Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q3 2014 Earnings Presentation
20 slides from Flughafen Wien's earnings presentation, 2014
Slide 1: Flughafen Wien AG Q1-3/2014 Results
FLUGHAFEN WIEN AG Q1-3/2014 Results
Slide 2: PAX growth and cost discipline lead to increased earnings
PAX growth and cost discipline lead to increased earnings ✈Positive trend in passenger development (17.2 million PAX, + 2.9%) slowed by political crises (Ukraine, Middle East) ✈Revenue (€ 476.8 million, +1.4%) slightly above the prior-year level due to the higher passenger volume, offsetting the low
Slide 3: Positive earnings development driven by productivity increase and cost savings
Positive earnings development driven by productivity increase and cost savings in € million Q1-3/2014 Q1-3/2013 ∆ in % Revenue 476.8 470.3 +1.4 Earnings before interest, tax, 200.8 191.5 +4.8 depreciation and amortisation (EBITDA) Earnings before interest and taxes 105.8 94.4 +12.1 (EBIT) Financial
Slide 4: Net debt below € 520 million – already outperforming the defined objective
Net debt below € 520 million – already outperforming the defined objective Q1-3/2014 Q1-3/2013 ∆ in % Net debt 1 (in € million) 519.9 633.4 -17.9 Gearing 1 (in %) 54.9 69.9 -15.0%p. Cash flow from operating activities 186.8 171.3 +9.0 (in € million) Free cash flow (in € million) 139.3 112.3 +24.0 CA
Slide 5: Expenses
Expenses ✈ Cost of consumables reduced: in € million Q1-3/2014 Q1-3/2013 ∆ in % ✈ Lower use of de-icing materials Consumables -28.2 -34.7 -18.6 and fuel due to mild winter, ✈ Energy savings measures Personnel -188.2 -185.4 +1.6 Other operating -70.8 -75.3 -6.0 expenses ✈ Slight increase in personnel
Slide 6: Substantial improvement in net debt and gearing
Substantial improvement in net debt and gearing ✈ Reduction in non-current assets 30.9.2014 31.12.2013 ∆ in % (€ -38.3 million): scheduled depreciation and amortisation (€ 95.0 million) exceed Net debt 519.9 633.4 -17.9 (in € million) value of investments (€ 54.1 million) ✈ Decline in current assets
Slide 7: Positive free cash flow
Positive free cash flow ✈ Ongoing positive free cash flow of Cash flow (in € million) € 139.3 million (Q1-3/2013: € 112.3 million) 200 ✈ Cash flow from operating activities 180 160 (€ 186.8 million) in Q1-3/2014 140 higher year-on-year due to improved 120 earnings 100 187 ✈ Cash flow from investing
Slide 8: Current projects in 2014: Vienna Airport on track to become the Airport City
Current projects in 2014: investments under € 100 million - Vienna Airport on track to become the Airport City ✈ Intensification of location marketing and real estate strategy for 2014 – addition of new services ✈ Expansion of hotel offering: decision is imminent ✈ Expansion of conference offering i
Slide 9: Slightly improved guidance for 2014
Slightly improved guidance for 2014 2013 Financial targets for 2014 Revenue € 622.0 million More than € 630 million EBITDA € 241.5 million Higher than € 245 million Net profit € 73.3 million Expected to exceed € 80 million Net debt € 633.4 million Significantly below € 600 million CAPEX € 72
Slide 10: Segment Results
SEGMENT RESULTS = “Wi Vienna International Airport
Slide 11: Airport
Airport ✈ Higher revenue (+4.5%) thanks to in € million Q1-3/2014 Q1-3/2013 ∆ in % passenger growth and higher income from landing fees External revenue 262.1 250.7 +4.5 EBITDA 115.6 98.7 +17.2 ✈ Reduced burden on costs vs. Q1-3/2013 due to mild winter: EBIT 46.0 31.7 +45.3 ✈ Reduced expenses for co
Slide 12: Handling
Handling ✈ Revenue reduced by lower in € million Q1-3/2014 Q1-3/2013 ∆ in % income from de-icing (€ -8.3 million) External revenue 109.8 115.0 -4.5 EBITDA 13.7 18.8 -27.0 ✈ Positive development of EBIT 9.6 14.7 -34.6 cargo revenue (+10.2%) Employees 3,155 3,198 -1.4 (average) ✈ Lower level of costs
Slide 13: Retail & Properties
Retail & Properties ✈ Shopping & gastro revenue in € million Q1-3/2014 Q1-3/2013 ∆ in % slightly above Q1-3/2013 External revenue 93.3 91.6 +1.8 (+ 2.0%): negative effects of renovation work on gastro EBITDA 59.0 55.9 +5.6 areas and massive currency devaluations offset by growth EBIT 47.7 39.9 +19.6
Slide 14: Traffic Results
TRAFFIC RESULTS za “WI Vienna International Airport
Slide 15: Traffic development Q1-3/2014
Traffic development Q1-3/2014 Q1-3/2014 Q1-3/2013 ∆ in % Passengers (in million) 17.22 16.74 +2.9 Local passengers (in million) 12.08 11.49 +5.2 Transfer passengers (in million) 5.09 5.23 -2.8 Flight movements (in 1,000) 175.68 175.34 +0.2 MTOW (in million tonnes) 6.17 5.96 +3.5 Seat load factor (in
Slide 16: Traffic development October 2014
Traffic development October 2014 10/2014 ∆ in % 1-10/2014 ∆ in % Passengers (in million) 2.04 +1.4 19.26 +2.7 Local passengers (in million) 1.41 +4.1 13.49 +5.1 Transfer passengers (in million) 0.62 -5.1 5.71 -3.1 Flight movements (in 1,000) 20.65 +0.7 196.34 +0.2 MTOW (in million tonnes) 0.74 +4.1
Slide 17: Outlook
OUTLOOK
Slide 18: Infrastructure modernisation ensures greater quality
Infrastructure modernisation ensures greater quality ✈ Revitalisation of Pier West completed – new restaurants from DO & CO already in operation since mid of November ✈ New shopping and gastro facilities since 2013: ✈ New and enlarged duty free shop in the Plaza ✈ New brands such as Senses of Austri
Slide 19: Traffic estimates confirmed for 2014
Traffic estimates confirmed for 2014 ✈ Positive development thanks to new destinations and higher frequencies of flights ✈ Pressure due to political crises in the Ukraine and Middle East ✈ Expectations confirmed from today’s perspective 2013 2014 forecast Passengers 22 million +2% to +3% Flight mo
Slide 20: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 20