Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2014 Earnings Presentation
24 slides from Flughafen Wien's earnings presentation, 2014
Slide 1: Flughafen Wien AG Results for Q1/2014
FLUGHAFEN WIEN AG Results for Q1/2014
Slide 2: Sustainable strategy leads to earnings growth
Sustainable strategy leads to earnings growth ✈Positive development of passenger traffic (4.4 million PAX, +0.3%) slowed by Ukraine crisis and late Easter ✈Revenue below Q1/2013 (€ 139.5 million, -4.4%) due to mild winter and decline in de-icing services ✈Improvement in earnings in spite of the abov
Slide 3: Earnings growth supported by efficiency improvement and lower costs
Earnings growth supported by efficiency improvement and lower costs in € million Q1/2014 Q1/2013 ∆ in % Revenue 139.5 145.9 -4.4 Earnings before interest, taxes, 53.2 48.6 +9.4 depreciation and amortisation (EBITDA) Earnings before interest and taxes (EBIT) 20.9 18.1 +15.4 Financial results -4.9 -6.
Slide 4: Further improvement in financial structure
Further improvement in financial structure Q1/2014 Q1/2013 ∆ in % Net debt 1 (in € million) 604.9 633.4 -4.5 Gearing 1 (in %) 65.8 69.9 -4.1%p. Cash flow from operating activities 46.7 47.7 -2.1 (in € million) Free cash flow (in € million) 28.4 30.6 -7.1 CAPEX (in € million) 10.1 6.5 +54.7 Equity 1
Slide 5: Expenses
Expenses ✈ Cost of consumables reduced, in € million Q1/2014 Q1/2013 ∆ in % above all by mild winter and resulting lower use of Consumables -11.3 -17.4 -35.1 de-icing materials and fuel, Personnel -60.1 -63.1 -4.8 as well as effective energy Other operating savings measures expenses -19.1 -22.3 -14.
Slide 6: Sound improvement in net debt and gearing
Sound improvement in net debt and gearing ✈ Net debt reduced by € 28.4 million to 31.3.2014 31.12.2013 ∆ in % € 604.9 million since the beginning of the year – 2014 target of max. € 600 million Net debt 604.9 633.4 -4.5% (in € million) nearly reached ✈ Gearing falls further from 69.9% as of Gearing
Slide 7: Positive free cash flow
Positive free cash flow ✈ Steady positive free cash flow of Cash flow (in € million) € 28.4 million (Q1/2013: € 30.6 million) 60 ✈ Cash flow from operating activities slightly 50 lower year-on-year in Q1/2014, despite increase in earnings, due to stronger 40 decline in liabilities 30 ✈ Cash flow fro
Slide 8: Current projects: investments planned for 2014 – the Airport City
Current projects: approx. € 110 million of investments planned for 2014 – the airport on course to become the Airport City ✈ Increase in location marketing and real estate strategy for 2014 – addition of new services ✈ Expansion of hotel offering: roughly 60 interested parties for new hotel tender –
Slide 9: Positive development in 2014 – forecasts could be exceeded
Positive development in 2014 – forecasts could be exceeded 2013 Financial targets for 2014 Revenue € 622.0 million ¨ > € 630 million EBITDA € 241.5 million ¨ > € 240 million Net profit € 73.3 million ¨ > € 75 million Net debt € 633.4 million ¨ < € 600 million CAPEX € 72.9 million ¨ Approx. € 110 mil
Slide 10: Segment Results
SEGMENT RESULTS Vienna neon
Slide 11: Airport
Airport ✈ Higher revenue (+2.2%) due to in € million Q1/2014 Q1/2013 ∆ in % growth in passengers and increase in landing fees External revenue 70.3 68.7 2.2 ✈ Year-on-year decline in costs EBITDA 24.6 17.3 42.2 due to mild winter: lower expenses for consumables, EBIT 0.7 -4.9 n.a. above all de-icing
Slide 12: Handling
Handling ✈ Revenue reduced by lower in € million Q1/2014 Q1/2013 ∆ in % income from de-icing (-17.4%) External revenue 35.3 42.7 -17.4 ✈ Positive development of cargo EBITDA 3.8 7.8 -51.4 revenue (+8.6%) EBIT 2.5 6.4 -61.9 ✈ Reduction in use of de-icing Employees (average) 3,097 3,170 -2.3 materials
Slide 13: Retail & Properties
Retail & Properties ✈ Shopping & gastro revenue in € million Q1/2014 Q1/2013 ∆ in % roughly matches prior year ✈ Renovation of gastro areas External revenue 30.0 30.0 -0.1 leads to shut-down of EBITDA 19.6 19.3 1.2 some operations ✈ Some retail areas difficult or EBIT 15.8 15.7 0.9 impossible to rea
Slide 14: Traffic Results
TRAFFIC RESULTS Vienna neon
Slide 15: Traffic development at Vienna Airport Q1/2014
Traffic development at Vienna Airport Q1/2014 Q1/2014 Q1/2013 ∆ in % Passengers (in million) 4.42 4.41 +0.3 Local passengers (in million) 3.13 3.05 +2.7 Transfer passengers (in million) 1.28 1.36 -5.4 Flight movements (in 1.000) 51.22 52.23 -1.9 MTOW (in million tonnes) 1.76 1.75 +0.8 Seat load fact
Slide 16: Traffic development at Vienna Airport April 2014
Traffic development at Vienna Airport April 2014 4/2014 ∆ in % 1-4/2014 ∆ in % Passengers (in million) 1.94 +7.8 6.36 +2.4 Local passengers (in million) 1.36 +7.2 4.50 +4.1 Transfer passengers (in million) 0.57 +9.3 1.86 -1.3 Flight movements (in 1.000) 19.49 +1.1 70.71 -1.1 MTOW (in million tonnes)
Slide 17: Outlook
OUTLOOK
Slide 18: Modernisation of infrastructure brings more quality
Modernisation of infrastructure brings more quality ✈ Revitalisation of Pier West and Plaza in 2014 ¾ New gastronomy facilities ¾ New duty free in the Plaza ✈ New brands since 2013: Senses of Austria, Billa Convenience Store, Versace, Zilli, Longchamp, Michael Kors, Christ, Desigual, and many more…
Slide 19: 2014: New airlines
2014: New airlines ✈ Air China: Beijing(4x/W), Barcelona (4x/W) ✈ Ethiopian Airlines: Addis Ababa (4x/W) ✈ Air Algérie: Algiers (2x/W) ✈ Jet2.com: Manchester (3x/W) ✈ Air One: Catania* (2x/W) ✈ Eurolot: Heringsdorf* (1x/W) ✈ Iraqi Airways: Bagdad/Erbil (2x/W) and Bagdad/Najaf (1x/W) ✈ New in 2015: U
Slide 20: 2014: New destinations and routes
2014: New destinations and routes New destinations New routes ✈ Newark (AUA) ✈ Resumption of flights to Teheran ✈ Agadir (NIKI) (AUA) ✈ Addis Ababa ✈ Madrid (NIKI) (Ethiopian Airlines) ✈ Malta (NIKI) ✈ Manchester (Jet2.com) ✈ Larnaca (NIKI) ✈ Algiers (Air Algérie) ✈ Marrakech (NIKI) ✈ Bagdad/Najaf (
Slide 21: Optimistic traffic estimates for 2014
Optimistic traffic estimates for 2014 ✈ Positive development through new destinations and increased frequencies ✈ Expectations at upper end of range based on current point of view 2013 Forecast for 2014 Passengers 22 million ¨ +1% bis +3% Flight movements 231,000 ¨ -1% bis + 1% 21
Slide 22: Appendix
APPENDIX Vienna neon
Slide 23: Growth in long-haul destinations
Growth in long-haul destinations Europe -0.2% 87.0% Thereof West Europe Thereof East Europe Increased traffic to Zurich, Düsseldorf and +0.9% -3.7% Influenced by Ukraine crisis and decline in flight Milan 67.8% movements to Sofia and Belgrade; 19.2% increase to Moscow and St. Petersburg North Americ
Slide 24: Thank you for your attention
THANK YOU FOR YOUR ATTENTION 24