Flughafen Wien Ag · VIE:FLU
Flughafen Wien — H1 2013 Earnings Presentation
21 slides from Flughafen Wien's earnings presentation, 2013
Slide 1: Flughafen Wien AG – Results for Q2 and H1/2013
FLUGHAFEN WIEN AG Results for Q2 and H1/2013
Slide 2: Highlights in H1/2013
Highlights in H1/2013 ✈ Passenger traffic -1.7% in H1/2013 – but +0.6% in local PAX Reasons: severe winter, capacity reductions by the airlines and strikes in Germany; PAX in July -1.3% 1.3% ✈ Growth in revenue due to adjusted security fee, increased rentals of advertising space and real estate and
Slide 3: Traffic slightly lower in H1/2013
Traffic slightly lower in H1/2013 H1/2013 / H1/2012 / ∆ in % Passengers (in mill.) 10.24 10.42 -1.7 Local passengers (in mill.) 7.15 7.11 0.6 Transfer passengers (in mill.) 3.08 3.29 -6.4 Flight movements (in 1,000) 112.81 120.46 -6.4 MTOW (in (i mill. ill tonnes)) 3 81 3.81 4 01 4.01 -5.1 51 Cargo
Slide 4: Traffic Results – Share of Airlines
Traffic Results – Share of Airlines H1/2013 H1/2012 H1/2013 ∆ in % g Passengers 10,241,736 , , 10,422,861 , ,8 -1.7 Share in % Share in % PAX absolute PAX ∆ in % Austrian Airlines Group 49.2 49.7 5,036,852 -2.8 Lufthansa 5.7 5.4 579,338 2.6 Germanwings 2.7 2.3 275,559 13.6 Swiss S ss 1.6 6 1.5 5 168
Slide 5: EBIT and net profit negatively influenced, as expected, by depreciation on Check-in 3
EBIT and net profit negatively influenced, as expected by scheduled depreciation on Check-in 3 expected, and higher interest expense in € mill. H1/2013 / H1/2012 / ∆ in % Revenue 304.8 293.6 3.8 EBITDA 120.4 109.3 10.2 EBIT 59.4 68.7 -13.4 Financial results -7.7 -5.0 54.8 P fi before Profit b f taxe
Slide 6: Continued improvement in financial structure: free cash flow triples
Continued improvement in financial structure: free cash flow triples, triples sizeable decline in net debt H1/2013 H1/2012 ∆ in % Net debt 683.0 719.6 -5.1 (in € mill.; 30.6.2013 vs. 31.12.2012) Gearing 78.4 84.5 -6.1%p. (in %; 30.6.2013 vs. 31.12.2012) Cash flow from operating activities 93 1 93.1
Slide 7: Expenses
Expenses ✈ Higher expenses for de-icing in € mill. H1/2013 H1/2012 ∆ in % materials due to severe winter Consumables -26.3 -20.6 27.3 and planned increase in use of maintenance materials;; Personnel -125.5 -125.1 0.3 only slight rise in energy Other operating -46.5 -51.5 -9.7 expenses consumption de
Slide 8: Debt and Gearing
Debt and Gearing ✈ Decline in cash and cash equivalents 30.6.2013 31.12.2012 ∆ in % (- € 33.0 33 0 mill.) mill ) and securities (- € 9.7 9 7 mill mill.)) ✈ Reduction of 6.6% in long-term debt to Net debt (in € mill.) 683.0 719.6 -5.1 € 779.5 mill. chiefly due to reclassification of items to current
Slide 9: Cash Flow and CAPEX
Cash Flow and CAPEX ✈ Free cash flow triples from € 23.0 mill. to € 68.3 68 3 mill. mill Cash flow (in € mill.) 150 ✈ Cash flow from operating activities +14.6% to € 93.1 mill. in H1/2013 100 ✈ Cash flow from investing activities reduced, above all due to decline in 50 93 81 payments made for the pu
Slide 10: Current Projects
Current Projects Renovation of Runway 16/34 during April and May 2013 ✈ Runway last renovated nearly 20 years ago ✈ Total T t l costs t approx. € 28 mill. ill ✈ Grooving scheduled for autumn Modernisation of infrastructure and increase in service quality q y ✈ 22 locations opened by now – opening of
Slide 11: Traffic forecasts
Traffic forecasts ✈ Special effects and capacity adjustments by major airlines ✈ Challenging Ch ll i market k t environment i t ffor airlines i li ✈ Slight improvement, but further decline in traffic during July; first signs of trend reversal in cargo business: June +0.3%, July +7.7% H1/2013 Forecas
Slide 12: Financial guidance for 2013 confirmed
Financial guidance for 2013 confirmed 2012 Financial targets for 2013 Revenue € 607 mill. ¨ Increase > € 625 mill. 1) EBITDA € 221 mill. ¨ Increase > € 230 mill. Net profit € 72 mill. ¨ > € 65 mill. < 3.3x EBITDA Decrease,, ≤ 2.9x EBITDA Net debt € 720 mill. ¨ (< € 680 mill.) Approx. € 100 mill. A i
Slide 13: Appendix
APPENDIX 13
Slide 14: Results by Segment
Results by Segment Retail & Other Airport Handling1 Properties Segments ∆ in % ∆ in % ∆ in % ∆ in % External revenue (in € mill.) mill ) 156 5 156.5 77 7.7 79 2 79.2 -1 1.8 8 60 6 60.6 17 1.7 85 8.5 65 6.5 EBITDA (in € mill.) 63.4 -0.3 16.2 30.5 39.5 2.6 13.5 82.1 EBIT (in € mill.) 19.2 -50.9 13.4 4
Slide 15: Airport Segment
Airport Segment ✈ Increase in revenue – despite in € mill. H1/2013 / H1/2012 / ∆ in % traffic decline in H1/2013 – External revenue 156.5 145.3 7.7 above all due to adjusted securityy fee;; lower passenger p g EBITDA 63.4 63.6 -0.3 traffic reflected in decline in EBIT 19.2 39.1 -50.9 incentives and
Slide 16: Handling Segment
Handling Segment ✈ Revenue growth supported, in in € mill. H1/2013 / H1/2012 / ∆ in % particular, by income from External revenue 79.2 80.6 -1.8 individual services, mainly g de-icing EBITDA 16.2 12.4 30.5 ✈ Substantial increase in income EBIT 13.4 9.4 42.3 from VIAS Employees (average) 3,155 3,274
Slide 17: Retail & Properties Segment
Retail & Properties Segment ✈ Positive development of real in € mill. H1/2013 / H1/2012 / ∆ in % estate t t and d advertising d ti i space rentals External revenue 60.6 59.6 1.7 ✈ Decline in parking revenue due to EBITDA 39.5 38.5 2.6 lower capacity utilisation in H1/2013 EBIT 32.2 31.6 1.9 ✈ Shoppi
Slide 18: Leading hub to Eastern Europe
Leading hub to Eastern Europe – with 38 destinations ranked ahead of MUC, MUC ZRH and FRA -1.0% 88 6% 88.6% -2.9% -0.4% 19 9% 19.9% - 7.5% 68.6% 1.9% -4.9% 4.7% -10.9% 3.1% +7.5% 1 7% 1.7%
Slide 19: Aviation will also remain a growth market in the future
Aviation will also remain a growth market in the future Traffic development VIE vs. ACI Europe 2009-2020 19
Slide 20: Traffic development since 2008
Traffic development since 2008 2500 1000 2300 PAX (in 1,000) 900 Transfer PAX (in 1,000) 2100 800 1900 2013 PAX 700 2013 Transfer PAX 1700 600 2012 PAX 2012 Transfer PAX 1500 500 1300 2011 PAX 400 2011 Transfer PAX 1100 2010 PAX 300 2010 Transfer PAX 900 2009 PAX 200 2009 Transfer PAX 700 100 2008 P
Slide 21: Thank you for your attention
THANK YOU FOR YOUR ATTENTION 21