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Financial results from Genève Aéroport in 2021

Key figures

In million CHF

2021 2020
Net profit
Operating cash flow
Investing cash flow
Net debt*

* Borrowings and other non-current and current debts, less cash and cash equivalents and short term investment

The year 2021 was once again marked by the effects of the COVID-19 health crisis. The emergence of new variants (Delta and Omicron) seriously disrupted activities, especially in the first half. Genève Aéroport recorded a loss of 88.9 million CHF against a loss of 129.5 million CHF in 2020.

In 2021, Genève Aéroport's revenues increased by 9.3% compared to 2020 to reach 209.0 million CHF. For the record, pre-crisis revenues totalled 493.9 million CHF.

Aeronautical revenues increased by 14.1% compared to 2020 to 107.6 million CHF. This increase is mainly linked to the increase in traffic (movements and passengers) and the increase in aeronautical fees, of +4.45 CHF/passenger, introduced in July 2021, following the negotiations that took place during the summer 2020 with the airlines.

Non-aeronautical revenue (shops, car parks, rents, etc.), only a part of which is correlated to traffic, increased by 4.7% to 101.5 million CHF, despite periods of very low passenger levels, partial openings of shops and restaurants and periods of telework, compulsory or recommended, which reduced the number of consumers on site. The increase in revenue from car parks (+22.9% compared to 2020) is much higher than the difference in overall traffic.

The share of non-aeronautical revenue in Genève Aéroport's total revenue in 2021 decreased to 48.5% (compared to 50.7% in 2020). This change is linked to the growth in passengers and the price increase that took place at the start of the second half of the year on aeronautical fees.

Revised downwards several times during the year, operating expenses in 2021 amount to 227 million CHF. These cost reductions are the result of cyclical and structural savings measures. Strict and agile financial monitoring, throughout the year, made it possible to revise expenses downwards and contain the level of the loss, for the 2021 financial year, at a level well below the 2020 deficit.

Genève Aéroport has been able to capitalise on the experience acquired in 2020 to manage the effects of this crisis, which has taken hold over time. Effective financial monitoring tools and processes have been put in place and have made it possible to react quickly, throughout the year, to the evolution of the health situation and its impact on air traffic.

CostS reduction

The implementation of cyclical savings and one-off economic support tools in times of crisis, such as reduction in working time, have made it possible to:

  • contain payroll costs at a total amount of 125.5 million CHF, i.e. a reduction in payroll of 20.2 million CHF (-13.9%) compared to 2020. The working time reduction measures, including the amount received for 2021, represent 24.1 million CHF, i.e. 2.8 million more than in 2020. The rate of working time reduction, in 2021, is 27.5%, compared to 27.4% in 2020. This support, put in place by the Swiss Confederation, has been an effective tool for preserving jobs. Without this system, Genève Aéroport would have had to carry out massive redundancies;
  • reduce operating expenses by an additional 3.8 million CHF compared to the previous year;
  • maintain investments at 111 million CHF, i.e. -24 million CHF compared to the 2020 financial year and -139 million CHF compared to the record level of 2019. Many projects have been stopped or postponed without affecting the current and future operability of the platform. The continuation of the largest projects, such as the East Wing, the replacement of the baggage handling system (BLC) and the development of the thermal network in collaboration with SIG (GeniLac), has however been preserved.

The savings plan has, for the first time, also incorporated structural cost reduction decisions. Genève Aéroport announced, in 2021, the elimination of 22 positions, corresponding to services that will no longer be provided in the future. These job cuts will result in redundancies in 2022 for employees who have not been able to benefit from early retirement or internal reclassification. In application of IFRS standards, the economic impact of this decision has been recognised in the 2021 financial year. The net impact of these redundancies on the 2021 earnings is an income of 3.3 million CHF, which takes into account the effect of these departures on the pension commitment debt.

As of 31 December 2021, Genève Aéroport had 997.9 FTEs, the same number as in August 2018. The year 2021 recorded a net reduction of 43 FTEs, compared to the end of December 2020, the result of a strict policy of non-replacement of voluntary departures and early retirements. This reduction of 43 FTEs does not include all of the job cuts announced at the end of 2021 and carried out in 2022. The 2021 Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) margin is negative at -7.5%.

Staff costs


FTEs in 2021


Rate of reduction of working time in 2021

It nevertheless improved significantly compared to the negative margin of -31.3% for the 2020 financial year, under the effect of an increase in aeronautical fees and rigorous management of expenses. To secure its cash flow and ensure its self-financing capacity, a new bond loan was issued in March 2021 for an amount of 180 million CHF, with a coupon of 0.95% and a ten-year maturity. In addition, the vote by the Grand Council of Geneva, on 28 January 2022, of a loan of 200 million CHF in favour of Genève Aéroport reduces the short-term liquidity risk in the event of a drastic deterioration in traffic. Genève Aéroport considers this loan in the form of a line of credit as a safety net which it will only use as a last resort.

At the end of the financial year, and taking into account the loss of 129.5 million CHF in 2020 and 88.9 million CHF in 2021, the net financial debt increased by 154 million CHF to reach 773 million CHF at the end of 2021. Thanks to the decisions taken to reduce expenditure, the net debt was contained at a level below 800 million CHF.

Given the financial situation of Genève Aéroport, no fees were paid to the State of Geneva in 2021. The year 2022 is shaping up to be a year of transition towards a recovery. A marked return in traffic (movements and passengers) recorded for the first two months of 2022 invites reasonable optimism.


EBITDA / Turnover
Net profit / Turnover

Operating cash flow /
Investing cash flow

EBITDA/Net debt

DIstribution of income

Aeronautical income(gray) and non-aeronautical income(blue). Data presented in %.


In million CHF

Net profit
Share of profit paid to the State in Y+140.439.442.642.00.00.0
Land rights
Investing cash flow
Passengers (in million)

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