EQS-News: Flughafen Wien AG in Q1-3/2023 continues on the road to success: Significant increases in passenger volumes, revenue and net profit thanks to ongoing growth

EQS-News: Flughafen Wien AG / Key word(s): Quarterly / Interim Statement/9 Month
figures
Flughafen Wien AG in Q1-3/2023 continues on the road to success: Significant
increases in passenger volumes, revenue and net profit thanks to ongoing growth

16.11.2023 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Flughafen Wien AG in Q1-3/2023 continues on the road to success: Significant
increases in passenger volumes, revenue and net profit thanks to ongoing growth

Strong autumn season: October 2023 passenger traffic at Vienna Airport only
slightly below the pre-crisis level of 2019 at 96.2%

 

  • Q1-3/2023: Significant year-on-year improvement of 30% in the Flughafen Wien
    Group to 29.0 million passengers, Vienna Airport at 94% of the pre-crisis
    level, the entire Group even at 96%

  • Improved financial performance indicators in Q1-3/2023: revenue up to € 699.4
    million (+37.7%), increase in the Group net profit for the period to € 173.3
    million (+58.5%), EBITDA at € 332.2 million (+29.8%) and EBIT up to € 234.9
    million (+49.6%)

  • October 2023: 3.6 million passengers handled by the Flughafen Wien Group, only
    1% lower than the pre-crisis level of October 2019 – 2.7 million passengers at
    Vienna Airport, down only 3.8% from 2019

  • Positive outlook and guidance: more than 36.5 million passengers expected in
    the Flughafen Wien Group (more than 28.5 million at Vienna Airport) as well as
    a considerable increase in EBITDA and net profit compared to the original
    outlook

  • Vienna Airport continues to focus on growth and quality: start of building
    preparations on the Terminal 3 South Extension project, construction of the
    Helios Logistics Park is progressing and construction work on the third hotel
    at the airport will begin in the near future

  • Climate protection remains a top priority: doubling of photovoltaic areas to
    about 45 hectares and 100,000 solar panels by the end of the year – Vienna
    Airport will generate 50% of its electricity needs in the future itself – Next
    climate target: net zero by 2033

 

“Vienna Airport remains on the road to success – substantial earnings improvement –
own photovoltaic facilities will cover about 50% of the airport’s own electricity
consumption”

“The desire of passengers to travel is continuing unabatedly, and correspondingly
the success path at Vienna Airport as well. In the first three quarters of 2023,
revenue rose by 37.7% and the net profit for the period by 58.5%. EBITDA and EBIT
also improved substantially, and the company is debt-free. Vienna Airport is laying
the foundation for further growth i.e., construction preparations for the South
Extension project have commenced, work on building the third hotel at the site will
begin soon and construction of the Helios Logistics Park is progressing rapidly.
The airport is supporting the dynamic further development of the flight hub with
its own sustainability drive. Photovoltaic capacities are being doubled to 45
hectares. Thanks to about 100,000 solar panels, the airport will generate approx.
50% of its annual electricity needs itself using solar power,” explains Günther
Ofner, Member of the Management Board of the airport operating company Flughafen
Wien AG.

 

“Capacity utilisation of aircraft above the pre-crisis level – 12% increase in
passenger volume in October – strong winter flight schedule featuring 160
destinations”

“The desire to travel is continuing in the autumn season following a strong summer.
With 22.5 million passengers in the period January to September 2023, total
passenger volume was at 93.9% of the record year 2019. Capacity utilization of the
aircraft grew even more strongly to 81.1% or 3.6 ppts above 2019. This shows that
considerably fewer aircraft are still in the air than before the pandemic. October
2023 also developed very well, recording 12% growth year-on-year. Thus, the
recovery is continuing, and the winter flight schedule with 160 directly accessible
destinations, new travel destinations in Europe and an expanded long-haul offering
is also contributing to the upward trend. This winter all travellers can take
advantage of our new shopping and catering offerings such as the new “Daily Bar” of
Figlmüller, the newly designed panorama restaurant “Zugvogel” and even more in the
near future. The new South Extension of Terminal 3 featuring 70,000 m² of
additional terminal space for lounges, shopping and food and beverages will open in
2027. Preparations for construction have already begun,” states a pleased Julian
Jäger, Member of the Management Board of Flughafen Wien AG.

January to September 2023: 22.5 million passengers at Vienna Airport

The recovery of flight traffic also continued in the third quarter following a
strong first half-year 2023. Demand for air travel is once again at a similar level
as before the pandemic. In the period January to September 2023, passenger traffic
at Vienna Airport rose by 29.1% from the previous year to 22,495,652 travellers, or
93.9% of the pre-crisis level of 2019. The number of local passengers rose 32.3% to
17,245,753 travellers, whereas transfer passenger traffic was up 19.6% to 5,191,128
people. The average capacity utilisation of the aircraft (seat load factor) also
showed a substantial improvement, rising 3.9 ppts year-on-year to 81.1% in
Q1-3/2023 and thus also 3.6 ppts vs. the comparable figure for Q1-3/2019. This
upward trend is also clearly visible with respect to the foreign strategic
investments of Flughafen Wien AG. Both Malta Airport and Kosice Airport recorded
clearly higher passenger volumes in Q1-3/2023 compared to the previous year.
Passenger traffic at Malta Airport was up 35.6% to 5,973,824 travellers, whereas
Kosice Airport showed a 15.5% increase to 515,462 people.
 

Q1-3/2023: Considerable revenue increase to € 699.4 million (+ 37.7%) and rise in
the net profit for the period to € 173.3 million

In Q1-3/2023, the Flughafen Wien Group generated revenue of € 699.4 million,
comprising a year-on-year increase of 37.7%. This upward revenue development was
mainly driven by the significant growth in passenger volumes, higher passenger and
aircraft-related income combined with improved Center & Hospitality Management and
parking fees. EBITDA rose to € 332.2 million from the previous year whereas EBIT
climbed to € 234.9 million. The net profit for the period before non-controlling
interests climbed to € 173.3 million in Q1-3/2023. The cash flow from operating
activities showed a substantial increase to € 286.1 million (Q1-3/2022: € 234.6
million).
 

Improved revenue development in all segments

Q1-3/2023 revenue of the Airport Segment climbed from the prior-year period to €
332.1 million, mainly because of the significant passenger increase in the period
under review, and segment EBIT improved to € 99.2 million. The Handling & Security
Services Segment registered higher revenue of € 121.6 million, with the increase
driven by the rise in flight movements. Segment EBIT rose to € 7.3 million. The
Retail & Properties Segment reported a rise in revenue in Q1-3/2023 to € 135.4
million, which is primarily related to the increased shopping, catering and parking
income resulting from increased passenger traffic. EBIT of this segment climbed to
€ 63.9 million. Revenue of the Malta Segment was up to € 91.6 million in Q1-3/2023.
Segment EBIT totaled € 48.8 million.

 

Capital expenditure
A total of € 61.2 million (Q1-3/2022: € 38.0 million) was invested in intangible
assets and property, plant and equipment as well as investment property in the
first nine months of 2023. The largest investment projects at Vienna Airport
included € 11.5 million for the Southern Expansion project, € 2.4 million for the
runways, € 2.2 million for adaptations to the exit-entry system, € 4.5 million for
properties, € 4.3 million for additional photovoltaic facilities and € 1.3 million
in connection with the sorter in Terminal 3. A total of € 16.8 million was invested
at Malta Airport in Q1-3/2023.

 

Forecast for passenger development in 2023: More than 36.5 million passengers
expected in the Flughafen Wien Group and upwards of 28.5 million at Vienna Airport
2023 is characterised by an ongoing strong passenger development. Assuming that no
massive escalation of the crisis in the Middle East takes place, we expect a
positive development up until the end of the year. Due to the growth in passenger
traffic, more than 28.5 million passengers are expected at Vienna Airport and more
than 36.5 million in the Flughafen Wien Group (including Malta and Kosice).

 

Financial guidance 2023

We affirm the guidance published in August which showed a considerable upward
revision. We expect to significantly outperform the originally announced figures
(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 equal approx. € 100 million in 2023.

 

Traffic development in October 2023: Strong autumn season with passenger volumes
only slightly below the pre-crisis level

 

Flughafen Wien Group: 3.6 million passengers in October 2023, only 1% lower than
before the crisis
In October 2023, the Flughafen Wien Group (Vienna Airport, Malta Airport and Kosice
Airport) reported a strong rise in passenger traffic to 3,551,738 travellers
(+15.6% vs. October 2022). Accordingly, passenger volume of the Flughafen Wien
Group in October 2023 was minimally lower than the pre-crisis level (-1% compared
to October 2019).   
 

Vienna Airport: 2.7 million passengers in October 2023, only slightly below the
pre-crisis level
Passenger volume at Vienna Airport in the month of October 2023 also showed a
strong improvement compared to the previous year, with the number of passengers up
to a total of 2,739,441 travellers (+12.0% vs. 2022). Accordingly, the total number
of passengers handled in October was only slightly less than the pre-crisis level
(-3.8% vs. October 2019).
 

Traffic results in detail
The number of local passengers at Vienna Airport in October 2023 increased
year-on-year to 2,086,995 (+17.1%), whereas the number of transfer passengers fell
2.0% to 644,750. Flight movements were up to 20,524 in October 2023 (+10.3% vs.
October 2022). The air cargo business reported a volume of 21,704 tonnes, down by
about 18.5% from the pre-crisis level of October 2019.
 
The total number of passengers at Vienna Airport flying to destinations in Western
Europe in October 2023 climbed to 961,611 (+13.8% from October 2022), whereas
Eastern European traffic in October 2023 rose to 217,848 passengers (+7.4%).
Passenger traffic to North America equalled 41,924 travellers, down 5.8% from the
prior-year level, and the number of passengers flying to Africa increased to 34,608
(+18.9%). Passenger volume to the Middle East totalled 80,284 travellers (+3.9%),
and the number of passengers flying to East Asian destinations climbed to 48,280 in
October 2023 (+83.2%).
 

Malta Airport reported an increase in passenger volume in the month of October 2023
to 771,253
(+30.7%), which is already 9.6% above the pre-crisis level in 2019. The total
number of passengers handled by Kosice Airport rose to 41,044 (+9.3%), or 14.7%
higher than the comparable pre-crisis figure in 2019.

 

Details on traffic results can be found in the table below.
 

Traffic Development October 2023

 

Vienna Airport (VIE)                                                         
                                                                             
                             10/2023   10/2022   10/2019 01-10/2023 Diff. % Diff. %
                                                                       2022    2019
Passengers arr+dep+transit 2,739,441 2,445,853 2,848,057 25,235,093   +27.0    -5.9
Local passengers arr+dep   2,086,995 1,781,842 2,107,842 19,332,746   +30.5    -5.5
Transfer passengers          644,750   657,888   733,498  5,835,880   +16.8    -6.0
arr+dep
Flight movements arr+dep      20,524    18,608    23,557    188,000   +18.8   -16.6
Cargo arr+dep (in tonnes)     21,704    22,813    26,646    202,513    -3.2   -13.6
MTOW (in tonnes)             859,225   772,550   964,699  7,861,796   +19.2   -14.4
                                                                             
Malta Airport (MLA, fully consolidated)                                      
                                                                             
                             10/2023   10/2022   10/2019 01-10/2023 Diff. % Diff. %
                                                                       2022    2019
Passengers arr+dep+transit   771,253   590,278   703,405  6,745,077   +35.0    +6.4
Local passengers arr+dep     768,893   589,187   697,615  6,718,709   +34.7    +6.6
Transfer passengers            2,360     1,076     5,790     26,352  +237.3   -32.3
arr+dep
Flight movements arr+dep       5,058     3,874     4,906     44,088   +28.0    -1.1
Cargo arr+dep (in tonnes)      1,987     1,654     1,610     15,662   +14.7   +17.9
MTOW (in tonnes)             198,331   151,728   187,378  1,721,923   +29.4    +1.6
                                                                             
Flughafen Kosice (KSC, consolidated at equity)                               
                                                                             
                             10/2023   10/2022   10/2019 01-10/2023 Diff. % Diff. %
                                                                       2022    2019
Passengers arr+dep+transit    41,044    37,543    35,783    556,506   +15.0    +9.8
Local passengers arr+dep      41,044    37,321    35,783    556,506   +15.1    +9.8
Transfer passengers                0         0         0          0    n.a.    n.a.
arr+dep
Flight movements arr+dep         320       340       425      4,071    +3.3   -23.8
Cargo arr+dep (in tonnes)          0         0         2          1    +7.1   -97.1
MTOW (in tonnes)               9,695    10,299     9,944    134,214    +2.7    -3.1
                                                                             
Vienna Airport and strategic investments (VIE, MLA, KSC)                     
                                                                             
                             10/2023   10/2022   10/2019 01-10/2023 Diff. % Diff. %
                                                                       2022    2019
Passengers arr+dep+transit 3,551,738 3,073,674 3,587,245 32,536,676   +28.3    -3.3
Local passengers arr+dep   2,896,932 2,408,350 2,841,240 26,607,961   +31.2    -2.4
Transfer passengers          647,110   658,964   739,288  5,862,232   +17.1    -6.2
arr+dep
Flight movements arr+dep      25,902    22,822    28,888    236,159   +20.1   -14.3
Cargo arr+dep (in tonnes)     23,692    24,467    28,259    218,176    -2.1   -12.0
MTOW (in tonnes)           1,067,251   934,577 1,162,021  9,717,933   +20.6   -11.8

 

Note: Total number of passengers includes local, transfer and transit
passengers, Traffic data adjusted.

 

Consolidated Income Statement

 

in € million                                                    Q1-3/2023 Q1-3/2022
Revenue                                                             699.4     508.0
Other operating income                                                8.4      20.4
Operating income                                                    707.8     528.4
                                                                                   
Expenses for consumables and services used                          -39.3     -29.3
Personnel expenses                                                 -246.4    -185.5
Other operating expenses                                            -89.9     -63.4
Impairment/reversals of impairments on receivables                   -2.2       3.7
Proportional share of income from companies recorded at equity        2.3       2.1
Earnings before interest, taxes, depreciation and amortisation
(EBITDA)                                                            332.2     256.0
                                                                                   
Depreciation and amortisation                                       -97.4     -99.1
Earnings before interest and taxes (EBIT)                           234.9     156.9
                                                                                   
Income from investments, excluding companies recorded at equity       0.4       0.4
Interest income                                                      10.6       4.1
Interest expense                                                     -9.2     -10.4
Other financial result                                               -0.1      -0.9
Financial result                                                      1.7      -6.8
                                                                                   
Earnings before taxes (EBT)                                         236.6     150.1
                                                                                   
Income taxes                                                        -63.3     -40.8
Net profit for the period                                           173.3     109.3
                                                                                   
Thereof attributable to:                                                           
Equity holders of the parent                                        157.1      97.8
Non-controlling interests                                            16.1      11.4
                                                                                   
Earnings per share (in €, basic = diluted)                           1.87      1.17

 

 Balance Sheet Indicators 

 

in € million            30.09.2023 31.12.2022
ASSETS:                                      
Non-current assets         1,653.6    1,687.9
Current assets               686.5      537.1
                                             
LIABILITIES:                                 
Equity                     1,545.5    1,448.5
Non-current liabilities      455.4      483.0
Current liabilities          339.3      293.5
                                             
Total assets               2,340.2    2,224.9
                                             
Net liquidity                298.6      149.4
Gearing (in%)                -19.3      -10.3

 

Cash Flow Statement 

 

in € million                            Q1-3/2023 Q1-3/2022
Net cash flow from operating activities     286.1     234.6
                investing activities       -259.3    -247.6
                financing activities       -101.5     -51.6
                                                           
Free cash flow                               26.8     -13.0
                                                           
CAPEX^1                                      61.2      38.0

 

1) Excluding financial assets

 

The Annual Report and Financial Report of Flughafen Wien AG for 2023 from January 1
to September 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, 16 November 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 Spokesman

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[3]@viennaairport.com  

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16.11.2023 CET/CEST This Corporate News was distributed by EQS Group AG.
www.eqs.com

═══════════════════════════════════════════════════════════════════════════════════

   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: 1774549


    
   End of News EQS News Service


   1774549  16.11.2023 CET/CEST

References

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   2. mailto:p.kleemann@viennaairport.com
   3. mailto:p.kleemann@viennaairport.com

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