Fraport AG · XETR:FRA
Fraport — 3rd WestLB Mobility Day 2011
47 slides from Fraport's conference presentation, January 2011
Slide 1: 3rd WestLB Mobility Day
3rd WestLB Mobility Day London L d – January J 2011 Dr Matthias Zieschang, CFO
Slide 2: Disclaimer
Slide 2 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 fair
Slide 3: Agenda
Slide 3 Agenda Latest Traffic / Financial Development Business Prospects Summary 3rd WestLB Mobility Day
Slide 4: Latest Traffic Development: FRA Clear Upside despite adverse Circumstances
Slide 4 Latest Traffic Development FRA: Clear Upside despite adverse Circumstances Passengers (mil.) Dezember 3.785.361 -1,6% Cargo (‘000 t) Dezember 187.468 2,3% Januar bis Dezember 53.013.771 4,1% Januar bis Dezember 2.307.793 20,4% 5,50 Pilot strike 220 5,25 210 5 00 5,00 200 4,75 190 4,50 180 4,
Slide 5: Latest Traffic Development: Strong Group-Wide Performance
Slide 5 Latest Traffic Development Strong Group-Wide Performance in ‘000 Fraport Share FY 2009 YTD 2010 Dec 2010 Frankfurt 100% 50,933 53,009 3,785 ∆ in % -4.7 4.1 -1.6 Lima 70.01% 8,787 10,278 913 ∆ in % 6.1 17.0 22.1 Antalya */** 51% 11,013 22,144 498 ∆ in % 5.2 18.5 4.2 Varna 60% 1 220 1.220 1 22
Slide 6: Traffic Split Frankfurt Airport December 2010
Slide 6 Latest Traffic Development Traffic Split Frankfurt Airport December 2010 W-Europe Domestic E-Europe 40% 12% 7% North America 3% 5% 6% Far East 15% 12% Frankfurt Airport 1% 5% 6% 5% 13% 3% 6% Middle East 7% Africa Latin L ti AAmerica i Continental Intercontinental 59% 41% Traffic Share in Fra
Slide 7: Latest Financial Development: Fraport Group 9M 2010
Slide 7 Latest Financial Development Fraport Group 9M 2010* € mil. Traffic • Strong FRA, AYT & LIM momentum +8.5% Aviation • First step of fee increase effective (+4.0 %) +8 9% +8.9% Retail • Retail per Pax on all time high (2.91 €) 1,636.9 +24.5% 1,508.3 1 508 3 Reported +25.6% Adjusted 566.8 +25.4
Slide 8: Outlook 2010
Slide 8 Latest Financial Development Outlook 2010 Passengers • FRA: Well above 4% • Increase due to traffic recovery, airport Revenue fees, AYT & LIM EBITDA • EBITDA should be at about € 700 mil., (more than 20% up on 2009: ~€ 570 mil.) EBIT • Above 2009 level, benefiting from g higher EBITDA Net Pr
Slide 9: Agenda
Slide 9 Agenda Latest Traffic / Financial Development Business Prospects Summary 3rd WestLB Mobility Day
Slide 10: Aviation: Capex Program on Time and Budget
Slide 10 Business Prospects – Aviation Capex Program on Time and Budget 1 3 5 6 4 7 2 8 9 Expansion FRA North 1 Mönchhof Site 4 Pier A+ (FRA North) 7 CD – Link (FRA North) 2 Ticona 5 Airrail Center 8 A380 Maintenance Hangar g 3 The new North-West Runway (Expansion) 6 Gateway Gardens 9 Terminal 3 (Ex
Slide 11: Impressions of new Northwest Runway
Slide 11 Business Prospects – Aviation Impressions of new Northwest Runway Summer 2008 Spring 2009 Spring 2010 3rd WestLB Mobility Day
Slide 12: More Construction Impressions
Slide 12 Business Prospects – Aviation More Construction Impressions 3rd WestLB Mobility Day 3rd WestLB Mobility Day
Slide 13: Remaining Timeframe for Runway
Slide 13 Business Prospects – Aviation Remaining Timeframe for Runway 2009 2010 2011 Court decision VGH* 9 Legal L Possible court decision BVerwG in 2011** Forest 9 clearing Road tunnel underneath runway 9 Inauguration Constrruction 2 taxiway bridges over the autobahn Runway construction including t
Slide 14: Aviation Main Driver: Volume & Price
Slide 14 Business Prospects – Aviation Main Driver: Volume & Price Movements/hour 80 Passengers 120 # 1. Volume upside 70 100+~20 % Movements until 2015* 2 % Passengers until 2015* +~25 201 * 60 80 (~65 mil. Passengers exp.) 50 60 + 50 % Movements/hour in long-term (From 83 to 126) 40 40 2000 2001 2
Slide 15: New Pier A-Plus
Slide 15 Business Prospects – Retail & Real Estate New Pier A-Plus Enlargement of existing Pier A by 790m Gross floor space 185,400 sqm 4 A380-Positions 7 widebody yppositions, 3 A346-Positions 4 of them for the A380 3 A321-Positions More capacity for around 6 million passengers p. a. - comp
Slide 16: Pier A-Plus: Focus on Retail
Slide 16 Business Prospects – Retail & Real Estate Pier A-Plus: Focus on Retail Two large market places Around 50 retail outlets (~10,000 sqm) Around 20 Food & Beverage g concepts (~2,000 sqm) Prime shopping area after security control with large share of attractive intercontinental traffic
Slide 17: Terminal 3: Construction already begun
Slide 17 Business Prospects – Retail & Real Estate Terminal 3: Construction already begun Start of apron construction has begun – first opening already in 2011 planned Stepwise addition of apron capacity Terminal 3 opening in 2016/2017 planned depending on traffic performance 3rd WestLB Mobili
Slide 18: Retail & Real Estate Main Driver: Passengers & Space
Slide 18 Business Prospects – Retail & Real Estate Main Driver: Number of Passengers & Space Sqm (exp.) 60.000 # 1. Volume upside T3 55,000 effect +~25 % Passengers until 2015* 50 000 50.000 Pier A+ ( 65 mil. (~65 il PPassengers exp.)) effect 30,000 43,000 40.000 20,000 31,000 # 2. Space upside 30.0
Slide 19: Ground Handling Main Driver: MTOW, Passengers & Staff Costs
Slide 19 Business Prospects – Ground Handling Main Driver: MTOW, Passengers & Staff Costs # 1. Volume upside 150 costs per employee +~25 % Passengers until 2015* ( 65 mil. (~65 il PPassengers exp.)) Frozen period due to new labor contract # 2. Price upside 100 CPI x Price development below CPI in +
Slide 20: New Lufthansa & Labor Contracts
Slide 20 Business Prospects – Ground Handling New Lufthansa & Labor Contracts New Lufthansa Contract: Handling of all aircraft including passengers, baggage and cargo until end of 2018 Volume: in average € 200 mil. p. a. Pricing: upside below CPI New Labor contract Cut back of corporate bene
Slide 21: All Airports show strong Momentum
Slide 21 Business Prospects – External Activities & Services All Airports show strong Momentum Frankfurt Airport Burgas Airport Varna Airport Indira Gandhi International Airport, Delhi Antalya Airport Cairo International Airport Jorge Chávez International Airport, Lima Flughafen Hannover-Langenhagen
Slide 22: Agenda
Slide 22 Agenda Latest Traffic / Financial Development Business Prospects Summary 3rd WestLB Mobility Day
Slide 23: Summary: What we promised is what we delivered
Slide 23 Summary What happened during last Year? What we promised... ... is what we delivered! Comprehensive C h i capex program Manage capex on time and budget! 9 Results AND margins significantly Strengthen profitability up in 2010! New contracts in Aviation & Ground Handling segment sig
Slide 24: Summary Conclusio / Outlook
Slide 24 Summary Conclusio / Outlook One of the dominant players in airport business worldwide y Asset: Frankfurt Airport Key ~53 million passengers in 2010 More than 2 million metric tons cargo Worldwide one of only two airports in the Top 10 for passenger and cargo traffic External p p
Slide 25: Sustainable Growth to Substantial Growth: EBITDA
Slide 25 Summary Conclusio / Outlook EBITDA in € mil. 1200 2003 – 2009 2010 on. Sustainable Growth Substantial Growth 900 ~ 700 578,4 580,5 600,7 600 569,7 542,5 , 509 6 509,6 456,2 300 0 2003 2004 2005 2006 2007 2008 2009 2010 3rd WestLB Mobility Day
Slide 26: Thank you for your Attention!
Th k you for Thank f your Attention! Att ti ! www.meet-ir.com 3rd WestLB Mobility Day
Slide 27: Group P&L Statement: Strong Performance Group-Wide in 9M
Slide 27 Group P&L Statement Strong Performance Group-Wide in 9M 1700 +11.2 +4.4 +11.1 +51.8 enue 1600 +18.5 1,636.9 +33.3 -5.8 +4.1 Reve 1500 1,508.3 1,502.5 1400 1300 1200 In € mil. 9M 09 Hahn 9M 09 Aviation1 Ground Retail Antalya2 Lima3 Twin Others 9M reported p adjust. adjusted j Handling & Real
Slide 28: Group P&L Statement: 9M Financial Result
Slide 28 Group P&L Statement 9M Financial Result as expected down! € mil. Financial Financial result At Financial result 9M09 Interest Interest equity Other result 9M 2009 Adjustments adjusted income expenses result financial result 9M 2010 0 -20 -40 -60 +13.4 -66 66.4 4 -9.4 +7.1 7.1 -68.7 68 7 FRA
Slide 29: Segment Aviation
Slide 29 Segment Aviation* Good Traffic development, lower Security Income Revenue EBITDA EBIT 19.5 % Margin 23.2 % 8.7 % Margin 12.6 % +0.8 % +20.3 % 517.3 521.4 +45.8 % 121.1 100.7 65.6 45.0 9M 2009 9M 2010 9M 2009 9M 2010 9M 2009 9M 2010 Up due to traffic development and 1st step t off fee f incr
Slide 30: Segment Retail & Real Estate
Slide 30 Segment Retail & Real Estate Ongoing Revenue Increase & High Margins Revenue EBITDA EBIT 80.8 % Margin 78.8 % 65.2 % Margin 61.6 % +7.0 % +4.4 % +1.0 % 284.5 266.0 214.8 224 2 224.2 173.5 175.3 9M 2009 9M 2010 9M 2009 9M 2010 9M 2009 9M 2010 Positive Retail and Parking EBITDA increase due t
Slide 31: Segment Retail & Real Estate: Retail per PAX
Slide 31 Segment Retail & Real Estate Retail per PAX strong 9M Figures Retail & Real Estate Revenue 9M 2009 Retail & Real Estate Revenue 9M 2010 € mil. € mil. 284.5 +7.0 % 5.0 Others 266.0 Others 6.9 52.4 Parking Parking 46.1 +5.4 % € 2.91 / PAX € 2.76 / PAX Real Real 117.9 Estate Estate 112.5 +9.5
Slide 32: Segment Ground Handling
Slide 32 Segment Ground Handling* Increase due to Cargo, Passengers & Winter Services Revenue EBITDA EBIT 4.7 % Margin 7.1 % -% Margin 2.1 % +7.2 % +62.5 % 494.7 461.4 >100 % 35.1 10.4 21.6 -4.9 9M 2009 9M 2010 9M 2009 9M 2010 9M 2009 9M 2010 Positive impact p due to g good traffic EBITDA up p despi
Slide 33: Segment External Activities & Services
Slide 33 Segment External Activities & Services Strong Performance in External Activities Revenue EBITDA EBIT 44.9 % Margin 55.4 % 23.1 % Margin 32.3 % +27.6 % +57 6 % +57.6 +78.5 % +30.5 % +62.1 % +82.7 % 336.3 186.4 108.5 263 6 263.6 118.3 60.8 9M 2009 9M 2010 9M 2009 9M 2010 9M 2009 9M 2010 AYT u
Slide 34: External Activities: Antalya 9M 2010
Slide 34 Segment External Activities & Services Antalya 9M 2010 Fi Figures before b f consolidation* lid i * mil. 9M 2009 9M 2010 Δ% PAX** 77 7.7 18 3 18.3 >100 Revenue 115.8 219.4 89.5 EBITDA 50.8 181.9 >100 EBIT 20 0 20.0 111 7 111.7 >100 Increase in PAX numbers due to takeover of 2nd Int. Termin
Slide 35: External Activities: Antalya Overview
Slide 35 Segment External Activities & Services Antalya O Overview i 2010 review: Strong international growth due to competitive value for money in Turkey Main growing countries: Russia, Germany & Ukraine Domestic growth due to cheap ticket prices YTD #1 Mediterranean Airport in 20 +18 6% +1
Slide 36: External Activities: Lima 9M 2010
Slide 36 Segment External Activities & Services Lima 9M 2010 Fi Figures before b f consolidation* lid i * mil. 9M 2009 9M 2010 Δ% PAX** 65 6.5 75 7.5 15 5 15.5 Revenue 88.3 99.5 12.7 EBITDA 31.3 36.9 17.9 EBIT 22 3 22.3 28 1 28.1 26 0 26.0 Positive traffic development: PAX: +15.5%, Cargo: +19.9% i
Slide 37: External Activities: Lima Overview
Slide 37 Segment External Activities & Services Lima O Overview i 2010 review: Traffic growth primarily driven by additional frequencies q on domestic routes, international growth dampened by Machu Picchu access problems in H1 >90% of Peruvian international traffic handled in Lima Cargo growth
Slide 38: External Activities: Varna & Burgas 9M 2010
Slide 38 Segment External Activities & Services Varna & Burgas 9M 2010 Fi Figures before b f consolidation* lid i * mil. 9M 2009 9M 2010 Δ% PAX** 28 2.8 30 3.0 69 6.9 Revenue 32.6 37.0 13.5 EBITDA 20.0 22.7 13.5 EBIT 14 7 14.7 17 2 17.2 17 0 17.0 Burgas: +11.1 % PAX i ’000 P in Pax Varna: PAX +0
Slide 39: External Activities: Varna & Burgas Overview
Slide 39 Segment External Activities & Services Varna & Burgas O Overview i Burgas: g Terminal construction on track Inauguration: 2013 p New capacityy for 2.7 mil. PAX Varna: Terminal construction on Track g Inauguration: 2013 New capacity for 1.8 mil. PAX Runway refurbishment as of 1
Slide 40: Financial Position & Gearing 9M 2010
Slide 40 Financial Position & Gearing 9M 2010 Higher Net Debt Position due to Capex Program € mil. Assets Liabilities & Equity 9,113.3 9,113.3 8,865.2* 8,865.2* Capex led to increase 8,417.2* 8,417.2* in net debt: €1.92 bn vs. €1.47 bn in 9M comparison 4,245.8 4,400.0 Financial 3,914.2 liabilities
Slide 41: Consolidated Statement of Comprehensive Income 9M 2010
Slide 41 Consolidated Statement of Comprehensive Income 9M 2010
Slide 42: Consolidated Statement of Cash Flows 9M 2010
Slide 42 Consolidated Statement of Cash Flows 9M 2010
Slide 43: Consolidated Statement of Financial Position 9M 2010
Slide 43 Consolidated Statement of Financial Position 9M 2010 Gearing 79.9 % 67.9%
Slide 44: New IFRIC 12 Accounting: Overview
Slide 44 New IFRIC 12 Accounting as of Jan.1, 2010 Overview IFRIC 12 is a guidance on accounting for service arrangements by companies rendering public services for governmental bodies IFRIC 12 requires the recognition of construction costs as part of revenue and cost of materials IFRIC 12 als
Slide 45: New IFRIC 12 Accounting: Group & Investment Adjustments
Slide 45 New IFRIC 12 Accounting as of Jan.1, 2010 Group & Investment Adjustments due to IFRIC 12 Group Lima effect* Antalya effect Twin Star effect € mil. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue 2009 new 456.5 506.0 545.8 502.0 30.3 28.8 29.2 27.9 5.6 20.5 31.8 20.8 1.8 8.7 22.1 2.8
Slide 46: Special / Extraordinary Effects & Adjustments
Slide 46 Special / Extraordinary Effects & Adjustments Group Level* 9M 2009 9M 2010 Segment: External Activities & Services Effects within the Financial Result Sale of Hahn, effective: Feb 28, 2009 Market valuation of Derivatives, q1/q2/q3/2010 Revenue of: € 5.8 mil. Other financial result: - €2
Slide 47: IR Contact
Slide 47 IR Contact Fraport AG Frankfurt Airport Services Worldwide 60547 Frankfurt am Main Phone +49 69 690 - 74842 Fax +49 69 690 - 74843 Stefan J. Rüter Svenja Knust Email investor.relations@fraport.de Head of Finance & IR Assistant to Head of IR Phone +49 69 690 690-74840 74840 Phone: +49 69 690