AI Terminal
Flughafen Wien AG
Quarterly Report • Nov 16, 2023
744_rns_2023-11-16_c81f17d4-7e4c-4e45-9810-fa856f90c64a.pdf
Quarterly Report
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Quarterly Report Q3/2023 Flughafen Wien AG
| Key Data of the Flughafen Wien Group 3 | |
|---|---|
| Letter to Shareholders 5 | |
| Financial Information Q1-3/2023_____________7 | |
| Passenger development in the Flughafen Wien Group 8 | |
| Earnings in the first three quarters of 202310 | |
| Earnings in the third quarter of 202312 | |
| Information on the operating segments 14 | |
| Financial, asset and capital structure 20 | |
| Capital expenditure 22 | |
| Consolidated group23 | |
| Guidance for 202324 | |
| Passenger development in October 2023 25 | |
| Condensed Consolidated Interim Financial Statements as at 30 September 2023_______ 26 | |
| Consolidated Income Statement 27 | |
| Consolidated Balance Sheet 28 | |
| Consolidated Cash Flow Statement29 | |
Key Data of the Flughafen Wien Group
Financial indicators
(in € million, excluding employees)
| Q1-3/2023 | Q1-3/2022 | Change in % | |
|---|---|---|---|
| Total revenue | 699.4 | 508.0 | 37.7% |
| Thereof Airport | 332.1 | 237.0 | 40.1% |
| Thereof Handling & Security Services | 121.6 | 91.8 | 32.4% |
| Thereof Retail & Properties | 135.4 | 98.2 | 37.9% |
| Thereof Malta | 91.6 | 66.5 | 37.7% |
| Thereof Other Segments | 18.6 | 14.4 | 29.1% |
| EBITDA | 332.2 | 256.0 | 29.8% |
| EBITDA margin (in %)1 | 47.5 | 50.4 | n.a. |
| EBIT | 234.9 | 156.9 | 49.6% |
| EBIT margin (in %)2 | 33.6 | 30.9 | n.a. |
| Net profit | 173.3 | 109.3 | 58.5% |
| Net profit attributable to parent company | 157.1 | 97.8 | 60.6% |
| Cash flow from operating activities | 286.1 | 234.6 | 22.0% |
| Capital expenditure3 | 61.2 | 38.0 | 61.4% |
| Income taxes | 63.3 | 40.8 | 55.2% |
| Average number of employees4 | 5,031 | 4,686 | 7.4% |
| 30.9.2023 | 31.12.2022 | Change in % | |
| Equity | 1,545.5 | 1,448.5 | 6.7% |
| Equity ratio (in %) | 66.0 | 65.1 | n.a. |
| Net liquidity | 298.6 | 149.4 | 99.9% |
| Net assets | 2,340.2 | 2,224.9 | 5.2% |
| Gearing (in %)5 | -19.3 | -10.3 | n.a. |
| Number of employees at end of period | 5,324 | 4,854 | 9.7% |
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, excluding employees without reference (parental leave, armed forces etc.), excluding board members and managing directors, weighted "full-time equivalent" (FTE) on an annual average
5) Gearing is negative due to the presence of net liquidity
Industry indicators
| Q1-3/2023 | Q1-3/2022 | Change in % | |
|---|---|---|---|
| Passenger development of the Group | |||
| Vienna Airport (in mill.) | 22.5 | 17.4 | 29.1% |
| Malta Airport (in mill.) | 6.0 | 4.4 | 35.6% |
| Košice Airport (in mill.) | 0.5 | 0.4 | 15.5% |
| Vienna Airport and strat. investments (VIE, MLA, KSC; in mill.) | 29.0 | 22.3 | 30.1% |
| Traffic development Vienna Airport | |||
| Passengers (in mill.) | 22.5 | 17.4 | 29.1% |
| Thereof transfer passengers (in mill.) | 5.2 | 4.3 | 19.6% |
| Aircraft movements | 167,476 | 139,677 | 19.9% |
| MTOW (in mill. tonnes)1 | 7.0 | 5.8 | 20.2% |
| Cargo (air cargo and trucking; in tonnes) | 180,809 | 186,303 | -2.9% |
| Seat load factor (in %)2 | 81.1 | 77.2 | n.a. |
1) MTOW: maximum take-off weight for aircraft
2) Seat load factor: number of passengers/available number of seats
Stock market indicators
| Market capitalisation (as at 30 September 2023; in € million) | 4,011 |
|---|---|
| Stock price: high (26 June 2023; in €) | 48.60 |
| Stock price: low (5 January 2023; in €) | 32.25 |
| Stock price as at 30 September 2023 (in €) | 47.75 |
| Stock price as at 31 December 2022 (in €) | 32.35 |
| Market weighting ATX Prime (as at 30 September 2023) | 0.73 |
Ticker symbols
| Reuters | VIEV.VI |
|---|---|
| Bloomberg | FLU AV |
| Nasdaq | FLU-AT |
| ISIN | AT00000VIE62 |
| Spot market | FLU |
| ADR | VIAAY |
Dear Shareholders,
Let t er t o Sh ar eho ld er s
In the third quarter of 2023, the recovery in the aviation industry continued to accelerate following the pandemic-related crisis. While there is still a certain reluctance to travel for business, the demand for traditional holiday destinations such as Greece, Spain and Turkey remains high. Even increased costs are not resulting in lower demand at present.
The Flughafen Wien Group, which includes Vienna Airport as well as the airports in Malta and Košice, recorded 12.0 million passengers in the third quarter, slightly exceeding the previous passenger record of 2019. In the first nine months, 29.0 million passengers were handled – an increase of 30.1% compared to the previous year, with the growth in Malta being particularly noticeable. The inclusion of new destinations in the flight plans also shows that the aviation industry has returned to normal operations following the crisis.
The dynamic growth also continued at Vienna Airport. In the first three quarters, 22.5 million passengers passed through our terminals, equating to an increase of 29.1%. This means that around 94% of the 2019 record was reached. The increase in aircraft movements was far less pronounced at only 19.9% to 167,476, which is attributable on the one hand to the use of larger aircraft and on the other to a higher seat load factor: the utilisation of aircraft capacity improved from 77.2% in the previous year to 81.1%. After the very busy summer flight plan, plans for the winter also give cause for optimism. More than 50 airlines currently serve around 160 destinations in 67 countries.
The fact that Vienna Airport is able to maintain its top positions in Europe in performance parameters such as punctuality, waiting times at security checkpoints and baggage handling reliability despite the high passenger volume – more than 110,000 passengers were handled on peak days during the summer – shows that quality and quantity need not be a contradiction in terms. This is made possible by excellently trained, professional and motivated employees who strive every day to ensure that our airport operates smoothly. We would like to extend our heartfelt thanks to all of them for this internationally recognised achievement!
The very strong third quarter has contributed to very pleasing business results. Revenue rose by 37.7% to € 699.4 million in the first nine months (Q1-3/2022: € 508.0 million) and were also 9% higher than the previous record figure for 2019. EBITDA increased by 29.8% to € 332.2 million (Q1-3/2022: € 256.0 million), while EBIT rose by almost half to € 234.9 million (Q1-3/2022: € 156.9 million). Thanks to the repayment of debt and higher interest on deposits, financial results also moved into positive territory. This is particularly good news for you as our shareholders: Net profit after non-controlling interests increased by over 60% to € 157.1 million (Q1-3/2022: € 97.8 million), which corresponds to earnings per share of € 1.87.
The strong earnings figures have also further improved the structure of our Group's statement of financial position. The equity ratio has increased to 66.0% since the beginning of the year and net liquidity has continued to improve. Our credit rating and financial flexibility are therefore extremely satisfactory and enable us to expand and improve our infrastructure, as well as improve our dividends.
The southern extension construction project is progressing as planned and is scheduled to open in 2027. A new hotel with 500 beds is also in the pipeline. Another important investment is already having a positive impact: Our photovoltaic power plant, which will soon cover around 45 hectares, is helping to cut energy costs and reduce CO2 emissions.
We also continue to take a positive view of the future development of our company, although the uncertainties and strains have increased in the medium and long term. The military conflict in the Middle East has led to the cancellation of most flights to Israel, and an escalation of geopolitical tensions is a distinct possibility. The war in Ukraine likewise continues unabated. The economic outlook is also deteriorating. The announcement by the ECB and the US Federal Reserve that they will keep interest rates at a high level for a prolonged period suggests that the economy and consumer spending will be subdued next year.
Provided there is no massive escalation of the crisis in the Middle East, we expect to see a positive trend until the end of the year and are therefore standing by our guidance, which we revised upwards significantly in August. We expect more than 28.5 million passengers at Vienna Airport (originally 26-27 million) and more than 36.5 million at Group level (originally 32-34 million). As far as economic results are concerned, we expect to significantly exceed the figures originally announced (revenue of around € 830 million, EBITDA of at least € 325 million, profit for the period before non-controlling interests of more than € 150 million). Capital expenditure in 2023 is expected to be around € 100 million.
Finally, we would like to thank you, our shareholders, for your confidence in us and our company. We wish you all a successful end to this year, a peaceful Christmas and a successful start to 2024!
Günther Ofner Member of the board, CFO
Julian Jäger Member of the board, COO
6
Financial Information Q1-3/2023
Passenger development in the Flughafen Wien Group
Flughafen Wien Group sets new passenger record in Q3 2023
Thanks to sustained strong passenger demand at the Flughafen Wien Group airports (FWAG; Vienna Airport, Malta Airport and Košice Airport), the Group surpassed pre-crisis levels for the first time in the third quarter of 2023. A total of 11,976,745 passengers were handled between July and September 2023, a slight 0.4% increase on the previous record quarter (Q3/2019: 11,927,389). This represents a new high for the Group in Q3 2023.
In cumulative terms, 28,984,938 passengers passed through FWAG airports between January and September 2023, 96.4% of pre-crisis levels. This marks a 30.1% upturn on the first nine months of 2022.
The number of local passengers saw particularly strong growth, climbing by 32.6% on the same period in 2022 to 23,711,031. Transfer passengers increased by 20.0% compared to 2022, while aircraft movements rose by 20.9% to 210,257. Cargo declined by a slight 1.9% at Group level to 194,484 tonnes.
Vienna Airport enjoys upswing
Demand for international travel returned to pre-pandemic levels after all travel restrictions were lifted. Stubbornly high inflation and a gloomy economic environment have not so far curbed travel.
22,495,652 passengers were handled at Vienna Airport in the first nine months of 2023, 29.1% more than in 2022 and 93.9% of the level from 2019. The highest-traffic day of 2023 so far was 16 July, with 111,500 passengers.
This is divided into 17,245,753 local passengers (+32.3% on 2022) and 5,191,128 transfer passengers (+19.6%). Aircraft movements saw a smaller increase of 19.9% to 167,476. Compared to 2019, however, this represents a decline of 34,503 movements (-17.1%). This reflects the rise in average passengers per flight from 121 to 137, a result of the use of bigger aircraft and the higher seat load factor of 81.1% compared to 77.2% in 2022 and 77.5% in 2019.
Western Europe remains the most popular destination from Vienna, accounting for 68.4% of all departing passengers. Compared to 2022, Western Europe saw a 25.2% increase to 7,665,672. The highest absolute growth was in flights to Germany (+297,839, +25.4%), followed by Italy (+229,318, +31.7%) and Spain (+131,515, +14.9%). Despite the strong upturn in passengers travelling to Germany, this market is still 29.7% lower than in 2019.
Flights from Vienna to Eastern Europe also rose by 25.9% to 1,864,967. However, routes to Eastern Europe are down 10.8% on 2019 figures on account of the ongoing conflict in Ukraine and resulting restrictions on flights to Ukraine, Russia and Belarus.
Flights to the Far East were affected by pandemic travel restrictions until well into 2022. The number of passengers departing to this region skyrocketed by more than 200% in Q1-3/2023 compared to 2022 to 339,009 as freedom of movement resumed, particularly for countries such as China and Japan. Despite this, the Far East region still has the biggest gap compared to 2019 levels at 33.8% (down 173,326 passengers).
Flights to the Middle East, on the other hand, saw the greatest upturn and are already far ahead of prepandemic levels. 764,282 departing passengers were handled for these routes in Q1-3/2023, 53.4% higher than in 2022 and a 31.6% (+183,554) increase on 2019.
338,607 passengers have flown to North America in 2023 so far (+24.8% on 2022), only 2.6% (-9,016) less than in 2019. At 17.4%, the increase compared to 2022 is somewhat lower for the US than the region as a whole. The US is also lower than average for the region compared to 2019 at -7.4%.
230,462 passengers were counted departing to Africa (+34.9% on 2022), and 10,910 to Latin America (-26.7% on 2022).
Austrian Airlines is continuing to expand its market share at the airport, boosting it from 43.5% in 2019 and 47.0% in 2022 to 47.1% this year so far. Passenger numbers also increased. The figure for Austrian Airlines reached 10,594,621, an increase both on 2022 (+29.3%, +2,400,273) and also on 2019 (+1.6%, +163,592).
Ryanair/Lauda remains the second-largest carrier at the airport, with a market share of 20.5% this year. The airline transported 4,609,415 passengers to and from Vienna, 915,947 (+24.8%) more than in 2022. This marks a continuation of the airline's rapid growth at the airport. Passenger figures here have more than doubled since 2019 (+147.1%, +2,744,032).
Wizz Air was the third-largest airline and handled 1,549,221 passengers in Q1-3/2023. This put Wizz Air on par with its pre-crisis level compared to the 2019 reporting period (2019: 1,545,302) and represented an increase of 31.8% compared to 2022.
Development at Malta and Košice
Demand also remains strong at Flughafen Wien AG's foreign investments. Malta and Košice reported higher figures in the current year than in both 2022 and 2019.
Malta Airport handled 5,973,824 passengers in the first nine months of 2023, 35.6% more than in 2022 and 6.0% more than in 2019. The cargo volume also increased to 13,675 tonnes in 2023 (+14.0% on 2022, +17.1% on 2019).
Traffic at Košice Airport also saw an increase. 515,462 passengers were handled between January and September 2023, 15.5% more than in 2022 and 9.4% more than in 2019.
Earnings in the first three quarters of 2023
Revenue up 37.7% at € 699.4 million
The Flughafen Wien Group (FWAG) posted year-on-year revenue growth of 37.7% to € 699.4 million in Q1-3/2023 (Q1-3/2022: € 508.0 million). In particular, this growth was thanks to the significant increase in passenger volume (up 30.1%) and the rise in traffic movements (up 20.9%). Revenue was thus around 9% higher than in the same period of the pre-crisis year of 2019.
Revenue in the Airport segment increased by 40.1% to € 332.1 million (Q1-3/2022: € 237.0 million). This was primarily due to higher revenue from passenger-related and aircraft-related fees (up € 86.7 million) as a result of the increased traffic. Revenue from infrastructure and other services increased by € 8.4 million.
Revenue from ground handling rose from € 58.8 million in Q1-3/2022 to € 82.0 million in Q1-3/2023 as a result of the increase in aircraft movements and MTOW (maximum take-off weight). Revenue from cargo handling was 9% higher than in the previous year at € 21.0 million (Q1-3/2022: € 19.1 million), though cargo volumes declined slightly year-on-year at Vienna Airport (cargo: down 2.9%).
In the Retail & Properties segment, revenue from centre management and hospitality climbed by almost 50% in Q1-3/2023 to € 68.2 million (Q1-3/2022: € 45.5 million), with parking revenue also rising by € 11.9 million to € 43.6 million (Q1-3/2022: € 31.7 million).
Revenue at Malta Airport was up by more than a third year-on-year at € 91.6 million (Q1-3/2022: € 66.5 million) as a result of significantly higher passenger numbers.
Other operating income decreased by € 12.0 million year-on-year to € 8.4 million (Q1-3/2022: € 20.4 million). This reduction is essentially due to one-time effects in the same period of the previous year. Income of € 8.3 million from the sale of land and of € 3.7 million from COVID-19 support measures was recognised in Q1-3/2022. Own work capitalised increased by € 1.1 million as a result of more intensive construction work.
The rise in operating cost items chiefly reflects traffic volume and general price hikes compared to the previous year. Expenses for consumables and purchased services rose by 34.0% to € 39.3 million in Q1-3/2023 (Q1-3/2022: € 29.3 million). Energy expenses increased by € 4.4 million to € 17.7 million (Q1- 3/2022: € 13.2 million), while expenses for other consumables climbed by € 4.9 million to € 18.6 million (Q1-3/2022: € 13.7 million). Purchased services came to € 3.0 million, a rise of € 0.6 million or 26.8%.
Personnel expenses grew by 32.8% year-on-year to € 246.4 million. This increase is due essentially to the following factors: In Q1/2022, short-time work allowances of € 10.8 million were still being claimed that have been discontinued this year. Furthermore, two collective wage increases (1 January 2023 and 1 May 2023) have caused corresponding expenses. The average headcount (full-time equivalents) at FWAG is 5,031 after 4,686 in the same period of the previous year, an increase of 7.4%. Wages increased by 34.9% to € 96.2 million as against the previous year (Q1-3/2022: € 71.3 million), while salaries rose by 38.6% to € 90.0 million (Q1-3/2022: € 64.9 million). Expenses for severance compensation rose to € 7.5 million (Q1-3/2022: € 4.2 million), also on account of the one-time effect in the previous year (reversal of a provision of € 1.3 million), while pension costs were virtually unchanged at € 2.2 million (Q1-3/2022: € 1.8 million). Expenses for social security contributions amounted to € 48.9 million in the first three quarters of 2023 (Q1-3/2022: € 41.4 million), while other social security expenses came to € 1.7 million (Q1-3/2022: € 2.0 million).
Other operating expenses (including impairment and reversals of impairment on receivables) rose by 54.4% to € 92.1 million (Q1-3/2022: € 59.7 million). The main increases were in third-party services (up € 6.8 million), marketing and market communication (up € 11.5 million) and other operating expenses including lounges (up € 5.8 million). Legal, auditing and advisory costs rose by € 0.8 million and travel and training expenses by € 1.1 million, while maintenance costs declined by € 2.3 million. The addition to write-downs on receivables amounts to € 2.2 million, in contrast to reversals of write-downs of € 3.7 million in the same period of the previous year, essentially as the result of a positive court ruling.
The operating results of investments recorded at equity amounted to € 2.3 million (Q1-3/2022: € 2.1 million).
EBITDA increases by around a third to € 332.2 million (Q1 - 3/2022: € 256.0 million)
As a result of the positive development in revenue, EBITDA rose by 29.8% year-on-year from € 256.0 million to € 332.2 million. The EBITDA margin declined by 2.9 percentage points to 47.5% as a result of the non-recurring income in the previous year mentioned above.
EBIT increases by almost 50 percent to € 234.9 million (Q1 - 3/2022: € 156.9 million)
Depreciation and amortisation of € 97.4 million was recognised in the first nine months of 2023 (Q1-3/2022: € 99.1 million).
EBIT increased by € 77.9 million or almost 50% to € 234.9 million (Q1-3/2022: € 156.9 million) due to the improvement in EBITDA. The EBIT margin improved accordingly from 30.9% to 33.6%.
Financial results well into positive territory at € 1 .7 million (Q1 - 3/2022: minus € 6.8 million)
Thanks in particular to a clear improvement in net interest, positive financial results were achieved in the reporting period. Financial results improved from minus € 6.8 million to a positive € 1.7 million in Q1-3/2023. Net interest amounts to plus € 1.4 million (Q1-3/2022: minus € 6.4 million) and consists of interest expenses of € 9.2 million (Q1-3/2022: € 10.4 million) and significantly higher interest income of € 10.6 million (Q1-3/2022: € 4.1 million) as a result of an increase in investment volumes and interest rates. Interest income in the same period of the previous year includes a one-time effect from default interest income of € 2.3 million. Other financial results of minus € 0.1 million (Q1-3/ 2022: minus € 0.9 million) include the measurement of financial instruments.
Net profit for the period improved by € 64.0 million to € 173.3 million (Q1 - 3/2022: € 109.3 million)
Profit before taxes (EBT) amounted to € 236.6 million in the first nine months, an improvement of € 86.5 million compared with Q1-3/2022 (€ 150.1 million). Including income taxes of € 63.3 million (Q1-3/2022: € 40.8 million), net profit for the period amounted to € 173.3 million (Q1-3/2022: € 109.3 million).
The net profit attributable to shareholders of the parent company amounted to € 157.1 million or € 1.87 per share (Q1-3/2022: € 97.8 million). The result attributable to non-controlling interests for the first nine months was € 16.1 million (Q1-3/2022: € 11.4 million).
Earnings in the third quarter of 2023
Revenue growth of 27.2% in Q3/2023 compared with Q3/2022
FWAG's revenue increased by € 58.0 million or 27.2% to € 271.3 million in Q3/2023 (Q3/2022: € 213.3 million). This growth is based on rising passenger and handling revenue as a result of rising travel and an associated increase in centre and hospitality as well as parking revenue.
Revenue from the Airport segment rose by € 29.8 million. Revenue in the Retail & Properties segment was up € 10.3 million. The Handling & Security Services segment contributed € 8.2 million to the revenue growth. Revenue at Malta Airport also increased by € 8.7 million in comparison with the same quarter of the previous year.
Other operating income was down significantly on the previous year's figure at € 2.9 million (Q3/2022: € 4.3 million). This is partly due to the fact that, unlike in the same period of the previous year, there was no state aid income in 2023 (Q3/2022: € 0.5 million).
Expenses for consumables and purchased services of € 10.4 million were only slightly higher than in Q3/2022 at € 10.0 million, mainly due to lower energy expenses (in-house production) compared to the previous year. Personnel expenses rose by € 13.2 million in Q3/2023 to € 78.6 million as a result of collective wage increases (1 January and 1 May 2023) and a higher average headcount. This was partly offset in this quarter by changes in the parameters for staff provisions. Other operating expenses (including impairment/reversals of impairment on receivables) rose slightly by € 1.0 million to € 32.3 million. The most significant cost increases were in marketing and market communication (plus € 2.4 million), third-party services (plus € 2.3 million) and other operating expenses (plus € 2.0 million). Maintenance work had the opposite effect in this quarter, at minus € 6.4 million compared to the previous year.
The pro rata share of net profit for the period of the investments recorded at equity came to € 2.0 million (Q3/2022: € 2.0 million).
Q3/2023: EBITDA growth of € 42.0 million to € 154.9 million, EBIT of € 122.3 million, net profit for the period of € 90.6 million
EBITDA climbed by € 42.0 million in Q3/2023 to € 154.9 million (Q3/2022: € 112.9 million) as a result of higher revenue.
Depreciation and amortisation increased by € 0.8 million to € 32.6 million (Q3/2022: € 31.8 million). The higher level of EBITDA meant that EBIT improved by € 41.1 million as against Q3/2022 to € 122.3 million (Q3/2022: € 81.1 million).
Financial results amounted to plus € 1.7 million in the third quarter of 2023 after minus € 2.6 million in Q3/2022. This was as a result of higher interest income on one hand and lower interest expenses on the other. The subsequent measurement of securities in other financial results amounts to minus € 0.1 million in the third quarter of 2023 after minus € 0.8 million in the same period of the previous year.
At € 123.9 million, profit before taxes was considerably higher than the prior-year figure of € 78.5 million. After income tax expenses of € 33.4 million (Q3/2022: € 21.6 million), net profit for the period improved by € 33.6 million to € 90.5 million (Q3/2022: € 56.9 million).
Net profit for the period of the parent company amounted to € 83.1 million, an improvement of € 31.7 million (Q3/2022: € 51.4 million). The net profit for the third quarter attributable to non-controlling interests was € 7.4 million (Q3/2022: € 5.5 million).
Information on the operating segments
Segment revenue and segment results
| Handling & Security | |||||||
|---|---|---|---|---|---|---|---|
| Q1-3/2023 in T€ | Airport | Services | Retail & Properties | Malta | Other Segments Reconciliation | Group | |
| External segment revenue | 332,098.1 | 121,630.4 | 135,447.3 | 91,618.4 | 18,596.1 | 699,390.3 | |
| Internal segment revenue | 28,220.2 | 66,657.7 | 12,890.8 | 0.0 | 110,813.1 | -218,581.8 | 0.0 |
| Segment revenue | 360,318.3 | 188,288.1 | 148,338.1 | 91,618.4 | 129,409.2 | -218,581.8 | 699,390.3 |
| Segment EBITDA | 155,412.0 | 13,202.6 | 78,486.0 | 59,748.8 | 25,372.1 | 0.0 | 332,221.5 |
| Segment EBITDA margin (in %) | 43.1 | 7.0 | 52.9 | 65.2 | 19.6 | ||
| Segment EBIT | 99,195.5 | 7,300.3 | 63,907.9 | 48,764.5 | 15,683.0 | 0.0 | 234,851.2 |
| Segment EBIT margin (in %) | 27.5 | 3.9 | 43.1 | 53.2 | 12.1 |
| 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 |
Airport segment
| Amounts in € million | Q1-3/2023 | Q1-3/2022 | Change | Change in % |
|---|---|---|---|---|
| Aircraft-related fees | 52.9 | 45.4 | 7.5 | 16.6% |
| Passenger-related fees | 238.3 | 159.1 | 79.2 | 49.7% |
| Infrastructure revenue & services | 40.9 | 32.5 | 8.4 | 25.8% |
| Airport segment revenue | 332.1 | 237.0 | 95.1 | 40.1% |
Revenue rises significantly to € 332.1 million (Q1-3/2022: € 237.0 million)
External revenue in the Airport segment increased by 40.1% to € 332.1 million in Q1-3/2023 (Q1-3/2022: € 237.0 million). Revenue from aircraft-related fees rose by 16.6% year-on-year to € 52.9 million (Q1-3/2022: € 45.4 million), primarily due to the higher traffic volume (movements: up 19.9%, MTOW: up 20.2%). Passenger-related fees also increased significantly by 49.7% to € 238.3 million in the first three quarters of 2023 (Q1-3/2022: € 159.1 million) as a result of passenger development (up 29.1%) and fee increases. Revenue from the provision and rental of infrastructure and from other services picked up by 25.8% to € 40.9 million (Q1-3/2022: € 32.5 million). Internal revenue increased by 10.5% year-on-year to € 28.2 million. Other income, on the other hand, declined by € 0.9 million to € 4.3 million. Own work capitalised was up as a result of increased construction activity while state aid income was also recognised in the same period of the previous year.
Overall, the external cost of materials rose by € 1.2 million to € 5.0 million (Q1-3/2022: € 3.7 million) on account of the higher consumption of de-icing agents and other materials for operational reasons. The increase in personnel expenses of € 9.4 million to € 36.6 million essentially relates to the two collective wage increases and short-time work allowances recognised in profit or loss in the same period of the previous year (short-time work ended on 31 March 2022). The average headcount came to 535 employees (Q1-3/2022: 542). Other operating expenses increased by 20.6% to € 27.9 million (Q1-3/2022: € 23.2 million) as a result of higher expenses for third-party personnel, market communication, as well as higher transfers to write-downs on receivables. Expenses for maintenance declined. Internal operating expenses rose significantly to € 139.7 million after € 112.3 million in the same period of the previous year. The main cost drivers were costs for energy, IT services, security controls and other passenger services.
EBITDA up € 54.0 million at € 155.4 million
Due to the significant increase in revenue, EBITDA in the Airport segment rose by € 54.0 million to € 155.4 million in the first nine months of 2023 (Q1-3/2022: € 101.4 million). Taking depreciation and amortisation of € 56.2 million into account (Q1-3/2022: € 59.0 million), segment EBIT amounted to € 99.2 million after € 42.4 million in the same period of the previous year. The EBITDA margin rose from 38.6% to 43.1%, with the EBIT margin increasing by 4.5 percentage points to 43.1%.
| Amounts in € million | Q1-3/2023 | Q1-3/2022 | Change | Change in % |
|---|---|---|---|---|
| Ground handling | 82.0 | 58.8 | 23.1 | 39.3% |
| Cargo handling | 21.0 | 19.1 | 1.9 | 10.2% |
| Security services | 3.4 | 2.3 | 1.2 | 51.8% |
| Passenger handling | 7.5 | 5.5 | 2.0 | 36.7% |
| General aviation, other | 7.7 | 6.2 | 1.5 | 24.7% |
| Handling & Security Services segment | ||||
| revenue | 121.6 | 91.8 | 29.8 | 32.4% |
Handling & Security Services segment
Revenue up 32.4% at € 121.6 million
In Q1-3/2023 external revenue of € 121.6 million was generated in the Handling & Security Services segment (Q1-3/2022: € 91.8 million). Revenue from ground handling (apron and traffic handling) increased by 39.3% to € 82.0 million as a result of growth in traffic. Revenue from cargo handling is up by € 1.9 million on the previous year's level at € 21.0 million (Q1-3/2022: € 19.1 million) despite that the cargo volume was down by 2.9% at 180,809 tonnes. External revenue from passenger handling increased to € 7.5 million (Q1-3/2022: € 5.5 million) and external revenue for security services to € 3.4 million (Q1-3/2022: € 2.3 million). The General Aviation area generated revenue of € 7.7 million in the first three quarters of 2023 after € 6.2 million in the previous period (an increase of 24.7%). Partly due to passengerrelated services (e.g. security controls) for other segments, internal revenue increased by 27.1% to € 66.7 million (Q1-3/2022: € 52.4 million). By contrast, other income declined by € 1.2 million year-on-year to € 0.2 million (Q1-3/2022: € 1.4 million), which was primarily attributable to the discontinuation of support reported in the previous year.
The cost of materials rose by 31.3% year-on-year to € 6.7 million, partly on account of higher expenses for de-icing agents, fuel and other consumables. Collective wage increases and the end of short-time work on 31 March 2022 also had a major impact in this segment, causing personnel expenses to rise by € 30.8 million to € 130.3 million. The average headcount also increased by 227 to 2,895. Other operating expenses were significantly higher than in the previous year at € 10.0 million (Q1-3/2022: € 4.9 million) and relate to increases in third-party services for traffic handling and higher write-downs on receivables. Internal operating costs picked up by 12.2% to € 28.3 million and essentially relate to increases for maintenance and energy.
EBITDA of € 13.2 million (Q1-3/2022: € 11.0 million)
EBITDA in the Handling & Security Services segment improved to € 13.2 million in the first nine months of 2023 (Q1-3/2022: € 11.0 million). Adjusted for depreciation and amortisation of € 5.9 million (Q1-3/2022: € 6.5 million), EBIT amounted to € 7.3 million (Q1-3/2022: € 4.5 million). At 7.0%, the EBITDA margin was lower than the prior-year level of 7.6%, while the EBIT margin amounted to 3.9% in Q1-3/2023 (Q1-3/2022: 3.1%).
Retail & Properties segment
| Amounts in € million | Q1-3/2023 | Q1-3/2022 | Change | Change in % |
|---|---|---|---|---|
| Parking revenue | 43.6 | 31.7 | 11.9 | 37.6% |
| Rentals | 23.6 | 20.9 | 2.7 | 12.7% |
| Centre management & hospitality | 68.2 | 45.5 | 22.7 | 49.8% |
| Retail & Properties segment revenue | 135.4 | 98.2 | 37.2 | 37.9% |
Revenue up 37.9% year-on-year at € 135.4 million
External revenue in the Retail & Properties segment rose by 37.9% year-on-year to € 135.4 million (Q1-3/2022: € 98.2 million). This development was driven by higher revenue from centre management and hospitality, which climbed by 49.8% to € 68.2 million (Q1-3/2022: € 45.5 million), and by parking revenue, which also rose sharply from € 31.7 million to € 43.6 million. At € 23.6 million, rental revenue was 12.7% higher than in the previous year (Q1-3/2022: € 20.9 million). Internal revenue rose by € 1.0 million to € 12.9 million, while other income declined by € 9.8 million to € 1.9 million (Q1-3/2022: € 11.7 million), essentially as a result of the sale of land and government support in the same period of the previous year.
The cost of materials increased to € 2.2 million (Q1-3/2022: € 1.5 million) due to higher purchased services passed on, among other things. Personnel expenses increased by 38.5% to € 12.5 million (Q1-3/2022: € 9.0 million) with an average headcount of 176 (Q1-3/2022: 171). In this segment, too, this upturn is the result of collective wage increases and the discontinuation of short-time work allowances recognised in the same period of the previous year. Other operating expenses were up € 7.2 million year-on-year at € 15.5 million and related to increases in the areas of other operating expenses (lounges), maintenance and expenses for market communication. Internal operating expenses rose by € 6.2 million to € 41.7 million (energy, maintenance, rent).
EBITDA rose further to € 78.5 million (Q1-3/2022: € 67.6 million)
As a result of the higher revenue, EBITDA in the Retail & Properties segment increased by 16.2% from € 67.6 million to € 78.5 million in the first nine months of 2023. Depreciation and amortisation was in line with the previous year at € 14.6 million (Q1-3/2022: € 14.6 million). EBIT increased by € 11.0 million to € 63.9 million (Q1-3/2022: € 52.9 million). The EBITDA margin was 52.9% (Q1-3/2022: 61.3%) and the EBIT margin was 43.1% (Q1- 3/2022: 48.0%). The drop in the margins is due to the fact that the same period of the previous year had included the one-time effect of a property sale (€ 8,3 million).
Malta segment
| Amounts in € million | Q1-3/2023 | Q1-3/2022 | Change | Change in % |
|---|---|---|---|---|
| Airport | 63.1 | 44.6 | 18.5 | 41.5% |
| Retail & Property | 28.1 | 21.8 | 6.3 | 28.9% |
| Other | 0.4 | 0.2 | 0.3 | 155.3% |
| Malta segment revenue | 91.6 | 66.5 | 25.1 | 37.7% |
Revenue up 37.7% at € 91.6 million
External revenue in the Malta segment improved to € 91.6 million in the first nine months (Q1-3/2022: € 66.5 million). Airport-related revenue grew by 41.5% compared with the previous period to € 63.1 million, primarily due to the increase in traffic. However, the Retail & Properties area also contributed a good result with revenue growth of 28.9% to € 28.1 million.
The cost of materials was unchanged on the previous year at € 1.9 million (Q1-3/2022: € 1.9 million) Personnel expenses increased by 47.6% to € 9.7 million (Q1-3/2022: € 6.6 million). The Malta site received government wage subsidies in accordance with the COVID Wage Supplement until May 2022 (€ 800 per full-time employee per month). Other operating expenses climbed by € 5.9 million to € 20.3 million and included expenses for security staff, cleaning, PRM services, other third-party personnel services, IT services, airline marketing and maintenance.
EBITDA improves by € 15.9 million to € 59.7 million
The Malta segment reported EBITDA of € 59.7 million in the first three quarters of 2023 (Q1- 3/2022: € 43.8 million) and an EBITDA margin of 65.2% after 65.8% in the previous year. Taking into account depreciation and amortisation of € 11.0 million (Q1-3/2022: € 10.2 million), EBIT amounted to € 48.8 million (Q1-3/2022: € 33.6 million), corresponding to a strong EBIT margin of 53.2% (Q1-3/2022: 50.5%).
Other Segments
| Amounts in € million | Q1-3/2023 | Q1-3/2022 | Change | Change in % |
|---|---|---|---|---|
| Energy supply and waste disposal | 12.0 | 8.6 | 3.3 | 38.7% |
| Telecommunications and IT | 2.5 | 2.3 | 0.2 | 9.4% |
| Materials management | 0.9 | 0.8 | 0.2 | 20.2% |
| Electrical engineering, security equipment, | ||||
| workshops | 0.4 | 0.3 | 0.2 | 56.7% |
| Facility management, building maintenance, etc | 1.0 | 0.9 | 0.1 | 13.6% |
| "GetService"-Flughafen-Sicherheits- und Ser | ||||
| vicedienst GmbH | 1.0 | 0.9 | 0.1 | 12.6% |
| Other, including foreign investments | 0.6 | 0.5 | 0.1 | 12.7% |
| Other Segments revenue | 18.6 | 14.4 | 4.2 | 29.1% |
Revenue improves from € 14.4 million to € 18.6 million
External revenue in Other Segments amounted to € 18.6 million (Q1-3/2022: € 14.4 million). This increase essentially results from higher revenue from energy supply and waste disposal (plus € 3.3 million). Internal revenue amounted to € 110.8 million (Q1-3/2022: € 90.4 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 (Q1-3/2022: € 2.0 million).
The cost of consumables and purchased services increased by 37.6% year-on-year to € 23.5 million (Q1-3/2022: € 17.1 million), due in particular to higher expenses for purchasing energy and for the consumption of fuel and other consumables. Personnel expenses rose by € 14.1 million to € 57.5 million as a result of collective wage increases and the discontinuation of short-time work subsidies in the same period of the previous year (short-time work ended on 31 March 2022). The average headcount was 1,039 (an increase of 67). Other operating expenses increased by € 9.4 million to € 18.3 million due to a number of factors including higher expenses for maintenance and third-party services as well as rental and licence expenses. Comparisons are distorted by the one-time effect of a reversal of write-downs on receivables (€ 3.0 million) in the same period of the previous year. Internal expenses amounted to € 8.9 million (Q1-3/2022: € 7.4 million).
The results of investments in companies recorded at equity reflect the operating results of these investments. Positive operating earnings of € 2.3 million were reported in the first nine months of 2023 (Q1-3/2022: plus € 2.1 million).
EBITDA of € 25.4 million
Overall, Other Segments reported EBITDA of € 25.4 million (Q1-3/2022: € 32.2 million). Adjusted for depreciation and amortisation of € 9.7 million (Q1-3/2022: € 8.7 million), segment EBIT amounted to € 15.7 million (Q1-3/2022: € 23.6 million). The EBITDA margin was 19.6% (Q1-3/2022: 30.7%) and the EBIT margin was 12.1% (Q1-3/2022: 22.5%).
Financial, asset and capital structure
Equity ratio improves by 0.9 percentage points to 66.0%, with net liquidity of € 298.6 million (31 December 2022: € 149.4 million)
Net liquidity amounted to € 298.6 million as at 30 September 2023, an improvement of € 149.3 million as against the end of 2022. The equity ratio increased by 0.9 percentage points to 66.0% due to the improvement in earnings.
Cash flow from operating activities of € 286.1 million (Q1 - 3/2022: € 234.6 million)
Net cash flow from operating activities amounted to € 286.1 million in Q1-3/2023 after € 234.6 million in Q1-3/2022. Operating earnings (EBT plus depreciation and amortisation and measurement of financial instruments) rose by € 84.0 million to € 334.1 million (Q1-3/2022: € 250.1 million). The pro rata share of net profit of companies recorded at equity amounted to minus € 2.3 million (Q1-3/2021: minus € 2.1 million). In addition, gains on the disposal of assets in the amount of minus € 0.5 million were reported in Q1-3/2022 (Q1- 3/2022: minus € 9.3 million). The Group recorded an increase in receivables of € 19.3 million in Q1-3/2023 (Q1-3/2022: increase of € 14.4 million). At the same time, equity and liabilities rose by € 11.1 million (Q1-3/2022: increase of € 18.8 million). Payments made for income taxes totalled € 33.7 million in the first nine months (Q1-3/2022: € 8.2 million).
Net cash flow from investing activities amounted to minus € 259.3 million after minus € 247.6 million in the previous year. Payments received on the disposal of assets amounted to € 0.4 million (Q1-3/2022: € 22.7 million). While € 44.8 million was paid for investment projects in Q1-3/2022, payments in Q1-3/2023 were € 15.9 million higher at € 60.7 million. Furthermore, € 442.1 million was invested in current and noncurrent investments (term deposits and treasury bills) and securities in Q1-3/2023 (Q1-3/2022: € 254.0 million). This was offset by proceeds from matured term deposits and treasury bills of € 262.8 million (Q1-3/2022: € 7.5 million). Proceeds of € 21.0 million were generated in the previous period from the disposal of securities.
Free cash flow (net cash flow from operating activities plus net cash flow from investing activities) therefore amounted to plus € 26.8 million (Q1-3/2022: minus € 13.0 million).
The net cash flow from financing activities of minus € 101.5 million (Q1-3/2022: minus € 51.6 million) is due to the repayment of financial and lease liabilities of € 25.0 million (Q1-3/2022: € 51.2 million) and dividend payments. The dividend payment to shareholders of FWAG amounts to € 64.6 million while dividends of € 11.1 million were paid to non-controlling shareholders. € 0.7 million (Q1-3/2022: € 0.4 million) was paid out in connection with other financial liabilities (put option).
Cash and cash equivalents amounted to € 30.5 million as at 30 September 2023 after € 105.2 million as at 31 December 2022.
Assets
Non-current assets have fallen by a net amount of € 34.2 million since the start of the year to € 1,653.6 million. Current additions to intangible assets, property, plant and equipment and investment property of € 61.2 million are offset by depreciation and amortisation of € 97.4 million. The carrying amounts of investments recorded at equity increased from € 42.7 million to € 44.3 million as a result of the operating results. Other assets amount to € 8.6 million (31 December 2022: € 8.2 million).
Compared with the end of the year, current assets rose by € 149.5 million to € 686.5 million (31 December 2022: € 537.1 million), essentially due to higher short-term investments of time deposits, treasury bills and securities. As at the end of the reporting period, net trade receivables were up € 25.1 million at € 81.7 million (31 December 2022: € 56.6 million). Other receivables declined by € 4.8 million to € 32.0 million (31 December 2022: € 36.7 million), mainly due to paid short-time work allowances. Securities rose by € 19.9 million to € 45.4 million as a result of ongoing remeasurement and the purchase of a new security. Current time deposits and treasury bills increased by € 179.3 million to € 477.6 million. Cash and cash equivalents decreased by € 74.7 million to € 30.5 million as at 30 September 2023 (31 December 2022: € 105.2 million).
Equity and liabilities
Total equity increased by 6.7% to € 1,545.5 million (31 December 2022: € 1,448.5 million). Net profit for the current period (including the results of non-controlling interests) amounted to € 173.3 million, while net actuarial losses on employee-related provisions and gains from the remeasurement of financial instruments (FVOCI) came to € 0.5 million. Dividends of € 75.7 million were distributed in Q1-3/2023, € 64.6 million of which related to the shareholders of FWAG and € 11.1 million to non-controlling interests of the MIA Group, MMLC and BTSH. The equity ratio was 66.0% as at 30 September 2023 (31 December 2022: 65.1%).
Non-current liabilities declined from € 483.0 million as at 31 December 2022 to € 455.4 million, primarily as a result of the reclassification of financial liabilities due to their maturity profile. However, this is offset by an increase in long-term provisions of € 2.7 million to € 176.6 million (partly on account of changes in parameters). Deferred tax liabilities amount to € 23.3 million (31 December 2022: € 27.2 million).
Current liabilities increased by € 45.8 million to € 339.3 million. The positive net profit for the period caused provisions for taxes to increase significantly by € 33.3 million to € 65.5 million. Current finance and lease liabilities were virtually unchanged as against 31 December 2022 at € 25.0 million. Trade payables decreased by € 4.5 million to € 30.8 million as at the end of the reporting period (31 December 2022: € 35.3 million). Short-term provisions rose by € 20.5 million to € 89.7 million (31 December 2022: € 69.3 million). Other liabilities amount to € 128.3 million (31 December 2022: € 131.7 million). These include deferrals for incentives.
Capital expenditure
A total amount of € 61.2 million (Q1-3/2022: € 38.0 million) was invested in intangible assets, property, plant and equipment and investment property or paid as advance payments in the first nine months of 2023. The largest capital expenditure projects at the Vienna site are the southern extension (€ 11.5 million), the Lima East and West Pier taxiways (€ 2.4 million), the adaptation for the exit/entry system (€ 2.2 million), land (€ 4.5 million), further photovoltaic systems (€ 4.3 million) and investments for the sorter in Terminal 3 (€ 1.3 million). A total of € 16.8 million was invested at Malta Airport in Q1-3/2023.
Consolidated group
No changes have occurred in the consolidated group since 31 December 2022.
As at 30 September 2023, the condensed consolidated interim financial statements include Flughafen Wien AG plus 27 domestic (31 December 2022: 27) and 10 foreign subsidiaries (31 December 2022: 10) that are controlled by Flughafen Wien AG. In addition, two domestic companies (31 December 2022: 2) and one foreign company (31 December 2022: 1) were accounted for using the equity method.
Two (31 December 2022: 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 for 2023
FWAG now expects over 28.5 million passengers for Vienna Airport and over 36.5 million passengers for the Flughafen Wien Group (including Malta and Košice).
As announced in an ad-hoc announcement on 2 August, the management expects significantly higher revenue as well as a substantial increase in EBITDA and profit for the period compared to the guidance issued in January 2023 (original outlook: revenue around € 830 million, EBITDA at least € 325 million, profit for the period before non-controlling interests over € 150 million). The investment volume is expected to come to around € 100 million.
Passenger development in October 2023
Flughafen Wien Group: Significant passenger increase in October 2023
In October, Vienna Airport and its foreign investments in Malta Airport and Košice Airport together handled a total of 3,551,738 passengers (October 2022: 3,073,523 passengers). The cumulative passenger volume in the period from January to October increased by 28.3% to 32,536,676 passengers.
Vienna Airport : Sustained strong momentum in October 2023
The passenger volume handled at the Vienna Airport site increased to 2,739,441 passengers in October 2023 (October 2022: 2,445,853). The number of local passengers was 2,086,995, while the number of transfer passengers was 664,750. Aircraft movements increased to 20,524 (+10.3%) in October 2023.
Schwechat, 16 November 2023
The Management Board
Günther Ofner Member of the board, CFO
Julian Jäger Member of the board, COO
Condensed Consolidated Interim Financial Statements as at 30 September 2023
Consolidated Income Statement
from 1 January to 30 September 2023
| in T€ | Q1-3/2023 | Q1-3/2022 | Q3/2023 | Q3/2022 |
|---|---|---|---|---|
| Revenue | 699,390.3 | 508,041.8 | 271,281.9 | 213,331.1 |
| Other operating income | 8,398.4 | 20,372.1 | 2,870.4 | 4,317.9 |
| Operating income | 707,788.8 | 528,414.0 | 274,152.3 | 217,648.9 |
| Expenses for consumables and purchased ser | ||||
| vices | -39,279.7 | -29,320.2 | -10,361.8 | -9,964.8 |
| Personnel expenses | -246,441.2 | -185,545.6 | -78,628.2 | -65,478.1 |
| Other operating expenses | -89,918.8 | -63,360.5 | -32,304.6 | -31,288.9 |
| Reversals of impairment/impairment on receiva | ||||
| bles | -2,198.9 | 3,697.4 | -28.9 | 0.0 |
| Pro rata results of companies recorded at equity | 2,271.4 | 2,134.4 | 2,040.1 | 2,004.0 |
| Earnings before interest, taxes, depreciation | ||||
| and amortisation (EBITDA) | 332,221.5 | 256,019.4 | 154,869.0 | 112,921.1 |
| Depreciation and amortisation | -97,370.3 | -99,083.4 | -32,608.7 | -31,783.9 |
| Earnings before interest and taxes (EBIT) | 234,851.2 | 156,936.0 | 122,260.2 | 81,137.2 |
| Income from investments, excluding companies | ||||
| recorded at equity | 409.8 | 417.6 | 0.0 | 0.0 |
| Interest income | 10,647.8 | 4,070.2 | 5,278.3 | 1,640.0 |
| Interest expense | -9,222.5 | -10,439.0 | -2,982.7 | -3,452.6 |
| Other financial result | -96.5 | -891.9 | -641.5 | -776.1 |
| Financial results | 1,738.5 | - 6,843.2 | 1,654.1 | - 2,588.7 |
| Earnings before taxes (EBT) | 236,589.8 | 150,092.8 | 123,914.3 | 78,548.6 |
| Income taxes | -63,330.1 | -40,815.1 | -33,365.9 | -21,612.1 |
| Net profit for the period | 173,259.7 | 109,277.7 | 90,548.5 | 56,936.5 |
| Thereof attributable to: | ||||
| Equity holders of the parent | 157,114.7 | 97,831.8 | 83,117.4 | 51,428.0 |
| Non-controlling interests | 16,145.0 | 11,445.9 | 7,431.1 | 5,508.5 |
| Number of shares outstanding (weighted | ||||
| average) | 83,874,681 | 83,874,681 | 83,874,681 | 83,874,681 |
| Earnings per share (in €, basic = diluted) | 1.87 | 1.17 | 0.99 | 0.61 |
Consolidated Balance Sheet
as at 30 September 2023
| in T€ | 30.9.2023 | 31.12.2022 |
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 157,100.1 | 159,163.6 |
| Property, plant and equipment | 1,309,723.5 | 1,339,212.4 |
| Investment property | 133,979.8 | 138,573.6 |
| Investments in companies recorded at equity | 44,284.4 | 42,684.3 |
| Other assets | 8,558.8 | 8,229.4 |
| 1,653,646.6 | 1,687,863.3 | |
| Current assets | ||
| Inventories | 7,466.0 | 7,313.8 |
| Securities | 45,398.3 | 25,494.8 |
| Receivables and other assets | 603,136.1 | 399,035.0 |
| Cash and cash equivalents | 30,530.5 | 105,218.6 |
| 686,530.9 | 537,062.1 | |
| Total assets | 2,340,177.5 | 2,224,925.4 |
| EQUITY & LIABILITIES | ||
| Equity | ||
| Share capital | 152,670.0 | 152,670.0 |
| Capital reserves | 117,885.1 | 117,885.1 |
| Other reserves | -4,226.5 | -3,328.8 |
| Retained earnings | 1,149,253.8 | 1,056,366.6 |
| Attributable to equity holders of the parent | 1,415,582.4 | 1,323,592.9 |
| Non-controlling interests | 129,886.4 | 124,868.4 |
| 1,545,468.8 | 1,448,461.3 | |
| Non-current liabilities | ||
| Provisions | 176,646.3 | 173,921.6 |
| Financial and lease liabilities | 230,045.8 | 254,822.1 |
| Other liabilities | 25,430.1 | 27,110.8 |
| Deferred tax liabilities | 23,326.8 | 27,150.8 |
| 455,449.1 | 483,005.3 | |
| Current liabilities | ||
| Tax provisions | 65,470.8 | 32,155.6 |
| Other provisions | 89,712.0 | 69,253.3 |
| Financial and lease liabilities | 25,033.7 | 25,034.1 |
| Trade payables | 30,765.0 | 35,292.4 |
| Other liabilities | 128,278.1 | 131,723.3 |
| 339,259.6 | 293,458.8 | |
| Total equity and liabilities | 2,340,177.5 | 2,224,925.4 |
Consolidated Cash Flow Statement
from 1 January to 30 September 2023
| in T€ | Q1-3/2023 | Q1-3/2022 | |
|---|---|---|---|
| Earnings before taxes (EBT) | 236,589.8 | 150,092.8 | |
| +/- | Depreciation and amortisation/reversals | 97,370.3 | 99,083.4 |
| +/- | Fair value measurement of financial instruments | 96.5 | 891.9 |
| +/- | Pro rata results of companies recorded at equity | -2,271.4 | -2,134.4 |
| + | Dividend payments at equity companies | 671.2 | 0.0 |
| + | Losses/- gains from disposal of assets | -473.1 | -9,324.3 |
| - | Reversal of investment subsidies from public funds | -74.8 | -110.3 |
| +/- | Interest and dividend result | -1,835.0 | 5,951.3 |
| + | Dividends received | 409.8 | 417.6 |
| + | Interest received | 5,177.9 | 1,509.4 |
| - | Interest paid | -7,543.5 | -7,738.8 |
| - | Increase/+ decrease in inventories | -152.3 | -390.2 |
| - | Increase/+ decrease in receivables | -19,310.2 | -14,369.9 |
| + | Increase/- decrease in provisions | 22,110.0 | 9,648.4 |
| + | Increase/- decrease in liabilities | -11,014.3 | 9,187.5 |
| Net cash flow from ordinary operating activities | 319,750.7 | 242,714.4 | |
| - | Income taxes paid | -33,677.1 | -8,154.1 |
| Net cash flow from operating activities | 286,073.7 | 234,560.3 | |
| + | Payments received on the disposal of assets (not including financial assets) | 498.0 | 22,742.1 |
| + | Payments received from the disposal of financial assets | 3.3 | 3.3 |
| - | Payments made for the purchase of assets (not including financial assets) | -60,705.6 | -44,806.6 |
| - | Payments made for the purchase of financial assets | -15.0 | 0.0 |
| + | Payments received from non-repayable grants | 200.0 | 1.9 |
| + | Payments received from the disposal of current securities | 0.0 | 21,000.0 |
| + | Payments received from current and non-current investments | 262,789.4 | 7,500.0 |
| - | Payments made for current securities | -20,000.0 | 0.0 |
| - | Payments made for current and non-current investments and securities | -442,058.2 | -254,000.0 |
| Net cash flow from investing activities | -259,288.1 | -247,559.3 | |
| - | Dividend payment to Flughafen Wien AG shareholders | -64,583.5 | 0.0 |
| - | Dividend payment to non-controlling interests | -11,127.0 | 0.0 |
| - | Payments made for other financial liabilities | -737.6 | -346.1 |
| - | Payments made for the repayment of financial liabilities | -25,000.0 | -51,000.4 |
| - | Payments made for the repayment of lease liabilities | -25.5 | -208.6 |
| Net cash flow from financing activities | -101,473.7 | -51,555.0 | |
| Change in cash and cash equivalents | -74,688.1 | -64,554.1 | |
| + | Cash and cash equivalents at the beginning of the period | 105,218.6 | 123,641.6 |
| Cash and cash equivalents at the end of the period | 30,530.5 | 59,087.5 |
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 No.: 008613 Corporate Register Nr.: FN 42984m Court of Registry: Provincial Court Korneuburg
Investor Relations
Bernd Maurer 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] The Flughafen Wien Group provides the following information on 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):
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 website www.viennaairport.com/en/company/investor_relations under the menu point "Publications and reports". This quarterly report was published by Flughafen Wien AG.