Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2015 Earnings Presentation
22 slides from Flughafen Wien's earnings presentation, 2015
Slide 1: Flughafen Wien AG Q1/2015 Results
FLUGHAFEN WIEN AG Q1/2015 Results
Slide 2: Q1/2015: Earnings improvement despite weak traffic results
Q1/2015: Earnings improvement despite weak traffic results ✈ Good business development of the company in Q1/2015: clearly improved net profit 1) of € 14.1 million (+15.4%) in spite of modest revenue growth (+0.9%) ✈ Earnings growth thanks to strong improvement in productivity: EBITDA margin rises fr
Slide 3: Continuously improved EBITDA demonstrates productivity gains
Continuously improved EBITDA demonstrates productivity gains 40% 30% 20% 38.8% 39.7% 38.1% 38.4% 36.5% 31.5% 32.5% 10% 0% 2010 2011 2012 2013 2014 Q1/2014 Q1/2015 3
Slide 4: Slight revenue increase despite passenger decline
Slight revenue increase despite passenger decline € million Q1/2015 Q1/2014 ∆ in % Revenue 140.7 139.5 +0.9 Earnings before interest, tax, 54.0 53.2 +1.4 depreciation and amortization (EBITDA) Earnings before interest and taxes 21.9 20.9 +4.8 (EBIT) Financial results -3.6 -4.9 -27.0 Earnings before
Slide 5: Expenses: kept constant due to cost discipline despite higher personnel expenses
Expenses: kept constant due to cost discipline despite higher personnel expenses ✈ Energy-saving measures and € million Q1/2015 Q1/2014 ∆ in % reductions in fuel consumption and Consumables and de-icing materials result in services used -9.6 -11.3 -15.2 decline in consumables and Personnel -62.2 -60
Slide 6: Further reduction of net debt (-2.6%)
Further reduction of net debt (-2.6%) Q1/2015 Q1/2014 ∆ in % Net debt (€ million) 1) 492.9 506.2 -2.6 Gearing (%) 1) 51.0 53.1 -2.1%p. Cash flow from operating activities 42.3 46.7 -9.4 (€ million) Free cash flow (€ million) 13.6 28.4 -52.3 CAPEX (€ million) 2) 17.0 10.1 +68.4 Equity (€ million) 1)
Slide 7: Further improvement of net debt (€ 492.9 million) and gearing (51.0%)
Further improvement of net debt (€ 492.9 million) and gearing (51.0%) ✈ Net debt down € 13.3 million since March 31, Dec. 31, ∆ in % beginning of the year to € 492.9 2015 2014 million– already below 2015 target Net debt 492.9 506.2 -2.6 (€ million) of under € 500 milion – clearly surpassed medium-te
Slide 8: Cash flow continues to be strong, CAPEX above the previous year
Cash flow continues to be strong CAPEX above the previous year ✈ Positive free cash flow at € 13.6 million Cash flow (€ million) 50 below the prior-year level due to 45 higher payments for investments 40 ✈ Cash flow from operating activities down 35 9.4% to € 42.3 million – improved 30 operating res
Slide 9: Airport to continue extensive investments in 2015, CAPEX forecast of about € 95 million
Airport to continue extensive investments in 2015 CAPEX forecast of about € 95 million Main projects in 2015: ✈Acquisition of winter service building ✈Project begin for expansion of Air Cargo Center ✈Preparations for new hotel construction ✈Runway renovation 11/29 – Part 1 ✈Expansion of conferencing
Slide 10: Outlook for 2015: Targeted earnings improvement despite passenger drop in Q1
Outlook for 2015: Targeted earnings improvement despite passenger drop in Q1 2014 Financial targets in 2015 Revenue € 630.2 million > € 645 million EBITDA € 250.2 million > € 250 million Group net profit1) € 82.5 million ≥ € 85 million Net debt € 506.2 million ≤ € 500 million CAPEX € 75.1 mi
Slide 11: Segment Results
SEGMENT RESULTS = “Wi Vienna International Airport
Slide 12: Airport: Revenue rise despite weak PAX level
Airport: Revenue rise despite weak PAX level ✈ Crises in Eastern Europe and € million Q1/2015 Q1/2014 ∆ in % Middle East negatively impact External revenue 70.9 70.3 +0.9 Vienna Airport as a CEE hub – positive effect of flight traffic to EBITDA 25.0 24.6 +1.6 Africa, but North America and Far EBIT 1
Slide 13: Handling: negative impact due to reduced flight traffic – positive development of PAX handling
Handling: negative impact due to reduced flight traffic – positive development of PAX handling ✈ Decline in revenue from apron € million Q1/2015 Q1/2014 ∆ in handling as a result of fewer flight % movements and from cargo External revenue 35.2 35.3 -0.3 handling due to reduced cargo EBITDA 3.1 3.8 -
Slide 14: Retail & Properties: Increased revenue from shopping & gastro and parking
Retail & Properties: Increased revenue from shopping & gastro and parking ✈ Shopping and gastro strategy has € million Q1/2015 Q1/2014 ∆ in % a positive impact: revenue up External revenue 30.9 30.0 +3.1 3.7% despite PAX decrease, and rise in income per passenger in EBITDA 20.7 19.6 +5.7 spite of cr
Slide 15: Results of strategic investments
Results of strategic investments Malta Int. Airport Kosice Airport Q1/2015 Q1/2015 ✈ Approx. 693,000 passengers ✈ Approx. 54,000 passengers (+5.6%) (+15.0%) 2014 2014 ✈ About 4.3 million passengers (+6.4%) ✈ About 0.4 million passengers (+50.4%) ✈ Revenue: € 64.3 million ✈ Revenue: € 9.0 million ✈ E
Slide 16: Traffic Results
TRAFFIC RESULTS Results and outlook 2015
Slide 17: Traffic development at Vienna Airport Q1/2015
Traffic development at Vienna Airport Q1/2015 Q1/2015 Q1/2014 ∆ in % Passengers (millions) 4.30 4.42 -2.8 Local passengers (millions) 3.18 3.13 +1.4 Transfer passengers (millions) 1.10 1.28 -14.7 Flight movements (in 1,000) 49.66 51.22 -3.0 MTOW (millions of tonnes) 1.77 1.76 +0.5 Seat load factor (
Slide 18: Share of passengers by airline – Q1/2015
Share of passengers by airline – Q1/2015 Q1/2015 Q1/2014 ∆ in % Share in % Share in % PAX ∆ in % Austrian Airlines Group 43.4 48.1 -12.1 Lufthansa 4.6 5.7 -22.5 Germanwings 4.5 3.2 +34.9 Swiss Intl. 2.1 1.9 +4.3 Total LH Group 1) 56.1 60.3 -9.5 NIKI 8.3 8.3 -2.8 airberlin 7.1 6.8 +2.1 Total HG/AB Gr
Slide 19: Traffic development at Vienna Airport in April
Traffic development at Vienna Airport in April 4/2015 4/2014 ∆ in % Passengers (millions) 1.92 1.94 -1.1 Local passengers (millions) 1.38 1.36 +1.5 Transfer passengers (millions) 0.52 0.57 -8.4 Flight movements (in 1,000) 19.32 19.49 -0.9 MTOW (millions of tonnes) 0.72 0.69 +5.3 Seat load factor (pe
Slide 20: What's new in 2015
What‘s new in 2015 ✈ Austrian Airlines: Mauritius, Sri Lanka, Miami, Odessa, Menorca, increased frequencies to Newark, Athens ✈ NIKI: Catania, Alicante, Athens and increased frequencies to Zurich and Paphos ✈ Other frequency increases and new destinations ✈ British Airways ✈ Air Baltic (new to Talli
Slide 21: Traffic forecast for 2015
Traffic forecast for 2015 ✈ New destinations and higher frequencies in contrast to route reductions ✈ Higher seating capacity planned, especially for the summer – but capacity utilization remains a factor of uncertainty ✈ Decline in Q1/2015 as expected – Outlook for entire year 2015 is slightly posi
Slide 22: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 22