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1957 1967 1977 1987 1997 2007 Austrian Airlines Group Annual Austrian Airlines Group Annual Report 2007 Highlights 2007 1957 1967 1977 1987 1997 2007 2007 – Successful Year of Transition Restructuring programme increases offensive strength of Group > Long-haul redimensioning – closure of unprofitable routes > Harmonisation of long-haul fleet completed with removal of all Airbus aircraft 50 Years Austrian 50 Years Focus East strategy takes effect > Continuous strengthening of Group’s position in CEE as extended core market > Expansion of capacity in short- and medium-haul segment – three new destinations – 8.5% increase in capacity (ASK) > Traffic growth of 11.1% in short- and medium-haul segment (RPK), significantly higher than capacity increase > Passenger numbers on scheduled services increase by 4.2% overall despite reduction in long-haul flights Net result positive > Net result improves by EUR 133.2m to reach EUR 3.3m > Positive EBIT of EUR 25.6 million despite record highs in fuel prices > Load factor improves: passenger load factor (scheduled services) rises to 75.1% (+1.0P.) > Numerous process improvements > Internal communications consolidated by move to new Group Head Office at Vienna Airport Ongoing product improvements > Introduction of new services such as Web Check-in and greater legroom on Fokker fleet produces wide-ranging quality and product improvements > Standardised and exclusive DO & CO catering Austrian Airlines Group Annual Report 2007 Annual Airlines Group Austrian www.austrian.com Austrian Airlines Group Annual Report 2007 Highlights 2007 1957 1967 1977 1987 1997 2007 2007 – Successful Year of Transition Restructuring programme increases offensive strength of Group > Long-haul redimensioning – closure of unprofitable routes > Harmonisation of long-haul fleet completed with removal of all Airbus aircraft 50 Years Austrian 50 Years Focus East strategy takes effect > Continuous strengthening of Group’s position in CEE as extended core market > Expansion of capacity in short- and medium-haul segment – three new destinations – 8.5% increase in capacity (ASK) > Traffic growth of 11.1% in short- and medium-haul segment (RPK), significantly higher than capacity increase > Passenger numbers on scheduled services increase by 4.2% overall despite reduction in long-haul flights Net result positive > Net result improves by EUR 133.2m to reach EUR 3.3m > Positive EBIT of EUR 25.6 million despite record highs in fuel prices > Load factor improves: passenger load factor (scheduled services) rises to 75.1% (+1.0P.) > Numerous process improvements > Internal communications consolidated by move to new Group Head Office at Vienna Airport Ongoing product improvements > Introduction of new services such as Web Check-in and greater legroom on Fokker fleet produces wide-ranging quality and product improvements > Standardised and exclusive DO & CO catering Austrian Airlines Group Annual Report 2007 Annual Airlines Group Austrian www.austrian.com The history of Austrian air travel is Contents inexorably linked with the corporate Key Figures history of Austrian Airlines. Dr. Hans Magenschab, a well-known Austrian historian, takes a look back at the early years of the company and embarks on an interesting journey through 50 years of aviation Business Performance (IFRS) 2007 2006 +/–% 2005 2004 2004 2003 1 Highlights2 The Group6 New Direction16 Top ClearlyQuality22 Corporate Confirmed as Success34 AustrianManagement Factor42 Airlines Management and on66 Control theResources ReportCapital77 Consolidated andMarket Services82 Notes Financial126 Glossary Statements in Austria – and 50 years of Austrian restated1 Airlines. Flight revenue EURm 2,368.6 2.458.8 –3.7 2,260.5 2,087.0 2,087.0 1,906.4 Operating revenue2 EURm 2,550.9 2.662.8 –4.2 2,485.8 2,357.9 2,363.5 2,242.7 Dr. Hans Magenschab is a historian, publicist and Operating result = EBIT EURm 25.6 –89.0 – –100.0 74.4 79.4 63.3 author. He was editor-in-chief of the magazines Operating cash flow EURm 276.1 360.2 –23.3 259.8 210.4 184.2 345.2 “Furche” and “Wochenpresse”, after which he be- Highlights 1Resources and Services 66 ROTGA3 % 6.6 5.4 1.2P. 5.2 5.9 5.9 6.2 Fleet 66 came press speaker for Austrian Federal President Cash Value Added (CVA)4 EURm –77.8 –114.9 – –165.0 –207.0 –207.0 –194.8 The Group 2 Human Resources 69 Thomas Klestil for a number of years, accom- panying the President on numerous state visits Change in CVA EURm 37.1 50.1 – 42.0 –12.2 –12.2 –85.0 Corporate Profile 2 Corporate Responsibility 73 around he world. He now manages the editorial team of cultural magazine “morgen”. Hans Magen- Shareholders’ equity 31.12. EURm 786.5 784.8 0.2 565.6 686.4 630.9 604.5 New Direction Clearly Confirmed 6Consolidated Financial Statements 77 schab has designed numerous cultural and political Net Gearing5 % 125.0 129.4 4.4P. 296.1 254.8 277.2 266.2 TV and radio broadcasts on ORF, and published a A Word with the Board of Management 6 IFRS Consolidated Income Statement 78 Investments and downpayments EURm 210.6 194.7 8.2 293.4 267.9 205.7 201.0 Clear Strategy 9 IFRS Consolidated Balance Sheet 79 number of books, primarily historical treatises. Personnel (average) 8,031 8,582 –6.4 8,468 7,662 7,662 7,167 Milestones in Restructuring 14 IFRS Consolidated Statement of Changes in Shareholders’ Equity 80 Capital market figures Top Quality as Success Factor 16 IFRS Consolidated Cash Flow Statement 81 Product and Service 16 Contacts „Reuters code“ AUAV.VI Investor Relations Notes 82 Earnings per share EUR 0.03 –3.55 – –4.05 1.34 1.24 1.42 Tel.: +43 (0)5 1766 13311 Corporate Management and Control 22 Introduction 82 Diluted earings per share6 EUR 0.03 –3.55 – –4.05 1.27 1.18 1.35 Fax: +43 (0)5 1766 13899 Corporate Governance 22 Notes to the Consolidated Income 7 E-Mail: [email protected] Dividend EUR – – – – – – – Corporate Bodies 24 Statement 82 Internet: www.austrian.com Market capitalisation 31.12.8 EURm 522.0 616.4 –15.3 212.2 312.0 312.0 210.6 Report of the Supervisory Board 28 Notes to the Consolidated Balance Sheet 91 Online Annual Report: Quality, Opportunity and Risk Management 30 Auditor’s Report 122 www.austrian.com/bericht2007 Equity Interests 124 Traffic statistics (scheduled and charter traffic) Austrian Airlines on the Capital Market 34 Group Structure 125 Communications Passengers carried9 (000) 10,832.3 10,834.7 0.0 10,119.8 9,404.9 9,404.9 8,479.4 Austrian Airlines Shares 34 Tel.: +43 (0)5 1766 11231 of which on sheduled flights (000) 9,480.5 9,095.8 4.2 8,316.1 7,823.8 7,823.8 7,051.7 Investor Relations 38 Glossary 126 Fax: +43 (0)5 1766 511231 10 Contacts Cover Passenger load factor (scheduled services) % 75.1 74.1 1.0P. 73.8 72.1 72.1 71.3 E-Mail: [email protected] Management Report 42 Key Figures Cover ATK per employee11 (000) 429.4 492.9 –12.9 490.3 513.2 513.2 470.9 Business Development 2007 42 Aircraft 98 105 –6.7 106 97 97 88 Austrian Airlines Head Office Segments 51 1300 Vienna-Airport, Office Park 2 Outlook 62 Tel.: +43 (0)5 1766 0 Fax: +43 (0)5 1766 5000 1 Restated; please see Note 3 for details of the adjustment in the Annual Report 2005 (retrospective application of the component approach). 2 Internet: www.austrian.com Operating revenue: total turnover plus changes in inventories, services rendered for own account and carried as fixed assets and other operative revenues. 3 Return on Total Gross Assets (ROTGA): EBITDAR in relation to Total Gross Assets (= assets at acquisition cost minus non-interest-bearing debt). Reservation and Information 4 Cash Value Added (CVA): (ROTGA minus WACC) x Total Gross Assets (= assets at acquisition cost minus non-interest-bearing debt). Disclaimer Imprint 5 Net Gearing: long-term debt excl. provisions and tax accruals/deferrals minus cash-like items, in relation to shareholders’ equity. We have prepared this Annual Report and audited the data therein with The move to the new Group Head Office at Vienna Airport in September Tel.: +43 (0)5 1766 1000 6 the greatest possible level of diligence. Despite this, the possibility of 2007 not only brought a change in business address, but also saw the of- Internet: www.austrian.com Adjusted by average number of own shares held by the company. errors in rounding, setting or printing cannot be excluded. ficial title of the group parent company change to “Austrian Airlines AG”. 7 Dividend 2007: due to the balanced result of the parent company, payment of a dividend is not allowed; dividend 2006: due to the negative net result Publisher: Austrian Airlines, Office Park 2, 1300 Vienna-Airport This Annual Report also includes estimations and conclusions relating to Editorial advice: be.public Werbung Finanzkommunikation of the parent company, payment of a dividend is not allowed. 8 the future, which we have reached on the strength of all the information Design: Austrian Airlines Brand Management If you would like further information Adjusted to account for 1.7m bought-back shares from 2002 and considering the number of shares newly-issued as a result of the capital increase available to us at the time of going to press. As a rule, these conclusions Translation: Tim Martinz-Lywood, European Exchange Ltd. about the Miles & More frequent flyer in 2006 and adjusted by 462,000 bought-back shares from 2007 onwards. relating to the future are phrased using terms such as “expect”, “esti- Typesetting, lithography and production: Eurografik 9 Passengers carried: number of revenue passengers carried on individual flights.
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