EQS-News: Flughafen Wien AG / Key word(s): Half Year Results
Flughafen Wien AG: Significant growth in passenger traffic, revenue and net profit
in H1/2023
17.08.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Flughafen Wien AG in the first half of 2023: Significant growth in passenger
traffic, revenue and net profit – Passenger volume at Vienna Airport reaches 91% of
2019 level (94% in the Flughafen Wien Group)
Strong summer travel season: July passenger traffic in Vienna almost at the
pre-crisis level, only 0.5% below July 2019
• H1/2023: Significant year-on-year improvement in the Flughafen Wien Group to
13.3 million passengers, Vienna Airport at 91% of the pre-crisis level, the
entire Group at 94%
• Improved financial performance indicators in H1/2023: revenue up to € 428.1
million (+45.3%), increase in the Group net profit for the period to € 82.7
million (+58.0%), EBITDA at € 177.4 million (+23.9%) and EBIT up to € 112.6
million (+48.5%)
• July 2023: 4.1 million passengers handled by the Flughafen Wien Group, already
0.8% above the pre-crisis level of July 2019 – 3.1 million passengers at Vienna
Airport, close to the pre-crisis level (-0.5% below July 2019)
• Guidance: approx. 36.5 million passengers expected in the Flughafen Wien Group
(about 28.5 million at Vienna Airport) as well as a considerable increase in
EBITDA and net profit compared to the original outlook
• Dynamic development of the Vienna Airport site: major large-scale projects to
commence shortly – Southern Terminal Expansion, Helios Logistics Park and third
hotel
• Climate protection continues to be a top priority: doubling of photovoltaic
area to about 45 hectares by the end of the year – Next climate target: net
zero in 2033
“The strong desire to travel underlines the return to normalcy in flight traffic –
Vienna Airport reports a significant earnings improvement and dynamic further
development of the airport hub.”
“The strong desire to travel underlines the return to normalcy in flight traffic,
contributing to a significant earnings improvement in the first half of the year.
Revenue rose by 45% and the net profit for the period by 58%. These are gratifying
figures for the company and its shareholders. Several major projects will be
commencing in the near future, showcasing the dynamic further development of the
entire Vienna Airport hub. Work will begin soon on the Southern Expansion of
Terminal 3, the Helios Logistics Park and our third hotel. Vienna Airport is also
taking off when it comes to climate protection. Operating in a CO₂ neutral manner,
the airport will double its photovoltaic capacities by the end of 2023, thus
generating about 50% of its electricity consumption itself thanks to the power of
the sun,” explains Günther Ofner, Member of the Management Board of Flughafen Wien
AG.
“Strong summer travel season raises passenger volume close to the pre-crisis
level.”
“The summer travel season is in full swing. With 3.1 million passengers, passenger
traffic at Vienna Airport in the first holiday month of July 2023 was only 0.5%
lower and thus close to the pre-crisis level of 2019. On some days it was even
higher. We recently revised our traffic forecasts upwards due to the very good
passenger development, and now expect 28.5 million passengers in the entire year
2023. People welcome the extensive travel offering, and we want to offer them a
pleasant travel experience at Vienna Airport featuring high-quality service, short
waiting times at the security checks, high punctuality rates and expanded shopping
and F&B options. The new Southern Expansion will be a major milestone in this
regard, with construction work starting in the autumn of 2023. The current opening
of the Chinese travel market to Austria is particularly gratifying. This will add
further important impetus to growth, not only for the national aviation sector but
also for the entire Austrian tourism and economic landscape.,” says a pleased
Julian Jäger, Member of the Management Board of Flughafen Wien AG.
January to June 2023: 13.3 million passengers at Vienna Airport
The recovery of flight traffic also continued in the second quarter following a
strong first quarter. Demand for air travel is once again at a similar level as
before the pandemic. In the period January to June 2023, passenger traffic at
Vienna Airport rose by 44.3% to 13,327,604 travellers from the previous year, or
about 91% of the pre-crisis level of 2019. In June 2023, passenger traffic already
reached 95% of the comparable figure of June 2019. The number of local passengers
climbed 45.0% to 10,295,431 travellers, whereas transfer passenger traffic was up
42.7% to 2,995,402 people. The average capacity utilisation of the aircraft (seat
load factor) also showed a substantial improvement, rising 7 ppts year-on-year to
78.6% in H1/2023 and thus 3.5 ppts vs. the comparable figure for H1/2019. This
upward trend is also clearly visible with respect to the foreign strategic
investments of Flughafen Wien AG. Both Malta Airport and Kosice Airport reported
clearly higher passenger volumes in H1/2023 vs. the comparable period of 2019.
Passenger traffic at Malta Airport climbed 46.4% from the previous year to
3,434,470 travellers, whereas Kosice Airport showed a 29.5% increase to 246,119
travellers.
H1/2023: Considerable revenue increase to € 428.1 million (+ 45.3%), rise in the
net profit for the period to € 82.7 million
In H1/2023, the Flughafen Wien Group generated revenue of € 428.1 million,
comprising a year-on-year increase of 45.3%. This revenue development was mainly
driven by higher passenger and aircraft-related income as well as improved Center &
Hospitality Management and parking fees. EBITDA rose to € 177.4 million from the
previous year whereas EBIT climbed to € 112.6 million. For the first time,
Flughafen Wien AG achieved a positive financial result due to the lower interest
expense and rising interest income. The net profit for the period before
non-controlling interests doubled to close to € 82.7 million in H1/2023. The cash
flow from operating activities doubled to € 197.9 million (H1/2022: € 96.6
million).
Improved revenue development in all segments
H1/2023 revenue of the Airport Segment climbed from the prior-year period to €
199.4 million, mainly because of the significant passenger increase, and segment
EBIT improved to € 44.4 million. The Handling and Security Services Segment
registered higher revenue of € 78.5 million due to the rise in flight movements.
Segment EBIT remained unchanged at € 0.2 million. The Retail & Properties Segment
reported a rise in revenue in H1/2023 to € 84.2 million, which is primarily related
to the increased shopping, catering and parking income resulting from increased
passenger traffic. EBIT of this segment climbed to € 36.0 million. Revenue of the
Malta Segment was up to € 53.6 million in H1/2023. Segment EBIT totalled € 26.5
million.
Capital expenditure
A total of € 28.7 million (H1/2022: € 25.9 million) was invested in intangible
assets and property, plant and equipment as well as investment property in H1/2023.
The largest investment projects at Vienna Airport included € 1.3 million for the
Southern Expansion project, € 2.4 million for the runways, € 1.8 million for
adaptations to the exit-entry system, € 1.6 million for additional photovoltaic
facilities and € 1.3 million in connection with the sorter in Terminal 3. A total
of € 7.7 million was invested at Malta Airport in the first six months of 2023.
Forecast for passenger development in 2023: Approx. 36.5 million passengers
expected in the Flughafen Wien Group and about 28.5 million at Vienna Airport
2023 has been marked by an ongoing strong passenger development. As a consequence,
Flughafen Wien AG already revised its 2023 forecast for passenger volume upwards on
2 August 2023 as announced in an ad-hoc press release. About 28.5 million
passengers are expected at Vienna Airport (previously 26-27 million) and approx.
36.5 million in the Flughafen Wien Group including Malta and Kosice airports (vs.
32-34 million).
Financial guidance 2023
Due to the improved passenger outlook, management expects significantly higher
revenue as well as a significant increase in EBITDA and the net profit for the year
compared to the original guidance (previous outlook: revenue of about € 830
million, EBITDA of at least € 325 million, net profit for the period before
non-controlling interests of over € 150 million). Capital expenditure should be
lower at approx. € 100 million than in the earlier forecast of about € 135 million.
Traffic development in July 2023: Strong summer travel season increases passenger
traffic to almost the pre-crisis level
Flughafen Wien Group: 4.1 million passengers in July 2023, 0.8% higher than before
the crisis
In July 2023, the Flughafen Wien Group (Vienna Airport, Malta Airport and Kosice
Airport) reported a strong rise in passenger traffic to 4,090,161 travellers
(+14.9% vs. July 2022). Accordingly, passenger volume of the Flughafen Wien Group
in July 2023 was already slightly higher than the pre-crisis level (+0.8% compared
to July 2019).
Vienna Airport: 3.1 million passengers in July 2023, close to the pre-crisis level
Passenger volume at Vienna Airport in the month of July 2023 showed a strong
improvement compared to the previous year, with the number of passengers up to a
total of 3,144,573 travellers (+13.4%). Accordingly, the total number of passengers
handled in July was close to the pre-crisis level (-0.5% below July 2019).
Traffic results in detail
The number of local passengers at Vienna Airport in July 2023 increased
year-on-year to 2,394,120 (+18.5%), whereas the number of transfer passengers fell
0.4% to 741,754. Flight movements were up to 21,779 in July 2023 (+12.7% vs. July
2022). The air cargo business reported a volume of 20,546 tonnes, down only 12.0%
from the pre-crisis level of July 2019.
The total number of passengers at Vienna Airport flying to destinations in Western
Europe in July 2023 climbed to 1,065,687 (+9.5% from July 2022), whereas Eastern
European traffic rose to 296,176 passengers (+14.0%). Passenger traffic to North
America was up from the prior-year level to 54,317 travellers (+7.9%), and the
number of passengers flying to Africa increased to 30,234 (+2.6%). Passenger volume
to the Middle East rose to 106,670 travellers (+28.1%), and the number of
passengers flying to Far Eastern destinations climbed to 47,036 in July 2023 (+
139.2%).
Malta Airport reported an increase in passenger volume in the month of July 2023 to
848,716
(+23.2%), already 6.3% above the pre-crisis level in 2019. The total number of
passengers handled by Kosice Airport rose to 96,872 (+1.1%), or 0.7% higher than
the comparable pre-crisis figure in 2019.
Details on traffic results can be found in the table below.
Traffic development July 2023
Vienna Airport (VIE)
07/2023 07/2022 07/2019 01-07/2023 Diff. % Diff. %
2022 2019
Passengers 3,144,573 2,773,629 3,161,400 16,472,177 +37.1 -7.6
arr+dep+transit
Local passengers arr+dep 2,394,120 2,020,645 2,356,272 12,689,551 +39.1 -7.6
Transfer passengers 741,754 745,074 789,696 3,737,156 +31.4 -6.0
arr+dep
Flight movements arr+dep 21,779 19,319 25,169 125,071 +24.7 -18.3
Cargo arr+dep (in tonnes) 20,546 21,381 23,348 140,803 -3.1 -11.6
MTOW (in tonnes) 910,858 809,140 1,025,011 5,228,218 +24.2 -16.2
Malta Airport (MLA, fully
consolidated)
07/2023 07/2022 07/2019 01-07/2023 Diff. % Diff. %
2022 2019
Passengers 848,716 689,145 798,453 4,283,186 +41.2 +5.7
arr+dep+transit
Local passengers arr+dep 845,304 688,125 792,947 4,265,751 +40.8 +5.9
Transfer passengers 3,412 1,018 5,506 17,424 +276.2 -25.5
arr+dep
Flight movements arr+dep 5,304 4,398 5,306 28,643 +30.0 -1.9
Cargo arr+dep (in tonnes) 1,409 1,550 1,247 10,619 +19.3 +16.5
MTOW (in tonnes) 205,340 170,123 201,256 1,118,320 +32.0 +1.1
Flughafen Kosice (KSC, consolidated at
equity)
07/2023 07/2022 07/2019 01-07/2023 Diff. % Diff. %
2022 2019
Passengers 96,872 95,802 96,156 342,991 +20.0 +9.2
arr+dep+transit
Local passengers arr+dep 96,872 95,614 96,156 342,991 +20.1 +9.3
Transfer passengers 0 0 0 0 n.a. n.a.
arr+dep
Flight movements arr+dep 633 666 807 2,569 +7.2 -25.7
Cargo arr+dep (in tonnes) 0 0 2 0 -44.3 -99.1
MTOW (in tonnes) 21,872 23,053 23,743 83,784 +6.4 -3.2
Vienna Airport and strategic investments (VIE, MLA,
KSC)
07/2023 07/2022 07/2019 01-07/2023 Diff. % Diff. %
2022 2019
Passengers 4,090,161 3,558,576 4,056,009 21,098,354 +37.6 -4.9
arr+dep+transit
Local passengers arr+dep 3,336,296 2,804,384 3,245,375 17,298,293 +39.1 -4.3
Transfer passengers 745,166 746,092 795,202 3,754,580 +31.8 -6.1
arr+dep
Flight movements arr+dep 27,716 24,383 31,282 156,283 +25.3 -15.9
Cargo arr+dep (in tonnes) 21,954 22,931 24,597 151,423 -1.8 -10.1
MTOW (in tonnes) 1,138,070 1,002,316 1,250,010 6,430,322 +25.2 -13.5
Note: Total number of passengers includes local, transfer and transit passengers,
Traffic data adjusted.
Consolidated Income Statement
in € million H1/2023 H1/2022
Revenue 428.1 294.7
Other operating income 5.5 16.1
Operating income 433.6 310.8
Expenses for consumables and services used -28.9 -19.4
Personnel expenses -167.8 -120.1
Other operating expenses -57.6 -32.1
Impairment/reversals of impairments on receivables -2.2 3.7
Proportional share of income from companies recorded at equity 0.2 0.1
Earnings before interest, taxes, depreciation and amortisation
(EBITDA) 177.4 143.1
Depreciation and amortisation -64.8 -67.3
Earnings before interest and taxes (EBIT) 112.6 75.8
Income from investments, excluding companies recorded at equity 0.4 0.4
Interest income 5.4 2.4
Interest expense -6.2 -7.0
Other financial result 0.5 0.1
Financial result 0.1 -4.3
Earnings before taxes (EBT) 112.7 71.5
Income taxes -30.0 -19.2
Net profit for the period 82.7 52.3
Thereof attributable to:
Equity holders of the parent 74.0 46.4
Non-controlling interests 8.7 5.9
Earnings per share (in €, basic = diluted) 0.88 0.55
Balance Sheet Indicators
in € million 30.06.2023 31.12.2022
ASSETS:
Non-current assets 1,652.3 1,687.9
Current assets 586.8 537.1
LIABILITIES:
Equity 1,454.7 1,448.5
Non-current liabilities 461.3 483.0
Current liabilities 323.1 293.5
Total assets 2,239.1 2,224.9
Net liquidity 246.3 149.4
Gearing (in%) -16.9 -10.3
Cash Flow Statement
in € million H1/2023 H1/2022
Net cash flow from operating activities 197.9 96.6
investing activities -152.3 -120.6
financing activities -98.7 -51.1
Free cash flow 45.6 -24.0
CAPEX^1 28.7 25.9
1) Excluding financial assets
The Annual Report and Financial Report of Flughafen Wien AG for 2023 from January 1
to June 30th, will be available to the general public on the Internet at
[1]http://viennaairport.com/en/company/investor_relations/publications_and_reports.
Vienna Airport, 17 August 2023 The Management Board
Disclaimer
All statements made in this press release that refer to future developments of
Flughafen Wien AG/Flughafen-Wien-Group are based on current assumptions and
forecasts of the management. If the premises for these forecasts do not occur or
risks indicated in the risk report arise, actual results may vary from these
estimates. Despite the utmost care, all forward-looking statements are therefore
made without guarantee and Flughafen Wien AG/Flughafen-Wien-Group assumes no
obligation to update these forward-looking statements or to conform them to future
events or developments.
Contact: Corporate Communications of Flughafen Wien AG
Press Office
Peter Kleemann, Company Spokesperson
Tel.: (+43-1-) 7007-23000
E-Mail: [2]p.kleemann@viennaairport.com
Investor Relations
Bernd Maurer
Tel.: (+43-1-) 7007-23126
E-Mail: b.maurer@viennaairport.com
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17.08.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com
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Language: English
Company: Flughafen Wien AG
Postfach 1
1300 Wien-Flughafen
Austria
Phone: +43-1-7007/23126
Fax: +43-1-7007/23806
E-mail: investor-relations@viennaairport.com
Internet: http://www.viennaairport.com
ISIN: AT00000VIE62
WKN: A2AMK9
Indices: ATX PRIME
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt
(Basic Board), Munich, Stuttgart, Tradegate Exchange; London,
Nasdaq OTC, Vienna Stock Exchange (Official Market)
EQS News ID: 1705205
End of News EQS News Service
1705205 17.08.2023 CET/CEST
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