Annual Report 2001 - Flughafen Wien

Financial, Asset and Capital Structure
Further growth in equity ratio, provision created for restructuring
Assets
___At € 542.8 million for 2001, non-current assets exceeded the prior year level by 1.7%.
Despite the adjustment of our capital expenditure programme to reflect slower traffic development,
investment exceeded depreciation so that fixed and financial assets increased by
2.8% to € 515.9 million. A reduction of € 5.1 million in deferred taxes to € 26.8 million is related
to the realisation of tax benefits associated with the employee fund and a decline in the
provisions for pensions.
___Current assets increased by 0.2% to € 217.2 million. Due to the interest rate environment,
marketable securities were sold and the proceeds deposited with financial institutions. In
total, cash and cash equivalents declined by 4.4% to € 172.4 million.
Equity and Liabilities
___Profit for the year, less dividends, led to an increase of 3.7 % in equity to € 532.4 million.
The equity ratio increased from 68.5% to 70.1% during the reporting year. Long-term debt fell
by 11.9% to € 129.7 million. The voluntary settlement of pension claims led to a reduction of
€ 16.5 million in the provision for pensions. At the same time, provisions were created for
part-time work for older employees (€ 2.9 million) and future personnel restructuring costs
(€ 8.8 million).
___Current liabilities rose by 9.0% to € 97.7 million, primarily due to an increase in the provision
for services not yet invoiced and amounts due to suppliers.
Cash Flow
___Net cash flow from operating activities decreased by 2.6% to € 98.3 million as a result of
the decline in turnover.
___Higher investment led to a 114.9% increase in the net outflow of funds from investing
activities compared to the previous year.
___In contrast, cash outflows from financing activities declined from € 124.4 million in the prior
year to € 43.4 million for 2001. This decrease resulted from the stock repurchase programme,
which was concluded in 2000 and totalled € 94.5 million. Lower cash outflows in
this area were offset to a limited extent by a € 10.5 million increase in the dividend to € 44.1
million for the reporting year.
___Cash-based changes to cash and cash equivalents totalled € -2.6 million. Non-cash changes
of € -5.3 million resulted chiefly from the accounting treatment of securities. As of
31 December 2001, cash and cash equivalents totalled € 172.4 million.
___Equity covered 98.1% of non-current assets and 103.2% of fixed and financial assets as of
year-end 2001. The high equity ratio of 70.1% forms a sound basis for planned capital expenditure
to expand the airport and acquire strategic financial investments.
42 Status Report
Annual Report 2001