EANS-News: Flughafen Wien AG on the 2015 Financial Year: Strong Earnings
Improvement to EUR 100.4 Million (+ 21.8 %)
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annual result/preliminary financial results 2015
Flughafen Wien AG on the 2015 Financial Year: Strong Earnings Improvement to EUR
100.4 Million (+ 21.8 %) - Best Results in the Company's History Despite
Headwinds from Numerous Trouble Spots
Dividend proposal: increase to EUR 2.00 per share (+21.2% from EUR 1.65 in 2014)
- Positive outlook for 2016
* REVENUE up to EUR 654.4 million (+3.8%), EBITDA up to EUR 275.2 million
(+10.0%)
* NET PROFIT FOR THE PERIOD*) rose significantly to EUR 100.4 million (+21.8%)
* NET DEBT further reduced to EUR 466.0 million (down EUR 40.2 million from
2014)
* INVESTMENTS of EUR 79.9 million in 2015, EUR 95 million targeted for 2016
* POSITIVE OUTLOOK for 2016: revenue is expected to rise to over EUR 675
million, net profit for the period to surpass EUR 105 Million
*) Net profit after non-controlling interests
The Flughafen Wien Group reported a substantial improvement in results against
the backdrop of a challenging year characterized by crisis-related declines in
traffic and strikes as well as passenger growth on long-haul routes, along with
new airlines and destinations. In the 2015 financial year, revenue was up 3.8%,
EBITDA climbed by 10.0%, the net profit for the period rose 21.8% and net debt
was reduced to EUR 466.0 million. A dividend of EUR 2.00 per share will be
proposed for 2015 to the Annual General Meeting, a rise of 21.2% from the prior-
year dividend.
The outlook for the year 2016 is also positive. Flughafen Wien AG expects
passenger growth of between 0% and 2%. Revenue should climb to more than EUR 675
million and EBITDA is expected to surpass EUR 280 million. From today's
perspective, the consolidated net profit for the period should reach a level of
more than EUR 105 million, and net debt should be further reduced below the EUR
400 million threshold.
"Vienna Airport is in an economically strong position. Productivity has
increased by about 30% over the last five years. In spite of headwinds from
numerous crisis areas, Flughafen Wien AG generated the best business results in
the company's history. We expect growth in revenue and earnings once again in
2016. The Airport City expanded over the past year with five companies locating
their business operations here, and construction is now starting on the new Moxy
Hotel scheduled to be opened in 2017. Other potential partners are already
displaying a keen interest in the airport as a real estate location", explains
Günther Ofner, Member of the Management Board of Flughafen Wien AG.
"2015 was a challenging year for the aviation sector, which was shaped by
developments in various crisis regions and strike situations, but in particular
also showed growth. In 2015 we set a new record of 22.8 million passengers, and
reported a strong increase on long-haul routes. Our shopping and gastronomy
business also developed very well, with revenue up 6.9%. We are optimistic about
the year 2016. Several new flight connections and new airlines are already
definite, including Air India flights to Delhi, as was recently announced. All
in all, we anticipate an increase in passenger volume of between 0% and 2%",
says Julian Jäger, Member of the Management Board of Flughafen Wien AG.
Dividend increase to EUR 2.00 per share
Thanks to the good business development in 2015, the Annual General Meeting
scheduled for May 31, 2016 will be asked to approve a higher dividend of EUR
2.00 per share (2014: EUR 1.65) or a total dividend payout of EUR 42 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 2015 financial year
equals about 2.3% based on the share price as of December 31, 2015, and the
dividend payout ratio comprises 41.8% of the net profit after non-controlling
interests.
Revenue and earnings development in the segments
Revenue in the Airport Segment rose by 4.4% year-on-year to EUR 359.2 million.
EBIT improved by 17.0% to EUR 53.5 million. The Handling Segment registered a
3.8% rise in revenue to EUR 151.3 million, with EBIT generated by this segment
at a level of EUR 11.5 million (-5.4%). This also includes the security Services
of VIAS as well as the handling services provided by Vienna Aircraft Handling
VAH). The Retail & Properties Segment developed positively once again in 2015,
with revenue up 3.6% to EUR 128.2 million. This growth was mainly driven by
higher income from shopping and gastronomy. Segment EBIT totaled EUR 68.9
million, comprising an increase of 16.8%. Revenue in the Other Segments fell
by 5.7% to EUR 15.6 million, with EBIT at EUR 9.0 million in the 2015 financial
year.
Investments
Of the total investments amounting to EUR 79.9 million in 2015, EUR 13.3 million
related to work on taxiways, whereas EUR 10.0 million was for winter services
and equipment storage halls, while further investments were also made in
connection with the 3rd Runway, special vehicles, IT equipment and explosive
trace detectors. Total investments in the year 2016 are targeted to be at a
level of approx. EUR 95 million.
Good traffic development in 2015 - Slightly optimistic for 2016
The year 2015 developed well with respect to passenger development. Vienna
Airport achieved a new passenger record of 22.8 million passengers, a rise of
1.3% year-on-year. In particular, new long-haul flight connections and frequency
increases by the airlines had a positive impact on passenger volume. In
contrast, the crisis situation in Russia negatively affected the business. The
total number of flight movements (departures and arrivals) fell slightly by
1.7%, and the average seat occupancy (seat load factor) was also down by 0.7
percentage points to 74.3%. Cargo volume showed a marginal drop of 1.8% to
272,575 tonnes. A total of 75 airlines regularly served Vienna Airport in 2015,
flying to a total of 181 destinations in 73 countries.
Flughafen Wien AG expects the number of passengers handled by Vienna Airport to
increase in 2016, rising by between 0% and 2% compared to 2015. The company
anticipates a stable development in the number of flight movements of between -
1% and 0%. From today's perspective, new flight connections, for example to
Shanghai (CN), Bari (IT), Havana (CU) and Isfahan (IR) by Austrian Airlines and
to Faro (PT), Split and Dubrovnik (HR) by NIKI, as well as frequency increases
and flight service launched by Air India, easyJet, Eurowings, People?s
Viennaline, SAS, SunExpress, Transavia, and Vueling to various destinations
should provide impetus to growth.
Preliminary Consolidated Financial Statements**)
Income Statement
in EUR million 2015 2014 Change in %
Revenue 654.4 630.2 3.8
Other operating
income 7.4 16.1 -53.9
Operating income 661.8 646.3 2.4
Consumables and
services used -34.2 -38.9 -12.2
Personnel expenses -260.6 -254.1 2.6
Other operating
expenses -91.9 -103.1 -10.8
Earnings before
interest, taxes,
depreciation and
amortisation
(EBITDA) 275.2 250.2 10.0
Depreciation and
amortisation -134.3 -130.4 2.9
Reversal of
impairment loss 2.0 0.0 n.a.
Earnings before
interest and taxes
(EBIT) 142.9 119.8 19.3
Income before
investments excl.
companies at equity 0.3 0.1 89.9
Interest income 1.6 0.9 73.5
Interest expense -22.3 -24.2 -7.7
Other financial
results -0.1 0.1 n.a.
Financial results
excl. companies at
equity -20.6 -23.1 -10.7
Results from sale
of equity-accounted
investments/
companies 0.0 2.3 -100.0
Result from
companies accounted
for using the
equity method 8.6 7.7 11.2
Financial results -12.0 -13.1 -8.2
Earnings before
taxes (EBT) 130.9 106.7 22.7
Income taxes -30.5 -24.8 23.1
Net profit for the
period 100.4 81.9 22.5
Therefor
attributetable to:
Equity holders of
the parent 100.4 82.5 21.8
Non-controlling
interests -0.0 -0.5 -98.9
Earnings before
share (in EUR,
basic = diluted 4.78 3.93 21.8
Balance sheet indicators
in EUR million 2015 2014 Change in %
ASSETS:
Non-current assets 1,748.6 1,803.4 -3.0
Current assets 161.1 88.8 81.4
EQUITY AND
LIABILITIES:
Equity 1,020.0 952.5 7.1
Non-current
liabilities 579.1 672.2 -13.9
Current liabilities 310.6 267.5 16.1
Balance sheet total 1,909.7 1,892.2 0.9
Net debt 466.0 506.2 -7.9
Gearing (in %) 45.7 53.1 -7.4 %p
Cash flow Statement
in EUR million 2015 2014 Change in %
Cash flow from
operating
activities 228.4 220.6 3.5
from investing
activities -146.9 -67.5 117.8
from financial
activities -79.1 -154.8 -48.9
Free cash flow 81.5 153.1 -46.8
CAPEX 79.9 75.1 6.4
**) All amounts and financial indicators are related to the preliminary results
of Flughafen Wien AG for 2015.
The full annual report by Flughafen Wien AG on the 2015 financial year from 1
January to 31 December 2015 will be published at the end of April 2016 and be
available under http://www.viennaairport.com/unternehmen/investor_relations menu
point - Publications and reports - subpoint - Annual reports or Financial
reports respectively.
The Management Board
Vienna Airport, March 2, 2016
Contact:
Corporate Communications at Flughafen Wien AG
Press Office:
Peter Kleemann (+43-1-) 7007-23000, p.kleemann@viennaairport.com
Clemens Schleinzer (+43-1-) 7007-22399, c.schleinzer@viennaairport.com
Stefanie Tomanek (+43-1-) 7007-26939, s.tomanek@viennaairport.com
Investor Relations:
Judit Helenyi (+43-1-)7007-23126, j.helenyi@viennaairport.com
Mario Santi (+43-1-) 7007-22826, m.santi@viennaairport.comwww.viennaairport.com
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
Company Information/Traffic / Outlook Flughafen Wien 2015: New Passenger Record of 22.8 Million (+ 1.3%) - Optimistic Outlook for 2016 * 22.8 million passengers (+1.3%) at Vienna Airport in 2015 * Forecast for 2016: Passenger development of 0% to +2% * Service initiative has a positive impact: 4-Star ranking and ...