Press: Pandemic causes triple-digit million loss

Munich Airport presents its financial results

April 7, 2021

  • Massive revenue losses affecting all FMG’s business areas
  • EAT at EUR -320 million
  • Countermeasures yield savings of EUR 530 million


Despite Munich Airport introducing countermeasures straight away, according to provisional calculations the global coronavirus pandemic and its serious consequences for tourist travel resulted in a nine-figure loss for the airport in 2020. Together with its subsidiaries, Flughafen München GmbH (FMG) reported Group-wide revenue of EUR 1.6 billion in 2019, but this figure dropped to EUR 580 million last year. The provisional figures so far indicate that FMG will have to post a loss of EUR -320 million under earnings after taxes (EAT). In the record year of 2019, the airport reported a profit of EUR 178 million.

The massive drops in revenue are spread across all FMG’s business areas, affecting both aviation income and passenger-consumption-related income generated from catering, retail, and parking.


Directly after the pandemic broke out, FMG responded with an array of measures aimed at limiting losses and safeguarding liquidity. Short-time working arrangements were introduced for most of the Group’s 10,000 or so employees, the Terminal 2 satellite building and Terminal 1 were temporarily shut down, and any investment projects not currently classed as strictly necessary were postponed. This led to total savings of EUR 530 million in 2020.

FMG’s earnings before interest, taxes, depreciation and amortization came to EUR -160 million last year. Taking into consideration depreciation and amortization, EBIT amounted to EUR -400 million.

In 2020, the COVID-19 pandemic saw Munich Airport record its lowest traffic figures since it opened in 1992. Due to global travel restrictions, the passenger volume in Munich fell by around 37 million to a little more than 11 million, nearly 77% lower than the previous year’s figure. In the months of January and February that were not impacted by the pandemic to come, over 6 million more passengers were recorded than in the following ten months. The number of take-offs and landings dropped by more than 270,000 to around 147,000 in 2020 – a fall of nearly 65%. The cargo volume – including air freight and air mail handled – in Munich came to around 151,000 metric tons in 2020, more than halving year-on-year.

To prepare for what current industry assessments are expecting to be a very slow recovery in aviation, FMG introduced an extensive restructuring program to adapt the strategic alignment and the resources and structures of the company to the changed conditions resulting from the pandemic. All efforts are geared towards ensuring and strengthening Munich Airport’s future viability over the long term.

Overview of Munich Airport’s annual figures:

FMG Group financial results
(in million euros)

2020
(IFRS)

2019
(IFRS)

Consolidated revenue

5801,568

Earnings before interest, taxes depreciation
and amortization (EBITDA)

-160554
Depreciation and amortization240209
Earnings before interest and taxes (EBIT)-400345
Financial result-30-89
Taxes110-79
Earnings after taxes (EAT)-320178
EBITDA margin (in percent)-2835
Operating cash flow-120429

Please note that the 2020 financial results are still preliminary approximate values.


Contact

Press Department

Flughafen München GmbH


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