Munich Airport releases annual results

(Photo: FMG)

 

  • Earnings (EAT) rise to new record of EUR 175 million in 2019
  • Consolidated revenues rise to 1.6 billion euros
  • FMG Group records record earnings of 175 million euros
  • Successful 2019 fiscal year leaves the airport in a strong position to face the coronavirus crisis

Munich Airport has released its annual results for 2019. Its operating company, Flughafen München Gmbh (FMG), described the airport’s traffic growth for last year as “extremely strong” as passengers numbers increased by 1.7 million, or nearly 4%, to a new all-time high of 47.9 million. During the same period, the number of take-offs and landings rose by 1% to almost 417,000. In the intercontinental segment, which is a key driver of the airport’s business performance, passenger numbers were up by an impressive 9%. Approximately 8.4 million passengers took advantage of the 59 intercontinental connections offered at Munich Airport.

Jost Lammers, the president and CEO of Munich Airport, commented: “We want to continue that trend when the current global crisis in aviation is over. Despite the expected massive decreases in traffic this year, our airport retains its enormous potential for continued dynamic growth.”

FMG said the significant rise in passenger traffic seen last year matched its strong financial results. Based on preliminary figures, the airport and its subsidiaries achieved group-wide sales revenues of €1.6 billion in 2019, which represents a year-on-year gain of 4%.

Earnings after taxes (EAT) showed a year-on-year increase of €25 million to a new record of around €175 million, while EBITDA rose to some €555 million. After depreciation and amortization, this results in EBIT of approximately €345 million.

FMG’s equity ratio now stands at approximately 43%. At the same time, the return on sales remained at close to the previous year’s level: the EBITDA margin, at 35.4%, was just 0.3% points lower than the 2018 figure.

Thomas Weyer, FMG CFO and director of infrastructure, noted that the outstanding financial results are significant especially in the context of the current challenges: “The fact that we posted the best result in our company’s history in 2019 will help us in 2020 to weather the massive declines in traffic and revenues caused by the coronavirus pandemic. We are now benefiting from the substantial reserves built up through the successful operation of our airport.”