Slide 1: Flughafen Wien AG Q2/2011 Quarterly results
Fl h f Wien Flughafen Wi AG Q2/2011 Quarterly results 1
Slide 2: H1 Highlights
H1 Highlights • Strong growth in key financial metrics • Positive traffic growth momentum continuing • Full write-off of the investment in Friedrichshafen Airport impacts fi financial i l results lt bby € 5.7 5 7 mill. ill • Skylink progressing on-track, test phase to commence in Q4/11 as scheduled
Slide 3: At a glance – Financials H1/2011
At a glance – Financials H1/2011 in € mill. H1/11 H1/10 ∆ in % Q2/11 Q2/10 ∆ in % Revenue 280.3 253.2 +10.7 148.8 130.1 +14.3 Other operating income 8.3 7.5 +11.1 4.6 3.2 +44.2 Expenses -190.2 -175.0 +8.7 -99.1 -91.4 +8.5 Earnings before interest, taxes, depreciation 98.5 85.7 +15.0 54.3 42.0 +29.3
Slide 4: Revenue contribution
Revenue contribution 300 8 +15.7% 250 7 54 45 +20.7% 200 n € mill. 80 77 +4.0% Other 150 Retail & Properties in Handling 100 Airport 125 139 +11 2% +11.2% 50 0 H1/10 H1/11 4
Slide 5: Segment – Airport
Segment – Airport H1/11 H1/10 ∆ in % • Strong growth in traffic (also External revenue due to negative effects of the 138.8 124.8 +11.2 (in € mill.) mill ) ash cloud in H1/2010) EBIT (in € mill.) 42.6 36.2 +17.5 • New securityy charge g EBIT margin (in %) 27.5 26.0 +5.5 accounted for in H1/11 EBITDA
Slide 6: Segment – Handling
Segment – Handling • Market share broadly flat H1/11 H1/10 ∆ in % at 89% External revenue (in € mill.) mill ) 79.7 76.6 +4.0 EBIT (in € mill.) 3.2 7.1 -55.7 • Increase in p personnel EBIT margin (in %) 3.0 7.0 -58.0 expenses due to higher EBITDA margin (in %) 5.9 10.4 -43.3 number of employees Numbe
Slide 7: Segment – Retail & Properties
Segment – Retail & Properties • Increase in shopping and H1/11 H1/10 ∆ in % External revenue gastro revenue due to g (in € mill.) mill ) 53.9 44.7 +20.7 – Strong traffic growth EBIT (in € mill.) 30.0 22.5 +33.5 – Renegotiated lease EBIT margin (in %) 47.4 43.4 +9.2 agreements EBITDA margin (in %) 58
Slide 8: Expenses
Expenses • Personnel (€ 123.4 mill.): + 9.8% above H1/10, mainly due to higher number of employees (+10.4%), however positive effect f from reduction d ti iin overtime ti • Consumables and services used ((€ 19.7 mill.):) fell below H1/10 mainly due to the reduction in the use of de-icing materials a
Slide 9: Financial results including participations
Financial results including participations • Full write-off of investment in in € mill. H1/11 H1/10 ∆ in % Friedrichshafen Airport, Financial result -7 9 -7.9 -2 8 +184.8 -2.8 +184 8 adversely effecting ff financial f result (EBT) by € 5.7 mill. At equity -4.6 0.9 n.m. contribution • Main investment
Slide 10: Financial position & gearing
Financial position & gearing • Current securities H1/11 H1/10 ∆ in % reduced by € 34.5 mill. Net debt (in € mill.) mill ) 737 3 737.3 665 9 665.9 +10 7 +10.7 mainly i l d due tto th the sale l off an investment fund Gearing (in %) 90 84 +6.6 ROCE (in %) 3.1 2.7 +17.6 • Increase in net debt, chieflyy
Slide 11: Cash flow & CAPEX
Cash flow & CAPEX • Cash flow from operating activities: Cash flow (in € mill.) below H1/10 despite better EBT 150 due to changes g in working g capital p 100 58 7 • Cash flow from investing activities: below H1/10; investments at prior 50 65 89 year level were contrasted by 0 payments received for
Slide 12: CAPEX 2011-2015
CAPEX 2011-2015 • CAPEX 2011-2015: CAPEX approx. pp € 660 mill. 2011 2015 2011-2015 • Main p projects: j – Maintenance (ca. € 290 mill.) – Skylink (ca. € 240 mill.) ~55% ~45% – Shoulder improvement 16/34 – Limousine garage – Adaptation Terminal 2 – Cargo position enlargement – Technical noise protec
Slide 13: Traffic – At a glance
Traffic – At a glance H1/11 H1/10 ∆ in % Passenger traffic (in mill.) mill ) 97 9.7 89 8.9 +8 6 +8.6 Transfer passengers (in mill.) 2.8 2.7 +4.6 Middle East (in mill.)* 0.2 0.2 +4.1 Eastern Europe (in mill.)* 0.9 0.8 +12.6 Flight movements (in thousand) 121 119 +1.4 MTOW (in (i 1,000 1 000 ttonnes))
Slide 14: Traffic – At a glance
Traffic – At a glance vs. Q2/10 Q1/11 Q1/10 Q2/11 Q2/10 ∆ in % Passenger traffic (in mill.) mill ) 41 4.1 39 3.9 56 5.6 50 5.0 +11 0 +11.0 Transfer passengers (in mill.) 1.2 1.2 1.6 1.5 +8.4 Middle East (in mill.)* 0.1 0.1 0.1 0.1 +2,2 Eastern Europe (in mill.)* 0.4 0.3 0.5 0.4 +17.5 Flight movement
Slide 15: Traffic – Airlines
Traffic – Airlines H1/11 H1/10 ∆ in % Passengers (in mill.) 9.7 8.9 +8.6 Share in % Share in % ∆ in % AUA 49.0 51.4 -4.7 Lufthansa 5.3 5.0 +6.5 Germanwings 2.4 2.2 +12.2 12.2 Swiss 1.7 1.6 +1.7 Total LHGR * 58.3 60.2 -3.0 Niki 11 6 11.6 98 9.8 +18 7 +18.7 Air Berlin 7.2 7.6 -5.9 Total Niki & Air Ber
Slide 16: Traffic – Growth in new airlines and destinations in H1/11
Traffic – Growth in new airlines and destinations in H1/11* Positive development for VIE – focus remains on Eastern Europe p and the Middle East New airlines Increased frequency • Cirrus Airlines • Florence, Stockholm, Beijing, j g • People’s P l ’ Viennaline Vi li Amman, Erbil, Rostov (AUA) • Trans
Slide 17: Traffic – Forecast (flight movements revised)
Traffic – Forecast (flight movements revised) 2011: g • Passengers +5% % • Maximum take-off weight +3% • Flight g movements +1% Long-term Long term forecast 2011 – 2020 2020*:: 4.2% average growth p.a. ((24.6 mill. passengers p g in 2015 and 30.6 mill. passengers in 2020, respectively) * Source: Int
Slide 18: Outlook 2011
Outlook 2011 • Cost reduction program ongoing • Skylink: − Maximum costs at € 800 mill. (down from previously calculated € 830 mill.) will not be exceeded − Preparations for test period in progress − Test period to start in Q4/11 • Third runway: − Hearing starts on 29 August 2011 − g in the first in
Slide 19: Strategy: Key Aspects
Strategy: Key Aspects 19
Slide 20: Strategic strengths and opportunities
Strategic strengths and opportunities Strengths Location: gateway to Eastern Above-average Europe and FME Quality and growth potential of capacity it iincrease: Eastern Europe Skylink, VIE’s current third runway business model Attractive tariff Significance of home as a transfer system carriers AUA
Slide 21: Key focus – Transfer hub to CEE and Far and Middle East
Key focus – Transfer hub to CEE and Far and Middle East Traffic growth Domestic India 10 0% 10.0% • Strategic strength Domestic China 7.9% of the transfer hub Asia - China 7.1% location offers China – Western Europe 7.0% CEE – Western Europe 6.7% development potential Subcont. India –W. Europe 5.8%
Slide 22: Key focus – Enhance leading position of quality
Key focus – Enhance leading position of quality VIE is a full-service provider that is closely integrated with its airline customers • Minimum connecting time: 25 – 30 minutes; a clear leading position iti ahead h d off Munich, M i h Frankfurt F kf t and Zurich • Outstanding turnaround time • Econom
Slide 23: Key focus – Skylink
Key focus – Skylink • Maximum costs at € 800 mill. will not be exceeded • Start of operations at end of first half 2012 • Next steps: – Preparations for test period in progress – Test period starting in Q4/11 • Actual capacity above 30 mill. PAX 23
Slide 24: Key focus – Skylink
Key focus – Skylink Infrastructure: Dimensions: • Shopping areas: 5,900 m² • Gross floor space: • Gastronomy areas: 3,700 m² −Terminal: 76,000 m² • Check-in-counters: 64 −Pier: 71,000 m² • Baggage carousels: 10 • Length of pier : 450 m • Pier positions: 17 • Length of terminal: 270 m Available space
Slide 25: Key focus – Further capacity: third runway
Key focus – Further capacity: third runway • Status: – March 2007: initial filing g for the environmental impact p assessment proceedings – Citizens initiatives recognised g as p parties to these proceedings – February 2009: Statement by Flughafen Wien AG – Hearing starts on 29 August 2011 • Expecte
Slide 26: Key focus – Attractive tariffs
Key focus – Attractive tariffs Rank Airport • Competitive tariffs and attractive incentives – better ge Averag than the European average and the peer group g p ((Frankfurt,, Munich, Zurich) • Economical tariffs enhance ties with home carriers – and also support the h b’ core regional hub’s i l Landi
Slide 27: Key focus – Non aviation
Key focus – Non aviation • Significant development in the recent years with further growth potential (from pre-crisis year 2007 to 2010 +13%) • Potential for further profitability of gastro & shops due to traffic growth and economic recovery g y and opening p g of Skylink y • Attractive position in
Slide 28: Flughafen Wien AG Q2/2011 Quarterly results
Fl h f Wien Flughafen Wi AG Q2/2011 Quarterly results 28