ENAV S.p.A. · MIL:ENAV
ENAV — Q1 2022 Earnings Presentation
24 slides from ENAV's earnings presentation, May 12, 2022
Slide 1: 1Q 2022 Financial Results & 2022-2024 Business Plan Overview
1Q 2022 Financial Results & 2022-2024 Business Plan Overview M ay 1 2 , 2 0 2 2 e n a v. i t
Slide 2: 1Q 2022 Group's Highlights
1Q 2022 Group’s Highlights En-Route traffic Terminal traffic Total Revenue Non-Reg. Revenue 1.49m uds 1 0.16m uds 1 €168.1m €6.0m +168.5% vs. 1Q 2021 +191.7% vs. 1Q 2021 -11.1% vs. 1Q 2021 +22.0% vs. 1Q 2021 82.2% of 2019 levels 74.9% of 2019 levels 2 EBITDA Net Financial Debt €15.2m Net Result CAPE
Slide 3: 1Q 2022 Main Traffic Trends – En-Route
1Q 2022 Main Traffic Trends – En-Route Traffic breakdown by service units Quarterly service units trend1 & change vs. 2019 (‘000/%) -12.3% -15.7% -61.1% -62.6% National 3,350 -28.8% -17.8% 168.5% YoY 25% 2,712 -62.9% -69.4% -89.2% 2,384 1Q 2022: 2,167 Overflight 1,817 1,827 1,492,9311 1,593 1,493 41
Slide 4: 1Q 2022 Main Traffic Trends – Terminal
1Q 2022 Main Traffic Trends – Terminal Traffic breakdown by service units Quarterly service units trend1 & change vs. 2019 (‘000/%) -22.4% -22.2% International 191.7% YoY -56.9% -63.8% 58% 304 -28.3% -25.1% 1Q 2022: 272 -65.0% -74.3% National 233 -89.0% 218 156,3711 209 42% 181 162 156 131 98 81 Zon
Slide 5: 1Q 2022 Financials Overview
C'enav group 1Q 2022 Financials Overview
Slide 6: Total Revenue Performance
Total Revenue Performance Total Revenue Breakdown €m 189.0 -11.1% • 1Q 2022 total revenue decrease (-11.1% YoY or -€21.0m) due to 16.1 168.1 7.1% the different methodology applied last year in the balance 17.2 calculation which set an unfair point of comparison YoY and 12.4 (90.5%) 38.0 deleted trad
Slide 7: Cost Evolution
Cost Evolution Personnel Cost €m 4.6% 125.9* 120.4* • Personnel cost* increase of 4.6% YoY (+€5.5m), coming from Social security 35.1 36.7 contributions the return to almost normal traffic level which pushed up & Other Costs 17.3 variable remuneration and social security contribution 13.6 Variable r
Slide 8: Total Revenue and EBITDA Development
Total Revenue and EBITDA Development Total Revenue €m • Total revenue decreased 11.1% YoY 16-11.1% (-€21.0m). Main movements came from: 26.2 0.3 1.1 (118.7) • Increase of €70.4m and €26.2m in en- 70.4 route and terminal revenue respectively, 189.0 (0.3) 168.1 thanks to solid traffic volumes recovery
Slide 9: Consolidated P&L and Main Movements below EBITDA
Consolidated P&L and Main Movements below EBITDA Change 1Q 2022 1Q 2021 thousands euro Amount % Revenue from operations 147,330 49,321 98,009 n.a. Balance 12,439 131,156 (118,717) -90.5% • D&A decreased by 7.0% YoY as a consequence of Other operating income 8,297 8,562 (265) -3.1% Total Net Revenue
Slide 10: Cash Flow and Capitalization
Cash Flow and Capitalization Maturity Total debt €m Current outstanding/ Non-current cash (<1 year) Financial Debt 253 402 656 Trade Payable* 42 42 Total Debt 253 444 698 Cash & Cash Equivalents 219 Net Debt (Net Cash) 479 Net Debt / FY 2021 EBITDA 2.15 x Net Debt (Net Cash) excluding Trade Payable*
Slide 11: 2022-2024 Business Plan Overview
2022-2024 Business Plan Overview
Slide 12: Business Plan – Highlights
Business Plan – Highlights The 2022-2024 Business Plan is fully oriented to the sustainable success of the Group, keeping, as always, safety as main priority, increasing value for all stakeholders “Future Sky 2031” Is part of the wider long-term future strategic vision which have a 10 years horizon
Slide 13: Business Plan – Objectives
Business Plan – Objectives ENAV as a Frontier Service Provider ENAV global market leader Leadership in Core business Leadership in Non-Regulated business Maintain and enhance leadership in providing core To be global leader in contestable markets, business’ services, through the evolution of the str
Slide 14: Future Strategic Vision & Business Plan – Timeline
Future Strategic Vision & Business Plan – Timeline The 2022-2024 Business Plan is fully integrated within ENAV’s future strategic vision, structured in three steps, to address the current uncertainty and pave the way for the relaunch of the Group Business Plan Horizon 2020 2021 2022 2023 2024 2025 2
Slide 15: Sustainability as Basement of our Business Plan
Sustainability as Basement of our Business Plan Initiatives included in the 2022-2024 Business Plan are in line and increase the value of ENAV’s Sustainability Assets Sustainability Assets in ENAV’s Sustainability Plan Strategy and Technological Reporting and Corporate Climate Policies Governance In
Slide 16: Business Plan – Pillars
Business Plan – Pillars Environmental, Social and Economic Sustainability Maintain the Paramount Target of Maximum Safety 1 2 3 Technological & Operational Digital Innovation New Market Positioning Excellence • New Technical and Operational Model • Commercial offering enhancement • ENAV Digital Inno
Slide 17: Business Plan – Pillar 1: Technological & Operational Excellence
Business Plan – Pillar 1 Environmental, Social and Economic Sustainability Maintain the Paramount Target of Maximum Safety 1 Technological & Operational Excellence • ACCs Consolidation • New ATM platform Initiatives • APP integration into ACCs • New maintenance management centralized • Remote Towers
Slide 18: Pillar 1 – Focus on ACCs Consolidation & Remote Towers
Pillar 1 – Focus on ACCs Consolidation & Remote Towers Environmental, Social and Economic Sustainability Maintain the Paramount Target of Maximum Safety 1 As is To be 4 ACC Padova 2 ACC Padova TWR + APP (12) Milano 2 RTCC Milano RTCC Strategic TWR (19) ACC TWR (33) ACC 26 R-TWR in RTCC ACC Brindisi
Slide 19: Business Plan – Pillar 2: Digital Innovation
Business Plan – Pillar 2 Environmental, Social and Economic Sustainability Maintain the Paramount Target of Maximum Safety 2 Digital Innovation • ATM Virtualization and Cloudification • Artificial Intelligence and Internet of Things Initiatives throughout hyper-automation tools as a support implemen
Slide 20: Business Plan – Pillar 3: New Market Positioning
Business Plan – Pillar 3 Environmental, Social and Economic Sustainability Maintain the Paramount Target of Maximum Safety 3 New Market Positioning Initiatives • Enhancement and integration of Group’s • Define and implement new services for UAV products and offerings vehicles, coherently with market
Slide 21: Business Plan – Horizontal Pillars
Business Plan – Horizontal Pillars Environmental, Social and Economic Sustainability Maintain the Paramount Target of Maximum Safety 4 5 6 Corporate Corporate Structure Empowering Efficiency Evolution People • Internalization of ATM • Young talent selection and Initiatives platform maintenance • End
Slide 22: 2022 – 2024 Business Plan Targets
2022 – 2024 Business Plan Targets Total revenue CAGR mid single digit Non-regulated revenue approximately €50m in 2024 EBITDA CAGR high single digit EBIT margin approximately 17% in 2024 CAPEX approximately €350m Total investments 2022-2031 over €1 billion 22
Slide 23: Thank You – Q&A Session
THANK YOU Q&A SESSION e n a v. i t
Slide 24: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management current views with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on ENAV S.p.A.’s cu