Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2023 Earnings Presentation
24 slides from Flughafen Wien's earnings presentation, May 2023
Slide 1: Flughafen Wien AG Q1/2023 Results
May 2023 Flughafen Wien AG Q1/2023 Results
Slide 2: Significant increase in earnings, positive outlook
Q1/2023 Significant increase in earnings, positive outlook Strong traffic recovery leads to a considerable rise in revenue and earnings − Revenue up more than 60% to € 180 million, driven by growth in passenger volume and flight movements − Substantial EBITDA increase to € 67 million (Q1/22: € 46 mi
Slide 3: Q1/2023 income statement
Q1/2023 income statement Traffic recovery triggers strong rise in profits € million Q1/2023 Q1/2022 Δ Revenue 180.4 110.9 62.6% Earnings before interest, tax, depreciation and amortisation (EBITDA) 66.8 46.3 44.2% Earnings before interest and taxes (EBIT) 34.8 12.4 180.1% Financial result -0.9 -3.4
Slide 4: Expenses
Expenses Disproportionately low increase in operating expenses € million Q1/2023 Q1/2022 Δ Consumables and services used -17.7 -10.7 65.6% Personnel expenses -75.7 -51.5 47.0% Other operating expenses1 -23.2 -13.5 72.2% Depreciation and amortisation -32.0 -33.9 -5.6% EBITDA margin 37.0% 41.8% EBIT m
Slide 5: Very robust balance sheet structure
Very robust balance sheet structure Further growth in net liquidity € million Q1/2023 FY 2022 Δ Net liquidity 223.6 149.4 49.7% Gearing1 -15.2% -10.3% n.a. Cash flow from operating activities2 89.6 21.4 319.3% Free cash flow3 1 -63.3 -58.8 -7.7% CAPEX2 15.2 10.1 50.2% Equity 1,474.0 1,448.5 1.8% Equ
Slide 6: Share price
Share price gain of 30% ytd, new all-time high1 Share price 200 180 160 Flughafen Wien share reaches new all-time 140 high of EUR 42.45 on 120 May 10 100 Increase in equity value since IPO in 1992 by 80 nearly 700% or 7% p.a. 60 (CAGR, incl. dividends) 40 20 0 30.12.2015 30.12.2016 30.12.2017 30.12.
Slide 7: Indexation of fees
Indexation of fees offers good protection against inflation − Suspension of the pricing model (based on PAX growth and inflation) due to COVID-19-related distortions in 2020 until the end of 2026 − Airport fees are being temporarily adjusted at the start of the year by the average inflation rate (ca
Slide 8: Flughafen Wien is net cash positive
Flughafen Wien is net cash positive Net liquidity equals € 224 million Net liquidity (in € million) − Enables financial flexibility 300 − Supports the attractive ability of the 224 company to pay dividends 100 − Previously-announced increase in the payout ratio to “over 60%” as of FY 23 -100 (60% up
Slide 9: Sustainability as the basis
Sustainability as the basis for successful and responsible operations − Vienna Airport features CO2 neutral operations since January 2023 − Doubling of photovoltaic capacities to 45 hectares and approx. 100,000 panels in the future will supply up to 40% of the electricity requirements for the entire
Slide 10: Financial guidance
Financial guidance 2023 financial year (unchanged) Revenue ~ € 830 million EBITDA > € 325 million Group net profit1 > € 150 million CAPEX ~ € 135 million − All planned investments can be financed from the cash flow. 1) Before non-controlling interests 10
Slide 11: Traffic results Q1/2023 & 04/2023
Traffic results Q1/2023 & 04/2023
Slide 12: Traffic development Q1/2023 & 04/2023 – Group
Traffic development Q1/2023 & 04/2023 Flughafen Wien Group Group passenger development1 Q1/2023 Δ Q1/2022 Δ Q1/2019 04/2023 Δ 04/2022 Δ 04/2019 Vienna Airport (millions) 5.3 +81.5% -12.1% 2.5 37.7% -10.2% Malta Airport (millions) 1.2 +85.1% 3.5% 0.7 37.8% 8.4% Kosice Airport (millions) 0.09 +68.7% 8
Slide 13: Traffic development Q1/2023 & 04/2023 – Vienna Airport
Traffic development Q1/2023 & 04/2023 Vienna Airport Traffic development Q1/2023 Δ Q1/2022 Δ Q1/2019 04/2023 Δ 04/2022 Δ 04/2019 Flughafen Wien1 Passengers (millions) 5.3 81.5% -12.1% 2.5 37.7% -10.2% Local passengers (millions) 4.2 78.4% -12.4% 1.9 38.2% -9.5% Transfer passengers (millions) 1.1 95.
Slide 14: Focus on European destinations
Q1/2023: Europe still accounts for >80% of flight traffic, strong recovery to destinations Focus on in East Asia European thereof Western Europe Europe +77.7% 82.6% thereof Eastern Europe destinations Growth e.g., London, Paris, Barcelona and Copenhagen +76.7% 67.0% +81.9% Growth e.g., to Bucharest,
Slide 15: Market shares of airlines
Market Q1 2023 Share in % Passengers PAX Δ% vs. 2022 PAX Δ% vs. 2019 shares of 1. Austrian Airlines 2. Ryanair/Lauda 42.3 21.4 2,251,233 1,138,951 99.2 65,3 -6.2 133.9 airlines 3. Wizz Air 4. Turkish Airlines 7.9 2.7 421,753 141,258 73.9 63.6 8.8 20.4 5. Eurowings 2.6 139,254 143.4 -69.9 6. Emirates
Slide 16: Vienna Airport is the most punctual hub in Europe in Q1/23
Vienna Airport is the most punctual hub in Europe in Q1/231 Quality Vienna 84,1% Helsinki 81,3% Madrid 81,2% Most punctual Rome 81,2% European hub in Q1/23; Copenhagen 78,8% Oslo 76,5% Sustainable in the Istanbul Internat. 75,2% Lufthansa Group ahead Amsterdam 73,1% of Munich, Zurich and Munich 73,0
Slide 17: Airline highlights – Summer flight schedule
Airline highlights – Summer flight schedule Positive outlook – expanded capacities in the summer season1 − Up to 190 destinations in 67 countries served in the summer by 60 airlines − Seat capacities offered in the summer at about 90% of the comparable 2019 level − Many flight offerings in Europe an
Slide 18: Traffic forecast for 2023 (unchanged)
Traffic forecast for 2023 (unchanged) Growth trend continues Vienna Airport: Forecast 2019 2021 2022 2023 Passengers 31.7 million 10.4 million 23.7 million 26-27 million Flughafen Wien Group: Forecast 2019 2021 2022 2023 Passengers 39.5 million 13.1 million 30.1 million 32-34 million − Very good dem
Slide 19: Segment results Q1/2023
Segment results Q1/2023
Slide 20: Airport
Airport EBITDA more than doubles due to traffic recovery − Substantial increase (+91%) in passenger- € million Q1/2023 Q1/2022 Δ related fees to € 57.3 million as a External revenue 81.4 49.0 66.2% consequence of the strong rise in passenger volume (+82%) and fee EBITDA 27.8 13.4 108.0% increases EB
Slide 21: Handling & Security Services
Handling & Security Services Ground and passenger handling driven by increase in flight movements − Ground handling and passenger handling € million Q1/2023 Q1/2022 Δ revenue rise by a strong 68% and 62% External revenue 37.1 25.2 47.3% respectively due to traffic recovery EBITDA 4.6 3.2 43.1% − Car
Slide 22: Retail & Properties
Retail & Properties Significant rise in revenue − Passenger-driven revenue increases for € million Q1/2023 Q1/2022 Δ Center & Hospitality Management (+95%) External revenue 36.5 21.9 66.6% and parking fees (+79%) EBITDA 19.5 20.0 -2.5% − Rental fees +16% EBIT 14.6 15.0 -2.8% − Positive effects from
Slide 23: Malta
Malta Passenger volume already above the pre-crisis level − Passenger traffic in Q1/23 already 4% € million Q1/2023 Q1/2022 Δ higher than the comparable period in External revenue 18.9 10.8 74.9% Q1/19 EBITDA 9.7 4.5 114.0% − Strong revenue growth in passenger- driven airport revenue (+ 96%) EBIT 6.
Slide 24: Financial calendar
Financial calendar 2023 05 June: Annual General Meeting 12 June: Ex-dividend Date 14 June: Traffic Results May 15 June: Dividend Payment Day 13 July: Traffic Results June 17 August: H1/2023 & Traffic Results July Contact 13 September: Traffic Results August Bernd Maurer Head of Capital Markets 12 Oc