Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2024 Earnings Presentation
23 slides from Flughafen Wien's earnings presentation, May 16, 2024
Slide 1: Flughafen Wien Q1/2024
16/05/2024 Flughafen Wien Q1/2024 1
Slide 2: Strong Q1/2024
Strong Q1/2024 PAX growth, lower energy costs and positive interest income improve earnings Group net profit: € 37.2 million – Still low comparable basis in Q1/2023 − Significant revenue growth: +16.6% to € 210 million − Profitability: EBITDA margin of 37.8% vs. 37.0% in Q1/23 − Positive financial r
Slide 3: Successfully concluded CBA at Vienna Airport
Successfully concluded CBA at Vienna Airport 3 years of “mandatory peace“ for the home carrier Austrian Airlines after strike Successful conclusion of collective bargaining agreement for Vienna Airport (+7.0%) without a labour conflict − 7.0% upward adjustment of wages and salaries − Effective 1 May
Slide 4: Earnings improvement, positive financial result
Earnings improvement, positive financial result Increased revenue, disproportionately low rise in expenses € million Q1/2024 Q1/2023 Δ Revenue 210.3 180.4 16.6% Earnings before interest, tax, depreciation and amortisation 79.5 66.8 19.0% (EBITDA) Earnings before interest and taxes (EBIT) 46.5 34.8 3
Slide 5: Expenses
Expenses Disproportionately low increase in operating costs € million Q1/2024 Q1/2023 Δ Consumables and services used -14.9 -17.7 -15.8% Personnel expenses -89.1 -75.7 17.8% Other operating expenses1 -30.1 -23.2 29.8% Depreciation and amortisation -33.0 -32.0 3.2% EBITDA margin 37.8% 37.0% EBIT marg
Slide 6: Cash flow & balance sheet structure
Cash flow & balance sheet structure Increase in net liquidity and the equity ratio € million Q1/2024 Q1/2023 Δ Cash flow from operating activities 68.2 89.6 -24.0% Free cash flow -4.1 -63.3 93.6% CAPEX1 34.9 15.2 131.1% Net liqudity2 393.3 361.9 8.7% Equity2 1,592.9 1,556.4 2.3% Equity ratio2 71.8 7
Slide 7: Elimination of debt
Elimination of debt Leads to positive interest income Net liquidity (€ million) Dividends (in €) 393 1,4 1.32 400 1,3 1,2 200 1,1 1 0 0,9 0,8 -200 0,7 1 0,6 0,5 -400 0,4 0,3 -600 0,2 0,1 -800 0 2023 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1/24 2011 2012 2013 2014 2015 2016 2017
Slide 8: Key projects
Key projects at or near Vienna Airport − Third Runway project – evaluation work underway Third Runway project is being vigorously pursued Realisation depends on actual development of flight traffic (Passenger volumes and flight movements) as well as profitability Federal Administrative Court shorten
Slide 9: Financial guidance 2024
Financial guidance 2024 Slight upward revision vs. January 2024 Revenue > € 1.0 billion EBITDA > € 400 million 1 Group net profit > € 220 million Capex > € 200 million − Strong financial position enables financing of increasing investments from the cash flow 1) Before non-controlling interests 9 9 9
Slide 10: Traffic Results Q1/2024 & 4/2024
Traffic Results Q1/2024 & 4/2024 10 10
Slide 11: Traffic development in Q1/2024 & 4/2024
Traffic development in Q1/2024 & 4/2024 Continuing strong growth in travel – Group passenger volume up 13.8% Group passenger development1 Q1/2024 Δ Q1/2023 04/2024 Δ 04/2023 Vienna Airport (millions) 5.9 +11.0% 2.6 +5.9% Malta Airport (millions) 1.6 +26.3% 0.8 +9.3% Kosice Airport (millions) 0.1 +6.
Slide 12: Traffic development in Q1/2024 & 4/2024
Traffic development in Q1/2024 & 4/2024 Vienna Airport – Robust growth of the top 3 airlines Traffic development at Vienna Airport1 Q1/2024 Δ Q1/2023 4/2024 Δ 4/2023 Passengers (millions) 5.9 +11,0% 2.6 +5.9% Local passengers (million) 4.7 +12.7% 2.0 +7.0% Transfer passengers (millions) 1.2 +4.6% 0.
Slide 13: Passenger development in Q1/2024
Passenger development in Q1/2024 Europe Dampening effect due to the conflict in +12.3% the Middle East 83.6% thereof thereof Suspension of flight service to Tel Aviv Western Europe Eastern Europe by Ryanair and Wizz Air, reduction by Growth e.g. to Frankfurt, Treviso, Bergamo, +13.8% +5.7% Growth e.
Slide 14: New destinations and growth to Asia
New destinations and growth to Asia New airlines and resumption of flight service: ANA and Hainan − Up to 60 airlines with approx. 190 destinations in 67 countries operate flights in the summer flight schedule − Focus on Europe and the Mediterranean region − 18 long-haul destinations: New airlines a
Slide 15: Focus on quality
Focus on quality High level of punctuality and quality of service Ongoing high punctuality Quality of service − Vienna Airport was rated 3rd among European − Opening of the VIP Terminal in February 2024 hubs (ACI, departure punctuality) in January - after major expansion February 2024 − The punctual
Slide 16: Traffic forecast for 2024
Traffic forecast for 2024 Flughafen Wien AG: 2019 2021 2022 2023 Forecast 2024: Passengers 31.7 million 10.4 million 23.7 million 29.5 million about 30 million Flughafen Wien Group: 2019 2021 2022 2023 Forecast 2024: Passengers 39.5 million 13.1 million 30.1 million 38.0 million about 39 million − S
Slide 17: Segment Results Q1/2024
Segment Results Q1/2024 17 17
Slide 18: Airport
Airport Substantial revenue rise driven by passenger growth and upward rate adjustments − Considerable 23.4% rise in passenger-related € million Q1/2024 Q1/2023 Δ fees to € 70.8 million (Q1/23: € 57.3 million) External revenue 98.0 81.4 20.4% driven by the passenger development (+11.0%) and adjustme
Slide 19: Handling & Security Services
Handling & Security Services Mild winter lowers growth − Increase in cargo volumes by 15.6% to around € million Q1/2024 Q1/2023 Δ 68,100 tonnes in Q1/24 External revenue 39.7 37.1 6.8% − Growth in traffic-related fees in contrast to EBITDA 1.7 4.6 -62.8% reduction of de-icing fees as a result of the
Slide 20: Retail & Properties
Retail & Properties PAX growth triggers revenue rise for Center Management & Hospitality and parking − Continuing growth of parking and Center € million Q1/2024 Q1/2023 Δ Management & Hospitality income in line with External revenue 41.4 36.5 13.5% passenger growth EBITDA 21.1 19.5 8.7% − Rental inc
Slide 21: Malta
Malta Strong performance based on very dynamic PAX growth − Very good revenue and earnings development € million Q1/2024 Q1/2023 Δ due to strong passenger growth of 26.3% to External revenue 25.7 18.9 35.7% 1.6 mn PAX in Q1/24: Revenue +35.7% to € 27.7 million EBITDA 14.9 9.7 53.9% Net profit +75,2%
Slide 22: Financial Calendar 2024
Financial Calendar 2024 16 May: Q1/2024 Results 5 June: Annual General Meeting 10 June: Ex-dividend Date 20 August: H1/2024 Results 14 November: Q1-3/2024 Results 22
Slide 23: Contact
CONTACT Bernd Maurer Head of Capital Markets +43-1-7007-23126 +43-664-8357723 b.maurer@viennaairport.com 23 23