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The corona pandemic has left deep marks on the financial figures of the Flughafen Wien Group. Sales fell by 51,2 percent and EBITDA fell by as much as 73,3 percent to 48,9 million euros. The bottom line is a loss of 18,2 million euros in the first half of 2020. The number of passengers at Vienna, Malta and Kosice airports fell sharply due to the crisis.
Group-wide, a minus of 2020 percent was recorded in July 81,9. At the Vienna location there were 81,8 percent fewer travelers. An austerity program should reduce the costs by around 220 million euros. Investments have also been cut by around 100 million euros. In Vienna, short-time work is proving to be an important support for around 6.000 employees.
“Without functioning international flight operations, the crisis threatens to prolong. This applies not only to tourism and conferences, but also to large parts of the economy and industry. Anyone who is not present on the markets today in an economy that is so dependent on exports as the Austrian one will have no orders and therefore no work tomorrow. Therefore, uniform travel regulations across Europe and around the world as well as a comprehensive test strategy are urgently needed so that international business and holiday travel is once again possible across the board. Vienna Airport has already successfully established PCR tests for travelers to support the good Austrian entry regime. Most recently, more than 800 tests were carried out per day, ”says Günther Ofner, CEO of Flughafen Wien AG. And further: "The life and also the development of the Airport City go on despite the pandemic, these days the first tenants are moving to the new Office Park 4, one of the most modern and energy-efficient office buildings in Austria."
“The number of passengers has increased since the beginning of July compared to the previous weeks, but is still well below the level of previous years. In the first two weeks of August, the number of travelers rose to around 25.000 passengers per day, but it remains to be seen how air traffic will develop in the coming months in view of the global Covid-19 increase rates. The associated short-term changes in travel regulations will in any case have a strong inhibiting effect on the number of passengers. Covid-19 will be a part of our everyday life for some time to come. Therefore, internationally uniform regulations for air travel in Corona times and electronic recording of travel data, especially for entry into the Schengen area, are urgently needed, ”explains Julian Jäger, CEO of Flughafen Wien AG.
January to June 2020: minus 65,3% passengers at the Vienna location
The global Covid-19 pandemic continues to have a strong impact on international travel and thus also on Vienna Airport: From January to June 2020, the Flughafen Wien Group, including its foreign subsidiaries Malta Airport and Kosice Airport, recorded a decrease in passengers of 66,0 % to a total of 6,2 million passengers compared to the same period of the previous year. At the Vienna location, the number of passengers fell by 65,3% to 5.090.546 travelers. The number of flight movements fell from January to June 2020 by 58,5% to 53.093 take-offs and landings. The average occupancy (seat load factor) fell from 75,1% to 63,9%. The freight volume fell by 20,7% to 107.860 tons (air freight and trucking). Malta Airport recorded a 1% decrease in passengers to 2020 travelers in H68,7 / 1.017.850. Kosice Airport recorded a decrease of 76,8% to 50.508 travelers in the same period.
H1 / 2020: sales at € 195,8 million (-51,2%) and net result1 at € -18,2 million (-121,9%)
In H1 / 2020, the revenue of the Flughafen Wien Group fell by 51,2% to € 195,8 million. EBITDA fell by 73,3% to € 48,9 million and EBIT by 113,8% € -16,2 million. The net result before minorities decreased in H1 / 2020 by 121,9% to € -18,2 million. Net debt increased to € 149,0 million (December 31.12.2019, 81,4: € 69,0 million). The free cash flow was € -1 million (H2019 / 76,0: € XNUMX million).
Sales and earnings development in the segments
Revenues in the Airport segment fell by 1% to € 2020 million in H56,3 / 83,4 compared to the same period in the previous year. The segment EBIT was € -14,7 million (H1 / 2019: € 49,2 million) The Handling & Security Services segment recorded a 39,3% decline in sales to € 48,2 million. EBIT deteriorated to € -14,0 million (H1 / 2019: € 0,5 million). This also includes the security services of VIAS, the handling services of Vienna Aircraft Handling (VAH) and Vienna Passenger Handling Services (VPHS) as well as the services of GetService Dienstleistungsgesellschaft mbH. In the Retail & Properties segment, sales fell by 2020% to € 45,9 million in the first six months of 42,2. The segment EBIT was € 11,5 million (H1 / 2019: € 43,0 million) . Sales in the Malta segment fell by 66,5% to € 14,9 million. The segment EBIT was € -3,1 million (H1 / 2019: € 21,8 million). The sales of the Other Segments amounted to € 1 million in H2020 / 7,0 (H1 / 2019: € 8,4 million). The segment EBIT was € 4,1 million (H1 / 2019: € 2,7 million).
Investments
In the first six months of 2020, a total of € 39,2 million was invested. The largest investments relate to the terminal renovation with € 12,5 million, the connecting bridge to parking garage 3 with € 2,0 million, land with € 2,0 million, aircraft tugs with € 1,3 million, passenger buses with € 1,2, 4 million, Office Park 1,2 with 1,1 million and new advertising space with € 2020 million. € 5,5 million were invested at Malta Airport in the first half of XNUMX.
Traffic development July 2020: The decline in traffic continues
Despite a slight improvement due to the changed travel regulations and the current holiday travel, the sharp decline in traffic at Vienna Airport continues: In July 2020, the Vienna Airport Group (Vienna Airport, Malta Airport and Kosice Airport) recorded a minus of 81,9% to 734.612 travelers. Cumulative from January to July 2020, the number of passengers fell by 68,9% to 6,9 million travelers. At the Vienna Airport location, the number of passengers continued to decline by 68,2% to 5,7 million passengers from January to July 2020.
Vienna location: 81,8% fewer passengers in July 2020
In July 2020, the number of passengers at Vienna Airport fell by 81,8% compared to the same period of the previous year to 576.370 travelers. The number of local passengers decreased by 79,4%, the number of transfer passengers by 88,7%. Flight movements fell by 69,6%. Vienna Airport recorded a 32,1% decrease in freight volume compared to July of the previous year.
The number of passengers at Vienna Airport to Western Europe fell by 2020% in July 76,1, while the number of passengers to Eastern Europe fell by 86,1%. Passenger numbers to the Far East fell by 2020% in July 98,2, while those to the Near and Middle East fell by 97,3%. Passenger numbers to North America also declined by 97,6% and to Africa the number of passengers fell by 91,4%. Malta Airport recorded a drop in passengers of 2020% in July 80,9. In Kosice, the number of passengers fell by 94,4%.
The Vienna numbers at a glance:
| Traffic development | July | 2020 | ||
| Vienna Airport (VIE) | ||||
| 07/2020 | Diff.% | TBU | Diff.% | |
| Passengers on + off + transit | 576.370 | -81,8 | 5.666.916 | -68,2 |
| Local passengers to + from | 486.402 | -79,4 | 4.591.025 | -66,6 |
| Transfer passengers to + from | 89.412 | -88,7 | 1.069.290 | -73,1 |
| Movements on + off | 7.648 | -69,6 | 60.741 | -60,3 |
| Cargo on + off in to | 15.847 | -32,1 | 123.677 | -22,4 |
| MTOW (in tons) | 301.653 | -70,6 | 2.619.960 | -58,0 |
| Malta Airport (MLA, fully consolidated) | ||||
| 07/2020 | Diff.% | TBU | Diff.% | |
| Passengers on + off + transit | 152.818 | -80,9 | 1.170.668 | -71,1 |
| Local passengers to + from | 151.915 | -80,8 | 1.162.221 | -71,1 |
| Transfer passengers to + from | 840 | -84,7 | 8.206 | -64,9 |
| Movements on + off | 1.577 | -70,3 | 10.866 | -62,8 |
| Cargo to + from (in to) | 1.471 | +18,0 | 9.423 | +3,3 |
| MTOW (in tons) | 56.392 | -72,0 | 419.594 | -62,1 |
| Kosice Airport (KSC, consolidated at equity) | ||||
| 07/2020 | Diff.% | TBU | Diff.% | |
| Passengers on + off + transit | 5.424 | -94,4 | 55.932 | -82,2 |
| Local passengers to + from | 5.424 | -94,4 | 55.932 | -82,2 |
| Transfer passengers to + from | 0 | did | 0 | did |
| Movements on + off | 114 | -85,9 | 911 | -73,6 |
| Cargo to + from (in to) | 0 | -100,0 | 4 | -86,4 |
| MTOW (in tons) | 2.097 | -91,2 | 17.376 | -79,9 |
| Vienna Airport and investments (VIE, MLA, KSC) | ||||
| 07/2020 | Diff.% | TBU | Diff.% | |
| Passengers on + off + transit | 734.612 | -81,9 | 6.893.516 | -68,9 |
| Local passengers to + from | 643.741 | -80,2 | 5.809.178 | -67,9 |
| Transfer passengers to + from | 90.252 | -88,7 | 1.077.496 | -73,1 |
| Movements on + off | 9.339 | -70,1 | 72.518 | -61,0 |
| Cargo to + from (in to) | 17.317 | -29,6 | 133.104 | -21,0 |
| MTOW (in tons) | 360.142 | -71,2 | 3.056.930 | -58,9 |
Note: Total Passenger Numbers includes local, transfer and transit passengers.
Rolling up the traffic data
Consolidated income statement
| in € million | H1 / 2020 | H1 / 2019 | differential in % |
| Sales | 195,8 | 401,4 | -51,2 |
| Other company income | 3,3 | 7,9 | -57,8 |
| Operating performance | 199,1 | 409,3 | -51,3 |
| Expenses for material and purchased services | -14,0 | -20,3 | -30,9 |
| Personnel expenses | -109,4 | -153,8 | -28,9 |
| Other operating expenses | -25,6 | -53,5 | -52,1 |
| Impairments / write-ups on accounts receivable | -0,5 | 0,2 | did |
| Pro rata results for the period at equity companies | -0,7 | 1,3 | -157,1 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 48.9 | 183,1 | -73,3 |
| Scheduled depreciation | -65,0 | -65,9 | -1,4 |
| Earnings before interest and taxes (EBIT) | -16,2 | 117,2 | -113,8 |
| Income from investments excluding at-equity companies | 0,5 | 0,7 | -22,4 |
| Interest income | 0,4 | 0,4 | -14,9 |
| Interest expense | -8,1 | -8,7 | -7,5 |
| Other financial result | -0,6 | 1,5 | -144,2 |
| Financial result | -7,8 | -6,1 | -27,1 |
| Earnings before income taxes (EBT) | -24,0 | 111,0 | -121,6 |
| Income taxes | 5,8 | -28,1 | -120,7 |
| Profit or loss for the period | -18,2 | 82,9 | -121,9 |
| This includes: | |||
| Shareholder of the parent company | -16,7 | 75,8 | -122,0 |
| Non-controlling interests | -1,5 | 7,1 | -120,9 |
| Earnings per share (in €, diluted = undiluted) | -0,20 | 0,90 | -122,0 |
Balance sheet ratios
| In million € | 30.06.2020 | 31.12.2019 | differential in% |
| ASSETS: | |||
| Long-term wealth | 2.025,8 | 1.999,6 | +1,3 |
| Short-term assets | 230,3 | 301,1 | -23,5 |
| LIABILITIES: | |||
| Equity | 1.359,3 | 1.380,9 | -1,6 |
| Long term debt | 540,9 | 572,5 | -5,5 |
| Short term debt | 356,0 | 347,2 | +2,5 |
| total assets | 2.256,1 | 2.300,6 | -1,9 |
| Net debt | 149,0 | 81,4 | +83,0 |
| Gearing (in%) | 11,0 | 5,9 | did |
Cash flow statement
| In million € | H1 / 2020 | H1 / 2019 | differential in % |
| Cash generated from operations | -6,8 | 156,0 | -104,4 |
| from investing activities | -62,2 | -79,9 | -22,2 |
| from financing activities | 72,0 | -72,2 | -199,6 |
| Free cash flow | -69,0 | 76,0 | -190,7 |
| CAPEX1 | 39,2 | 63,5 | -38,2 |
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