Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2011 Earnings Presentation
26 slides from Flughafen Wien's earnings presentation, 2011
Slide 1: Flughafen Wien AG Q1/2011 Quarterly results
Fl h f Wien Flughafen Wi AG Q1/2011 Quarterly results 1
Slide 2: Results supported by positive traffic development
Results supported by positive traffic development • Steady economic recovery supports the traffic development • Effects of unrest in North Africa offset • Environmental disaster in Japan p had no significant g effects on results • New N security it charge h accounted t d ffor iin Q1/11 revenue • Sky
Slide 3: At a glance – Financials Q1/2011
At a glance – Financials Q1/2011 in € mill. Q1/11 Q1/10 ∆ in % Revenue 131.5 123.0 +6.9 Other operating income 3.7 4.3 -13.4 Expenses 91.0 83.7 +8.8 Earnings before interest, taxes, depreciation and 44.2 43.7 +1.2 amortisation (EBITDA) Depreciation and amortisation -16 16.2 2 -16 16.3 3 -1 1.0 0 Ear
Slide 4: Revenue contribution
Revenue contribution 140 +10.9% 4 3 120 +14.8% 26 22 100 n € mill. 80 40 40 ‐0.3% Other Retail & Properties 60 in Handling 40 Airport 57 63 +8 9% +8.9% 20 0 Q1/10 Q1/11 4
Slide 5: Segment – Airport
Segment – Airport Q1/11 Q1/10 ∆ in % • Positive traffic development External revenue 62.5 57.4 +8.9 (in € mill.) mill ) • New security charge EBIT (in € mill.) 17.5 15.4 +14.0 accounted for in Q1/11 EBIT margin (in %) 24.8 23.8 +4.2 revenue EBITDA margin (in %) 36.6 36.7 -0.3 Number of employees 411
Slide 6: Segment – Handling
Segment – Handling • Market share nearly Q1/11 Q1/10 ∆ in % constant External revenue (in € mill.) mill ) 39.8 39.9 -0.3 EBIT (in € mill.) 2.2 6.0 -63.3 • Increased level of EBIT margin (in %) 4.2 11.6 -63.8 personnel expenses due EBITDA margin (in %) 7.2 14.9 -51.7 to higher number of Number of emp
Slide 7: Segment – Retail & Properties
Segment – Retail & Properties • Renegotiated lease Q1/11 Q1/10 ∆ in % External revenue g agreements leveraged g (in € mill.) mill ) 25.6 22.3 +14.8 shopping and gastro EBIT (in € mill.) 13.7 11.2 +23.0 results EBIT margin (in %) 46.5 43.2 +7.6 EBITDA margin (in %) 58.7 57.2 +2.7 • Increased revenues
Slide 8: Expenses
Expenses • Personnel (€ 58.2 mill.): + 10.5% above Q1/10, chiefly due to higher number of employees (+11.8%), however positive effect from reduction in overtime • Consumables and services used (€ 12.2 12 2 mill.): mill ): slightly below Q1/10 mainly from a reduction in the use of de-icing materials
Slide 9: Financial results including participations
Financial results including participations • Main participations: in € mill. Q1/11 Q1/10 ∆ in % – Malta € 0.5 mill. Financial result -2 4 -2.4 -2 3 -2.3 +6 1 +6.1 – Kosice € -0.1 mill. At equity – Friedrichshafen € -0.3 mill. -0.1 -0.2 -75.6 contribution – CAT € -0.2 0 2 mill. ill Net interest resul
Slide 10: Financial position & gearing
Financial position & gearing • Net debt rose due to Q1/11 Q1/10 ∆ in % increase in financial Net debt (in € mill.) mill ) 661 610 +8 3 +8.3 liabilities Gearing (in %) 78 75 +4.7 ROCE (in %) 1.4 1.4 -2.9 • Marginal decline in ROCE (approx. at 1.4%) 10
Slide 11: Cash flow & CAPEX
Cash flow & CAPEX • Cash flow from operating activities: Cash flow (in € mill.) below Q1/10 despite better EBT 200 due to changes in working capital 150 100 100 • Cash flow from investing activities: 50 b l below llast year d due to hi higher h payments 0 43 55 connected with the reorganisation and
Slide 12: CAPEX 2011-2015
CAPEX 2011-2015 • CAPEX 2011-2015: CAPEX 2011-201 approx. pp € 660 mill. • Main projects: p j – Maintenance (ca. € 290 mill.) – Skylink (ca. € 240 mill.) ~55% 5% ~45% – Shoulder improvement 16/34 – Limousine garage – Adaptation Terminal 2 – Cargo position enlargement – Technical noise protection Gro
Slide 13: Traffic – At a glance
Traffic – At a glance Q1/11 Q1/10 ∆ in % Passenger traffic (in mill.) mill ) 41 4.1 39 3.9 55 5.5 Transfer passengers (in mill.) 1.2 1.2 -0.1 Middle East (in mill.) 0.1 0.1 +6.2 Eastern Europe (in mill.) 0.4 0.3 +6.0 Flight movements (in thousand) 57 57 +1.0 MTOW (in (i tonnes) t ) 1 914 538 1,914,5
Slide 14: Traffic – Airlines
Traffic – Airlines Q1/11 Q1/10 ∆ in % Passengers (in mill.) 4.1 3.9 +5.5 Share in % Share in % ∆ in % AUA 47.4 49.8 -4.7 Lufthansa 5.2 5.5 -5.7 Swiss 1.7 1.8 -6.9 6.9 Germanwings 2.6 2.2 +18.7 Total LHGR * 57.0 59.4 -4.0 Niki 11 6 11.6 92 9.2 +25 7 +25.7 Air Berlin 7.6 8.5 -11.1 Total Niki & Air Ber
Slide 15: Traffic – New airlines and destinations
Traffic – New airlines and destinations Positive development for VIE – focus remains on Eastern Europe p and the Middle East New airlines Increased frequency • Cirrus Airlines • Florence, Stockholm (AUA) • Peoples Viennaline • Milano (AUA capacity increase) • Jerez,, Madrid,, Milano (Niki) ( ) • Dub
Slide 16: Traffic – Forecast
Traffic – Forecast 2011: • Passengers +5% • Maximum take-off weight +3% • Flight movements +2% Long-term Long term forecast 2011 – 2020 2020*:: 4.2% average growth p.a. (24 6 mill (24.6 mill. passengers in 2015 and 30.6 mill. passengers in 2020, respectively ) * Source: Intraplan 2009 16
Slide 17: Strategic strengths and opportunities
Strategic strengths and opportunities Strengths Location: gateway to Eastern Above-average Europe and FME Quality and growth potential of capacity it iincrease: Eastern Europe Skylink, VIE’s current third runway business model Attractive tariff Significance of home as a transfer system carriers AUA
Slide 18: Key focus – Transfer hub to CEE and Far and Middle East
Key focus – Transfer hub to CEE and Far and Middle East Traffic growth Domestic India 10 0% 10.0% • Strategic strength Domestic China 7.9% of the transfer hub Asia - China 7.1% location offers China – Western Europe 7.0% CEE – Western Europe 6.7% development potential Subcont. India –W. Europe 5.8%
Slide 19: Key focus – Enhance leading position of quality
Key focus – Enhance leading position of quality VIE is a full-service provider that is closely integrated with its airline customers • Minimum connecting time: 25 – 30 minutes; a clear leading position iti ahead h d off Munich, M i h Frankfurt F kf t and Zurich • Outstanding turnaround time • Econom
Slide 20: Key focus – Skylink
Key focus – Skylink • Maximum costs at € 830 mill. will not be exceeded • Start of operations at end of first half 2012 • Next steps: – Preparations for test period already ongoing – Test T t period i d starting t ti in i Q4/11 • Actual capacity above 30 mill. mill PAX • Three Three-floor floor conc
Slide 21: Key focus – Skylink
Key focus – Skylink Infrastructure: Dimensions: • Shopping areas: 5,900 m² • Gross floor space: • Gastronomy areas: 3,700 m² T Terminal: i l 76,000 6 000 m²² • Check-in-counters: 64 Pier: 71,000 m² • Baggage carousels: 10 • Length L th off pier i : 450 m • Pier positions: 17 • Length of terminal: 27
Slide 22: Key focus – Further capacity: third runway
Key focus – Further capacity: third runway • Status: – March 2007: initial filing g for the environmental impact p assessment proceedings – Citizens initiatives recognised g as p parties to these proceedings – February 2009: Statement by Flughafen Wien AG • Potential schedule: – Hearing in Q3-Q4/11
Slide 23: Key focus – Attractive tariffs
Key focus – Attractive tariffs Rank Airport 1 GVA Index 59% • Competitive tariffs Averrage 2 MAD 3 MLA 68% 74% and attractive 4 BRU 5 BUD 81% 82% incentives – better 6 AMS 84% 7 CPH 8 MXP 85% 89% than the European 9 DUS 10 PRG 92% 92% average and the peer 11 VIE 93% 12 KLU 13 ZRH 94% 94% group g p (
Slide 24: Key focus – Non aviation
Key focus – Non aviation • Significant development in the recent years with further growth p g potential ((from p pre-crisis yyear 2007 to 2010 +13%) %) • Potential for further p profitability y of g gastro & shops p due to traffic growth and economic recovery and opening of Skylink • Attractive pos
Slide 25: Outlook
Outlook • Cost reduction • Skylink • Third Thi d runway • Implementation of EU directives on airport charges • Traffic forecast – Passengers +5% – Maximum Take Off Weight +3% – Flight Fli ht movements t +2% 2% 25
Slide 26: Flughafen Wien AG Q1/2011 Quarterly results
Fl h f Wien Flughafen Wi AG Q1/2011 Quarterly results 26