First positive annual result 2022 since the pandemic: Adjusted EBIT at EUR +3 million. 11.1 million passengers over the whole year – passenger volume in the second half of 2022 almost at pre-crisis level. Good summer performance paves the way for moderate growth in fleet and personnel. CEO Annette Mann: “We have won our guests back with resilience and flexibility. With a solid summer performance we were able to land in the black!”
GLOFor the first time since 2019, Austrian Airlines closed the past financial year with a positive result (Adjusted EBIT) at EUR 3 million (2019: EUR 19 million). After two years dripping with red ink (2020: EUR -319 million, 2021: EUR -249 million) a slight positive result was capitalized 2022, despite a weak first quarter, which was still marked by the restrictions of the pandemic. Decisive factors for this positive development were higher average ticket revenues and the steep increase in passengers (2022: 11.1 million). Passenger figures have reached 76% of pre-crisis level over the entire course of the year and doubled compared to the previous year (2021: 5 million).
„Also 2022 has not been an easy year for us. In the first quarter air traffic has in many places still been very limited due to entry regulations, in February expenses for fuel and energy have skyrocketed due to the war at our doorstep“, says Austrian Airlines CEO Annette Mann. “We have won our guests back with resilience and flexibility. With a solid summer performance we were able to land in the black!”
The annual result in detail
In 2022 Austrian Airlines’ revenue rose from EUR 743 million last year to EUR 1.871 billion (+152%) and this amounted to only 11 percent less than the revenue of 2019 (EUR 2.108 billion). The total revenue amounted to EUR 1.949 billion, +152% and the total operating expenditures of EUR 1.946 billion, +90% above the previous year. For the first time since 2019 (Adjusted EBIT: EUR 19 million) Austrian Airlines has generated a positive Adjusted EBIT with a plus of EUR 3 million. With the key date of 31 December 2022 Austrian Airlines employed 5,659 staff.
The increase in passengers combined with higher average ticket revenues drove up the total operating revenue in the past year. With 11.1 million passengers, Austrian Airlines transported twice as many passengers, compared to 2021 (2021: 5 million) und came closer to pre-crisis level (2019: 14.7 million / – 24%). Especially with the second quarter a strong catch-up effect in air travel took place, particularly in the touristic segment. The comparison of the second half year shows a clear recovery of the passenger figures close to pre-crisis level (second half year 2022: 7 million, second half year 2019: 8 million). In 2022 Austrian Airlines almost doubled its offer in seat kilometers from 11.3 billion (2021) to 21.7 billion. The average load factor of 79.4% has reached a value close to the one of 2019 (80.8%).
Early repayment and inflation compensation for all employees
The record result of the third quarter paved the way for the early repayment of the state-backed loan by the end of 2022, which was taken in the course of the Corona pandemic. Good liquidity and the granting of a credit line by Lufthansa Group allowed for Austrian Airlines to fully repay the remaining EUR 210 million of the total loan of EUR 300 million three years earlier than foreseen. Also the salary cut for Austrian Airlines employees agreed in 2020 was ended earlier by the end of 2022. For an additional relief, an inflation compensation of up to a total of EUR 3,000 was payed to all employees.
Moderate growth and new fleet members
After the national carrier had to downsize since 2020 due to the crisis, two of a total of four brand-new Airbus A320neo aircraft have been joining the existing fleet since October 2022, laying the foundation for slight growth, also in terms of staff. COO Francesco Sciortino: “The Austrian team deserves to grow. New aircraft and new employees are the reward for a great performance in the past year. In 2022, we were among the top 5 most punctual airlines in Europe – despite immense challenges. With this motivation, we are already preparing for the coming summer!”
Variety in Europe and increased frequencies to Asia this summer
The Austrian Airlines flight schedule in summer 2023 will include over 120 destinations with seven new scheduled routes to Porto, Marseille, Billund, Tivat, Tromsø, Vilnius and Palermo. Like last summer, the US destinations will be served with a dense weekly frequency of up to 33 connections. Thanks to the relaxation of travel regulations to China and Japan, Austrian Airlines is also able to increase the number of flights to Asia. As of March, Shanghai is again served three times a week, while flights to Tokyo will be operated up to five times a week in the summer flight schedule. CCO Michael Trestl: “In 2023, we want to welcome even more passengers with a smile and our world-famous charm. Austrian Airlines offers a piece of Austria above the clouds all around the world!”
Outlook for the financial year 2023
Current bookings and the addition of the remaining two of the four A320neo aircraft to the fleet in early summer have already set the course for a successful new financial year. The continuing upward trend in the tourism segment is now also reflected again in medium- and long-term bookings. “For 2023, we expect a significant improvement in our results”, concludes CEO Annette Mann.
Overview of key facts and figures 2022 (rounded):
| 1-12 2022 | 1-12 2021 | 1-12 2019 | Change YOY 2021 | Change YOY 2019 | |
| Revenue in € million | 1,871 | 743 | 2,108 | +152% | -11% |
| Adj. total operating revenue in € million | 1,949 | 774 | 2,181 | +152% | -11% |
| Adj. total operating expenditures in € million | 1,946 | 1,024 | 2,164 | +90% | -10% |
| Adjusted EBIT in € million | 3 | -249 | 19 | – | – |
| EBIT in € million | -2 | -238 | 15 | – | – |
| Passengers in thousands | 11,142 | 5,008 | 14,651 | +122% | -24% |
| Available seat kilometers (ASK) in million | 21,700 | 11,324 | 28,510 | +92% | -24% |
| Capacity utilization (passenger load factor) in % | 79.4 | 61.9 | 80.8 | +17,5pp | -1,4pp |
| Number of flights | 95,040 | 56,201 | 139,230 | +69% | -32% |
| Fleet size (fleet in operation) | 63 | 61 | 82 | +2 | -19 |
| Regularity of operation | 98.8% | 99.5% | 99.0% | -0.7pp | -0.2 pp |
| Punctuality on departure | 77.3% | 86.0 % | 76.6 % | -8.7pp | +0.7 pp |
| Punctuality on arrival | 83.2% | 89.9 % | 80.6 % | -6.7pp | +2.6 pp |
Overview of key facts and figures Q4 2022 (rounded):
| Q4 2022 | Q4 2021 | Q4 2019 | Change YOY2021 | Change YOY 2019 | |
| Revenue in € million | 505 | 251 | 496 | 101% | +2% |
| Adj. total operating revenue in € million | 521 | 258 | 503 | 102% | +4% |
| Adj. total operating expenditures in € million | 521 | 311 | 503 | 68% | +4% |
| Adjusted EBIT in € million | 0 | -54 | 1 | – | – |
| EBIT in € million | 1 | -40 | 1 | – | – |
