Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2016 Earnings Presentation
25 slides from Flughafen Wien's earnings presentation, 2016
Slide 1: Flughafen Wien AG Q1/2016 Results
FLUGHAFEN WIEN AG Q1/2016 Results
Slide 2: Q1/2016: Continuation of success path – in spite of headwinds from crisis areas
Q1/2016: Continuation of success path – in spite of headwinds from crisis areas Upward revaluation of Flughafen Wien AG‘s stake in Malta and good business development: strong increase in the net profit for the period1 to € 66.6 million (Q1/2015: € 14.1 million, +374%, clean +5.0% compared to Q1/2015
Slide 3: Special developments in 2016
Special developments in 2016 Closing of acquisition of an additional 15.5% stake in Malta Airport Transaction value of about € 64 million, corresponding to € 3.00 per Malta Airport share plus adjustments to net working capital ✈ Flughafen Wien AG’s consolidated stake in Malta Airport now more than 4
Slide 4: Q1/2016 brings changes in business results
Q1/2016 brings changes in business results Increased shareholding in Malta Airport – full consolidation ✈ Q1/2016: one-off effect in the income statement – book value gain of € 51.8 million due to upward revaluation of existing shareholding ✈ As of Q2/2016: fully-consolidated earnings in the income
Slide 5: Steady improvement in the EBITDA margin underlines strong productivity gains
Steady improvement in the EBITDA margin underlines strong productivity gains 50% 80% 76.1% 40% 30% 39.8% 20% 38.1% 39.2% 33.6% 35.8% 33.3% 10% 0% Q1/2011 Q1/2012 Q1/2013 Q1/2014 Q1/2015 Q1/2016 EBITDA margin Clean EBITDA margin (excl. Malta effect) Comparable figures for 2015 adjusted for at equity
Slide 6: Solid operating results further improved due to one-off effect related to increase in Malta Airport stake
Solid operating results further improved due to one-off effect related to increase in Malta Airport stake in € million Q1/2016 Q1/20151 ∆ in % Revenue 142.7 140.7 +1.4 Earnings before interest, tax, depreciation and 108.6 55.1 +97.0 amortization (EBITDA) Earnings before interest and taxes (EBIT) 76.
Slide 7: Expenses: constant cost level in spite of wage increases
Expenses: constant cost level in spite of wage increases ✈ Expenses for consumables and in € million Q1/2016 Q1/2015 ∆ in % services used down by € 1.0 million from Q1/2015, mainly as a result of Consumables and -8.6 -9.6 -10.4 services used lower energy expenses and reduction in services used Perso
Slide 8: Further reduction of debt: net debt cut by € 33.6 million
Further reduction of debt: net debt cut by € 33.6 million Q1/2016 Q1/2015 ∆ in % Net debt (€ million)1 432.4 466.0 -7.2 Gearing (%)1 35.7 45.7 -10.0%p Cash flow from operating activities 58.7 42.3 +38.6 (€ million) Free cash flow (€ million) 95.8 13.6 n.a. CAPEX (€ million)2 11.8 17.0 -30.9 Equity (
Slide 9: Further improvement in the net debt (€ 432.4 million) and gearing (35.7%)
Further improvement in the net debt (€ 432.4 million) and gearing (35.7%) ✈ Net debt reduced by € 33.6 million to € 432.4 million in spite of full consolidation 31.3.2016 31.12.2015 ∆ in % of Malta Airport Net debt 432.4 466.0 -7.2 ✈ Non-current assets mainly reflect full (€ million) consolidation o
Slide 10: Improved cash flow from operating activities – cash inflows support free cash flow
Improved cash flow from operating activities – cash inflows support free cash flow ✈ Strong increase of the free cash flow in € million Q1/2016 Q1/2015 ∆ in% mainly due to advance rent payment from a finance lease agreement Cash flow from 58.7 42.3 +38.6 operating activities ✈ Cash flow from operati
Slide 11: Share price up 243% since January 2012
Share price up 243% since January 2012: Market capitalization of about € 2.1 billion 350 325 +243% 300 275 Rebased to 100 250 225 200 +102% 175 150 125 +16% 100 75 FWAG ATX Benchmark (FRA, ADP, ZRH) average Share price development from January 1, 2012 to May 13, 2016 11
Slide 12: Successful site development – The Airport City continues to grow
Successful site development – The Airport City continues to grow February 2016: Construction begins on MOXY hotel (opening in 2017) Start of project development for Office Park 4 VFI acquisition adds more than 25,000 m² of new development space in the core area of the airport New business location p
Slide 13: Outlook for 2016 – Earnings improvement targeted for the entire year
Outlook for 2016 – Earnings improvement targeted for the entire year Excl. Malta Incl. Malta2 Revenue > € 675 million > € 740 million3 EBITDA > € 280 million > € 310 million Group net profit1 ≥ € 105 million ≥ € 115 million Net debt ≤ € 400 million ≤ € 400 million CAPEX ~ € 95 mill
Slide 14: Segment Results Q1/2016
14 => ANI Vienna International Airport
Slide 15: Airport: Positive development despite headwinds
Airport: Positive development despite headwinds ✈ Passenger volume up 2.3% to 4.4 in € million Q1/2016 Q1/2015 ∆ in % million passengers External revenue 74.0 70.9 +4.3 ✈ Effects of situation in Russia and EBITDA 26.4 25.0 +5.6 North Africa more than compensated EBIT 4.3 1.7 +159.8 by growth to Nort
Slide 16: Handling: Revenue increase in spite of slight decline in flight movements
Handling: Revenue increase in spite of slight decline in flight movements ✈ Slight rise in revenue in spite of in € million Q1/2016 Q1/2015 ∆ in % slight drop in number of flight movements due to larger aircraft External revenue 35.8 35.2 +1.7 (higher MTOW) and new customers EBITDA 1.5 3.1 -51.0 for
Slide 17: Retail & Properties: Results under pressure
Retail & Properties: Results under pressure ✈ Shopping & Gastro: slight crisis- in € million Q1/2016 Q1/2015 ∆ in % related decline as more affluent External revenue 28.5 30.9 -7.7 passenger groups come in below the prior-year quarter (PRR at EBITDA 20.0 20.7 -3.4 € 2.11 vs. 2.24 in Q1/2015) EBIT 15
Slide 18: Results of strategic investments
Results of strategic investments Malta Int. Airport Kosice Airport Q1/2016 Q1/2016 ✈ About 0.8 million passengers ✈ About 71,000 passengers (+30.6%) (+15.5%) 2015 2015 ✈ About 0.4 million passengers ✈ About 4.6 million pass. (+7.7%) (+15.1%) ✈ Revenue: € 67.0 million ✈ Revenue: € 9.6 million ✈ EBITD
Slide 19: Traffic Results Q1/2016
TRAFFIC RESULTS Q1/2016 19 => ANI Vienna International Airport
Slide 20: Traffic development at Vienna Airport Q1/2016
Traffic development at Vienna Airport Q1/2016 Q1/2016 Q1/2015 ∆ in % Passengers (millions) 4.40 4.30 +2.3 Local passengers (millions) 3.31 3.18 +4.3 Transfer passengers (millions) 1.06 1.10 -3.3 Flight movements (in 1,000) 48.83 49.66 -1.7 MTOW (millions of tonnes) 1.82 1.77 +2.9 Seat load factor (p
Slide 21: Shares of scheduled carriers Q1/2016
Shares of scheduled carriers Q1/2016 Q1/2016 Q1/2015 Passengers Share in % Share in % relative ∆ in % Austrian Airlines Group 42.4 43.4 -0.0 Lufthansa 4.7 4.6 +4.8 Eurowings/Germanwings 5.5 4.5 +26.7 Swiss Intl. 1.8 2.1 -9.2 Total LH Group1 55.8 56.1 +1.7 NIKI 8.1 8.3 +0.6 airberlin 6.6 7.1 -4.9 Tot
Slide 22: Traffic development at Vienna Airport in April 2016
Traffic development at Vienna Airport in April 2016 4/2016 4/2015 ∆ in % Passengers (millions) 1.85 1.92 -3.4 Local passengers (millions) 1.36 1.38 -1.7 Transfer passengers (millions) 0.48 0.52 -7.8 Flight movements (in 1,000) 18.96 19.32 -1.8 MTOW (millions of tonnes) 0.71 0.72 -1.1 Seat load facto
Slide 23: New flight offerings and discontinuation of flight service in 2016
New flight offerings and discontinuation of flight service in 2016 ✈ Austrian Airlines ✈ easyJet New: Shanghai, Bari, Jerez New: Edinburgh, Naples New as of autumn 2016: Isfahan, Service terminated to Rome Havana, Hong Kong Service terminated to: Delhi, Baku, Dubai, Palma; Tokyo as of the autumn ✈ T
Slide 24: Traffic forecasts for 2016
Traffic forecasts for 2016 2015 Forecasts for 2016 Passengers 22.8 million 0% to +2% Flight movements 226,811 -1% to 0% ✈ Crises continue – Perceptible pressure remains on Vienna Airport as CEE flight hub – Slightly optimistic outlook for passenger volume in the entire year 2016 – Strong decline
Slide 25: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 25