Annual Report 2001 - Flughafen Wien

Flughafen Wien Shares
Poor performance in aviation stocks after 11 September
Flughafen Wien shares follow the trend
___Any review of 2001 – also in the financial world – is overshadowed by the terrorist attacks
in September. The background to capital markets was, however, difficult even before this
date. The slowdown in worldwide economic growth and fading enthusiasm for the so-called
New Economy issues had started to exert pressure on both stock and bond markets in mid-
2000. Even the significant reductions in interest rates by central banks – 11 by the US Federal
Reserve (from 6.5% to 1.75%) and 4 by the ECB (from 4.75% to 3.25%) – were unable to prevent
the retreat of investors faced with sharp declines in corporate profits. Uncertainty over
the impact of the terror crisis accelerated this downward trend and led to heavy selling on
international markets over the short-term. Strong action by the USA to increase confidence
and support the economy helped capital markets regain lost ground by year-end, but this is
not viewed as a guarantee for economic recovery in 2002.
___All major indexes showed declines for the year: the Dow Jones lost 7.1% and the DAX
nearly 20%. Only the Vienna market was able to escape this trend and actually gain 6.3%. The
aviation industry was faced with difficulties caused by a crisis of confidence after the events of
11 September. In this negative environment, Flughafen Wien shares declined by 25%. Consistently
high earnings per share of € 3.16 and an attractive dividend yield of 6.3% (price at yearend),
combined with open communication to shareholders, provide a solid foundation for the
future development of Flughafen Wien stock.
Market listing for 5,475,000 shares of bearer common stock
of Flughafen Wien AG
___At the tenth annual general meeting of Flughafen Wien AG on 15 November 2000 a resolution
was passed approving the conversion of all 5,475,000 registered shares of common
stock to bearer shares. The share capital of the Company, which totals € 152,670,000 is now
divided into 21,000,000 shares of bearer stock. On 18 December 2001 the Vienna Stock
Exchange (“Wiener Börse AG”) approved the listing of this voting stock, which represents a
calculatory amount of € 7.27 per share of the total share capital of Flughafen Wien AG.
Trading on the Vienna Stock Exchange began on 27 December 2001.
___In 2001 the turnover of Flughafen Wien shares on the Vienna Stock Exchange totalled
€ 556 million (2000: € 537 mill.). On the Austrian Futures and Options Exchange (ÖTOB)
28,799 contracts (2000: 38,290) were traded with a total value of approximately € 103 million
(2000: € 149 mill.), ranking our shares thirteenth according to trading volume (2000: 9 th ).
Flughafen Wien stock is traded over-the-counter on the Vienna Stock Exchange, and is a core
share in both the ATX and ÖTOB. Based on market capitalization at year-end, Flughafen Wien
was the 11 th largest stock traded in Vienna with an ATX weighting of 5.2%.
32 Shares
Annual Report 2001