Flughafen Wien AG

results for the first three quotas 2024, including the result for the third culture. And so throughout all parts of our company, a positive development on the background of good traffic results. and overall revenues went up 13%. And from today's perspective, we will exceed a total turnover of 1 billion end of the year. Net profit went up 19.4%. What is very important to see is that we saw a steady increase of results, especially from our subsidy in Malta. And this year, 40 million out of the 207 are contributed by Malta. All that is on the background that we saw extraordinary growth in Malta and growth in Vienna as well, not on the same pace, but also an increase. And putting all together, we have been so far slightly above 2019 levels. And our EBITDA is well positioned and from today's perspective, we will be better than the current guidance in minimum expected. So, if we move forward, the next slide, you'll see in the detail the revenue increased to roughly 700 million EBITDA. 368. Earnings before interest in taxes, 268. And as expected, positive financial results that are now fully accrued because we have no outstanding debt that has to be served If we move on to the next slide, you'll see as well substantial cost increases, both for personal expenses up 14.4%, but also for maintenance, as it was the case During corona, we have now some issues that have not been solved in the corona period, and they are contributing to higher maintenance. Depreciation and amortization is more or less the same as it was last year. And EBITDA margin stays at 46.5, which is rather fine for us and meets substantially our goals. EBIT margin at 33.9%. If we move forward to the cash flow position, you see that the free cash flow has substantially improved to 114 million capex in the first three quarter was at 131. So a certain bulk will follow in Q4. Maybe that we end up below our 200 million target, but it will be somewhere in that range. Net liquidity still fine. Equity position went up to 1.637 million, a plus of 5%. and equity ratio at 70%. The additional capital expenditures result especially from the thermal expansion project and also investment projects in Malta, especially Skyparks 2 thermal extension, a photovoltaic plant and things like that. Overall, these figures show that we can finance the projects that are now on the way out of our liquidity and of the cash flow. So we will not need debt for the next years and we will be financed throughout this period. If we look at other key issues, as already mentioned, the thermal expansion is well underway. It's in time and in budget. From today's perspective, there's no reason to assume that we will not end up in the time schedule planned and within the budgeted costs. We are still progressing in our sustainability activities. uh we just recently opened a supercharger station for e-vehicles and we have now roughly 46 hectares of solar power plants and we are considering to add some storage facility, electricity storage facilities to the plants, because this would be essential to fully utilize the production power that we have now built. Also, our airport city continues to grow. We had the groundbreaking ceremony and construction is strongly progressing for the new hotel and it will be opened in autumn 2025. And we see a constant inflow of new companies coming to the airport. just in these days, we will move to the airport with their Austrian operations. And many other interests are still pending, so that we can expect that our office facilities will be filled more or less throughout 2025. Also, the Congress business is going well. with our cargo day and fly farmer and other events. And so from today's perspective, you can expect also a slightly growing business there for the coming years. So summing up, We are optimistic now that we will exceed $1 billion as revenue, that our EBITDA will be nearly enough, $400 million, and net profit will also be nearly enough, $220 million. Topics, I would say, best guess is somewhere around 180 or close to 200 millions. So that are the main figures from my side. And if you look at our share price, it's still in a very favorable position. We had 52 to 53 euros. in the last days, which equals a market cap of roughly 4.5 billion. And it shows a fact that was totally unexpected or nobody has expected maybe five years ago that Total, our market cap is above Fraport, which is substantially bigger than Vienna. But from the profitability standpoint, I think it's a clear outperformance compared to Frankfurt. So that's from my side, and I hand over to Julian.

Sorry.

Yeah, hi, good afternoon. I will continue with the traffic figures. Traffic has been really, really strong in Q3 and October was very positive as well. In the first three quarters of this year, we had Indiana growth by 7.2%. October plus 7.8%, a new record as well with 3 million passengers. Malta, really astonishing, plus 15.5%. Roste slowing down a bit with plus 8.9% in October. And Kosice plus 18%. October plus 6.1%, so overall 31.6 million passengers, including September, and then 3.8 million passengers in October, plus 9.1%, respectively, plus 8%. What you have to understand, because obviously we are now above the 2019 figures, including October, but after the autumn holidays in Austria, now traffic is slowing down and we are quite significantly behind the 2019 figures. Probably you remember that 2019, the low cost growth really kicked in in the last couple of months of the year. So from today's perspective, my best guess would be that we are above 31.5 million passengers and then we will be in any case below or slightly above the 2019 figures. Definitely it will be an excellent year in Vienna and for the whole group. If you look at the details for Vienna, I think that the picture is overall very positive. What we see that in terms of seat load factors, probably we reached a certain level which is not that easy to surpass anymore. What we see as well is that the ticket prices are not growing anymore, so I think it will become more and more difficult in the coming months for the airlines to really push through these very high ticket prices, which on the other hand means that with rising costs, staff costs mainly for the airlines, it might be more difficult in the future to reach the desired results. um very positive uh in yen is cargo um plus 35 percent in october plus 19.7 the first three quarters so overall really positive mainly driven by Chinese e-commerce. How sustainable that growth is, we'll see next year. But this year, definitely, we saw a very positive development. And what's positive as well is that in October, we saw transfer passengers increasing quite significantly. It's plus 8%. So overall, I think 2024, is a real success story and is a very positive picture. And that, despite the still very difficult geopolitical situation, I mean, still there's a war in Ukraine going on, so we have no passengers from Russia, no passengers from Ukraine. Middle East is hurt. 13 mainly austrian airlines very badly um i think we spoke about the very important traffic flow from tel aviv via vienna to the us uh middle east was down 15 into one two three um five is growing um so I think given the geopolitical situation, we should be very happy with our results so far and looking forward to, I mean, obviously it's very early for 2025, but overall, we don't really have visibility for summer yet. Winter doesn't look bad, but I would assume that given the economic situation in Europe and in Austria, given the geopolitical tensions, there's no reason to believe that we would be looking at significant growth next year. From today's perspective, I would assume that we would be somewhere along the lines of 2024, but as you know, we will know hopefully more in January and we will give our guidance and forecast then in January 2025. Our two, three major airlines all are doing quite well, Austrian still growing record levels higher than 2019, Ryanair obviously higher than 2019, and Wizz Air essentially on the level of 2019, Wizz Air is the airline which was mainly impacted or heavily impacted by the engine troubles. For us, it will be the most important decision we expect next year is if Wizz Air will base XLR in Vienna. We are in constant discussions regarding a connection to India. I think this would be from a strategic perspective, very important for us. But overall, I think all the three airlines are doing well, but we don't expect significant growth in 2025 from either of them. I think the rest of the picture is pretty positive. Lufthansa 51%, low-cost 30.4%. I think when I said this more than once, I think in this forum, I think this is for us a very good balance between our main hub carrier and the low-cost carriers. And I think they're still in for the coming years, quite some potential on long haul from Asia mainly, but from the US as well. Overall, I think we are in a pretty good spot, having recovered very fast, and now on really an extraordinary level of 2019. And what you shouldn't forget as well is that the 2019 figures were extraordinarily high. So I think it's quite an achievement to be on that level already again. So I think the growth pressure is not that strong in the next one or two years for us. The winter schedule, roughly 60 airlines operating 166 destinations in 66 countries. I think we can be quite happy with the resumptions of this year. ANA came back to Tokyo Haneda since August, Hainan Airlines. came back in May from Shenzhen. They are starting a new destination with Chengdu on the 1st of December. Arabia starts again from Sharjah. Sky Express is launching a service to Athens starting from December. And Austrian Airlines will grow frequencies to Bangkok over winter. So I think the outlook here is pretty good. Yeah, I wouldn't want to go into too much detail on the airlines. I think I've mentioned most of it, but I think the good news is that we see really a very stable development of Austrian, of Ryanair and Wizz Air, and I think this is good news for us. Yeah, I think I mentioned already our expectations for this year. We said cautiously we will be above 30 million. From today's perspective, I'm very optimistic that we will be above 31.5 million, so around 31.6. And if it stands better than 2019 or not, we'll see probably on the 30th of December or the 31st of December. But we will be very close. In the group, from today's perspective, I think I would expect something close to 41 million passengers.