Fraport Ag · XETR:FRA
Fraport — FY2023 Earnings Presentation
37 slides from Fraport's earnings presentation, March 2024
Slide 1: 23FY Presentation
23FY PRESENTATION Dr. Stefan Schulte, CEO Dr. Matthias Zieschang, CFO March 2024
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, ac
Slide 3: Business Review
BUSINESS REVIEW Frankfurt Close to 60mn PAX Mid Point of 2023 Outlook Achieved Intl‘ Airports PAX at 98% of 2019 Mid Term Guidance Fulfilled1 EBITDA above 2019 Mid Term Guidance Exceeded1 Further Steps to Decarbonize On Our Way to Become CO2 Free by 2045 New Corporate Strategy Revealed Financial Tar
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS €mn +7% 3.260 3.485 Revenue1 Increase 2.863 ▪ Frankfurt: EUR 2.27bn +1% vs. ’19 ▪ Intl. Activities: EUR 1.21bn +19% vs. ‘19 2019 2022 2023 €mn +2% 1.180 1.204 EBITDA above 2019 1.030 ▪ Frankfurt: EUR 644mn - 12% vs. ’19 ▪ Intl. Activities: EUR 560mn +25% vs. ‘19 2019 2022 2023 €
Slide 5: Traffic Review
TRAFFIC REVIEW 23FY Passenger Recovery vs. 2019 Frankfurt Close to 60mn PAX Frankfurt 84% ▪ PAX Recovery Accelerates over the Course of 2023 with 4Q23 being c.91% Intl‘ Airports 98% ▪ China Recovery at c.47% on FY basis with Nov/Dec. being c.78% Greece 112% Intl‘ Airports reach 2019 ▪ Greece with st
Slide 6: 2024 Business Update
2024 BUSINESS UPDATE Frankfurt Summer Schedule ~90% of 2019 Seat Capacities Expected Frankfurt Terminal 3 Parking House Opened, Commercial Areas Awarding Underway Frankfurt PV Plant 2.8km of Solar Power For Frankfurt by End 2024 Lima Terminal Opening Date Set For December 18th, 2024 Antalya Construc
Slide 7: New Corporate Strategy Fraport.2030
NEW CORPORATE STRATEGY FRAPORT.2030 3 TOP PRIORITIES MOST IMPORTANT LEVER 2030 TARGETS GROWTH & FASCINATE SUSTAINABILITY CUSTOMERS EFFICIENCY & € 2Bn. EBITDA INNOVATION Cooperation EMPLOYER OF € 1Bn. FREE CASH FLOW CHOICE 7 Fraport AG
Slide 8: 2024 FY Outlook
2024 FY OUTLOOK c.65mn Upper Band Assuming Seat Load Factor Progression Frankfurt PAX c.63mn Current Status Based on Forward Capacities c.61mn Lower Band, no SLF Progress & Potential Capacity Reductions EBITDA Between EUR c.1.26bn and c.1.36bn Group Result Between EUR c.435mn and c.530mn Net Debt /
Slide 9: Detailed Financials
02 DETAILED FINANCIALS 9 23 FY Presentation, March 2024 Fraport AG
Slide 10: Cash Flow: Strong OCF, FCF Impacted by Expansion Capex
CASH FLOW STRONG OCF, FCF IMPACTED BY EXPANSION CAPEX OF EUR~1.05BN EUR mn -71 -45 +57 +2 7,713 -330 -43 -593 7,059 +863 -460 -20 -14 Free Cash Flow FY23: € -656mn Other Fixed IAS 23 IFRS Divs from Other Net debt OCF Brazil Greece Lima FRA Net debt capex concession borrowing 16 at equity YE 2022 cap
Slide 11: Available Funds & Repayment Profile
AVAILABLE FUNDS & REPAYMENT PROFILE WELL BALANCED REPAYMENT SCHEDULE & LOW COST OF DEBT 13.000 € mil. 12.000 11.754 11.000 €9.6 bn Fraport AG debt 10.000 9.000 €1.1 bn Greece debt Average debt condition 8.000 ~ 2.9% interest rate € 356 mn Brazil debt 7.000 6.000 1 € 659 mn Lima debt 5,000 5.000 4.00
Slide 12: Segment Aviation
SEGMENT AVIATION ALL-TIME HIGH EBITDA AT 84% PASSENGER RECOVERY EUR mn FY231 FY22 FY19 ▪ Supported by Price Increases; Aviation Charges Revenue 1,099 828 1,027 achieved 2019 Level at 84% Passenger Recovery Charges 814 618 816 ▪ Security Transitioning increased Revenues by Security 239 174 161 EUR c.
Slide 13: Segment Retail & Real Estate
SEGMENT RETAIL & REAL ESTATE STRONG EARNINGS RECOVERY DESPITE INFLATIONARY COST EUR mn FY23 FY22 FY19 ▪ Real Estate Revenues 12% above 2019 Revenue 499 446 508 ▪ Parking Revenues 2% above 2019 at 84% Retail 187 154 221 Passenger Recovery Real Estate 189 186 169 ▪ Spend per Pax at EUR 3.30 → see next
Slide 14: Segment Retail & Real Estate: Retail Revenues per Passenger
SEGMENT RETAIL & REAL ESTATE RETAIL REVENUES PER PASSENGER ABOVE 2019 4Q23 Shopping & Services Revenues per PAX +12% vs. 4Q19, 2019 while Advertising Revenues p. PAX further recovered 2022 2023 5 4,23 4,08 3,76 EUR 4 3,46 3,52 3,30 3,10 3,14 3,00 3,04 3,28 3,33 3,30 3,02 2,95 3,00 2,89 3 2,73 2 1 0
Slide 15: Segment Ground Handling
SEGMENT GROUND HANDLING SLIGHTLY POSITIVE 2H23 EBITDA EUR mn FY23 FY22 FY19 ▪ Segment Revenues 4% below 2019, while only Revenue 677 550 707 handling 84% PAX Ground Hand. 343 291 359 ▪ Other Opex negatively impacted by high Cost for Central Infra. 314 238 322 purchased Services and External Staff Ot
Slide 16: Segment International Activities & Services
SEGMENT INTERNATIONAL ACTIVITIES & SERVICES STEADY OUTPERFORMANCE VS. 2019 EUR mn FY23 FY22 FY19 ▪ Revenues ex. IFRIC12 EUR c.19% above 2019 Revenue 1,726 1,370 1,464 ▪ Main positive Effect from higher Airport IFRIC 12 515 331 446 Charges and Retail Revenues in Greece ex. IFRIC 12 1,211 1,039 1,018
Slide 17: Cash Flow 2024 FY Outlook
CASH FLOW 2024 FY OUTLOOK Frankfurt 2024 FCF & NET DEBT OUTLOOK T3 Capex 2024: up to €~650mn 1.800 1,260 -1,450 Other Capex 2024: to to up to €350mn 1.500 1,360 -1,550 FCF: negative 1.200 900 Lima Capex 2024: 600 up to €450mn 300 -490 FCF: to -150 -690 +/-0 negative 0 -200 -300 -50 Other Intl. Airpo
Slide 18: Thank You For Your Attention!
THANK YOU FOR YOUR ATTENTION! IR Contact T: +49 69 690 - 74840 F: +49 69 690 - 74843 M: investor.relations@fraport.de www.meet-ir.com
Slide 19: Appendices
03 APPENDICES 19 23 FY Presentation, March 2024 Fraport AG
Slide 20: Group P+L
APPENDICES GROUP P+L € million FY2023 FY2022 Revenue 4,000.5 3,194.4 Other internal work capitalized 50.5 39.9 Other operating income 59.0 139.3 Total revenue 4,110.0 3,373.6 Cost of materials –1,637.3 –1,101.6 Personnel expenses –1,076.0 –1,036.7 Depreciation and amortization –501.2 –465.3 Other op
Slide 21: Group Cash Flow
APPENDICES GROUP CASH FLOW € million FY2023 FY2022 € million FY2023 FY2022 Result attributable to shareholders of Fraport AG 393,2 132,4 Cash flow from operating activities 863,2 787.3 Result attributable to non-controlling interests 37,3 34,2 Investments in airport operating projects –579.6 –407.1
Slide 22: Group Financial Position
APPENDICES GROUP FINANCIAL POSITION Assets Dec. 31, 2023 Dec. 31, 2022 Liabilities and equity Dec. 31, 2023 Dec. 31, 2022 Non-current assets Shareholders´ equity Goodwill 19.3 19.3 Issued capital 923.9 923.9 Investments in airport operating projects 4,146.8 3,769.1 Capital reserve 598.5 598.5 Other
Slide 23: Major Special Items 2023/22
APPENDICES MAJOR SPECIAL ITEMS 2023/22 1Q 2023 1Q 2022 Aviation Financial Result EUR +22.0mn Other Income: Initial fair value recognition and gain on EUR +20.0mn Result from companies accounted for using the equity method: disposal of Security Business Xi’An Reversal of Impairment Loss EUR -48.2mn O
Slide 24: D&A & Interest Expenses
APPENDICES D&A & INTEREST EXPENSES EUR mn 23FY 22FY 21FY 20FY 19FY 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 Depreciation & Amortization 501 465 443 458 475 143 123 119 116 115 124 114 112 of which IFRS16 related 1 37 41 38 45 45 9 9 9 10 10 11 10 10 of which IFRIC12 related 2 134 116 106 94 84 37 34
Slide 25: Aviation Segment
APPENDICES AVIATION SEGMENT 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q19 3Q19 2Q19 1Q19 PAX mn 14.8 17.7 15.5 11.3 13.0 15.1 13.5 7.3 9.0 9.3 4.0 2.5 16.4 20.5 18.8 14.8 MOV 110k 120k 112k 89k 97k 105k 106k 74k 87k 85k 52k 38k 121k 140k 136k 117k MTOW mn 6.9 7.5 6.9 5.7 6.2 6.7 6
Slide 26: Retail & Real Estate Segment
APPENDICES RETAIL & REAL ESTATE SEGMENT 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q19 3Q19 2Q19 1Q19 PAX mn 14.8 17.7 15.5 11.3 13.0 15.1 13.5 7.3 9.0 9.3 4.0 2.5 16.4 20.5 18.8 14.8 MOV 110k 120k 112k 89k 97k 105k 106k 74k 87k 85k 52k 38k 121k 140k 136k 117k MTOW mn 6.9 7.5 6.9 5
Slide 27: Ground Handling Segment
APPENDICES GROUND HANDLING SEGMENT 4Q23 3Q23 2Q23 1Q23 4Q22 3Q22 2Q22 1Q22 4Q21 3Q21 2Q21 1Q21 4Q19 3Q19 2Q19 1Q19 PAX mn 14.8 17.7 15.5 11.3 13.0 15.1 13.5 7.3 9.0 9.3 4.0 2.5 16.4 20.5 18.8 14.8 MOV 110k 120k 112k 89k 97k 105k 106k 74k 87k 85k 52k 38k 121k 140k 136k 117k MTOW mn 6.9 7.5 6.9 5.7 6.
Slide 28: Major International Holdings
APPENDICES MAJOR INTERNATIONAL HOLDINGS Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result FY23 FY22 Δ% FY23 FY22 Δ% FY23 FY22 Δ% FY23 FY22 Δ% Fraport USA 100 115.7 103.4 +11.9 61.6 49.6 +24.2 29.0 4.8 > 100 16.4 –1.8 – Fraport Slovenija 100 43.4 33.9 +28.0 12.8 7.6
Slide 29: Major Airport Holdings
APPENDICES MAJOR AIRPORT HOLDINGS Greece €mn 4Q23 4Q22 4Q19 3Q23 3Q22 3Q19 2Q23 2Q22 2Q19 1Q23 1Q22 1Q19 Revenue 99 77 80 255 228 177 159 117 128 32 22 78 Revenue w/o IFRIC 12 88 73 49 252 226 144 138 113 81 30 22 23 - Airport Charges 56 53 34 208 185 127 112 94 69 21 16 15 - Retail 25 13 10 31 29 7
Slide 30: Major Airport Holdings
APPENDICES MAJOR AIRPORT HOLDINGS Lima €mn 4Q23 4Q22 4Q19 3Q23 3Q22 3Q19 2Q23 2Q22 2Q19 1Q23 1Q22 1Q19 Revenue 224 171 112 217 169 108 198 132 127 182 119 89 Revenue w/o IFRIC 12 90 79 92 86 78 86 76 65 87 74 55 82 - Airport Charges 50 47 52 50 47 46 44 38 49 43 31 46 - Retail 17 11 17 14 11 18 11 9
Slide 31: Major Airport Holdings
APPENDICES MAJOR AIRPORT HOLDINGS Brasil €mn 4Q23 4Q22 4Q19 3Q23 3Q22 3Q19 2Q23 2Q22 2Q19 1Q23 1Q22 1Q19 Revenue 33 29 55 27 23 65 23 21 77 25 18 86 Revenue w/o IFRIC 12 26 24 26 25 22 24 22 19 21 23 17 23 - Airport Charges 14 13 15 14 12 15 13 10 13 13 9 15 - Retail 5 4 4 4 4 4 4 4 3 4 4 4 - Other
Slide 32: Major Airport Holdings
APPENDICES MAJOR AIRPORT HOLDINGS Twin Star €mn 4Q23 4Q22 4Q19 3Q23 3Q22 3Q19 2Q23 2Q22 2Q19 1Q23 1Q22 1Q19 Revenue 6 5 5 29 26 41 11 9 15 5 3 3 Revenue w/o IFRIC 12 6 5 5 29 26 41 11 9 15 5 3 3 - Airport Charges 3 3 2 18 16 27 6 5 9 3 1 2 - Retail 1 1 1 5 4 5 2 2 2 1 0 0 - Other 2 1 2 6 6 9 3 2 4 1
Slide 33: Greece Financials
APPENDICES GREECE FINANCIALS Revenue EBITDA Greece Cash Return Structure EUR mn EUR mn 545 463 444 37 272 271 10 166 206 34 508 77 255 170 Repayment of 297 434 Shareholder Loans 29 237 124 195 226 82 19FY 21FY 22FY 23FY 19FY 21FY 22FY 23FY Underlying EBITDA ex. State Compensation Effects IFRIC 12 St
Slide 34: Frankfurt Staffing
APPENDICES FRANKFURT STAFFING Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of Dec. 31, 2023: 16,101 Number of Employees (as per Reporting Date) down by c.4.7k vs. YE’19 20,468 20,792 LFL: 4.277 4.308 16,831 16,444 669 - Reduction in Shareholding led to c.2.4k low
Slide 35: German Public Sector Bargaining Agreement
APPENDICES GERMAN PUBLIC SECTOR BARGAINING AGREEMENT EUR c.30mn impact on Cost increase per employee ∑ 3 Frankfurt Segments ∑EUR c.5mn impact EUR c.70mn impact on 3 Frankfurt Segments in EUR 1.240 1.200 1.000 Non-permanent payments Permanent wage adjustments 800 EUR 200 step-up 600 + 5.5% 400 220 22
Slide 36: Dates
APPENDICES DATES 2024 Financial Calendar Mar 19, 2024 May 14, 2024 May 28, 2024 Aug 6, 2024 Nov 5, 2024 FY 3M AGM 6M 9M 2020 Traffic Calendar 2024 Apr12, Apr 12,2019 2024 May 15, 2024 Jun 13, 2024 Jul 11, 2024 Aug 13, 2024 3M 4M 5M 6M 7M Sep 12, 2024 Oct 14, 2024 Nov 13, 2024 Dec 12, 2024 Jan 16, 20
Slide 37: Ay (Fraport
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