Slide 1: 2016 Financial and Operating Performance
2016 Financial and Operating Performance March 16, 2017
Slide 2: 2016 Highlights
2016 Highlights Solid financial and operating results driven by traffic growth Net Revenue up 1.8% YoY to €865m 2016 underlying EBITDA (net of IPO costs) increased by 8.0% to over €262m, with margin growing to 30.3%; on a reported basis EBITDA reached €255m, up 4.9% YoY Net profit of €76.3m,
Slide 3: 2016 Key Operational Highlights
2016 Key Operational Highlights En-route En-route service units grow 1.6%1 YoY mainly driven by: National Traffic breakdown Overflight 19% (by Service Unit) Strong performance in International traffic, with service units up 2.9% YoY 38% 2016: +1.6% YoY Positive trend in National traffic, with
Slide 4: Best in Class Performance, Attractive European Traffic Outlook
Best in Class Performance, Attractive European Traffic Outlook 5th Largest Air Navigation Service Provider in Europe 2016 En-route Service Units (‘000) 5th Largest Air Navigation Service 19.882 13.560 +1.6% Provider in Europe 10.875 YoY 9.761 8.300 Traffic in Italian airspace has returned to gro
Slide 5: Focus on Non-regulated Business Opportunities and Future Technologies
Focus on Non-regulated Business Opportunities and Future Technologies Leveraging on Strong Technical Capabilities to Provide Non-regulated Services to Third Parties €m Significant growth in non-regulated business 29.7% from : Aeronautical Information Flight inspection services provided in Saudi
Slide 6: Enhancing Cash Flow Generation Through Cost Efficiency
Enhancing Cash Flow Generation Through Cost Efficiency Significant Reduction of External Opex Efficiency plan delivering solid results with an underlying reduction, excluding IPO related opex of €7.5m, of 4.0% YoY: €m 0.7% 7,5 IPO Renegotiation of insurance contract in June 2016, effective from
Slide 7: High Cash Conversion Confirms Solid Dividend Capacity
High Cash Conversion Confirms Solid Dividend Capacity Growing and Resilient Cash Flow Generation Growing EBITDA and Profitability Normalizing Capex vs. Historical Levels(1) Operating Cash-Flow(3) and Normalized Significant EBITDA growth Equity FCF(4) Evolution 8.1% EBITDA CAGR in 2014-2016 over la
Slide 8: 2016 Financials Overview
@Wenav Ye 2016 Financials Overview
Slide 9: Net Sales Performance
Net Sales Performance Net sales(1) breakdown €m 1.8% 850 865 Terminal revenue breakdown (%) o/w Balance: o/w Balance: 87 (16.2)% +€18m 104 +€16m 180 195 +8.5% 47% 47% TZ3 TZ2 31% 32% TZ1 566 583 +3.0% 22% 21% 2015 2016 2015 2016 En-route Terminal Other Net sales increase driven by strong growth in
Slide 10: Net Revenue and EBITDA Bridge
Net Revenue and EBITDA Bridge Net Sales Bridge €m Net sales growth of 1.8% 16 +1.8% YoY mainly driven by traffic 3 increases in terminal and en- 3 route and non-regulated (1) 15 (22) 865 activities 850 17 Balance revenue decreases marginally by €1m YoY Tariff stabilization fund 2015 En-route T
Slide 11: ENAV P&L
ENAV P&L Significant decrease in Euro '000 Change Provisions and write-downs in 2016 2015 Change % 2016 mainly related increase in Revenue from operations 806.410 792.059 14.351 1,8% 2015 of bad debt for credits Balance 16.428 17.708 (1.280) -7,2% outstanding for services towards Other operating i
Slide 12: Balance Sheet and Capitalisation
Balance Sheet and Capitalisation Net Operating working capital declined marginally YoY, mainly due to lower trade receivables driven by higher amounts cashed in from Eurocontrol; trade payables increased as a net effect of Maturity Total debt Current (<1 outstanding/cash (€m) payments to suppliers
Slide 13: Solid Cash Generation
Solid Cash Generation €m (116) 225 (31) 232 (47) 27 174 Of which: Cash taxes paid €38m Interests paid €6m 1 Cash Jan 1, 2016 CF from Operations Capex Debt Repayments Dividends Paid Other Cash Dec 31, 2016 Cash Flow from Operations of €225m in 2016 with main differences vs previous year mainly driv
Slide 14: Key Take Aways
Key Take Aways Solid performance in both en-route traffic and terminal traffic, positive traffic forecasts supporting growth outlook Developing non-regulated business with new contracts signed in key markets Maintain leadership role in ATM innovation with pipeline of new technologies Enhance cash fl
Slide 15: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward looking statements are based on Enav S.p.A.’s curren