euro adhoc: Austrian Airlines AG
Annual Reports
Strong Improvement in
Operating Performance and Result Situation despite Extraordinary Effects
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
annual report
07.03.2007
Financial result of Austrian Airlines Group for business year 2006
Offering an overview of the Austrian Airline Group's annual results, which were released today, Chief Executive Officer Alfred Ötsch said: "In the business year 2006, the Austrian Airlines Group has introduced crucial restructuring steps and started out on an important new course. We have significantly improved our operating performance and result. The key factors in this have been the increase in our flight revenue and the significantly stronger growth in our yields compared to unit costs. On the other hand, extraordinary effects - overwhelmingly the result of the restructuring of the Group's long-haul segment and the personnel cost provisions this necessitated - had a negative influence on the result. In this challenging environment, it proved impossible to achieve a positive result. Following the successful conclusion of the capital increase, however, we have taken another important step towards completing our restructuring programme, and are now in a position to implement key measures more quickly. We are pursuing a clear strategy focussing on the markets of Central and Eastern Europe, basing that strategy on a well- established, strong brand. We shall continue to move forward with our quality and product offensive in 2007."
Improvement in result situation Although the adjusted EBIT of the Group remained marginally negative at EUR -8.3m, this figure was up by EUR 43.7m, a major improvement on the previous year. The unadjusted EBIT including extensive extraordinary positions - mainly provisions for the redimensioning of long-haul routes, exchange rate gains and value adjustments for Slovak Airlines - improved from EUR -100.0m to EUR -89.0m.
Overall, this produced an annual result of EUR -129.9m (2005: EUR -129.1m). However, one of the most important factors in this result trend, which was below expectations, were the continuing high kerosene prices experienced in 2006, which generated total additional costs for the Group of EUR 75.7m.
An Overview of the Annual Result 2006
Key Figures | |2006 |2005 |+/- abs. |+/- % | Revenue |EURm |2,593.2 |2,392.9 |200.3 |8.4 | Operating revenue |EURm |2,662.8 |2,485.8 |177.0 |7.1 | Operating expenses|EURm |-2,751.8 |-2,585.8 |-166.0 |-6.4 | EBITDAR |EURm |277.2 |303.5 |-26.3 |-8.7 | EBITDAR adjusted 1|EURm |348.7 |319.4 |29.3 |9.2 | EBIT 2 |EURm |-89.0 |-100.0 |11.0 |11.0 | EBIT adjusted 2,3 |EURm |-8.3 |-52.0 |43.7 |84.0 | Financial result |EURm |-49.1 |-29.6 |-19.5 |-65.9 | Result before tax |EURm |-138.1 |-129.6 |-8.5 |-6.6 | Result before tax adjusted 3 |EURm |-50.1 |-94.9 |44.8 |47.2 | Result from
continued business divisions |EURm |-139.6 |-131.3 |-8.3 |-6.3 | Result from continued business divisions
adjusted 3 |EURm |-51.6 |-96.6 |45.0 |46.6 | Annual result |EURm |-129.9 |-129.1 |-0.8 |-0.6 | Net cash flow from operating| | | | | | activities |EURm |360.2 |259.8 |100.4 |38.6 | Net gearing |% |91.2 |191.6 | | | Equity ratio |% |24.5 |17.7 | |6.8 P. |
Passengers carried total |Passengers|10,834,668| 10,119,773 | |7.1 | Passenger load factor (scheduled
services) |% |74.0 |73.8 | |0.2 P. |
Cargo |Tons |171,284 | 160,992 | |6.4 |
Legend:
1. Adjusted by the result from the disposal of assets, other costs of the
transfer of aircraft and foreign currency valuations at the reporting
date and the value adjustment at Slovak Airlines.
2. Before incorporation of associated companies.
3. Adjusted by the result from the disposal of assets, other costs of the
transfer of aircraft, foreign currency valuations at the reporting
date, and recovery/impairment of the value of aircraft and the value
adjustment at Slovak Airlines.end of announcement euro adhoc 07.03.2007 07:10:19
Further inquiry note:
Konzernkommunikation:
Livia Dandrea-Boehm
Johann Jurceka
Tel.: 051766-1231
Investor Relations
Dr. Prisca Havranek-Kosicek
Tel.: 051766 - 3700
Branche: Air Transport
ISIN: AT0000620158
WKN: 875224
Index: WBI, ATX Prime, ATX
Börsen: Wiener Börse AG / official dealing