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)
Flughafen Wien Group: 18.8% increase in net profit to 72.2 million Euro
The Flughafen Wien Group recorded revenue of 397.8 million Euro in the first nine months of 2010, which represents an increase of 6.3% over the comparable prior year period. Net profit rose by 18.8% to 72.2 million Euro 1-9/2009: 60.8 million Euro), or at a higher rate than the increase in traffic. EBITDA amounted to 144.5 million Euro (+9.0%) and EBIT 95.2 million Euro (+15.0%) for the reporting period. The stronger earnings growth in relation to the development of revenue supported an improvement in the EBITDA margin to 36.3% (1-9/2009: 35.4%) and the EBIT margin to 23.9% (1-9/2009: 22.1%).
Flughafen Wien AG continues to pursue its growth course and produced sound results for the first three quarters of 2010. That confirms our standing as a successful and strong corporation. The development of traffic also exceeded our expectations, increasing by more than double the European average during the first nine months. In order to support this growth over the long-term and strengthen the position of Vienna International Airport as a hub, we have concluded agreements with Austrian Airlines and NIKI?, explained Herbert Kaufmann, speaker of the Management Board of Flughafen Wien AG.
Revenue recorded by the Flughafen Wien Group rose by 6.3% to 397.8 million Euro for the first nine months of 2010 (1-9/2009: 374.4 million Euro). This increase was less than the growth in traffic due to the conclusion of agreements with the Austrian Airlines Group and NIKI to utilise joint growth opportunities as well as the related measures to drive traffic growth and expand and/or strengthen the hub system. External revenue recorded by the Airport Segment rose by 18.7% to 199.3 million Euro, above all due to a change in the allocation of revenue from passenger and baggage controls that was previously assigned to the Handling Segment and equalled 22.4 million Euro for the reporting period. This change in allocation was also responsible for a 10.9 million Euro decline in Handling Segment revenue to 117.3 million Euro. The average market share of the Handling Segment fell by 0.8 percentage points to 89.3%. The Retail & Properties Segment reported a 6.1% increase in revenue to 70.0 million Euro, while revenue in the "Other Segments" declined 1.0 million Euro to 10.8 million Euro.
New agreements with Austrian Airlines and NIKI
Two key objectives of Flughafen Wien AG are to further develop the economic position of Vienna International Airport by creating sustainable incentives for airlines to generate long-term growth based in Vienna and, at the same time, to expand and strengthen the hub system. In order to meet these objectives, Flughafen Wien AG concluded agreements with Austrian Airlines and NIKI to improve the current system partnerships. The related expenses to be carried by Flughafen Wien AG amount to approx. 17.0 million Euro , but will only be payable in full if the agreed growth targets are met. Results for the third quarter of 2010 include 75% of this total.
The goal of these new agreements is to realise joint opportunities for growth. The agreements include an extension of the prior year increase in the transfer incentive to 10.21 euro per passenger; this incentive would have expired in June 2010. These agreements also include measures that will help to optimise space in the AUA base at Vienna International Airport. Furthermore, cooperation within the system partnership will be strengthened to improve core processes in order to share the resulting cost and service benefits.
8.3% traffic growth during the first three quarters of 2010
Vienna International Airport handled a total 14,870,628 passengers during the period from January to September 2010. This reflects an increase of 8.3% over the comparable prior year period and was realised despite the negative effects of the volcanic ash cloud on air traffic throughout Europe. The development of passenger traffic in Vienna during the first three quarters of this year was more than twice as high as the European average. The number of passengers departing to Eastern Europe and Western Europe rose by 12.8% and 7.5%, respectively. Traffic to the Middle East was 12.0% higher, while destinations in Africa recorded a plus of 7.3%. The number of passengers travelling to North America matched the comparable prior year period. The Austrian Airlines Group reported a 13.1% increase in the number of passengers handled at Vienna International Airport, which raised its share of total passenger traffic from 49.4% in the first nine months of 2009 to 51.6%. The low-cost carriers handled 0.9% more passengers during the first three quarters of 2010, which represents 21.8% of passenger traffic in Vienna (1-9/2009: 23.4%). Maximum take-off weight (MTOW) totalled 5,947,507 tonnes, which is 9.2% higher than the comparable prior year period. The volume of cargo handled (air cargo and trucking) rose by 23.3% to 217,259 tonnes. The number of flight movements increased by a slight 0.9% to 185,523. Seat occupancy rose from 68.8% in the first nine months of 2009 to 69.4% in the reporting period.
The major investments during the first nine months of 2010 involved the terminal extension VIE-Skylink at 43.5 million euro, security systems at 7.3 million Euro, technical noise protection and the environmental fund at 4.2 million Euro infrastructure extensions for the west expansion at 2.2 million Euro, passenger security control lines at 1.4 million Euro advertising space at 1.8 million Euro and baggage sorting equipment at 1.7 million Euro as well as 1.0 million Euro each for towing vehicles and real estate.
Results for October show positive development in all traffic segments. In comparison with October of the previous year, the number of passengers handled in Vienna rose by 11.4%. Flight movements increased 3.8% and maximum take-off weight (MTOW) 14.4%. The number of passengers handled during the first nine months of 2010 was 8.6% higher than the comparable prior year period.
Based on this sound development, Flughafen Wien AG has revised its traffic forecasts for 2010 and now expects a plus of 9.0% in the number of passengers, 10.0% in maximum take-off weight (MTOW) and 1.0% in flight movements.
Latest estimates call for investments of 129.0 million Euro in 2010. This amount covers replacements and maintenance, but excludes expenditures for the third runway, the purchase of land and borrowing costs capitalised during construction. The reduction in planned investments resulted from the postponed realisation of projects that include the revitalisation of Terminal 2, the forwarding agent building and the bus gates. It also reflects the renegotiation of contracts for the VIE-Skylink project at more favourable conditions and the implementation of other measures that led to an increase in the provision for risk and reserves. In addition, individual investments for the VIE-Skylink project were rescheduled to later periods. The goal is to keep the total costs below 830 million Euro and to also guarantee the start of operations during the first half of 2012.
For additional information contact:
Flughafen Wien AG Press Office Investor Relations:
Peter Kleemann (+43-1-) 7007-23000 Mario Santi (+43-1-) 7007-22826
Birgit Fehsler (+43-1-) 7007-22254 firstname.lastname@example.org
Clemens Schleinzer (+43-1-) 7007-22399
49/10 KP/PK 25. November 2010
Consolidated Interim Financial Statements
Consolidated Income Statement in T euro
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:
Shareholders of the parent
Earnings per share in euro basic/diluted
Flughafen Wien Aktiengesellschaft
The report by Flughafen Wien AG on the first three quarters from 1 January to 30 September 2010 is available to the general public at the company`s offices in 1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Am Hof, and is also available in the Internet under http://ir.viennaairport.com,
menu point "Publications", sub-section "Other Publications".
Flughafen Wien, 25.11.2010 The Management Board