Annual Report 2019
Total Page:16
File Type:pdf, Size:1020Kb
Flughafen Wien AG Flughafen Wien AG Annual Report 2019 Annual Report 2018 2019 Flughafen Wien AG The Flughafen Wien Group at a Glance Key Data on the Flughafen Wien Group Financial Indicators in € million 2019 Change 2018 2017 2016 Total revenue 857.6 7.2% 799.7 753.2 741.6 Thereof Airport 1 411.7 7.9% 381.7 368.2 370.8 Thereof Handling & Security Services 1 166.3 1.8% 163.3 160.7 158.4 Thereof Retail & Properties 1 162.6 11.1% 146.4 126.1 123.9 Thereof Malta 100.3 8.8% 92.2 82.4 73.1 Thereof Other Segments 16.7 3.1% 16.2 15.7 15.4 EBITDA 384.8 9.8% 350.4 326.5 329.8 EBITDA margin (in %) 2 44.9 n.a. 43.8 43.3 44.5 EBIT 252.3 14.3% 220.8 191.8 172.0 EBIT margin (in %) 3 29.4 n.a. 27.6 25.5 23.2 ROCE before tax (in %) 4 13,9 n.a. 12,5 11,0 9,8 ROCE after tax (in %) 5 10,4 n.a. 9,4 8,2 7,4 Net profit 175.7 15.7% 151.9 126.9 112.6 Net profit after non-controlling interests 158.9 15.7% 137.3 114.7 102.6 Cash flow from operating activities 373.0 28.1% 291.2 277.9 255.1 Capital expenditure 6 171.8 3.7% 165.7 103.6 92.0 Income taxes 62.2 10.2% 56.4 46.5 40.8 Headcount (Flughafen Wien Group) 7 7,231 14,2% 6,330 5,772 5,731 Average number of employees for the year (FTE) (Flughafen Wien Group) 8 5,385 11.5% 4,830 4,624 4,657 in € million 31.12.2019 Change 31.12.2018 31.12.2017 31.12.2016 Equity 1,380.9 6.5% 1,297.0 1,211.0 1,144.0 Equity ratio (in %) 60.0 n.a. 60.1 58.7 56.7 Net debt 1 81.4 -58.9% 198.2 227.0 355.5 Net assets 2,300.6 6.6% 2,158.1 2,063.0 2,018.3 Gearing (in %) 1 5.9 n.a. 15.3 18.7 31.1 Industry Indicators 2019 Change 2018 2017 2016 Passenger development of the Group Vienna Airport (in mill.) 31.7 17.1% 27.0 24.4 23.4 Malta Airport (in mill.) 7.3 7.4% 6.8 6.0 5.1 Košice Airport (in mill.) 0.6 2.9% 0.5 0.5 0.4 Vienna Airport and strat. Investments (VIE. MLA. KSC) 39.5 15.0% 34.4 30.9 28.9 Traffic development Vienna Airport Passengers (in mill.) 31.7 17.1% 27.0 24.4 23.4 Thereof transfer passengers (in mill.) 7.2 7.6% 6.7 6.4 6.2 Aircraft movements 266,802 10.7% 241,004 224,568 226,395 MTOW (in mill. tonnes) 9 10.9 13.6% 9.6 8.8 8.7 Cargo (air cargo and trucking; in tonnes) 283,806 -3.9% 295,427 287,962 282,726 Seat load factor (in %) 10 77.3 n.a. 76.0 74.8 73.4 Stock Market Indicators 2019 Change 2018 2017 2016 Shares outstanding (in million) 11 84.0 0.0 % 84.0 84.0 84.0 P/E ratio (as of 31.12.) 20.0 -5.6% 21.1 24.6 19.2 Earnings per share (in €) 11 1.89 15.7% 1.63 1.37 1.22 Dividend per share (in €) 11, 12 0.0 -100% 0.890 0.680 0.625 Dividend yield (as of 31.12.; in %) 0.0 n.a. 2.58 2.02 2.67 Pay-out ratio (as a % of net profit) 0.0 n.a. 54.5 49.8 51.2 Market capitalisation (as of 31.12.; in € million) 3,171.0 9.4 % 2,898.0 2,826.6 1,965.6 Stock price: high (in €) 11 40.50 11.6 % 36.30 35.32 27.45 Stock price: low (in €) 11 34.05 8.1 % 31.50 23.59 18.80 Stock price: as of 31.12. (in €) 11 37.75 9.4 % 34.50 33.65 23.40 Market weighting ATX Prime (as of 31.12.; in %) 1.16 n.a. 1.27 0.92 0.88 Definitions: 1) Previous year figures adjusted 2) EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBITDA / Revenue 3) EBIT margin (Earnings before Interest and Taxes) = EBIT / Revenue 4) ROCE before tax (return on capital employed before tax) = EBIT / average capital employed 5) ROCE after tax (return on capital employed after tax) = EBIT less allocated taxes / average capital employed 6) Capital expenditure: intangible assets, property, plant and equipment and investment property including corrections to invoices from previous years, excluding financial assets 7) Headcount: number of all employment relationships of the Flughafen Wien Group in the relevant year (not weighted in full-time equivalents) 8) Weighted average full-time equivalents for the year (FTE) including apprentices, excluding employees on official non-paying leave (maternity, military, etc.) and the Management Boar d and managing directors 9) MTOW: maximum take off weight for aircraft 10) Seat load factor: Number of passengers / available number of seats 11) Stock split in the ratio of 1:4 effective as of 27.6.2016 - historical figures adjusted accordingly; old ISIN AT0000911805 replaced by the new ISIN AT00000VIE62 12) Dividend 2019: recommendation to the Annual General Meeting CONTENT Content 18______ Letter to the Shareholders 12______ Corporate-Governance-Report 24 ______ Report of the Supervisory Board 26______ Group Management Report 90______ Consolidated Financial Statements 92 _____ _Consolidated Income Statement 93 _____ _Consolidated Statement of Comprehensive Income 94 _____ _Consolidated Balance Sheet 95 _____ _Consolidated Cash Flow Statement 96 _____ _Consolidated Statement of Changes in Equity 98 _____ _Notes to the Consolidated Financial Statements 224 ______ Statement_ by the Members of the Management Board in accordance with Section 124 of the Austrian Stock Corporation Act 225 ______ Auditor's Report 232 ______ Glossary 7 LETTER TO THE SHAREHOLDERS Julian Jäger Günther Ofner Dear Shareholders, 8 LETTER TO THE SHAREHOLDERS We traditionally write these lines to you just before the Annual Report goes to press – in this case, at the end of April – and in view of the coronavirus pandemic with its drastic global effects, we might be tempted to say: What do we care about the business perfor- mance in 2019. But the past year was a milestone for our company in many respects, with record passenger numbers, new highs for revenue and profits and major progress on infrastructure and capital expenditure, so in our view it is worth taking a look at this extremely successful financial year. The Flughafen Wien Group (Vienna, Malta, Košice) recorded 39.5 million passengers – a 15.0% increase as against 2018, to which all three airports contributed. Aircraft mo- vements rose by 9.7% to around 325,000 take-offs and landings. This slightly lower growth was attributable to larger aircraft and a higher seat load factor. There was particularly dynamic growth at Vienna Airport, where the number of pas- sengers rose by 17.1% to 31.7 million (2018: 27.0 million). This growth was mainly driven by a 20.0% increase in local passengers to 24.3 million (2018: 20.3 million), but the trans- fer segment – which is important for Vienna Airport’s hub function – also increased by 7.6% to 7.2 million passengers (2018: 6.7 million). The increase in passengers is also re- flected in a substantial rise in aircraft movements by 10.7% to 266,800 take-offs and > 9 LETTER TO THE SHAREHOLDERS landings (2018: 241,000), with the seat load factor, i.e. aircraft capacity utilisation, im- proving further from 76.0% to 77.3%. A total of 77 airlines regularly flew to our airport in 2019, serving 217 destinations in 68 countries. This was firstly based on a significant increase in capacity at our home carrier Austri - an Airlines with new destinations and increased flight frequencies, and secondly on even stronger growth at the low-cost carriers Lauda, Wizz Air and Level. There was also particularly significant growth in long-haul travel, with new destinations such as To- kyo Haneda with ANA, the direct flight to Taipei with EVA Air, Montreal with Austrian and the new routes to Urumqi and Shenzhen with China Southern showing that Vien- na is perceived as an attractive destination intercontinentally, too. We are particularly pleased that we have succeeded in maintaining the very high ser- vice level of our airport in spite of this rapid growth. Based on a survey of millions of passengers, Vienna Airport received the accolade “Best Airport Staff in Europe” from the aviation rating agency Skytrax again in 2019. Our airport was thus rated No. 1 for friendliness, expertise and professionalism for the fourth time in five years – a series of successes that no other airport has ever achieved. We would like to thank our emplo- yees for this incredible achievement, as results like this would not be possible without their extraordinary commitment and expertise! As mentioned above, 2019 brought new records not only for passenger numbers but also in the financial results, with revenue rising by 7.2% to € 857.6 million while EBITDA improved by 9.8% to € 384.8 million. EBIT increased by 14.3% to € 252.3 million and ear- nings after tax saw growth of 15.7% to € 175.7 million, corresponding to earnings per share of € 1.89.