Fraport AG · XETR:FRA
Fraport — FY2019 Earnings Presentation
32 slides from Fraport's earnings presentation, March 2020
Slide 1: FY 2019 Results I 2M 2020 Traffic - IR Presentation
FY 2019 Results I 2M 2020 Traffic IR Presentation Dr. Stefan Schulte Dr. Matthias Zieschang Titelmasterformat durch Klicken bearbeiten Formatvorlage durch Klicken bearbeiten
Slide 2: Disclaimer
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 fairness, ac
Slide 3: Financial Highlights
1 I Financial Highlights 2 I Business Update 2 3 I Outlook 3 4 I Financial Details 4
Slide 4: All-Time High Results thanks to International Growth
Financial Highlights All-Time High Results thanks to International Growth Revenue: Record Result EUR 3,260mn1 EUR +86mn International Activities I EUR +55mn FRA Segments +4.5 % Split: 31% International I 69% Frankfurt Record Result EBITDA: EUR +57mn International Activities – EUR 25mn Hanover I EUR
Slide 5: Business Update
1 I Financial Highlights 2 I Business Update 3 I Outlook 4 I Financial Details
Slide 6: Solid Group-wide Figures in 2019, but Challenging 2020
Business Update Solid Group-wide Figures in 2019, but Challenging 2020 D D D D Fraport FEB YTD FY FY Airport operations previous previous previous previous Share 2020 2020 2019 2018 year year year year Frankfurt 100% 4,372 -4.0% 8,993 -2.3% 70,556 +1.5% 69,510 +7.8% Brazil 100% 1,172 -0.7% 2,629 -0.
Slide 7: COVID-19
Business Update COVID-19 Increased Uncertainty on Far East Routes Carriers cancel most of Chinese Operations c.10% of FRA Traffic is Far East c.3% of FRA Traffic is China (incl. in 10% above) Uncertainty Spreads to Europe Carriers scale back (Northern) Italy c.5% of FRA Traffic is Italy General Weak
Slide 8: Counter Measures
Business Update Counter Measures Passengers 2020 Passengers 2019 CW 6: Passenger Drop crosses 5% I SLF –2PP 1.300.000 Short term Measures initiated Reduction of Shift Schedules, Hiring Freeze, Unpaid Leave and 1.200.000 Working Hour Reductions offered, Admin Cost under Review 1.100.000 1.000.000 CW
Slide 9: Frankfurt
Business Update Frankfurt 2019 • Passenger numbers cross 70mn for first time • Good Retail, Parking & Ground Handling Momentum • Security Improvement • Market Consolidation slowing down Year end Passenger Performance • Increasing CO2 Focus 2020 • Coronavirus heavily impacts Frankfurt Traffic • Germa
Slide 10: Greece
Business Update Greece 2019 • All time High Passenger Number of 30+mn • Capex Program completed at first 3 Airports before Summer Season • 6 additional Airports completed meanwhile • Quality and Retail Improvement 2020 • Summer uncertain due to possible spread of Corona impacts • Application to lift
Slide 11: Brazil
Business Update Brazil 2019 2019 • Passenger Growth in challenging Macro Environment • FY 2019 impacted by Construction Works at both Airports c.1/3 of Retail Shops closed • Completion of Terminal Works in Porto Alegre End of 2019 2020 2020 • Slightly improving Macro and Market Environment expecte
Slide 12: Lima
Business Update Lima 2019 • Passenger Numbers +6.6% • 18th consecutive Year of Passenger Growth • Start of Ground Works for new 2nd Runway • Start of new Regulatory Period (US-RPI – 3.2%) • Fraport Stake in Concession Holding increased from 70.01% to 80.01% 2020 • Continued Passenger Growth expected
Slide 13: Outlook
1 I Financial Highlights 2 I Business Update 3 I Outlook 4 I Financial Details
Slide 14: Growing Results ex Corona I Clear negative due to Corona
Outlook Growing Results ex Corona I Clear negative due to Corona 2019 Results 2020 Outlook w/o Corona Corona impact Passengers FRA 70.6 mil. On 2019 Level Clear negative impact Revenue excl. IFRIC 12 € 3.26 bn Up by ~3% Clear negative impact EBITDA € 1,180 mil. €~1,210 mil. Clear negative impact EBI
Slide 15: Financial Details
1 I Financial Highlights 2 I Business Update 3 I Outlook 4 I Financial Details
Slide 16: Aviation
Financial Details Aviation +13 +2 -15 in € mil. -13 +6 278 +2 273 EBITDA € -5mil. EBITDA Aviation Security Other Other Staff Other EBITDA FY 2018 charges1 services revenue income cost opex FY 2019 Comments P&L in € mil. FY 2019 FY 2018 % › Revenue growth mainly driven by increase in security service
Slide 17: Retail & Real Estate
Financial Details Retail & Real Estate in € mil. +14 -18 +10 398 390 +4 -1 0 -1 EBITDA € +8mil. EBITDA Retail Real Parking Other Other Staff Other EBITDA FY 2018 Estate revenue income cost opex FY 2019 Comments P&L in € mil. FY 2019 FY 2018 % › Revenues on PY level, despite disposal of Energy Air an
Slide 18: Recovering Retail Spend per Passenger +5.1%
Financial Details Recovering Retail Spend per Passenger +5.1% Retail revenue per Passenger incl. DTF JV FY Top 5 Spenders (Destination tracked, not nationality) FY 2018: €3.16 FY 2019: €3.35 3.29 2.93 2.86 3.69 3.50 3.16 3.00 3.69 3.90 China Russia S.Korea Vietnam Japan 39 Retail revenue per Passeng
Slide 19: Ground Handling
Financial Details Ground Handling in € mil. +13 -4 -8 +8 -5 +12 60 44 EBITDA € +16mil. EBITDA GH Infrastructure Other Other Staff Other EBITDA FY 2018 revenue charges revenue income cost opex FY 2019 Comments P&L in € mil. FY 2019 FY 2018 % › Gain of market share and positive traffic development, in
Slide 20: International Activities & Services
Financial Details International Activities & Services EBITDA in € mil. +44 -41 +16 +24 -8 449 -1 -2 417 -1 EBITDA € +32mil. EBITDA Brasil Greece Twin Star Slovenija Lima USA Other EBITDA FY 2018 FY 2019 USA Comments P&L in € mil. FY 2019 FY 2018 % › Strong underlying performance in Lima and USA as w
Slide 21: Enhanced OCF, Net debt exceeds EUR 4bn
Financial Details Enhanced OCF, Net debt exceeds EUR 4bn -194 -34 4,147 in € mil. -387 +102 -46 -48 3,545 +952 -369 -53 -94 -191 -240 Free Cash Flow FY 2019: € -374 mil. Net debt OCF Brasil Greece Lima Fixed IAS 23 IFRS Other Divs. from Divs. Other Net debt FRA YE 2018 capex capex capex concession b
Slide 22: Capex & CF Outlook
Financial Details Capex & CF Outlook Frankfurt T3 Capex: Greece Capex: €~600mn Other Capex: €~100mn €~350mn FCF: FCF: break even negative Lima Brazil Capex: Capex: €200-300mn €~150mn FCF: FCF: negative negative Total Capex: € ~1.4-1.5bn + Fixed Concession Payments & Borrowing Cost: € ~100mn 22 IR Pr
Slide 23: Thank you for your Attention!
Thank you for your Attention! IR Contact Postal T: +49 69 690 - 74840 Fraport AG F: +49 69 690 - 74843 Frankfurt Airport Services Worldwide M: investor.relations@fraport.de 60547 Frankfurt am Main www.meet-ir.com Germany 23 IR Presentation I FY 2019 Results I 2M 2020 Traffic
Slide 24: Appendix
Appendix Please consider the Environment before printing 24 IR Presentation I FY 2019 Results I 2M 2020 Traffic
Slide 25: Group P+L
Appendix Group P+L € million FY 2019 FY 2018 Revenue 3,705.8 3,478.3 Change in work-in-process 0.4 0.3 Other internal work capitalized 37.9 35.9 Other operating income 40.9 88.2 Total revenue 3,785.0 3,602.7 Cost of materials –1,197.4 –1,089.1 Personnel expenses –1,222.8 –1,182.3 Other operating exp
Slide 26: Group Cash Flow
Appendix Group Cash Flow € million FY 2019 FY 2018 € million FY 2019 FY 2018 Profit attributable to shareholders of Fraport AG 420.7 473.9 Investments in airport operating projects –602.7 –343.6 Profit attributable to non-controlling interests 33.6 31.8 Capital expenditure for other intangible asset
Slide 27: Group Financial Position
Appendix Group Financial Position Assets Liabilities and equity € million December 31, 2019 December 31, 2018 € million December 31, 2019 December 31, 2018 Non-current assets Shareholders’ equity Goodwill 19.3 19.3 Issued capital 923.9 923.9 Investments in airport operating projects 3,284.1 2,844.3
Slide 28: Performance of Major Airport Investments
Appendix Performance of Major Airport Investments Fully consolidated Group companies € million Share in % Revenue1) EBITDA EBIT Result 2019 2018 Δ% 2019 2018 Δ% 2019 2018 Δ% 2019 2018 Δ% Fraport USA 100 85.1 58.3 +46.0 50.2 6.2 > 100 5.7 1.8 > 100 –4.1 0.8 – Fraport Slovenija 100 45.3 46.3 –2.2 16.2
Slide 29: 2M 2020 Frankfurt Passenger Split
Appendix 2M 20 Frankfurt Passenger Split Western Europe Domestic Eastern Europe 40% 11% 9% North America D -4% D -8% D +1% 12% Frankfurt Airport Far East D +10% Middle East 11% 6% D -12% Africa 6% D -2% Latin America D +8% 5% Continental Intercontinental 60% 40% D +5% D -4.1% D +0.6% 29 IR Presentat
Slide 30: FY 2019 Frankfurt Passenger Split
Appendix FY 2019 Frankfurt Passenger Split Western Europe Domestic Eastern Europe 44% 11% 9% North America D +1% D -3% D +3% 13% Frankfurt Airport Far East D +4% Middle East 10% 5% D +1% Africa 5% D +2% Latin America D +9% 3% Continental Intercontinental 64% 36% D +4% D +0.4% D +3.4% 30 IR Presentat
Slide 31: Maturity Profile & Cash Position as at Dec 31, 2019
Appendix Maturity Profile & Cash Position as at Dec 31, 2019 € mil. 5.500 5.303 €4.06 bn Fraport AG debt 5.000 Average debt condition 4.500 € 955 mn Greece debt ~ 2.4 % interest rate 4.000 3.500 € 290 mn Brazil debt 3.000 2.500 2.000 1.500 1.156 205 1.000 14 15 9 10 12 12 61 69 15 29 25 37 46 500 8
Slide 32: Next Dates
Appendix Next Dates 2020 Financial Calendar Mar 13, 2020 May 6, 2020 May 26, 2020 Aug 4, 2020 Nov 4, 2020 FY 3M AGM 6M 9M 2020 Traffic Calendar Apr12, Apr 15,2019 2020 May 14, 2020 Jun 15, 2020 Jul 13, 2020 Aug 13, 2020 3M 4M 5M 6M 7M Sep 11, 2020 Oct 13, 2020 Nov 12, 2020 Dec 11, 2020 Jan 18, 2021