EQS-News: Flughafen Wien AG announces successful results in 2023
EQS-News: Flughafen Wien AG / Key word(s): Preliminary Results
Flughafen Wien AG announces successful results in 2023
28.02.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
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Flughafen Wien AG announces successful results in 2023
Good business development in all areas leads to a significant revenue and earnings
increase – Group net profit of € 188.6 million (+47%)
Intensive construction phase makes Vienna Airport fit for the future – Doubling of
investments to over € 200 million – Flughafen Wien AG is an important contractor
and engine of job growth, creating about 1,000 new jobs at Vienna Airport
Positive traffic and financial outlook for 2024 – Airlines announce strong summer
flight schedule for Vienna Airport
• Substantial revenue and earnings growth in 2023 for the airport operating
company Flughafen Wien AG: Revenue increase to € 931.5 million (+34.5%), Group
net profit rose to € 188.6 million (+47.2%), EBITDA up to € 393.6 million
(+33.0%) and EBIT to € 261.8 million (+56.6%)
• 70% dividend increase to € 1.32/share (€ 0.77 in 2022), payout ratio of
approx. 66%
• Undiminished enthusiasm for travelling as the basis for a positive traffic
outlook for 2024: About 39 million passengers expected in the Flughafen Wien
Group and approx. 30 million at Vienna Airport
• Financial guidance for 2024: Enhanced financial strength based on increased
revenue of approx. € 970 million, EBITDA of over € 390 million and Group net
profit of at least € 210 million
• Airlines are expanding their offering at Vienna Airport: 2024 summer flight
schedule features 190 destinations, including 17 long-haul flight connections
– Strong summer travel season expected in 2024 – New shopping, food & beverage
offerings for travellers
“Vienna Airport to expand further in 2024 – About 1,000 new jobs – Investments
double to more than € 200 million
“2023 turned out to be an economically successful year with revenue rising to €
931.5 million (+34.5%) and a Group net profit of € 188.6 million (+47.2%). In
turn, this enables the company to increase the dividend by 70% to € 1.32 per
share. As co-owners with a 10% shareholding, the employees of Flughafen Wien AG
also benefit. Investments will also double in 2024 to more than € 200 million. An
intensive construction phase featuring numerous projects is underway to make the
airport fit for the future. Dynamic growth will also lead to the creation of about
1,000 new jobs in 2024. Being an attractive employer, Vienna Airport does not have
any recruiting difficulties at present. The flight hub is continually growing,
which means the transport infrastructure also needs to be expanded. The extension
of railway connections towards Eastern Europe, a new double-track railway line
linking Vienna Central Station and the airport as well as construction of the
Lobau Tunnel are all important projects,” explains Günther Ofner, Member of the
Management Board of Flughafen Wien AG.
“Good outlook for the 2024 travel year – Expansion of long-haul flight offering –
VIE setting a course for a 5-Star Airport Rating”
“Strong passenger growth was a key driver of the good revenue and earnings
development in 2023. In contrast to other aviation hubs, we have been able to
effectively leverage the post-coronavirus catch-up effect for air travel thanks to
the high process quality of our ongoing operations. In an international
comparison, Vienna Airport ranks among the most punctual and reliable airports,
and I would like to thank the entire Vienna Airport team for this performance. I
am also optimistic for 2024. We expect a good summer travel season and about 30
million passengers in the entire year 2024. We are currently expanding our
shopping and culinary offering for their benefit. We will take the leap to a
5-Star level in the future thanks to the Southern Expansion terminal expansion
project. When it is put into operation in 2027, it will entail a higher quality of
stay, an expanded offering of shops and restaurants, new lounges and much more,”
states Julian Jäger, Member of the Management Board of Flughafen Wien AG.
Dividend proposal: € 1.32 per share
The Management Board will propose a dividend of € 1.32/share for the year 2023.
All employees working for Flughafen Wien AG will also benefit via the employee
foundation, which holds 10% of the company’s shares. The dividend yield for 2023
will be about 3%, whereas the payout ratio including the bonus will equal approx.
66%. The complete elimination of debt on the part of Flughafen Wien AG will serve
as the basis for financial flexibility for dividends and an investment drive.
Business results in 2023: Significant revenue increase to € 931.5 million
(+34.5%), Group net profit up to € 188.6 million
The Flughafen Wien Group generated total revenue of € 931.5 million in the 2023
financial year, comprising a year-on-year rise of 34.5%. The upward revenue
development was particularly driven by the substantial increase in passenger
volumes and the resulting higher passenger and aircraft-related income,
accompanied by an improvement in Center Management & Hospitality and parking fees.
EBITDA climbed to € 393.6 million, and EBIT was up to € 261.8 million. The Group
net profit before minority interests in the year 2023 rose to € 188.6 million. The
cash flow from operating activities showed a considerable improvement to € 384.8
million (2022: € 337.6 million).
Improved revenue development in all segments
Revenue of the Airport Segment climbed from the prior-year period to € 440.1
million, mainly because of the significant passenger increase in 2023, and segment
EBIT improved to € 100.4 million. The Handling and Security Services Segment
registered higher revenue of € 165.7 million, with the increase driven by the rise
in flight movements. Segment EBIT rose to €6.1 million. The Retail & Properties
Segment reported a rise in revenue to € 182.5 million in 2023, which is primarily
related to the higher shopping, catering, and parking income resulting from
increased passenger traffic. EBIT of this segment climbed to €81.1 million.
Capital expenditure
A total of €107.0 million (2022: € 53.6 million) was invested in intangible assets
and property, plant and equipment as well as investment property in 2023. The
largest investment projects at Vienna Airport involved the Southern Expansion
project, runways, additional photovoltaic facilities, and investments in the
sorter in Terminal 3.
Doubling of investments in 2024
Vienna Airport is doubling its capital expenditure to over € 200 million in 2024
during a phase marked by a weakening of construction activity. The airport is
investing in construction of the Southern Expansion of Terminal 3, increasing
photovoltaic capacities as well as in a logistics centre for the terminal supply,
a central fast e-charging station for electric-powered vehicles and much more.
Passenger development forecast for 2024: About 39 million passengers expected in
the Flughafen Wien Group and approx. 30.0 million at Vienna Airport
Flughafen Wien AG expects approx. 30.0 million passengers at Vienna Airport and
about 39.0 million travellers in the entire Flughafen Wien Group (incl. Malta and
Kosice airports).
Financial guidance for 2024
In the entire year 2024, Flughafen Wien AG expects to generate revenue of about €
970 million, EBITDA of over € 390 million and a Group net profit before minority
interests of at least € 210 million.
The current passenger and financial guidance is based on the assumption that there
will be no further geopolitical effects or massive restrictions imposed upon
flight traffic.
AirportCity is rapidly growing: Boom in business location projects and an
educational campus at the site
2023 ended up being a record year for the AirportCity. A total of 20 companies
with more than 700 employees established business operations at the airport. This
good development is continuing in 2024. The fall of 2024 will mark the opening of
Helios Logistics Park, the largest in Austria with 80,000 m² of space.
Construction on the third hotel at Vienna Airport featuring 510 rooms will begin
soon. Business location projects in 2023 created about 700 new jobs at the
airport, which also expects a substantial increase in the number of new employees
in 2024.
Enhanced quality of stay for travellers: Vienna Airport expands shopping and F&B
offering
On balance, a total of nine new shops and restaurants will begin operating at
Vienna Airport in 2024. Veganista is opening an additional outlet, Vienna Duty
Free space in Terminal 1 will undergo a major expansion, Do&Co is opening a Sports
Bar and a food court and Leberkaspepi will open a second outlet at the airport.
Vienna Airport is also constructing the Southern Expansion of Terminal 3 to
further improve the quality of its services for the benefit of passengers. New,
comfortable leisure areas and lounges, new bus gates and numerous new shops and
restaurants will be created on an area covering 70,000 m². Construction work is in
full swing, with the Southern Expansion scheduled to be put into operation in
2027.
Airport continues to focus on climate protection: expanded photovoltaic areas and
a new electric charging station for the region
Vienna Airport is determinedly pressing ahead with its sustainability strategy.
Accordingly, the airport is expanding the area covered by photovoltaic facilities
to 45 hectares, corresponding to about 100,000 installed solar panels. In turn,
this will enable the airport to generate about 50% of its electricity needs itself
in the future. In June 2024, an ultramodern electric-charging station featuring
fast charging will be put into operation at the airport.
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. However, if the underlying premises for these
forecasts fail to materialize or risks indicated in the Risk Report arise, actual
events or results may deviate from these estimates. For this reason, although the
utmost caution is exercised, all forward-looking statements are provided without a
guarantee or warranty. Flughafen Wien AG/Flughafen Wien Group assumes no
obligation whatsoever to update these forward-looking statements or to adapt them
to future events or developments.
Consolidated Income Statement
in € million 2023 2022
Revenue 931.5 692.7
Other operating income 10.1 18.8
Operating income 941.7 711.5
Expenses for consumables and services used -54.1 -44.5
Personnel expenses -349.4 -272.3
Other operating expenses -142.6 -95.7
Impairment/reversals of impairments on receivables -2.9 -4.5
Proportional share of income from companies recorded at equity 0.8 1.5
Earnings before interest, taxes, depreciation and amortisation
(EBITDA) 393.6 295.9
Depreciation -131.8 -128.8
Earnings before interest and taxes (EBIT) 261.8 167.2
Income from investments, excluding companies recorded at equity 0.4 0.4
Interest income 15.9 4.4
Interest expense -12.0 -13.5
Other financial result -8.3 -0.6
Financial result -4.1 -9.3
Earnings before taxes (EBT) 257.7 157.9
Income taxes -69.1 -29.8
Net profit for the period 188.6 128.1
Thereof attributable to:
Equity holders of the parent 168.4 107.9
Non-controlling interests 20.1 20.2
Earnings per share (in €, basic = diluted) 2.01 1.29
Balance Sheet Indicators
in € million 2023 2022
ASSETS:
Non-current assets 1.662.7 1.687.9
Current assets 531.7 537.1
LIABILITIES:
Equity 1.556.4 1.448.5
Non-current liabilities 292.6 483.0
Current liabilities 345.4 293.5
Total assets 2.194.4 2.224.9
Net liquidity 361.9 149.4
Cash Flow Statement
in € million 2023 2022
Net cash flow from operating activities 384.8 337.6
investing activities -156.6 -304.5
financing activities -301.5 -51.6
Free cash flow 228.2 33.1
CAPEX^1 107.0 53.6
1) Excluding financial assets
The Annual Report and Financial Report of Flughafen Wien AG for 2023 from January
1 to December 31, will be available to the general public on the Internet at
[1] http://viennaairport.com/en/company/investor_relations/publications_and_reports
Vienna Airport, 28 February 2024 The Management Board
Contact: Corporate Communications of Flughafen Wien AG
Press Office
Peter Kleemann, Company Spokesman
Tel.: (+43-1-) 7007-23000
E-mail: p.kleemann@viennaairport.com
Investor Relations
Mag. Bernd Maurer
E-Mail: b.maurer@viennaairport.com
Tel.: (+43-1-) 7007-23126
Website: www.viennaairport.com
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28.02.2024 CET/CEST 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: 1846583
End of News EQS News Service
1846583 28.02.2024 CET/CEST
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