Flughafen Wien : 2nd Quarter 2021

Quarterly Report

2/2021

Flughafen Wien AG

www.viennaairport.com

CONTENT
Content
Key Data on the Flughafen Wien Group ��������������������������������������	3
Letter to the shareholders ��������������������������������������������������	4
Group Management Report	6
Passenger numbers for Flughafen Wien Group �������������������������������	7
Earnings in the first half of 2021 ���������������������������������������������	9
Earnings in second quarter of 2021 ������������������������������������������	11
Financial, asset and capital structure ����������������������������������������	13
Capital expenditure��������������������������������������������������������	15
Risks of future development ������������������������������������������������	16
Guidance 2021�������������������������������������������������������������	21
Condensed Consolidated Interim Financial Statements as of 30 June 2021	23

Consolidated Income Statement ������������������������������������������� 24 Consolidated Statement of Comprehensive Income��������������������������� 25 Consolidated Balance Sheet ������������������������������������������������ 26 Consolidated Cash Flow Statement ����������������������������������������� 27 Consolidated Statement of Changes in Equity �������������������������������� 28

Selected Notes	29

Statement of the members of the Management Board ������������������������ 52 Imprint ������������������������������������������������������������������� 53

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KEY DATA ON THE FLUGHAFEN WIEN GROUP

Key Data on the Flughafen Wien Group

Financial Indicators (in € million, excluding employees)

H1/2021 H1/2020 Change

Total revenue

Thereof Airport

Thereof Handling & Security Services

Thereof Retail & Properties

Thereof Malta

Thereof Other Segments

EBITDA

EBITDA margin (in %)1

EBIT

EBIT margin (in %)2

Net profit

Net profit parent company

Cash flow from operating activities

Capital expenditure3

Income taxes

Average number of employees4

128.6

42.2

35.4

32.2

12.6

6.2

25.2

19.6

-40.3

-31.3

-32.5

-30.8

9.4

17.3

-13.6

4,984

30.6.2021

195.8 -34.3%

83.4 -49.4%

48.2 -26.5%

42.3* -23.9%

14.9 -15.5%

6.9* -11.0%

48.9 -48.4%

25.0 n.a.

-16.2-149.2%

-8.3 n.a.

-18.2-79.1%

-16.7-84.4%

-6.8 238.4%

39.2 -55.8%

-5.8 134.6%

5,634 -11.5%

31.12.2020 Change

Equity		1,274.4	1,305.5	-2.4%
Equity ratio (in %)		61.3	60.1	n.a.
Net debt		222.9	201.9	10.4%
Net assets		2,079.0	2,173.3	-4.3%
Gearing (in %)		17.5	15.5	n.a.
Number of employees (end of period)	4,983	5,296	-5.9%
* adjusted
		H1/2021	H1/2020	Change
Passenger development of the Group
Vienna Airport (in mill.)	2.0	5.1	-61.4%
Malta Airport (in mill.)	0.4	1.0	-60.3%
Košice Airport (in mill.)	0.0	0.0*	-54.0%
Vienna Airport and strat. investments (VIE, MLA, KSC)	2.4	6.2	-61.1%
Traffic development Vienna Airport
Passengers (in mill.)		2.0	5.1	-61.4%
Thereof transfer passengers (in mill.)		0.6	1.0	-42.7%
Aircraft movements		29,455	53,093	-44.5%
MTOW (in mill. tonnes)5		1.3	2.3	-41.9%
Cargo (air cargo and trucking; in tonnes)		125,150	107,830	16.1%
Seat load factor (in %)6	52.8	63.9	n.a.

* adjusted

Stock Market Indicators

Market capitalisation (as of 30.6.2021; in € mill.)	2,457
Stock price: high (2.3.2021; in €)	32.25
Stock price: low (1.2.2021 in €)	27.50
Stock price as of 30.6.2021 (in €)	29.25
Stock price as of 31.12.2020 (in €)	30.45
Market weighting ATX Prime (as of 30.6.2021; in%)	0.82

• Ticker Symbols

Reuters VIEV.VI

Bloomberg FLU:AV

Nasdaq FLU-AT

ISIN AT00000VIE62

Spot market FLU

ADR VIAAY

1. EBITDA margin (Earnings before Interest, Taxes, Depreciation and Amortisation) = EBITDA / Revenue 2) EBIT margin (Earnings before Interest and Taxes) = EBIT / Revenue 3) Capital expenditure: intangible assets, property, plant and equipment and investment property including corrections to invoices from previous years, excluding financial assets 4) According to the degree of employment including apprentices, exclusive employees without reference (parental leave, armed forces etc.), exclusive board members and managing directors weighted "full-time equivalent" on an annual average 5) MTOW: maximum take off weight for aircraft 6) Seat load factor: Number of passengers / available number of seats

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LETTER TO THE SHAREHOLDERS

Dear Shareholders,

As in the previous quarters, the COVID-19 pandemic remains the defining factor for Flugha- fen Wien AG's business development. The first half of 2021 was again characterised by travel restrictions and bans, quarantine measures and lockdowns. Passenger volume therefore declined considerably compared with the same period of the previous year, in which January and February were not yet impacted by COVID-19.

The Flughafen Wien Group, which includes the airports in Malta and Košice, registered a drop in passenger numbers of 61.1% from more than six million to 2,393,631. The number of aircraft movements declined from over 63,000 in the first half of 2020 to 34,780 take-offs and landings.

At Vienna Airport, the declines were similarly severe with a drop of around 61.4% in passenger numbers and 44.5% in aircraft movements, which affected all destination regions equally. Compared with the last "normal" financial year in 2019, the shortfalls are even more significant at around 87% for passenger numbers and 77% for aircraft movements. Only cargo volume developed positively, with growth of 16.1% as against 2020 to around 125,000 tonnes. Compared with 2019, this is nevertheless a decline of 8.0%.

The greatest crisis in aviation history is also reflected in the Flughafen Wien Group's financial indicators: Revenue declined by more than a third from € 195.8 million in the first half of 2020 to € 128.6 million, while EBITDA decreased by 48.4% from € 48.9 million to € 25.2 million. EBIT slipped from minus € 16.2 million deeper into negative territory at minus € 40.3 million, as did the net result, which dropped from minus € 18.2 million to minus € 32.5 million.

However, the pandemic is reflected in the statement of financial position only with a slight increase in net debt from € 201.9 million at the end of 2020 to € 222.9 million as at 30 June 2021, with the equity ratio improving slightly from 60.1% to 61.3% due to a decrease in total assets. Our company's financing remains extremely robust and secure in all crisis scenarios in the long term.

Despite these dramatic declines in the first half of the year, a significant improvement is emerging for the second half, which is based on several factors. Thus passenger volume in July recovered to around 50% of the pre-crisis level of 2019, and the first weeks of August confirmed this trend. At present, up to 70,000 passengers are handled on peak days. Many airlines increased their capacity and expanded their range of destinations ahead of the tourist season. In the summer months, for example, our home carrier Austrian Airlines temporarily flew to more than a hundred destinations again. A revival in willingness to travel is also being assisted by the introduction of the 'green pass', which serves as evidence of vaccination status throughout the EU, although individual countries still impose lots of travel rules of their own.

A second factor is that the negative effects of the COVID-19 pandemic were considerably softened with frugality and efficiency - an extensive cost reduction programme was adopted as soon as the coronavirus crisis started. Expenses were thus significantly reduced in nearly every area. Personnel expenses alone declined by nearly € 30 million year-on-year to € 80.2 million in the first half of 2021.

Government support - such as the extension of the short-time working allowance until the end of this year - is also contributing to a more optimistic view of the second half of the year. The company-wide use of short-time work prevented a massive workforce reduction.

Capital expenditure was naturally scaled back considerably in the past few quarters, although important, future-oriented projects are of course continuing. For example, the 24-hectare photovoltaic plant, by far the largest in Austria, is being swiftly completed, and the new logistics centre for the company DLH, which recently had its ground-breaking ceremony, is contributing to the further growth of Airport City.

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LETTER TO THE SHAREHOLDERS

We are certain that new opportunities will arise for air transport and tourism once the COVID-19 pandemic has died down, which we - as in the past - will make use of in a targeted and creative manner. Given the very dynamic development of infection and vaccination rates, however, the extent to which this will happen this year cannot be predicted with certainty.

Although the approximately 12 to 13 million passengers (of which around 10 million at Vienna Airport) expected in the FWAG Group for 2021 as a whole is below the figure originally planned for as a result of the pandemic, the current guidance of positive net profit for the period of around € 4 million for 2021 is confirmed under these conditions. This is due on the one hand to material cost savings such as lower expenses for incentives, lower maintenance expenses and reduced personnel costs, and on the other hand to higher government subsidies as a result of the extension of short-term work until the end of the year and additional revenue from property transactions. In 2021, revenue is expected to come to around € 380 million (previously € 430 million) and EBITDA to around plus € 150 million (unchanged). Net debt is expected to decline to around € 100 million again after the increase in the previous year. Capital expenditure will amount to around € 60 million.

Because of the difficulty of predicting the further course of the pandemic, the guidance for 2021 remains subject to uncertainty.

Finally, we would like to thank you, our shareholders, for continuing to place your trust in our company and its dedicated employees in this extremely challenging time.

We hope you all get through this difficult time successfully and, above all, in good health!

Schwechat, 12 August 2021

The Management Board

Günther Ofner	Julian Jäger
Member of the board, CFO	Member of the board, COO

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