Quarterly Report

2/2023

Flughafen Wien AG

Content

Content

Key Data of the Flughafen Wien Group ����������������������������������������� 3 Letter to Shareholders ������������������������������������������������������� 5

Group Management Report

7

Dynamic passenger development for Flughafen Wien Group �����������������������

8

Earnings in the first half of 2023 ���������������������������������������������

10

Earnings in second quarter of 2023 �������������������������������������������

13

Financial, asset and capital structure ������������������������������������������

15

Capital expenditure ��������������������������������������������������������

17

Risks of future development ������������������������������������������������

18

Other disclosures ����������������������������������������������������������

22

Guidance and financial

outlook ����������������������������������������������

23

Development of traffic

in July 2023�������������������������������������������

24

Condensed Consolidated Interim Financial Statements as of 30 June 2023

25

Consolidated Income Statement ��������������������������������������������

26

Consolidated Statement of Comprehensive Income������������������������������

27

Consolidated Balance Sheet �������������������������������������������������

28

Consolidated Cash Flow Statement �������������������������������������������

29

Consolidated Statement of Changes in Equity ����������������������������������

30

Selected Notes �����������������������������������������������������������

31

Statement of the members of the Management Board

52

2

Key Data of the Flughafen Wien Group

Key Data of the

Flughafen Wien Group

Financial indicators

(in € million. excluding employees)

H1/2023

H1/2022

Change in %

Total revenue

428.1

294.7

45.3%

Thereof Airport

199.4

134.2

48.6%

Thereof Handling & Security Services

78.5

56.9

37.9%

Thereof Retail & Properties

84.2

57.3

47.1%

Thereof Malta

53.6

37.3

43.8%

Thereof Other Segments

12.4

9.1

36.6%

EBITDA

177.4

143.1

23.9%

EBITDA margin (in %)1

41.4

48.6

n.a.

EBIT

112.6

75.8

48.5%

EBIT margin (in %)2

26.3

25.7

n.a.

Net profit

82.7

52.3

58.0%

Net profit parent company

74.0

46.4

59.5%

Cash flow from operating activities

197.9

96.6

104.9%

Capital expenditure3

28.7

25.9

10.7%

Income taxes

30.0

19.2

56.0%

Average number of employees4

4,883

4,649

5.0%

30.6.2023

31.12.2022

Change in %

Equity

1,454.7

1,448.5

0.4%

Equity ratio (in %)

65.0

65.1

n.a.

Net liquidity

246.3

149.4

64.9%

Total assets

2,239.1

2,224.9

0.6%

Gearing (in %)5

-16.9

-10.3

n.a.

Number of employees at end of period

5,220

4,854

7.5%

  1. EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBITDA / Revenue
  2. EBIT margin (Earnings before Interest and Taxes) = EBIT / Revenue
  3. Capital expenditure: intangible assets, property, plant and equipment and investment property including corrections to invoices from previous years, excluding financial assets
  4. According to the degree of employment including apprentices, exclusive employees without reference (parental leave, armed forces etc.), exclusive board members and managing directors weighted "full-time equivalent" on an annual average
  5. Gearing is negative due to the presence of net liquidity

3

Key Data of the Flughafen Wien Group

Industry indicators

H1/2023

H1/2022

Change in %

Passenger development of the Group

Vienna Airport (in mill.)

13.3

9.2

44.3%

Malta Airport (in mill.)

3.4

2.3

46.4%

Košice Airport (in mill.)

0.2

0.2

29.5%

Vienna Airport and strategic investments

17.0

11.8

44.5%

Traffic development Vienna Airport

Passengers (in mill.)

13.3

9.2

Thereof transfer passengers (in mill.)

3.0

2.1

Aircraft movements

103,292

81,017

MTOW (in mill. tonnes)6

4.3

3.4

Cargo (air cargo and trucking; in tonnes)

120,257

123,900

Seat load factor (in %)7

78.6

71.6

44.3%

42.7%

27.5%

27.0%

-3.0%

n.a.

Stock market indicators

Market capitalisation (as of 30.6.2023; in € mill.)

4,027.8

Stock price: high (26.6.2023; in €)

48.60

Stock price: low (5.1.2023 in €)

32.25

Stock price as of 30.6.2023 (in €)

47.95

Stock price as of 31.12.2022 (in €)

32.35

Market weighting ATX Prime (as of 30.6.2023; in %)

0.73%

Ticker symbols

Reuters

VIEV.VI

Bloomberg

FLU AV

Nasdaq

FLU-AT

ISIN

AT00000VIE62

Kassamarkt

FLU

ADR

VIAAY

  1. MTOW: maximum take off weight for aircraft
  2. Seat load factor: Number of passengers / available number of seats

4

Letter to Shareholders

Letter to Shareholders

Dear Shareholders,

The marked recovery in aviation following the severe slumps caused by the COVID-19 pandemic has continued in the first half of 2023. Despite higher ticket prices the desire to travel is undiminished. The Flughafen Wien Group, which includes the airports in Malta and Košice as well as Vienna Airport, reported passenger growth of around 45% to 17.0 million passengers in the first two quarters. This is equivalent to around 94% of the pre-crisis level. Increased capacity by airlines and a number of new destinations complete the picture of continued dynamic business. A key indicator of this is the traffic volume in July, which was even 1% higher than the record level of 2019.

There was significant growth at Vienna Airport as well, where the number of passengers rose by 44% to 13.3 million, or approximately 91% of the record year of 2019. Movements increased by 28% to 103,292 and the seat load factor, i.e. the utilisation of aircraft capacity, improved noticeably from 72% to 79%. In the summer flight plan, around 60 airlines serve more than 200 destinations in almost 70 countries, which also highlights the significance of Vienna Airport as a hub.

The momentum of this recovery has exceeded our expectations overall and is also clearly reflected in our key performance indicators. Revenue rose by 45.3% from € 294.7 million in the first half of 2022 to € 428.1 million, which is 7% higher than the previous record year of 2019. EBITDA climbed by 23.9% to € 177.4 million and EBIT by 48.5% to € 112.6 million, whereby a positive financial result was achieved for the first time as well thanks to debt reduction and higher interest on bank balances. The net profit after non-controlling interests improved by a remarkable 59.5% to € 74.0 million with earnings per share of € 0.88.

This gratifying development also led to a further improvement in the financial position. The company is net debt-free and its equity ratio is a proud 65.0% after the first half of the year. As usual, more details on the figures can be found later in this report.

In one respect, the first half of 2023 was an especially important milestone: Thanks to concerted efforts and forward-looking capital expenditure, airport operations are now CO2 neutral. Despite the passenger growth of around 40% since 2011, CO2 emissions have been reduced by 60,000 tonnes each year. As a result of the expansion of the photovoltaic plant to 45 hectares, we are now able to generate around 50% of our power requirements on-site. These successes in climate protection are the result of a team effort by all our employees, and we would like to take this opportunity to thank them for their dedication and professionalism on behalf of the Supervisory Board as well. Thanks to their commitment, Vienna Airport was again one of Europe's most punctual airports in the first half of 2023 and also achieved top results in baggage handling reliability and waiting times at security.

The site's development is making good progress as well. The preparations for the start of construction on the southern extension are at an advanced stage, as are those for a new hotel project with 500 beds. And also the AirportCity is expanding: In 2023 alone, 20 new companies have set up shop here, now bringing the total to more than 250.

And as for the third runway project, the environmental impact assessment authority has approved the extension of the completion date until 30 June 2033. Several lawsuits have again been launched against this decision, though without suspensive effect. A ruling on these can take several more years. Air traffic - according to experts in the field - will continue to rise, with the result that the current runway system will reach the limits of its capacity in the 2030s. The anticipated long-term growth in aviation is also verified by a new study by Airbus and Boeing, which assumes that the global aircraft fleet will double to 48,000 by 2042.

However, we on the Management Board of Flughafen Wien AG have good reason to be optimistic for the near future as well. The excellent figures to date for the first half of the year allow

5

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Flughafen Wien AG published this content on 17 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2023 05:51:03 UTC.