Enav S.p.a. · MIL:ENAV
Enav — H1 2019 Earnings Presentation
11 slides from Enav's earnings presentation, Aug 6, 2019
Slide 1: 1H 2019 Financial Results
1H 2019 Financial Results Aug 6, 2019
Slide 2: 1H 2019 Highlights
1H 2019 Highlights ▪ Net Revenue increases by 1.5% YoY to €417.3m ▪ Solid growth in revenue from operations, driven by an ongoing high traffic ▪ Growth in en-route revenue, up 2.9% to €310.1m ▪ Significant increase in terminal revenue, up 5.8% to €108.8m ▪ Non-regulated revenue at €4.1m ▪ Negative B
Slide 3: 1H 2019 Main Traffic Trends
1H 2019 Main Traffic Trends ▪ En-route service units increase 7.4%1 YoY driven by mid- to high-single-digit En-route growth in all the first six months of 2019: National Traffic breakdown Overflight 19% (by Service Unit) 39% ▪ Very strong ongoing performance of Overflight traffic, with service units
Slide 4: Net Revenue Performance
Net Revenue Performance Net Revenue breakdown €m +1.5% 411 417 ▪ Net Revenue growth driven by solid performance in Revenue from Operations, up 2.9%, partially offset by negative balance 103 109 +5.8% ▪ Solid en-route revenue growth of 2.9% YoY, driven by strong traffic more than offsetting the decli
Slide 5: Cost Efficiency on Track
Cost Efficiency on Track Ongoing external cost optimization ▪ External opex efficiency plan delivering strong results with a further €m reduction of €4.9m YoY, down 6.9%: (6.9)% 71 66 ▪ Reduction of telecommunication costs through full IP network and fee renegotiation with supplier ▪ Lower ATM equip
Slide 6: 1H 2019 Financials Overview
1H 2019 Financials Overview 5
Slide 7: Net Revenue and EBITDA Development
Net Revenue and EBITDA Development Net Revenue ▪ Net Revenue increase of €m +1.5% 16 1.5% YoY driven by solid 417.3 Operating revenue 411.0 6.0 8.8 (0.4) (2.3) performance, both in en-route (5.8) (26) and terminal, only partly offset by negative Balance and decrease in non-regulated revenue ▪ Negati
Slide 8: Consolidated P&L and Main Movements Below EBITDA
Consolidated P&L and Main Movements Below EBITDA Change 1H 2019 1H 2018 € mln Amount % Revenue from operations 429,244 417,147 12,097 2.9% ▪ D&A marginally increases by Balance (29,814) (24,026) (5,788) 24.1% €0.3m, mainly due to IFRS 16 adjustments Other operating income 17,868 17,870 (2) 0.0% Tota
Slide 9: Cash Flow and Capitalization
Cash Flow and Capitalization ▪ Cash balance decreases by €32m in 1H 19 vs YE 18, as a result of: Maturity Total debt ▪ Dividends paid for €108m, almost fully offset by net profit of €34m and Current (<1 outstanding/cash D&A for €70m year) Non-current (€m) ▪ Capex of €35m, cash Capex of €33m Total De
Slide 10: Guidance 2019 FY
Guidance 2019 FY Revenues EBITDA CapEx DPS Flat to low single-digit EBITDA margin 32% Capex revised from 2020 DPS expected to Net Revenue growth, €125m to €115-120m grow by 4% over 2019 with decrease in regulated tariff offset by expected growth in traffic 9
Slide 11: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward looking statements are based on ENAV S.p.A.’s curren