Slide 1: 2021 Financial Results
2021 Financial Results A p ri l 2 1 , 2 0 2 2 e n a v. i t
Slide 2: Full Year 2021 Highlights
Full Year 2021 Highlights • Core business managed with the highest safety standards, despite persisting effects of pandemic REGULATED • Best-in-class operating performance (average minutes of en-route delay per flight) in EU BUSINESS • Protective regulation framework, in place: Performance Plan comp
Slide 3: 2021 Group's Highlights
2021 Group’s Highlights En-Route traffic Terminal traffic Total Revenue Non-Reg. Revenue 5.78m uds 1 0.55m uds 1 €836.6m €33.0m +44.9% vs. 2020 +36.3% vs. 2020 +8.5% vs. 2020 +22.3% vs. 2020 57.6% of 2019 levels 54.2% of 2019 levels EBITDA Net Profit CAPEX Net Financial Debt €222.4m €484m +5.5% vs.
Slide 4: Top Performance in 2021
Top Performance in 2021 En-route Service Units (‘000) YoY change +30.8% +12.9% +43.9% +44.9% Amongst Member States subject to EU 11,181 Performance Scheme, ENAV: 7,777 6,383 5,783 • Is the 4th largest Air Navigation Service Provider 1 Performance Quality Leader in Europe • Shows a better traffic rec
Slide 5: Sustainability Performance in 2021
Sustainability Performance in 2021 ENAV’s Sustainability Plan 2021-2023 The Sustainability Plan, based on 6 main Assets, defines a series of actions, based on the United Nations 17 Sustainable Development Goals (SDGs), on which the ENAV Group will be committed in the period and that pursue the full
Slide 6: 2021 Main Traffic Trends – En-Route
2021 Main Traffic Trends – En-Route Traffic breakdown by service units Quarterly service units trend1 & change vs. 2019 (‘000/%) -12.3% -15.7% -61.1% -62.6% National 44.9% YoY 3,350 -28.8% 24% 2,712 -62.9% -69.4% -89.2% 2,384 2021: 2,167 1,817 1,827 Overflight 5,782,8971 1,593 1,302 43% 1,016 Intern
Slide 7: 2021 Main Traffic Trends – Terminal
2021 Main Traffic Trends – Terminal Traffic breakdown by service units Quarterly service units trend1 & change vs. 2019 (‘000/%) -22.4% -22.2% International 304 -56.9% -63.8% 55% 36.3% YoY 272 -28.3% 2021: 233 -65.0% -74.3% 218 209 -89.0% 550,9221 National 181 162 45% 131 98 81 54 30 Zone 1 Zone 3 Z
Slide 8: RP3 Regulation Update
RP3 Regulation Update • The RP3 regulatory framework was approved in February 2019 and cost efficiency targets were set in May 2019 with performance plans submitted by year end 2019 • Approval by European Commission of country-specific performance plans for RP3 (2020-2024), originally scheduled for
Slide 9: Financials Overview
2021 Financials Overview
Slide 10: Total Revenue Performance
Total Revenue Performance Total Revenue Breakdown €m 8.5% 836.6 • 2021 total revenue solid growth (+8.5% YoY or +€65.3m) with 771.3 12.3% increase in en-route, terminal and non-regulated business; 81.8 72.9 balance declined YoY 294.4 (23.2%) 383.4 • En-route and terminal revenue in 2021, up YoY by 3
Slide 11: Cost Evolution
Cost Evolution Personnel Cost €m • Personnel cost* increase of 8.3% YoY (+€38.3m), coming from 8.3% 499.2* unfair comparison with 2020, when non-recurring cost savings 461.0* Social security were performed following huge traffic decrease due to contributions 155.6 & Other Costs pandemic. On the cont
Slide 12: Total Revenue and EBITDA Development
Total Revenue and EBITDA Development Total Revenue €m 16 8.5% • Total revenue increased 8.5% YoY (+€65.3m), mainly driven by: 90.9 54.4 0.8 6.0 2.2 771.3 836.6 • Increase of €90.9m and €54.4m (89.0) in en-route and terminal revenue respectively, thanks to solid air traffic volumes, especially during
Slide 13: Consolidated P&L and Main Movements Below EBITDA
Consolidated P&L and Main Movements Below EBITDA Change 2021 2020 thousands euro Amount % • D&A decreased by 6.1% YoY as a consequence Revenue from operations 504,307 352,216 152,091 43.2% of previous years investments timeframe Balance 294,398 383,378 (88,980) -23.2% Other operating income 37,874 3
Slide 14: Cash Flow and Capitalization
Cash Flow and Capitalization Maturity Total debt €m outstanding/ Current Non-current cash (<1 year) Financial Debt 252 415 667 Trade Payables* 42 42 Total Debt 252 457 709 Cash & Cash Equivalents 225 Net Debt (Net Cash) 484 Net Debt / EBITDA 2.17 x • ENAV’s liquidity and financial position remains s
Slide 15: Cash Flow Details
Cash Flow Details €m 129.3 (74.8) (289.6) 78.0 317.4 180.0 8.6 225.3 (59.9) (63.7) Cash 20201 Net profit D&A Change Change in Cash Debt Debt Other Cash 2021 2 3 in NWC other A&L Capex repayment increase items • The cash balance decreased by €92,1m in 2021 vs 20201 as a result of: • Net profit of €78
Slide 16: Shareholders Remuneration
Shareholders Remuneration Historical Dividend Distribution €m 180 €180m extraordinary 113 dividend paid in August 2015 108 95 101 58.5 47 32 36 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 proposal ▪ Dividend distribution reinstated in 2021, after 2020 pause due to Covid-19 pandemic impact on NFI
Slide 17: 2022 Outlook & Key Take-Aways
2022 Outlook & Key Take-Aways
Slide 18: 2022 Outlook
2022 Outlook • Traffic expected to reach 8.5 million service units for en-route in 2022 (approximately 85% of 2019) with summer season at almost pre- pandemic levels • Total revenue increase by low-single digit YoY • Non-regulated revenue increase by low-single digit YoY • EBITDA increase by low-sin
Slide 19: Key Take-Aways
Key Take-Aways • Solid 2021 operational and financial results • Non-regulated business hit record revenue and is expected to grow further • Traffic recovery and summer season’s peaks managed with top level quality and safety • SBTi validation of our climate change strategy obtained • Performance Pla
Slide 20: Thank You
THANK YOU Q&A SESSION e n a v. i t
Slide 21: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management current views with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on ENAV S.p.A.’s cu