AI Terminal
Flughafen Wien AG
Quarterly Report • Nov 17, 2022
744_rns_2022-11-17_70fe2087-66c2-445e-b67e-c1c4b32209ec.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
3/2022 Flughafen Wien AG Quarterly Report
| Key Data on the Flughafen Wien Group ������������������������������������3 | |
|---|---|
| Letter to the shareholders �����������������������������������������������4 |
| Financial information Q1-3/2022 | 6 |
|---|---|
| Passenger development in the Flughafen-Wien-Group ����������������������� 7 | |
| Earnings in the first three quarters of 2022����������������������������������9 | |
| Earnings in third quarter of 2022 ����������������������������������������� 11 | |
| Information on the operating segments����������������������������������� 13 | |
| Financial, asset and capital structure ������������������������������������� 19 | |
| Capital expenditure���������������������������������������������������� 21 | |
| Consolidated group���������������������������������������������������� 22 | |
| Guidance 2022�������������������������������������������������������� 23 | |
| Vienna Airport in October 2022 ������������������������������������������ 24 |
| Condensed Consolidated Interim Financial Statements as of 30 September 2022 | 25 |
|---|---|
| Consolidated Income Statement �����������������������������������������26 | |
| Consolidated Balance Sheet��������������������������������������������� 27 | |
| Consolidated Cash Flow Statement ��������������������������������������28 | |
| Imprint��������������������������������������������������������������29 |
Key Data on the Flughafen Wien Group
| Financial Indicators (in € million, excluding employees) | |||
|---|---|---|---|
| Q1-3/2022 | Q1-3/2021 | Change in % | |
| Total revenue | 508.0 | 274.5 | 85.1% |
| Thereof Airport | 237.0 | 113.5 | 108.8% |
| Thereof Handling & Security Services | 91.8 | 63.8 | 44.0% |
| Thereof Retail & Properties | 98.2 | 55.5 | 77.0% |
| Thereof Malta | 66.5 | 32.3 | 106.1% |
| Thereof Other Segments | 14.4 | 9.4 | 52.7% |
| EBITDA | 256.0 | 106.6 | 140.1% |
| EBITDA margin (in %)1 | 50.4 | 38.8 | n.a. |
| EBIT | 156.9 | 6.9 | n.a. |
| EBIT margin (in %)2 | 30.9 | 2.5 | n.a. |
| Net profit | 109.3 | -0.1 | n.a. |
| Net profit parent company | 97.8 | -1.5 | n.a. |
| Cash flow from operating activities | 234.6 | 43.1 | n.a. |
| Capital expenditure3 | 38.0 | 30.3 | 25.1% |
| Income taxes | 40.8 | -0.0 | n.a. |
| Average number of employees4 | 4,686 | 4,924 | -4.8% |
| 30.9.2021 | 31.12.2020 | Change in % | |
| Equity | 1,431.6 | 1,314.5 | 8.9% |
| Equity ratio (in %) | 65.7 | 63.4 | n.a. |
| Net liquidity (prior period: net debt) | 61.7 | -150.4 | n.a. |
| Net assets | 2,178.1 | 2,073.8 | 5.0% |
| Gearing (in %) | n.a.5 | 11.4 | n.a. |
| Number of employees (end of period) | 4,874 | 4,713 | 3.4% |
Industry Indicators
| Q1-3/2022 | Q1-3/2021 | Change in % | |
|---|---|---|---|
| Passenger development of the Group | |||
| Vienna Airport (in mill.) | 17.4 | 6.8 | 156.5% |
| Malta Airport (in mill.) | 4.4 | 1.5 | 185.8% |
| Košice Airport (in mill.) | 0.4 | 0.1 | 284.3% |
| Vienna Airport and strat. investments (VIE, MLA, KSC) | 22.3 | 8.5 | 163.6% |
| Traffic development Vienna Airport | |||
| Passengers (in mill.) | 17.4 | 6.8 | 156.5% |
| Thereof transfer passengers (in mill.) | 4.3 | 1.7 | 150.0% |
| Aircraft movements | 139,677 | 72,977 | 91.4% |
| MTOW (in mill. tonnes)6 | 5.8 | 3.1 | 87.3% |
| Cargo (air cargo and trucking; in tonnes) | 186,303 | 188,177 | -1.0% |
| Seat load factor (in %)7 | 77.2 | 64.0 | n.a. |
| Stock Market Indicators | |
|---|---|
| Market capitalisation (as of 30.9.2022; in € mill.) | 2,776 |
| Stock price: high (26.9.2022; in €) | 33.60 |
| Stock price: low (7.3.2022; in €) | 24.05 |
| Stock price as of 30.9.2022 (in €) | 33.05 |
| Stock price as of 31.12.2021 (in €) | 26.60 |
| Market weighting ATX Prime (as of 30.9.2022; in %) | 0.58 |
| Ticker Symbols | ||||
|---|---|---|---|---|
| Reuters | VIEV.VI | |||
| Bloomberg | FLU:AV | |||
| Nasdaq | FLU-AT | |||
| ISIN | AT00000VIE62 | |||
| Spot market | FLU | |||
| ADR | VIAAY |
1) EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBITDA / Revenue 2) EBIT margin (Earnings before Interest and Taxes) = EBIT / Revenue 3) Capital expenditure: intangible assets, property, plant and equipment and investment property including corrections to invoices from previous years, excluding financial assets 4) According to the degree of employment including apprentices, exclusive employees without reference (parental leave, armed forces etc.), exclusive board members and managing directors weighted "full-time equivalent" on an annual average 5) Not applicable due to net liquidity 6) MTOW: maximum take off weight for aircraft 7) Seat load factor: Number of passengers / available number of seats
Dear Shareholders,
After 2020 and 2021, two years shaped by the COVID-19 pandemic with massive slumps in aviation, the current financial year is characterised by a marked recovery that continued to accelerate in the third quarter. The benefit to the Flughafen Wien Group – comprising Vienna Airport, Malta Airport and Košice Airport – has been well above average.
In the first nine months of 2022, the passenger volume increased by over 160% from 8.5 million in the same period of the previous year to 22.3 million. Aircraft movements nearly doubled from 89,623 to 173,846 take-offs and landings. Only the cargo sector, which remained largely stable during the COVID-19 pandemic, saw a marginal volume decline of 0.5% to 198,300 tonnes.
The growth at Vienna Airport is on a similar scale: In the first three quarters, the number of passengers climbed from 6.8 million in 2021 to 17.4 million, with almost all regions contributing to this development. Exceptions remain China, where the zero-COVID policy continues to curtail travel, and Russia and Ukraine, where air traffic is shut down on account of the war. Aircraft movements doubled from 72,977 to 139,677 take-offs and landings, and the seat load factor, i.e. the average utilisation of aircraft capacity, also rose from 64.0% to 77.2%. This particularly benefited our home carrier Austrian Airlines, which not only clearly returned to profitability but was also able to repay the loan granted by the Republic of Austria early.
It is notable that the recovery of aviation is significantly clearer in Vienna than in Germany or Switzerland, for example. For example, passenger traffic at Vienna Airport reached 72.8% of the 2019 record in the first nine months, while German airports achieved 63.9% overall, Zurich 68.2%. This trend is even clearer in the third quarter, when Vienna handled nearly 90% as many passengers as in 2019. In contrast, German airports averaged only around 73% of the pre-CO-VID-19 level.
It is especially pleasing that Vienna Airport is also performing particularly positively with regard to the quality of handling services. In the peak travel months from June to September, 96.8% of passengers made it through the security controls with less than ten minutes' waiting time, and Vienna Airport is the fourth-best European airport in terms of punctuality.
One reason for these excellent figures was the widespread use of short-time work in the pandemic years of 2020 and 2021. Layoffs were thus largely avoided in order to retain our excellently trained and motivated employees within the company, whom we hereby thank for their great dedication in this challenging period.
These achievements are also being recognised internationally, as evidenced by Vienna Airport's "Best European Airport" award from ACI in the "25-40 million passengers" category and the award from the trade magazine Payload Asia for the best airport handling in Europe.
In light of these very strong traffic figures, which have significantly exceeded our expectations at the start of the year, our company's financial key performance indicators are also more than satisfactory. Compared with 2021, revenue nearly doubled to € 508.0 million in the first nine months (Q1-3/2021: € 274.5 million) and EBITDA climbed by around 140% from € 106.6 million to € 256.0 million, whereby the EBITDA margin grew from 38.8% to an impressive 50.4%. Thanks to an improvement in the margin from 2.5% in 2021 to 30.9%, EBIT jumped from € 6.9 million to € 156.9 million, and the net result also reached € 109.3 million after a slightly negative result in the previous year (Q1-3/2021: minus € 0.1 million).
These very good results further strengthened the structure of our statement of financial position, and we achieved a genuinely rare milestone for an infrastructure company in the third quarter: Flughafen Wien AG's net debt – still € 150.4 million as at 31 December 2021 – turned into net liquidity of € 61.7 million. Debt of nearly a billion euros has therefore been cleared in the last ten years. The resulting financial freedom that we, along with all employees, have
4
gained for ourselves through profitability, higher efficiency and innovative processes enables us to pursue our ambitions without financial constraints. For example, the expansion of the largest photovoltaic plant in Austria will make it possible to achieve our target of carbon-free operation of Vienna Airport from 2023 onwards.
Another major project this year was the modernisation and redesign of Terminal 2, in which € 62 million was invested. With particular focus on the travel experience and comfort for passengers, the terminal offers centralised security controls, several new shops and an exclusive lounge covering 2,400 m2 where our passengers can pamper themselves in an elegant atmosphere.
A special attraction is Hollywood chef Wolfgang Puck's restaurant, which opened in the Terminal 3 arrivals hall at the beginning of April. On the travel website Tripadvisor, this culinary gem has spent several months in first place among 3,886 (!) restaurants in Vienna. The best part is that Puck's restaurant is open not only to passengers, but visitors too.
Despite ongoing negative factors such as the Ukraine war, extraordinarily high inflation rates and continuing restrictions due to the COVID-19 pandemic, we are also optimistic for the final quarter. The winter flight plan, in effect since the start of November, is jam-packed with numerous new and attractive destinations. Of the three largest carriers, Austrian will serve more than 80, Ryanair more than 70 and Wizz Air 40 destinations, and three major long-haul carriers – Eva Air, China Airlines and Korean Air – are also back in Vienna.
The continuing positive development in traffic figures should also be reflected in the financial figures. Therefore, we have significantly increased our guidance in three stages over recent months and now expect annual profit before non-controlling interests of at least € 115 million. This is of course based on the assumption that there will be no pandemic-related lockdowns or travel restrictions in the final quarter. With regard to the dividend, the Management Board plans to propose to the Annual General Meeting that at least 60% of the net profit after noncontrolling interests be paid out.
Finally, we would like to thank you, our shareholders, for the confidence that you have shown and continue to show in us during probably the most serious crisis in the history of the aviation industry. We wish you all a Happy Christmas and a successful start to the New Year!
The Management Board
Günther Ofner Member of the board, CFO
Julian Jäger Member of the board, COO
F i n a n c i a l i n f o r m a t i o n Q1-3/2022
Passenger development in the Flughafen-Wien-Group
Passenger growth in the Flughafen Wien Group
The number of passengers handled by the Flughafen Wien Group (Vienna Airport, Malta Airport and Košice Airport) grew by 8,452,190 year-on-year to 22,280,971 in the first nine months of 2022, an increase of more than 160%. This corresponds to 74.1% of the figure for the same period of the pre-crisis year 2019.
The number of local passengers rose from 6,684,396 to 17,876,581, while there was a significant increase in transfer passengers from 1,738,118 in Q1-3/2021 to 4,346,006 in the reporting period.
In the period from January to September, the number of aircraft movements in the Group almost doubled to 173,846 take-offs and landings (Q1-3/2021: 89,623), whereas cargo traffic, which had remained stable during the coronavirus pandemic, declined slightly by 0.5% to 198,300 tonnes (Q1-3/2021: 199,259 tonnes).
Sustained upward trend at Vienna Airport
Following a muted first quarter due to the pandemic and the associated travel restrictions, air traffic gradually recovered over the course of the first nine months of 2022. Demand for flights rose significantly as the financial year progressed and received a further boost when the requirement for proof of vaccination/recovery or a negative test to enter Austria was lifted on 16 May.
While around 2.9 million passengers were handled in the first quarter, this figure increased to around 6.3 million in the second quarter before hitting almost 8.2 million in the third quarter. This is already almost 90% of the frequency recorded in the pre-crisis year 2019.
One negative factor was the outbreak of war in Ukraine in late February, which resulted in the suspension of all flights from Vienna to Russia, Belarus and Ukraine. The direct effects on Vienna Airport amount to roughly 4% of the passenger volume.
The number of passengers increased from 6,794,702 in the period from January to September 2021 to 17,429,774 in the same period of 2022. This corresponds to 72.8% of the pre-crisis level in 2019.
The strongest day in the first nine months of 2022 was Sunday, 31 July, with 102,670 passengers. There were another 41 days when more than 90,000 passengers were recorded at Vienna Airport (Q1-3/2019: 75 days with more than 100,000 passengers).
The numbers in detail: Vienna Airport handled a total of 13,032,330 local passengers in the period from January to September 2022 (Q1-3/2021: 5,029,486), while the number of transfer passengers increased to 4,339,270 (Q1-3/2021: 1,735,624).
The positive development at the site is also reflected in the regions, with the following figures referring to the number of departing passengers:
Destinations in Western Europe saw an increase from 2,367,889 passengers in 2021 to 6,124,902 passengers in the reporting period. The main growth drivers in this region were Germany, Spain, Italy, the United Kingdom, and Turkey. Owing to weak demand in the business travel sector in particular, passenger traffic, including to Germany, remained substantially below the pre-crisis level of 2019 in the first nine months of 2022.
The Eastern Europe region recorded 1,481,881 passengers (Q1-3/2021: 693,829), with destinations in Poland, Romania and Croatia seeing the biggest growth in passenger numbers.
A total of 112,133 passengers for destinations in East Asia were handled in the period from January to September (Q1-3/2021: 17,723). However, traffic to China in particular remains extremely limited. In addition to Thailand, Taiwan and Japan, the Maldives saw passenger growth compared with the same period of 2021.
Passenger traffic to the Middle East increased from 147,631 in the previous year to 498,335 in the reporting period. In particular, there was growth in the number of passengers for destinations in Israel, the United Arab Emirates, Qatar, and Jordan.
Traffic bound for North America increased threefold, from 92,015 passengers in January-September 2021 to 271,350 passengers in the reporting period – which represents almost 80% of the pre-crisis figure in 2019.
The Africa region saw a total of 170,842 passengers in the period from January to September 2022 (Q1-3/2021: 49,973). This growth was primarily due to passengers bound for Egypt.
The addition of a new route to Mexico in October 2021 meant that the Latin America region recorded a total of 14,894 passengers in the first nine months of 2022.
The upward trend in the first three quarters of 2022 is also reflected in general key indicators for air traffic: The average seat load factor on passenger flights increased from 64.0% in 2021 to 77.2%. The number of aircraft movements rose from 72,977 in the previous year to a total of 139,677 take-offs and landings. The maximum take-off weight (MTOW) increased from 3,109,692 tonnes in the first nine months of 2021 to 5,824,267 tonnes in the reporting period. Only cargo traffic decreased by 1.0% to 186,303 tonnes (Q1-3/2021: 188,177 tonnes).
Austrian Airlines, the biggest customer at Vienna Airport, saw a significant increase in passenger volume in the period from January to September 2022. A total of 8,194,348 passengers were handled (Q1-3/2021: 3,432,574). However, its market share of the total passenger volume decreased by 3.5 percentage points to 47.0% due to the competitive situation.
Ryanair/Lauda, the second-largest airline at the site, increased its share of the total passenger volume from 17.2% to 21.2% in the first nine months of 2022. The airline flew a total of 3,693,468 passengers in the reporting period, a year-on-year increase of 2,524,618 (Q1-3/2021: 1,168,850 passengers).
Wizz Air, the third-largest airline in Vienna, saw its passenger volume increase from 580,281 to 1,175,203. Its share of the total passenger volume declined by 1.8 percentage points to 6.7%.
Development at Malta and Košice
The continuous recovery in traffic is also visible at Flughafen Wien AG's foreign investments. The number of passengers handled at Malta Airport tripled from 1,541,410 to 4,405,132 in the reporting period, while Košice Airport recorded an increase from 116,078 to 446,065 passengers in the first nine months of 2022.
Earnings in the first three quarters of 2022
Revenue up 85.1% at € 508.0 million
The Flughafen Wien Group (FWAG) generated revenue of € 508.0 million in Q1-3/2022 (Q1- 3/2021: € 274.5 million), corresponding to a significant rise of 85.1%. The main changes took place in the following areas:
Revenue in the Airport segment increased by 108.8% to € 237.0 million (Q1-3/2021: € 113.5 million). This was primarily due to higher revenue from passenger-related and aircraft-related fees (up € 113.9 million) as a result of the increased traffic. Revenue from infrastructure and other services increased by € 9.6 million.
Revenue from ground handling increased from € 33.0 million in Q1-3/2021 to € 58.8 million in Q1-3/2022 due to the increase in aircraft movements and MTOW. By contrast, revenue from cargo handling remained slightly below the prior-year level at € 19.1 million, also reflecting the slight decline in cargo volumes at Vienna Airport.
Revenue from centre management and hospitality rose sharply by 130.1% to € 45.5 million (Q1-3/2021: € 19.8 million), while parking revenue also more than doubled to € 31.7 million (Q1- 3/2021: € 14.6 million).
Revenue at Malta Airport also rose by an impressive 106.1% year-on-year to € 66.5 million (Q1-3/2021: € 32.3 million) as a result of the higher passenger numbers.
Other operating income increased by € 6.7 million year-on-year to € 20.4 million (Q1-3/2021 € 13.6 million). This development was mainly due to higher revenue from the sale of land in the amount of € 8.3 million (Q1-3/2021: € 2.7 million).
Income from COVID-19 support of € 3.7 million was recognised in the first nine months (Q1-3/2021: € 8.1 million). Among other things, this encompassed fixed cost subsidies, revenue shortfall bonuses, and compensation for losses. Own work capitalised increased by € 2.4 million year-on-year to € 4.5 million as a result of the higher volume of construction work.
Expenses for consumables and purchased services rose by 53.8% to € 29.3 million in Q1-3/2022 (Q1-3/2021: € 19.1 million). Energy expenses increased by € 4.3 million to € 13.2 million (Q1-3/2021: € 9.0 million), while expenses for consumables doubled to € 13.7 million. By contrast, purchased services were down € 1.3 million at € 2.4 million.
Personnel expenses grew by 40.8% year-on-year to € 185.5 million. The rise was chiefly due to lower short-time work allowances. This was partly offset by changes in the parameters for staff provisions (especially the higher interest rate). In the first nine months of 2022, reimbursements totalling € 9.6 million were recognised in profit or loss at the Vienna site (Q1-3/2021: € 59.1 million). The average headcount (FTE, full-time equivalents) at the Flughafen Wien Group amounted to 4,686 after 4,924 in the previous period (minus 4.8%). Wages increased by 71.6% to € 71.3 million as against the previous year (Q1-3/2021: € 41.6 million), while salaries rose by 55.1% to € 64.9 million (Q1-3/2021: € 41.9 million). Expenses for severance compensation climbed to € 4.2 million (Q1-3/2021: € 2.5 million). Pension expenses were down slightly year-on-year at € 1.8 million (Q1-3/2021: € 2.0 million). Expenses for social security contributions amounted to € 41.4 million in the first three quarters of 2022 (Q1-3/2021: € 43.2 million), while other social security expenses came to € 2.0 million (Q1-3/2021: € 0.6 million).
Other operating expenses (including impairment and reversals of impairment on receivables) rose by 97.0% to € 59.7 million (Q1-3/2021: € 30.3 million). The main increases were in the area of maintenance (up € 13.2 million), third-party services (up € 7.3 million), marketing and market communication (up € 5.6 million), and other operating expenses including lounges (up € 2.6 million). These were partly offset by reversals of valuation allowances for receivables in the amount of € 3.7 million, which were mainly due to a positive court verdict. Fixed cost subsidies of € 1.9 million (Q1-3/2021: € 6.5 million) served to reduce expenses.
The operating results of investments recorded at equity amounted to € 2.1 million (Q-3/2021: minus € 0.4 million).
EBITDA increases to € 256.0 million (Q1-3/2021: € 106.6 million)
As a result of the positive revenue development, EBITDA rose by 140.1% year-on-year from € 106.6 million to € 256.0 million. The EBITDA margin increased from 38.8% to 50.4%. Despite lower short-time work allowances, this improvement was achieved thanks to strict cost discipline.
EBIT increases to € 156.9 million (Q1-3/2021: € 6.9 million)
Depreciation and amortisation of € 99.1 million was recognised in the first nine months of 2022 (Q1-3/2021: € 99.7 million).
EBIT increased by € 150.0 million to € 156.9 million (Q1-3/2021: € 6.9 million) due to the improvement in EBITDA. Accordingly, the EBIT margin improved significantly from 2.5% to 30.9%.
Financial results improve to minus € 6.8 million (Q1-3/2021: minus € 7.1 million)
Financial results improved slightly from minus € 7.1 million to minus € 6.8 million in Q1-3/2022. Net interest amounted to minus € 6.4 million (Q1-3/2021: minus € 7.7 million) and was composed of interest expenses of € 10.4 million and interest income of € 4.1 million. Interest income includes a one-time effect from default interest income of € 2.4 million. Interest expenses in the previous year included a fixed cost subsidy of € 2.6 million. Other financial results of minus € 0.9 million (Q1-3 Q1/2021: plus € 0.1 million) include the measurement of financial instruments.
Net profit for the period improves by € 109.4 million to plus € 109.3 million (Q1-3/2021: minus € 0.1 million)
Profit before taxes (EBT) amounted to plus € 150.1 million in the first nine months, an improvement of € 150.3 million compared with Q1-3/2021 (minus € 0.2 million). Including income tax expenses of € 40.8 million (Q1-3/2021: tax income of € 0.1 million), net profit for the period amounted to plus € 109.3 million (Q1-3/2021: minus € 0.1 million).
The net profit attributable to shareholders of the parent company amounted to € 97.8 million or € 1.17 per share (Q1-3/2021: net loss of € 1.5 million). The result attributable to non-controlling interests for the first nine months was plus € 11.4 million (Q1-3/2021: plus € 1.4 million)
Earnings in third quarter of 2022
Revenue growth of 46.2% in Q3/2022 compared with Q3/2021
The Flughafen Wien Group's revenue increased by € 67.5 million or 46.2% to € 213.3 million in the third quarter of 2022 (Q3/2021: € 145.9 million). This increase was attributable to increased travel and therefore better traffic figures.
Revenue from the Airport segment rose by € 31.6 million. Revenue at Malta Airport also increased by € 9.6 million in comparison with the same quarter of the previous year. Revenue in the Retail & Properties segment was up € 17.7 million. The Handling & Security Services segment contributed € 6.6 million to the revenue growth.
Other operating income was essentially unchanged year-on-year at € 4.3 million (Q3/2021: € 4.2 million).
Expenses for consumables and purchased services of € 10.0 million were up significantly on Q3/2021 at € 5.7 million, mainly due to the higher cost of materials. Energy expenses also increased year-on-year.
Personnel expenses rose by € 13.9 million to € 65.5 million in Q3/2022, primarily due to the short-time work allowances recognised in the previous year. This was partly offset by changes in the parameters for staff provisions.
Other operating expenses (including impairment/reversals of impairment on receivables) rose by € 20.4 million to € 31.3 million due to operational reasons. The main cost increases related to maintenance at € 10.2 million, marketing and market communication expenses at € 3.7 million, and third-party services at € 3.1 million.
The pro rata share of net profit for the period of the investments recorded at equity improved year-on-year from minus € 0.6 million to minus € 2.0 million.
Q3/2022: EBITDA growth of € 31.5 million to € 112.9 million, EBIT of € 81.1 million, net profit for the period of € 56.9 million
The revenue increase resulted in positive EBITDA of € 112.9 million for Q3/2022 (Q3/2021: € 81.4 million).
Depreciation and amortisation declined by € 2.4 million to € 31.8 million (Q3/2021: € 34.2 million). The higher level of EBITDA meant that EBIT improved by € 33.9 million as against Q3/2021 to € 81.1 million (Q3/2021: € 47.2 million).
Financial results amounted to minus € 2.6 million in the third quarter of 2022 after minus € 1.2 million in Q3/2021. This was chiefly due to higher interest expenses on account of the fixed cost subsidies recognised in Q3/2021. On the other hand, the subsequent measurement of securities under other financial results in the amount of minus € 0.8 million as against minus € 1.3 million in the previous year had the opposite effect.
At € 78.5 million, profit before taxes was considerably better than the prior-year figure of € 46.1 million. After income tax expenses of € 21.6 million (Q3/2021: € 13.6 million), net profit for the period improved by € 24.5 million to € 56.9 million (Q3/2021: € 32.4 million).
Net profit for the period of the parent company amounted to € 51.4 million, an improvement of € 22.2 million (Q3/2021: € 29.2 million). The net profit for the third quarter attributable to non-controlling interests was € 5.5 million (Q3/2021: € 3.2 million).
Information on the operating segments
Segment revenue and segment results
| Handling & Security | |||||||
|---|---|---|---|---|---|---|---|
| Q1-3/2022 in T€ | Airport | Services | Retail & Properties | Malta | Other Segments | Reconciliation | Group |
| External segment revenue | 237,047.8 | 91,840.1 | 98,200.4 | 66,545.3 | 14,408.2 | 508,041.8 | |
| Internal segment revenue | 25,531.5 | 52,440.2 | 11,927.5 | 0.0 | 90,414.4 | -180,313.6 | 0.0 |
| Segment revenue | 262,579.3 | 144,280.3 | 110,127.9 | 66,545.3 | 104,822.5 | -180,313.6 | 508,041.8 |
| Segment EBITDA | 101,441.3 | 10,980.2 | 67,555.1 | 43,810.3 | 32,232.5 | 0.0 | 256,019.4 |
| Segment EBITDA margin (in %) | 38.6 | 7.6 | 61.3 | 65.8 | 30.7 | ||
| Segment EBIT | 42,398.6 | 4,460.2 | 52,909.1 | 33,601.9 | 23,566.2 | 0.0 | 156,936.0 |
| Segment EBIT margin (in %) | 16.1 | 3.1 | 48.0 | 50.5 | 22.5 |
| Handling & Security | |||||||
|---|---|---|---|---|---|---|---|
| Q1-3/2021 in T€ | Airport | Services | Retail & Properties | Malta | Other Segments | Reconciliation | Group |
| External segment revenue | 113,509.0 | 63,781.5 | 55,470.4 | 32,287.4 | 9,433.3 | 274,481.6 | |
| Internal segment revenue | 22,298.0 | 24,686.4 | 13,552.3 | 0.0 | 53,932.6 | -114,469.3 | |
| Segment revenue | 135,807.0 | 88,468.0 | 69,022.6 | 32,287.4 | 63,365.9 | -114,469.3 | 274,481.6 |
| Segment EBITDA | 45,329.3 | 192.3 | 34,803.4 | 15,950.7 | 10,340.4 | 0.0 | 106,616.1 |
| Segment EBITDA margin (in %) | 33.4 | 0.2 | 50.4 | 49.4 | 16.3 | ||
| Segment EBIT | -14,335.0 | -6,839.1 | 20,084.5 | 6,043.3 | 1,993.8 | 0.0 | 6,947.6 |
| Segment EBIT margin (in %) | -10.6 | -7.7 | 29.1 | 18.7 | 3.1 |
| Amounts in € million | Q1-3/2022 | Q1-3/2021 | Absolute change |
Change in % |
|---|---|---|---|---|
| Aircraft-related fees | 45.4 | 23.4 | 22.0 | 94.1 |
| Passenger-related fees | 159.1 | 67.2 | 91.9 | 136.7 |
| Infrastructure revenue & services | 32.5 | 22.9 | 9.6 | 41.9 |
| Airport segment revenue | 237.0 | 113.5 | 123.5 | 108.8 |
Airport segment
Revenue of € 237.0 million
External revenue in the Airport segment increased by 108.8% to € 237.0 million in the first nine months of 2022 (Q1-3/2021: € 113.5 million). Revenue from aircraft-related fees rose by 94.1% year-on-year to € 45.4 million (Q1-3/2021: € 23.4 million), primarily due to the higher traffic volume (movements: up 91.4%, MTOW: up 87.3%). Passenger-related fees also increased significantly by 136.7% to € 159.1 million in the first three quarters of 2022 (Q1-3/2021: € 67.2 million) in line with passenger development (up 156.5%). Revenue from the provision and rental of infrastructure and from other services also increased by 41.9% to € 32.5 million (Q1-3/2021: € 22.9 million), while internal revenue rose by 14.5% to € 25.5 million. Other income increased by € 2.5 million to € 5.2 million. This was primarily attributable to the higher level of own work capitalised.
In total, the cost of external materials rose by € 0.2 million to € 3.7 million (Q1-3/2021: € 3.5 million). While purchased services (including for PCR tests) declined, the cost of other materials increased due to operational reasons. The € 6.0 million increase in personnel expenses to € 27.1 million is chiefly due to the end of short-time work as of Q1/2022. The average headcount came to 542 employees (Q1-3/2021: 556).
Other operating expenses rose by 233.9% to € 23.2 million (Q1-3/2021: € 6.9 million). This was partly due to higher expenses for maintenance, market communication, and third-party personnel. Internal operating costs increased significantly to € 112.3 million after € 61.6 million in the previous period. The main driving factors were costs for security controls, other passenger-related services, and terminal operation expenses.
EBITDA up € 56.1 million to € 101.4 million
Due to the significant increase in revenue, EBITDA in the Airport segment rose by € 56.1 million to plus € 101.4 million in the first nine months of 2022 (Q1-3/2021: € 45.3 million). Taking depreciation and amortisation of € 59.0 million into account (Q1-3/2021: € 59.7 million), segment EBIT amounted to plus € 42.4 million after minus € 14.3 million in the same period of the previous year. The EBITDA margin rose from 33.4% to 38.6%, while the EBIT margin improved from minus 10.6% to plus 16.1%.
| Amounts in € million | Q1-3/2022 | Q1-3/2021 | Absolute change |
Change in % |
|---|---|---|---|---|
| Ground handling | 58.8 | 33.0 | 25.8 | 78.3 |
| Cargo handling | 19.1 | 20.4 | -1.3 | -6.6 |
| Security services | 2.3 | 1.8 | 0.5 | 27.2 |
| Passenger handling | 5.5 | 2.5 | 3.0 | 119.6 |
| General aviation, other | 6.2 | 6.1 | 0.1 | 1.9 |
| Handling & Security Services segment revenue |
91.8 | 63.8 | 28.1 | 44.0 |
Handling & Security Services segment
Revenue up 44.0% at € 91.8 million
In the first nine months of 2022, external revenue of € 91.8 million was generated in the Handling & Security Services Segment (Q1-3/2021: € 63.8 million). Revenue from ground handling increased by 78.3% to € 58.8 million as a result of the growth in traffic. Revenue from cargo handling was slightly below the prior-year level at € 19.1 million (Q1-3/2021: € 20.4 million). Cargo volume decreased by 1.0% to 186,303 tonnes. External revenue from passenger handling doubled to € 5.5 million (Q1-3/2021: € 2.5 million). External revenue from security services increased to € 2.3 million (Q1-3/2021: € 1.8 million). The General Aviation area generated revenue of € 6.2 million in the first three quarters of 2022 after € 6.1 million in the previous period (an increase of 1.9%). Partly due to passenger-related services (e.g. security controls) for other segments, internal revenue increased by 112.4% to € 52.4 million (Q1-3/2021: € 24.7 million). By contrast, other income declined by € 2.0 million year-on year to € 1.4 million (Q1-3/2021: € 3.4 million), which was primarily attributable to the recognition of support in the previous year.
The cost of materials rose by 113.1% year-on-year to € 5.1 million, partly due to higher expenses for de-icing materials and fuel. The end of short-time work also had a significant impact in this segment, causing personnel expenses to rise by € 29.9 million to € 99.5 million with an average headcount of 2,668 (down 180). Other operating expenses were up significantly year-on-year at € 4.9 million (Q1-3/2021: € 1.4 million) and related to increases in third-party services for traffic handling. Internal operating expenses increased by 38.0% to € 25.2 million due to operational reasons.
EBITDA of plus € 11.0 million (Q1-3/2021: € 0.2 million)
EBITDA in the Handling & Security Services segment improved to € 11.0 million in the first nine months of 2022 (Q1-3/2021: € 0.2 million). Adjusted for depreciation and amortisation of € 6.5 million (Q1-3/2021: € 7.0 million), EBIT amounted to plus € 4.5 million (Q1-3/2021: minus € 6.8 million). At 7.6%, the EBITDA margin was higher than the prior-year level of 0.2%, while the EBIT margin amounted to plus 3.1% in Q1-3/2022 (Q1-3/2021: minus 7.7%).
| Amounts in € million | Q1-3/2022 | Q1-3/2021 | Absolute change |
Change in % |
|---|---|---|---|---|
| Parking | 31.7 | 14.6 | 17.2 | 118.0 |
| Rentals | 20.9 | 21.1 | -0.2 | -0.9 |
| Centre management & hospitality | 45.5 | 19.8 | 25.7 | 130.1 |
| Retail & Properties segment revenue | 98.2 | 55.5 | 42.7 | 77.0 |
Retail & Properties segment
Revenue at € 98.2 million after € 55.5 million in the prior-year period
External revenue in the Retail & Properties segment rose by 77.0% year-on-year to € 98.2 million (Q1-3/2021: € 55.5 million). This development was driven firstly by higher revenue from centre management and hospitality, which more than doubled by 130.1% to € 45.5 million (Q1-3/2021: € 19.8 million), and secondly by parking revenue, which also rose sharply from € 14.6 million to € 31.7 million. At € 20.9 million, rental revenue was down slightly on the previous year (Q1- 3/2021: € 21.1 million). Internal revenue decreased by € 1.6 million to € 11.9 million, while other income rose by € 8.0 million to € 11.7 million (Q1-3/2021: € 3.7 million), primarily due to a sale of land.
The cost of materials increased to € 1.5 million (Q1-3/2021: € 0.9 million) due to higher purchased services passed on, among other things. Personnel expenses increased by 50.6% to € 9.0 million (Q1-3/2021: € 6.0 million) with a headcount of 171 (Q1-3/2021: 162). Other operating expenses were up € 5.8 million year-on-year at € 8.4 million and related to increases in the areas of other operating expenses (lounges), maintenance and expenses for market communication. Internal operating expenses also rose by € 6.9 million to € 35.4 million.
EBITDA increases to € 67.6 million (Q1-3/2021: € 34.8 million)
As a result of the positive revenue and the sale of land, EBITDA in the Retail & Properties segment increased by 94.1% from € 34.8 million to € 67.6 million in the first nine months of 2022. Depreciation and amortisation was slightly lower than in the previous year at € 14.6 million (Q1-3/2021: € 14.7 million). EBIT increased by € 32.8 million to € 52.9 million (Q1-3/2021: € 20.1 million). The EBITDA margin was 61.3% (Q1-3/2021: 50.4%) and the EBIT margin was 48.0% (Q1- 3/2021: 29.1%).
Malta segment
| Amounts in € million | Q1-3/2022 | Q1-3/2021 | Absolute change |
Change in % |
|---|---|---|---|---|
| Airport | 44.6 | 19.1 | 25.5 | 133.1 |
| Retail & Property | 21.8 | 13.1 | 8.7 | 66.8 |
| Other | 0.2 | 0.1 | 0.1 | 74.2 |
| Malta segment revenue | 66.5 | 32.3 | 34.3 | 106.1 |
Revenue up 106.1% to € 66.5 million
External revenue in the Malta segment doubled to € 66.5 million in the first nine months (Q1- 3/2021: € 32.3 million). Airport-related revenue grew by 133.1% compared with the previous period to € 44.6 million, primarily due to the increase in traffic. The Retail & Properties segment increased its revenue by 66.8% to € 21.8 million.
For operational reasons, the cost of materials was up slightly on the previous year at € 1.9 million. Personnel expenses increased by 42.8% to € 6.6 million (Q1-3/2021: € 4.6 million). Other operating expenses climbed by 41.9% to € 14.3 million and included expenses for security staff, cleaning, PRM services, other third-party personnel services, IT services, airline marketing and maintenance.
EBITDA improves by € 27.9 million to € 43.8 million
The Malta segment reported EBITDA of € 43.8 million in the first three quarters of 2022 (Q1- 3/2021: € 16.0 million) and an EBITDA margin of 65.8% after 49.4% in the previous year. Taking into account depreciation and amortisation of € 10.2 million (Q1-3/2021: € 9.9 million), EBIT amounted to € 33.6 million (Q1-3/2021: € 6.0 million), corresponding to an EBIT margin of 50.5% (Q1-3/2021: 18.7%).
Other Segments
| Amounts in € million | Q1-3/2022 | Q1-3/2021 | Absolute change |
Change in % |
|---|---|---|---|---|
| Energy supply and waste disposal | 8.6 | 5.6 | 3.0 | 53.3 |
| Telecommunications and IT | 2.3 | 2.2 | 0.1 | 4.6 |
| Materials management | 0.8 | 0.4 | 0.4 | 95.8 |
| Electrical engineering, security equipment, workshops |
0.3 | 0.3 | 0.0 | -10.6 |
| Facility management, building maintenance, and other |
0.9 | 0.3 | 0.7 | 263.7 |
| "GetService"-Flughafen-Sicherheits- und Servicedienst GmbH |
0.9 | 0.3 | 0.6 | 183.7 |
| Other, including foreign investments | 0.5 | 0.3 | 0.2 | 83.6 |
| Other Segments revenue | 14.4 | 9.4 | 5.0 | 52.7 |
Revenue of € 14.4 million
External revenue in Other Segments amounted to € 14.4 million (Q1-3/2021: € 9.4 million). This rise mainly resulted from higher revenue from energy supply and waste disposal. Internal revenue amounted to € 90.4 million (Q1-3/2021: € 53.9 million), chiefly due to higher Group services in relation to technical services and internal energy supply and waste disposal. Other income (including own work capitalised) amounted to € 2.0 million (Q1-3/2021: € 3.8 million). This decrease was mainly attributable to the recognition of government support in the previous year.
The cost of consumables and purchased services increased by 61.3% year-on-year to € 17.1 million (Q1-3/2021: € 10.6 million), due in particular to higher expenses for purchasing energy and for the consumption of fuel and other consumables. Personnel expenses increased by € 12.9 million to € 43.4 million, not least due to the discontinuation of short-time work subsidies. The average headcount was 972 (a decrease of 70). Other operating expenses decreased year-onyear from € 9.2 million to € 8.9 million. A one-time effect from a reversal of impairment on a receivable had a positive impact on this item. Internal expenses amounted to € 7.4 million (Q1-3/2021: € 6.1 million).
The results of investments in companies recorded at equity reflect the operating results of these investments. Positive (operating) earnings of € 2.1 million were reported in the first nine months of 2022 (Q1-3/2021: minus € 0.4 million).
EBITDA of € 32.2 million
Overall, Other Segments reported EBITDA of € 32.2 million (Q1-3/2021: € 10.3 million). Adjusted for depreciation and amortisation of € 8.7 million (Q1-3/2021: € 8.3 million), segment EBIT amounted to € 23.6 million (Q1-3/2021: € 2.0 million). The EBITDA margin was 30.7% (Q1-3/2021: 16.3%) and the EBIT margin was 22.5% (Q1-3/2021: 3.1%).
Financial, asset and capital structure
Equity ratio improves by 2.3 percentage points to 65.7%, with net liquidity plus € 61.7 million (31 December 2021: net debt of € 150.4 million)
Net liquidity amounted to € 61.7 million as at 30 September 2022, an improvement of € 212.2 million compared with the end of 2021. The equity ratio increased by 2.3 percentage points to 65.7% due to the improvement in earnings.
Cash flow from operating activities of € 234.6 million (Q1-3/2021: € 43.1 million)
Net cash flow from operating activities amounted to € 234.6 million in Q1-3/2022 after € 43.1 million in Q1-3/2021. Operating earnings (EBT plus depreciation and amortisation, plus/less measurement of financial instruments) rose by € 150.7 million to € 250.1 million (Q1-3/2021: € 99.4 million). The pro rata share of net profit for the period of the companies recorded at equity was included with minus € 2.1 million (Q1-3/2021: plus € 0.4 million). In addition, gains on the disposal of assets in the amount of minus € 9.3 million were reported in Q1-3/2022 (Q1- 3/2021: minus € 2.8 million). The Group recorded an increase in receivables of € 14.4 million in Q1-3/2022 (Q1-3/2021: increase of € 58.8 million). At the same time, equity and liabilities rose by € 18.8 million (Q1-3/2021: reduction of € 4.5 million). Payments made for income taxes totalled € 8.2 million in the first nine months (Q1-3/2021: plus € 8.4 million from tax repayments).
Net cash flow from investing activities amounted to minus € 247.6 million after minus € 21.7 million in the previous year. Payments received on the disposal of assets amounted to € 22.7 million (Q1-3/2021: € 6.6 million). While € 44.8 million was paid for investment projects (including financial assets) in Q1-3/2022, payments in Q1-3/2021 were slightly higher at € 49.0 million. Furthermore, € 254.0 million was invested in current and non-current investments (term deposits) and securities in Q1-3/2022 (Q1-3/2021: € 0.0 million). This was offset by proceeds from matured term deposits of € 7.5 million (Q1-3/2021: € 20.7 million). Proceeds of € 21.0 million were generated from the disposal of securities.
Free cash flow (net cash flow from operating activities plus net cash flow from investing activities) therefore amounted to minus € 13.0 million (Q1-3/2021: plus € 21.4 million).
Net cash flow from financing activities of minus € 51.6 million (Q1-3/2021: minus € 117.3 million) is largely attributable to the repayment of financial liabilities of € 51.0 million (Q1-3/2021: € 142.0 million). This contrasted with the borrowing of current financial liabilities of € 25.0 million in the previous year. In addition, € 0.2 million (Q1-3/2021: € 0.3 million) was paid out for lease obligations in Q1-3/2022. A further € 0.3 million was paid out in connection with put options.
Cash and cash equivalents amounted to € 59.1 million as at 30 September 2022 after € 123.6 million as at 31 December 2021.
Assets
Non-current assets decreased by € 48.8 million in net terms to € 1,712.4 million since the start of the year. Current additions to intangible assets, property, plant and equipment and investment property of € 38.0 million are offset by depreciation and amortisation of € 99.1 million. The carrying amounts of investments recorded at equity increased from € 41.2 million to € 43.3 million as a result of the operating results. The increase in other assets to € 18.2 million (31 December 2021: € 7.5 million) is chiefly attributable to new investments in time deposits, to reclassifications based on their maturity profile and to the measurement of equity instruments.
Compared with the end of the year, current assets rose by € 153.2 million to € 465.7 million (31 December 2021: € 312.5 million) due to higher short-term investments of time deposits. As at the end of the reporting period, net trade receivables were up € 21.7 million at € 67.4 million (31 December 2021: € 45.7 million). Other receivables declined by € 8.6 million to € 50.1 million (31 December 2021: € 58.7 million), mainly due to paid short-time work allowances. Securities decreased by € 1.9 million to € 25.2 million. The land that was reported as "Assets available for sale" as at 31 December 2021 was sold in early 2022. Current term deposits rose by € 216.5 million to € 247.0 million. Cash and cash equivalents therefore decreased by € 64.6 million to € 59.1 million as at 30 September 2022 (31 December 2021: € 123.6 million).
Equity and liabilities
Total equity increased by 8.9% to € 1,431.6 million (31 December 2021: € 1,314.5 million). Net profit for the current period (including the results of non-controlling interests) amounted to € 109.3 million, while net actuarial gains on employee-related provisions and the measurement of financial instruments (FVOCI) were recognised in the amount of € 7.8 million. The equity ratio was 65.7% as at 30 September 2022 (31 December 2021: 63.4%).
Non-current liabilities decreased from € 501.4 million to € 451.6 million, primarily due to reclassifications of financial liabilities based on their maturity profile as well as to the decrease in staff provisions (partly as a result of changes in parameters).
By contrast, current liabilities increased by € 37.0 million to € 294.9 million. Net current financial and lease liabilities (borrowing and repayment of financial and lease liabilities) were lowered by € 26.2 million to € 25.0 million. Trade payables fell by € 6.4 million to € 23.4 million at the reporting date. Current provisions increased by € 15.6 million to € 79.0 million (31 December 2021: € 63.4 million). Other liabilities declined by € 12.0 million to € 117.5 million (31 December 2021: € 105.5 million). Due to the positive net profit for the period, tax provisions increased significantly by € 42.1 million to € 50.0 million.
Capital expenditure
A total amount of € 38.0 million (Q1-3/2021: € 30.3 million) was invested in intangible assets, property, plant and equipment and investment property or paid as advance payments in the first nine months of 2022. The largest investment projects at the Vienna site related to adaptation for the exit/entry system (€ 6.2 million), capital expenditure on photovoltaic systems (€ 4.5 million) and capital expenditure for the sorter in Terminal 3 (€ 2.1 million). A total of € 9.2 million was invested at Malta Airport in the first nine months.
Consolidated group
There have been the following changes in the consolidated group since 31 December 2021:
VIE Build GmbH was established and included in the Flughafen Wien Group as a fully consolidated company in the year under review. The subsidiary is allocated to Other Segments.
VIE Malta Finance Ltd. (Other Segments) was liquidated and deconsolidated.
As at 30 September 2022, the condensed consolidated interim financial statements include Flughafen Wien AG plus 27 domestic (31 December 2021: 26) and 11 foreign subsidiaries (31 December 2021: 12) that are controlled by Flughafen Wien AG. In addition, two domestic companies (31 December 2021: 2) and one foreign company (31 December 2021: 1) were accounted for using the equity method.
Two (31 December 2021: 2) subsidiaries were not included in the condensed consolidated interim financial statements as they are immaterial to a true and fair view of the asset, financial and earnings position of the Flughafen Wien Group.
Guidance 2022
The Flughafen Wien Group expects around 29 million passengers throughout the Group and around 23 million passengers at the Vienna site. This will result in a further improvement in annual profit to € 115 million.
Based on this positive earnings performance, the Management Board is confirming its plan to propose to the Annual General Meeting for the 2022 financial year that a dividend of at least 60% of the net profit after non-controlling interests be paid.
The current guidance is based on the assumption that there will be no pandemic-related lockdowns or far-reaching travel restrictions in the autumn and winter. Another continuing uncertainty factor is the further development of the war in Ukraine and its effects on aviation, which are currently unforeseeable.
Vienna Airport in October 2022
Flughafen Wien Group: Significant passenger increase in October 2022
In October, Vienna Airport and its foreign investments in Malta Airport and Košice Airport together handled a total of 3,073,523 passengers (October 2021: 2,019,752 passengers). The cumulative passenger volume in the period from January to October increased by 142.1% to 25,354,682 passengers.
Vienna Airport in October 2022
The passenger volume handled at the Vienna Airport site increased to 2,445,801 passengers in October 2022 (October 2021: 1,573,155). The number of local passengers was 1,781,842, while the number of transfer passengers was 657,888. Aircraft movements increased to 18,608 in October 2022.
Schwechat, 15 November 2022
The Management Board
Günther Ofner Member of the board, CFO
Julian Jäger Member of the board, COO
Consolidated Income Statement
from 1 January to 30 September 2022
| in T€ | Q1-3/2022 | Q1-3/2021 | Q3/2022 | Q3/2021 |
|---|---|---|---|---|
| Revenue | 508,041.8 | 274,481.6 | 213,331.1 | 145,875.6 |
| Other operating income | 20,372.1 | 13,641.5 | 4,317.9 | 4,226.2 |
| thereof COVID-19 support | 3,744.4 | 8,100.2 | 546.8 | 3,019.8 |
| Operating income | 528,414.0 | 288,123.1 | 217,648.9 | 150,101.8 |
| Expenses for consumables and purchased services |
-29,320.2 | -19,068.3 | -9,964.8 | -5,674.7 |
| Personnel expenses | -185,545.6 | -131,792.6 | -65,478.1 | -51,565.4 |
| Other operating expenses | -63,360.5 | -29,948.7 | -31,288.9 | -10,419.2 |
| Reversals of impairment/impairment on receivables |
3,697.4 | -342.0 | 0.0 | -440.1 |
| Pro rata results of companies recorded at equity |
2,134.4 | -355.4 | 2,004.0 | -604.8 |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) |
256,019.4 | 106,616.1 | 112,921.1 | 81,397.6 |
| Depreciation and amortisation | -99,083.4 | -99,668.6 | -31,783.9 | -34,162.6 |
| Earnings before interest and taxes (EBIT) |
156,936.0 | 6,947.6 | 81,137.2 | 47,235.0 |
| Income from investments, | 417.6 | 490.7 | 0.0 | 0.0 |
| excluding companies recorded at equity | ||||
| Interest income | 4,070.2 | 1,753.5 | 1,640.0 | 1,550.0 |
| Interest expense | -10,439.0 | -9,487.7 | -3,452.6 | -1,471.6 |
| Other financial result | -891.9 | 125.7 | -776.1 | -1,304.3 |
| Financial results | -6,843.2 | -7,117.8 | -2,588.7 | -1,226.0 |
| Earnings before taxes (EBT) | 150,092.8 | -170.3 | 78,548.6 | 46,009.1 |
| Income taxes | -40,815.1 | 46.0 | -21,612.1 | -13,595.3 |
| Net profit for the period | 109,277.7 | -124.2 | 56,936.5 | 32,413.8 |
| Thereof attributable to: | ||||
| Equity holders of the parent | 97,831.8 | -1,523.6 | 51,428.0 | 29,244.8 |
| Non-controlling interests | 11,445.9 | 1,399.4 | 5,508.5 | 3,169.0 |
| Number of shares outstanding (weighted average) |
83,874,681 | 83,874,681 | 83,874,681 | 83,874,681 |
| Earnings per share (in €, basic = diluted) | 1.17 | -0.02 | 0.61 | 0.35 |
Consolidated Balance Sheet
As at 30 September 2022
| in T€ | 30.9.2022 | 31.12.2021 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 160,999.9 | 165,600.6 |
| Property, plant and equipment | 1,351,147.0 | 1,403,883.8 |
| Investment property | 138,813.0 | 143,102.2 |
| Investments in companies recorded at equity | 43,291.2 | 41,156.8 |
| Other assets | 18,180.7 | 7,536.7 |
| 1,712,431.7 | 1,761,279.9 | |
| Current assets | ||
| Inventories | 6,766.9 | 6,376.7 |
| Securities | 25,222.3 | 27,114.2 |
| Assets available for sale | 0.0 | 14,168.5 |
| Receivables and other assets | 374,591.9 | 141,210.5 |
| Cash and cash equivalents | 59,087.5 | 123,641.6 |
| 465,668.6 | 312,511.4 | |
| Total assets | 2,178,100.3 | 2,073,791.4 |
| EQUITY & LIABILITIES | ||
| Equity | ||
| Share capital | 152,670.0 | 152,670.0 |
| Capital reserves | 117,885.1 | 117,885.1 |
| Other reserves | -1,148.1 | -8,725.2 |
| Retained earnings | 1,046,232.2 | 948,128.8 |
| Attributable to equity holders of the parent | 1,315,639.2 | 1,209,958.7 |
| Non-controlling interests | 115,953.4 | 104,507.5 |
| 1,431,592.6 | 1,314,466.2 | |
| Non-current liabilities | ||
| Provisions | 151,715.9 | 167,448.2 |
| Financial and lease liabilities | 254,749.5 | 280,649.8 |
| Other liabilities | 25,056.8 | 26,465.7 |
| Deferred tax liabilities | 20,039.4 | 26,832.4 |
| 451,561.5 | 501,396.1 | |
| Current liabilities | ||
| Tax provisions | 50,031.5 | 7,961.2 |
| Other provisions | 78,969.4 | 63,393.6 |
| Financial and lease liabilities | 25,036.6 | 51,273.7 |
| Trade payables | 23,370.6 | 29,770.4 |
| Other liabilities | 117,538.0 | 105,530.1 |
| 294,946.2 | 257,929.1 | |
| Total equity and liabilities | 2,178,100.3 | 2,073,791.4 |
Consolidated Cash Flow Statement
from 1 January to 30 September 2022
| in T€ | Q1-3/2022 | Q1-3/2021 | |
|---|---|---|---|
| Earnings before taxes (EBT) | 150,092.8 | -170.3 | |
| +/- | Depreciation and amortisation/reversals thereof | 99,083.4 | 99,668.6 |
| +/- | Fair value measurement of financial instruments | 891.9 | -125.7 |
| +/- | Pro rata results of companies recorded at equity | -2,134.4 | 355.4 |
| + | Losses / - gains from disposal of assets | -9,324.3 | -2,835.5 |
| - | Reversal of investment subsidies from public funds | -110.3 | -143.9 |
| + | Interest and dividend result | 5,951.3 | 7,243.6 |
| + | Dividends received | 417.6 | 490.7 |
| + | Interest received | 1,509.4 | 1,920.8 |
| - | Interest paid | -7,738.8 | -8,729.6 |
| - | Increase / + decrease in inventories | -390.2 | 288.1 |
| - | Increase / + decrease in receivables | -14,369.9 | -58,753.8 |
| + | Increase / - decrease in provisions | 9,648.4 | -10,359.6 |
| + | Increase / - decrease in liabilities | 9,187.5 | 5,869.4 |
| Net cash flow from ordinary operating activities | 242,714.4 | 34,718.2 | |
| - | Income taxes paid | -8,154.1 | 8,360.8 |
| Net cash flow from operating activities | 234,560.3 | 43,079.0 | |
| + | Payments received on the disposal of assets (not including financial assets) |
22,742.1 | 6,638.7 |
| + | Payments received from the disposal of financial assets | 3.3 | 3.3 |
| - | Payments made for the purchase of assets (not including finan cial assets) |
-44,806.6 | -48,987.9 |
| - | Payments made for the purchase of financial assets | 0.0 | -45.0 |
| + | Payments received of non-repayable grants | 1.9 | 0.0 |
| + | Payments received from the disposal of current securities | 21,000.0 | 0.0 |
| + | Payments received of current and non-current investments | 7,500.0 | 20,692.4 |
| - | Payments made for current and non-current investments and securities |
-254,000.0 | 0.0 |
| Net cash flow from investing activities | -247,559.3 | -21,698.5 | |
| - | Payments made in connection with put options | -346.1 | 0.0 |
| + | Payments received from the borrowing of financial liabilities | 0.0 | 25,000.0 |
| - | Payments made for the repayment of financial liabilities | -51,000.4 | -142,000.0 |
| - | Payments made for the repayment of lease liabilities | -208.6 | -291.3 |
| Net cash flow from financing activities | -51,555.0 | -117,291.3 | |
| Change in cash and cash equivalents | -64,554.1 | -95,910.8 | |
| + | Cash and cash equivalents at the beginning of the period | 123,641.6 | 173,099.9 |
| Cash and cash equivalents at the end of the period | 59,087.5 | 77,189.1 |
Imprint
Publisher Flughafen Wien Aktiengesellschaft P.O. Box 1 1300 Wien-Flughafen Austria
Telephone: +43/1/7007-0 Telefax: +43/1/7007-23001
www.viennaairport.com
Data Registry Nr.: 008613 Corporate Register Nr.: FN 42984 m Court of Registry: Provincial Court Korneuburg
Investor Relations
Christian Schmidt Telephone: +43/1/7007-23126 E-Mail: [email protected]
Corporate Communications
Tillmann Fuchs Telephone: +43/1/7007-22816 E-Mail: [email protected]
Press office Peter Kleemann Telephone: +43/1/7007-23000 E-Mail: [email protected]
Layout: Philipp Stöhr The Flughafen Wien Group provides the following information in the Internet:
Flughafen Wien AG website: www.viennaairport.com
Investor Relations: https://www.viennaairport.com/en/ company/investor\_relations
Noise protection programme at Vienna International Airport: www.laermschutzprogramm.at
The environment and aviation: www.vie-umwelt.at
Facts & figures on the third runway: www.viennaairport.com/en/company/ flughafen\_wien\_ag/third\_runway\_project
Dialogue forum at Vienna International Airport: www.dialogforum.at
Mediation process (archive) : www.viemediation.at
Disclaimer: All statements made in this Quarterly Report 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. The PDF version of the Quarterly Report 3/2022 of Flughafen Wien AG is also available on our homepage www.viennaairport.com/en/company/investor\_relations under the menu point "Publications and reports".