Vinci Sa · EURONEXT:DG
Vinci Sa — Merger or Acquisition (December 2018)
8 slides from Vinci Sa's merger presentation, December 2018
Slide 1: Gatwick Airport joins VINCI Airports
GATWICK AIRPORT JOINS VINCI AIRPORTS December 2018
Slide 2: Asset presentation
Asset presentation Gatwick is the 2nd largest airport in the UK and the 8th busiest in Europe with 46 mpax Key features Gatwick historical traffic growth 46 mpax in FY18, in the wealthiest region of Europe 50 45.7 International long 45 haul GBP 411m EBITDA (FY2018²) 17% 40 34.2 Premium location 35 3
Slide 3: Transaction summary
Transaction summary Acquisition of a 50.01% controlling stake alongside minority shareholders managed by GIP Transaction context Shareholding structure Direct negotiation with GIP Current capital structure National Pension Service of Existing shareholders sell their stake Korea The California Public
Slide 4: An outstanding asset with further growth potential
An outstanding asset with further growth potential 1 • Second busiest airport (46 mpax) in the UK after Heathrow (78mpax) Second largest airport in the • Premium location (London household income/ capita 1.4x UK average, 35mpax in catchment area) UK • Freehold asset (perpetual duration property regi
Slide 5: Growth prospects
Growth prospects Key Financial Highlights (Management Forecasts) Key financials at 100% Traffic growth Nominal data and in GBP Aircraft upgauge (all main airlines have fleet renewals programs) 2018-2021 Long/Short Haul substitution 20181 2019e1 2020e1 2021e1 CAGR Off-peak, winter period and summer s
Slide 6: Major deregulation trend over the past 10 years
Major deregulation trend over the past 10 years From RAB-based regulation to Contracts & Commitments 2014-2021 June 2018 30th November 2018 2012 December 2016 Contracts and CAA Consultation start for Gatwick’s proposal for Civil Aviation Act CAA Mid-term review Commitments framework next period (>20
Slide 7: A resilient asset
A resilient asset Brexit impact mitigants for Gatwick Traffic evolution – Base 100 1 Traffic assumptions based on GDP forecasts significantly lower than consensus London airports system’s congestion makes the traffic resilient Within the London Airports System, slots at Gatwick are more valuable vs
Slide 8: Investment rationale for VINCI
Investment rationale for VINCI INDUSTRIAL RATIONALE VALUE CREATION (PRICE) Freehold airport: extension of our concessions Reasonable price (direct negotiations), which meets portfolio maturity our investment and capital discipline criteria Acceleration of our international footprint Deal rapidly acc