7.9%
Segment earnings
1,821.5
6,042.0
-69.9%
Non-Aviation
 
 
 
Segment turnover*
29,780.8
25,876.9
15.1%
Segment earnings
9,468.9
9,195.8
3.0%

*External turnover
 

(in T?, excluding employees)
 
in %
 
Total turnover
110,834.2
+ 3.9
106,653.0
EBIT
24,968.9
+ 3.7
24,067.3
EBITDA
41,305.4
+ 7.1
38,557.6
EBIT margin in %
22.2
+ 1.0
21.9
EBITDA margin in %
36.6
+ 4.2
35.2
Net profit after minority interests
17,617.7
+ 3.3
17,059.0
Cash flow from operating activities
21,956.2
+ 18.0
18,600.8
Equity
760,084.4
+ 7.4
707,941.2
Capital expenditure
31,459.1
+ 26.1
24,941.0
Employees, average for the period
3,920
+ 6.5
3,681
 
 
 
 
Industry Indicators
1-3/2007
Change
1-3/2006
 
 
in %
 
MTOW (in tonnes)
1,578,951
+ 4.4
1,512,582
Passengers
3,691,415
+ 9.4
3,375,744
Transfer passengers
1,322,164
+ 13.1
1,169,276
Flight movements
56,482
+ 4.2
54,207
Cargo (air cargo and trucking) in tonnes
62,970
+ 0.6
62,599
Seat occupancy in %
64.3
+ 3.4
62.2

 
For additional information contact:
Group 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;