Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2020 Earnings Presentation
23 slides from Flughafen Wien's earnings presentation, May 2020
Slide 1: Flughafen Wien AG Q1/2020 Results
FLUGHAFEN WIEN AG Q1/2020 Results
Slide 2: Negative traffic development due to Covid-19 – Net profit below prev. year
Q1/2020: Negative traffic development due to Covid-19 – Net profit below prev. year Q1/2020 – Passenger decline FWAG Group: -18.6%, Vienna: -18.8%; Malta: -16.1%, Košice: -40.6% Revenue decrease to € 161.4 million (-9.0%), EBITDA down by 17.7% to € 59.0 million, EBIT lower by 31.2% to € 26.4 mil
Slide 3: Profit and revenue drop due to Covid-19 pandemic
Profit and revenue drop due to Covid-19 pandemic in € million Q1/2020 Q1/2019 Δ in % Revenue 161.4 177.3 -9.0 Earnings before interest, tax, depreciation 59.0 71.6 -17.7 and amortization (EBITDA) Earnings before interest and taxes (EBIT) 26.4 38.4 -31.2 Financial results -5.0 -3.5 -44.0 Earnings bef
Slide 4: Expenses: Significant cost reduction, slight rise in personnel expenses
Expenses: Significant cost reduction, slight rise in personnel expenses Expenses for consumables and in € million Q1/2020 Q1/2019 Δ in services used significantly below % previous year, energy expenses fell Consumables and -10.4 -11.2 -7.0 by € 0.8 million services used Higher personnel expenses
Slide 5: Net debt remains stable, significant CAPEX reduction
Net debt remains stable, significant CAPEX reduction Q1/2020 Q1/2019 Δ in % Net debt (€ million)1 81.1 81.4 -0.4 Gearing (%)1 5.8 5.9 n.a. Cash flow from operating activities 26.5 72.3 -63.4 (€ million) Free cash flow (€ million) -21.0 24.6 n.a. CAPEX (€ million)2 21.9 25.9 -15.3 Equity (€ million)1
Slide 6: Share price development since 2012
Share price increase since 01/2012: +253% (end of Q1/2020: +221%) market cap about € 2.2 billion (end of Q1/2020: € 2.0 billion) 450 (+221%) 400 350 300 Indexed 250 +253% 200 150 100 50 +37% 0 +16% -50 FWAG ATX Benchmark (FRA, ADP, ZRH) Average Share price development from 1.1.2012 to 12.5.2020 6
Slide 7: Covid-19 crisis: Vienna Airport's role as a lifeline for Austria
Covid-19 crisis: Vienna Airport‘s role as a „lifeline“ for Austria Vienna Airport has been continuously operating since the beginning of the Covid-19 crisis and was always available for flight traffic Daily cargo flights of Austrian Airlines and other airlines transporting medical supplies Ove
Slide 8: Health has highest priority at VIE
Health has highest priority at VIE Requirements by the authorities are enforced: Health authorities are measuring the body temperature of all arriving passengers Arriving passengers without a negative Covid-19 certificate are required to enter a 14-day quarantine period Service for business
Slide 9: Health has highest priority at VIE
Health has highest priority at VIE Comprehensive safety measures for passengers and employees: Requirement to wear safety masks in the terminal, protective devices at check-in, boarding and information counters, distance markings at queuing points, hand desinfectant dispensers, increased cleanin
Slide 10: No new guidance due to current events – emergency measures are implemented
No new guidance due to current events – emergency measures are implemented Due to the massive reduction in flight offers from the airlines operating at Vienna Airport, the revenue and earnings forecast of Flughafen Wien AG for financial year 2020 cannot be achieved. Due to the uncertain developmen
Slide 11: Reduction of investments, AGM postponed, proposal to suspend dividend payment
Reduction of investments, AGM postponed, proposal to suspend dividend payment Usage of state aid packages, the provision of sufficient credit lines and the successful implementation of saving measures guarantee the liquidity of the company, even if the crisis prevails until the end of the year. Pl
Slide 12: Traffic Results Q1/2020
TRAFFIC RESULTS Q1/2020 12
Slide 13: Traffic development Q1/2020 Flughafen Wien Group
Traffic development Q1/2020 Flughafen Wien Group Group passenger development Q1/2020 Q1/2019 Δ in % Vienna Airport (millions) 4.9 6.1 -18.8 Malta Airport (millions) 1.0 1.2 -16.1 Kosice Airport (millions) 0.0 0.1 -40.6 Vienna Airport and its strategic 6.0 7.3 -18.6 investments (VIE, MLA, KSC) Traffi
Slide 14: Shares of scheduled airlines
Shares of scheduled airlines Q1/2020 Share in % Passengers PAX Δ vs. Q1/2019 1. Austrian Airlines 37.5 1,844,233 -23.2 2. Lauda 13.0 641,650 +31.8 3. Wizz Air 9.8 480,581 +24.0 4. Eurowings 4.7 233,038 -49.6 5. easyJet1 3.8 188,472 -33.1 6. Lufthansa 2.8 140,071 -32.3 7. Turkish Airlines 1.9 95,910
Slide 15: Traffic development at Vienna Airport April 2020
Traffic development at Vienna Airport April 2020 Apr./2020 Apr./2019 Δ in % Passengers (millions) 0.0 2.7 -99.5 Local passengers (millions) 0.0 2.1 -99.4 Transfer passengers (millions) 0.0 0.6 -99.9 Flight movements (in 1,000) 1.0 22.8 -95.8 MTOW (millions of tonnes) 87.8 943.2 -90.7 Seat load facto
Slide 16: Current passenger flight schedule at Vienna Airport
Current passenger flight schedule at Vienna Airport Airlines Destination Frequency/week Austrian has currently Air Serbia Belgrade up to 14x cancelled all scheduled flights up to 31.5.2020, the exact Belavia Minsk up to 4x date of recommencement has Bulgaria Air Sofia up to 3x not been decided yet
Slide 17: Segment Results Q1/2020
——\ = A Vienna International Airport
Slide 18: Airport: Passenger decline leads to lower EBITDA and EBIT
Airport: Passenger decline leads to lower EBITDA and EBIT Notable revenue decrease due to in € million Q1/2020 Q1/2019 Δ in decline in passengers and flight % movements External revenue 75.8 83.2 -8.8 EBITDA 30.4 34.7 -12.4 Revenue from aircraft-related fees declined by 15.3% year-on- EBIT 10.4
Slide 19: Handling & Security Services: Lower revenue
Handling & Security Services: Lower revenue Revenue from apron handling Δ in in € million Q1/2020 Q1/2019 moved down by 1.2% to € 23.4 % million also due to lower de-icing External revenue 36.6 38.5 -5.0 revenue EBITDA -0.8 1.2 n.a. Despite the decline in volumes, revenue from cargo handling EBI
Slide 20: Retail & Properties: Also lower revenue and results
Retail & Properties: Also lower revenue and results Lower revenue from centre in € million Q1/2020 Q1/2019 Δ in management & hospitality, which fell % by 10.3% to € 15.2 million (Q1/2019: External revenue 32.1 36.2 -11.4 € 16.9 million) EBITDA 18.2 24.6 -25.8 EBIT 13.9 20.2 -30.8 Parking revenue
Slide 21: Malta: Lower revenue and results due to Covid-19
Malta: Lower revenue and results due to Covid-19 Airport-related revenue declined by in € million Q1/2020 Q1/2019 Δ in 20.0% year-on-year to € 7.8 million, % which in this segment is also due in External revenue 12.8 15.6 -17.7 large part to the decrease in traffic EBITDA 5.0 7.4 -33.0 as a result
Slide 22: Results of strategic investments
Results of strategic investments Malta Int. Airport Airport Košice Q1/2020 Q1/2020 Approx. 1.0 million PAX (-16.1%) Approx. 0.0 Mio. PAX (-40.6%) 2019 2019 About 7.3 million PAX (+7.4%) About 0.6 Mio. PAX (+2.9%) Revenue: € 100.3 million Revenue: € 14.0 million EBITDA: € 63.2 million
Slide 23: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 23