Flughafen Wien AG
VSE:FLU
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Ladies and gentlemen, welcome to our conference call for the first quarter results of 2021 of Vienna Airport. Today's presentation will be held as usual by our Board members, Mr. Gunther Ofner and Mr. Julian Jager. The presentation will be followed by a Q&A session where you will be given the opportunity to ask your questions. [Operator Instructions] The call will be recorded and will be available on our website shortly. The slides of the presentation that will be held now are also available on our website under presentations.
And now I would like to hand over to our CFO, Mr. Ofner. Please go ahead, sir.
Good afternoon for those who are in Europe. For the rest, good morning. And I would like to give you a short overview about Q1 results and the outlook for our company.
In general, things in Q1 turned out as expected. So no real surprise, low traffic and altogether, minus 46.4% (sic) [ 64.4% ] in revenues, a net result of minus EUR 25 million and a positive EBITDA of EUR 2.4 million. We saw the expected decline in regard of last year; and on the other hand, all our cost savings programs worked. You might be aware that all of our employees are part of the short work or short time program. And therefore, we could avoid layoffs so far. Nevertheless, the number of employees has been reduced by voluntarily leaving people in the amount of roughly 12% to 14%.
In regard of the forecast, I think that we still can reach our forecast in regard of traffic figures and financials for 2021. Also, we saw weaker traffic in April and May so far. But on the other hand, we see a very substantial vaccination progress not only in Austria but throughout Europe. There is some accord in regard of lifting travel bans and accepting the green pass. And we also see that step-wise parallel through the lifting of the restrictions. Bookings are going up, and therefore, I think we can be still optimistic that we reach our guidance for the full year.
If you look at our figures in detail, you see a negative EBIT by EUR 30.9 million, negative financial results by EUR 3.6 million but definitely an improvement compared to the first quarter of last year. And this also proves that we have no problems to provide the necessary liquidity even at very favorable conditions. And this is for sure true also for the next time whatever will come.
If we continue through our expenses, then you see a very significant reduction in personnel expenses by 49.1%, 36% reduction by other operating expenses and 25% by consumables and services used, so what we have planned to save -- recruit, save. Depreciation is slightly up by 2.2%, but there was no extraordinary impairment or depreciation made.
Net debt for the first quarter is slightly higher due to a negative free cash flow. But on the other hand, the measures to reduce our CapEx have worked very effectively. So CapEx went down from EUR 21.9 million to EUR 6.3 million. The guidance for the full year remains still that we will reduce our net debt position throughout this business year. Equity ratio, as you see, remains mainly stable at now 59.3%.
To look at our share price indicates that we could outperform our competitors. And we saw a steady and stable recovery since the first shock when the pandemic initially started.
Besides Aviation, I think we are successful in further developing our Airport City concept. So Office Park 4 already is in operation. Occupancy rate is affected by the pandemic events but goes up to almost 50%. And we have a very, very high degree of interest because the building itself is very sustainable and received ÖGNI platin for the highest energy efficiency.
We also have had the groundbreaking ceremony for DLH, who will build a logistic park until end of '21 on a premise that previously belonged to the airport. And it's a very important next step in the development of our business park.
On the other hand, and it's a very important issue, are we on the way to become a CO2-neutral green airport? A major step into this direction is the decision to build the biggest photovoltaic site in Austria with roughly 24 hectares of land use just neighboring our runway. And together with our other installations, we will provide roughly a 30-megawatt peak performance, which equals in work roughly 1/3 of the energy consumption of our airport. And the construction will start very soon and step-wise entering into operation. We also have other endeavors to continue our sustainability strategy, a new model for noise charging and a lot of energy efficiency measures implemented throughout the airport.
Coming now to our forecast, as I said, we still think that we can reach the black zero for our results, consolidated net profit. It's totally depending whether we will be able to achieve our traffic goals and given that the pandemic situation further improves, especially in those countries that are now the main tourism locations for the summer.
CapEx should stay around EUR 62 million, net debt around EUR 100 million, EBITDA around EUR 150 million and revenue somewhere at EUR 430 million. And also the uncertainty is even higher than it was before. I think we are still in the position to get there.
So that's for now from my side, and I hand over to Julian Jager.
Yes. Good afternoon, ladies and gentlemen. Yes, as Gunther said, I think the million-dollar question is the traffic development in H2 this year. You can see here the Q1 figures. I mean we were down roughly 88% in terms of passenger numbers in Vienna, 90% in Malta, 87% in Kosice. But essentially, this was expected. So in the first quarter, we were pretty much spot on in terms of our expectations. We were pretty much far off in our expectations in April and May so far. So obviously, what we thought in December when we did our budget and our projections, we expected a significantly faster vaccination program. And my impression is that right now, all over Europe and in Austria, this vaccination program really kicks in. So now it's dependent on the H3 -- H2 traffic if we still reach our goal or not.
So to wrap it up, I think, in -- it's much more difficult to achieve our, I think, ambitious goal to get overall to 40% vis-a-vis 2019, but it's still doable, and we are obviously in constant discussions with our customers, mainly Austrian Airlines. And their projections show as well that if the vaccination program now has the speed that it seems to have and if bookings are coming in, it would be possible to reach the 40%, although we have to admit it's significantly less likely than what we thought 6 months ago.
If you look at the airlines, I think this reflects as well the different traffic patterns. I mean Austrian increased their share. Transfer overall was doing better than expected actually. Turkish is pretty strong with only inadvertent commerce, minus 57% in traffic. I mean if you look at the international airport passenger numbers and compare them, I mean, there was a huge change in the last 10 months. I just had a look at the February figures. Those are the figures, which are available for all European airports. The top 5 airports are in Turkey and in Russia. The biggest 1 was Istanbul, and then there are 4 Russian airports.
So I mean Heathrow had a reduction of 90%. And even within Lufthansa Group, one can see that there's a consolidation in the bigger airports. So Fraport is significantly doing better than the others. Zurich had minus 89%, Vienna minus 90%; Munich even minus 94%. So I think what we can see in the European aviation landscape now that they are making big shifts to countries like Russia and Turkey, where there seems to be a different attitude towards the pandemic overall, towards bigger countries like France, like Spain, like Germany, where there's some intra -- some domestic traffic. And this is something we are experiencing now throughout our group.
April was very similar to the first quarter. We saw a very significant decrease vis-a-vis 2019, so roughly 90%. What we see now in May is that slowly things are picking up a bit. I mean we are still at around minus 85%, 86% in terms of traffic, but things are improving pretty quickly. And the big question will be the load factor in summer.
I mean we expect to have in summer 50 airlines operating 150 routes, but so far, we had, in the -- in May, a load factor of 44%. So I think all depends now on the next 4 weeks if the bookings are actually coming in. What you saw in the last [ year ] as well, that the low-cost carriers reduced their capacity extremely significantly, so they are sitting there and waiting essentially until the demand kicks in. And so the next 4 weeks are crucial, I would say.
And if I think the capacity would be there, so if we reach on average, again, 70%, maybe 80% in terms of occupancy rates, it's possible to get to the 50%, which we would need in Q3 in -- to achieve our targets. Then obviously, now due to the fact that we lost some significant traffic in Q2, we would need to make up for that in Q4. And to do that, we will need to be at around 70% in Q4.
So yes, it's going to be exciting weeks. And I think we will be in a position at the latest with our half yearly results in August to give you a more solid projection on the full year because then we know how summer kicked in. And I think -- yes, after the first 2 weeks in July, I think we get a good idea about how summer will work out for us.
I mean, I think the last few days brought a lot of important developments, which give us now a bit of confidence to have the 50% traffic in summer, we expected to have. I think there's some improvement on the green pass. I think what for us in Austria was extremely important was that, from yesterday on, it was -- it's clear that the people in Austria can travel to their favorite tourism destinations like Spain, like Italy, like Greece, like Portugal, France, Germany without any quarantine. So from yesterday -- the day before yesterday day on, we see a lot of interest from the airlines to increase capacity. And I think there is some optimism in the whole sector that summer will be decent.
Obviously, we hope that the coming weeks will show higher vaccination rates in the European and many other countries. A lower -- a decrease in the number of infections and what we hope that, as a result of that, there would be an opening to more countries. I think the UAE would be extremely important for us as an incoming market. I think the discussions between the U.S. and the European Union, it will be very, very important to get an opening between the European Union and the U.S. And I think this would be then the first boom as well for some long-haul traffic. So let's wait and see. I mean, realistically, the traffic in the coming months will be mainly between -- will be mainly within the European Union, but we hope that there will be some signs as well for some more intercontinental traffic.
What we see from an operational basis that it's extremely challenging. I mean check-in times are 3 to 4x as they used to be. The arriving in Austria is very difficult, obviously, because there are a lot of health checks going on. I think this is something, which happens in most countries worldwide now. So from an operational perspective, it's pretty challenging. But overall, we have a good cooperation with all the competent authorities. And therefore, I think we are well prepared for the summer to open some more capacity in the terminal, if need be.
I think I touched on more or less all points regarding our traffic forecast. As I said, if we reach the 50% over summer and then get some improvement even in Q4, we -- it's still doable to get the roughly 7.8 million passengers in Vienna. Malta is hit very hard as well. I think there -- 1 challenge is that Malta is not on the green list for the U.K. So they are working very hard to get there. But I think overall from the traffic, I would expect for the next 6 months, Malta is placed very well to be 1 of the airport, who gets the traffic back rather sooner than later.
I mean it's an inter-European leisure destination. It's very safe. It's got the highest vaccination rate in Europe, very low infection rate. So I think Malta should do very well in the second half of this year.
Our midterm targets have not changed. We believe that given that we reached herd immunity more or less all over Europe until the end of this year, 70% in 2022 and 80% in 2023 should be an achievable target, although it might prove difficult to get to the 2019 figures. They were extremely high. I think long-haul traffic will take longer to recover. I think business traffic will take much longer to recover definitely the inter-European business traffic. So I think those are ambitious goals, but absolutely achievable.
Yes, a few words regarding our segments. The Airport segment, obviously, is a reflection of the traffic results. We had external revenues of EUR 16 million, a minus of 78%. EBITDA, slightly negative, minus EUR 5 million; EBIT minus EUR 25 million. And you can see in the distribution of traffic, which is very, very unusual that essentially the infrastructure-related fees and the passenger-related fees were roughly the same. We saw the highest decrease in the passenger-related fees. We saw the aircraft-related fees only minus 70%. Yes. So obviously, we think that this will improve in the second half of this year.
If you calculate it, we had a very high revenue per passenger in Q1, but this is due to the low occupancy rates. So this should change over the year. So if the aircraft are fuller, then obviously, we should reach again roughly the EUR 14 we had last year. And therefore, for the full year, we expect the average revenue per passenger in this segment to be in line with last year's revenues.
Going to the Handling & Security Services segment. There, the revenue was minus 54%. So the EBITDA was negative with minus EUR 3.8 million, EBIT minus EUR 6.1 million there as well. I mean you can see the relatively good cargo figures only minus 10%, apron handling minus 70%, security service minus 52%, again, hit pretty hard. We had -- what is working very well there is the reduction in staff. So our personnel expenses fell by 50%, mainly supported, obviously, through our short work scheme from the Austrian government. I think the area which really is doing well here is cargo, and I'm sure as soon as long-haul traffic comes back as well, we will see very significant growth rates here in Vienna in terms of cargo.
What you can see over Europe is that there's a major shift in terms of cargo traffic as well. If you look at Germany, I mean, Munich has a reduction of 70% in terms of cargo, Zurich very similar. On the other hand, Frankfurt, Cologne and Leipzig are doing extremely well in terms of cargo. So what you can see here is that the Lufthansa Group is consolidating their cargo with Lufthansa Cargo in their hub in Frankfurt. And obviously, this is something we feel. But overall, I'm sure we will be back in the growth rates here in terms of cargo in the coming months.
Retail & Properties, the only positive segment in Q1. External revenues were EUR 16.4 million (sic) [ EUR 16.8 million ], EBITDA EUR 9.3 million, and EBIT EUR 4.2 million. What you should know here is that we had a roughly EUR 4 million positive effect in our center management and hospitality because obviously, usually, this would be more in line with passenger numbers. We just had a decrease of 50%, and this is due to a one-off in -- due to a down payment for a contract where we took a shop back.
Overall, I think the center management segment does relatively well. I think we don't have any empty areas. We already did -- the shop we took back, we already did a new agreement with another operator. We see still a lot of interest to the one other shop, which is closing down. But we manage immediately to fill them, so therefore, I think as soon as traffic is coming back, we should see very strong growth rate here as well.
And as Gunther said already, the rental revenue went down by 13%. So overall, this is an important source of revenue, which is not directly in line with the passenger development.
Finally, Malta, we had in Q1, revenue of EUR 5 million minus 60%; a flat, 0 EBITDA; and the EBIT of minus EUR 3.2 million. There, the personnel expenses fell by 44.5%. There is a government scheme as well, which is not that ambitious as the Austrian one. But still, we are happy to get some government support there as well. And overall, yes, in Malta, the same applies like in Vienna, it depends all how now summer kicks in with June and July, and we are still hopeful to see some significant growth there compared to the last month in Malta to reach our overall targets to have a black zero in financial terms in -- for the full year in the Vienna Airport Group.
That's it from our end, and now we're happy to take your questions.
Thank you very much, gentlemen. So I would like the audience now to ask the questions if there are any.
Can I ask one? Not sure if this works.
Yes, please go ahead.
It's Manish Chopra at Tiger Veda. I'm a shareholder. Just a few questions, and of course, I'll go back to the end of the queue if other people pop in. First one is you mentioned approximately 12% of the employees took early retirement. What are the savings associated with that? And will that be retained going forward?
Yes. I mean our planning is that we come to the point maybe mid- of '22, end of '22 that our workforce will be at 80% of 2019 because we also expect that the recovery then should lead us to somewhere 70%, 80% of pre-crisis traffic. And insofar, these savings will be valid then for the following periods.
And it's not only retirement. So people are also leaving voluntarily and getting new jobs, so it's a mixture of all that. And I think that we still have the potential as we formed an internal body called new placement agency where roughly 280 people are now in. And some of them are qualified for other jobs, and the majority is supported to find a new job somewhere else.
Okay. Great. And can you give me a sense of what the cost savings are? Because I don't know the composition of people earlier versus later, going from 12 to 20. Their average salary may differ over time, the composition of that 12 versus the 20. But I'm trying to figure out maybe you could help me give some sense of that.
I think it's more or less the same. So the average salary or the average cost per person will not really differ. So the first part and the second part will not be substantially different.
Okay. And so how much is that? How much, let's say, if we take 12%? I'm sure the figures are somewhere I can access.
No, it's -- if you take our personnel costs from 2019, they have been somewhere, if I remember it correctly, EUR 340 million. Then finally, if there are 20% less people, you can deduct roughly 20%. You have to add some of the collective agreement increases in between and maybe some structural effect, so that people who cannot be laid off due to the agreements might have slightly higher salaries than those who have been laid off. So I would assume that the overall cost reduction will end up then in '22 at somewhere 15% personnel costs, 15 plus.
Great. And then if I may, I just wanted to get an update on when the government subsidies go away, and that question is connected to when dividends may restart.
Dividends may restart for '22, so for the business year '22. And the restrictions from the subsidy programs are valid for the full year '21 and what exactly then the regulation will be in regard of short work program, we do not know because it is now introduced until end of June. And right now, the political discussion is ongoing to what extent it will be prolonged for the rest of the year, for 3 months or 6 months or even beyond. So we will know more about this in the next, next weeks.
In the next few weeks, okay. Is there a situation where there -- the government may still offer this aid, but you can turn it away so you can pay dividends? Or that is not a scenario that can occur?
I would not foresee that the government will offer still the subsidies like fixed cost subsidy or things like that because, definitely, this will end now, I think, with end of June. And the restrictions we entered into so far are binding for us for the year '21.
Okay. So then for the fiscal year '22, which is the calendar year '22.
Yes.
We should expect a dividend, and probably, we'll see the first part of that in '22 and then the final dividend in 2023.
The first part not because we have not divided so far the dividend payment. You will see it most likely in May '23 then.
Understand. And if there's no other question from anybody else, I'll ask one more at least, the carbon neutral initiatives we're taking. What is the impact on our business model? And I've left that open because, of course, there's different returns on capital, different free cash flow characteristics. What is...
The energy part is substantially positive because we substitute roughly EUR 0.09 per kilowatt hour from the network by our own production, which amounts to roughly EUR 0.045 to EUR 0.05. So it gives us not only the benefit of CO2-free renewable energy. It is also economically very, very viable, and it's due to the size of the installation. It's also partly due to subsidies we get for this installation. And altogether, it's a very highly productive investment.
On the other hand, if we look at our car park at the special machines we use on the 4 field, if you look at the necessary installations for e-vehicles and all that stuff, that will provide for additional costs. But as far as I would estimate it now, these additional costs will stay somewhere between 1 -- single-digit million to very low double-digit million for the next 5 to 7 years. So it's nothing to be worried about.
And in regard of our facility management, I mean we saved roughly, I would assume, EUR 10 million per year by improving energy efficiency and operational efficiency because our energy consumption went down roughly 40% and there is still room to maneuver to further improve this performance. And in so far, if I take it all together, it should also have a positive economic impact for the profitability of the company.
Okay. So thank you, Manish. I have seen a couple of other guests also unmuting themselves, so I'm expecting them to ask a question. So I think, Bernd, you -- I saw you first, and then, Andrew, you go after Bernd.
From my side briefly but 2 questions. First on landing charges. I -- in the report, reading this morning, you explained then the decline of aviation revenues with, of course, the slump of passengers but second also explaining the new development with landing charges. Do you currently charge landing fees? Or don't you? Because last year, you did not. I expected it landing fees are charged as of July -- as of June -- no, as of January this year, at the beginning of this year. Do you do so or not?
And point 2 is what are your general thoughts ongoing the incentive scheme going forward? Because the incentive scheme as it is in place is -- doesn't help at the moment, neither you nor the airlines so much. Do you wait for the beginning of next year? Or will there come something up with second half of this year? So what are your thoughts for the incentive scheme?
I mean to -- thanks a lot for this question and for the opportunity to clarify. The landing charges refund was only applicable in 2020. So this ended with the 31st of December last year, and we are charging fully our landing charges this year. This is the explanation as well why the revenue per passenger went up significantly in Q1, because we are charging 100% of the landing charges but divided amongst very few passengers.
The only incentive we additionally introduced this year is the ramp-up incentive. I mean due to the traffic development, very few airlines, if any, will be in a position to benefit from this incentive. But -- and we resisted all attempts from various airlines to change that. I mean this is an incentive, which is approved by government and our authority, the Ministry of Transport. We cannot just change it now because it doesn't work for the airlines, and we don't intend to introduce new incentives for this year.
Obviously, we see as well -- I mean, personally, I think we're experiencing right now pretty much something like [ hour 0 ] in the aviation industry. So I think the aviation industry pre -- post-COVID will look very different from pre-COVID. So what we want to do in the next 12 months to rearrange our incentive schemes. But this won't have any impact on the 2021 figures. And overall, it's definitely our interest to increase the net revenues per passengers in the coming years.
I think the overall trend will be that the flying becomes more expensive. I think there are a lot of initiatives, which we don't support, many political initiatives to increase the taxation on aviation. But given this trend, I think there's no reason for us to compensate for that. And we are not in a position to compensate for that as well, so it's our main target to increase the average revenue per passenger in the future.
How our incentive scheme will look like? In detail, we don't know yet, and it has to be approved by the Ministry of Transport in any case. So there will be a lot of discussions and negotiations, but there will be significant changes in the future. But I think the first year or the earliest this could be applicable and have any impact on our P&L would be 2022, probably 2023.
It's Andrew from HSBC. Can I just follow up? I guess, following on from that incentive thing, just inquire how things look with Wizz because prior to the pandemic, they were clearly your second most important operator and were growing with a lot of vigor. And I think the structure of the incentives sort of meant that they had the best chance of it applying to them, but it's not going to. And they're clearly very assertive in seeking out low airport costs but as a driver of capacity to you, that they look quite important. So where do you see yourself going with Wizz?
I mean Wizz was our third biggest client in 2019 and 2020. So I mean there's obviously Austrian Airlines. Then there's Ryanair or the Ryanair Group because they're divided into Lauda and Ryanair and Malta Air and so on. And then there's Wizz. We see still a lot of commitment from Wizz Air. I would expect that this summer, they operate at least 5 aircraft from Vienna, maybe 6. They will fly into Vienna. I think they announced -- I'm actually not sure if they already announced, but they will announce the one other new destination in the coming days.
So I don't think that they will move because they might not get the ramp-up incentive. So I think -- and this is something we are probably benefiting from, is that I see a lot of rivalry between Ryanair and Wizz Air, and I think the -- Vienna is probably the first airport where Ryanair was to prevent Wizz from becoming a major player in Western European airports because I think Ryanair accepted so far that Wizz is a very important and dominant player in the aviation sector in Eastern Europe. But now that Wizz wants to expand to Western Europe, I think this is something they want to prevent them from doing.
So I think at least for this year and probably next year, I'm cautiously optimistic that regardless what we are doing on the incentive side, there will be some capacity both from Ryanair and Wizz Air. And to be perfectly honest, I think the capacity we had in 2019 was not sustainable in any case. So I think I'm okay with the developments I see in this sector.
Cool. That makes sense. And can I ask a couple more? You spoke about your confidence of getting new retailers into stores that become empty. To what extent are you having to give on the contract terms? And i.e. are any of your stores impacted by minimum revenue guarantees?
I mean what we did in recent months was mainly renegotiating some of the contracts. I mean we had -- due to the fact that a lot of shops had to close down in any case, so obviously -- and we closed down Terminal 2. There was no revenue from these areas in any case. What we did is we extended the one other contract. We reduced minimum guarantees, but on the other hand, we got the potential of higher percentages in the future.
We have hardly any empty spaces, so the one major fashion shop, which has been closed now for good, we managed to get the new contractor. So overall, I think midterm, I'm very optimistic that we will be on the levels of pre-crisis, obviously, depending a lot on the traffic mix. So I think the biggest question mark is how quickly are passengers from Russia, Arabia, China, Asia, in general, are coming back. What we see so far is that those people who spend tend to spend more than they used to. Even -- I mean, the average revenue from passengers on Ryanair and Wizz Air increased by something between 20% and 30%.
But obviously, we are missing all the real high spenders from Russia, from China, from the Arabian peninsula. So I think this will be the major question mark for the years to come, when will these passengers come back in significant numbers. Then I'm very optimistic that we will reach the revenues we were used to prior crisis. Yes, that's -- I think that's the major -- I don't see any shift or major shifts from the contracts. So if passenger numbers are coming back. I think we should even benefit from the new contracts. If they are not coming back, we obviously suffer as our contractors do.
And then just a final one. On Malta, sorry, this is a Brit asking. I mean, do you guys -- I mean, you're obviously close to it. Why -- do you have any clue why it wasn't included on the green list? Because every metric that I can see, has it terribly similar to Portugal in terms of vaccines and virus, and yet we're not allowed to go there.
To be honest, I don't know. Actually -- and this is what I know for a fact that everybody in Malta was extremely surprised as well. This is obviously a very hot political issue because, I mean, the U.K. is the biggest source of tourists there, historically very close relations between the U.K. and Malta. So there's a very, very high pressure on government from the whole tourism industry in Malta to get Malta back on the green list. But I can't tell you. I don't know for a fact. Probably there are some political reasons behind it because, as you said, I mean, Malta has the highest vaccination rate in all over Europe. So from the pure factual point of view, it's very difficult to explain.
Yes. That's my take, too.
May I ask if anyone has questions related to the financials, please do it now because I will have to leave in several minutes unfortunately.
Okay. You heard, Mr. Ofner. Please go ahead. Seems there are no questions.
Okay. So thank you very much.
Apparently there are no more financial questions. Yes. thank you very much, Mr. Ofner. Are there any other general questions? Also Mr. Jager can answer. Or are all we all clear?
We will be much clearer in 2 months from now, but probably for now, that's it.
Exactly, exactly. Perfect. That's a good way to conclude it. Thank you very much, ladies and gentlemen, for joining. Our call for the half year results will be on 19th of August. That's a Thursday. So until then, stay safe, get vaccinated and book your next holiday flights. Thanks a lot. Bye. Buh-bye.
Bye.