EANS-News: Flughafen Wien AG Results in H1/2015: Increased Revenue and Earnings
despite the slight Decline in Passenger Volume
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quarterly report/FWAG: Q2/2015
Flughafen Wien AG Results in H1/2015: Increased Revenue and Earnings despite the
slight Decline in Passenger Volume
* REVENUE up 2.2% to EUR 311.5 million, improvement in EBITDA to EUR 132.7
million (+4.9%) and EBIT to EUR 68.6 million (+8.6%)
*NET PROFIT FOR THE PERIOD rose significantly to EUR 47.6 million (+8.1%)
(Net profit for the period after non-controlling interests)
*NET DEBT: further substantial reduction to EUR 468.0 million
*TRAFFIC RESULTS IN JULY 2015: 6.7% increase in the number of passengers -
highest single-day passenger volume in the airport's history
*POSITIVE OUTLOOK confirmed for 2015: revenue of more than EUR 645 million, net
profit to surpass EUR 85 million, passenger growth between 0% and 2%
In spite of a slight decline of 0.8% in passenger volume in the first half of
2015, the Flughafen Wien Group reported a substantial improvement in revenue and
earnings. Revenue was up 2.2% to EUR 311.5 million, EBITDA rose by 4.9% to EUR
132.7 million, EBIT climbed 8.6% to EUR 68.6 million and the net profit for the
period was up 8.1% to EUR 47.6 million. A significant further reduction of net
debt was achieved thanks to the strong cash flow. Flughafen Wien AG confirms
its guidance for the entire year 2015, and expects passenger growth of between
0% and 2% as well as an increase in revenue and net profit for the period and a
further decrease in the net debt.
"The first half-year was very successful despite the slight decline in the
number of passengers handled by the airport. We managed to generate a
disproportionately high increase in revenue and significantly improve earnings
indicators. Thanks to strict cost discipline and productivity increases, the net
profit for the period rose by 8.1%, and the strong cash flow served as the basis
for a further substantial reduction in net debt", says Günther Ofner, Member of
the Management Board of Flughafen Wien AG. "We are exploiting new market
potential on the basis of new service offerings such as online parking and the
further development of our Airport City with new services such as the new Moxy
Hotel, an automobile cleaning service and a new fitness center. We are
resolutely continuing on this path and from today's perspective will also
achieve our earnings targets for 2015", Günther Ofner adds.
"A key driver for the revenue increase in the first half of 2015 were higher
shopping and gastronomy income, which shows that we are on the right path with
our strategy of bringing more quality and new brands to the passenger terminal",
states Julian Jäger, Member of the Management Board of Flughafen Wien AG. "We
also see positive developments in terms of our traffic results. On July 31st, we
recorded the highest passenger volume for a single-day in the airport's history.
We also expect positive growth impetus in the remaining months of the year, not
least due to new long-haul offerings on the part of Austrian Airlines and other
new flight connections. We anticipate a slightly higher passenger volume for the
entire year 2015", Julian Jäger adds.
Slight passenger decline in H1/2015 - Forecast confirmed for the entire year
2015
In the first six months of 2015, a total of 10,456,454 passengers were handled
by Vienna Airport, comprising a slight year-on-year drop of 0.8%. This
development can be attributed to capacity reductions carried out by airlines and
the consequences of the crisis situations in Russia and the Ukraine. Total
passenger volume to Eastern Europe fell by 10.4%, whereas the number of
passengers flying to Western European destinations was down marginally by 0.6%.
In contrast, passenger volume to the Middle East developed positively, rising by
2.7%, and the expanding flight offering to Far Eastern destinations led to a
4.6% growth in the number of passengers. North American destinations saw a
substantial increase of 16.3%, and the total number of passengers flying to
Africa was up by 30.2%. Air traffic forecasts for 2015 as a whole remain
unchanged, predicting growth of between 0% and 2% in the total number of
passengers.
Average seat occupancy (seat load factor) fell to 71.5% in the first half of
2015 from the prior-year level of 73.1%. During the same period, the number of
flight movements declined by 2.2% to 109,980 starts and landings. In contrast,
due to the use of larger aircrafts the absolute number of passengers per flight
actually increased, with passenger volume developing more favorably than the
average seat occupancy and number of flight movements. The maximum take-off
weight (MTOW) rose by 2.7% to 4,014,756 tonnes. Cargo volume (air cargo and
trucking) in the first half of 2015 was down slightly by 0.6% to 130,024 tonnes.
Revenue and earnings development in the segments
In the first six months of 2015, revenue of the Airport Segment rose 2.0% year-
on-year to EUR 166.7 million. Revenue generated by the Handling Segment climbed
2.1% to EUR 73.6 million. The Retail & Properties Segment reported a consider-
able rise in revenue of 3.4% to EUR 63.4 million. Revenue in the Other Segments
was unchanged at EUR 7.7 million.
Investments
Of the total investments amounting to EUR 24.6 million in the first half of
2015, EUR 10.7 million related to winter services and equipment storage halls,
whereas investments made in connection with Runway 3 totaled EUR 4.0 million,
and EUR 1.3 million was for cooling units and EUR 0.8 million for a transformer
station. Investments are expected to be well below EUR 95 million.
Traffic development in July 2015: 6.7% increase in passenger volume
The number of passengers handled by Vienna Airport in July 2015 was up 6.7%
compared to July 2014 to 2,363,785. A total of 88,652 passengers were handled by
Vienna Airport on July 31, 2015, a record single-day passenger volume in the
airport's history. In July 2015, the number of local passengers was up 7.3% from
the previous year, whereas the total volume of transfer passengers also
increased, rising by 5.5% compared to July 2014. The number of flight movements
(starts and landings) was down 0.6%, and the development of the maximum take-off
weight (MTOW) was clearly positive, rising by 5.0%. Air cargo declined by 1.8%
in July 2015 compared to the prior-year level. Cumulative passenger volume in
the months January to July 2015 was up 0.5% from the previous year.
The number of passengers flying to Western Europe and Eastern Europe in July
2015 rose by 7.3% and 3.1% respectively. Passenger traffic to the Middle East
was up sharply by 42.5%, compared to an increase of 8.3% for Far Eastern
destinations. Passenger growth to North America climbed by 6.0%. In July 2015
the number of passengers flying to Africa dropped by 10.9% from the previous
year.
Good development of strategic investments in Malta and Kosice
The foreign strategic investments of the Flughafen Wien Group developed well.
Malta Airport reported a cumulative passenger growth of 6.9% from January to
July 2015 to more than 2.5 million passengers in the first seven months of the
year. Kosice Airport handled a total of 215,149 passengers, comprising a rise of
11.0% in the same period.
Results in detail
July 2015 Change in % January-July Change in %
2015
Passengers
(total): 2,363,785 +6.7 12,820,415 +0.5
Local
passengers: 1,637,910 +7.3 9,249,258 +2.8
Transfer
passengers: 716,946 +5.5 3,510,442 -5.8
Maximum take-off
weight in tonnes: 796,583 +5.0 4,811,339 +3.0
Flight movements
(arrivals &
departures): 21,240 -0.6 131,220 -1.9
Air cargo and
trucking in tonnes: 22,128 -1.8 152,151 -0.8
Consolidated Interim Financial Statements as of 30 June 2015
Income Statement in EUR million
H1/2015 H1/2014 Change in %
Revenue 311.5 304.7 2.2
Other operating
income 5.8 7.5 -22.0
Operating income 317.3 312.2 1.7
Consumables and
services used -17.2 -19.7 -12.8
Personnel expenses -130.3 -123.3 5.6
Other operating
expenses -37.2 -42.7 -12.9
Earnings before
interest, taxes,
depreciation and
amortisation
(EBITDA) 132.7 126.5 4.9
Depreciation and
amortisation -64.2 -63.3 1.3
Earnings before
interest and taxes
(EBIT) 68.6 63.1 8.6
Income from
investments,
excluding companies
recorded at equity 0.1 0.1 100.0
Interest income 1.3 0.7 82.2
Interest expense -11.2 -12.2 -8.3
Other financial
result -0.1 0.0 n.a.
Financial results
excl. companies at
equity -9.8 -11.4 -13.8
Result from
companies accounted
for using the
equity method 3.5 5.3 -33.9
Financial results -6.3 -6.1 3.5
Earnings before
taxes (EBT) 62.2 57.0 9.1
Income taxes -14.6 -13.0 12.6
Net profit for the
period 47.6 44.0 8.1
Thereof
attributable to:
Equity holders of
the parent 47.6 44.0 8.1
Non-Controlling
interests (in EUR
1,000) -1.2 -1.9 -36.6
Earnings per share
(in EUR, basic =
diluted) 2.27 2.10 8.1
Balance sheet Indicators in EUR million
30.6.2015 31.12.2014 Change in %
ASSETS:
Non-current assets 1,758.0 1,803.4 -2.5
Current assets 92.1 88.8 3.7
EQUITY AND
LIABILITIES:
Equity 965.8 952.5 1.4
Non-current
liabilities 607.4 672.2 -9.6
Current liabilities 276.9 267.5 3.5
Balance sheet total 1,850.1 1,892.2 -2.2
Net debt 468.0 506.2 -7.5
Gearing (in %) 48.5 53.1 n.a.
Cash flow Statement in EUR million
H1/2015 H1/2014 Change in %
Cash flow
from operating
activities 110.1 104.3 5.6
from investing
activities -36.8 -30.3 21.4
from financing
activities -69.9 -74.8 -6.6
Free cash flow 73.4 74.0 -0.9
CAPEX 24.6 31.0 -20.6
The report by Flughafen Wien AG of the first six months of 2015, from January 1
to June 30, 2015, is available to the general public at the company's offices at
1300 Flughafen Wien and at Bank Austria, 1010 Vienna, Schottengasse 6-8. It is
also available on the Internet at http://viennaairport.com/en/company/
investor_relations/publications_and_reports/quarterly_reports.
The Management Board of Flughafen Wien AG
18 August 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