euro adhoc: Austrian Airlines AG
Austrian Airlines Group develops
Specialist Profile and continues with broad-based Offensive (E)
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
Change in trend in final four months of 2003 produces EBIT growth to EUR 63.3m
Annual Result of Austrian Airlines Group for 2003
A range of factors - including a marked improvement in passenger volume based on innovative marketing campaigns against the background of a revival in economic activity in the final four months of last year, a policy of consistent reduction in unit costs and active management of currencies, interest rates and risk - combined to produce a clear improvement in EBIT in the financial year 2003 compared to 2002.
The EBIT of the Group increased strongly by EUR 21.9m or 52.9 %, from EUR 41.4m in 2002 to EUR 63.3m last year, while also achieving a sharp improvement in profit before tax, from EUR 4.2m in 2002 to EUR 25.7m last year. Once again, the Austrian Airlines Group generated a strong cash flow from operating activities of EUR 345.2m. Even compared to last years record figure of 70.5 %, the Group succeeded in increasing its passenger load factor on scheduled services further still to the new record of 71.3 %.
In an analysis of the trend of the Austrian Airlines Group, Chief Executive Officer Vagn Soerensen made the following statement: "Despite the tough conditions in the first six months of 2003, we managed to increase our EBIT by over 50 % last year and to continue to reduce liabilities and thereby our net gearing. While we were still concentrating on the reorganisation of the Group in 2002, we were able to devote the 2003 financial year to the optimisation of our structures and processes, increasing our ability to withstand crises and to broad market offensives. We are now the clear number one provider of flights and aviation services heading into Central and Eastern Europe, and will take advantage of the eastward expansion of the European Union to expand rapidly. The turnaround process of our Group regained high speed!"
Comparison of Financial Indicators 2002/2003
~ EURm 2003 2002 + /- abs. + / - % Revenue 2,040.1 2,204.4 -164.3 - 7.5 Operating revenue 2,242.7 2,398.0 -155.3 - 6.5 EBITDAR 420.8 463.2 - 42.4 - 9.2 EBIT 63.3 41.4 + 21.9 +52.9 Profit before tax 25.7 4.2 + 21.5 - Net profit 45.8 42.8 + 3.0 + 7.0 Balance sheet total 3,546.1 3,829.4 -283.3 - 7.4 Interest-bearing liabilities 1,936.0 2,271.6 -335.6 -14.8 Cash flow from operating activities 345.2 520.9 -175.7 -33.7 Equity ratio 17.0 % 14.6 % - - Net gearing 217.0 % 290.4 % - - ~
end of announcement euro adhoc 01.04.2004
Further inquiry note:
Konzernkommunikation:
Johannes Davoras
Johann Jurceka
Tel.: 051766-1231
Investor Relations
Karl Knezourek
Tel.: 051766 - 3328
Branche: Air Transport
ISIN: AT0000620158
WKN: 062015
Index: ATX, ATX Prime, WBI
Börsen: Wiener Börse AG / official dealing