Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q3 2023 Earnings Presentation
23 slides from Flughafen Wien's earnings presentation, Nov 16, 2023
Slide 1: Flughafen Wien Q1-3/2023 results
16 November 2023 Flughafen Wien Q1-3/2023 results 1
Slide 2: Q1-3/2023 – substantial earnings improvement
Q1-3/2023 – substantial earnings improvement Profit for the period up 59% year-on-year Revenue and earnings indicators in Q1-3/23 above the pre-crisis level − Substantial earnings improvement due to the continuing traffic recovery − Revenue, EBITDA and net profit for the period Q1-3/23 higher than i
Slide 3: Q1-3/2023 profit for the period up 59%
Q1-3/2023 profit for the period up 59% Strong passenger growth and positive financial result in € million Q1-3/2023 Q1-3/2022 Δ Revenue 699.4 508.0 37.7% Earnings before interest, tax, depreciation and amortisation 332.2 256.0 29.8% (EBITDA) Earnings before interest and taxes (EBIT) 234.9 156.9 49.6
Slide 4: Expenses
Expenses Strong increase in operating costs, significant rise in personnel expenses in € million Q1-3/2023 Q1-3/2022 Δ Consumables and services used -39.3 -29.3 34.0% Personnel expenses -246.4 -185.5 32.8% Other operating expenses1 -89.9 -63.4 41.9% Depreciation and amortisation -97.4 -99.1 -1.7% EB
Slide 5: Strong cashflow development
Strong cashflow development Substantial increase in the cashflow from operating activities and free cashflow in € million Q1-3/2023 2022 Δ Gearing1 -19.3 -10.3 n.a. Equity 1,545.5 1,448.5 6.7% Equity ratio 66.0 65.7 n.a. Cash flow from operating activities2 286.1 234.6 22.0% CAPEX2,3 -61.2 -38.0 61.
Slide 6: Elimination of net debt
Elimination of net debt Leads to a positive financial result Net liquidity (in € million) − Net liquidity in Q3/23 at € 299 million (FY 22: € 149 million) 200 − Comfortable financial leeway for investments and attractive dividends 0 − Increase in the payout ratio -200 to “over 60%” announced as of F
Slide 7: Q1-3/2023 vs. Q1-3/2019
Q1-3/2023 vs. Q1-3/2019 Revenues and earnings improved in absolute numbers Group PAX Revenue − Despite lower passenger volume of close to 4%, revenue and earnings indicators in the period Q1-3/23 surpass the comparable period of Q1-3/19 30.1 29.0 699.4 642.9 − Improved business performance and a pos
Slide 8: Financial guidance
Financial guidance Outlook for the 2023 financial year − Upward revision of original financial guidance of January 2023 due to strong passenger growth (ad-hoc announcement on 2 August) − Accordingly, the management expects significantly higher revenue as well as a significant rise in EBITDA and the
Slide 9: Traffic Results Q1-3/2023 & 10/2023
Traffic Results Q1-3/2023 & 10/2023 9 9
Slide 10: Traffic development in Q1-3/2023 & 10/2023
Traffic development in Q1-3/2023 & 10/2023 Group surpassed pre-Covid level in Q3/2023 Group passenger development1 Q1-3/2023 Δ Q1-3/2022 Δ Q1-3/2019 10/2023 Δ 10/2022 Δ 10/2019 Vienna Airport (millions) 22.5 +29.1% -6.1% 2.7 +12.0% -3.8% Malta Airport (millions) 6.0 +35.6% +6.0% 0.8 +30.7% +9.6% Kos
Slide 11: Traffic development Q1-3/2023 & 10/2023
Traffic development Q1-3/2023 & 10/2023 Vienna Airport – significantly improved capacity utilisation in Q1-3/2023 Traffic development at Vienna Q1-3/2023 Δ Q1-3/2022 Δ Q1-3/2019 10/2023 Δ 10/2022 Δ 10/2019 Airport1 Passengers (millions) 22.5 +29.1% -6.1% 2.7 +12.0 -3.8 Local passengers (million) 17.
Slide 12: Passenger recovery
Passenger recovery Comparison to other European hubs1 PAX Q1-3/2023 − Aggregate passenger figures for Δ Q1-3/2019 Δ Q3/2019 (millions) EU+1 (EU plus CH, UK, EEA) this Vienna 22.5 -6.1% -1.3% year still 4.2% below Q1-3/19 Malta 6.0 +6.0% +6.5% − Very strong flight traffic impetus Kosice 0.5 +9.4% +6.
Slide 13: PAX increase to almost all destinations
PAX increase to almost all destinations 85% on intra-European routes − Relative share of intra-European thereof Western thereof Eastern Europe Europe passenger traffic (approx. 85%) +25.2% Europe Growth e.g. to London, Frankfurt, +25.9% Growth e.g. to Warsaw, Sofia, has remained unchanged vs. 2019 +
Slide 14: Market share of airlines
Market share Q1-3/2023 Share in % Passengers PAX Δ% vs. 2022 PAX Δ% vs. 2019 of airlines 1. Austrian 2. Ryanair/Lauda 47.1 20.5 10,594,621 4,609,415 29.3 24.8 1.6 147.1 3. Wizz Air 6.9 1,549,221 31.8 0.3 4. Eurowings 2.3 526,404 55.8 -70.3 Home carrier Austrian 5. Turkish Airlines 2.3 519,037 21.0 2
Slide 15: Winter flight schedule 2023/24
Winter flight schedule 2023/24 New airlines, additional travel destinations and frequency increases − The winter flight schedule includes about 50 airlines serving 160 destinations in 67 countries; the probable seating capacity offered is about 93% of the winter 2019 level; many of the offerings are
Slide 16: Traffic forecast for 2023
Traffic forecast for 2023 Strong Q1-3/2023 traffic development, Middle East conflict increases uncertainty Flughafen Wien AG: 2019 2021 2022 2023 forecast Passengers 31.7 million 10.4 million 23.7 million > 28.5 million Flughafen Wien Group: 2019 2021 2022 2023 forecast Passengers 39.5 million 13.1
Slide 17: Segment results Q1-3/2023
Segment results Q1-3/2023 17 17
Slide 18: Airport
Airport Traffic recovery continues to drive increase in passenger-related fees − Substantial revenue increase of 40.1% to € million Q1-3/2023 Q1-3/2022 Δ € 332 million primarily related to the External revenue 332.1 237.0 40.1% considerable increase in passenger-related fees (+50%) – in line with pa
Slide 19: Handling & Security Services
Handling & Security Services Clearly positive operating results in Q1-3/2023 − Sharp rise in ground handling revenue (apron € million Q1-3/2023 Q1-3/2022 Δ and traffic handling) of 39% to € 82 million as External revenue 121.6 91.8 32.4% a result of traffic growth EBITDA 13.2 11.0 20.2% − Cargo reve
Slide 20: Retail & Properties
Retail & Properties Passenger growth triggers revenue increases for Center & Hospitality and parking − Drivers of revenue growth: Centre & € million Q1-3/2023 Q1-3/2022 Δ Hospitality Management (+ € 22.7 million, up External revenue 135.4 98.2 37.9% 50%) and increased parking fees (+ € 11.9 million,
Slide 21: Malta
Malta Extremely strong holiday traffic leads to jump in earnings − Significant traffic growth (+36%) drives airport € million Q1-3/2023 Q1-3/2022 Δ revenue (+42% to € 63 million) External revenue 91.6 66.5 37.7% − Passenger traffic Q1-3/23 above Q1-3/19 in EBITDA 59.7 43.8 36.4% every single month;
Slide 22: Financial calendar 2023/2024
Financial calendar 2023/2024 13 December: Traffic Results November 18 January: Traffic Results 2023 and Outlook 2024 28 February: Preliminary Results for the Full Year 2023 16 May: Q1/2024 Results 5 June: Annual General Meeting 10 June: Ex-dividend Date 20 August: H1/2024 Results 14 November: Q1-3/2
Slide 23: Bernd Maurer
KONTAKT Bernd Maurer Head of Capital Markets +43-1-7007-23126 +43-664-8357723 b.maurer@viennaairport.com 23 23