Revenue: - 7.4 million (5.7%) to 121.4 million
Other operating expenses: - 2.0 million (9.6%) to 19.0 million with cost savings programme
EBITDA: - 5.1 million (10.9%) to 41.7 million
EBIT: - 4.6 million (15.6%) to 25.1 million
Net profit for the period: - 3.3 million (15.7%) to 17.5 million
Revenue recorded by the Flughafen Wien Group for the first quarter of 2009 declined 5.7% year-on-year to 121.4 million. However, a cost reduction programme supported a 9.6% decrease in other operating expenses. EBITDA for the reporting period amounted to 41.7 million (-10.9%) and EBIT reached 25.1 million (-15.6%). The EBITDA margin fell to 34.3% (first quarter of 2008:36.4%) and the EBIT margin to 20.7% (first quarter of 2008:23.1%) because the decrease in other operating expenses was less than the decline in revenue. Financial results improved from minus 2.7 million to minus 2.0 million. After the deduction of taxes totalling 5.5 million, net profit for the period equalled 17.5 million (first quarter of 2008: 20.8 million).
Development of revenue outpaces traffic results
Revenue totalled 121.4 million for the reporting period (first quarter of 2008: 128.8 mill.), whereby the 5.7% decline is clearly less than the decrease in traffic. This development was supported by all segments of the Flughafen Wien Group with the exception of the Airport Segment. The initial application of IFRS 8 resulted in the new structuring of the Groups operating segments. Revenue recorded by the Airport Segment fell by 9.2% year-on-year. The Handling Segment reported a decline of 2.5% and the Retail & Properties Segment a minus of 4.2%. Revenue registered by the Other Segments decreased 5.4%. The average market share of the Handling Segment rose by 1.5 percentage points over the first quarter of 2008 to equal 90.6% for the reporting period. This growth was also based on an increase of 1.5 million or 5.8% in revenue from apron handling services.
Slowdown in traffic continues
Vienna International Airport handled a total of 3,660,091 passengers during the period from January to March 2009, which represents a decrease of 14.8% in relation to the comparable prior year period. Traffic to Eastern Europe and Western Europe fell by 18.3% and 13.9%, respectively. The Middle East was least affected by the economic crisis with a minus of 4.8%. An analysis of the traffic volume by airline shows a continued decline in the share of passengers handled by the AUA Group to 48.3% (first quarter of 2008: 48.8%). The low-cost carriers recorded the lowest drop in passenger volume with a minus of 12.3%. Maximum take-off weight (MTOW) totalled 1,643,920 tonnes, which is 10.2% less than in the comparable prior year period. Cargo (air cargo and trucking) fell by 19.1% to 54,220 tonnes and flight movements by 10.4% to 56,820. Seat occupancy was 2.1 percentage points lower at 61.3%.
The major projects carried out during the first quarter of 2009 included the terminal expansion (VIE-Skylink) at 10.2 million, the ramp in front of the VIE-Skylink at 12.5 million, the new fire department headquarters and checkpoints at 2.7 million, and the expansion of the north-east apron and security systems at 0.8 million each.
Traffic results for April show a further decline in all segments. In comparison with April of the previous year, the number of passengers fell by 9.5%. Flight movements and maximum take-off weight (MTOW) decreased 12.6% and 8.8%, respectively. The number of passengers travelling to Eastern Europe (scheduled and charter flights) was 22.1% lower in April 2009. The other European destinations reported a decline of 7.9%. Flughafen Wien AG has revised its traffic estimates for the current year based on developments during the first months, and is now forecasting a decrease of 9% in the number of passengers and 8% each in maximum take-off weight and flight movements. The number of passengers handled at Vienna International Airport is expected to reach roughly 18 million by the end of 2009.
Capital expenditure for the period from 2009 to 2013 is now planned to total 937 million (excluding the purchase of land), whereby 242 million are allocated to projects that can be postponed. Investments in projects that cannot be postponed total 695 million and comprise 633 million of expansion projects and 62 million of replacement investments. A decision on the timing of these investments will be made during the second quarter of 2009.
Consolidated Interim Financial Statements
Consolidated Income Statement in T
Other operating income
Consumables and services used
Other operating expenses
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
The report by Flughafen Wien AG on the first quarter from 1 January to 31 March 2009 is available to the general public at the companys offices in 1300 Flughafen Wien and at Unicredit Bank Austria AG, 1010 Vienna, Am Hof 2.
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