EANS-News: Covid-19 Crisis Continues to Massively Burden the Aviation Sector: Flughafen Wien Group Handles 88.7% Fewer Passengers, Revenue Decline of 64.4%
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EBITDA Down 95.9% but Still Positive at ? 2.4 Million, Net Q1/2021 Earnings of
Minus ? 25.0 Million
Quarterly Report
Vienna Airport - Covid-19 Crisis Continues to Massively Burden the Aviation
Sector: Flughafen Wien Group Handles 88.7% Fewer Passengers, Revenue Decline of
64.4%, EBITDA Down 95.9% but Still Positive at EUR 2.4 Million, Net Q1/2021
Earnings of Minus EUR 25.0 Million
* Drop in passenger volumes continues in April 2021: Decline of 90.9% in the
Flughafen Wien Group (90.2% at Vienna Airport) compared to the pre-crisis
level of April 2019
* Extension of short-time work is absolutely necessary for the most impacted
sectors such as aviation and tourism to avoid large scale layoffs
* Book now and fly at favourable rates: travelling will once again be possible
in the summer months - whoever is vaccinated, immune or has negative test
results will be allowed to travel - Vienna Airport welcomes the wide-ranging
lifting of quarantine requirement for travelling to Austria and Austria's
trailblazing role in the international launch of a "Green Pass"
"Green Pass is the key to the freedom of travel"
"The dramatic figures underline the fact that the aviation sector urgently
requires a continuation of the coronavirus short-time work programme. This is
the only way to prevent massive layoffs from taking place. Bookings are
increasing, but flight traffic and tourism have not turned the corner yet",
states Günther Ofner, Member of the Management Board of Flughafen Wien AG,
commenting on the quarterly performance figures. "Anyone who wants to fly should
book now before air fares rise again. Whoever is vaccinated, tested or has
recovered can travel again and should also seize this opportunity. In this
regard, the Green Pass is the key to regaining the freedom to travel", Günther
Ofner adds.
"International vaccination progress makes us cautiously optimistic"
"The pandemic continues to have a firm grip on the aviation sector. In April
2021, passenger traffic was still not even 10% of the pre-crisis level. However,
the perceptible progress made in the meantime in vaccinating people as well as
the loosening of travel restrictions open up new perspectives with respect to a
return to the freedom of travel. On the basis of its new COVID-19 Entry
Regulation, Austria has lifted the quarantine requirement for people entering
the country from popular vacation destinations such as Greece, Italy, Spain,
France and many more. In this way, and thanks to the increasing reliance on the
three-fold rule easing restrictions on people who are tested, recovered or
vaccinated, there are no more obstacles to a relaxed summer of travelling. Our
message is to book now and profit from favourable air fares", recommends Julian
Jäger, Member of the Management Board of Flughafen Wien AG.
January to March 2021: Passenger volume at Vienna Airport down 88.4%
The global COVID-19 pandemic continues to have a strong impact on international
travel and thus on Vienna Airport as well. From January to March 2021, 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 88.7% year-on-year to a total of 677,348 passengers. The number of passengers
at Vienna Airport fell by 88.4% from the prior-year level to 572,718 travellers.
The number of flight movements from January to March 2021 was down by 78.6% from
the prior-year period to 10,418 starts and landings. The average capacity
utilisation of the aircraft (seat load factor) fell from 65.4% to 49.4%. Cargo
volume (air cargo and trucking) dropped by 5.5% year-on-year to 59,835 tonnes.
Malta Airport registered a 90.2% decrease in passenger volume in Q1/2021 to
98,495 travellers. Kosice Airport handled 6,135 passengers in the same period,
down 87.7% from the previous year.
Q1/2021: Revenue of EUR 57.5 million (- 64.4%) and net profit of minus EUR 25.0
million
Revenue of the Flughafen Wien Group in Q1/2021 decreased by 64.4% to EUR 57.5
million. EBITDA declined by 95.9% to EUR 2.4 million, and EBIT fell to minus EUR
30.9 million. The net profit for the period before non-controlling interests in
Q1/2021 equalled minus EUR 25.0 million.The net debt of the company increased to
EUR 230.7 million (31 December 2020: EUR 201.9 million). The free cash flow
amounted to minus EUR 28.8 million (Q1/2020: minus EUR 21.0 million).
Revenue and earnings development of the segments
Q1/2021 revenue of the Airport Segment fell by 78.8% year-on-year to EUR 16.1
million. Segment EBIT equalled minus EUR 25.4 million. The Handling and Security
Services Segment registered a decrease in revenue of 54.5% to EUR 16.7 million,
with the segment's EBIT decreasing to minus EUR 6.1 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).
The Retail & Properties Segment reported a significant drop in revenue of 47.9%
to EUR 16.8 million in the first three months of 2021. EBIT of this segment
amounted to EUR 4.2 million. Revenue of the Malta Segment was down 60.4% to EUR
5.1 million, whereas segment EBIT totalled minus EUR 3.2 million. Revenue of the
Other Segments declined by 26.9% in Q1/2021 to EUR 2.9 million and segment EBIT
amounted to minus EUR 0.3 million.
Investments
Total investments in the first three months of 2021 amounted to EUR 6.3 million.
The largest investments of EUR 1.3 million related to Terminal 2 and EUR 1.3
million for an access control and door control system. A total of EUR 2.7
million was invested at Malta Airport in Q1/2021.
Passenger forecast for 2021: About 15.9 million passengers expected for the
Flughafen Wien Group and approx. 12.5 million at Vienna Airport
From today's vantage point, the first half year of 2021 will continue to show a
weak development. However, a significant increase in passenger volumes is
anticipated starting in the summer and during the second half of 2021. A total
of 12.5 million travellers is expected at Vienna Airport and about 15.9 million
passengers for the Flughafen Wien Group (Vienna Airport and the strategic
foreign investments) in the year 2021.
Financial guidance 2021:
The Flughafen Wien Group is on a sound economic basis, enabling it to secure
sufficient liquidity to cope with all predictable crisis scenarios. From today's
perspective, provided that the targeted passenger traffic figures are achieved,
the Flughafen Wien Group expects revenue of about EUR 430 million, a positive
EBITDA of EUR 150 million and a slightly positive consolidated net profit in the
2021 financial year. The second-quarter traffic results up until now are below
expectations. However, the financial guidance for 2021 can still be achieved,
although there is a significantly higher degree of uncertainty. The net debt of
the company will likely decline to about EUR 100 million. Investments are
expected to equal about EUR 62 million.
Traffic development in April 2021: Strong drop in passenger volumes continues
Flughafen Wien Group: 310,897 passengers in April 2021
The marked decline in passenger traffic triggered by the coronavirus pandemic
continues uninterruptedly. The strong restrictions imposed on flight operations
in April 2020 still served as the basis for significant improvements compared to
the prior-year period. However, current figures are still far below the pre-
crisis level (April 2019). In April 2021, the number of passengers handled by
the Flughafen Wien Group (Vienna Airport, Malta Airport, Kosice Airport)
equalled 310,807 travellers, comprising a drop of 90.9% from the pre-crisis
level of April 2019.
Vienna Airport: 269,127 passengers in April 2021
The number of passengers handled by Vienna Airport in the month of April 2021
decreased by 90.2% from the pre-crisis level (April 2019) to 269,127 travellers.
The total number of passengers at Vienna Airport flying to destinations in
Western Europe was down by 91.2% in April 2021 from the pre-crisis level (April
2019), whereas Eastern European traffic decreased by 86.6%. Passenger traffic to
North America declined by 91.9% compared to the pre-crisis level (April 2019),
and the number of passengers flying to Africa was down by 92.0% from the
comparable pre-crisis figure (April 2019). Passenger volumes to the Middle East
and Far East by 87.3% and 95.9% respectively from the level preceding the
coronavirus crisis (April 2019).
Malta Airport reported a drop in passenger volume of 94.0% in the month of April
2021 compared to the pre-crisis level (April 2019), whereas the total number of
passengers handled at Kosice Airport decreased by 93.1%.
Details on traffic results for April 2021 can be found in the table below.
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.
Traffic Development April 2021
Vienna Airport
(VIE)
04/2021 04/2020 04/2019 01-04/2021 Diff.% to
2020
Passengers 269,127 12,632 2,744,184 841,845 -82.9
arr+dep+transit
Local
passengers 177,654 12,263 2,094,419 603,916 -84.8
arr+dep
Transfer
passengers 89,600 324 624,270 229,142 -76.2
arr+dep
Bewegungen 5,009 960 22,842 15,427 -68.9
an+ab
Cargo arr+dep 21,803 14,539 23,535 81,628 +4.8
(in tonnes)
MTOW (in 238,737 87,845 943,168 734,774 -65.0
tonnes)
Malta Airport (MLA, fully
consolidated)
04/2021 04/2020 04/2019 01-04/2021 Diff.% to
2020
Passengers 39,392 2,370 653,258 137,887 -86.4
arr+dep+transit
Local
passengers 39,346 2,318 647,740 137,562 -86.3
arr+dep
Transfer
passengers 42 0 5,518 308 -95.8
arr+dep
Bewegungen 673 259 4,547 2,235 -74.4
an+ab
Cargo arr+dep 1,082 1,162 1,334 4,824 -5.7
(in tonnes)
MTOW (in 23,560 9,530 170,669 79,266 -76.8
tonnes)
Flughafen Kosice (KSC, consolidated at
equity)
04/2021 04/2020 04/2019 01-04/2021 Diff.% to
2020
Passengers 2,288 0 32,974 8,423 -83.1
arr+dep+transit
Local
passengers 2,288 0 32,974 8,423 -83.1
arr+dep
Transfer
passengers 0 0 0 0 n.a.
arr+dep
Bewegungen 30 0 408 102 -86.8
an+ab
Cargo arr+dep 0 0 1 0 -100.0
(in tonnes)
MTOW (in 1,134 0 9,182 3,469 -76.8
tonnes)
Vienna Airport and strategic investments
(VIE, MLA, KSC)
04/2021 04/2020 04/2019 01-04/2021 Diff.%
to 2020
Passengers 310,807 15,002 3,430,416 988,155 -83.5
arr+dep+transit
Local
passengers 219,288 14,581 2,775,133 749,901 -85.1
arr+dep
Transfer
passengers 89,642 324 629,788 229,450 -76.3
arr+dep
Bewegungen 5,712 1,219 27,797 17,764 -69.9
an+ab
Cargo arr+dep 22,886 15,701 24,870 86,452 +4.2
(in tonnes)
MTOW (in 263,431 97,375 1,123,019 817,509 -66.7
tonnes)
Note: Total number of passengers includes local, transfer and transit
passengers.
Traffic data adjusted
Income Statement
______________________________________________________________________________
|in_EUR_million____|____________Q1/2021|____________Q1/2020|_________Diff._in_%|
|Revenue___________|_______________57.5|______________161.4|______________-64.4|
|Other operating | 1.5| 2.4| -39.1|
|income____________|___________________|___________________|___________________|
|Operating_income__|_______________59.0|______________163.8|______________-64.0|
|__________________|___________________|___________________|___________________|
|Expenses for | | | |
|consumables and | -7.8| -10.4| -25.2|
|services | | | |
|used______________|___________________|___________________|___________________|
|Personnel_expenses|______________-39.1|______________-76.8|______________-49.1|
|Other operating | -9.2| -14.4| -36.0|
|expenses__________|___________________|___________________|___________________|
|Reversals of | | | |
|impairment/ | 0.0| -3.0| n.a.|
|impairment on | | | |
|receivables_______|___________________|___________________|___________________|
|Pro rata results | | | |
|of companies | -0.4| -0.2| 106.6|
|recorded at | | | |
|equity____________|___________________|___________________|___________________|
|Earnings before | | | |
|interest, taxes, | | | |
|depreciation and | 2.4| 59.0| -95.9|
|amortisation | | | |
|(EBITDA)__________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Depreciation and | -33.3| -32.6| 2.2|
|amortisation______|___________________|___________________|___________________|
|Earnings before | | | |
|interest and taxes| -30.9| 26.4| 216.9|
|(EBIT)____________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Income from | | | |
|investments, | | | |
|excluding | 0.0| 0.2| -100.0|
|companies recorded| | | |
|at_equity_________|___________________|___________________|___________________|
|Interest_income___|________________0.1|________________0.2|________________9.6|
|Interest_expense__|_______________-3.9|_______________-4.2|_______________-5.0|
|Other financial | -0.2| -1.2| -116.5|
|result____________|___________________|___________________|___________________|
|Financial_result__|_______________-3.6|_______________-5.0|______________-28.0|
|__________________|___________________|___________________|___________________|
|Earnings before | -34.5| 21.4| -261.2|
|taxes_(EBT)_______|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Income_taxes______|________________9.5|_______________-5.3|_____________-281.3|
|Net profit for the| -25.0| 16.1| -254.7|
|period____________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Thereof | | | |
|attributable_to:__|___________________|___________________|___________________|
|Equity holders of | -23.7| 15.6| -251.4|
|the_parent________|___________________|___________________|___________________|
|Non-controlling | -1.3| 0.5| -357.2|
|interests_________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Earnings per share| | | |
|(in EUR, basic = | -0.28| 0.19| -251.4|
|diluted)__________|___________________|___________________|___________________|
Balance Sheet Indicators
______________________________________________________________________________
|in_EUR_million____|__________31.3.2021|_________31.12.2020|__________Diff._in%|
|ASSETS:___________|___________________|___________________|___________________|
|Non-current_assets|____________1,854.6|____________1,882.6|_______________-1.5|
|Current_assets____|______________305.6|______________290.7|________________5.1|
|__________________|___________________|___________________|___________________|
|LIABILITIES:______|___________________|___________________|___________________|
|Equity____________|____________1,281.1|____________1,305.5|_______________-1.9|
|Non-current | 528.8| 535.2| -1.2|
|liabilities_______|___________________|___________________|___________________|
|Current | 350.3| 332,6| 5.3|
|liabilities_______|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Total_assets______|____________2,160.2|____________2,173.3|_______________-0.6|
|__________________|___________________|___________________|___________________|
|Net_debt__________|______________230.7|______________201.9|_______________14.2|
|Gearing_(in%)_____|_______________18.0|_______________15.5|_______________n.a.|
Cashflow Statement
______________________________________________________________________________
|in_EUR_million____|____________Q1/2021|____________Q1/2020|_________Diff._in_%|
|Net cash flow from| | | |
|operating | -11.3| 26.5| -142.6|
|activities________|___________________|___________________|___________________|
|investing | -17.5| -47.5| -63.0|
|activities________|___________________|___________________|___________________|
|financing | 22.9| 97.1| -76.4|
|activities________|___________________|___________________|___________________|
|__________________|___________________|___________________|___________________|
|Free_cash_flow____|______________-28.8|______________-21.0|_______________37.3|
|__________________|___________________|___________________|___________________|
|CAPEX*____________|________________6.3|_______________21.9|______________-71.3|
*Excluding financial assets
The report by Flughafen Wien AG for the first three months, from January 1 to
March 31, 2021 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, May 20, 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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