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Vienna (ots Ad hoc-Service) - Vienna International Airport
Financial results for the twelve months to 31 December 1999 Record
profits for the second consecutive year
After record results in 1998, Vienna International Airport
announces a further year of record profit. The members of the
Management Board, Herbert Kaufmann, Gerhard Schmid and Kurt Waniek,
today presented the results to press and analysts in Vienna, Austria.
1999 1998 Change
in ATS mill./EUR in ATS mill./EUR 1999/98
Turnover 4,301.6 312.6 4,355.1 316.5 - 1.2%
income 4,369.6 317.5 4,407.1 320.3 - 0.9%
(EBIT) 1,156.6 84.1 902.0 65.6 +28.2%
activities 1,252.1 91.0 1,050.5 76.3 +19.2%
Net profit 770.2 56.0 710.0 51.6 + 8.5%
(cash flow 1,492.9 108.5 1,368.5 99.5 + 9.1%
Passengers (m) 11.2 10.6 + 5.3%
passengers 1.5 1.4 +10.2%
Flight movement 171,682 165,242 +3.9%
('000 tonnes) 5,016 4,684 +7.1%
('000 tonnes) 161.2 150.1 +7.4%
Overview of Results: - Total turnover declined by 1.2% during the
reported period to a level of ATS 4,301.6 million (EUR 312.6 mill.)
due to a change in the revenue structure explained below. On a like
for like basis turnover would have increased by 7.4%.
- The above-mentioned decline in revenues, which had no effect on
overall earnings, resulted in a decrease of 0.8% in Aviation Turnover
(Airport and Handling Turnover) to ATS 3,088.1 million (EUR 224.4
mill). Non-Aviation Turnover decreased by 2.4% in 1999 to ATS 1,213.5
million (EUR 88.2 mill.), primarily due to the loss of duty-free
sales on travel within the EU.
- Operating income declined by 0.9% during the period year to ATS
4,369.6 million (EUR 317.5 mill.)
- In contrast, operating profit rose by 28.2% to a record level of
ATS 1,156.6 million (EUR 84.1 mill.) EBIT margin increased from 20.5%
- Profit on ordinary activities increased by 19.2% to ATS 1,252.1
million (EUR 91.0 mill.)
- Net profit after tax totalled ATS 770.2 million (EUR 56.0
mill.), an increase of 8.5% over the previous year.
- Capital expenditure for the year totalled ATS 720.6 million (EUR
FINANCIAL RESULTS IN DETAIL Total turnover declined by 1.2% during
the year to ATS 4,301.6 million (EUR 312.6 mill.) as the revenue from
traffic handling ceased almost entirely. Services once provided to
Austrian Airlines and Lauda Air by Flughafen Wien AG are now provided
directly by the airlines. The related decline of approximately ATS
350 million (EUR 25.4 mill.) in turnover was offset by an equal
reduction in expenses. On a like for like basis, turnover would have
risen by 7.4%.
Non-Aviation Turnover declined by 2.4% to ATS 1,213.5 million (EUR
88.2 mill), primarily due to the loss of duty-free sales on travel
within the EU as of July 1, 1999, ATS 29.9 million (EUR 2.2 mill.).
Operating expenses decreased by a significant 8.3% to ATS 3,213.0
million (EUR 233.5 mill.), primarily due to the above-mentioned
reorganisation of traffic handling and the loss of related
The cost of materials rose by 4.7% as a result of a severe winter
and increased frequency of de-icing. Electricity charges declined by
17.9%, in part due to the liberalisation of the electricity market.
Personnel expenses rose by 8.4% following wage and salary
increases mandated by collective bargaining agreements, higher
payments for severance compensation and pensions and a 3.6% increase
in the number of employees. This growth is below the corresponding
increase in traffic. Employee productivity increased by 2.1%.
Profit on ordinary activities rose by 19.2% to ATS 1,252.1 million
(EUR 91.0 mill.). The write-down of a mezzanine loan granted to
Corvin Hotel Airport Plaza Errichtungs- und BetriebsgesmbH reduced
the results by ATS 53.1 million (EUR 3.9 mill.) to ATS 95.4 million
(EUR 6.9 mill.) The Company anticipates a tax payment of ATS 481.9
million (EUR 35.0 mill.) for 1999.
After the addition of ATS 322.2 million (EUR 23.4 mill.) to other
reserves and profit of ATS 14.9 million (EUR 1.1 mill.) carried
forward, the Flughafen Wien Group recorded profit of ATS 462.9
million (EUR 33.6 mill.) available for distribution to shareholders.
The Management Board recommends the payment of a EUR 1.60 dividend
(1998: EUR 1.45 per share), per share from the distributable profit
of Flughafen Wien AG which totals ATS 462.3 million (EUR 33.6 mill.).
BALANCE SHEET The 1999 consolidated balance sheet of the Flughafen
Wien Group shows an increase of ATS 543.6 million (EUR 39.5 mill.) in
the balance sheet total to ATS 10,597.0 billion (EUR 770.1 mill.).
Equity increased by 3.9% to ATS 7,606.9 billion (EUR 552.8 mill.).
Fixed and financial assets increased by 2.0% in 1999 to ATS
6,995.6 million (EUR 508.4 mill.), supported by capital expenditure
and an increase of ATS 144.3 million (EUR 10.5 mill.) in securities,
offset by a write down of ATS 80.0 million (EUR 5.8 mill.) to loans
granted. The 12.8% increase in current assets to ATS 3,599.0 million
(EUR 261.6 mill.) is attributable primarily to higher balances of
liquid funds and receivables.
TRAFFIC DEVELOPMENTS Despite the negative effects of the crisis in
Turkey on charter traffic, Vienna International Airport traffic
remained on target during the year. A total of 11.2 million
passengers, up 5.3% on 1998, were handled during the year. The number
of transfer passengers grew by 10.2 % increasing this segment to
27.6%. Flight movements rose by 3.9% and Maximum Take-off Weight
(MTOW) by 7.1%. With an increase of 7.4%, cargo traffic achieved
better than expected results.
CURRENT TRADING AND OUTLOOK The start to the new financial year
was impacted by a reduction in passenger travel over the Millennium
holiday period and a pause in the growth of transfer passengers
resulting from the transition from Qualiflyer Group to Star Alliance.
During the first quarter, the number of passengers rose by 1.8% while
flight movements and MTOW increased by 6.5 % and 4.5 % respectively.
For the current financial year, Flughafen Wien AG expects 6%
growth in the number of passengers and a 5% increase in both flight
movements and MTOW. Capital expenditures will total approximately ATS
1 billion (EUR 73 mill.) for the current year. Key projects include
the completion of Car Park 4, expansion of the terminal and
international bus gates, optimisation of the baggage sorting system
and the purchase of real estate.
Since the start of the New Year, the Management Board has selected
Itten + Brechbühl / Baumschlager-Eberle, an architectural joint
venture from Switzerland and Austria, as the winner of the
architectural competition for the new terminal. The costs for this
new terminal will total approximately ATS 5.3 billion (EUR 385.2
mill.) up to 2007; the next expansion stage (2007 to 2015) will
amount to ATS 3.6 billion (EUR 261.6 mill.). The design is
operationally superior, offering a high degree of flexibility as well
as being financially viable. The new terminal will enable Flughafen
Wien AG to adapt its expansion plans to better meet future traffic
At the end of March, the Austrian Federal Ministry of
Transportation awarded a second ground handling license to VAS
Flughafen Frankfurt Bodenverkehrs- dienste. Given Flughafen Wien AG's
expertise in this area the management anticipates that the loss in
market share will be limited to 5% for 2000 and to remain at this
level for the medium term new shops, attractive promotions and an
improved food and drink offering within the airport are expected to
increase Non-Aviation Turnover. The opening at the end of March of
Car Park 4 - the largest facility of its kind in Austria with space
for 2,389 cars, will also support growth in the parking segment.
Flughafen Wien AG continues to investigate international projects
in which it can participate and that meet our financial targets.
Overall, the Management Board of Flughafen Wien AG expects 2000 to
be another successful year for the company.
End of message
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