EANS-News: Flughafen Wien AG on the 2014 Financial Year: Significant Earnings Improvement despite Strong Crisis-Related Headwinds

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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