Fraport AG · XETR:FRA
Fraport — FY2002 Earnings Presentation
92 slides from Fraport's earnings presentation, Apr 29, 2003
Slide 1: Fraport AG Frankfurt Airport Services Worldwide
Fraport AG Frankfurt Airport Services Worldwide Presentation to Analysts April 29, 2003
Slide 2: Disclaimer
Slide 2 Disclaimer This document has been prepared by Fraport AG Frankfurt Airport Services Worldwide solely for use at the results` presentation of Fraport. It is not to be reproduced or circulated to any person other than to whom it has been provided at the presentation and it is not to be used in
Slide 3: Agenda
Slide 3 Agenda § Latest Developments § Aviation § Ground Handling § Non Aviation § Capacity Expansion § Financials § Outlook Presentation to Analysts, April 29, 2003
Slide 4: Key Messages
Slide 4 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Key Messages – 2002 – a year with healthy underlying development but a one-time item that affects dividend. – For 2003, Fraport remains cautiously optimistic despite negative effects. – The risks
Slide 5: Write-down of Manila Project
Slide 5 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Write-down of Manila Project – After intensive talks with the Philippine government and partners to solve issues for International Passenger Terminal in Manila: No willingness to find a constructi
Slide 6: Terminal 3 Manila
Slide 6 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Terminal 3 Manila Presentation to Analysts, April 29, 2003
Slide 7: Terminal 3 Manila
Slide 7 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Terminal 3 Manila Presentation to Analysts, April 29, 2003
Slide 8: Traffic Figures Frankfurt Airport
Slide 8 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Traffic Figures Frankfurt Airport Jan-Dec 2000 2001 2002 ∆ 02/01 % PAX (m) 49.36 48.57 48.45 (0.2) Air Freight (t 000) 1,589 1,494 1,515 1.4 Mail (t 000) 141.0 141,1 141.0 (0.1) ATMs (000) 458.7 4
Slide 9: Group Traffic Figures 2002
Slide 9 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Group Traffic Figures 2002 Jan-Dec PAX ∆% Cargo 1 ∆% ATMs ∆% 2002 (m) (t000) (000) Frankfurt 48.45 (0.2) 1,631 1.1 458.4 0.4 Antalya 2 9.79 12.3 n.a. n.a. 62.5 16.9 Hahn 3 1.45 228.0 139 3.0 25.7
Slide 10: Traffic Figures Q1 2003 at Frankfurt Airport
Slide 10 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Traffic Figures Q1 2003 at Frankfurt Airport January February March Q1 Passengers 2003 3.527.210 3.274.976 3.765.552 10.567.738 ?% 7,0 0,8 -5,3 0,4 Air Freight (t) 2003 110.869 122.601 143.820 37
Slide 11: Group Traffic Figures Q1 2003
Slide 11 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Group Traffic Figures Q1 2003 ∆% ∆% ∆% 1 Jan-Mar PAX Cargo ATMs 2003 (m) (t000) (000) Frankfurt 10.56 0.4 404 6.9 111.9 4,7 2 Antalya 0.74 (1.4) n.a. n.a. 5.7 1.7 3 Hahn 0.46 137.7 35 16.6 6.7 18
Slide 12: PAX Development 1980-2002: Recovery Phases stabilize long-term Trend
Slide 12 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook PAX Development 1980-2002: Recovery Phases stabilize long-term Trend 15% FRA annual PAX Recovery phases CAGR 1980-2002: 4.7 % development 10% 5% 0% -5% -10% LH strike 2nd oil crisis Chernobyl Gul
Slide 13: Impact of 1991 Gulf War on PAX Development
Slide 13 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Impact of 1991 Gulf War on PAX Development: Basis Effect and Strong Recovery 40% FRA monthly PAX development 30% Jan 17, 1991: Start of the gulf war; two recovery months of combat operations 20%
Slide 14: Impact of 2003 War on Iraq on PAX Development
Slide 14 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Impact of 2003 War on Iraq on PAX Development: So far less severe than in 1991 40% FRA monthly PAX development 30% Mar 19, 2003: recovery Start of war on Iraq 20% 10% 0% unc ce en erta -10% id nf
Slide 15: War on Iraq: Traffic Exposure to Middle East, North Africa
Slide 15 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook War on Iraq: Traffic Exposure to Middle East, North Africa FRA PAX Exposure Development to Regions - Year & Development to date year to date 5.3% of total PAX 2.9% of total PAX V.A.E., Bahrein, T
Slide 16: SARS: Traffic Exposure to South-East Asia, Canada
Slide 16 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook SARS: Traffic Exposure to South-East Asia, Canada FRA Exposure to Regions & Development year to date 4% of total PAX Canada, 8% of mainly Toronto total PAX 2003 ytd: +0.3% China/Hongkong Singapor
Slide 17: PAX-Development 1980-2003: Long-term Trend Continues
Slide 17 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook PAX-Development 1980-2003: Long-term Trend Continues Monthly development 4.600.000 Gliding 12-months average Linear Trend 4.100.000 CAGR 1980-2002: 4.7% 3.600.000 Gulf war 3.100.000 2nd oil crisi
Slide 18: Slot Demand still far above Capacity
Slide 18 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Slot Demand still far above Capacity 120 Slot Demand FRA Summer Schedule 2003 100 80 Capacity 60 40 20 0 0400 0500 0600 0700 0800 0900 1000 1100 - 1200 1300 1400 1500 1600 1700 1800 1900 2000 210
Slide 19: Fraport's Contingency Plan - Responsive to short-term Disruptions
Slide 19 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Fraport’s Contingency Plan - Responsive to short-term Disruptions Agreement signed with workers’ council for short-term actions. Three levels: – Short-term adverse effects – Long-term adverse eff
Slide 20: Non-Aviation Business is Backbone of Fraport's Stability
Slide 20 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Non-Aviation Business is Backbone of Fraport’s Stability - despite Traffic Volatility 600 EBITDA in EUR mil. 533.5 507.2 502.5 500 459.9 Others 440.3 Ground Handling 400 Aviation 300 200 75 % 74
Slide 21: Agenda
Slide 21 Agenda § Latest Developments § Aviation § Ground Handling § Non Aviation § Capacity Expansion § Financials § Outlook Presentation to Analysts, April 29, 2003
Slide 22: Fraport is dual till regulated
Slide 22 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Fraport is dual till regulated – Dual till: only aviation business is regulated – Calculation basis: costs + costs of capital – Regulator: State of Hesse (Ministry of Economics) – Procedure: • Di
Slide 23: Airport Charges in Frankfurt: Long-term Agreement with Airlines
Slide 23 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Airport Charges in Frankfurt: Long-term Agreement with Airlines – Term: 2002 - 2006 total 2002: 564 EUR mil. – 2% price increase per annum • not linked to inflation or productivity - Fraport main
Slide 24: Fee Cap Agreement currently works in Favour of Fraport
Slide 24 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Fee Cap Agreement currently works in Favour of Fraport – Basis of agreement: fixed traffic assumptions until 2006, average Traffic growth rate of 4.5%. assumption – Risk Sharing Scheme: • Fraport
Slide 25: Frankfurt - Leading European Hub Airport
Slide 25 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Frankfurt - Leading European Hub Airport Connectivity and Punctuality attract Transfer Passengers! Frankfurt Schiphol Paris - CDG Heathrow 0 10 20 30 40 50 60 70 80 90 IATA Connectivity Units 200
Slide 26: Intermodality – Leveraging the Infrastructure
Slide 26 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Intermodality – Leveraging the Infrastructure – AiRail Terminal (long-distance train station near Terminal 1) • ICE 3 trains reduces travel time to Rhine-Ruhr by 1 hour • 70% increase in train ca
Slide 27: Expansion of Catchment Area
Slide 27 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Expansion of Catchment Area PAX in % at AiRail Terminal FRA 6 9 – more than 6 mil. passengers used 8 AiRail Terminal in 2002 11 17 21 – Enhancement of Catchment Area: • number of passengers arriv
Slide 28: Expansion of Catchment Area (2)
Slide 28 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Expansion of Catchment Area (2) - Frankfurt Airport’s catchment area – 35 million inhabitants within 2h / 200 km – is far greater than that of other European hubs 40 35 30 25 20 15 10 5 0 Frankfu
Slide 29: A new Market: Low Cost Airlines in Germany Spring 2003
Slide 29 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook A new Market: Low Cost Airlines in Germany Spring 2003* Ryanair (Buzz) Air Berlin easy Jet/go BMI Baby HL-Express Sky Europe Germanwings DBA Germania intersky Express Airways Presentation to Anal
Slide 30: Low Cost in Europe: far from Saturation
Slide 30 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook “Low Cost” in Europe: far from Saturation 2002: market share of low cost 2010: 20% of European market? CAGR 2,5% 3% CAGR 25,0% ca. 20% ∅ CAGR 4,5% Ireland UK 30% 26% France Germany 00 03 06 09 01
Slide 31: How Cost Advantages are generated
Slide 31 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook How Cost Advantages are generated Costs per available Seat Kilometer 2% 3% 7% 10% 0.2ct 0.1ct 12.0ct 45% 0.6ct 0.4ct 13% 0.8ct Others 20% 1.2ct Maintenance 2.7ct - One comfort Staff class - No fr
Slide 32: Fraport is well positioned: Strong PAX Development in Frankfurt-Hahn
Slide 32 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Fraport is well positioned: Strong PAX Development in Frankfurt-Hahn 2.500.000 2.250.000 Annual PAX development Hahn 2.000.000 – Mid term target is 4-5 mil. PAX 1.750.000 1.500.000 1.250.000 –Ter
Slide 33: Development of Non-Aviation Business at Hahn
Slide 33 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Development of Non-Aviation Business at Hahn Commercial Space in sqm – Retail: Focus on duty free 2500 2000 Retail – Parking: 3,000 lots since April 1, total incl. F&B managed from Frankfurt, up-
Slide 34: A new Approach to Airline Segmentation
Slide 34 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook A new Approach to Airline Segmentation - Fraport positioned to benefit Ultra Simple Simple Advanced Travel Travel Travel -No service -Low service and -Network-carrier -Secondary & product ameniti
Slide 35: Success & Growth
Slide 35 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Success & Growth Success depends… ...on the ability to understand and react to customer's demands and subsequently generate added value. Participating in market growth requires… …a complete cover
Slide 36: ICTS: Europe's Leading Aviation Security Provider
Slide 36 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook ICTS: Europe‘s Leading Aviation Security Provider – Operates at 40 locations across Europe, mainly in Germany, England and France – 6,800 employees (after merger with CIVAS) – 173.6 mil. Euro rev
Slide 37: ICTS: Integrated Services enhance Airport Operations
Slide 37 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook ICTS: Integrated Services enhance Airport Operations – Airline Security Services: • passenger screening (profiling), validity check, search, security and guarding – Airport Services: • 100% Hold
Slide 38: Agenda
Slide 38 Agenda § Latest Developments § Aviation § Ground Handling § Non Aviation § Capacity Expansion § Financials § Outlook Presentation to Analysts, April 29, 2003
Slide 39: Fast Connection Hub Services
Slide 39 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Fast Connection Hub Services Ddelayed departures in % because of Ground Handling (2002) Span of Minimum Connecting Time in min. FRA 2,0 18,0 total delays in % FRA 35 45 AMS 4,5 21,1 AMS 40 50 LHR
Slide 40: Short Connex Process offers 35 Minutes Transfer Time
Slide 40 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Short Connex Process offers 35 Minutes Transfer Time Approach min 35 minutes Departure Stairs / Stairs / Bridges Disembarkation Boarding Bridges Passenger transport Passenger transport Airside Un
Slide 41: Productivity Gains with better Customer Satisfaction
Slide 41 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Productivity Gains with better Customer Satisfaction 100 – Even in the difficult year 2002 93,6% 92,5% 80 5,2% productivity increase in 60 Ground Handling at FRA. 40 20 – While handling 37 mil. b
Slide 42: Agenda
Slide 42 Agenda § Latest Developments § Aviation § Ground Handling § Non Aviation § Capacity Expansion § Financials § Outlook Presentation to Analysts, April 29, 2003
Slide 43: Retail: FRA outperforms German Retail Market
Slide 43 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Retail: FRA outperforms German Retail Market Development of Retail Income (1998 = 100) Introduction of 160 Travel Value Sep-11 150 Concept 140 EU Duty Free 130 Abolished 120 110 100 90 1998 H1 99
Slide 44: Further Increase in Retail Space and Quality
Slide 44 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Further Increase in Retail Space and Quality Success Factors Retail Space in sqm 19650 19977 14328 14960 15146 15146 13550 Strategy / Marketing Retail operations and quality management 2001 2002
Slide 45: Planning ahead: Airports as Retail Market Places
Slide 45 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Planning ahead: Airports as Retail Market Places Presentation to Analysts, April 29, 2003
Slide 46: Agenda
Slide 46 Agenda § Latest Developments § Aviation § Ground Handling § Non Aviation § Capacity Expansion § Financials § Outlook Presentation to Analysts, April 29, 2003
Slide 47: FRA - Capacity Expansion Plan
Slide 47 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook FRA - Capacity Expansion Plan NW-Runway Terminal 3 A380 Maintenance (Lufthansa) Presentation to Analysts, April 29, 2003
Slide 48: Procedures for Lufthansa's A380 Facilities
Slide 48 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Procedures for Lufthansa’s A380 Facilities Planning Approval Construction Operation ü December ü January 2003: - 2004: Start of - 2006: End of 2002: Com- Filing and start construction by construc
Slide 49: Capacity Expansion Process on Track
Slide 49 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Capacity Expansion Process on Track Planning Approval Construction Operation ü 1997: Start of üJuly 2002: - 2005: Start of - 2006: Opening of discussions Regional plan- runway con- the new runway
Slide 50: Footprint Terminal 3
Slide 50 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Footprint Terminal 3 Presentation to Analysts, April 29, 2003
Slide 51: Capacity Expansion strengthens Frankfurt's Competitiveness
Slide 51 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Capacity Expansion strengthens Frankfurt’s Competitiveness LHR CDG AMS FRA act. FRA 2015 Runways 2 4 4 3 4 No. ATM Capacity 84 120 104 80-82 120 per hour Terminal Capacity 60 45 45 56 81 mil. PAX
Slide 52: Conclusion
Slide 52 Latest Developments Aviation Ground Handling Non-Aviation Capacity Expansion Financials Outlook Conclusion - Solid basis for continued growth - Fraport ready to take opportunities - with an integrated strategy - with a strong balance sheet - with the right decisions taken - and with focus o
Slide 53: Agenda
Slide 53 Agenda § Latest Developments § Aviation § Ground Handling § Non Aviation § Capacity Expansion § Financials § Outlook Presentation to Analysts, April 29, 2003
Slide 54: Agenda Financials
Slide 54 Agenda Financials § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 55: Financial Highlights
Slide 55 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Financial Highlights – Recovery of air traffic – Traffic figures at Frankfurt Airport on last year‘s level – Revenues up by 14.1 % to EUR 1,803.6 mil. • Effect of first-time full consolidation ICTS
Slide 56: Profit & Loss Statement
Slide 56 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Profit & Loss Statement EUR mil. 2001 2002 Growth Revenues 1,580.6 1,803.6 14.1 % Total Revenues (1) 1,713.8 1,902.2 11.0 % Staff costs 689.2 860.1 24.8 % Non-staff costs 506.7 526.9 4.0 % Write-dow
Slide 57: Profit & Loss Statement
Slide 57 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Profit & Loss Statement EUR mil. 2001 2002 Growth EBITDA (1) 507.2 241.9 (52.3 %) Depreciation & Amortization (2) 209.3 214.1 2.3 % Write-down of 62.7 32.7 (47.8 %) financial assets (3) EBIT 235.2 (
Slide 58: Effects on Results Related to the Manila Project
Slide 58 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Effects on Results Related to the Manila Project 2002 2002 EUR mil. Adjusted for the complete write-down of the Manila project Revenues 1,803.6 1,803.6 EBITDA 241.9 502.5 EBITDA margin (1) 13.4 % 27
Slide 59: Revenue Increase due to Change in Consolidation
Slide 59 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Revenue Increase due to Change in Consolidation Revenues and Total Revenues Rise in revenues primarily due to: EUR mil. 2400 1,902.2 - First-time full consolidiation of ICTS 1,713.8 2000 Europe 160.
Slide 60: Staff Costs per Employee Significantly Down
Slide 60 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Staff Costs per Employee Significantly Down Staff costs Rise in staff costs by 24.8 %: EUR mil. – Consolidation effect ICTS Europe 1200 EUR 44.4K/ employee (1) EUR 40.2K/ employee (1) – 2.4 % tariff
Slide 61: Increase in Non-Staff Costs
Slide 61 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Increase in Non-Staff Costs Non-staff costs EUR mil. 600 Cost of materials down by 2.3 %: 506.7 526.9 – Lower maintenance expenses 251.6 400 225.0 Other operating expenses up by 11.8 % – First-time
Slide 62: Net Result and Earnings per Share
Slide 62 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Net Result and Earnings per Share Net income EUR mil. Net loss (EUR 120.8 mil.) 150 EPS Transfer out of 1.28 EUR capital reserves: EUR 130.3 mil. 100 Addition to other 101.1 50 revenue reserves (EUR
Slide 63: Profit & Loss Statement
Slide 63 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Profit & Loss Statement Manila ICTS Adjusted for EUR mil. 2002 effect (including Manila/ICTS 2002 CIVAS) Revenues 1,803.6 174.1 1,629.5 Total revenues (1) 1,902.2 173.6 1,728.6 Staff costs 860.1 160
Slide 64: Profit & Loss Statement
Slide 64 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Profit & Loss Statement Manila ICTS Adjusted for EUR mil. 2002 effect (including Manila/ICTS 2002 CIVAS) EBITDA (1) 241.9 260.6 4.5 498.0 Depreciation & 214.1 10.5 203.6 Amortization (2) Write-down
Slide 65: Agenda
Slide 65 Agenda § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 66: Segment Overview – Business Activities and Revenues
Slide 66 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Segment Overview – Business Activities and Revenues Aviation Non-Aviation Airside Operations Retail Airport Security Property Air Security Car Parking Management Terminal Management 46 % 23 % 27 % 4
Slide 67: ICTS Europe – Segment Split
Slide 67 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook ICTS Europe – Segment Split ICTS (including Non EUR mil. CIVAS) Aviation Aviation Others Revenues 174.1 131.4 17.0 25.7 Total Revenues (1) 173.6 131.0 17.0 25.6 Staff costs 160.0 114.3 24.4 21.3 Cos
Slide 68: Manila Write-down – Segment Split
Slide 68 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Manila Write-down – Segment Split Manila EUR mil. Write-down Aviation Non-Aviation Revenues 174.1 131.4 17.0 Write-down of receivables (260.6) (96.4) (164.2) and investments at equity EBITDA (260.6)
Slide 69: Financials Aviation - Increase in Revenues due to Full Consolidation of ICTS Europe
Slide 69 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Financials Aviation - Increase in Revenues due to Full Consolidation of ICTS Europe EUR mil. 2001 2002 Growth Rise in revenues due to: – Full consolidation ICTS External Revenues 655.7 878.8 34.0 %
Slide 70: Financials Non-Aviation - Successful Retail Business
Slide 70 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Financials Non-Aviation - Successful Retail Business EUR mil. 2001 2002 Growth Third-party revenues down: One-off items in 2001: External Revenues 469.4 429.1 (8.6 %) EUR 52.8 mil. Segment result 28
Slide 71: Reporting of Non-Aviation Revenues Changed
Slide 71 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Reporting of Non-Aviation Revenues Changed EUR mil. total: EUR 429.1 mil. 48.0 28.3 18.6 93.3 158.6 82.3 Retail Retail Subsidiaries FRA Car Parking Airport Subsidiaries Real Estate Others Presentati
Slide 72: Revenue Split Retail
Slide 72 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Revenue Split Retail 2.5 EUR mil. 8.9 total: EUR 93.3 mil. 3.2 3.2 7.5 0.4 67.6 Shopping Advertising Car Rental Telecommunication Banking F&B, Hotel Other Concessions Presentation to Analysts, April
Slide 73: Increase in Retail Revenues at Frankfurt Airport
Slide 73 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Increase in Retail Revenues at Frankfurt Airport EUR mil. EUR 2.31 120 111.9 per PAX – Increase in retail revenues 100 18.6 per passenger by 12.1 % 80 25.7 60 67.6 60.3 40 EUR 1.24 EUR 1.39 per PAX
Slide 74: Financials Ground Handling - Decline in Revenues at Frankfurt Airport
Slide 74 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Financials Ground Handling - Decline in Revenues at Frankfurt Airport EUR mil. 2001 2002 Growth Decline in revenues at Frankfurt Airport: External Revenues 538.5 518.4 (3.7 %) – Airlines use smaller
Slide 75: Financials Others - Increase in Revenues due to Full Consolidation of ICTS Europe
Slide 75 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Financials Others - Increase in Revenues due to Full Consolidation of ICTS Europe EUR mil. 2001 2002 Growth External Revenues 50.2 75.9 51.2 % Segment result 10.1 12.9 27.7 % EBITDA (1) 23.5 32.5 38
Slide 76: Agenda
Slide 76 Agenda § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 77: Balance Sheet
Slide 77 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Balance Sheet EUR mil. 31.12.01 31.12.02 Growth Fixed assets 3,222.8 2,698.6 (16.3 %) Other assets 449.2 922.1 105.3 % Total Assets 3,672.0 3,620.7 (1.4 %) Equity 1,964.3 1,803.4 (8.2 %) Debt (1) 97
Slide 78: Balance Sheet Ratios
Slide 78 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Balance Sheet Ratios 31.12.01 31.12.02 (1) Equity ratio stable Equity ratio 52.5 % 49.8 % (2) Gearing 46.4 % 18.0 % One-off items: (3) – Liquidation of the Working Capital (112.3) 442.0 in EUR mil.
Slide 79: Agenda
Slide 79 Agenda § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 80: Cash flow Statement
Slide 80 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Cash flow Statement 190.3 +190,3 (70.1) - 70,1 EUR mil. +2.0 2,0 585,1 585.1 Adjustment for +395,6 395.6 investment fund in cash flow used in investing activities: EUR 489.9 mil. 67,3 67.3 Cash Net
Slide 81: Agenda
Slide 81 Agenda § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 82: Lima Airport
Slide 82 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Lima Airport 2001 2002 Growth PAX 4.1 mil. 4.3 mil 4.2% – Successful operation of ATMs 72.1K 70.3K (2.5%) the largest airport in Peru Revenues (1) 55.7 68.1 22.3% • Growth in PAX and in EUR mil. EBI
Slide 83: Antalya Airport
Slide 83 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Antalya Airport 2001 2002 Growth PAX 8.7 mil. 9.8 mil. 12.3 % – Antalya grows despite ATMs 53.4K 62.5K 16.9 % worldwide weakness of air Total revenues 77.6 64.0 (17.5 %) traffic in EUR mil. EBITDA 3
Slide 84: ICTS Europe
Slide 84 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook ICTS Europe in EUR mil. 2002 – Merger of ICTS Europe and Civas completed Total 173.6 r e v e n u e s (1) • European market leadership in aviation E B I T D A (1) 4.5 security services E m p loyees 6
Slide 85: Hahn Airport
Slide 85 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook Hahn Airport 2001 2002 Growth Strong growth at PAX 0.4 mil. 1.4 mil. 228.0 % Hahn airport ATMs 22.9K 25.7K 12.4 % Total revenues – New Ryanair hub in EUR mil. 17.6 19.9 13.1 % offering flights to EB
Slide 86: Agenda
Slide 86 Agenda § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 87: WM 2005: Key Facts
Slide 87 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook WM 2005: Key Facts – 21 efficiency programs targeting all business units – Over 150 individual initiatives started – Continuous implementation process until 2005 – High management attention, project
Slide 88: WM 2005: Target 2002 achieved, 2003 on Track!
Slide 88 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook WM 2005: Target 2002 achieved, 2003 on Track! EUR mil. Facts: – EUR 150 mil. cumulated EBITDA improvement for 2002-2004 targeted 150 – EUR 150 mil. sustainable EBITDA 90 improvement from 2005 onward
Slide 89: WM 2005: Sustainable Effects from 2005 onwards - Sphere of Effect
Slide 89 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook WM 2005: Sustainable Effects from 2005 onwards - Sphere of Effect * Revenues: new pricing models, product and customer differentiation, 7% optimized space allocation 15% and utilization 31% Labor co
Slide 90: WM 2005: Sustainable Effects from 2005 onwards - Segment Split
Slide 90 Profit & Loss Statement Segment Results Balance Sheet Cash flow Subsidiaries WM 2005 Outlook WM 2005: Sustainable Effects from 2005 onwards - Segment Split * Aviation: 2% Differentiated pricing-models 25% for specialized services Optimization of service levels 42% Non-Aviation: Optimization
Slide 91: Agenda
Slide 91 Agenda § Profit & Loss Statement § Segment Results § Balance Sheet § Cash flow § Subsidiaries § WM 2005 § Outlook Presentation to Analysts, April 29, 2003
Slide 92: Thank you for your attention!
Thank you for your attention!