Genève Aéroport expects to make a loss of 130 million CHF in 2020


10.12.2020

Genève Aéroport is still braving the Covid-19 pandemic. New economic measures were taken in the autumn, alongside the major measures taken at the onset of the crisis. These actions have made it possible to avoid collective redundancies at this stage. For this year 2020, Genève Aéroport will make a loss of around 130 million CHF.

After a rise in traffic in July and August, the number of passengers fell sharply again in the autumn. In November, the drop in passengers reached 90.9%. The airport’s senior management team estimates that, over the year, the number of passengers will be at least 68% lower compared to 2019, amounting to almost 6 million passengers. Given these developments and the resulting impact on aviation and non-aviation related revenues (such as shops, restaurants and car parks), Genève Aéroport will make a loss of around 130 million CHF in 2020.

To cope with this crisis, a number of cost-saving measures were taken by senior management. These were expanded throughout autumn and shared with employees as they came into effect. From mid-March, partial unemployment was introduced. Over the period from April to November, the average RWH (reduced working hours) level reached 28.5%.

In total, Genève Aéroport succeeded in reducing its costs (staff costs and operating expenses) by 22% in 2020 compared to 2019. In 2021, the airport will be able to keep its expenditure level close to the reduced level in 2020, despite the anticipated resuming of traffic. A further reduction in investments of 30 million CHF over 2021 has recently been decided.

For 2021, based on a scenario assuming a winter season with limited volumes of passengers and a more substantial uptake of activities in the summer, Genève Aéroport expects an overall drop in the number of passengers of 40% to 50% compared to the traffic in 2019. As such, traffic is not expected to return to 2019 levels until 2024. In any event, 2021 will be a difficult transitional year.

Despite all the continued uncertainty, and thanks to the measures already taken, today senior management made an announcement to employees of its decision not to initiate a collective redundancy procedure at the present time. All efforts are aimed at reducing costs, while protecting employees as much as possible from the effects of the crisis, as well as ensuring that Genève Aéroport continues to be able to manage its recovery when traffic starts to increase again. The Board of Directors endorsed this decision at its meeting on 8 December 2020.

If, over the course of 2021, the situation continued to deteriorate with no expected recovery and collective redundancy proved unavoidable, this process would be conducted in consultation with the organisations representing staff and in compliance with the regulations that apply.

Press contact:
 
Ignace Jeannerat
Spokesperson
Ignace.jeannerat@gva.ch
+41 22 717 70 13
 

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