Flughafen Wien 4Q 19 - In line with estimates, outlook highly uncertain
4Q 2019 results wrap-up: Flughafen Wien reported preliminary FY 19 results indicating 4Q 19 numbers being roughly in line with RCB and consensus estimates at EBITDA and net profit level. The top line slightly exceeded expectations which results from higher sales of the Handling segment (+2.0% to EUR 44.1 mn on new client contracts vs. RCB est. of EUR 41.6 mn). All other segment developments were in line with our expectations: Aviation +4.5% yoy to EUR 101.6 mn, translating into EUR 13.2 per passenger in 4Q 19 (EUR 13.0 in FY 19), Retail & Properties +18% to EUR 42.0 mn, Malta +7% to EUR 23 mn. We point to higher than expected personnel expenses (by EUR 8 mn vs. RCB est.), which could be related to extraordinary items, but need to be clarified in the conference call scheduled for 15:00 CET. The higher personnel expenses were compensated by the better sales development, higher other operating revenues and slightly lower material expenses.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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