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Edited Transcript of FLU.VA earnings conference call or presentation 2-Mar-20 10:59am GMT

Preliminary 2019 Flughafen Wien AG Earnings Call

Vienna Airport Mar 27, 2020 (Thomson StreetEvents) -- Edited Transcript of Flughafen Wien AG earnings conference call or presentation Monday, March 2, 2020 at 10:59:00am GMT

TEXT version of Transcript

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Corporate Participants

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* Christian Schmidt

Flughafen Wien Aktiengesellschaft - Head of IR

* Günther Ofner

Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board

* Julian Jäger

Flughafen Wien Aktiengesellschaft - COO & Member of the Management Board

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Conference Call Participants

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* Bernd Maurer

Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst

* Charles Maynadier

Kempen & Co. N.V., Research Division - Analyst

* Stephanie Fabienne D'Ath

RBC Capital Markets, Research Division - Analyst

* Vladimira Urbankova

Erste Group Bank AG, Research Division - CEE Pharma Analyst

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Presentation

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Operator [1]

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Good day, everyone. Welcome to the Vienna International Airport Conference Call. Today's call is being recorded.

At this time, I would like to turn the conference over to Mr. Christian Schmidt, Head of Investor Relations for Vienna International Airport. Please go ahead, sir.

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Christian Schmidt, Flughafen Wien Aktiengesellschaft - Head of IR [2]

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Thank you very much. Good afternoon, ladies and gentlemen. Welcome to our conference call for the preliminary results of the financial year 2019 of Vienna Airport. Today's presentation will be held as usual by our Board members, Mr. Günther Ofner and Mr. Julian Jäger. The presentation will be followed by a brief question-and-answer session, where you will be given the opportunity to ask your questions. The call will be recorded and will most likely be available on our website by tomorrow noon. The slides of the presentation that will be held now are also available on our website, under Presentations.

And now I would like to hand over to our CFO, Mr. Ofner. Please go ahead, sir.

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [3]

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Yes. Good afternoon from Vienna. Today, we presented our preliminary income statement and balance sheet for 2019. And as I think anyone expected, it was a record high, both in revenues, plus 7.2%; and also in net profit, plus 15.7%. Based on that, we decided to go to a payout ratio of 60%, as previously guided, which contributes to a dividend of EUR 1.13, which is an increase of 27% compared to 2018.

Maybe even more interesting for you is what we consider regarding the coronavirus and the effects on our business. So from today's perspective, we cannot give a new guidance for full year 2020. We think that the given guidance still could be reached, but it's less likely, day by day, the problems continue. So we think that we should have a much more clearer picture mid or end of April, especially to see how the strategy of the airlines in regard of the summer schedule works and how the overall development up to that point in time is developing.

What we saw so far is that in the first 2 months of this year, we had plus -- roughly plus 10% in passengers. But last week, we saw a strong weakening, and Julian Jäger will provide for you some details in regard of that. What is very essential is that from today's perspective, it is necessary to look for cost reductions. And we are currently evaluating a set of measures we can undertake to secure our financial results also for the year 2020. It will depend on the detailed evolutions, which of the measures we will put in action. Normally, in this point in time, we are starting to hire substantial numbers of employees for the summer schedule. And so we have room to maneuver even without layoffs to influence not only normal expenses but also, to a certain extent, personnel expenses.

What we saw in recent external shocks was that they have only resulted in a short term or, for several months, reduction of passenger flows and growth. And in all cases, so far, the ashes or SARS or the financial crisis, we saw a recovery sooner or later, and the overall growth trend was met again after some time. So from that historic perspective, I think there is no reason to be over panicking about the overall effect of this crisis. Also, we are not totally aware, in this moment, what the consequences in the next days and weeks will be as we see that fairs and expositions and conferences are canceled or postponed. And also, the bookings for summer tourism seem to be rather weak right now.

We are in close cooperation with our authorities to protect passengers and our employees. And also, the topic of climate change is not in the headlines now. We stay and stick to our strategy to concentrate on the reduction of energy consumption and CO2 emissions. And for 2019, we have been rather successful in doing so by lowering our energy consumption by 16% and our CO2 emissions by 15%. And whatever happens in the overall business, we will continue this effort also in the near future.

We saw, in the last 3 years, a significant rise in employment and mainly driven by the high -- extraordinary high growth. And we have ample of room to maneuver, if necessary, to come down to another level of employment sooner or later if the situation would dramatically worsen. In our system altogether, 25,000 people are employed. And only January and February this year, we saw 7 companies relocating their business to the airport. You find the list in our presentation.

In regard of our earnings, if you ask what the reason is, why the financial result is slightly weaker than the year before, this is related to IFRS 16, but it should be more or less neutral in the balance sheet as such. It's just a relocation somehow of balance sheet positions.

What we also see, if you look at the next slide, is that we now could continuously, over more than 8 years, improve our net profit. But for 2020, the guided net profit above EUR 180 million, as I already explained, is now in doubt given the current situation. The dividend increase is substantial. If you look at the last 5 years, you see that the dividend has more than doubled. If you look back from 2011, it has more -- increased by 450%.

What also is a very important factor is that we could successfully reduce our net debt position to now EUR 81 million at the end of this year. This is mainly due to the fact that our CapEx with EUR 171.8 million was quite low what we have guided. This is partly due to the fact that, that projects could be realized with less expenses than expected. Another portion is just the time delay and is shifted to the next period.

Overall, we want to stress that we are not changing our investment program in regard of Terminal 2, Pier East and south extension. Things are going well. So from today's perspective, we are within our time frame increasing budget. And Office Park 4 will be opened on the 27th of May, and it's more or less ready for operations, and we will not change that plans. And maybe it's one of your questions later, so I can answer it already now. It will not, at all, affect our plans and the work for the third runway.

The share price was heavily affected, as you are aware. So we came down from roughly EUR 3.2 billion to EUR 2.5 billion in our market cap. For mid- and long-term investors, I think that it could be a very good chance to step in because we are rather optimistic that from a mid-term and long-term perspective, this external shock will also be an episode, painful but an episode, as all the others have been before.

So the outlook for 2020 we gave in January is now to be seen with a very high degree of uncertainty, except maybe the CapEx guidance because this is due to the fact that now terminal construction work is underway, and Terminal 2 should go in operation end of the year. So we will spend the invest -- money there mostly also this year.

I already mentioned Office Park 4, and it's in time and in budget, the improvement in our energy strategy. And we will also move forward in expanding our energy production through photovoltaics, which finally should amount to roughly 1/3 of our total consumption.

Our venture with Plug&Play is working well. We had a very good, recognized conference on the 20th of February in our accelerator program, more than 300 participants, more than 40 global corporate partners, and this venture will also go to Office Park 4 once it's operational.

So that's from my side, and I hand over to Julian Jäger.

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Julian Jäger, Flughafen Wien Aktiengesellschaft - COO & Member of the Management Board [4]

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Good afternoon, ladies and gentlemen. Yes, before I jump to the segment results, 2019, a few words regarding the current traffic development because of the coronavirus spread in Europe and worldwide.

I don't have to waste time to talk about 2019. What's interesting today are the effects of the coronavirus. I think from today's point of view, it is still possible to reach the 3% to 5% passenger growth in 2020. But day by day, this crisis continues. Obviously, it's becoming more and more unlikely. We believe that in the course of April, so at the latest, by the end of April, we will be in a position to come up with a new guidance. I think what is very important, and which you see on Slide 16, is that the effect of this crisis changed very significantly in the course of the last 7 days. So if you would have asked me 10 days ago what we think about the effect of this crisis, I would have said it's very -- it's contained. It affects mainly China. We had a reduction of traffic to China by 90%. In the meantime, it went to 100%. There are no direct flights between China and Austria anymore. But it did not affect other areas until maybe 10 days ago.

Just 7 days ago, Monday, last week, we still had traffic growth by 6.2%, and then it sharply went down, minus 2%, minus 9%, minus 9%, minus 10%, minus 13%; and yesterday, Sunday, minus 9% again. So right now what we are seeing is plus/minus the reduction in traffic by 9%. Long-haul is roughly double. So long-haul is obviously more affected, and the reduction in long-haul traffic is roughly minus 20%. But Asia obviously is significantly more affected than North America. And in Europe, we see a sharp decline in traffic towards Italy. So traffic to Italy, roughly half in the course of the last few days. And I think the major and big guess question is how long the attention in the media about this coronavirus will continue. And I think the major question will be if this affects traveling in summer or not.

What you see here on Slide 16 as well is February 2020 was still positive, plus 5.2%. We will issue our figures for the full 29 days of February, I think, on the 11th of March, if I'm not mistaken. But the relevant question is what's going to happen in March, April. April, that's the Easter season. I would expect a lot of cancellations from holidays. So yes, I think this will determine then the effects of this crisis on 2020 traffic.

If you move on to Slide 17. I think what you can see very clearly here is that be it 9/11, SARS, the financial crisis, MERS, Ebola, whatever, had, if any, effect at all, a very short-lived effect. And if you look at SARS, which from the time frame, it was very similar to this virus, we had a reduction of 1% in March, 1% in April, 1% in May, and summer was then more or less normal again. I think due to the fact that corona now is heavily affecting traffic all over Europe with the cancellation of ITP and many other fares, obviously, the effect of coronavirus will be significantly harder than SARS. But it's not even the financial crisis, which meant a very significant decrease of traffic in that particular year really affected the long-term growth. And therefore, again, as Günther said before, we are not going to change anything from our investment program.

Yes, a clearer assessment on our outlook for 2020 will be available after Easter, so in the course of April. And then we will have a clearer view as well on possible measures in terms of cost cutting.

Yes, I think from an operational perspective, there's no reason to believe that we would have any problems soon. Obviously, with the reduction in passenger numbers, it's currently the opposite. So there's less waiting time, there are less delays, everything works very well. And we are in very close contact with the authorities in Austria to discuss next steps.

Moving forward to -- and very briefly discuss the segment results of 2019. I think Airport had a good year. Obviously, as you know, there was a positive development in revenue, but not in line with passenger numbers, mainly due to incentives. An EBIT of 4.2% plus, EUR 104 million. I think, overall, a good year. And again, I think the major question is -- are the effects on our airlines here in 2020. And I think I'm less worried about the effects in terms of the travel behavior of the people worldwide or in Europe. But obviously, we have airlines in Vienna who already didn't have a great financial performance. So obviously, I think this will be the key question in the coming months.

Just a few words about our terminal extension. Everything is on track. I think seeing the first tender results in terms of construction costs makes us even more optimistic that we will be in line with our EUR 500 million budget. Right now we are modernizing Terminal 2. Should be finished by the end of this year. Then we are going to close Pier East for 2 years. There will be more shopping area. There will be a separation of the arriving and the departing passengers, so we will have a centralized security control. And the most important part of the terminal extension is then the south extension in -- which should open in 2023 with 11,000 square meters of new shopping and F&B space. Yes, new lounges with a waiting area and so on.

Very positive results we saw in the Handling & Security Services Segment. On the -- one significant increase in external revenue. This was, on the one hand, due to lower costs charged or lower prices charged to Austrian Airlines; and on the other hand, weather-related decrease in de-icing revenue, minus EUR 3.6 million. But the EBITDA increased by 47% to EUR 15.8 million, and EBIT increased from EUR 2.2 million to EUR 7.3 million. So I think we are on a good way there. We managed to keep our operating costs low, and we had a very significant reduction in the staff cost per departure. The costs, they were reduced by 10% for the full year and by 16% in the second half. So you will see spillover effect here into this year as well, and it means that we are using our personnel now with much more efficiency as, I think, our team there did an excellent job.

Additionally, we got 7 new customers. We got 8 contract extensions and 4 contract expansions, so -- where we are providing now the additional service in passenger handling for some airlines. So overall, I think we are on a good way. Obviously, we don't know yet the effect of the reduction in traffic, secondly, on this segment, but last year was definitely an important step into the right direction.

I think where we managed very well to materialize the passenger growth into revenue and EBIT growth are both the Retail & Properties segment. We had a strong rise in revenue from F&B and in retail businesses, plus 14.6%. Parking is very well with plus 11.9%; lounges, plus 20.8%. So overall, a very good development, I would say. And overall, we had an EBIT of 85.6%, plus 17.1%. And until, yes, a week or 2 weeks ago, I would have said we expect an impact of roughly EUR 2.5 million from this coronavirus crisis. This would have been the impact on Chinese. In light of recent developments, we have to ask therefore some more time as well, and we will come up with a new traffic guidance and probably a new guidance in terms of our financial results in the course of April.

We will see a lot of -- we saw already some improvement in -- with new shops in this segment. We are going to open 1,100 square meters of new restaurants in the next 12 months with very attractive brands. So overall, we expect a good development in this segment in the future, obviously, depending on financial numbers.

Coming to the last segment, Malta. Yes, excellent results, plus 8.8% revenues on 7.3% -- 7.4% passenger growth; EBIT, plus 19%. Yes, overall, an excellent development. We are going to invest in Malta very significantly into nonaviation revenues. We are going to build 25,000 square meters additional office space. We're going to build a new hotel with, I think, roughly 5,000 square meters. Right now we are finishing a new parking garage. So overall, we are strengthening our position there for our Airport City in Malta. And on the other hand, we are extending the terminal very significantly, building additional space in the terminal for additional check-in space, security, new F&B space, new shops. So overall, we're going to extend the terminal to cope with, on the one hand, the very significantly increased passenger numbers in the recent years; and on the other hand, obviously, to strengthen our position and strengthen our ability to generate more money from shops and F&B.

Yes. Finally, Kosice Airport had a good year as well, plus 2.9% passenger growth; net profit for the period, EUR 2.7 million. I can only repeat myself. I think it's astounding that they managed with roughly 500,000 passengers to give a net profit of EUR 2.7 million. I think this is very remarkable. It's the only airport in Slovakia which makes money. It's -- even if you compare it with Germany, I think there are very few airports below 5 million passengers who actually make money there. And therefore, I think our guys there are doing a great job. And yes, so we hope that this continues like that.

Maybe a very last point on Malta and coronavirus. Until a few days ago, there was fewer impact on Malta from the coronavirus. Obviously, now with Italy affected, it will affect Malta as well. And people are holding back right now in terms of their flight plans and travel plans for summer. But the impact due to the fact that there is no real long-haul connection out of Malta, the impact should be significantly less than the impacts on the Vienna Airport.

Yes, that is from our end, and now we are happy to take your questions.

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Questions and Answers

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Operator [1]

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(Operator Instructions) We'll hear first from Bernd Maurer with RCB.

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [2]

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Nobody on the phone.

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Operator [3]

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(Operator Instructions) We do have a couple of questions that just came in. We'll hear from Vladimira Urbankova with Erste Bank.

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Vladimira Urbankova, Erste Group Bank AG, Research Division - CEE Pharma Analyst [4]

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Yes, just 2 very small questions. One would be regarding the impact of the coronavirus on passenger traffic. According to last year data, you had fast -- Far East passengers in Vienna at some 700,000 passengers. So this would be the base from which we will pick up slightly this year. And I'm just wondering what would be the base, like Italy or some most affected European markets. What is the base figure for 2019 from which we will see a possible reduction?

And then, of course, when do you think you will have a visibility regarding the summer schedule? Do you have maybe some more information now because, in January, you said that you might have more visibility? Or this is still -- or partly due to the coronavirus? This would be additional question to that.

And regarding cost savings measures, as far as I can see it right now, it is right that you are -- you have maneuvering space, but there is nothing that we should see, like, penciled in, right? Like, I don't know how to quantify how much you can achieve in any cost savings. And do they go beyond the personnel costs or you have some other possible measures also planned for this year regarding coronavirus?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [5]

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Yes. Starting with your last question. We have all the potential room to maneuver in all cost positions. I mean it's not possible to quantify it right now but the firepower is enormous, if it's necessary. So don't be afraid that we will not find enough material to try to reach our financial goals. I mean it's normally a very big difference, what we are discussing about. If you are discussing about a short-term problem, maybe for 5 months, 6 months, then the strategy would be a different one compared to the situation where we expect, for a long period of time, a deterioration of traffic and passenger numbers and so on. So for a short period, I think we have a substantial room to maneuver. And today, I'm not expecting that it will have a major mid- or long-term impact.

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Julian Jäger, Flughafen Wien Aktiengesellschaft - COO & Member of the Management Board [6]

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Let me -- regarding passenger traffic. You're right, the market share of Asia is 4.5%, roughly. So this would mean 1.4 million, 1.5 million passengers overall or 700,000 departing passengers. In Italy, has a market share of 6.3%, or had a market share in 2019. But from today's point of view, it's really impossible to judge the development there because nobody can rule out that, I don't know, Spain would be the next country where there's a wide outspread of the virus. So it could be Germany, which -- with a market share of 17.5%. So I think whatever we do is -- right now is pure speculation. And I think we have to face -- or most probably, we will have to face a very significant reduction traffic in March and April. And from then on, it really depends how quickly the virus gets out of the media again because I think the perceived consequences are significantly stronger than the real health risk people are facing from this disease. So therefore, I think it's really speculation. That's why we said that if we take plus/minus 2 months until we will come up with a new guidance on traffic, and obviously then, as well on our results. And until then, we'll be working on a cost-cutting program, and to which extent, it will have to be then materialized, we will decide when we know more about the traffic situation.

And I mean in terms of cost cutting, the major bulk of our -- or an important part of our operational staff usually is going to be higher now in March, April, May for the busy summer schedule. So I think the -- there, we will face less pressure to reduce that. But the question mark will be, do we increase staff, how much more staff do we need this summer. And I think this is really a difficult decision we will have to take. And probably we're reducing staff too much. This would be a nicer problem and would mean probably some cues. On the other hand, if we don't decrease too much, it's a cost problem. So this is one of the challenging we are facing now in the next few months, in the -- more weeks than months.

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Operator [7]

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We'll hear next from Charles Maynadier with Kempen.

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Charles Maynadier, Kempen & Co. N.V., Research Division - Analyst [8]

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Just one question from me on the CapEx. So last year, you guided for EUR 2.5 billion of CapEx over 2019, 2028, so about EUR 250 million per year. Last year, you've done less than you guided for. 2020 guidance of EUR 230 million is also below that EUR 250 million average figure despite the expansion in CapEx. So my question is how realistic is that number of EUR 250 million per year going forward?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [9]

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Yes. I mean these 10 years plan is more or less still valid. I mean we are currently reevaluating the plan, and then it closed to 29. And once we have done that, we can give you the more accurate figure. So I will not rule out there are some changes that could affect the overall sum.

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Charles Maynadier, Kempen & Co. N.V., Research Division - Analyst [10]

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Okay. And so when will you give that?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [11]

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Redoing the 10 years plan.

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Charles Maynadier, Kempen & Co. N.V., Research Division - Analyst [12]

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Yes. And when will you give visibility on that, on the new numbers?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [13]

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We will discuss it in the Supervisory Board end of March. And maybe with our new guidance for the full year, we can give you also visibility on that.

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Charles Maynadier, Kempen & Co. N.V., Research Division - Analyst [14]

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Yes. So it's likely going to be lower?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [15]

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It could be lower, yes.

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Operator [16]

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And we'll hear from Bernd Maurer with RCB.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [17]

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One question referring to personnel expenses in the fourth quarter. As personnel expenses around about EUR 10 million higher in the final quarter versus Q2 and Q3, I would expect that there were some year-end effects, probably some increasing of provisions and so on. Can you quantify if there are any, so to say, nonoperational, external extraordinary effects in the number?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [18]

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It's roughly EUR 2.5 million for the personnel expenses that are one-offs.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [19]

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Okay. Then the total uplift of roundabout, what is it, EUR 7 million, EUR 8 million versus 4Q 2018, it says EUR 7 million versus 4Q '18, which included to comments are -- from you, some EUR 4 million of personnel -- of provisions, of additional provision building, already uplift of about EUR 10 million versus the other quarters.

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [20]

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Get2. I mean we fully consolidated this year Get2, the company.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [21]

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Yes. But this is -- you consolidate the company since May. Yes?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [22]

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And we also hired the part-time leased workers in our Handling department. So therefore, you see this uplift in the fourth quarter. It's because, partly, those expenses were in Q3 in other expenses.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [23]

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Okay. Can you then state...

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [24]

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But the [later] is GET2.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [25]

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But GET2 was, if I'm not mistaken, consolidated as of May, right?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [26]

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Yes. But it's also a basis effect if you take it in the fourth quarter because it was not included in last year's [4Q]. So if you put it altogether, I would say it's roughly EUR 5 million, EUR 6 million is more or less extraordinary compared with the year-on-year.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [27]

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Compared year-on-year, yes. Do we have then a number of employees end of 2019 per hand?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [28]

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Yes. 6,805.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [29]

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6,805.

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [30]

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In [heads]

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [31]

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Yes. And full-time equivalents?

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [32]

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In FTE, it's 4,000 something. I'll give you the figure. End of the year, including Malta, it's 5,385.

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Bernd Maurer, Raiffeisen CENTROBANK AG, Research Division - Head of Company Research & Chief Analyst [33]

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5,385? Yes.

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [34]

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Yes. 5,385. If you take out Malta, 379. If you take out León, 223. And if you take out GET2, 260. So if you want to compare it, you would have to deduct the 500 or something around.

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Operator [35]

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(Operator Instructions) We'll hear next from Stephanie D'Ath with RBC.

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Stephanie Fabienne D'Ath, RBC Capital Markets, Research Division - Analyst [36]

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I apologize if I'm asking questions that were already asked, but I missed part of this call. So firstly, in terms of sensitivity to traffic. So you kept your 3% to 5% traffic guidance for Vienna Airport. What would that mean if we move it by 1% downwards for your EBITDA range? Would it stay the same? Or at what kind of traffic downgrades would trigger a revision of your minimum EBITDA outlook? And secondly, currently, if we look at the lower end of your 2020 guidance, you're looking for EBITDA margin expansion versus 2019 actual. So how comfortable are you -- what is like your margin -- EBITDA margin outlook? And then thirdly, you have done some share buyback in the past, and I believe the Board approved some more. Given the recent share price weakness, would you consider starting buyback again? Or given your free float is very low, you would not want to decrease the credit even more?

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Julian Jäger, Flughafen Wien Aktiengesellschaft - COO & Member of the Management Board [37]

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I mean to start with your first 2 questions. I -- we did not reiterate our guidance. What we said today is that it's still possible to achieve it. But we will come out in the next 4 to 8 weeks with a new passenger forecast and with a new -- possibly then a new financial guidance. So therefore, I would not want to speculate, and we cannot give out any serious information about what would happen if we have 2% growth or 4% growth or something. So I think the situation right now is extremely volatile. And I'm not sure if you were on the call. But just in the last 7 days, the range was from plus 6% passenger growth on Monday to minus 13% on Saturday and minus 9% again on Sunday. So I think it's not possible right now to come up with a proper guidance. And therefore, what we believe and what we've seen from a certain sensitivity analysis in terms of passenger numbers, it's not out of the question to reach the 3% to 5%, given a recovery of traffic in summer. But nobody today could really say if there will be a recovery over summer. So therefore, we definitely need the next 4 to 8 weeks to assess the situation, to work on a cost-savings program. And then somewhere in April, after Easter, we will come out with a new guidance. And I think it's impossible right now or it does not make sense to speculate on possible outcomes. It's not out of the question to reach our guidance, but obviously, with every day, the coronavirus crisis carries on, it becomes more and more and less and less likely.

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Günther Ofner, Flughafen Wien Aktiengesellschaft - CFO & Member of the Management Board [38]

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Yes. So far, we acquired roughly 0.1-something percent of our shares. So it's a very minor portion. And the program, as you might be aware, is scheduled until June. It has a price band of EUR 30 to EUR 38. And even if we would be eligible to buy until June, we would not reach the 1% absolute number that we are limited. So there is no real, substantial amount of shares that will be acquired up to June from today's perspective. Whether the program then ends definitely or will be renewed is still to be discussed, and we will inform the markets once there is a decision found on that.

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Operator [39]

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(Operator Instructions) Okay. We have no other questions at this time.

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Christian Schmidt, Flughafen Wien Aktiengesellschaft - Head of IR [40]

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Yes. And I think we'll call it a day. Ladies and gentlemen, thank you very much for your questions and for your interest. If you have any other questions, don't hesitate to get in contact with me. I wish you a nice afternoon, and goodbye, and see you next time.

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Operator [41]

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And again, that will conclude today's conference. Thank you all for joining us.