EQS-News: Flughafen Wien AG: Flughafen Wien AG in 2021 – Positive business results clearly above the break-even point achieved despite the coronavirus crisis

EQS-News: Flughafen Wien AG / Key word(s): Preliminary Results/Annual Results
Flughafen Wien AG: Flughafen Wien AG in 2021 – Positive business results
clearly above the break-even point achieved despite the coronavirus crisis

02.03.2022 / 08:00
The issuer is solely responsible for the content of this announcement.

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Flughafen Wien AG in 2021 – Positive business results clearly above the
break-even point achieved despite the coronavirus crisis

Outlook 2022: A strong summer season with substantial passenger growth expected
in 2022 in spite of many uncertainties

– Business results in 2021: revenue of € 407.0 million, EBITDA of € 153.7
million and a net profit for the year of € 6.1 million

– Stringent cost management, short-time work and a slight growth in passenger
volumes enabled the company to weather the crisis in a stable manner –
short-time work to end on 31 March 2022

– Traffic outlook for 2022: About 17 million passengers expected at Vienna
Airport and approx. 21 million in the Flughafen Wien Group (about 54% of 2019)
– Desire of Austrians for summer travel at a record level

– Earnings outlook for 2022: revenue of € 560 million, EBITDA of € 172 million
expected, but Ukraine crisis increases uncertainty about future developments –
All flights cancelled between Russia, Ukraine and Vienna, directly affecting
about 4% of passenger volumes; indirect impacts not yet foreseeable

– Terminal 2 and City Airport Train to commence operations on 29 March 2022

– Vienna Airport continues its climate protection campaign: Austria’s largest
photovoltaic facility to come on stream in the spring of 2022 – Airport will be
climate neutral in 2023

„2022 will bring an economic turnaround and greater climate protection at the
airport“
„Flughafen Wien AG concluded the year 2021 with positive business results in
spite of the coronavirus crisis and was clearly above the break-even point in
contrast to many other airports. This was due to stringent cost-saving
measures, the short-time working scheme and most recently thanks to rising
passenger volumes. We are led to expect a strong upswing and more passengers in
2022. I would like to thank all employees for their great commitment in this
tough crisis period and in spite of their salary cut. Now it is important to
further reduce travel restrictions and end the blanket entry checks at the
airport. Instead, in the future passengers should only be checked before
departure. We are currently concerned about the current events in the Ukraine.
I welcome the decisive response of the West and the sanctions which were
adopted. We are prepared, similar to 2015, to participate in welcoming and
taking care of refugees. The current flight cancellations involve about 4% of
passenger volumes, but the indirect impacts are not yet foreseeable. In spite
of the crisis-related uncertainty, we continue to focus on climate protection.
Austria’s largest photovoltaic facility will soon come on stream and help
enable CO2 neutral operations starting in 2023″, explains Günther Ofner, Member
of the Management Board of Flughafen Wien AG.

„Airlines and passengers are coming back – Despite uncertainties a strong
summer season is ahead of us“
From today’s point of view, 2022 is expected to bring a considerable increase
in passenger volumes. Numerous airlines and flight connections will return, and
the summer flight schedule is promising. Passengers will be able to reach about
165 destinations directly from Vienna Airport at Easter and up to 190
destinations in the summer season of 2022, which is close to the pre-crisis
level. However, it is difficult to predict how business in the autumn and the
fourth quarter will actually turn out to be. This mainly depends on the further
development of the COVID-19 pandemic. The current events in the Ukraine are
extremely tragic, above all for the people involved, and I I hope for a quick
end to the military operations. The crisis is also perceptible in international
flight traffic. At the present time, there are no flights being operated
between Russia, the Ukraine and Vienna. Nevertheless, from today’s perspective,
we anticipate about 17 million passengers at Vienna Airport in the entire year
2022 due to the overall good traffic development and the strong summer flight
schedule. In any case, this is 70% more than in the previous year. We are
preparing for this. The newly designed Terminal 2 will resume operations on 29
March 2022. Passengers will enjoy a completely new travel experience in a
modern atmosphere featuring a lounge covering about 2,400 m² as well as a
centralised security checkpoint and an additional baggage claim area. The City
Airport Train will also be operating regularly starting on this day“, states
Julian Jäger, Member of the Management Board of Flughafen Wien AG.

Revenue and earnings development of the segments
Revenue of the Airport Segment in 2021 increased by 27.4% year-on-year to €
169.5 million. Segment EBIT improved to minus € 14.6 million. The Handling and
Security Services Segment recorded a growth in revenue of 9.7% to € 94.4
million, with the segment’s EBIT improving to minus € 6.6 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 rise in revenue of
16.9% in 2021 to € 82.4 million. EBIT of this segment amounted to € 30.5
million. Revenue of the Malta Segment was up 47.3% in 2021 to € 47.4 million,
whereas segment EBIT totalled € 11.0 million. Revenue of the Other Segments
climbed 11.8% to € 13.3 million in 2021 and segment EBIT equalled minus € 1.1
million.

Traffic development in 2021: 10.4 million travellers at Vienna Airport
The number of passengers handled by the Flughafen Wien Group (Vienna Airport
and the strategic foreign investments in Malta Airport and Kosice Airport) in
2021 amounted to 13.1 million, down 66.8% compared to the pre-crisis year of
2019. Venna Airport also reported a massive passenger decline in 2021,
registering a total of 10,405,523 passengers. This still comprised 67.1% fewer
passengers compared to the pre-crisis level of 2019.

Passenger forecast for 2022: About 21 million passengers expected for the
Flughafen Wien Group and approx. 17 million at Vienna Airport
An upswing in passenger traffic is expected for 2022. From today’s perspective,
the first three to six months of 2022 will show a weak development, but a
significant increase in passenger volumes is anticipated starting in the summer
and during the second half of 2022. About 17 million travellers are expected at
Vienna Airport in the entire year 2022 and approx. 21 million passengers in the
Flughafen Wien Group (Vienna Airport and the strategic foreign investments).

Financial guidance for 2021:
The Flughafen Wien Group mastered the current crisis well thanks to its sound
economic basis. From today’s vantage point, the Flughafen Wien Group expects
revenue of approx. € 560 million, a positive EBITDA of at least € 172 million
and a positive consolidated net profit of at least € 20 million in the 2022
financial year. The net debt of the company will likely decline to a level
below € 50 million. Investments are expected to equal about € 84 million.

Enhanced travel comfort for passengers as of the end of March: newly designed
and state-of-the-art Terminal 2 and City Airport Train to commence operations
Starting on 29 March 2022, the newly designed Terminal 2 is scheduled to be put
into operation, thus offering passengers a completely new travel experience. In
addition to the new centralised security checkpoint and the new shopping and
restaurant offering, one highlight is the new airport lounge spanning an area
of about 2,400 m² featuring a view of the airport apron. The City Airport Train
will resume operations again on 29 March 2022 and provide a familiar quick and
comfortable connection directly to the centre of Vienna along with free wifi on
board.

Green airport: Austria’s largest photovoltaic facility comes on stream at
Vienna Airport
Vienna Airport is determinedly continuing its climate protection drive.
Austria’s largest photovoltaic facility with an output of about 24 MWp and
covering 24 hectares will be put into operation in the spring of 2022. This
corresponds to the area of about 48 soccer fields. The airport will use the
eight photovoltaic installations to generate solar energy and thus supply about
one-third of its electricity needs in the future. As a result of this as well
as the conversion to CO₂ neutral district heat delivered by OMV and many other
measures, Vienna Airport expects to be able to operate in a CO₂ neutral manner
in 2023 and thus become one of Europe’s first green airports.

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.

Preliminary Consolidated Financial Statements for 2021

Consolidated Income Statement

in € million 2021 2020 Diff. in %
Revenue 407.0 333.7 22.0
Other operating income 17.1 7.5 128.0
Operating income 424.1 341.2 24.3
       
Expenses for consumables and services used -29.8 -29.3 1.4
Personnel expenses -193.1 -202.9 -4.8
Other operating expenses -47.6 -52.1 -8.7
Impairment/reversals of impairments on receivables -0.2 -1.6 -90.2
Proportional share of income from companies recorded 0.2 -1.2 n.a.
at equity
Earnings before interest, taxes, depreciation and 153.7 54.1 184.1
amortisation (EBITDA)
       
Depreciation and amortisation -134.1 -132.5 1.2
Impairment -0.4 -8.0 -95.5
Earnings before interest and taxes (EBIT) 19.2 -86.5 n.a.
       
Income from investments, excluding companies recorded 0.5 0.5 -8.9
at equity
Interest income 2.0 2.2 -11.2
Interest expense -13.1 -15.7 -16.5
Other financial result 0.2 -1.5 n.a.
Financial result -10.4 -14.4 27.9
       
Earnings before taxes (EBT) 8.8 -100.9 n.a.
       
Income taxes -2.7 25.2 n.a.
Net profit/loss for the period 6.1 -75.7 n.a.
       
Thereof attributable to:      
Equity holders of the parent 3.2 -72.8 n.a.
Non-controlling interests 2.9 -3.0 n.a.
       
Earnings per share 0.04 -0.87 n.a.
(in €, basic = diluted)

Balance Sheet Indicators

in € million 31.12.2021 31.12.2020 Diff. in %
ASSETS:      
Non-current assets 1,761.3 1,882.6 -6.4
Current assets 308.9 290.7 6.3
       
LIABILITIES:      
Equity 1,313.9 1,305.5 0.6
Non-current liabilities 502.0 535.2 -6.2
Current liabilities 254.2 332.6 -23.6
       
Total assets 2,070.1 2,173.3 -4.7
       
Net debt^ 150.4 201.9 -25.5
Gearing (in%) 11.5 15.5 n.a.

 

Cash Flow Statement

in € million 2021 2020 Diff. in %
Net cash flow from operating activities 105.8 -23.0 n.a.
investing activities -38.8 22.5 n.a.
financing activities -116.4 88.8 n.a.
       
Free cash flow 66.9 -0.5 n.a.
       
CAPEX ^1 51.6 79.9 -35.5

1) Excluding financial assets

The Annual Report and Financial Report of Flughafen Wien AG for 2021 from
January 1 to December 31, will be available to the general public on the
Internet at
http://viennaairport.com/en/company/investor_relations/publications_and_reports
end of April 2022.

Vienna Airport, 2 March 2022

The Management Board

Contact: Corporate Communications Flughafen Wien AG

Press Office
Peter Kleemann, Company Spokesman
Tel.: (+43-1-) 7007-23000
E-Mail: [1]p.kleemann@viennaairport.com
Website: [2]www.viennaairport.com
[3]www.facebook.com/flughafenwien

Investor Relations
Christian Schmidt, Head of Investor Relations
Tel.: (+43-1-) 7007-23126
E-mail: christian.schmidt@viennaairport.com

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02.03.2022 This Corporate News was distributed by EQS Group AG. www.eqs.com

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Language: English
Company: Flughafen Wien AG
Postfach 1
1300 Wien-Flughafen
Austria
Phone: +43-1-7007/23126
Fax: +43-1-7007/23806
E-mail: investor-relations@viennaairport.com
Internet: http://www.viennaairport.com
ISIN: AT00000VIE62
WKN: A2AMK9
Indices: ATX PRIME
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt
(Basic Board), Munich, Stuttgart, Tradegate Exchange; London,
Nasdaq OTC, Vienna Stock Exchange (Official Market)
EQS News ID: 1291789

 
End of News EQS News Service

1291789  02.03.2022 

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