Flughafen Wien 3Q 20 - Quarterly results in line, guidance reflects cost savings
3Q 20 wrap-up: Quarterly operating results of Flughafen Wien were in line vs. RCB and consensus estimates. EBITDA of EUR 13.5 mn compares to our estimate of EUR 14.8 mn and EUR 16.1 mn of the company-polled consensus. As in 2Q 20, operating profit was again negative at EUR -27.4 mn (3Q 19 EUR 98 mn, 2Q 20 EUR -43 mn) and below RCB and consensus of around EUR -18 mn. The underperformance was triggered by extraordinary depreciation charges in the amount of EUR 7 mn. The drag on earnings from the top line slump (to EUR 81 mn from EUR 242 mn, -66% yoy) was cushioned by significantly lower personnel expenses helped by short term work (to EUR 51 mn from EUR 79 mn yoy) and lower opex (to EUR 17.7 mn from EUR 37.2 mn yoy).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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