Flughafen Wien : Presentation of the Results for the First Quarter 2021

FLUGHAFEN WIEN AG

Results Q1/2021

20.5.2021

Q1/2021: COVID-19 crisis continues - Q2 traffic figures below expectations - Forecast for 2021 is still achievable, but higher uncertainty exists

• COVID-19pandemic continues to affect aviation: Minus 64.4% in revenues, a net result before non-controllinginterests of minus € 25.0 million were registered in Q1/2021
• Countermeasures were applied in due time: Investments have been postponed, a comprehensive savings program with a volume of about € 200 million, low net debt und good results achieved in previous years help in the current situation
• Short-timework for all employees since one year, to guarantee workplaces, a prolongation of this is necessary for a longer period
• Forecast 2021: Vaccination progress in entire Europe, Green Pass and increasing booking numbers lead to slightly optimistic expectations for the summer, but traffic figures for Q2 are below expectations, leading to distinct higher uncertainty regarding the forecast for 2021

2

Continued profit and revenue drop due to COVID-19 pandemic

in € million	Q1/2021	Q1/2020	in %
Revenue	57.5	161.4	-64.4
Earnings before interest, tax, depreciation	2.4	59.0	-95.9
and amortization (EBITDA)
Earnings before interest and taxes (EBIT)	-30.9	26.4	-216.9
Financial results	-3.6	-5.0	28.0
Earnings before tax (EBT)	-34.5	21.4	-261.2
Net profit for the period	-25.0	16.1	-254.7
Net profit for the period after	-23.7	15.6	-251.4
noncontrolling interests

• The results of the first quarter of 2021 are significantly below the figures of the previous year, as the COVID-19 crisis only had a limited affect on the first quarter of 2020

3

Expenses: Significant cost reduction achieved in all positions

• Expenses for consumables and services used were significantly below previous year (-25.2%)
• Personnel expenses were down significantly by 49.1% due to lower average employee numbers (FTE) at the Flughafen Wien Group and the short-time work introduced
  in March 2020

in € million	Q1/2021	Q1/2020	in
%
Consumables and	-7.8	-10.4	-25.2
services used
Personnel expenses	-39.1	-76.8	-49.1
Other operating	-9.2	-14.4	-36.0
expenses1
Depreciation and	-33.3	-32.6	2.2
Amortisation
Impairment on	0.0	-3.0	n.a.
receivables

• Other operating expenses1 were reduced significantly by 36.0%
• Depreciation and amortisation rose by 2.2%, no impairment was recorded

4

1) Excluding Impairment/reversals of impairment on receivables

Higher net debt, negative free cash flow and significant CAPEX reduction

	Q1/2021	Q1/2020	in %
Net debt (€ million)1	230.7	201.9	14.2
Gearing (in %)1	18.0	15.5	n.a.
Cash flow from operating activities	-11.3	26.5	-142.6
(€ million)
Free cash flow (€ million)	-28.8	-21.0	n.a.
CAPEX (€ million)2	6.3	21.9	-71.3
Equity (€ million)1	1,281.1	1,305.5	-1.9
Equity ratio (in %)1	59.3	60.1	n.a.

• Net debt rises due to crisis to € 230.7 million
• Cashflow from operating activities drops sharply, leads to negative free cash flow (minus 28.8 million)
• Significant CAPEX reduction, equity ratio remains stable at 59.3%

5	1)	Comparison of March 31, 2021 vs. December 31, 2020
2)	CAPEX excl. financial assets and business combinations