The year 2023 confirms the recovery in air traffic. Genève Aéroport welcomed 16.48 million passengers, 17.02% more than in 2022. The number of passengers represented 92% of the number of passengers in 2019, pre-Covid. This increase in passenger numbers, with significant effects on aeronautical and non-aeronautical revenues, translates into a rise in turnover to CHF 489.6 million in 2023 (CHF 423.1 million in 2022). After deduction of the profit share paid to the canton of Geneva, the profit amounts to CHF 44.3 million.
In 2023, Genève Aéroport recorder a profit of CHF 88.6 million (CHF 61.8 million in 2022) before retrocession to the State of Geneva and CHF 44.3 million after retrocession.
At the end of the Covid crisis, the Council of State decided to increase the retrocession on the 2022 profit to 25% of the profit before retrocession, instead of the usual 50%. This measure will not be renewed in 2023, and the retrocession will revert to its current level of 50%, in accordance with the Objectives Agreement.
Under the combined effect of controlled operating costs and higher aeronautical charges, Genève Aéroport is improving its profitability. Earnings before interest, tax, depreciation and amortisation (EBITDA) margin is +38.6% (+37.4% in 2022).
This very good result means that we can continue to rigorously reduce our debt, in line with the strategy approved by the Board of Directors to emerge from the health crisis. After peaking at CHF 790 million in January 2022, net debt will fall to CHF 578 million at the end of 2023 (CHF 685 million at the end of 2022). This higher-than-expected level of debt at the end of 2023 is also the result of a delay in the capital expenditure planned for the construction of the new Baggage Logistics Centre (BLC).
Aeronautical revenues increased by 15.7% to CHF 287.2 million compared to 2022. This increase is mainly due to the growth in traffic (movements and passengers). Non-aeronautical revenues (shops, car parks, rents, etc.) also rose by 15.7% to CHF 202.5 million.
Over the past year, aeronautical revenues remained stable as a proportion of total revenues at 58.7%, compared with 41.3% for non-aeronautical revenues.
Operating expenditure has kept pace with business growth, increasing by 25.8% compared with 2022 to reach CHF 150.1 million by the end of 2023. The effects of inflation on Genève Aéroport's accounts are limited.
Personnel costs in 2023 increased by CHF 5.2 million (+3.6%) to CHF 150.6 million compared with 2022. At 31 December 2023, the company had 1,039 employees, representing 980.73 FTEs (full-time equivalents), compared with 966.23 FTEs at 31 December 2022.
Sharp rise in the proportion of latest-generation aircraft
In 2023, Genève Aéroport handled 16,482,713 passengers, 17.02% more than in 2022, but 8.05% less than in 2019. Total traffic (scheduled, charter, commercial and non-commercial) was 5.93% up on 2022, at 172,841 movements. This figure is still 7.10% below the 2019 level.
Movements between 10 p.m. and 6 a.m. in all categories, including medical flights, totalled 9,618 (compared with 9,261 in 2022), or 5.56% of all movements (5.68% in 2022).
For several years now, Genève Aéroport has been offering financial incentives to encourage airlines to use the latest-generation aircraft, thereby helping to limit noise emissions. In 2023, the share of latest-generation airliners and charters, which are quieter and consume less paraffin, will represent 32.53% of airliner and charter movements. This increase shows that these strong initiatives are producing concrete results. In 2021, this share will be 22.25% and in 2022 24.95%.
Back to the pre-Covid long-haul network
Genève Aéroport returned to its pre-crisis long-haul network with increased frequencies to certain destinations. The number of destinations served by Genève Aéroport increased from 146 in 2022 to 148 in 2023. In 2023, the top 5 destinations by city are London, Paris, Porto, Lisbon and Amsterdam.
The market shares of the top ten airlines over the past year were as follows: easyJet (46.4%), SWISS (12.2%), British Airways (4.9%), Air France (3.8%), Iberia (2.9%), KLM Royal Dutch Airlines (2.2%), TAP Portugal (2.1%), Emirates (2.0%), Turkish Airlines (1.9%) and Lufthansa (1.6%).
A total of 66,358 tonnes of freight were handled at Genève Aéroport in 2023. This represents a decline of 5.76% on the previous year. This fall is in line with the development of the region's economy.
Major projects
In 2023, investments amounted to CHF 68 million, a level below our 2023 targets. Three of the projects we are working on will account for the bulk of our financial resources or actions: the connection to GeniLac, the completion of the Baggage Sorting Logistics Centre (BLC), which will gradually replace the current baggage sorting facility, and the award of the design-build contract to Losinger-Marazzi SA-Bouygues Bâtiment International (LMP) for the CAP2030 project.
Non-financial performance report
In addition to the Annual Report and the Financial Report, Genève Aéroport will publish a Non-Financial Performance Report for the first time in 2023, illustrating its strategy, results and objectives in terms of governance and social and environmental impact. An auditing firm has been commissioned to guarantee several key sustainability indicators. The aim of this voluntary audit is to increase responsibility and transparency in this area, while ensuring the quality of the data provided.
Consult the annual report