Sound net profit of Euro 73.4 million in 2009 despite economic crisis
Passengers: 8.3% decline to 18,114,103
Revenue totals Euro 501.7 million (minus 8.5%)
Increased forecasts for 2010: plus 3.0% in passengers, plus 6.0% in maximum take-off weight (MTOW) and plus 1.0% in flight movements.
In spite of the global economic crisis, the Flughafen Wien Group generated net profit of Euro 73.4 million for the 2009 financial year. The decline in traffic triggered a drop of Euro 46.4 million, or 8.5%, in revenue to Euro 501.7 million, while earnings before interest, taxes depreciation and amortisation (EBITDA) fell by Euro 35.4 million, or 17.6%, to Euro 166.5 million. Earnings before interest and taxes (EBIT) declined Euro 33.7 million (25.3%) to Euro 99.6 million. Financial results improved from minus Euro 14.3 million to minus Euro 3.6 million.
These results were announced by the Management Board of Flughafen Wien AG on Thursday at a press conference in Vienna. "The year 2009 presented the entire aviation industry with numerous challenges, and Vienna International Airport was unable to detach from the general downturn. The development of revenue paralleled the decline in traffic, but we were still able to generate sound earnings. Traffic results in recent months show that the low point appears to have been passed. For 2010 we are expecting an increase of 3% in the number of passengers", explained Herbert Kaufmann, Speaker of the Management Board of Flughafen Wien AG.
High dividend yield
In accordance with the development of business during 2009, the Annual General Meeting on 29 April 2010 will be asked to approve a dividend of Euro 2.10 per share. This would represent a total distribution of Euro 44.1 million. The recommended dividend for 2009 represents a yield of 6.0% based on the year-end share price of Euro 34.80.
Increase in traffic to Middle East
The international financial and economic crisis was responsible for a decline in passenger and cargo indicators throughout the world. Vienna International Airport handled 18.1 million passengers during the reporting year, which represents a minus of 8.3% but is still less than the originally forecasted drop of 9.0%. Traffic to Eastern Europe, which is driven primarily by business travellers, fell by 15.1%. The destinations in the Middle East countered this trend with an increase of 5.7%. The share of the low-cost carriers in total passenger traffic remained nearly constant at 23.1%. Maximum take-off weight fell by 7.1% year-on-year to 7,255,079 tonnes, and flight movements declined 8.6%. Cargo, including trucking, dropped 5.2% to 254,006 tonnes. This decline was lower in international comparison and reflected an increase in Vienna's market share.
Expansion of Vienna International Airport
In order to manage future growth and also maintain the high quality of services at Vienna International Airport over the long-term, the expansion of the existing terminal areas is necessary. This objective will be met with the VIE-Skylink project. After a temporary halt to construction beginning in June 2009, contracts were renegotiated and tenders were carried out with the objective of minimising costs. Construction was resumed in mid-February 2010 following the conclusion of the most important contracts. The VIE-Skylink is scheduled to open for operations during the first half of 2012. In December 2009 the company announced a budget of Euro 830 million for the terminal expansion, which includes provisions for risk, reserves and the possible commissioning of a general contractor. A total of Euro 115.4 million was invested in the VIE-Skylink project during 2009. Other major investments during the reporting year included the ramp in front of the airport building (Euro 13.0 million), the new fire department headquarters and checkpoints (Euro 8.7 million), baggage sorting equipment (Euro 4.0 million), the guidance system (? 4.4 million), technical noise protection (Euro 9.1 million) and a forwarding agent building (Euro 2.1 million). A total of Euro 223.6 million was invested in intangible assets and property, plant and equipment during 2009.
The number of passengers handled by the international investments of Flughafen Wien AG also declined during 2009 because of the generally unfavourable economic climate. However, Kosice and Malta Airports closed the year with positive results despite a decline in traffic. Kosice Airport handled 352,428 passengers and generated profit of Euro 2.0 million in 2009, while Malta Airport reported profit of Euro 8.7 million and 2,918,664 passengers. Friedrichshafen Airport handled 578,475 passengers and recorded a loss of Euro 2.5 million for the year.
Outlook for 2010: improved forecasts and new summer flight plan
In spite of the still difficult economic environment, Flughafen Wien AG has increased its forecasts and is expecting an increase of 3.0% in the number of passengers, 6.0% in maximum take-off weight (MTOW) and 1.0% in flight movements for 2010. The new 2010 summer flight plan for Vienna International Airport, which covers the period from 28 March to 30 October 2010, includes an extensive offering for travellers: A number of carriers, including Austrian Airlines, Fly Niki, Germanwings, Intersky, Blue Air and Sun Express, will provide increased frequencies. Two new airlines, British Midland International (bmi) and Alitalia, will also be represented in Vienna. With 45 destinations to Eastern Europe, Vienna International Airport remains the leading hub in this region - ahead of Frankfurt with 38 destinations, Munich with 35 destinations and Zurich with 27 destinations. Flughafen Wien AG is expecting long-term growth of up to 30 million passengers per year by 2020.
For additional information contact:
Corporate Communications Flughafen Wien AG Investor Relations:
Peter Kleemann (+43-1-) 7007-23000 Mario Santi (+43-1-) 7007-22826
The annual financial report of Flughafen Wien AG on the 2009 financial year from 1 January to 31 December 2009 is available to the general public at the headquarters of the company, 1300 Flughafen Wien, and can also be downloaded from http://ir.viennaairport.comunder the menu point ?Publications? in the sub-point ?Other Publications?.
The 2009 annual financial report is available to the general public at the headquarters of the company in 1300 Flughafen Wien and at the offices of Bank Austria, 1010 Vienna, Am Hof 2.
Flughafen Wien, March 25, 2010 The Management Board
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