EANS-News: Flughafen Wien AG H1/2020: Two-Thirds Fewer Passengers, Group Revenue Down 51.2%, EBITDA Decrease of 73.3% but Still Positive at ? 48.9 Million, Earnings Turn Negative to Minus ? 18.2 Million
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Quarterly Report
Vienna Airport - Flughafen Wien Group in H1/2020: COVID-19 Crisis Severely
Burdens the Aviation Sector - Vienna Airport Registers Two-Thirds Fewer
Passengers, Group Revenue Down 51.2%, EBITDA Decrease of 73.3% but Still
Positive at EUR 48.9 Million, Earnings Turn Negative to Minus EUR 18.2 Million
* Only sluggish improvement in passenger volume in July 2020 due to the
coronavirus crisis, drop in number of passengers of -81.9% in the Flughafen
Wien Group in July (-81.8% at Vienna Airport) despite gradual resumption of
flight traffic
* Massive cost savings programme of EUR 220 million, EUR 100 million reduction
in investment projects and company-wide short-time work for approx. 6,000
employees are the cornerstones of crisis response efforts
* Development of Airport City at Vienna Airport continues despite the pandemic,
the first tenants move into the new Office Park 4 - one of Austria's most
modern and energy-efficient office buildings is put into operation
"There is a threat looming on the horizon of the crisis extending even longer
without functioning international flight traffic. This not only applies to
tourism and conferences but also to large parts of the economy and industry.
Whoever is not present today on the marketplace in such an export-oriented
economy like Austria will not have any orders and thus no work tomorrow. For
this reason, unified European-wide and global travel regulations as well as a
comprehensive testing strategy are urgently needed, so that extensive
international business and holiday travel is once again possible. To support
Austria's good entry rules, Vienna Airport has already successfully introduced
PCR tests for travellers. Recently more than 800 tests have been carried out
each day", states Günther Ofner, Member of the Management Board of Flughafen
Wien AG. "Life and also the development of the Airport City are continuing
despite the pandemic. During these very days, the first tenants are moving into
the new Office Park 4, one of Austria's most modern and energy-efficient office
buildings", Günther Ofner adds.
"Passenger volume has increased since the beginning of July compared to the
weeks beforehand but is still significantly below the level reached in previous
years. The number of travellers in the first two weeks of August climbed to
about 25,000 per day. Nevertheless, it remains to be seen how flight traffic
will develop in the coming months in the light of the growing number of people
across the globe who are inflicted with COVID-19. In any case, the related
short-term changes in travel regulations strongly inhibit passenger volumes.
COVID-19 will remain with us for some time to come. For this reason, unified
international regulations for air travel are urgently needed in times of the
coronavirus, along with the electronic recording of travel data, especially for
entering the Schengen Area", explains Julian Jäger, Member of the Management
Board of Flughafen Wien AG.
January-June 2020: 65.3% fewer passengers at Vienna Airport
The global COVID-19 pandemic continues to have substantial effects on
international travel and thus on Vienna Airport as well. From January to June
2020, the Flughafen Wien Group including the foreign strategic investments in
Malta Airport and Kosice Airport reported a drop in the number of passengers
handled by 66.0% year-on-year to a total of 6.2 million. The number of
passengers at Vienna Airport fell by 65.3% from the prior-year level to
5,090,546 travellers. The number of flight movements from January to June 2020
was down by 58.5% from the prior-year period to 53,093 starts and landings. The
average capacity utilisation of the aircraft (seat load factor) fell from 75.1%
to 63.9%. Cargo volume (air cargo and trucking) fell by 20.7% year-on-year to
107,860 tonnes. Malta Airport registered a 68.7% decrease in passenger volume in
H1/2020 to 1,017,850 travellers. Kosice Airport handled 50.508 passengers in the
same period, down 76.8% from the previous year.
H1/2020: Revenue of EUR 195.8 million (-51.2%) and net profit 1) of minus EUR
18.2 million (-121.9%)
Revenue of the Flughafen Wien Group in H1/2020 fell by 51.2% to EUR 195.8
million. EBITDA declined by 73.3% to EUR 48.9 million, and EBIT was down by
113.8% to minus EUR 16.2 million. The net profit for the period before non-
controlling interests in H1/2020 equalled minus EUR 18.2 million, comprising a
drop of 121.9%. The net debt of the company increased to EUR 149.0 million (31
December 2019: EUR 81.4 million). The free cash flow amounted to minus EUR 69.0
million (H1/2019: EUR 76.0 million).
Revenue and earnings development of the segments
H1/2020 revenue of the Airport Segment fell by 56.3% year-on-year to EUR 83.4
million. Segment EBIT equalled EUR -14,7 million (H1/2019: EUR 49,2 million).
The Handling and Security Services Segment registered a decrease in revenue of
39.3% to EUR 48.2 million, with the segment's EBIT decreasing to minus EUR 14.0
million (H1/2019: EUR 0.5 million). This segment also includes the security
services of VIAS as well as the handling services provided by Vienna Aircraft
Handling (VAH) and Vienna Passenger Handling Services (VPHS) and the services
rendered by GetService Dienstleistungsgesellschaft m.b.H. The Retail &
Properties Segment reported a drop in revenue of 45.9% to EUR 42.2 million in
the first six months of 2020. EBIT of this segment amounted to EUR 11.5 million
(H1/2019: EUR 43.0 million). Revenue of the Malta Segment was down 66.5% to EUR
14.9 million, whereas segment EBIT totalled minus EUR 3.1 million (H1/2019: EUR
21.8 million). Revenue of the Other Segments was EUR 7.0 million in H1/2020 (H1/
2019: EUR 8.4 million) and segment EBIT amounted to EUR 4.1 million (H1/2019:
EUR 2.7 million).
Investments
Total investments in the first three months of 2020 amounted to EUR 39.2
million, with the largest investments of EUR 12.5 million relating to the
terminal modernisation projects along with EUR 2.0 million for construction of a
connecting bridge to Car Park 3, EUR 2.0 million for commercial properties, EUR
1.3 million for aircraft towing tractors, EUR 1.2 million for new passenger
buses, EUR 1.2 million for Office Park 4 and EUR 1.1 million for new advertising
space. A total of EUR 5.5 million was invested at Malta Airport in the first
half of 2020.
Traffic development in July 2020: Ongoing drop in flight traffic
Flughafen Wien Group: 734,612 passengers (-81.9%) in July 2020
In spite of a slight improvement related to the change in travel regulations and
the current holiday travel, the significant decline in air traffic continued at
Vienna Airport. The number of passengers handled by the Flughafen Wien Group
(Vienna Airport, Malta Airport, Kosice Airport) in July 2020 fell by 81.9% to
734,612 travellers. The accumulated passenger volume in the period January to
July 2020 was down 68.9% from the prior-year period to 6.9 million. Vienna
Airport also continued its negative development from January to July 2020, with
the number of passengers declining by 68.2% to 5.7 million.
Vienna Airport: Passenger decline of 81.8% in July 2020
The number of passengers handled by Vienna Airport in the month of July 2020
decreased by 81.8% to 576,370 travellers. The number of local passengers was
down by 79.4%, whereas the number of transfer passengers fell by 88.7%. The
number of flight movements in July 2020 showed a decline of 69.6% year-on-year.
Cargo volume at Vienna Airport dropped by 32.1% from the comparable level of
July 2019.
The total number of passengers at Vienna Airport flying to destinations in
Western Europe was down by 76.1% in July 2020, whereas Eastern European traffic
decreased by 86,1%. Passenger traffic to the Far East was down 98,2% from the
prior-year month, and passenger volume to Middle Eastern destinations showed a
drop of 97,3% in July 2020. The number of passengers travelling to destinations
in North America fell by 97,6%, and passenger traffic to Africa was down by
91,4%.
Malta Airport reported a drop in passenger volume of 80.9% in the month of July
2020, whereas the total number of passengers handled at Kosice Airport decreased
by 94.4%.
1) Profit for the period before non-controlling interests
Traffic July 2020
Development
Vienna Airport
(VIE)
07/2020 Diff.% 01-07/2020 Diff.%
Passengers 576,370 -81.8 5,666,916 -68.2
arr+dep+transit
Local
passengers 486,402 -79.4 4,591,025 -66.6
arr+dep
Transfer
passengers 89,412 -88.7 1,069,290 -73.1
arr+dep
Flight
movements 7,648 -69.6 60,741 -60.3
arr+dep
Cargo arr+dep 15,847 -32.1 123,677 -22.4
(in tonnes)
MTOW (in 301,653 -70.6 2,619,960 -58.0
tonnes)
Malta Airport (MLA, fully
consolidated)
07/2020 Diff.% 01-07/2020 Diff.%
Passengers 152,818 -80.9 1,170,668 -71.1
arr+dep+transit
Local
passengers 151,915 -80.8 1,162,221 -71.1
arr+dep
Transfer
passengers 840 -84.7 8,206 -64.9
arr+dep
Flight
movements 1,577 -70.3 10,866 -62.8
arr+dep
Cargo arr+dep 1,471 +18.0 9,423 +3.3
(in tonnes)
MTOW (in 56,392 -72.0 419,594 -62.1
tonnes)
Kosice Airport (KSC, consolidated at equity)
07/2020 Diff.% 01-07/2020 Diff.%
Passengers 5,424 -94.4 55,932 -82.2
arr+dep+transit
Local
passengers 5,424 -94.4 55,932 -82.2
arr+dep
Transfer
passengers 0 n.a. 0 n.a.
arr+dep
Flight
movements 114 -85.9 911 -73.6
arr+dep
Cargo arr+dep 0 -100.0 4 -86.4
(in tonnes)
MTOW (in 2,097 -91.2 17,376 -79.9
tonnes)
Vienna Airport and strategic investments (VIE,
MLA, KSC)
07/2020 Diff.% 01-07/2020 Diff.%
Passengers 734,612 -81.9 6,893,516 -68.9
arr+dep+transit
Local
passengers 643,741 -80.2 5,809,178 -67.9
arr+dep
Transfer
passengers 90,252 -88.7 1,077,496 -73.1
arr+dep
Flight
movements 9,339 -70.1 72,518 -61.0
arr+dep
Cargo arr+dep 17,317 -29.6 133,104 -21.0
(in tonnes)
MTOW (in 360,142 -71.2 3,056,930 -58.9
tonnes)
Note: Total number of passengers includes local, transfer, and transit
passengers.
Traffic data adjusted
Preliminary Consolidated Financial Statements
______________________________________________________________________________
|in_EUR_million____|____________H1/2020|____________H1/2019|_________Diff._in_%|
|Revenue___________|______________195.8|______________401.4|______________-51.2|
|Other operating | 3.3| 7.9| -57.8|
|income____________|___________________|___________________|___________________|
|Operating_income__|______________199.1|______________409.3|______________-51.3|
|__________________|___________________|___________________|___________________|
|Expenses for | | | |
|consumables and | -14.0| -20.3| -30.9|
|services_used_____|___________________|___________________|___________________|
|Personnel_expenses|_____________-109.4|_____________-153.8|______________-28.9|
|Other operating | -25.6| -53.5| -52.1|
|expenses__________|___________________|___________________|___________________|
|Impairment/ | | | |
|reversals of | -0.5| 0.2| n.a.|
|impairments on | | | |
|receivables_______|___________________|___________________|___________________|
|Proportional share| | | |
|of income from | -0.7| 1.3| -157.1|
|companies recorded| | | |
|at_equity_________|___________________|___________________|___________________|
|Earnings before | | | |
|interest, taxes, | | | |
|depreciation and | 48,9| 183.1| -73.3|
|amortisation | | | |
|(EBITDA)__________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Depreciation and | -65.0| -65.9| -1.4|
|amortisation______|___________________|___________________|___________________|
|Earnings before | | | |
|interest and taxes| -16.2| 117.2| -113.8|
|(EBIT)____________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Income from | | | |
|investments, | | | |
|excluding | 0.5| 0.7| -22.4|
|companies recorded| | | |
|at_equity_________|___________________|___________________|___________________|
|Interest_income___|________________0.4|________________0.4|______________-14.9|
|Interest_expense__|_______________-8.1|_______________-8.7|_______________-7.5|
|Other financial | -0.6| 1.5| -144.2|
|result____________|___________________|___________________|___________________|
|Financial_result__|_______________-7.8|_______________-6.1|______________-27.1|
|__________________|___________________|___________________|___________________|
|Earnings before | -24.0| 111.0| -121.6|
|taxes_(EBT)_______|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Income_taxes______|________________5.8|______________-28.1|_____________-120.7|
|Net profit for the| -18.2| 82.9| -121.9|
|period____________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Thereof | | | |
|attributable_to:__|___________________|___________________|___________________|
|Equity holders of | -16.7| 75.8| -122.0|
|the_parent________|___________________|___________________|___________________|
|Non-controlling | -1.5| 7.1| -120.9|
|interests_________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Earnings per share| | | |
|(in EUR, basic = | -0.20| 0.90| -122.0|
|diluted)__________|___________________|___________________|___________________|
Balance Sheet Indicators
______________________________________________________________________________
|in_EUR_million____|_________30.06.2020|_________31.12.2019|__________Diff._in%|
|ASSETS:___________|___________________|___________________|___________________|
|Non-current_assets|____________2,025.8|____________1,999.6|_______________+1.3|
|Current_assets____|______________230.3|______________301.1|______________-23.5|
|__________________|___________________|___________________|___________________|
|LIABILITIES:______|___________________|___________________|___________________|
|Equity____________|____________1,359.3|____________1,380.9|_______________-1.6|
|Non-current | 540.9| 572.5| -5.5|
|liabilities_______|___________________|___________________|___________________|
|Current | 356.0| 347.2| +2.5|
|liabilities_______|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Total_assets______|____________2,256.1|____________2,300.6|_______________-1.9|
|__________________|___________________|___________________|___________________|
|Net_debt__________|______________149.0|_______________81.4|______________+83.0|
|Gearing_(in%)_____|_______________11.0|________________5.9|_______________n.a.|
Cash Flow Statement
______________________________________________________________________________
|in_EUR_million____|____________H1/2020|____________H1/2019|_________Diff._in_%|
|Net cash flow from| | | |
|operating | -6.8| 156.0| -104.4|
|activities________|___________________|___________________|___________________|
|investing | -62.2| -79.9| -22.2|
|activities________|___________________|___________________|___________________|
|financing | 72.0| -72.2| -199.6|
|activities________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Free_cash_flow____|______________-69.0|_______________76.0|_____________-190,7|
|__________________|___________________|___________________|___________________|
|CAPEX_1)__________|_______________39.2|_______________63.5|______________-38.2|
1) Excluding financial assets
The report by Flughafen Wien AG for the first six months of 2019, from January 1
to June 30, 2019, is available to the general public at the company's offices at
1300 Flughafen Wien and at Bank Austria, 1020 Vienna, Rothschildplatz 1.It is
also available on the Internet at
http://viennaairport.com/en/company/investor_relations/publications_and_reports/
quarterly_reports.
Vienna Airport, August 18, 2020
The Management Board
Further inquiry note:
Contact: Corporate Communications Flughafen Wien AG
Press Office
Peter Kleemann, Company Spokesman
Tel.: (+43-1-) 7007-23000
E-Mail: p.kleemann@viennaairport.com
Website: www.viennaairport.com
Investor Relations
Christian Schmidt, Heaf of Investor Relations
Tel.: (+43-1-) 7007-23126
E-mail: christian.schmidt@viennaairport.com
end of announcement euro adhoc
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