Flughafen Wien Ag · VIE:FLU
Flughafen Wien — FY2012 Earnings Presentation
28 slides from Flughafen Wien's earnings presentation, 2013
Slide 1: A Good Year for Flughafen Wien: Results 2012
A Good Year for Flughafen Wien: Results 2012
Slide 2: All major corporate targets met in 2012 – investors' confidence returns
All major corporate targets met in 2012 – investors’ confidence returns • Increase in share price: 81% over lowest level in 2012 – investors’ confidence ret returns rns • Substantial improvement in productivity: sustainable reduction in other administrative operating expenses expenses, financing and
Slide 3: 2011 earnings decline repaired – return to growth in 2012
2011 earnings decline repaired – return to growth in 2012 in € mill 2012 2011 ∆ in % Revenue 607 4 607.4 582 0 582.0 +4 4 +4.4 Earnings before interest, taxes depreciation and 221.4 189.0 +17.1 amortisation (EBITDA) Earnings before interest and taxes (EBIT) 108.0 67.2 +60.8 Financial results -14.3 -
Slide 4: 2011 earnings decline repaired – return to growth in 2012
2011 earnings decline repaired – return to growth in 2012 •inin € Mio. € mill 2012 2011 ∆ in % • 2012 N t debt Net d bt (31 (31.12.2012. 12 2012 vs. 31.12.2011) 31 12 2011) 719 6 719.6 751 7 751.7 -4.3 43 • ∆ in % •Gearing (in %; 31.12.2012. vs. 31.12.2011) Eigenkapital/Quote 84.5 92.6 -8.1%p. •Cash
Slide 5: Financial targets for 2013: Optimistic outlook
Financial targets g for 2013: Optimistic p outlook 2012 Financial targets for 2013 Revenue € 607 mill Increase, higher than € 625 mill. EBITDA € 221 mill. Increase, higher than € 230 mill. Net profit € 72 mill. Higher than € 65 mill. < 3.3 x EBITDA Decline,, less than/equal q to N td Net debt bt € 7
Slide 6: Development of segment results in 2012
Development of segment results in 2012 Airport Handling1 Retail & Properties Other Segments ∆ iin % ∆ iin % ∆ iin % ∆ iin % External revenue (in € mill.) 317.8 +7.8 153.8 -4.2 119.5 +8.0 16.1 +0.2 EBITDA (in € mill.) 136.7 +5.9 23.4 +269.1 67.7 +7.3 17.4 +14.4 EBIT ((in € mill.)) 68.5 +20.0 17.7 n.a
Slide 7: Development of segment results in 2012
Development of segment results in 2012 Airport Handling1 Retail & Properties Other Segments ∆ iin % ∆ iin % ∆ iin % ∆ iin % External revenue (in € mill.) 317.8 +7.8 153.8 -4.2 119.5 +8.0 16.1 +0.2 EBITDA (in € mill.) 136.7 +5.9 23.4 +269.1 67.7 +7.3 17.4 +14.4 EBIT ((in € mill.)) 68.5 +20.0 17.7 n.a
Slide 8: Development of segment results in 2012
Development of segment results in 2012 Airport Handling1 Retail & Properties Other Segments ∆ iin % ∆ iin % ∆ iin % ∆ iin % External revenue (in € mill.) 317.8 +7.8 153.8 -4.2 119.5 +8.0 16.1 +0.2 EBITDA (in € mill.) 136.7 +5.9 23.4 +269.1 67.7 +7.3 17.4 +14.4 EBIT ((in € mill.)) 68.5 +20.0 17.7 n.a
Slide 9: Development of segment results in 2012
Development of segment results in 2012 Airport Handling1 Retail & Properties Other Segments ∆ iin % ∆ iin % ∆ iin % ∆ iin % External revenue (in € mill.) 317.8 +7.8 153.8 -4.2 119.5 +8.0 16.1 +0.2 EBITDA (in € mill.) 136.7 +5.9 23.4 +269.1 67.7 +7.3 17.4 +14.4 EBIT ((in € mill.)) 68.5 +20.0 17.7 n.a
Slide 10: Results of investments in 2012
Results of investments in 2012 Friedrichshafen Malta Int Int. Airport Košice Airport Airport • Approx. 3,650,000 passengers • Approx. 236,000 passengers • Approx. 545,000 passengers ((+4.1% % vs. s 2011) 0 ) ((-11.4% % vs. s 2011) 0 ) ((-4.7% % vs. s 2011) 0 ) • Revenue: € 52.8 mill. • Revenue: € 7.
Slide 11: Forecast for 2013: slight increase in number of passengers
Forecast for 2013: slight increase in number of passengers • VIE: Development above the European average • 5% p passenger g g growth in 2012 at Vienna Airport p • Stronger increase in passengers since 2000 (in average +5.3%) than Munich, Frankfurt and Zurich • Forecast 2013: more passengers, less mo
Slide 12: New destinations, increase in frequencies, new long-haul flights
New destinations, increase in frequencies, new long- g haul flights • New AUA long-haul destination Chicago, expansion of NIKI- capacities to Greece • Two new carriers in summer schedule 2013: Minoan Air ((3x/week Lugano), g ) Kuwait Airways y ((seasonally y 2x/week Kuwait)) • Increased frequencies
Slide 13: Shopping & Gastro News
Shopping & Gastro News • 85% of the space for shops and gastro are in operation, numerous openings scheduled for the coming months • Substantial interest in the remaining space • Recent shopping and gastro openings: • Michal Legrin (C-Gates) • Cafe Culto (F-Gates) • Soon at Vienna Airport: Burger Ki
Slide 14: Results 2012 Appendix
Results 2012 Appendix SY) ex: Vienna International
Slide 15: Investors' confidence returns: +47% in share price during 2012
Investors’ confidence returns: + 47% in share price during 2012 150 140 130 Rebased tto 100 120 Flughafen Wien 110 ATX 100 90 80 15 15
Slide 16: Dividend recommendation for 2012
Dividend recommendation for 2012 • A recommendation will be made to the annual g general meeting,g, calling g for a dividend of € 1.05 per share (previous year: € 1.00 per share). This represents a total distribution of € 22.05 million and a pay-out ratio of 30 30.5% 5% (2011: 66 66.5%). 5%) • Divid
Slide 17: Revenue and employees by segment
Revenue and employees by segment Revenue (in € mill.) mill ) Employees (average)1 700 5.000 16 16 4.500 600 569 600 4.000 4 000 111 120 67 57 500 3.500 400 3.000 160 154 2.500 300 2.000 3.285 3.233 200 1.500 295 318 1.000 100 500 415 432 0 0 2011 2012 2011 2012 Airport Handling Retail & Gastro Other
Slide 18: Airport Segment
Airport Segment • Revenue growth in 2012 driven by stronger 2012 2011 ∆ in % increase in traffic (passenger growth +5.0%) and byy new security y fee External revenues 317.8 294.6 +7.8 • Growth in EBIT was supported by the omission of extraordinary write-offs (occurred EBITDA (in € mill.) 136.7 129.2
Slide 19: Handling Segment
Handling Segment1 • Market share nearly unchanged at approx. 90% 2012 2011 ∆ in % • External E t l revenues declined d li d slightly li htl b because External revenues 153.8 160.5 -4.2 of new long-term handling contracts and lower cargo turnover EBITDA (in € mill.) 23.4 6.3 +269.1 • Improved EBITDA
Slide 20: Retail & Properties Segment
Retail & Properties Segment • Revenues from shops and 2012 2011 ∆ in % gastronomy g y increased due to higher g External revenues 119.5 110.6 +8.0 passenger numbers EBITDA (in € mill.) 67.7 63.1 +7.3 • Positive development p of revenue from parking and rentals EBIT (in € mill.) 41.6 30.3 +37.1 Emplo
Slide 21: Expenses
Expenses • Consumables and services used: slightly higher due to higher energy consumption in € mill. 2012 2011 ∆ in % Consumables and • Personnel: declining due to productivity -43 2 -43.2 -42.1 42 1 +2 7 +2.7 services used improvement - in spite of wage and salary increases mandated by collective
Slide 22: Financial Position and Gearing
Financial Position and Gearing • Reduced cash and cash equivalents (-64%) due to the premature (in € Mio.) 31.12.2012 31.12.2011 ∆ in % repayment of part of a promissory note (€ 64.0 mill.) and repayment of Gearing (in %) 84.5 92.6 -8.1%p. a part of the ULSG-loan (€ 60.8 mill.) Net debt (in € mill.)
Slide 23: Cash Flow & Investments
Cash Flow & Investments • Cash flow from operating activities remained Cash flow (in € mill.) nearly unchanged in 2012 despite the increase in profit – mainly due to the reduction in provisions 250 and liabilities by € 11.1 mill. 56 200 • Cash flow from investing activities fell by 150 € 60.8 60 8 m
Slide 24: At a glance: Traffic results 2012
At a glance: Traffic results 2012 2012 2011 ∆ in % Passengers (in mill.) 22.2 21.1 +5.0 Transfer passengers (in mill.) 7.1 6.5 +8.1 L Local l passengers (in (i mill.) ill ) 15 1 15.1 14 5 14.5 +3 8 +3.8 Flight movements (in 1,000) 244.7 246.2 -0.6 MTOW (in mill. tonnes) 8.1 8.3 -1.7 Cargo incl. truc
Slide 25: Passenger growth tops comparable airports
Passager growth tops comparable airports PAX 2012: FRA +1.9%, MUC +1.6%, ZHR +1.9%, VIE +5.0% PAX in mill. 2000‐ 2011 PAX 2011 in mill. CAGR ´00 ‐´06 CAGR ´06 ‐´11 CAGR ´00‐11 in % 60.0 PAX: 56.4 FRA CAGR: +1.2% +1.3% 50.0 +1.1% PAX: 37.8 40 0 40.0 CAGR: +4.6% MUC +4.2% 30.0 +4.9% PAX: 24.3 CAGR: +0
Slide 26: Aviation will remain a growth market over the long-term
Aviation will remain a growth market over the long-term Traffic development VIE vs. ACI Europe 2009-2020 PAX indexed Statistics Forecast 170 VIE ´10-´20 +4.2% 160 VIE VIE ´12-´20 +3.6% 150 ACI Europe VIE ´09-´12 09 +7.0% 0% ACI ´12-´20 +3.4% 140 ACI ´09-´12 +4.5% 130 120 110 CAGR ´09-´12 CAGR ´12-´2
Slide 27: Traffic development: 5 years
Traffic development: p 5 years y 2.500 800 PAX Transfers 700 2.000 600 2012 PAX 500 2012 Transfer PAX 1.500 2011 PAX 2011 Transfer PAX 400 2010 PAX 2010 Transfer PAX 1.000 2009 PAX 2009 Transfer PAX 300 2008 PAX 2008 Transfer PAX 200 500 100 0 0 Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan
Slide 28: A Good Year for Flughafen Wien: Results 2012
A Good Year for Flughafen Wien: Results 2012