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2012 Annual Report

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2012 Annual Report Annual Report 2012 www.viennaairport.com Flughafen Wien AG vie_cover-1_en.indd 1 06.03.2013 13:16:43 Uhr Key Data on the Flughafen Wien Group vie_Kennzahlen_flappe1_en.indd 2 06.03.2013 13:20:40 Uhr Key Data on the Flughafen Wien Group Financial Indicators Change in € million (excluding employees) 2012 in % 2011 2010 2009 Total revenue 607.4 4.4 582.0 533.8 501.7 Thereof Airport 317.8 7.8 294.6 260.0 226.5 Thereof Handling 153.8 -4.2 160.5 165.2 169.8 Thereof Retail & Properties 119.5 8.0 110.6 93.6 88.8 Thereof Other Segments 16.1 0.2 16.1 14.5 16.2 EBITDA 221.4 17.1 189.0 168.1 166.5 EBITDA margin (in %)1 36.5 - 32.5 31.5 33.2 EBIT 108.0 60.8 67.2 102.3 99.6 EBIT margin (in %)2 17.8 - 11.5 19.2 19.9 ROCE (in %)3 4.9 - 3.2 5.1 5.4 Net profit after non-controlling interests 71.9 127.5 31.6 75.7 73.4 Cash flow from operating activities 179.7 0.4 178.9 169.7 155.5 Equity 851.6 4.9 811.4 823.0 794.8 Equity ratio (in %) 41.3 - 37.7 41.2 42.7 Net debt 719.6 -4.3 751.7 666.3 613.9 Balance sheet total 2,061.8 -4.1 2,150.2 1,998.5 1,860.9 Gearing (in %) 84.5 - 92.6 81.0 77.2 Capital expenditure4 101.2 -61.1 260.2 145.5 223.6 Income taxes 21.4 59.2 13.5 23.0 22.7 Average number of employees for the year5 4,475 -1.1 4,525 4,266 4.148 Number of employees on 31.12. 4,306 -4.3 4,500 4,336 3.925 Definitions: 1) EBITDA margin (Earnings Before Interest, Taxes, Depreciation and Amortisation) = EBIT + depreciation and amortisation / Operating income; 2) EBIT margin (Earnings before Interest and Taxes) = EBIT / Operating income; 3) ROCE (Return on Capital Employed after Tax) = (EBIT less allocated taxes) / Average capital employed; 4) Capital expenditure: Intan- gible assets, property, plant and equipment and prepayments, including corrections to invoices from previous years; 5) Average number of employees for the year: Weighted average number of employees including apprentices and employees on official non-paying leave (maternity, military, etc.) and excluding the Management Board and managing directors; vie_Kennzahlen_EN.indd 3 06.03.2013 13:19:15 Uhr Industry Indicators Change 2012 in % 2011 2010 2009 Passengers (in mill.) 22.2 5.0 21.1 19.7 18.1 Thereof transfer passengers (in mill.) 7.1 8.1 6.5 5.9 5.5 Flight movements 244,650 -0.6 246,157 246,146 243,430 MTOW (in mill. tonnes)6 8.1 -1.7 8.3 8.0 7.3 Cargo (air cargo and trucking; in tonnes) 252,276 -9.2 277,784 295,989 254,006 Seat occupancy (in %)7 73.0 - 69.6 68.9 68.7 Stock Market Indicators Change 2012 in % 2011 2010 2009 Shares outstanding (in mill.) 21 0.0 21 21 21 P/E ratio (per 31.12.) 12.6 -35.4 19.4 14.2 10.0 Earnings per share (in €) 3.42 128.0 1.50 3.61 3.49 Dividend per share (in €)8 1.05 5.0 1.00 2.00 2.10 Dividend yield (as of 31.12.; in %) 2.4 - 3.4 3.9 6.0 Pay-out ratio (as a % of net profit) 30.5 - 66.5 55.5 60.1 Market capitalisation (as of 31.12.; in € mill.) 902.8 47.0 614.3 1,075.8 730.8 Stock price: high (in €) 42.99 -17.3 51.98 51.23 38.84 Stock price: low (in €) 26.04 1.3 25.70 33.11 19.06 Stock price: as of 31.12. (in €) 42.99 47.0 29.25 51.23 34.80 Market weighting ATX Prime 1.1 - 1.0 - - (as of 31.12.; in %)9 6) MTOW: Maximum take-off weight for aircraft; 7) Seat occupancy: Number of passengers/Available number of seats; 8) Dividend 2012: Recommendation to the Annual General Meeting; 9) ATX Prime: The VIE share was reclassified from the ATX to the ATX Prime in March 2011 vie_kennzahlen_2_en.indd 4 06.03.2013 13:21:39 Uhr vie_unternehmensprofil_EN.indd 33 08.03.2013 13:39:36 Uhr content Content 8 ______ Letter to the Shareholders 12 ______ Corporate Strategy 16______ Corporate Profile 17 _ ____ _the Airport Location in Vienna-Schwechat 20_ ____ _Flughafen Wien AG 21 _ ____ _the Segments of Flughafen Wien Group 25 _ ____ _Foreign Investments 25______ _corporate and Financial Management 26 _____ _Growth Drivers and Business Model 34 ______ Responsible Management 40 ______ Employees 46 ______ Investor Relations 54 ______ Corporate Governance Report 67 ______ Report of the Supervisory Board 70 ______ Group Management Report 108 ______ Consolidated Financial Statements 110 ____ _consolidated Income Statement 111 ____ _consolidated Statement of comprehensive Income 112 _ ___ _consolidated Balance Sheet 113 _ ___ _consolidated cash Flow Statement 114 _ ___ _consolidated Statement of changes in equity 116 _ ___ _notes to the consolidated Financial Statements 210 ____ _Statement by the Members of the Management Board 211 ____ _Auditor's Report 213 ______ Glossary > 7 vie_Impress_Inhalt_en.indd 7 08.03.2013 13:37:54 Uhr letter to the shareholders the 2012 financial year, which is the subject of this annual report, was both eventful and successful. the expansion and modernisation of our infrastructure with the parallel con- tinuation of management policies that are focused on cost-savings, productivity impro- vement and debt reduction were the most important challenges during the past year. In all these areas, we made substantial progress. We met our most important business targets an increase in productivity and profitable growth for the Flughafen Wien Group (FWaG) during 2012. the numbers speak for them- selves. Vienna airport set a new record with a year-on-year plus of 5% in the number of passengers to 22.2 million and grew almost three-times faster than the european ave- rage of 1.8%. Particularly striking was the increase of 8.1% in transfer passengers and 12% to destinations in eastern and south-eastern europe. this underscores the growth mo- mentum created by Vienna’s position as a hub for eastern europe. revenue rose by 4.4% year-on year to € 607.4 million and eBITDA by 17.1% to € 221.4 milli- on. Net profit more than doubled with a plus of 129% to € 72.3 million, but it should be noted that the previous year’s earnings were negatively affected by numerous non-recur- ring effects. We not only generated earnings growth in 2012, but also made progress in the areas of capital expenditure and expenses. the terminal extension Check-in 3 was completed at a substantially lower cost than expected last year, not least due to millions in compensation for damages from contractors. a zero-increase salary and wage round that was negotiated with the employee represen- tatives for the period from May 2013 to May 2014 will help to strengthen the company’s > 9 vie_vorstand_en.indd 9 08.03.2013 9:48:51 Uhr letter to the shareholders competitive position. Personnel expenses were cut substantially in 2012 through a reduc- tion in the workforce (minus 194, or 4.3%, year-on-year). the implementation of a central procurement department, synergy effects through the combination of departments and business units and management optimisation made an important contribution to the increase in productivity. In total, operating expenses at FWaG fell 2.2% below the previ- ous year to € 523.4 million in 2012. Net debt was reduced considerably from € 751.7 million at year-end 2011 to € 719.6 million at the end of the reporting year. Gearing – i.e. net debt in relation to equity – improved clearly from 92.6% to 84.5%, which also strengthens FWaG’s excellent credit standing. these sound results represent 12 exciting and challenging months that were only extre- mely successful because of the special commitment and outstanding skills of our emplo- yees. the smooth start of operations in Check-in 3 on 5 June marked a milestone in the history of our – your – company. In a single step, the terminal areas at Vienna airport expanded by 150,000 m² and thus doubling in size. seventeen additional pier positions make boarding easier for passengers, and the new central control point has cut the wai- ting time for the security check to only a few minutes. the additional, modern space for shops and gastronomy in an attractive architectonic atmosphere also help to create a relaxed travel feeling. the experience gained during the first months of full operation has helped us to identify opportunities for further optimisation, for example in the orientati- on signs and passenger routes. the necessary measures have already been implemented or are currently in preparation. the optical and technical modernisation of Check-in 1, which reopened on 9 January 2013 as the new location for NIKI/airberlin, means greater comfort for our passengers and – thanks to the central security control point in Pier West– shorter waiting time at the se- curity check. the new Check-in 3 and the modernised Check-in 1 are visible proof of our company’s continuing development. however, we also registered other important successes during the past year that are not evident at first glance, but make an important contribution to protecting FWaG.
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