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Flughafen Wien

Flughafen Wien's Cash & Cash Equivalents fell 99.9% yoy to EUR 2.24 mil in 2014

By Helgi Library - April 2, 2020

Flughafen Wien's total assets reached EUR 1,892 mil at the end of 2014, down 3.16% compared to the previous year. ...

Flughafen Wien's Cash & Cash Equivalents fell 99.9% yoy to EUR 2.24 mil in 2014

By Helgi Library - April 2, 2020

Flughafen Wien's total assets reached EUR 1,892 mil at the end of 2014, down 3.16% compared to the previous year. ...

Profit Statement 2012 2013 2014
Sales EUR mil 631 646 646
Gross Profit EUR mil 588 600 607
EBITDA EUR mil 221 241 250
EBIT EUR mil 108 112 120
Financing Cost EUR mil 14.3 15.3 13.1
Pre-Tax Profit EUR mil 93.7 96.8 107
Net Profit EUR mil 71.9 73.3 82.5
Dividends EUR mil 22.1 27.3 ...
Balance Sheet 2012 2013 2014
Total Assets EUR mil 2,062 1,954 1,892
Non-Current Assets EUR mil 1,912 1,858 1,803
Current Assets EUR mil 150 96.3 88.8
Working Capital EUR mil -22.5 22.7 27.5
Shareholders' Equity EUR mil 852 906 953
Liabilities EUR mil 1,210 1,048 940
Total Debt EUR mil 789 657 530
Net Debt EUR mil 748 -3,266 528
Ratios 2012 2013 2014
ROE % 8.65 8.34 8.88
ROCE % 3.82 3.89 4.45
Gross Margin % 93.2 92.9 94.0
EBITDA Margin % 35.1 37.4 38.7
EBIT Margin % 17.1 17.4 18.5
Net Margin % 11.4 11.3 12.8
Net Debt/EBITDA 3.38 -13.5 2.11
Net Debt/Equity 0.879 -3.61 0.554
Cost of Financing % 1.70 2.12 2.20
Valuation 2012 2013 2014
Market Capitalisation USD mil 1,191 1,766 1,953
Enterprise Value (EV) USD mil 2,179 -2,736 2,591
Number Of Shares mil 21.0 21.0 21.0
Share Price EUR 43.0 61.0 76.8
EV/EBITDA 7.67 -8.54 8.03
EV/Sales 2.69 -3.19 3.11
Price/Earnings (P/E) 12.6 17.5 19.6
Price/Book Value (P/BV) 1.06 1.41 1.69
Dividend Yield % 2.44 2.13 ...

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summary Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales EUR mil ...                     517 550 602 631 646   ...
Gross Profit EUR mil ...                     480 508 560 588 600   ...
EBIT EUR mil ...                     99.6 102 67.2 108 112   ...
Net Profit EUR mil ...                     73.4 75.7 31.6 71.9 73.3   ...
ROE % ...                     9.34 9.36 3.87 8.65 8.34   ...
EBIT Margin % ...                     19.3 18.6 11.2 17.1 17.4   ...
Net Margin % ...                     14.2 13.8 5.25 11.4 11.3   ...
Employees ... ...                   4,300 4,407 4,525 4,475 4,399   ...
balance sheet                                    
Total Assets EUR mil ...                     1,861 1,999 2,150 2,062 1,954   ...
Non-Current Assets EUR mil ...                     1,723 1,804 1,925 1,912 1,858   ...
Current Assets EUR mil ...                     138 194 225 150 96.3   ...
Shareholders' Equity EUR mil ...                     795 823 811 852 906   ...
Liabilities EUR mil ...                     1,066 1,176 1,339 1,210 1,048   ...
Non-Current Liabilities EUR mil ...                     747 956 1,012 834 748   ...
Current Liabilities EUR mil ...                     319 220 327 376 300   ...
Net Debt/EBITDA ...                     4.07 4.35 4.13 3.38 -13.5   ...
Net Debt/Equity ...                     0.852 0.888 0.963 0.879 -3.61   ...
Cost of Financing % ... ...                   0.552 0.494 2.63 1.70 2.12   ...
cash flow                                    
Total Cash From Operations EUR mil ...                     155 170 179 180 204   ...
Total Cash From Investing EUR mil ...                     -176 -173 -187 -127 -86.4   ...
Total Cash From Financing EUR mil ...                     19.3 61.9 98.3 -124 -154   ...
Net Change In Cash EUR mil ...                     -1.21 58.2 89.7 -70.9 -36.5   ...
valuation                                    
Market Capitalisation USD mil ... ...                   1,047 1,397 796 1,191 1,766   ...
Number Of Shares mil ... ...                   21.0 21.0 21.0 21.0 21.0   ...
Share Price EUR ... ...                   34.8 50.1 29.3 43.0 61.0   ...
Earnings Per Share (EPS) EUR ... ...                   3.49 3.61 1.50 3.42 3.49   ...
Book Value Per Share EUR ... ...                   37.8 39.2 38.6 40.6 43.1   ...
Dividend Per Share EUR ... ...                   2.10 2.00 1.00 1.05 1.30 ... ...
Price/Earnings (P/E) ... ...                   9.96 13.9 19.4 12.6 17.5   ...
Price/Book Value (P/BV) ... ...                   0.919 1.28 0.757 1.06 1.41   ...
Dividend Yield % ... ...                   6.03 3.99 3.42 2.44 2.13 ... ...
Earnings Per Share Growth % ... ... ...                 -19.5 3.21 -58.3 127 1.95   ...
Book Value Per Share Growth % ... ... ...                 2.37 3.54 -1.40 4.95 6.38   ...
income statement Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                    
Sales EUR mil ...                     517 550 602 631 646   ...
Cost of Goods & Services EUR mil ...                     37.5 42.3 42.1 43.2 46.1   ...
Gross Profit EUR mil ...                     480 508 560 588 600   ...
Staff Cost EUR mil ...                     215 238 257 250 246   ...
Other Cost EUR mil ...                     97.7 102 114 117 112   ...
EBITDA EUR mil ...                     166 168 189 221 241   ...
Depreciation EUR mil ...                     66.9 65.8 122 113 129   ...
EBIT EUR mil ...                     99.6 102 67.2 108 112   ...
Financing Cost EUR mil ...                     3.56 3.64 22.2 14.3 15.3   ...
Extraordinary Cost EUR mil ...                     0 0 0 < -0.001 0   ...
Pre-Tax Profit EUR mil ...                     96.0 98.7 45.0 93.7 96.8   ...
Tax EUR mil ...                     22.7 23.0 13.5 21.4 23.5   ...
Minorities EUR mil ... ...                   0.139 0.308 -0.224 0.438 -0.059   ...
Net Profit EUR mil ...                     73.4 75.7 31.6 71.9 73.3   ...
Dividends EUR mil                       44.1 42.0 21.0 22.1 27.3 ... ...
growth rates                                    
Total Revenue Growth % ... ...                   -7.88 6.41 9.49 4.82 2.27   ...
Operating Cost Growth % ... ...                   -1.96 8.50 9.31 -1.20 -2.38   ...
EBITDA Growth % ... ...                   -17.6 0.998 12.4 17.1 9.08   ...
EBIT Growth % ... ...                   -25.3 2.77 -34.3 60.8 3.75   ...
Pre-Tax Profit Growth % ... ...                   -19.3 2.79 -54.4 108 3.25   ...
Net Profit Growth % ... ...                   -19.5 3.21 -58.3 127 1.95   ...
ratios                                    
ROE % ...                     9.34 9.36 3.87 8.65 8.34   ...
ROCE % ... ...                   4.56 4.38 1.73 3.82 3.89   ...
Gross Margin % ...                     92.8 92.3 93.0 93.2 92.9   ...
EBITDA Margin % ...                     32.2 30.6 31.4 35.1 37.4   ...
EBIT Margin % ...                     19.3 18.6 11.2 17.1 17.4   ...
Net Margin % ...                     14.2 13.8 5.25 11.4 11.3   ...
Payout Ratio % ...                     60.1 55.5 66.5 30.7 37.2 ... ...
Cost of Financing % ... ...                   0.552 0.494 2.63 1.70 2.12   ...
Net Debt/EBITDA ...                     4.07 4.35 4.13 3.38 -13.5   ...
balance sheet Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                    
Non-Current Assets EUR mil ...                     1,723 1,804 1,925 1,912 1,858   ...
Property, Plant & Equipment EUR mil ...                     1,471 1,539 1,693 1,678 1,622   ...
Intangible Assets EUR mil ...                     13.0 12.5 15.3 16.2 13.7   ...
Current Assets EUR mil ...                     138 194 225 150 96.3   ...
Inventories EUR mil ...                     3.31 4.50 4.34 4.36 4.36   ...
Receivables EUR mil ...                     44.4 45.9 34.0 42.7 68.0   ...
Cash & Cash Equivalents EUR mil ...                     5.43 63.6 111 40.4 3,923   ...
Total Assets EUR mil ...                     1,861 1,999 2,150 2,062 1,954   ...
Shareholders' Equity EUR mil ...                     795 823 811 852 906   ...
Of Which Minority Interest EUR mil ...                     0.264 0.233 0.210 0.648 0.642   ...
Liabilities EUR mil ...                     1,066 1,176 1,339 1,210 1,048   ...
Non-Current Liabilities EUR mil ...                     747 956 1,012 834 748   ...
Long-Term Debt EUR mil ...                     592 794 821 638 552   ...
Deferred Tax Liabilities EUR mil ...                     12.6 17.0 23.6 23.4 29.6   ...
Current Liabilities EUR mil ...                     319 220 327 376 300   ...
Short-Term Debt EUR mil ...                     90.7 0.204 71.3 151 106   ...
Trade Payables EUR mil ...                     104 66.3 92.5 69.6 49.7   ...
Provisions EUR mil ...                     91.7 110 118 96.5 73.6   ...
Equity And Liabilities EUR mil ...                     1,861 1,999 2,150 2,062 1,954   ...
growth rates                                    
Total Asset Growth % ... ...                   7.24 7.39 7.59 -4.11 -5.23   ...
Shareholders' Equity Growth % ... ...                   2.37 3.54 -1.40 4.95 6.38   ...
Net Debt Growth % ... ...                   12.5 7.96 6.92 -4.22 -536   ...
Total Debt Growth % ... ... ...                 12.1 16.4 12.4 -11.6 -16.7   ...
ratios                                    
Total Debt EUR mil ...                     682 794 893 789 657   ...
Net Debt EUR mil ...                     677 731 781 748 -3,266   ...
Working Capital EUR mil ...                     -56.1 -15.9 -54.2 -22.5 22.7   ...
Capital Employed EUR mil ...                     1,666 1,788 1,871 1,889 1,880   ...
Net Debt/Equity ...                     0.852 0.888 0.963 0.879 -3.61   ...
Cost of Financing % ... ...                   0.552 0.494 2.63 1.70 2.12   ...
cash flow Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                    
Net Profit EUR mil ...                     73.4 75.7 31.6 71.9 73.3   ...
Depreciation EUR mil ...                     66.9 65.8 122 113 129   ...
Non-Cash Items EUR mil ... ...                   -28.3 68.4 -12.8 26.1 46.9   ...
Change in Working Capital EUR mil ... ...                   43.5 -40.2 38.3 -31.7 -45.2   ...
Total Cash From Operations EUR mil ...                     155 170 179 180 204   ...
Capital Expenditures EUR mil ...                     -209 -174 -223 -133 -97.4   ...
Other Investments EUR mil ...                     33.3 0.183 36.0 6.38 11.1   ...
Total Cash From Investing EUR mil ...                     -176 -173 -187 -127 -86.4   ...
Dividends Paid EUR mil                       -44.1 -42.0 -21.0 -22.1 -27.3 ... ...
Issuance Of Debt EUR mil ... ...                   73.9 112 98.3 -104 -131   ...
Total Cash From Financing EUR mil ...                     19.3 61.9 98.3 -124 -154   ...
Net Change In Cash EUR mil ...                     -1.21 58.2 89.7 -70.9 -36.5   ...
ratios                                    
Days Sales Outstanding days ...                     31.4 30.4 20.6 24.7 38.5   ...
Days Sales Of Inventory days ...                     32.2 38.8 37.7 36.8 34.5   ...
Days Payable Outstanding days ...                     1,011 571 803 588 393   ...
Cash Conversion Cycle days ...                     -947 -502 -745 -527 -320   ...
Cash Earnings EUR mil ...                     140 142 153 185 203   ...
Cash Earnings Per Share EUR ... ...                   6.68 6.74 7.31 8.82 9.65   ...
Price/Cash Earnings (P/CE) ... ...                   5.21 7.44 4.00 4.87 6.32   ...
Free Cash Flow EUR mil ...                     -20.5 -3.74 -8.57 53.0 118   ...
Free Cash Flow Yield % ... ...                   -2.72 -0.354 -1.50 5.71 8.87   ...
other data Unit 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                    
ROA % ...                     4.08 3.92 1.52 3.41 3.65   ...
Gross Margin % ...                     92.8 92.3 93.0 93.2 92.9   ...
Employees ... ...                   4,300 4,407 4,525 4,475 4,399   ...
Cost Per Employee USD per month ... ...                   5,806 5,957 6,592 5,969 6,181   ...
Cost Per Employee (Local Currency) EUR per month ... ...                   4,174 4,502 4,741 4,649 4,656   ...
Staff Cost (As % Of Total Cost) % ...                     51.6 53.2 48.1 47.7 46.1   ...
Effective Tax Rate % ...                     23.6 23.3 29.9 22.8 24.3   ...
Enterprise Value (EV) USD mil ... ...                   2,017 2,367 1,809 2,179 -2,736   ...
EV/EBITDA ... ...                   8.71 10.6 6.88 7.67 -8.54   ...
EV/Capital Employed ... ...                   0.845 0.997 0.746 0.874 -1.06   ...
EV/Sales ... ...                   2.81 3.25 2.16 2.69 -3.19   ...
EV/EBIT ... ...                   14.6 17.5 19.4 15.7 -18.4   ...
Capital Expenditures (As % of Sales) % ...                     40.5 31.6 37.1 21.1 15.1   ...
Sales Of Airport Segment EUR mil ... ...                   227 260 295 315 331   ...
Sales Of Handling Segment EUR mil ... ...                   170 165 161 156 152   ...
Sales Of Retail & Properties Segment EUR mil ... ...                   89.0 94.0 111 120 121   ...
Other Sales EUR mil ... ... ... ... ... ... ... ... ... ...   16.0 15.0 16.1 16.6 17.5   ...
EBIT Of Airport Segment EUR mil ... ... ... ... ... ...           79.0 79.0 57.0 55.6 42.0   ...
EBIT Of Handling Segment EUR mil ... ... ... ... ... ...           14.0 15.0 ... 12.9 17.2   ...
EBIT Of Retail & Properties Segment EUR mil ... ... ... ... ... ...           43.0 38.0 30.0 38.1 41.9   ...
EBIT Of Other Segment EUR mil ... ... ... ... ... ... ... ... ...     -7.00 -3.00 5.00 1.40 11.1   ...
EBIT Margin Of Airport Segment % ... ... ... ... ... ...           34.8 30.4 19.3 17.6 12.7   ...
EBIT Margin Of Handling Segment % ... ... ... ... ... ...           8.24 9.09 ... 8.27 11.3   ...
EBIT Margin Of Retail & Properties Segment % ... ... ... ... ... ...           48.3 40.4 27.1 31.9 34.6   ...
EBIT Margin Of Other Segment % ... ... ... ... ... ... ... ... ... ...   -43.8 -20.0 31.1 8.43 63.4   ...
Passengers Carried mil ... ... ... ... ... ... ... ... ...     18.1 19.7 21.1 22.2 22.0    
Passengers Transferred mil ... ... ... ... ... ... ... ...       6.00 6.00 6.50 7.10 6.80    
Sales from Landing Fees EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 62.0 65.0 59.0 57.3   ...
Sales from Passenger Fees EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 112 119 135 145   ...
Sales from Infrastructure Fees EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 26.0 28.0 29.0 29.6   ...
Sales from Security Fees EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 13.0 68.0 79.0 84.3   ...
Sales from Fuelling EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 2.00 3.00 2.00 2.30   ...
Sales from Special Guest Services EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 6.00 7.00 7.00 5.20   ...
Sales from Rentals EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 32.0 37.0 37.0 39.5   ...
Sales from Other EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 6.00 1.00 2.00 0.700   ...
Sales from Apron Handling EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 109 107 104 105   ...
Sales from Cargo Handling EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 35.0 32.0 31.0 27.4   ...
Sales from Security Services EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 3.00 4.00 4.00 3.40   ...
Sales from Traffic Handling EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 11.0 11.0 9.00 8.10   ...
Sales from General Aviation EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 7.00 7.00 7.00 8.50   ...
Sales from Parking EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 35.0 38.0 42.0 40.0   ...
Sales from Shopping/Gastronomy EUR mil ... ... ... ... ... ... ... ... ... ... ... ... 27.0 36.0 41.0 41.7   ...
Employees - Airport ... ...                   423 412 415 432 496   ...
Employees - Handling ... ...                   2,955 3,064 3,285 3,233 3,199   ...
Employees - Retail & Properties ... ...                   77.0 77.0 67.0 57.0 83.0   ...
Employees - Other ... ... ... ... ... ... ... ... ... ...   692 713 758 754 621   ...
Employees - Not Allocated ... ... ... ... ... ... ... ...       153 141 158 185 ... ... ...
Passenger Traffic by Airline: Austrian mil ... ... ... ... ... ...           8.96 1.03 10.6 11.0 10.8   ...
Passenger Traffic by Airline: NIKI mil ... ... ... ... ... ... ...         1.66 2.12 2.45 2.67 2.42   ...
Passenger Traffic by Airline: airberlin mil ... ... ... ... ... ...           1.37 1.41 1.37 1.39 1.35   ...
Passenger Traffic by Airline: Lufthansa mil ... ... ... ... ... ...           1.02 0.935 1.09 1.22 1.22   ...
Passenger Traffic by Airline: Germanwings mil ... ... ... ... ... ...           0.388 0.443 0.485 0.495 0.593   ...
Passenger Traffic by Airline: British Airways mil ... ... ... ... ... ...           0.333 0.314 0.335 0.374 0.400   ...
Passenger Traffic by Airline: Turkish Airlines mil ... ... ... ... ... ...       ... ... 0.219 0.238 0.273 0.367 0.496   ...
Passenger Traffic by Airline: Swiss Intl. mil ... ... ... ... ... ...           0.345 0.316 0.336 0.339 0.364   ...
Passenger Traffic by Airline: Air France mil ... ... ... ... ... ...           0.293 0.306 0.306 0.335 ... ... ...
Passenger Traffic by Airline: Emirates mil ... ... ... ... ... ... ... ... ... ... ... ... ... 0.278 0.332 0.349   ...
Passenger Traffic by Airline: KLM mil ... ... ... ... ... ...           0.204 0.234 ... ... 0.282   ...
Passenger Traffic by Airline: Others mil ... ... ... ... ... ...           3.33 3.35 3.64 3.67 3.73   ...

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Mar 2014
Company Report
Mar 2014
Statistical Dossier

Flughafen Wien AG is an Austria-based company which manages, maintains, and operates the Vienna International Airport and the Voslau Airfield. The Company offers terminal services, air-side and land-side cargo handling, and the leasing of store, restaurant, and hotel airport building space to third party operators and businesses. The Vienna International Airport is the country's biggest airport and serves as the hub for Austrian Airlines and its subsidiary Tyrolean Airways, as well as Niki and is capable of handling wide-body aircraft such as the Boeing 747. It is located in Schwechat, 18 km southeast of central Vienna, and features a dense network of European destinations, long-haul flights to North America and Asia and services to North Africa. During 2014, the airport handled more than 22.7 mil passengers.

Finance

Flughafen Wien has been growing its sales by a year on average in the last 5 years. EBITDA has grown by 0% during that time to total of in 2015, or of sales. That’s compared to 35.6% average margin seen in last five years.

The company netted in 2015 implying ROE of and ROCE of . Again, the average figures were 7.43% and 3.47%, respectively when looking at the previous 5 years.

Flughafen Wien’s net debt amounted to at the end of 2015, or of equity. When compared to EBITDA, net debt was x, up when compared to average of -0.976x seen in the last 5 years.

Valuation

Flughafen Wien stock traded at per share at the end of 2015 resulting in a market capitalization of . Over the previous five years, stock price grew by 0% or % a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of x and price to earnings (PE) of x as of 2015.