Financial Results H1 2007

Transcription

1 Financial Results H1 Conference Call July 24, 1 Traffic Performance H1 Performance and load factor Austrian Airlines Group Passengers carried (m) change vs. p.y. Scheduled services (bn km) PLF % 5, , , , , , , , , , , , SLL Charter Scheduled Long haul Scheduled Short/Medium haul /06 / % Total 18.4% (excl. SLL: 11,4%) 9.5% +5.1% Scheduled +8.1% (+1.9P.) % Seatkm Passenger load factor 81.4 (+4.5P.) % 65.5 (+1.1P.) % /06 /07 /06 /07 /06 /07 Total Long haul Short/Medium haul

2 , 4 1 8, 6 Consolidated Income Statement Key Figures EURm Q2 Q2 Operating revenue % 1, , % Operating expenses % 1, , % EBITDAR % % EBITDAR adjusted % % EBIT % EBIT adjusted % Financial result ,4% % Result before tax % Net result for the period % 3 Operating Revenue and Operating Expenses in Detail EURm Q2 Q2 Comments Flight revenue % Redimensioning long haul Other revenue % TVW disposal Revenue % Other income % Operating revenue % Expenses for materials % Effect redimensioning; Fuel Personnel expenses % Index adjustment Depreciation % B777 investment Other expenses % TVW disposal Operating expenses % 4

3 Fuel Price Development Rotterdam Notation 07/06 incl. Forwards vs. Plan USD/t 700 Average Price in USD/t H1/07: 627 H1/06: 642 Price variance Price variance Plan Rotterdam 07 Rotterdam 06 FWDs current /07 02/07 03/07 04/07 05/07 06/07 07/07 08/07 09/07 10/07 11/07 12/07 Fuel expenses in EURm.: /07: /06: : Productivity and Employee Development Number of Employees Employees (average) 9000 Staff productivity Flight revenue/employee ('000) % +5.3% ,559 8, / / 800 / / 6

4 Structural Effects of the Change in the Traffic Mix Capacity (ASK,%) m EURcent/ASK % Total 13.4% 9 Charter 11.4% Focus East: +13.1% ASK % Middle East: +9.7% ASK 7 Mediumhaul 40.9% 6 West. Europe: + 6.9% ASK Σ Short and Medium haul: + 9.0% 5 Operating revenue/ask and Unit cost Unit cost before exceptionals Operating revenue/ask before exceptionals +9.3% +12.4% Asia: 7.6% ASK % Longhaul 47.7% Australia: 58.5% ASK North Atlantic: 2.2% ASK Σ Long haul: 22.0% 1 0 /06 /07 0 /06 Betiebskosten /07 Betriebsleistung /06 /07 7 Financial Key Figures EURm Cash flow from operating activities Q Q % % Investments % % EURm and % 30/06/07 31/12/06 Cash and cash equivalents % Long term investments Interestbearing liabilities 1, , % Net debt 1, , /06/06 Net gearing (in %) P Equity ratio (in %) P

5 Restructuring Program on track Route cancellation SHA SYD/MEL/KUL/SIN MRU/MLE/KTM Implementation Q1 Q2 Q3 EFFECTS Q Q1 Q2 Wirkung A/Cdisposal 2 A A ( ) 1 1A/C 2A/C 1A/C 3A/C 4A/C 2A/C Staff reductions Cockpit Cabin Ground Staff Other measures Prosper 1 Sales contract for two A signed One A/C to be returned to operating lessor One remaining A/C final stage Longhaul Network after Restructuring Frequencies per week (1) Chicago (6) New destination May Toronto (7) New York (7) Washington (7) Dubai (2) (6) Beijing (7) Delhi (7) Tokyo (6) Mumbai (5) Bangkok (7) Focus on Routes with high pointtopoint traffic Routes with high originating and high transfer traffic Profitable niche markets 1 Summer 2 Narrow Body Operation 10

6 Network development New destinations Bourgas/Bulgaria and Tallinn/Estonia in summer Increased frequencies on existing routes (e.g. Krakow, St. Petersburg, Donetsk, Belgrade, Rome, ) Codeshareagreement with Air China to Shanghai, Guangzhou and Wuhan Cooperation with ExecutiveJet service provider offering feed for longhaul business class Astana/Kazakhstan from September Vienna CEE Middle East 11 Quality Measures Offensive Implemented Flight bookings Successful Web Checkin implementation: over transactions since end of January Etix rate increased to 64% 85 destinations with Etix capability Lounge Vienna HON Lounge opening in July On Board Uniform harmonisation (Austrian Arrows und Lauda Air) Implementation of a new service concept with DO&CO More legroom in Fokker 70/100 12

7 Family Friendly Services JetFriends program launched Miles&More for children and teenagers New family checkin zone and preferred boarding at Vienna airport Sales items for children on inflight sales Snackbox for children (from September ) Children s section in inflight magazine Small gift for birthday 13 Further Strengthening of Leading Role in Eastern Europe Travel Coach service at outstations (e.g.moscow) Improvement of Austrian Signage at airports Preferred supplier concept (e.g. taxis) Expansion of Lounge offer (e.g. Moscow) On board library on business class in cooperation with Austrian Art Lounge Mini guidebook with fact sheets 14

8 Business Magazine "Capital" Best Airline in Europe Award Result of the consistent quality and service offensive Austrian Airlines scores top marks in priceperformance, feeling of safety, service, seating comfort, catering, punctuality and bonus programme categories 3rd Place for Austrian arrows in the regional airline segment EUROPE: 1st Place: Austrian Airlines 1st Place: Swiss 3rd Place: Lufthansa REGIONAL AIRLINES: 1st Place: Air Dolomiti 2nd Place: Eurowings 3rd Place: Austrian Arrows 3rd Place: Lufthansa City Line 15 Outlook 16

9 Outlook Differentiated production development in (appr. 15% ASK) Significant cut in longhaul production (appr. 30% ASK) Continued growth in medium/shorthaul segment (appr. +10% ASK) Continuingly high fuel prices, planning assumption 700 USD/t kerosene Financial year a transitional year AAG is striving to generate a profit that will justify its paying a dividend by 2009 Cooperation with LufthansaTechnik OMV: competition claim submitted 17 18

10 OMV: Austrian Airlines submits Claim to Cartel Court Claim to cease abuse of OMV s dominant market position by BWB to the Cartel Court on 12 June Accusation of abuse of it s dominant market position by excessive logistical costs Damage 2002 appr. EURm 36 Austrian Airlines is endorsing the claim and adding the accusation: Abuse of product price Jet Fuel (fictitious spot price rather than production costs) Abuse of its position by using unnecessary intermediaries and not delivering the requested full jet fuel amount. 19 Commercial Agreement reached with Lufthansa Technik Longterm strategic and operative cooperation with Austrian Technik and Lufthansa Technik AG Commercial agreement on framework conditions of the cooperation reached (on basis of MoU from 04/) Forwardlooking strategy Securing the future of the Vienna location as an independent technology and knowhow centre Reduction of overall maintenance costs through increased capacity utilisation and efficiency in the maintenance and workshop area Austrian Technik to contribute significant capacity volume for Cchecks and maintenance work in the aircraft component area Possibility for expansion to Boeing 777 No crossownership 20

11 Group Balance Sheet as of EUR Mio. Assets Aircraft Securities and loans Other noncurrent assets Noncurrent assets Inventories and Trade receivables Cash and Cash equivalents Current assets Total assets 30/06/07 2, , , /06/06 2, , , Shareholders equity and liabilities Shareholders equity Interestbearing liabilities Other liabilities Ttl. shareholders equity and liabilities 30/06/07 30/06/ , , , , Balance sheet reduction: 0.8% 21 Exceptionals H1 EURm Adjustments Adjusted Comments Result from disposal of noncurrent assets Inter alia effects from deconsolidation Other income foreign currency gains Expenses for materials and services Personnel expenses other costs of the transfer of aircraft Depreciation Impairments Other expenses EBIT

12 Exceptionals Q2 EURm Q2 Q2 Adjustments Q2 Q2 Adjusted Q2 Q2 Comments Result from disposal of noncurrent assets Other income foreign currency gains Expenses for materials and services Personnel expenses other costs of the transfer of aircraft Depreciation Impairments Other expenses EBIT Fleet Harmonisation Targeted Status as of Fleet families 22 Types A330/340 B777 B767 MD81/82, MD83, MD87 A320/A321 B737Classic B737NG 1) F70 ERJ 145 CRJ DH8100/300/400 Challenger/ Learjet Retirement A A ) A330 3) MD81/82/83/87 B B ERJ 145 2) DH8100 Challenger/ Learjet 60 New Aircraft A319 F100 1) B737600/700/800 2) Longterm leaseout 3) Thereof one A330: Longterm leaseout 7 Fleet families 13 Types B777 B767 A319/320/321 B737NG 1) F70/F100 CRJ DH8300/400 24

13 Development of Transfer System Transfer passengers by segment 15/07 (%) Transfer passengers 15/07 vs. py (%) to from Secondary Secondary 13% Primary 19% Longhaul 6% 38% 14% 14% Primary Primary 20% 14% 11% 45% 25% 22% Longhaul Longhaul 6% 9% 2% 17% 39% 42% 19% 100% Legend: Transfer traffic between primary destinations: Transfer traffic between primary and longhaul and between longhaul destinations: 61% 64% Secondary Transfer traffic to/from secondary destinations: 15/06 15/07 25