AUSTRIA. Vienna Airport today reported half-year results, with revenue more than doubling to €294.7 million year-on-year. Net profit reached €52.3 million compared to €32.5 million in H1 2021 and the group posted a strong rise in EBITDA to €143.1 million from €25.2 million a year ago.
The company has also revised its targets for the year. Separately (see below), it has rejected an offer from one of its leading shareholders to increase its stake in the group, saying the price is “inadequate”.
In the first half, the Retail & Properties Segment reported a +77.9% rise in revenue year-on-year to €57.3 million. EBIT in the division improved to €30.8 million.
The results were influenced by recovery in passenger traffic to 11.8 million, which was close to four times 2021 figures and -35% below the comparable level in H1 2019. The performance was maintained into July, when the group served 3.6 million travellers. At Vienna Airport the figure was 2.8 million, or around 88% of July 2019 numbers.
Due to the strong traffic growth, the Flughafen Wien Group has revised its forecasts for the year upwards. Vienna Airport should serve around 22 million passengers and the group about 28 million travellers (Malta and Kosice airports included). Revenue is forecast to reach €670 million in the 2022 financial year along with a positive EBITDA of at least €290 million and consolidated net profit of €100 million or higher. The company’s net debt will likely fall to below €50 million with capital expenditure at around € 84 million. 
Management Board Member Günther Ofner said: “After a difficult two years, the strong increase in the desire of people to go on vacation means that the business of the Flughafen Wien Group is buzzing again. The desire to travel on the part of Austrians has almost reached the pre-crisis level.
“Due to the fact that Flughafen Wien is almost debt-free, we have the required economic strength to once again make investments which were delayed due to the coronavirus pandemic. Vienna Airport will be a trailblazer and operate in a CO₂-neutral manner, thus becoming a green airport. Our large photovoltaic facilities will make a contribution to the security of the energy supply. On sunny days we will generate enough electricity to cover our entire needs.”
Management Board Member Julian Jäger added: “Passenger traffic is increasing significantly following the crisis years of 2020 and 2021. In July 2022 we already reached 87.7% of the pre-crisis level with 2.8 million passengers at Vienna Airport and in peak times even close to 90%. We expect about 22 million travellers at Vienna Airport in 2022, corresponding to about 69% of the total for the year 2019.
“In an international comparison, Vienna Airport not only mastered the crisis very effectively and without any significant irregularities, but also the restart, characterised by strong passenger growth, especially in the peak travel season.”
As noted above, this week the airport company also rejected an offer from its largest shareholder, IFM Global Infrastructure Fund, to raise its stake.
Airports Group Europe, an indirect subsidiary of IFM Global Infrastructure Fund, currently holds 40% plus nine shares of Flughafen Wien AG (FWAG) and published a partial offer on 11 August 2022 to acquire an additional stake of up to 9.99% at €33 per share.
The Management Board recommended that shareholders reject the purchase offer saying the proposed price is inadequate. It also said there is a risk of a further reduction in the liquidity and tradability of the share as well as a delisting, which is “not favoured” by the company.
The Management Board noted that the €33 per share offer is less than the expected dividend of €0.75/share for 2022, in accordance with the updated guidance. It is also -5% below the lowest closing price in 2019 and -20% under the highest closing price in the same year.
