Annual Report 2001 - Flughafen Wien

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Annual Report 2001 Development of Turnover in € mill. Airport 2001 136.2 2000 137.4 1999 132.1 Handling 2001 111.0 2000 117.9 1999 108.3 Non-Aviation 2001 72.7 2000 71.7 1999 72.0 Total 2001 320.1 2000 327.4 1999 312.6 Not allocated: 2001 0.3 2000 0.4 1999 0.2 Structure of Group Turnover 2001 Handling 34.7% Airport 42.5% Non-Aviation 22.7% Status Report 39
Earnings Slight drop in earnings after three record years ___After three record years in succession, the Flughafen Wien Group registered lower earnings for 2001. Earnings before interest and tax (EBIT) fell by 8.5% to € 85.2 million, profit before tax (EBT) decreased by 5.5% to € 96.9 million, and profit for the year declined by 9.3% to € 66.3 million. This development was triggered by global economic weakness as well as the events of 11 September and subsequent difficulties in the airline industry, all of which had a negative impact on traffic development. Measures to reduce personnel expenses had a positive effect, but the significant drop in traffic during the fourth quarter caused productivity per employee to decline by 3.1% for the first time in years. Operating expenses rose by a total of 0.9% to € 243.5 million. ___The cost of materials and other expenses fell by 7.7%. The relatively mild winter, with the exception of December 2001, led to lower use of de-icing materials. Expenses for fuel increased, but the use of other supplies declined. In total, the cost of materials fell by 5.8%. Expenses for energy (electricity and heat) decreased by 3.5%, and services purchased for customer orders and handling dropped by 44.1%. ___The creation of a € 8.8 million provision for future restructuring costs led to an increase of 4.9% in personnel expenses to € 139.7 million. Planned measures include the negotiation of new collective bargaining agreements, increase in employee mobility, and early retirement. These actions are expected to lead to a long-term decrease in personnel costs beginning in 2002. Without this special item, personnel expenses declined by 1.7% in spite of an increase mandated by the collective bargaining agreement. The voluntary settlement of pension claims for a majority of the retired workforce was a decisive factor in this long-term reduction. Other operating expenses rose by 0.9% as a result of higher costs for the mediation process, consulting, and third-party services. ___Earnings before interest and tax (EBIT) declined by € 7.9 million or 8.5% to € 85.2 million. This led to a reduction in the EBIT margin from 27.9% in 2000 to 25.9% for the reporting year. The airport segment generated € 66.1 million of Group EBIT, the handling segment € 21.8 million, and the non-aviation segment € 31.2 million. The loss recorded by the “other” increased from € 25.3 million to € 33.8 million as a result of the provision for restructuring costs. This cost centre includes central staff functions and general administration expenses. Key drivers for Group EBIT are a high share of the ground handling market, good revenue from the non-aviation segment, and the general development of expenses. ___During the reporting year, financial results increased by € 2.2 million, or 23.2%, to € 11.7 million. This improvement was supported primarily by write-offs of € 8.6 million to financial assets and current securities in the prior year. A lower investment volume, which resulted from the stock repurchase programme in late 2000, led to a € 7.7 million decrease in interest income to € 10.3 million. ___Profit before tax (EBT) declined by 5.5% to € 96.9 million. Taxes increased by 16.9% to € 30.6 million in 2001, although EBT remained below the prior year level. The tax rate for 2000 was unusually low because of transactions related to the employee fund and, furthermore, the corporate investment allowance was retracted in 2001. These factors led to an increase in the tax burden from 26.4% in the prior year to 31.5%, which is still below the Austrian corporate tax rate of 34% due to aperiodic duties and tax-exempt income from holdings. At € 66.3 million, profit for the year is 9.3% below the 2000 level. Earnings per share total € 3.16 (2000: € 3.48). 40 Status Report Annual Report 2001
Page 1 and 2: Reply Card Yes, I want to receive i
Page 3 and 4: Reply Card Yes, I want to receive i
Page 5 and 6: Key Traffic Figures 2001 Change vs.
Page 7 and 8: Abmeier Susan Abraham Jürgen Abrah
Page 9 and 10: Fritz Zeitelhofer Department V, Ram
Page 12 and 13: Edith Schoberwalter VIAS, Person an
Page 15 and 16: Michael Rziha Department V, Loader
Page 19: Thomas Götzinger Department SZ, Se
Page 23 and 24: Structure of the Flughafen Wien Gro
Page 25 and 26: Statement by the Management Board D
Page 27 and 28: ___We have also recognised the incr
Page 29 and 30: The Aviation Business Basics of the
Page 31 and 32: Success Factors of Vienna Internati
Page 33 and 34: Flight movements forecasts in thous
Page 35 and 36: Customer Service ___Another factor
Page 37 and 38: Flughafen Wien Shares Poor performa
Page 39 and 40: Corporate Governance ___It is with
Page 41 and 42: Status Report 2001 The Business Env
Page 43: Turnover Slight decline in Airport
Page 47 and 48: Financial, Asset and Capital Struct
Page 49 and 50: Corporate spending Investments doub
Page 51 and 52: Outlook Flexible expansion plans, n
Page 53 and 54: Segments of Business in Detail The
Page 55 and 56: Outlook ___For 2002 we forecast dec
Page 57 and 58: The Handling Segment Stagnating tra
Page 59 and 60: Investments ___The replacement of v
Page 61 and 62: Shopping ___Innovative services led
Page 63 and 64: Investments ___During the reporting
Page 65 and 66: Employees The development and motiv
Page 67 and 68: Environmental Statement Lower noise
Page 69 and 70: Communications Challenges mastered
Page 71 and 72: Michael Dörfler Department T, Repa
Page 76: Andrea Kainrath Department U, Envir
Page 79 and 80: Consolidated Income Statement for t
Page 81 and 82: Consolidated Cash Flow Statement fo
Page 83 and 84: Notes to the Consolidated Financial
Page 85 and 86: Financial Assets ___Shares in subsi
Page 87 and 88: (2) Personnel expenses in T€ 2001
Page 89 and 90: Notes to the Consolidated Balance S
Page 91 and 92: Deferred tax assets or provisions w
Page 93 and 94: Provisions for severance compensati
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(23) Other non-current liabilities
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Segment Results for 2001 Nonin T€
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(30) Financing Instruments Primary
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Major differences between IAS and A
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Subsidiaries of Flughafen Wien AG A
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Subsidiaries of Flughafen Wien AG (
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3. Investments not included in the
Page 109:
Who is Who Members of the Superviso
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Annual Report 2001 - Flughafen Wien

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