Numbers of shares
Share price on 31.12.
Earnings per share
*) Price at year-end
**) Dividend for 2012: 1,05/share (recommendation to the Annual General Meeting)
2007 was a successful year for the Flughafen Wien Group. Revenue rose by 12.4% to EUR 521.4 million despite a reduction in airport tariffs. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 12.6% year-on-year to EUR 191.0 million and the EBITDA margin improved by 0.1 percentage point to 35.7%. Strong growth was also recorded in earnings before interest and taxes (EBIT) with a plus of 16.1% to EUR 120.3 million and in the EBIT margin with an improvement from 21.7% to 22.5%. Financial results equalled EUR -6.4 million, compared with EUR -1.8 million in the previous year. This development reflected the partial financing of the Group?s extensive capital expenditure programme and the acquisition of investments in other companies with external borrowings. In spite of this factor, earnings before taxes (EBT) rose by 11.9% to EUR 114.0 million. Tax expense was 9.1% higher than in the previous year and resulted in net profit of EUR 87.5 million before minority interest, compared with EUR 77.6 million in 2006.
As a result of the sound development of business in 2007, the Annual General Meeting on 29 April 2008 will be asked to approve an increase in the dividend from EUR 2.20 to EUR 2.50 per share. This represents a yield of 3.2% for 2007 based on an increase of 6.2% in the price of the Flughafen Wien share during the reporting year, compared with a plus of 1.1% for the ATX.
The development of traffic at Vienna International Airport exceeded all forecasts in 2007 and again outpaced the European average of 6.5%. The growth strategy with three focal points - Eastern Europe, mid- and long-haul flights and low-cost carriers - was continued during the reporting year. A total of 18.8 million passengers used Vienna International Airport during the 2007, which represents an increase of 11.3%.
Flughafen Wien AG again decided to pass on the full decrease in passenger-related tariffs through a reduction in the landing tariff during 2007, and thereby share the occupancy risk with the airlines. 1
Parallel to the daily operating challenges, the extensive capital expenditure programme continued at Vienna International Airport. The main project is currently formed by the terminal extension VIE-Skylink, which is scheduled to open for operations in mid-2009. In order to meet the growing demand, parking facilities were also expanded in 2007 through the acquisition of Mazur Parkplatz GmbH with a total of 5,000 spaces. Additionally, car park 4 is currently under renovation to add 2,250 parking spaces.
A further highlight in 2007 was the transfer of Office Park 2 to the tenant, the Austrian Airlines Group, which now uses this building as its headquarters. The purchase of the former World Trade Center at the heart of Vienna International Airport will form the basis for Office Park 3 after the general renovation is completed.
In addition to Ko?ice Airport, which reported an increase of 29% to 443,448 passengers in 2007, Flughafen Wien AG has also owned an investment in Malta Airport for several years. This stake is held through a consortium (40.0% of the shares) as well as through a direct investment (10.1% of the shares). Malta Airport recorded growth of 10.4% in the number of passengers to roughly 3.0 million for 2007. In May of the reporting year, Flughafen Wien AG acquired a 25.15% stake in Flughafen Friedrichshafen GmbH, and thereby became the largest single shareholder of the fourth ranking regional airport in Germany. In 2007 Friedrichshafen Airport registered a decline of 0.3% in the number of passengers to 655,689.
The forecasts by the Flughafen Wien Group for 2008 include an increase of 8.0% in passengers, 6.0% in maximum take-off weight (MTOW) and 6.0% in flight movements. Forecasts for the period from 2009 to 2015 are based on average growth of 5 to 6% in the number of passengers.
The strong development of traffic above the forecasted level will require the implementation of expansion projects at an earlier date ? above all in the terminals and security functions ? as well as other investments in addition to the previously planned volume. The Flughafen Wien Group has budgeted investments of EUR 320.0 million for 2008 as well as capital expenditure of EUR 590 million for the period from 2008 to 2012 (excluding maintenance and replacement investments). The development of revenues is expected to reflect the growth in traffic, while earnings will also be dependent on the high level of investment and the related increase in depreciation and financing costs.
Michael Kochwalter (+43-1-) 7007-22300
Mag. Brigitta Pongratz (+43-1-) 7007-22399
Birgit Fehsler (+43-1-) 7007-22254
Mag. Elisabeth Kern (+43-1-) 7007-23000
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The report of Flughafen Wien AG on the 2007 financial year from
1 January to 31 December 2007 is available to the general public at the headquarters of the company in 1300 Flughafen Wien and at the offices of Bank Austria Creditanstalt AG, 1010 Vienna, Am Hof 2.
Flughafen Wien, 27.03.2008
The Management Board