Flughafen Wien Ag · VIE:FLU
Flughafen Wien — FY2015 Earnings Presentation
23 slides from Flughafen Wien's earnings presentation, 2016
Slide 1: 2015 Business Results: Growth Despite Headwinds
2015 BUSINESS RESULTS: GROWTH DESPITE HEADWINDS Positive Outlook for 2016
Slide 2: 2015: Successful year in spite of headwinds from crisis areas
2015: Successful year in spite of headwinds from crisis areas Good business development of the company in 2015: Revenue increase (+3.8%) and considerable improvement in the net profit for the period1 to € 100.4 million (+21.8%) Earnings growth based on substantial productivity rise: EBITDA margin up
Slide 3: Steady improvement in the EBITDA margin underlines strong productivity gains
Steady improvement in the EBITDA margin underlines strong productivity gains 45% 40% 35% 30% 25% 20% 42.0% 38.8% 39.7% 36.5% 32.5% 15% 10% 5% 0% 2011 2012 2013 2014 2015 All financial indicators for 2015 refer to the preliminary annual results for 2015. The final results will be published in the 3 A
Slide 4: Strong earnings rise of 21.8% - Dividend proposal of € 2.00 per share
Strong earnings rise of 21.8% - Dividend proposal of € 2.00 per share (+21.2% vs. 2014) in € million 2015 2014 ∆ in % Revenue 654.4 630.2 +3.8 Earnings before interest, tax, 275.2 250.2 +10.0 depreciation and amortization (EBITDA) Earnings before interest and taxes 142.9 119.8 +19.3 (EBIT) Financial
Slide 5: Expenses: further reduction in the cost level despite salary increases
Expenses: further reduction in the cost level despite salary increases ✈ Expenses for consumables and ∆ in services used down € 4.8 million in € million 2015 2014 % from 2014, mainly as a result of Consumables and reduced energy costs and fuel -34.2 -38.9 -12.2 services used consumption as well as i
Slide 6: Positive development of dividends
Positive development of dividends Dividends (€/share) 2.0 1.5 1.0 2.00 1.65 1.30 0.5 1.00 1.05 0.0 1 2011 2012 2013 2014 2015 ✈ Management Board will propose a dividend increase to € 2.00 per share (+21.2% vs. € 1.65 in 2014) to the Annual General Meeting ✈ Dividend payout ratio: 41.8% ✈ Dividend yi
Slide 7: Substantial reduction of net debt by about € 40 million
Substantial reduction of net debt by about € 40 million 2015 2014 ∆ in % Net debt (€ million) 466.0 506.2 -7.9 Gearing (%) 45.7 53.1 -7.4%p Cash flow from operating activities 228.4 220.6 +3.5 (€ million) Free cash flow (€ million) 81.5 153.1 -46.8 CAPEX (€ million)1 79.9 75.1 +6.4 Equity (€ million
Slide 8: Improved maturity structure - Net debt down to € 466.0 million
Improved maturity structure - Net debt down to € 466.0 million Maturity structure (as at Dec. 31, 2015; in € million) 500 400 300 200 100 0 2016 2017 2018 2019 2020 Financial liabilities thereof due in the actual year All financial indicators for 2015 refer to the preliminary annual results for 2015
Slide 9: Improved operating cash flow – Investments reduce free cash flow
Improved operating cash flow – Investments reduce free cash flow ✈ Free cash flow declined, mainly due to in € million 2015 2014 ∆ in % higher payments for investments ✈ Investments include the acquisition of Cash flow from operating 228.4 220.6 +3.5 the real estate company VFI, formerly HERMIONE. a
Slide 10: Share price up 176% since January 2012
Share price up 176% since January 2012: Market capitalization of about € 1.7 billion 320 300 280 +176% 260 Indexed to 100 240 220 200 +96% 180 160 140 120 +13% 100 80 FWAG ATX Benchmark (FRA, ADP, ZRH) average Share price development from Jan. 1, 2012 to Feb. 26. 2016 10
Slide 11: Relevant share indicators
Relevant share indicators 2015 Share price on Dec. 31st (in €) 87.60 Market capitalization on Dec. 31st (in € million) 1,840 Earnings per share (in €) 4.78 Market capitalization/EBITDA multiple 6.69 EV/EBITDA multiple1 8.38 Price/earnings ratio 18.33 Price/cash flow ratio 8.05 Price/book value ratio
Slide 12: Successful site development – The Airport City continues to grow
Successful site development – The Airport City continues to grow February 2016: Construction start on the new MOXY Hotel (opening in 2017) Start of project development for Office Park 4 VFI acquisition adds more than 25,000 m² of new development area to the airport New business location projects cre
Slide 13: Expectations for 2016
Expectations for 2016 Further increase in revenue, EBITDA and net profit Further reduction in net debt Higher dividend for 2015 thanks to the earnings improvement Higher investments totaling about € 95 million (renovation of runaways, expansion of the Air Cargo Center, energy supply / photovoltaics
Slide 14: Outlook for 2016: Targeted revenue growth and earnings increase
Outlook for 2016: Targeted revenue growth and earnings increase Revenue ¨ > € 675 million EBITDA ¨ > € 280 million Group net profit ¨ ≥ € 105 million Net debt ¨ ≤ € 400 million CAPEX ¨ ~ € 95 million 14
Slide 15: Segment Results 2015
15 = AN Vienna VI International Airport
Slide 16: Airport: Passenger record, higher revenue and stable costs despite crisis
Airport: Passenger record, higher revenue and stable costs despite crisis ✈ Passenger record of 22.8 million in € million 2015 2014 ∆ in % passengers (+1.3%) External revenue 359.2 344.1 +4.4 ✈ Effects of crisis in Eastern Europe EBITDA 153.1 141.3 +8.4 more than compensated by growth EBIT 53.5 45.7
Slide 17: Handling: Revenue increase despite slight decrease in flight movements
Handling: Revenue increase despite slight decrease in flight movements ✈ Higher revenue due to expansion of in € million 2015 2014 ∆ in % passenger handling and related to larger aircrafts in spite of slight External revenue 151.3 145.7 +3.8 decline in flight movements EBITDA 17.0 17.6 -3.7 EBIT 11.
Slide 18: Retail & Properties: Strong growth in shopping & gastro and rental income
Retail & Properties: Strong growth in shopping & gastro and rental income ✈ Shopping & gastro strategy has a in € million 2015 2014 ∆ in % positive impact: strong rise in revenue (+ 6.9%) External revenue 128.2 123.8 +3.6 EBITDA 83.1 74.9 +10.9 ✈ Higher income per passenger in EBIT 68.9 59.0 +16.8 s
Slide 19: Results of strategic investments in 2015
Results of strategic investments in 2015 Malta Int. Airport Kosice Airport ✈ About 4.6 million passengers ✈ About 0.4 million passengers (+7.7%) (+15.1%) ✈ Revenue: € 67.0 million ✈ Revenue: € 9.6 million ✈ EBITDA: € 35.9 million ✈ EBITDA: € 3.4 million EBIT: € 29.2 million EBIT: € 2.5 million ✈ EBI
Slide 20: Key projects in 2016
Key projects in 2016 Renovation of Runway 11/29: ✈220,000 m² surface renovation in 30 nights from April 6 – May 24, 2016 No resting on laurels despite the 4-Star Airport rating: continuation of service initiative ✈Family Fun Gate at G-gates ✈New Internet services, such as e-Paper offers in the loung
Slide 21: New flight offerings and the largest passenger jet in the world
New flight offerings and the largest passenger jet in the world Vienna Airport is prepared for the A380 ✈ Potential handling at the East Pier, with possible aircraft docking on one level ✈ Concept for two-storey handling being developed – East Pier adjustments are necessary – Costs below € 10 millio
Slide 22: Traffic forecasts for 2016
Traffic forecasts for 2016 2015 Forecasts for 2016 Passengers 22.8 million ¨ 0% to +2% Flight movements 226,811 ¨ -1% to 0% ✈ Crises continue – Perceptible pressure remains on Vienna Airport as CEE flight hub – Slightly optimistic outlook for passenger volume in the entire year 2016 – Increased seas
Slide 23: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 23