Flughafen Wien AG

ots Ad hoc-Service: Flughafen Wien AG 1999 Result

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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%
Profit on
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 earnings
(cash flow         1,492.9    108.5    1,368.5      99.5    + 9.1%
from income)
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% to 26.5%.

    - 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 52.4 mill.)

    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 third-party expenses.

    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 growth.

    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.

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