Flughafen Wien 1Q 20 - 1Q a notch above forecasts, April traffic -99.5%
1Q 20 wrap up: Operating 1Q 20 results of Flughafen Wien came in slightly higher vs. our and consensus estimates. Operating profit of EUR 26.4 mn compares to our estimates of EUR 24.3 mn and consensus of EUR 23.8 mn. On the back of an 18.8% decline of passenger numbers and 13.7% of total-take-offs-and-landings in 1Q 20 sales decreased by 9.0% yoy to EUR 161.4 mn (RCB est. EUR 161.2 mn, consensus EUR 155.4 mn). Segment revenues: Aviation -8.8% yoy to EUR 75.8 mn, Handling -5.0% yoy to EUR 36.6 mn, Retail & Properties -11.4% yoy to EUR 32.1 mn, Malta -17.7% to EUR 12.8 mn. EBITDA and operating profit fell by 17% and 31% yoy, respectively. The slightly better than expected performance relates to lower other operating expenses (-41% yoy to EUR 14.4 mn). This effect was partially compensated by an impairment of receivables of EUR 3.0 mn.Flughafen Wien is the operator of Vienna Airport. Through its subsidiaries, Co. is engaged in managing airport operations and also provides a range of infrastructure services, which include the development and maintenance of infrastructure, ground handling and security services to a variety of retail, gastronomy and parking services as well as real estate marketing. Co. is responsible for the operation and maintenance of all movement areas and the terminals, the facilities involved in passenger and baggage handling as well as security controls for persons and hand luggage. Co. also provides services for aircraft and passenger handling in scheduled, charter and general aviation traffic.
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