Enav S.p.a. · MIL:ENAV
Enav — H1 2020 Earnings Presentation
14 slides from Enav's earnings presentation, Sep 29, 2020
Slide 1: 1H 2020 Financial Results
1H 2020 Financial Results September 2 9 , 2 0 2 0
Slide 2: 1H 2020 Highlights
1H 2020 Highlights ▪ Severe impact of Covid-19 emergency on aviation sector, starting from March 2020, with 1H en-route traffic down 58.4% YoY; negative traffic peak in April and May (approx. -90% YoY). First signs of improving trend in June, confirmed during summer season with traffic in July down
Slide 3: 1H 2020 Main Traffic Trends
1H 2020 Main Traffic Trends En-route (traffic breakdown by service units) National Material impact from Covid-19, starting from March after a strong traffic growth Overflight 20% recorded in January and February 44% 1H ‘20: (58.4)% YoY ▪ En-route service units down 58.4%1 YoY as a combined result of
Slide 4: Net Revenue Performance
Net Revenue Performance Net Revenue breakdown €m (10.7)% ▪ Net Revenue down 10.7% YoY, due to decline in Revenue from 417.3 372.5 Operations (-61.7%), largely offset by positive Balance 109 38 (65.3)% ▪ Material decrease in both en-route and terminal revenue, down 110 (64.5)% 64.5% and 65.3%, respec
Slide 5: Mitigating revenue decline through cost efficiency
Mitigating revenue decline through cost efficiency Delivering further external cost efficiency ▪ External opex optimization continuing to deliver results with reduction of €3.6m YoY (-5.4%, -10.9% YoY on a comparable basis*), as a combination €m (5.4)% of: 66.1 62.5 • Reduction of utilities and tele
Slide 6: Eurocontrol measures for Air Traffic sector
Eurocontrol measures for Air Traffic sector Agreement Feb ‘20 Mar ‘20 Apr ‘20 May ‘20 Jun ‘20 Jul ‘20 Aug ‘20 Sep ‘20 Oct ‘20 with Eurocontrol and member €50m Traffic Traffic Traffic Return to Regular billing and settlement cycle states to revenue revenue revenue revenue Cash received Cash received
Slide 7: RP3 Regulation status
RP3 Regulation status ▪ RP3 regulatory framework approved in February 2019 and cost efficiency targets set in May 2019 ▪ Approval by European Commission (EC) of country-specific performance plans for RP3, originally scheduled for around March 2020, put on hold due to Covid-19 pandemic. Based on the
Slide 8: 1H 2020 Financials Overview
C'enav group 1H 2020 Financials Overview
Slide 9: Net Revenue and EBITDA Development
Net Revenue and EBITDA Development Net Revenue ▪ Net Revenue decrease of 10.7% YoY due to: €m 16 (10.7)% • Reduction of €200.1m in en-route 417.3 revenue and of €71.0m in terminal 372.5 revenue, marginal decline in revenue from exempted flights (-€1.3m), all (200.1) (1.3) Covid-19 related 221.2 7.6
Slide 10: Consolidated P&L and Main Movements Below EBITDA
Consolidated P&L and Main Movements Below EBITDA Change 1H 2020 1H 2019 € mln Amount % Revenue from operations 164,482 429,244 (264,762) -61.7% ▪ D&A substantially stable vs. 1H 2019 Balance 191,432 (29,814) 221,246 n.a. (+0.6% YoY) Other operating income 16,577 17,868 (1,291) -7.2% Total Net Revenu
Slide 11: Cash Flow and Capitalization
Cash Flow and Capitalization Maturity Total debt ▪ ENAV’s liquidity and financial position remain solid, notwithstanding outstanding/ Current the effect of Covid-19 emergency (<1 year) Non-current cash (€m) ▪ Cash balance decreases by €231m over 2019FY to €218m due to Total Debt 19 323 342 approx. n
Slide 12: 2020 Outlook update
2020 Outlook update ▪ Traffic, after reaching lowest point in April and May, gradually recovered over the June to September period to levels approx. 50% below 2019; it is worth noting that 2019 was a record year in terms of traffic for ENAV ▪ Concerns on “second wave” of Covid are growing and a numb
Slide 13: THANK YOU
CV'enav group THANK YOU ir@enav.it
Slide 14: 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