EANS-News: Flughafen Wien AG on the 2014 Financial Year: Significant Earnings
Improvement despite Strong Crisis-Related Headwinds
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Corporate news transmitted by euro adhoc. The issuer/originator is solely
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annual result/Prelimenary annual results 2014
Flughafen Wien AG on the 2014 Financial Year: Significant Earnings Improvement
despite Strong Crisis-Related Headwinds
Dividend of EUR 1.65 per share, up 26.9% (from EUR 1.30 in 2013) - Positive
outlook for 2015
. REVENUE in 2014 up only slightly to EUR 630.2 million (+1.3%), EBITDA at EUR
250.2 million (+3.6%)
. NET PROFIT FOR THE PERIOD*) rose substantially to EUR 82.5 million (+12.5%)
. NET DEBT declined sharply to EUR 506.2 million (down EUR 127.1 million from
2013)
. DIVIDEND increase proposed to EUR 1.65 per share (+26.9% from EUR 1.30 in
2013)
. INVESTMENTS at EUR 75.1 million in 2014, EUR 95 million planned for 2015
. POSITIVE OUTLOOK for 2015: revenue improvement to over EUR 645 million, net
profit for the period to surpass EUR 85 million
In spite of strong headwinds related to numerous crises and strikes, Flughafen
Wien AG achieved a considerable increase in earnings. In addition to a slight
rise in revenue and EBITDA, the net profit for the period (after non-controlling
interests)could be significantly improved in the 2014 financial year. Moreover,
it was possible to achieve a sharp reduction in net debt as well as an increase
in the dividend to be distributed of EUR 1.65 per share (+26.9%).
The outlook for the year 2015 is positive. In spite of a painful drop in
passenger volume in the first quarter of the year, Flughafen Wien AG expects
passenger growth between 0% and 2%. Accordingly, revenue should climb above the
EUR 645 million mark, and EBITDA should rise above EUR 250 million. The
consolidated net profit for the period is expected to surpass EUR 85 million,
and net debt should fall below EUR 500 million.
"Flughafen Wien AG is once again on a healthy economic footing. In spite of
global economic and industry-related challenges, the 2014 financial year
developed gratifyingly, and the company succeeded in achieving a perceptible
improvement in all relevant financial indicators. We expect growth in revenue
and earnings in 2015, although negative effects are likely to arise from the
capacity reductions of the airlines and the crisis situations in Russia, Ukraine
and the Middle East in the first quarter of the current year. Consistent
productivity increases and high quality has considerably improved the company's
competitive situation, which will enable further growth on our path to becoming
an Airport City", says Günther Ofner, Member of the Management Board of
Flughafen Wien AG.
"In terms of traffic development, the past year went very well, featuring a new
passenger record of 22.5 million travelers using Vienna Airport. We achieved
strong growth of 27.8% in the long-haul segment, and an 8.3% rise in cargo
volume", explains Julian Jäger, Member of the Management Board of Flughafen Wien
AG. "We are slightly optimistic with respect to the current year, and new flight
offerings have already been announced. Although decreases in flight traffic are
still likely to occur in the first months of 2015, we expect an increase in
passenger volume of between 0% and 2% for the entire year 2015", he Jäger adds.
Dividend up to EUR 1.65 per share
Thanks to the good business development in 2014, the Annual General Meeting
scheduled for May 6, 2015 will be asked to approve a dividend of EUR 1.65 per
share (2013: EUR 1.30) or a total dividend payout of EUR 34.65 million. All
employees of Flughafen Wien AG will also profit from the higher dividend, which
is the result of their successful work, through the employee foundation that
holds 10% of the shares. The dividend yield for the 2014 financial year equals
2.15% based on the share price as of December 31, 2014, and the dividend payout
ratio comprises about 42% of the net profit for 2014 after non-controlling
interests.
Revenue and earnings development in the segments
Revenue in the Airport Segment rose by 3.8% year-on-year to EUR 344.1 million.
EBIT improved by 9.0% to EUR 45.7 million. The Handling Segment registered a
4.0% drop in revenue to EUR 145.7 million, which resulted primarily from the
decline in de-icing services as a consequence of the very mild winter and the
general decrease in the number of flight movements. Accordingly, and taking into
account the higher personnel expenses and after deducting depreciation and
amortization, EBIT generated by the segment amounted to EUR 12.1 million, a drop
of 29.3%. The results also include the security services of VIAS as well as the
handling services provided by Vienna Aircraft Handling (VAH). The Retail &
Properties Segment developed positively in 2014, with revenue up 2.2% to EUR
123.8 million. This growth was mainly driven by higher income from shopping and
gastronomy. EBIT rose by 41.0% to EUR 59.0 million. Revenue in the Other
Segments fell by 5.4% to EUR 16.6 million, with EBIT at a level of EUR 2.9
million in the 2014 financial year.
Investments
Of the total investments amounting to EUR 75.1 million in 2014, EUR 10.9 million
related to construction of a new maintenance hangar, and EUR 9.6 million was for
modernization of Pier West. Investments of about EUR 95.0 million are planned
for 2014.
Good traffic development in 2014 - slightly optimistic outlook for 2015
The year 2014 proceeded well with respect to traffic development. Vienna Airport
achieved a new passenger record of 22.5 million passengers, a rise of 2.2% in a
year-on-year comparison. Whereas the total number of flight movements
(departures and arrivals) stagnated slightly at -0.2%, the average seat
occupancy (seat load factor) was up 0.2 percentage points to 75.0%. Cargo volume
developed very well, rising by 8.3% to 277,532 tonnes. A total of 70 airlines
regularly served Vienna Airport in 2014, flying to a total of 172 destinations
in 71 countries. Flughafen Wien AG is slightly optimistic for the entire year
2015. Due to the ongoing difficult situation in the crisis regions of Russia and
Ukraine as well as the Middle East, Flughafen Wien AG expects the number of
passengers handled by Vienna Airport to decline in the first quarter of 2015.
However, the situation should improve in the course of the year, with total
passenger volume rising by between 0% and 2% compared to 2014. From today's
perspective, impetus to growth will be provided by expanded frequencies and new
routes added to the summer 2015 flight schedule, for example to destinations in
the USA, Italy, Greece, France, Spain, Turkey, Estonia, Moldova, Montenegro and
Switzerland.
*) Net profit for the period attributable to equity holders of the parent
Preliminary Consolidated Financial Statements**)
Income Statement
in EUR million 2014 2013 Change in %
Revenue 630.2 622.0 1.3
Other operating
income 16.1 23.8 -32.2
Operating income 646.3 645.8 0.1
Consumables and
services used -38.9 -46.1 -15.7
Personnel expenses -254.1 -245.8 3.4
Other operating
expenses -103.1 -112.3 -8.2
Earnings before
interest, taxes,
depreciation and
amortisation
(EBITDA) 250.2 241.5 3.6
Depreciation and
amortisation -130.4 -124.3 4.9
Impairments - -5.1 n.a.
Earnings before
interest and taxes
(EBIT) 119.8 112.1 6.9
Income from
investments excl.
companies at
equity 0.1 2.3 -94.1
Interest income 0.9 2.2 -58.4
Interest expense -24.2 -25.9 -6.9
Other financial
results 0.1 - n.a.
Financial results
excl. companies at
equity -23.1 -21.4 7.5
Results from sale
of equity-
accounted
investments/
companies 2.3 - n.a.
Result from
companies
accounted for
using the equity
method 7.7 6.2 25.6
Financial results -13.1 -15.3 -14.5
Earnings before
taxes (EBT) 106.7 96.8 10.2
Income taxes -24.8 -23.5 5.3
Net profit for the
period 81.9 73.3 11.8
Thereof
attributable to:
Equity holders of
the parent 82.5 73.3 12.5
Non-Controlling
interests -0.5 0.0 n.a.
Earnings per share
(in EUR, basic =
diluted) 3.93 3.49 12.5
Balance sheet Indicators
in EUR million 2014 2013 Change in %
ASSETS:
Non-current assets 1,803.4 1,857.6 -2.9
Current assets 88.8 96.3 -7.8
EQUITY AND
LIABILITIES:
Equity 952.5 905.9 5.1
Non-current
liabilities 672.2 748.2 -10.2
Current
liabilities 267.5 299.8 -10.8
Balance sheet
total 1,892.2 1,953.9 -3.2
Net debt 506.2 633.4 -20.1
Gearing (in %) 53.1 69.9 -16.8%p.
Cash flow Statement
in EUR million 2014 2013 Change in %
Cash flow from
operating
activities 220.6 204.4 7.9
from investing activities -67.5 -86.4 -21.9
from financing activities -154.8 -154.5 0.2
Free cash flow 153.1 118.0 29.8
CAPEX 75.1 72.9 3.0
**) All amounts and financial indicators are related to the preliminary results
of Flughafen Wien AG for 2014.
The full annual report by Flughafen Wien AG on the 2014 financial year from 1
January to 31 December 2014 will be published at the beginning of April 2015 and
be available under http://www.viennaairport.com/en/company/investor_relations,
menu point - Publications and reports - subpoint - Annual reports or Financial
reports respectively.
The Management Board
Flughafen Wien, March 2, 2015
Further inquiry note:
Investor Relations:
Mag. Judit Helenyi (+43-1)7007-23126; j.helenyi@viennaairport.com
Mario Santi (+43-1)7007-22826; m.santi@viennaairport.com
end of announcement euro adhoc
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company: Flughafen Wien AG
Postfach 1
A-1300 Wien-Flughafen
phone: +43 1 7007 - 22826
FAX: +43 1 7007 - 23806
mail: investor-relations@viennaairport.com
WWW: http://viennaairport.com/unternehmen/investor_relations
sector: Transport
ISIN: AT0000911805
indexes: ATX Prime, ATX
stockmarkets: official market: Wien
language: English
Earnings Forecast/Traffic Results 2014 /Outlook 2015 Flughafen Wien in 2014: Passenger record of 22.5 million (+2.2%) despite a difficult market environment - outlook for 2015: Further growth if crises in trouble spots do not escalate * 22.5 million passengers (+2.2%) at Vienna Airport in 2014 * Forecast for 2015: ...
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