Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q3 2018 Earnings Presentation
25 slides from Flughafen Wien's earnings presentation, November 2018
Slide 1: Flughafen Wien AG Results Q1-3/2018
FLUGHAFEN WIEN AG Results Q1-3/2018
Slide 2: Q1-3/2018: Outstanding traffic results - Guidance raised
Q1-3/2018: Outstanding traffic results - Guidance raised Q1-3/2018 – Passenger growth of 7.3% at Vienna Airport (Group: +8.7%); strong rise in passenger volumes in Malta (+14.2%) and Kosice (+12.1%) Revenue increase to € 596.3 million (+4.9%), EBITDA improved by 6.6% to € 284.1 million, EBIT even up
Slide 3: Sustainably positive development of the EBITDA margin
Sustainably positive development of the EBITDA margin documents significant productivity improvement 50% 45% 40% 35% 30% 25% 47.6% 46.9% 43.4% 44.5% 43.3% 41.7% 20% 37.7% 40.0% 15% 30.7% 10% 5% 0% 2011 2012 2013 2014 2015 2016 2017 Q1-3/2017 Q1-3/2018 Adjustment of figures for 2011-2016 as a result
Slide 4: Earnings based on revenue development, one-off real estate effect and lower depreciation
Earnings based on revenue development, one-off real estate effect and lower depreciation and amortisation in € million Q1-3/2018 Q1-3/2017 ∆ in % Revenue 596.3 568.6 +4.9 Earnings before interest, tax, depreciation and amortization 284.1 266.5 +6.6 (EBITDA) Earnings before interest and taxes (EBIT)
Slide 5: Increased costs mainly due to higher personnel expenses
Increased costs mainly due to higher personnel expenses ✈ Expenses for consumables and services in € million Q1-3/2018 Q1-3/2017 ∆ in % used up by € 2.3 million as a result of the higher consumption of electricity Consumables and -29.5 -27.2 +8.4 services used and materials ✈ Personnel expenses rose
Slide 6: Net debt cut almost in half since the end of 2017
Net debt cut almost in half since the end of 2017 Q1-3/2018 Q1-3/2017 ∆ in % Net debt (€ million)1 118.0 227.0 -48.0 Gearing (%)1 9.2 18.7 n.a. Cash flow from operating activities 226.2 237.1 -4.6 (€ million) Free cash flow (€ million) 117.5 115.5 +1.8 CAPEX (€ million)2 112.7 85.3 +32.2 Equity (€ m
Slide 7: Ongoing positive development of net debt and gearing
Ongoing positive development of net debt and gearing ✈ Net debt down by € 109.0 million to € 118.0 Sept. 30, Dec. 31, ∆ in % million 2018 2017 ✈ Slight rise in non-current assets: capitalisation Net debt of payment obligations to the environmental 118.0 227.0 -48.0 (in € million) fund in connection
Slide 8: Cash flow: improved earnings but higher tax payments
Cash flow: improved earnings but higher tax payments ✈ Slight year-on-year rise in the free cash flow: in € million Q1-3/2018 Q1-3/2017 ∆ in% positive effect of good earnings in contrast to increase in receivables and tax payments, Cash flow from operating 226.2 237.1 -4.6 lower cash flow from inves
Slide 9: Share price development from Jan. 1, 2012 to Nov. 9, 2018
Indexed 9 -50 100 150 200 250 300 350 400 450 0 50 Jan 2012 Apr 2012 Jul 2012 Oct 2012 Jan 2013 FWAG Apr 2013 Jul 2013 Oct 2013 Jan 2014 ATX Apr 2014 Share price development from Jan. 1, 2012 to Nov. 9, 2018 Jul 2014 Oct 2014 Jan 2015 Apr 2015 Jul 2015 Oct 2015 Jan 2016 Apr 2016 Jul 2016 Oct 2016 Ja
Slide 10: The Airport City continues to grow
The Airport City continues to grow: Higher investments, new companies, attractive office offering, expanded services ✈ 25,000 m² state of the art office space as a result of € 60 million in investments in Office Park 4 Ground-breaking ceremony April 2018 – completion at the beginning of 2020 ✈ Sea
Slide 11: Outlook for 2018
Outlook for 2018 Outlook 2018 Revenue > € 770 million EBITDA > € 350 million Group net profit1 > € 148 million Net debt < € 200 million CAPEX > € 175 million 1) Before non-controlling interests 11
Slide 12: Segment Results Q1-3/2018
SEGMENT RESULTS Q1-3/2018 12
Slide 13: Airport: Ongoing positive development
Airport: Ongoing positive development ✈ Passenger volume up 7.3% to 20.1 million in € million Q1-3/2018 Q1-3/2017 ∆ in % passengers – three days each with more than 100,000 passengers in the third quarter External revenue 293.2 280.3 +4.6 ✈ The main drivers of this positive development EBITDA 152.0
Slide 14: Handling & Security Services: Higher personnel expenses dampens earnings
Handling & Security Services: Higher personnel expenses dampens earnings ✈ Price adjustments for apron handling in € million Q1-3/2018 Q1-3/2017 ∆ in % compensated by higher de-icing income related to the cold winter and the External revenue 122.8 120.0 +2.4 positive development of cargo handling as
Slide 15: Retail & Properties: Positive revenue development
Retail & Properties: Positive revenue development ✈ Shopping and F&B: revenue up in € million Q1-3/2018 Q1-3/2017 ∆ in % 3.4%, PRR down slightly from € 1.90 to € 1.83 against backdrop Externe revenue 97.2 94.2 +3.3 of increasing passenger volumes due to higher low cost carrier share EBITDA 64.4 59.6
Slide 16: Malta: Strong passenger growth leads to higher earnings
Malta: Strong passenger growth leads to higher earnings ✈ Passenger volume up 14.2% in in € million Q1-3/2018 Q1-3/2017 ∆ in % the first nine months External revenue 70.8 63.1 +12.2 ✈ Revenue up 12.2%, somewhat EBITDA 43.4 38.3 +13.2 lower than passenger growth due EBIT 36.6 31.7 +15.4 to the incent
Slide 17: Results of strategic investments
Results of strategic investments Malta Int. Airport Kosice Airport Q1-3/2018 Q1-3/2018 ✈ ~5.3 million passengers (+14.2%) ✈ ~0.4 million passengers (+12.1%) 2017 2017 ✈ Approx. 6.0 million passengers (+17.5%) ✈ Approx. 0.5 million passengers (+13.8%) ✈ Revenue: € 82.4 million ✈ Revenue: € 11.4 milli
Slide 18: Traffic Results Q1-3/2018
TRAFFIC RESULTS Q1-3/2018 18
Slide 19: Traffic development Q1-3/2018 Flughafen Wien Group
Traffic development Q1-3/2018 Flughafen Wien Group Group passenger development Q1-3/2018 Q1-3/2017 ∆ in % Vienna Airport (millions) 20.05 18.68 +7.3 Malta Airport (millions) 5.29 4.63 +14.2 Kosice Airport (millions) 0.45 0.40 +12.1 Vienna Airport and its strategic 25.79 23.72 +8.7 investments (VIE,
Slide 20: Shares held by scheduled airlines
Shares held by scheduled airlines Q1-3/2018 Share in % Passengers PAX ∆% vs. Q1-3/2017 1. Austrian Airlines 48.8 9,780,736 +8.6 2. Eurowings & Germanwings 9.6 1,931,900 +14.3 3. easyJet Group1 4.9 974,509 +62.8 4. Lufthansa 3.4 690,165 +2.2 5. Turkish Airlines 2.1 418,938 +11.6 6. SWISS 1.8 355,309
Slide 21: Traffic development at Vienna Airport in October 2018
Traffic development at Vienna Airport in October 2018 Oct. 2018 Oct. 2017 ∆ in % Passengers (millions) 2.58 2.19 +18.2 Local passengers (millions) 1.92 1.58 +21.8 Transfer passengers (millions) 0.66 0.60 +9.6 Flight movements (in 1,000) 22.68 20.29 +11.8 MTOW (millions of tonnes) 899.03 783.85 +14.7
Slide 22: Highlights 2018 & initial news for 2019: long-haul
Highlights 2018 & initial news for 2019 30 new destinations thereof 5 new long-haul destinations thereof 7 new Eastern European destinations Long-haul ✈ ✈ New: Cape Town, Tokyo Narita Increase to 4 flights/week to Delhi As of summer 2019: Montreal ✈ ✈ New: 3 direct weekly flights to Taipeh New:
Slide 23: Other highlights in 2018 & initial news for 2019
Other highlights in 2018 & initial news for 2019 New base for Basis Wizz Air, Laudamotion and Level ✈ New in 2018: Calvi, Catania, Heraklion, ✈ Corfu, Kos, Larnaca, New in 2018: 3 aircraft stationed, Rhodes, Tenerife 26 destinations incl. Billund, Eilat and Kutaissi ✈ New in 2018: Jeddah via Riad Ne
Slide 24: Traffic forecast raised for 2018
Traffic forecast raised for 2018 Flughafen Wien Group: 2017 Forecast for 2018 Passengers 30.9 million > +10% Flughafen Wien AG: 2017 Forecast for 2018 Passengers 24.4 million > +10% ✈ Share of low cost carriers continues to rise: Growth of easyJet and Vueling, start of aircraft bases of Wizz Air
Slide 25: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 25