DJ Meinl Airports International publishes the 2007 annual report
=-------------------------------------------------------------------------------
ots.CorporateNews transmitted by euro adhoc. The issuer is responsible for
the content of this announcement.
=-------------------------------------------------------------------------------
- Total assets reached EUR 622.3 million
- Adjusted profit after taxation of approximately EUR 1.49 million
- Dynamic expansion has continued into 2008
- Strategic review expected to be completed prior to the AGM
Meinl Airports International Limited ("MAI", the "Company"), whose certificates
representing shares in the Company are listed on the Vienna Stock Exchange,
announces that the annual report for the year ending 31 December 2007 has been
published and is available on the Company´s webpage.
Total assets reached EUR 622.3 million
MAI´s total consolidated assets as of 31 December 2007 amounted to approximately
EUR 622.3 million. Non-current assets amounted to EUR 193.9 million as at 31
December, 2007.
In September 2007, MAI completed the acquisition of the main airport in the Lake
Baikal region of Ulan-Ude, Russia. This was not only MAI´s first airport
acquisition, but also the first commercial airport in Russia to be sold to a
foreign investor. "Lake Baikal Airport" is still a relatively small airport with
approximately 140,000 passengers in 2007. Nevertheless, MAI considers the
airport to have attractive future growth potential, as Lake Baikal is expected
to develop into one of the main tourist regions in Russia and its proximity to
the border with China is expected to give rise to substantial opportunities for
cross-border tourism.
In November 2007, MAI acquired an initial 10.1% stake in TAV Airports Holding
("TAV") which currently operates a total of six highly efficient, managed
airports with significant growth potential. MAI will benefit not only from the
expected future growth of these airports but also from the general cooperation
agreement relating to new projects which was entered into with TAV. TAV
continues to be an active investor in its core target markets and recently
qualified for the second stage of the tender for the development and operation
of Abu Dhabi airport, one of the leading and fastest growing airports in the
Middle East.
In addition to the above, MAI acquired stakes in two airport consulting
companies, AD-M and ACV Management Services, during 2007.
Adjusted profit after taxation of approximately EUR 1.49 million
MAI´s revenues in 2007 amounted to EUR 0.81 million. In addition, in 2007 the
Company received interest income of EUR 15.9 million from the proceeds generated
from the Company's IPO in April 2007 which had not been invested during 2007.
The Company had operational expenses of EUR 11.8 million, leading to an adjusted
profit after taxation in 2007 of approximately EUR 1.5 million. MAI´s unadjusted
loss of EUR 8.4 million includes EUR 9.9 million in respect of the revaluation
of MAI´s option to acquire a further shareholding in TAV.
Dynamic expansion has continued into 2008
MAI has continued its dynamic expansion into 2008. In February 2008, MAI was
successful in the tender for the transformation and development of a former
military airport into the second largest commercial airport in the Warsaw region
of Poland. The planned airport in Sochaczew, which is scheduled to commence
operation by 2012, is expected to be attractive to low cost carriers. MAI
believes this airport has significant growth potential, as Poland is currently
demonstrating the highest rate of growth in air traffic worldwide. Moreover, the
existing airport for the Warsaw region is forecast to reach capacity in the near
future. Sochaczew is also the Company´s first "greenfield project" and hence
represents an important milestone in MAI´s development.
In March 2008, MAI completed a second transaction in Poland with the acquisition
of a stake in the regional airport of Bydgoszcz in Northern Poland. Bydgoszcz
airport was transformed from a military airport and newly built in 2004 and is
therefore one of the most modern airports in Poland. As in the case of Lake
Baikal Airport in Russia, the Company is the first foreign investor to have
acquired a stake in an operating commercial airport in Poland.
In May 2008, MAI was awarded the tender for the privatization of Parma airport
in Italy and will acquire a 67% stake in the airport through a capital increase.
The transaction remains subject to approval by the Italian Ministry of
Transport. MAI recognizes that Parma airport is not located within its main
target regions of Central and Eastern Europe, Southeastern Europe or the CIS,
however MAI has always stated that geography should not restrict the Company's
ability to take advantage of attractive opportunities as they arise. Parma
represents an excellent investment opportunity as the surrounding region is one
of the main tourist regions in Italy and is currently not served sufficiently by
any airport. Significant growth in passengers has been demonstrated during the
first five months of 2008, with the airport handling approximately 110,500
passengers compared to 50,200 during the same period last year.
MAI´s total portfolio as of today comprises 7 strategic investments, with 5 of
these being investments in airports or airport operations, which is an
impressive achievement in the relatively short time period since the Company's
IPO. Clearly, MAI´s business model is different from other airport investment
companies in the market. The Company does not generally invest in mature airport
operations, but focuses instead on earlier stage airports with significant
future growth opportunities. MAI´s investors will benefit as these investments
continue to mature.
Strategic review expected to be completed prior to the AGM
In April 2008, MAI conducted an investors´ road show to update investors on its
recent operational achievements and to gauge investors´ view of MAI´s
development both on the operational side and in the stock market. While most of
the investors acknowledged MAI´s operational achievements in the first 15 months
of operation, a number of investors expressed concerns regarding the Company's
recent share price performance and certain corporate governance issues. As a
result of the road show, MAI´s Board of Directors initiated a thorough strategic
review taking into consideration many of the investors´ suggestions. MAI expects
to be able to announce the results of this and its finalised proposals in
advance of the forthcoming AGM.
Meinl Airports International Limited, 26 New Street, St. Helier, Jersey, JE2
3RA, Jersey Company Registry 93803
end of announcement euro adhoc
=-------------------------------------------------------------------------------
(END) Dow Jones Newswires
July 04, 2008 06:58 ET (10:58 GMT)
© 2008 Dow Jones News
