EANS-News: Flughafen Wien AG Business Results in 2019: Flughafen Wien Generates Higher Revenue and Earnings ? Improved Environmental Scorecard Despite Growth
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Financial Figures/Balance Sheet/Preliminary financial results
Vienna International Airport -
* 2019 results: REVENUE INCREASE to EUR 857.6 million (+7.2%)
* NET PROFIT FOR THE PERIOD [1] up to EUR 175.7 million (+15.7%)
* DIVIDEND RISE proposed for 2019 to EUR 1.13/share (+27.0%)
* Earnings and traffic outlook for 2020: Currently high uncertainty with regard
to estimate of effects of the coronavirus phenomenon, but traffic forecast
(+3% to +5%) and earnings guidance still achievable. A better assessment will
be possible in 4 to 6 weeks. A cost-cutting package to safeguard earnings will
be introduced nevertheless. From a historic point of view, such external
shocks have only resulted in a temporary reduction of growth
* TRAFFIC DEVELOPMENT 1 JANUARY UNTIL 27 FEBRUARY 2020: So far passenger growth
of +9.8%, in the last couple of days, however, a strong weakening was observed
* CLOSE COOPERATION WITH AUTHORITIES to protect passengers and employees
* 2019: in spite of growth less energy consumption (-16%) and further reduction
in CO2 (-15% per traffic unit) once again compared to 2018
* Airport growth creates many new jobs and increases value creation: 25,000
people will work at Vienna Airport in 2020 - Aviation accounts for about 1.7%
of Austria's GDP
[1] Net profit for the period before non-controlling interests
"Flughafen Wien AG is developing very well, as shown by a 7.2% growth in revenue
and 15.7% increase in the net profit for the period. For this reason, we will
propose an increase in the dividend by 27.0% to EUR 1.13/share to the upcoming
Annual General Meeting, from which employees will also profit. We expect further
growth in 2020, which in turn also creates new jobs and added value. The number
of employees at the Vienna Airport site will climb to 25,000 in 2020, and seven
new companies have already located their business operations here. In May 2020
the new Office Park 4 will open in the Airport City. In spite of growth we have
succeeded in improving our sustainability performance. Energy consumption has
been reduced by 16% and CO2 emissions cut by 15% compared to 2018. On balance,
CO2 emissions have fallen by more than 70% since the year 2012. Vienna Airport
will turn into a green airport. Concerning the earnings guidance there is high
uncertainty with regard to the estimate of effects of the coronavirus
phenomenon, but the earnings guidance 2020 still seems achievable. A better
assessment will be possible in 4 to 6 weeks. A cost-cutting package to safeguard
earnings will be introduced nevertheless. From a historic point of view, such
external shocks have only resulted in a temporary reduction of growth." explains
Günther Ofner, Member of the Management Board of Flughafen Wien AG.
"The strong traffic growth in Vienna in 2019 is reflected in the good business
development of Flughafen Wien AG. For this year, however, the coronavirus is big
uncertainty factor: After a strong growth of passenger figures of +9,8% from 1
January until 27 February 2020, travel behaviour has significantly fallen in the
last couple of days: A decrease in passenger figures from -9% to -12% has been
recorded. From today's perspective, passenger and traffic growth of +3% to +5%
can still be achieved, the longer travel behaviours stays negatively impacted by
the coronavirus, the more difficult this will become. In any case, Flughafen
Wien AG is economically and operationally well prepared and we will prevail in
this challenging situation for the aviation and travel industries. Mid-term to
long-term we are optimistic: As in similar situations like SARS, Ebola, 9/11 and
the economic crisis 2009, the aviation industry will quickly rebound after
temporary shocks", states Julian Jäger, Member of the Management Board of
Flughafen Wien AG.
Dividend proposal: +27.0% to EUR 1.13 per share
The Management Board will propose that the Annual General Meeting scheduled for
May 28, 2020 approves a 27.0% increase in the dividend to EUR 1.13 per share
(2018: EUR 0.89), or a total of EUR 94.9 million. Through the employee
foundation, which holds 10% of the shares, all Flughafen Wien AG employees will
benefit from the higher dividends, which comprise more than 80% of a monthly
salary and which is also the result of their successful work. The dividend yield
in 2019 equals 3.0%, and the payout ratio will reach the announced target level
of 60%.
Revenue and earnings development in the segments
In 2019, revenue in the Airport Segment rose by 7.9% year-on-year to EUR 411.7
million. Segment EBIT improved by 4.2% to EUR 104.0 million. The Handling and
Security Services Segment registered a slight 1.8% rise in revenue to EUR 166.3
million. As a result of the revenue increase and savings which were realised,
EBIT generated by the Handling and Security Services Segment improved to EUR 7.3
million, up 224.5%. This segment also includes the security services of VIAS as
well as the handling services provided by Vienna Aircraft Handling (VAH) and
Vienna Passenger Handling Services (VPHS). The Retail & Properties Segment
reported a significant revenue increase of 11.1% in 2019 to EUR 162.6 million.
Segment EBIT totalled EUR 85.6 million, up 17.1%. Revenue of the Malta Segment
climbed 8.8% to EUR 100.3 million in 2019, thus surpassing the threshold of EUR
100 million for the first time, whereas segment EBIT equalled EUR 52.4 million,
comprising an increase of 19.0%. Revenue of the Other Segments was up 3.1% in
2019 to EUR 16.7 million, and segment EBIT amounted to EUR 3.0 million, up 85.6%
from the previous year.
2019: Investments of EUR 171.8 million - 2020: Increase to approx. EUR 230
million
A total of EUR 171.8 million was invested in many ongoing projects in 2019, such
as terminal development, Office Park 4 and the Environmental Fund, but also in
Malta Airport. Investments of about EUR 230 million are planned in the year
2020.
Traffic development in 2019: 31.7 million travellers at Vienna Airport
The number of passengers handled by the Flughafen Wien Group (Vienna Airport and
the strategic foreign investments in Malta Airport and Kosice Airport) in 2019
amounted to 39.5 million, comprising a rise of 15.0% year-on-year. Vienna
Airport registered a total of 31.7 million passengers in the year 2019, thus
handling 17.1% more travellers than in the previous year.
+9.8% passenger growth from 1 January until 27 February 2020
With an increase of +9,8% to 3,976,291 passengers from 1 January until 27
February 2020, the growth pattern at Vienna Airport continues, although a
significant drop has been recorded in the last days of February. Flight to and
from China are currently suspended.
Preliminary Consolidated Financial Statements for 2019
Income Statement
______________________________________________________________________________
|in_EUR_million____|_______________2019|______________2018*|________Change_in_%|
|Revenue___________|______________857.6|______________799.7|_______________+7.2|
|Other operating | 13.7| 12.3| +11.5|
|income____________|___________________|___________________|___________________|
|Operating_income__|______________871.3|______________812.0|_______________+7.3|
|__________________|___________________|___________________|___________________|
|Expenses for | | | |
|consumables and | -41.3| -42.1| -2.0|
|services_used_____|___________________|___________________|___________________|
|Personnel_expenses|_____________-323.2|_____________-301.5|_______________+7.2|
|Other operating | -125.2| -120.4| +4.0|
|expenses__________|___________________|___________________|___________________|
|Impairment/ | | | |
|reversal of | 0.0| -1.1| n.a.|
|impairment losses | | | |
|on_receivables____|___________________|___________________|___________________|
|Proportional share| | | |
|of income from | 3.2| 3.6| -10.9|
|companies recorded| | | |
|at_equity_________|___________________|___________________|___________________|
|Earnings before | | | |
|interest, taxes, | | | |
|depreciation and | 384.8| 350.4| +9.8|
|amortisation | | | |
|(EBITDA)__________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Depreciation and | -130.7| -129.6| +0.9|
|amortisation______|___________________|___________________|___________________|
|Impairment________|_______________-1.8|________________0.0|_______________n.a.|
|Earnings before | | | |
|interest and taxes| 252.3| 220.8| +14.3|
|(EBIT)____________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Income from | | | |
|investments, | | | |
|excluding | 0.7| 0.3| +109.5|
|companies recorded| | | |
|at_equity_________|___________________|___________________|___________________|
|Interest_income___|________________2.2|________________2.0|_______________+8.9|
|Interest_expense__|______________-17.9|______________-15.9|______________+13.2|
|Other financial | 0.6| 1.0| -38.8|
|result____________|___________________|___________________|___________________|
|Financial_result__|______________-14.4|______________-12.5|______________-15.3|
|__________________|___________________|___________________|___________________|
|Earnings before | 237.9| 208.3| +14.2|
|taxes_(EBT)_______|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Income_taxes______|______________-62.2|______________-56.4|______________+10.2|
|Net profit for the| 175.7| 151.9| +15.7|
|period____________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Thereof | | | |
|attributable_to:__|___________________|___________________|___________________|
|Equity holders of | 158.9| 137.3| +15.7|
|the_parent________|___________________|___________________|___________________|
|Non-controlling | 16.8| 14.6| +15.3|
|interests_________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Earnings per share| | | |
|(in EUR, basic = | 1.89| 1.63| +15.7|
|diluted)__________|___________________|___________________|___________________|
*Application of IFRS 16 since January 1, 2019: No adjustment to the prior-year
period
Balance Sheet Indicators
______________________________________________________________________________
|in_EUR_million____|_________31.12.2019|________31.12.2018*|_________Change_in%|
|ASSETS:___________|___________________|___________________|___________________|
|Non-current_assets|____________1,999.6|____________1,957.2|_______________+2.2|
|Current_assets____|______________301.1|______________200.9|______________+49.9|
|__________________|___________________|___________________|___________________|
|LIABILITIES:______|___________________|___________________|___________________|
|Equity____________|____________1,380.9|____________1,297.0|_______________+6.5|
|Non-current | 572.5| 549.3| +4.2|
|liabilities_______|___________________|___________________|___________________|
|Current | 347.2| 311.8| +11.4|
|liabilities_______|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Total_assets______|____________2,300.6|____________2,158.1|_______________+6.6|
|__________________|___________________|___________________|___________________|
|Net_debt**________|_______________81.4|______________198.2|______________-58.9|
|Gearing_(in%)**___|________________5.9|_______________15.3|_______________n.a.|
Cashflow Rechnung
______________________________________________________________________________
|in_EUR_million____|_______________2019|______________2018*|_______Veränd._in_%|
|Net cash flow from| | | |
|operating | 373.0| 291.2| +28.1|
|activities________|___________________|___________________|___________________|
|investing | -176.1| -198.8| -11.4|
|activities________|___________________|___________________|___________________|
|financing | -142.3| -110.2| +29.1|
|activities________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Free_cash_flow____|______________196.9|_______________92.4|_____________+113.3|
|__________________|___________________|___________________|___________________|
|CAPEX***__________|______________171.8|______________165.7|_______________+3.7|
* Application of IFRS 16 since January 1, 2019: No adjustment to the prior-year
period
** Net debt and gearing as of 1.1.2019: Beginning of the year adjusted for lease
liabilities according to IFRS 16
*** excluding financial assets
The Annual Report of Flughafen Wien AG for 2019, from January 1 to December 31
2019, will be available to the general public on the Internet at
http://viennaairport.com/en/company/investor_relations/publications_and_reports
[http://viennaairport.com/en/company/investor_relations/
publications_and_reports]
end of April 2020.
Vienna Airport, March 2, 2020
The Management Board
Further inquiry note:
Contact: Corporate Communications Flughafen Wien AG
Press Office
Peter Kleemann, Company Spokesman
Tel.: (+43-1-) 7007-23000
E-Mail: p.kleemann@viennaairport.com
Website: www.viennaairport.com
Investor Relations
Christian Schmidt
Tel.: (+43-1-) 7007-23126
E-mail: christian.schmidt@viennaairport.com
end of announcement euro adhoc
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