Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q3 2011 Earnings Presentation
22 slides from Flughafen Wien's earnings presentation, 2011
Slide 1: Flughafen Wien AG Q3/2011 Quarterly results
Fl h f Wien Flughafen Wi AG Q3/2011 Quarterly results 1
Slide 2: Q3 Highlights
Q3 Highlights • Positive traffic growth momentum continuing – despite current general constraints in the aviation sector • Positive development of operative performance negatively influenced by p special items totalling g € 74 mill., as announced last week ((for Skylink, y Kosice Airport, investment
Slide 3: Q3 Highlights – First measures of the new board
Q3 Highlights – First measures of the new board Strong competition amongst airlines, Improvements of infrastructure Quality improvement and pressure on cost, tariffs, quality and and service quality; cost reduction capacity further investments required are vital! Sustain strengths Reduce weaknesses
Slide 4: At a glance – Financials 1-9/2011
At a glance – Financials 1-9/2011 in € mill. 1-9/11 1-9/10 ∆ in % Q3/11 Q3/10 ∆ in % Revenue 435.3 397.8 +9.4 155.0 144.7 +7.2 Earnings before interest, taxes, depreciation 158.2 144.5 +9.5 59.7 58.8 +1.5 and amortisation (EBITDA) Earnings before interest and taxes (EBIT) 63 0 63.0 95 2 95.2 -33 8 -
Slide 5: At a glance – Special items
At a glance – Special items in € mill. 1-9/11 Clean EBITDA 163.8 P i i Provisions ffor part-time t ti work k ffor older ld employees l -5.6 56 EBITDA 158.2 Amortisation and depreciation (excluding special items) -48.5 Clean EBIT 115.3 Skylink impairment -29.1 Investment property impairment -17.5 EBI
Slide 6: Specials items
Specials items • Skylink: in the cases reviewed, total damages identified amount to € 57 mill. – thereof € 29 mill. are impaired; – for the outstanding amount, VIE will actively pursue claims for compensation from the involved companies • Impairment of Kosice Airport by € 21 mill. due to substantial
Slide 7: Revenue contribution
Revenue contribution 500 450 +9.3% 12 400 11 82 +17.7% 350 70 300 n € mill. 119 Other 117 +1.8% 250 Retail & Properties in 200 Handling 150 Airport 100 199 222 +11 2% +11.2% 50 0 1‐9/2010 1‐9/2011 7
Slide 8: Segment – Airport
Segment – Airport • Strong growth in traffic 1-9/11 1-9/10 ∆ in % (also due to negative effects of the External revenue 221.6 199.3 +11.2 (in € mill.) ash cloud in 2010) Clean EBIT (in € mill.) 75.1 66.3 +13.4 • New security charge accounted for EBIT (in € mill.) 44.8 66.3 -32.4 in 1-9/11 EBIT margi
Slide 9: Segment – Handling
Segment – Handling • Market share broadly flat at 1-9/11 1-9/10 ∆ in % 89% External revenue 119.4 117.3 +1.8 (in € mill.) Clean EBIT 8.1 13.2 -38.9 • Increase in personnel EBIT (in € mill.) 5.2 13.2 -60.6 expenses p due to higher g EBIT margin i (in (i %) 32 3.2 84 8.4 -61.9 61 9 number of employees
Slide 10: Segment – Retail & Properties
Segment – Retail & Properties • Increase in shopping and 1-9/11 1-9/10 ∆ in % gastro revenue due to External revenue 82.4 70.0 +17.7 – Strong traffic growth (in € mill.) – Renegotiated lease agreements Clean EBIT 46.8 32.7 +43.4 EBIT (in € mill.) 29.2 32.7 -10.5 • IIncreasedd revenues from f EBIT ma
Slide 11: Expenses
Expenses • Personnel (€ 189.6 mill.): + 12.5% above 1-9/10, mainly due to higher number of employees (+8.8%) but also due to provisions f other for th employee-related l l t d items, it however h positive iti effect ff t from f reduction in overtime • Consumables and services used (€ 27.7 mill.): fe
Slide 12: Financial results including participations
Financial results including participations • Airport Kosice impairment and in € mill. 1-9/11 1-9/10 ∆ in % full write-off of Friedrichshafen Financial result -28 4 -28.4 -1 2 -1.2 nm n.m. Airport adversely effecting ff financial result (EBT) At equity -23.2 3.5 n.m. contribution by € 27 mill. • Main
Slide 13: Financial position & gearing
Financial position & gearing • Current securities 1-9/11 1-9/10 ∆ in % reduced byy € 34.8 mill. Net debt (in € mill.) mill ) 714 4 714.4 642 0 642.0 +11 3 +11.3 mainly due to the sale of Gearing (in %) 89 78 +14.9 an investment fund ROCE (in %) 3.0 4.8 -37.2 • Increase in net debt, chiefly hi fl d d
Slide 14: Cash flow & CAPEX
Cash flow & CAPEX • Cash flow from operating activities: Cash flow (in € mill.) below 1-9/10 due to changes in working 250 capital p 200 58 • Cash flow from investing activities: 150 below 1-9/10; investments above prior 100 151 142 year level were contrasted by 50 payments received for securities d
Slide 15: CAPEX 2011-2015 – Revised
CAPEX 2011-2015 – Revised • CAPEX 2011-2015: CAPEX approx. € 590 mill. 2011-2015 0 0 5 • Reduction by € 70 mill due lower CAPEX at Skylink as well as cancellation of individual projects • Main projects: – Maintenance (ca. € 260 mill.) ~45% ~55% – Skylink (ca. € 210 mill.) – Shoulder improvement 16/3
Slide 16: Traffic – At a glance
Traffic – At a glance 1-9/11 1-9/10 ∆ in % Passenger traffic (in mill.) mill ) 16 0 16.0 14 9 14.9 +7 5 +7.5 Transfer passengers (in mill.) 4.9 4.6 +8.1 Middle East (in mill.)* 0.4 0.4 +2.5 Eastern Europe (in mill.)* 1.5 1.3 +13.7 Flight movements (in thousand) 186 186 +0.4 MTOW (in (i 1,000 1 000 t
Slide 17: Traffic – At a glance
Traffic – At a glance vs. Q3/10 Q2/11 Q2/10 Q3/11 Q3/10 ∆ in % Passenger traffic (in mill.) mill ) 56 5.6 50 5.0 63 6.3 60 6.0 +6 0 +6.0 Transfer passengers (in mill.) 1.6 1.5 2.1 1.9 +13.2 Middle East (in mill.)* 0.1 0.1 0.1 0.1 -0.2 Eastern Europe (in mill.)* 0.5 0.4 0.6 0.5 +15.3 Flight movements
Slide 18: Traffic – Airlines
Traffic – Airlines 1-9/11 1-9/10 ∆ in % Passengers (in mill.) 16.0 14.9 +7.5 Share in % Share in % ∆ in % AUA 50.0 51.6 +4.1 Lufthansa 5.0 4.7 +15.4 Germanwings 23 2.3 21 2.1 +13 5 +13.5 Swiss 1.6 1.5 +9.1 Total LHGR * 58.8 60.0 +5.4 Niki 12 0 12.0 10 6 10.6 +21 5 +21.5 Air Berlin 6.5 7.0 +0.2 Total
Slide 19: Traffic – Growth in new airlines and destinations
Traffic – Growth in new airlines and destinations* New airlines* New destinations* Increased frequency* • Cirrus Airlines • Valencia (Niki, saisonal) • Berlin, Dusseldorf (Air Berlin) • People’s • Rotterdam (Transavia) • Malta (Air Malta) Viennaline • Lissabon (TAP Portugal) • Toronto, Klagenfurt, L
Slide 20: Traffic – Forecast
Traffic – Forecast 2011: g • Passengers above +5% % • Maximum take-off weight +3% • Flight g movements +1% Long-term Long term forecast 2011 – 2020 2020*:: 4.2% average growth p.a. ((24.6 mill. passengers p g in 2015 and 30.6 mill. passengers in 2020, respectively) * Source: Intraplan 2009 20
Slide 21: Outlook 2011
Outlook 2011 • Productivity enhancement and cost reduction program ongoing • Skylink: Maximum costs reduced to € 770 mill. (down from previously calculated € 800 mill.) Preparations for test period in progress Test period to start in December 2011 • Third runway: Hearing took place end of Au
Slide 22: Flughafen Wien AG Q3/2011 Quarterly results
Fl h f Wien Flughafen Wi AG Q3/2011 Quarterly results 22