Press: Munich Airport releases annual results

Earnings rise to new record of EUR 175 million in 2019

March 27, 2020

  • 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 experienced extremely strong traffic growth last year. The number of passengers increased by 1.7 million, or nearly 4 percent, to a new all-time high of 47.9 million. During the same period, the number of take-offs and landings rose by 1 percent to nearly 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 percent. Approximately 8.4 million passengers took advantage of the 59 intercontinental connections offered at Munich Airport. With the new gains in connectivity, Munich was able to further strengthen its position as an international hub. "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," says Jost Lammers, the President and CEO of Munich Airport.

The significant rise in passenger traffic seen last year matches the strong financial results posted by Flughafen München GmbH (FMG) in 2019. Based on preliminary figures, the airport and its subsidiaries achieved groupwide sales revenues of 1.6 billion euros in 2019. This represents a year-on-year gain of 4 percent.

Earnings after taxes (EAT) showed a year-on-year increase of 25 million euros to a new record of around 175 million euros, while EBITDA rose to around 555 million euros. After depreciation and amortization, this results in EBIT of approx. 345 million euros. The equity ratio of FMG now stands at approximately 43 percent. At the same time, the return on sales remained at close to the previous year's level: The EBITDA margin, at 35.4 percent, was just 0.3 percentage points lower than the 2018 figure.

For Thomas Weyer, the FMG CFO and Director of Infrastructure, 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." 

Summary of annual results of Munich Airport:

FMG Group financial results
(in million euros)

2019
(IFRS)

2018
(IFRS)

Group sales

1,5651,509

Earnings before interest, taxes depreciation
and amortization (EBITDA)

555538
Depreciation and amortization210214
Earnings before interest and taxes (EBIT)345324
Financial result-90-101
Taxes-80-73
EAT175150
EBITDA margin (in percent)3536
Operating cash flow430468

Please note that the 2019 financial results are still preliminary approximate values.


Summary of annual figures of Munich Airport:

Traffic figures2019Change
(in percent)

Passenger volume
Commercial traffic

47,941,3483.6

Aircraft movements
Total

417,1380.9
Cargo (in tons)

Airfreight and airmail350,058-5.0
Thereof airfreight turnover331,614-5.7

Similar topics