The facility has continued operations despite the pandemic, but has put a strict savings plan in place
Hamburg Airport experienced its first-ever deficit which totalled €113m (£96m) marking its first negative result in at least 25 years, the German airport’s annual results reveal.
It is believed that if a strict savings programme was not implemented, then the outcomes would have been even worse. Hamburg’s passenger figures collapsed by 74% compared with the previous year’s numbers.
Overall turnover for the year sat at just under €119.3m (£102m) – 56.5% lower than 2019. This highlights the dramatic collapse that occurred in earning traffic from the rent of shops and restaurants who were forced to close.
The airport’s investment volume in 2020 was €52.7m (£45m), with the largest investment projects being the completion of Apron 1 and the renewal of the baggage conveyor system. Other ventures planned for last year had to be halted.
In total, only 4.56 million travellers used the airport throughout 2020, which was only 27% of the number from the year before.
Despite this, the airport remained open, but costs had to be cut to an absolute minimum and some infrastructure was removed from service.
“Aviation has effectively been in a lockdown for one year now. This has naturally left its mark on our balance sheet. For at least the last 25 years, Hamburg Airport has always been profitable. Our profits over the past quarter of a century have enabled us to transfer around 900 million euros to our shareholders. For the first time ever, we find ourselves presenting a negative result. This is a bitter blow. Travel restrictions led for a time to an almost complete shutdown of air travel. We put on the brakes and reduced all costs to an absolute minimum. In a concerted effort, we as a company have dealt with this crisis responsibly,” explains Michael Eggenschwiler, CEO of Hamburg Airport.
Short time work was implemented in March 2020 which helped secure jobs – this will continue throughout this year.
Hamburg Airport still anticipates that it will see around 43% of passenger traffic this year compared with 2019 levels, equating to approximately 8.5 million customers. However, this prediction is currently looking unachievable due to the lockdown and stricter travel restrictions.
The desire to travel is still very apparent, therefore the airport is preparing to welcome those passengers back to the facility. Once operations start up again, there will be a choice of 105 destinations to choose from.
