**) Dividend for 2012: 1,05/share (recommendation to the Annual General Meeting)
- Revenue: + 5.1% to EUR 548.1 million
- EBITDA: + 5.7% to EUR 201.9 million
- EBIT: + 10.7% to EUR 133.3 million
- Net profit after minority interest: + 4.0% to EUR 91.1 million
- Passengers: + 5.2% to 19.7 million
The Flughafen Wien Group can look back on a successful year in 2008. Revenue rose by 5.1% to EUR 548.1 million despite a reduction in airport tariffs. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 5.7% year-on-year to EUR 201.9 million, and the EBITDA margin improved by 0.6 percentage points to 36.8%. Sound growth was also recorded in earnings before interest and taxes (EBIT) with a plus of 10.7% to EUR 133.3 million and in the EBIT margin with an increase from 23.1% to 24.3%. Financial results equalled EUR -14.3 million, compared with EUR -6.4 million in the previous year. However, earnings before tax (EBT) rose by 4.4% to EUR 119.0 million. Tax expense was 5.0% higher than in the previous year and resulted in net profit of EUR 91.1 million before minority interest (2007: EUR 87.5 million).
These results were presented by the Management Board of Flughafen Wien AG at a press conference in Vienna on Thursday. ?We closed the 2008 financial year with excellent results, above all because of our farsighted attention to costs beginning in the second half-year. That places us in a good position to meet the challenges expected in 2009?, explained Herbert Kaufmann, Speaker of the Management Board of Flughafen Wien AG.
High dividend yield
As a result of the sound development of business in 2008, the Annual General Meeting on 23 April 2009 will be asked to approve an increase in the dividend from EUR 2.50 to EUR 2.60 per share. The Flughafen Wien share was negatively influenced by the turbulence on capital markets in 2008, and followed the Austrian ATX with a loss of roughly 60% in value for the year. The recommended dividend of EUR 2.60 per share represents a yield of 8.2% based on the closing price for 2008.
Growth above the European average
Vienna International Airport was unable to completely disengage from the general economic trends, but again clearly exceeded the European average with growth of 5.2% in the number of passengers for 2008. According to ACI ? Major European Airports, the comparable value for Europe equalled -0.7% from January to December 2008. Steady concentration on three strategic focal points ? Eastern Europe, mid- and long-haul flights and low-cost carriers ? supported the continued growth of traffic during 2008. The number of passengers rose by 5.2% to 19.7 million, with above-average growth recorded by East European destinations with a plus of 9.6% and the Middle East with an increase of 6.3%.
Expansion of Vienna International Airport
The expansion of the existing terminal areas is necessary to maintain the high quality of services at Vienna International Airport over the long-term. Major investments in 2008 included the extension of car park 4 by 2,268 spaces at a cost of EUR 13.4 million and the construction of the Airport Logistic Center for EUR 7.7 million. The costs and scheduling for the terminal extension (Skylink) are currently being re-evaluated because discrepancies between the construction management and routine controls by Flughafen Wien AG were identified in February 2009. This analysis should be completed by the mid of May.
Successful international investments
The consortium KSC Holding a.s. owns a stake of 66% in Ko?ice Airport. In June 2008 Flughafen Wien AG signed an agreement to purchase the shares held by Penta Investments in KSC Holding a.s. The transfer of these shares from Penta Investments will raise the investment owned by Flughafen Wien AG in KSC Holding a.s. to 81%; the stake held by RZB equals 19%. The number of passengers at Ko?ice Airport rose by 33.3% to 590,919 in 2008. The consortium MMLC, in which Flughafen Wien AG is a member, owns a 40% stake in Malta Airport, while slightly more than 10% of the shares are held directly by the Flughafen Wien Group. Malta Airport recorded an increase of 4.7% in the number of passengers to 3,109,643 in 2008. Flughafen Wien AG acquired a 25.15% stake in Friedrichshafen GmbH during a capital increase; this airport reported a decline of 0.9% in the number of passengers for 2008 as a result of the general economic downturn.
The global financial and economic crisis has also had a negative effect on the development of air traffic, which has been characterised by declining passenger and cargo volumes as well as the decommissioning of aircraft since the second half of 2008. The consolidation trend among the airlines should continue throughout 2009 and lead to the further cancellation of routes. Against this backdrop, Flughafen Wien AG is forecasting a decline of 5.0% in the number of passengers as well as a drop of 4.0% in maximum take-off weight (MTOW) and flight movements for 2009. These estimates will be re-evaluated during the second quarter of the year. The investment budget for 2009 calls for maximum expenditures of EUR 443 million (EUR 398.3 million, excluding projects that can be postponed). Projects will focus above all on the terminal extension VIE-Skylink as well as security systems and facilities for the fire department. Earnings for 2009 will be influenced by the decline in traffic.
For additional information contact:
Corporate Communications Flughafen Wien AG
Peter Kleemann (+43-1-) 7007-23000
Birgit Fehsler (+43-1-) 7007-22254
Robert Dusek (+43-1-) 7007-23126
Financial Indicators (in EUR mill.)
Change in %
EBITDA margin (in %)
Net profit after minority interests
Cash flow from operating activities
Change in %
MTOW (in mill. tonnes)
Passengers (in mill.)
Thereof transfer passengers (in mill.)
Cargo (air cargo and trucking; in tonnes)
Flughafen Wien Aktiengesellschaft
The report of Flughafen Wien AG on the 2008 financial year from
1 January to 31 December 2008 is available to the general public at the headquarters of the company in 1300 Flughafen Wien and at the offices of Unicredit Bank Austria AG, 1010 Vienna, Am Hof 2.
The Management Board
Flughafen Wien, 26.3.2009