425 million euros in new loans: Munich Airport is deep in the red – but things should go up

Created: 04/28/2022, 20:27

By: Dirk Walter

That's how it was in 2019, and that's how it should be again: long queues at Terminal 2. © Sina Schuldt/dpa

The airport is still on the upswing after the Corona crisis.

For the first time, 100,000 passengers came in one day.

What remains is a high level of debt.

Munich – In three weeks, on May 17th, Munich Airport will celebrate its milestone birthday.

Exactly 30 years to the day, he is then settled in the Erdinger Moos.

And it looks as if, after a two-year dry spell, airport boss Jost Lammers might not be able to pop champagne corks, but sparkling wine corks.

Air traffic is "picking up speed enormously," he said at the annual press conference in Munich.

At Easter, the airport first noticed signs of a new high: During the holidays, the number of flights was 70 percent of the 2019 level. Last Sunday (April 24) there were 100,000 passengers in one day for the first time – as many as last March 1, 2020.

Another indication of a recovery in air traffic: Lufthansa will again use 26 long-haul jets from Munich this summer - only three fewer than before the crisis.

Lammers warns against hasty conclusions.

He is sticking to his forecast that a full return to pre-crisis levels in flights and passengers is not expected until 2024.

Munich Airport: In 2021, the number of flights fell by 60 percent

The crisis hit the airport harder than other economic sectors.

In 2021 there were just 153,000 take-offs and landings - 60 percent fewer than in 2019. Several major projects have been delayed, and a new pier at Terminal 1, for example, will not be ready until the end of 2025 at the earliest.

Lammers only said about the third runway: "That's not an issue for us now."

The airport manager Jan-Henrik Andersson, who markets the space at the airport, reported on numerous business closures.

23 retailers and seven restaurateurs closed.

In the meantime, nine retailers and two restaurants have been acquired.

Munich Airport deep in the red: 425 million new loans

The crisis has left its mark on the financial data – the airport is deep in the red.

The airport had to take out 425 million euros in new loans.

This was possible without state payments on the free capital market - which is not a matter of course.

The total debt grew to 2.8 billion euros, as the new airport finance chief Nathalie Leroy said.

In 2020 the airport made a loss of 404 million euros, in 2021 it was 261 million.

However, Leroy is confident of being able to manage without new loans in 2023.

The crisis also had an impact on employees.

The group workforce at Munich Airport fell from 9,962 at the end of 2019 to 8,628 at the end of 2021. A spokesman emphasized that there were no layoffs.

Ten percent of employees are currently still affected by short-time work.

This should end in May.

Munich Airport: Employees make demands and hand over a list of signatures

Handing over signatures in the state parliament (from left): Supervisory Board member Thomas Bihler, the works council members Johann Bachmayer and Orhan Kurtulan as well as finance minister Albert Füracker (2nd from right).

© dw

But employees want more.

Yesterday, works councils handed over 1,500 signatures to Finance Minister Albert Füracker in the state parliament.

He is the head of the supervisory board at Flughafen GmbH and should work to ensure that an emergency collective agreement is finally stopped.

In addition, two wage increases should not be delayed, but paid out immediately, said works council chief Johann Bachmayer.

Also on the list of demands: a higher travel allowance and a special payment.

Füracker said he would talk to Lammers about it.

The airport is “in a really complicated situation”.