Flughafen Wien : Presentation of the H1/2023 results

17 August 2023 Flughafen Wien H1/2023 Results

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H1/2023 - significant revenue and earnings increase

Improved outlook for the year

The desire to travel is back - 45% more passengers (17 million) in the Flughafen Wien Group - 94% of 2019 level

• Very good traffic development sustains the rise in revenue and earnings
• Considerable upward pressure on costs
• Net profit for the period before non-controlling interests up 58% yoy to € 83 million, first-time positive financial result

Improved full-year outlook thanks to ongoing strong passenger development

• Upward revision of passenger forecasts: about 28.5 million passengers at Vienna Airport (vs. 26-27 million) and approx. 36.5 million in the Group (vs. 32-34 million)
• Revenue, EBITDA and profit for the period will substantially exceed the original guidance

Vienna Airport operates in a CO2 neutral manner

− Annual savings of 60,000 t CO2 compared to 2011

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About 50% of electricity needs generated on site thanks to expansion of photovoltaic facilities Next target: net zero by 2033

EU regulations and certificate trading will result in additional costs

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H1/2023 profit for the period up 58%

Revenue increase of 45%, positive financial result for the first time

€ million	H1/2023	H1/2022	Δ
Revenue	428.1	294.7	45.3%
Earnings before interest, tax, depreciation, amortisation (EBITDA)	177.4	143.1	23.9%
Earnings before interest and taxes (EBIT)	112.6	75.8		48.5%
Financial result	0.1	-4.3		n.a.
Earnings before tax (EBT)	112.7	71.5		57.5%
Net profit for the period	82.7	52.3		58.0%
Net profit after non-controlling interests	74.0	46.4		59.5%

• Higher passenger and aircraft-related income as well as improved Center & Hospitality income drive 45% revenue increase yoy. H1/23 revenue 7% higher than in H1/19 mainly due to the Airport, Retail & Properties and Malta segments
• Positive financial result due to declining interest expense (repayment) and higher interest income (increased investments, higher interest rates)
• H1/22 included income from the sale of a commercial property (€ 8 million) and

COVID-19 government aid payments (€ 3 million)

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Expenses

Substantial increase

€ million	H1/2023	H1/2022	Δ
Consumables and services used	-28.9	-19.4	49.4%
Personnel expenses
-167.8	-120.1	39.8%
Other operating expenses1	-57.6	-32.1	79.6%
Depreciation and amortisation	-64.8	-67.3	-3.8%
EBITDA margin	41.4%	48.6%
EBIT margin
26.3%	25.7%

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EBITDA margin normalised at 41.4% (44.6% in Q2/23); H1/22 positively distorted due to extraordinary income

Operating and traffic-relatedcost increases for materials, personnel, energy, external services used

Rising personnel expenses as an influencing factor: discontinuation of short-time work aid still paid in Q1/22 (about

• 10 million), 5.6% salary increase (1 January) and 11.8% (1 May) resulting from collective labour agreements, allocation to provisions due to parameter adjustments, slight increase in the number of employees (4,883 FTE in H1/2023 vs. 4,649 in H1/22)

Slight decrease in scheduled depreciation and amortisation due to lower investments in previous years

4	1) Excl. Impairment/reversals of impairment on receivables

Significant increase in cash flow

Stable equity ratio

€ million	H1/2023	2022	Δ
Net liquidity	246.3		149.4	64.9%
Gearing1	-16.9		-10.3	n.a.
Equity	1,454.7	1,448.5	0.4%
Equity ratio	65.0		65.1	n.a.
Cash flow from operating activities2	197.9		96.6	104.9%
CAPEX2,3	28.7		25.9	10.7%
Free cash flow2	45.6		-24.0	n.a.

• Further increase in net liquidity to € 246 million despite dividend payment (€ 74 million incl. minorities) as a result of earnings growth and cash generation
• Doubling of cash flow from operating activities to almost € 200 million
• CAPEX of € 29 million - Southern Expansion, photovoltaic facilities, Malta
  2023 guidance reduced to approx. € 100 million

1. Gearing reported as a negative value due to existing liquidity
2. Comparison of H1/2023 vs. H1/2022
3. Excluding financial assets and business combinations

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