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· REVENUE increase to € 642.9 million (+7.8%), EBITDA rise to € 313.1 million (+10.2%), EBIT improvement to € 215.0m (+12.9%)
· NET PROFIT FOR THE PERIOD1 at € 152.1 million (+14.4%)
· Air cargo down 4.6% in the period January to October 2019
· Passenger growth slows down: +9.9% in the Flughafen Wien Group and +10.2% at Vienna Airport in October 2019
“Revenue and net profit of the Flughafen Wien Group have improved, but growth is slowing down as expected. The new Office Park 4 will be put into operation in May 2020. The airport is on a growth path, but this is taking place in a responsible manner. Since 2011, CO2 emissions have been reduced by about 70% per traffic unit, and energy consumption has been cut by 40%. Vienna Airport will have seven photovoltaic facilities covering an area of 16,000 m² in operation by the end of 2020, and will operate soon in a CO2 neutral manner in spite of growth in flight traffic and at the flight hub”, explains Günther Ofner, Member of the Management Board of Flughafen Wien AG.
“Passenger and cargo development is weakening, but aviation remains a growth sector in the long-term. Within the context of the dynamic competition prevailing at Vienna Airport, the Lufthansa Group with Austrian Airlines and Eurowings as well as Lauda, Wizz Air, Level and many other airlines have increased passenger volumes and flight movements. We expect about 31 million travellers in the entire year 2019. The new winter flight schedule offers numerous new destinations. The economy and tourism sector will profit from numerous new flight connections and frequency”, states Julian Jäger, Member of the Management Board of Flughafen Wien AG.
Traffic development in Q1-3/2019: +16.6 rise in passenger volume in the Flughafen Wien Group2
The Flughafen Wien Group including the foreign strategic investments in Malta Airport and Kosice Airport handled a total of 30.1 million passengers in the period January to September 2019, comprising a year-on-year rise of 16.6% from the prior-year level. The number of passengers at Vienna Airport climbed 19.5% to 23,956,086 travellers in the months of January to September 2019. The number of local passengers was up 23.9% in the three quarters of 2019, whereas transfer passenger traffic rose by 5.9%. The number of flight movements in the period January-September 2019 was up 13.2% from the previous year to 201,979 take-off and landings. The average seat occupancy (seat load factor) rose from 76.7% to 77.5% in Q1-3/2019. Cargo volume (air cargo and trucking) fell by 4.8% in the same period to 207,820 tonnes. Passenger traffic at Malta Airport increased by 6.5% to 5,636,326 passengers in Q1-3/2019. Passenger volume at Kosice Airport rose by 5.5% in the same period to 471,140 travellers.
Q1-3/2019: Rise in revenue to € 642.9 million (+7.8%) and net profit1 to € 152.1 million (+14.4%)
Revenue generated by the Flughafen Wien Group in Q1-3/2019 improved by 7.8% to € 642.9 million, and EBITDA improved by 10.2% to € 313.1 million. EBIT in Q1-3/2019 increased by 12.9% to € 215.0 million, and the net profit for the period before non-controlling interests climbed 14.4% in Q1-3/2019 to € 152.1 million. Net profit for the period after minorities rose by 14.7% to € 138.7 Mio. and net debt could be reduced to € 126.3 million (January 1, 2019: € 198.2 million) 3. The free cash flow equalled € 143.7 million (Q1-3/2018: € 117.5 million).
Revenue and earnings development in the segments
Revenue in the Airport Segment rose by 8.6% in Q1-3/2019 in a year-on-year comparison to € 310.1 million. Segment EBIT improved to € 94.1 million (Q1-3/2018: € 87.2 million). The Handling and Security Services Segment generated a 1.1% revenue increase to € 122.2 million. The segment’s EBIT amounted to € 5.3 million (Q1-3/2018: €7.7 million). This segment also includes the security services of VIAS, the handling services provided by Vienna Aircraft Handling (VAH) and Vienna Passenger Handling Services (VPHS) and services provided by GetService Dienstleistungsgesellschaft m.b.H. The Retail & Properties Segment reported a 12.8% rise in revenue in the first nine months of 2019 to € 120.6 million. Segment EBIT rose to € 66.2 million (Q1-3/2018: € 53.8 million). Revenue of the Malta Segment climbed 9.2% to € 77.3 million and segment EBIT equalled € 41.7 million (Q1-3/2018: 36.6 million). Revenue of the Other Segments totalled € 12.8 million in Q1-3/2019 (Q1-3/2018: € 12.3 million), whereas segment EBIT equalled € 7.7 million (Q1-3/2018: € 5.1 million).
Investments
Total investments in the first nine months of 2019 amounted to € 123.2 million, with the largest investments (also taking account of advance payments) relating to Office Park 4 with € 15.0 million. This was followed by investments of € 9.8 million for construction of Hangars 8 and 9 and € 28.9 million for terminal development projects. A total of € 12.8 million was invested at Malta Airport in the first three quarters of 2019.
Traffic development in October 2019:
Flughafen Wien Group handled 3.6 million passengers (+9.9%)
The number of passengers handled by the Flughafen Wien Group (Vienna Airport, Malta Airport and Kosice Airport) in the month of October 2019 rose by 9.9% compared to the prior-year month to 3.6 million travellers. Passenger volume on a cumulative basis for the period January to October 2019 was up 15.8% to 33.7 million travellers. Vienna Airport also showed strong passenger growth, reporting an 18.4% rise in the number of passengers it handled in the period January to October 2019 to a total of 26,804,143 travellers.
Vienna Airport: passenger volume up 10.2% in October 2019
The number of passengers handled by Vienna Airport in the month of October 2019 rose by 10.2% compared to the prior-year month to 2,848,057 travellers. The number of local passengers increased considerably by 9.9%, and transfer passenger volume was up by 11.4%. The number of flight movements in October 2019 also showed an increase of 3.8% year-on-year. Cargo volume at Vienna Airport dropped by 2.8% from the comparable level of October 2018.
The total number of passengers at Vienna Airport flying to destinations in Western Europe climbed by 6.2% in October 2019, and passenger traffic to Eastern Europe showed an increase of 16.6%. In October 2019, the number of passengers travelling to the Far East increased by 10.6% from the prior-year month, and passenger volume to Middle Eastern destinations was up by 18.3%. Passenger traffic to North America also developed positively, rising by 27.4% year-on-year, and the number of passengers travelling to Africa increased by 17.1% from the prior-year period.
Malta Airport reported a strong rise of 8.8% in the number of passengers it handled in October 2019. Passenger volume at Kosice Airport was up by 5.9%.
1) Profit for the period before non-controlling interests
2) Traffic data adjusted
3) Net debt adjusted due to IFRS 16 lease liabilities; comparable figure for the beginning of the year adjusted accordingly
Traffic Development October 2019
Vienna Airport (VIE)
| 10/2019 | Change in % | 01-10/2019 | Change in % |
|
|---|---|---|---|---|
| Passengers arr+dep+transit | 2,848,057 | +10.2 | 26,804,143 | +18.4 |
| Local passengers arr+dep | 2,107,842 | +9.9 | 20,452,639 | +22.3 |
| Transfer passengers arr+dep | 733,498 | +11.4 | 6,209,652 | +6.5 |
| Flight movements arr+dep | 23,557 | +3.8 | 225,536 | +12.2 |
| Cargo arr+dep (in tonnes) | 26,646 | -2.8 | 234,467 | -4.6 |
| MTOW (in tonnes) | 964,699 | +7.3 | 9,187,724 | +15.2 |
Malta Airport (MLA, fully consolidated)
| 10/2019 | Change in % | 01-10/2019 | Change in % |
|
|---|---|---|---|---|
| Passengers arr+dep+transit | 703,405 | +8.8 | 6,339,731 | +6.7 |
| Local passengers arr+dep | 697,615 | +9.0 | 6,300,501 | +6.8 |
| Transfer passengers arr+dep | 5,790 | -11.7 | 39,060 | -2.7 |
| Flight movements arr+dep | 4,906 | +7.1 | 44,596 | +5.9 |
| Cargo arr+dep (in tonnes) | 1,610 | +13.7 | 13,288 | +0.2 |
| MTOW (in tonnes) | 187,378 | +7.5 | 1,695,774 | +5.5 |
Kosice Airport (KSC, consolidated at equity)
| 10/2019 | Change in % | 01-10/2019 | Change in % |
|
|---|---|---|---|---|
| Passengers arr+dep+transit | 35,783 | +5.9 | 506,923 | +5.5 |
| Local passengers arr+dep | 35,783 | +9.6 | 506,666 | +7.9 |
| Transfer passengers arr+dep | 0 | n.a. | 0 | n.a. |
| Flight movements arr+dep | 425 | -10.5 | 5,342 | -3.0 |
| Cargo arr+dep (in tonnes) | 2 | -67.1 | 34 | -34.9 |
| MTOW (in tonnes) | 9,944 | -2.4 | 138,568 | +2.8 |
Vienna Airport and strategic investments (VIE, MLA, KSC)
| 10/2019 | Change in % | 01-10/2019 | Change in % |
|
|---|---|---|---|---|
| Passengers arr+dep+transit | 3,587,245 | +9.9 | 33,650,797 | +15.8 |
| Local passengers arr+dep | 2,841,240 | +9.7 | 27,259,806 | +18.1 |
| Transfer passengers arr+dep | 739,288 | +11.1 | 6,248,712 | +6.5 |
| Flight movements arr+dep | 28,888 | +4.1 | 275,474 | +10.8 |
| Cargo arr+dep (in tonnes) | 28,259 | -2.0 | 247,789 | -4.3 |
| MTOW (in tonnes) | 1,162,021 | +7.2 | 11,022,066 | +13.4 |
Note: Total number of passengers includes local, transfer and transit passengers.
Traffic data adjusted
Income Statement
| in € million | Q1-3/2019 | Q1-3/20181 | Change in % |
|---|---|---|---|
| Revenue | 642.9 | 596.3 | +7.8 |
| Other operating income | 10.5 | 11.4 | -8.0 |
| Operating income | 653.4 | 607.7 | +7.5 |
| Expenses for consumables and services used | -29.7 | -29.5 | +0.9 |
| Personnel expenses | -233.1 | -217.9 | +7.0 |
| Other operating expenses | -81.2 | -78.9 | +2.9 |
| Impairment/reversals of impairment on receivables | 0.0 | -0.1 | n.a. |
| Pro data results of companies recorded at equity | 3.6 | 2.8 | +30.0 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | 313.1 | 284.1 | +10.2 |
| Depreciation and amortisation | -98.1 | -93.8 | +4.6 |
| Earnings before interest and taxes (EBIT) | 215.0 | 190.4 | +12.9 |
| Income from investments, excluding companies recorded at equity | 0.7 | 0.3 | n.a. |
| Interest income | 1.9 | 1.8 | +7.3 |
| Interest expense | -12.9 | -12.2 | +5.7 |
| Other financial result | 0.6 | 0.5 | +17.6 |
| Financial result | -9.6 | -9.5 | -1.1 |
| Earnings before taxes (EBT) | 205.3 | 180.8 | +13.5 |
| Income taxes | -53.2 | -47.9 | +11.2 |
| Net profit for the period | 152.1 | 133.0 | +14.4 |
| Thereof attributable to: | |||
| Equity holders of the parent | 138.7 | 120.9 | +14.7 |
| Non-controlling interests | 13.4 | 12.1 | +10.8 |
| Earnings per share (in €, basic = diluted) | 1.65 | 1.44 | +14.7 |
1) Application of IFRS 16 since 1 January 2019. Prior-year period was not adjusted.
Balance Sheet Indicators
| ASSETS: | |||
|---|---|---|---|
| Non-current assets | 1,966.0 | 1,957.2 | +0.4 |
| Current assets | 318.6 | 200.9 | +58.6 |
| LIABILITIES: | |||
| Equity | 1,358.1 | 1,297.0 | +4.7 |
| Non-current liabilities | 580.3 | 549.3 | +5.6 |
| Current liabilities | 346.3 | 311.8 | +11.1 |
| Total assets | 2,284.7 | 2,158.1 | +5.9 |
| Net debt2 | 126.3 | 198.2 | -36.3 |
| Gearing (in%)2 | 9.3 | 15.3 | n.a. |
Cash Flow Statement
| in € million | Q1-3/2019 | Q1-3/2018 | Change in % |
|---|---|---|---|
| Net cash flow from operating activities | 285.6 | 226.2 | +26.3 |
| investing activities | -141.9 | -108.7 | +30.6 |
| financing activities | -103.9 | -140.3 | -26.0 |
| Free cash flow | 143.7 | 117.5 | +22.3 |
| CAPEX3 | 123.2 | 112.7 | +9.3 |
1) Application of IFRS 16 since 1 January 2019: Prior-year period was not adjusted.
2) Net debt and gearing adjusted due to IFRS 16 lease liabilities, comparable figure as of 1.1.2019 adjusted accordingly
3) Excluding financial assets
The report by Flughafen Wien AG for the first nine months, from January 1 to September 30, 2019 is available to the general public at the company’s office at 1300 Flughafen and at Bank Austria, 1020 Wien, Rothschildplatz 1. It is also available on the Internet at
http://www.viennaairport.com/en/company/investor_relations/publications_and_reports/
quarterly_reports .
Vienna Airport, November 14, 2019 The Management Board
Please address inquiries to Corporate Communications of Flughafen Wien AG
Press Office Investor Relations
Mr. Peter Kleemann, Company Spokesman Mr. Christian Schmidt
Tel.: (+43-1-) 7007-23000 Tel.: (+43-1-) 7007-23126
E-mail: p.kleemann@viennaairport.com E-mail: christian.schmidt@viennaairport.com
Website: www.viennaairport.com
Facebook: www.facebook.com/flughafenwien
Twitter: PeterKleemannVIE
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