Meinl Airports International Ltd.
Meinl Airports International publishes the 2007 annual report
St, Helier Jersey (euro adhoc) -
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
finances/annual result
- Total assets reached EUR 622.3 million - Adjusted profit after taxation of approximately EUR 1.49 million - Dynamic expansion has continued into 2008 - Strategic review expected to be completed prior to the AGM
Meinl Airports International Limited ("MAI", the "Company"), whose
certificates representing shares in the Company are listed on the
Vienna Stock Exchange, announces that the annual report for the year
ending 31 December 2007 has been published and is available on the
Company´s webpage.Total assets reached EUR 622.3 million
MAI´s total consolidated assets as of 31 December 2007 amounted to approximately EUR 622.3 million. Non-current assets amounted to EUR 193.9 million as at 31 December, 2007.
In September 2007, MAI completed the acquisition of the main airport in the Lake Baikal region of Ulan-Ude, Russia. This was not only MAI´s first airport acquisition, but also the first commercial airport in Russia to be sold to a foreign investor. "Lake Baikal Airport" is still a relatively small airport with approximately 140,000 passengers in 2007. Nevertheless, MAI considers the airport to have attractive future growth potential, as Lake Baikal is expected to develop into one of the main tourist regions in Russia and its proximity to the border with China is expected to give rise to substantial opportunities for cross-border tourism.
In November 2007, MAI acquired an initial 10.1% stake in TAV Airports
Holding ("TAV") which currently operates a total of six highly
efficient, managed airports with significant growth potential. MAI
will benefit not only from the expected future growth of these
airports but also from the general cooperation agreement relating to
new projects which was entered into with TAV. TAV continues to be an
active investor in its core target markets and recently qualified for
the second stage of the tender for the development and operation of
Abu Dhabi airport, one of the leading and fastest growing airports in
the Middle East.In addition to the above, MAI acquired stakes in two airport consulting companies, AD-M and ACV Management Services, during 2007.
Adjusted profit after taxation of approximately EUR 1.49 million
MAI´s revenues in 2007 amounted to EUR 0.81 million. In addition, in 2007 the Company received interest income of EUR 15.9 million from the proceeds generated from the Company's IPO in April 2007 which had not been invested during 2007. The Company had operational expenses of EUR 11.8 million, leading to an adjusted profit after taxation in 2007 of approximately EUR 1.5 million. MAI´s unadjusted loss of EUR 8.4 million includes EUR 9.9 million in respect of the revaluation of MAI´s option to acquire a further shareholding in TAV.
Dynamic expansion has continued into 2008
MAI has continued its dynamic expansion into 2008. In February 2008, MAI was successful in the tender for the transformation and development of a former military airport into the second largest commercial airport in the Warsaw region of Poland. The planned airport in Sochaczew, which is scheduled to commence operation by 2012, is expected to be attractive to low cost carriers. MAI believes this airport has significant growth potential, as Poland is currently demonstrating the highest rate of growth in air traffic worldwide. Moreover, the existing airport for the Warsaw region is forecast to reach capacity in the near future. Sochaczew is also the Company´s first "greenfield project" and hence represents an important milestone in MAI´s development.
In March 2008, MAI completed a second transaction in Poland with the acquisition of a stake in the regional airport of Bydgoszcz in Northern Poland. Bydgoszcz airport was transformed from a military airport and newly built in 2004 and is therefore one of the most modern airports in Poland. As in the case of Lake Baikal Airport in Russia, the Company is the first foreign investor to have acquired a stake in an operating commercial airport in Poland.
In May 2008, MAI was awarded the tender for the privatization of Parma airport in Italy and will acquire a 67% stake in the airport through a capital increase. The transaction remains subject to approval by the Italian Ministry of Transport. MAI recognizes that Parma airport is not located within its main target regions of Central and Eastern Europe, Southeastern Europe or the CIS, however MAI has always stated that geography should not restrict the Company's ability to take advantage of attractive opportunities as they arise. Parma represents an excellent investment opportunity as the surrounding region is one of the main tourist regions in Italy and is currently not served sufficiently by any airport. Significant growth in passengers has been demonstrated during the first five months of 2008, with the airport handling approximately 110,500 passengers compared to 50,200 during the same period last year.
MAI´s total portfolio as of today comprises 7 strategic investments, with 5 of these being investments in airports or airport operations, which is an impressive achievement in the relatively short time period since the Company's IPO. Clearly, MAI´s business model is different from other airport investment companies in the market. The Company does not generally invest in mature airport operations, but focuses instead on earlier stage airports with significant future growth opportunities. MAI´s investors will benefit as these investments continue to mature.
Strategic review expected to be completed prior to the AGM
In April 2008, MAI conducted an investors´ road show to update investors on its recent operational achievements and to gauge investors´ view of MAI´s development both on the operational side and in the stock market. While most of the investors acknowledged MAI´s operational achievements in the first 15 months of operation, a number of investors expressed concerns regarding the Company's recent share price performance and certain corporate governance issues. As a result of the road show, MAI´s Board of Directors initiated a thorough strategic review taking into consideration many of the investors´ suggestions. MAI expects to be able to announce the results of this and its finalised proposals in advance of the forthcoming AGM.
Meinl Airports International Limited, 26 New Street, St. Helier, Jersey, JE2 3RA, Jersey Company Registry 93803
end of announcement euro adhoc
Further inquiry note:
Nadine Gilles
mailto:gilles@meinlairports.com
Mobile: 00421 911 500 730
Branche: Real Estate
ISIN: AT0000A053N4
WKN:
Index: other listings
Börsen: Wiener Börse AG / Third Market