Cologne Bonn Airport ended the 2023 financial year with positive financial results and made a significant profit for the second year running. With a surplus of 5.3 million euros after tax, the company once again landed clearly in the profit zone. This meant that, in 2023, the Airport was able to further consolidate and strengthen both its market position in passenger and freight transport and its stable financial basis.
"These very welcome results are the reward for the fantastic work of all the employees that make up our team. And they show once again that, in passenger and freight transport, the Airport is able to build on a highly sustainable business model," says Thilo Schmid, Chair of the Management Board of Flughafen Köln/Bonn GmbH. "Our strong financial basis allows us to continue pushing ahead with various strategic projects. These include digital solutions for the passenger processes, the implementation of innovative concepts for the way people spend time in the terminal, and investment in sustainability and the attractiveness of our site."
After the fall in revenues during the Covid-19 pandemic, the Airport was able to get back into the black as early as 2022. "Following the very positive results of 2022, we implemented a range of measures last year to improve our processes and to enhance comfort for our passengers, investing more than 10 million euros into these areas," Schmid explains. An increase in revenue of 24.7 million euros to a total of 342.1 million euros (+ 8%) allowed the company to achieve an operating result (EBITDA) of 59.4 million euros. The equity ratio rose once again in 2023, reaching a figure of 40.5 percent (2022: 38%). "The Airport is in a very good position with these results if we compare it with the industry average," says Schmid.
Number of passengers rises by 1 million
The number of passengers travelling to and from Cologne Bonn increased further last year. In 2023, a total of 9.8 million travellers took off or landed in Cologne Bonn. This amounts to around a million passengers more than in 2022 (8.8 million). The development was driven by journeys to tourist destinations and to friends and family living abroad. "The increasing numbers show that travelling plays a key role in the lives of people today – and not only in the popular summer months," says Schmid. For the first time in 2023, October was Cologne Bonn's busiest month in terms of journeys made. There were four months in which a total of more than a million passengers used the Airport. This development was driven by journeys to tourist destinations and to friends and family living abroad. Both of these travel segments are now significantly above pre-Covid levels (+ 16% and + 6% respectively).¬ The figures for journeys within Germany are still a long way below those for 2019. This segment has only recovered to a level of 25 percent of that of 2019 (total number of passengers: 12.4 million).
In the cargo business, the volume of freight handled decreased by almost 100,000 tonnes in comparison to 2022 on account of the difficult economic framework conditions. However, the total amount of 872,000 tonnes once again significantly exceeded the figure for 2019 (+ 7%). This means that the Airport was also above the general average in the market. "Here in Cologne Bonn, we once again succeeded in demonstrating our position as one of the leading freight hubs in Germany and Europe last year, even though, after the boom during the pandemic, growth in the cargo business is currently being held back by a number of factors. These include the return of belly cargo, general economic trends and also geopolitical crises," says Schmid. In a market environment that continues to be challenging, the Airport is reckoning with a cargo turnover for 2024 of around the same level as last year.
10 million passengers as a goal for 2024
In passenger transport, the Airport can look back on four very good months at the beginning of 2024. With an increase of 9 percent, passenger volume is significantly up on last year, even though strikes once again led to flight cancellations. During the busiest periods of the year, the Airport is expecting to see more than 1 million passengers taking off from or landing at Cologne Bonn every month. Condor will be returning to the Airport on 9 May and will be operating five flights per week to Palma de Mallorca. British Airways, who have been back in Cologne Bonn since autumn, will again be operating a route to major hub London-Heathrow in the summer flight schedule, with flights up to twice a day. From here, there are convenient options for connecting flights across the worldwide route network of British Airways and its partners. November will also see the launch of the new Eurowings route to Jeddah in Saudi Arabia. For the first time since 2019, the Airport is expecting to exceed the 10 million mark in 2024. "We are continuing to observe a slight upwards trend this year. However, the recovery of the aviation sector in Germany is being noticeably slowed down in comparison to that of our European neighbours by the high airport costs, such as the recently increased air passenger duty," explains Schmid.
New shops and restaurants and the start of construction projects
Passengers and guests can look forward to finding lots of new restaurants and bars in the Airport from autumn onwards, with innovative concepts that will enhance the quality of a visit to the Airport. During the course of this year and next, Autogrill Deutschland GmbH will be opening a total of 17 new food service outlets across a space of around 3,800 square metres in Terminals 1 and 2. The first refurbishment projects will be starting this summer. The first outlets will open in autumn 2024, with a successive roll-out over the subsequent months. "This new partnership will change the face of the Airport long term," Schmid tells us. "The multi-faceted concept creates an unmistakable regional link to our location."
There will also be changes outside of the terminals in the coming months. Construction started recently of a new building on the premises for goods inspection. This measure will at the same time serve as a pilot project for the sustainability guidelines for new buildings. It will also involve the redesign of Gate Z40 and of the border control station. Overall, the Airport is investing around 25 million euros in these construction projects. Furthermore, there are plans to build a multi-storey car park for employees working on the site on Car Park P5. The Airport will be investing around 35 million euros in this project.
Investment in sustainability and employer attractiveness
The Airport is pushing ahead with its activities in the area of climate protection through a range of different measures. For example, in 2023, the conversion of our lighting systems to LED was completed in many areas, including Terminal 2 and Car Park 3. In addition to this, the Airport has once again expanded its fleet of electric vehicles and has purchased new vehicles and equipment with electric or hybrid drive systems – for example, buses, conveyor belts and luggage transporters. From 2035 onwards, at the latest, all vehicles and equipment on the apron areas will be powered by zero emissions drive systems. Projects currently in full swing include the expansion of the rooftop solar panel installations and the completion of the combined heat and power plant. There are also plans to expand the charging infrastructure for electric vehicles in the car parks in the coming months through the addition of a further 60 charging points. Overall, the Airport will once again be investing around a million euros in the use and generation of regenerative energy. "Our goal is to be carbon-neutral by the year 2045. Step by step, and with a highly consistent approach, we want to keep moving closer to this goal," says Schmid.
A key component in the Airport's sustainability activities is the intensification of measures taken to ensure that it stays attractive to employees. As a result of the general shortage of skilled workers, and set against the backdrop of demographic change, the Airport is trying out new methods of recruitment and recently organised a "speed dating" event in the cable car in Cologne. It has also signed a Diversity Charter, through which the Airport is making a clear commitment to ensuring a prejudice-free working environment. On the basis of this, further steps will also be taken to encourage diversity and inclusion.
Investment in processes and expansion of CGNGateWay
The Airport will also be continuing to invest in the optimisation of processes and in an enhanced travel experience for passengers. For example, a new automated system has been installed ahead of the security checkpoint to direct and guide passengers into the security lanes, further improving flow into this area. CGNGateWay, a free-of-charge booking tool for a time slot at the security checkpoint, means there will soon be better capacity for travellers. The time slots will in future also be available for booking earlier than 72 hours before take-off. The Airport has also invested in improving the quality of gate announcements and of the information screens in the security checkpoint.
