Increasing passenger numbers, but still a challenging financial situation
The number of commercial air transport movements over the first nine monthsof 2022 increased by 47 per cent compared with the corresponding period in 2021. Domestic air transport movements increased by 27 per cent, while the figure for international air transport movements increased by 221 per cent.
The number of commercial air transport movements over the first nine months of 2022 increased by 47 per cent compared with the corresponding period in 2021. Domestic air transport movements increased by 27 per cent, while the figure for international air transport movements increased by 221 per cent.
Increased air traffic over the summer
The summer season entailed an increase in traffic,which saw Avinor scale up operations at its airports to match the increased traffic volume.
“Following the strong uptick in traffic during the previous quarter, we are now seeing air traffic levelling off somewhat. There have also been challenges, especially in Europe, which have meant that air traffic has not yet returned to pre-pandemiclevels,” says Abraham Foss, CEO of Avinor.
Avinor continues to face a challenging financial situation
Avinor’sequity ratio now stands at 40.4 per cent. The Group’s cash flow before changes in debt was NOK -450 million over the period January - September 2022.
“Scaling up operations meet increased traffic volumes was carefully balanced against increased operating costs. In addition, the project portfolio is being continuously assessed and prioritised. An extraordinarily strong increase in prices for building and construction projects represents an increased risk in Avinor’s project portfolio,” says Foss,
Revenue and expenses
Traffic revenues increased by NOK 494 million, while commercial revenues increased by NOK 826 million.
Avinor received a public subsidy of NOK 1,300 million from the government during the third quarter of 2021.This explains the modest total increase in overall operating income during the third quarter when compared with the corresponding quarter in the previous year, despitethelargeincreases in traffic-related and commercialrevenues.
The Group’s operating income totalled NOK 2,967 million in the third quarter of 2022, which was an increase of 0.7 per cent compared with the corresponding period in 2021.
Operating income in the first months of the year 2022 amounted to NOK 7,564 million, an increase of 4.6 percent compared to the corresponding period in 2021. Excluding the state operating subsidy of NOK 3,800 million in the reporting period for 2021, operating income increased by NOK 4,135 million.
Total operating expenses in the first nine months of 2022 comprised NOK 5,135 million, compared to NOK 4,325 million in the equivalent period in 2021, which represents an increase of 18.7 per cent. Cost developments must be viewed in the context of a significantly higher traffic volume, both in terms of airport operations and air navigation services.
Total depreciation and impairments during the period January-September 2022 amounted to NOK 1,647 million, which is at the same level as during the corresponding period in 2021.
For the first nine months of 2022, the Group recorded a profit after tax of NOK 614, compared with NOK 648 during the corresponding period in 2021. The results for 2021 included a state subsidy of NOK 3,800 million before tax.
The Group’s balance sheet has increased by NOK 123 million during the first nine months of the year to NOK 46.5 billion as at 30 September 2022. The Group’s equity ratio as at 30 September 2022 amounted to 29.8 per cent, compared with 26.9 per cent at the end of 2021.
During the first nine months of 2022, the Group’s cash flow before changes for liabilities was NOK -450 million. With a net reduction in liabilities of NOK 481 million, the Group ended up with a reduction in cash holding of NOK 931 million.
Changes to tax-free quotas will result in a loss of income for Avinor
The government’s draft state budget for 2023 contains a proposal to half the allowance for tax-free purchases of tobacco. This will result in an estimated annual loss of income for Avinor of around NOK 270 million.
Progress in Mo i Rana and Bodø
The government’s draft state budget for 2023 as presented in early October includes the financing of new airports in Bodø and Mo i Rana. The proposals see a total grant in 2023 to Avinor in the amount of NOK 1.66 billion for the construction of a new airport in Mo i Rana, and in respect of further planning for the new airport in Bodø, including funding to allow for the purchase of the current airport site from the Norwegian Defence Estates Agency.
“The first physical preparatory works at the new airport in Mo i Rana began in September. Avinor has not yet gained full access to the construction site, and work is currently underway with the local authorities and rightsholders to facilitate this prior to the completion of the initial works in the first quarter of 2023,” concludes Foss.
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Will establish Norway as an international test arena for zero and low emission aviation.24.4.2024 09:00:00 CEST | Press release
[Oslo, 24 April] Avinor and the Norwegian Civil Aviation Authority have today entered into a cooperation agreement on the establishment of Norway as an international test arena for zero- and low-emission aircraft. The establishment will be a key measure for achieving the goal of fossil-free Norwegian aviation in 2050.
Passengers numbers increased significantly internationally, but decreased domestically in March10.4.2024 12:13:57 CEST | Pressemelding
5 million travelers used Avinor's airports in March. This is an increase of 1 percent compared to March last year. It is the international traffic that is increasing, with a whopping 12 percent. However, domestic traffic declined by 5 percent compared to March last year.
You decide: Which Edvard Munch painting do you want to see when arriving at Oslo Airport?12.3.2024 08:37:49 CET | Press release
For the first time ever, the public will decide which original Edvard Munch painting will be on display at Oslo airport, this summer and autumn.
Passenger figures for February: Strong growth internationally but flat development domestically11.3.2024 12:00:00 CET | Pressemelding
3.5 million travelers used Avinor's airports in February.
Fourth quarter 2023: Reduced revenue due to changing travel patterns.12.2.2024 14:23:28 CET | Press release
“Avinor's main challenge is reduced revenues due to changes in travel patterns after the pandemic. There are far fewer business travelers than before, and Norwegians' domestic travel activity has levelled off. Lower traffic volume, lack of adjustment of airport taxes, as well as reduced revenue per passenger, largely due to reduced duty-free quota, challenge the Avinor model”, says Abraham Foss, CEO of Avinor.
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