Fraport Ag · XETR:FRA
Fraport — Q1 2023 Earnings Presentation
28 slides from Fraport's earnings presentation, May 2023
Slide 1: 1Q23 Fraport AG Analyst Presentation
Januar Analystbis September I2022 Presentation May 2023 8.11.2022 1Q23 Fraport AG Bilanzpressekonferenz Prof.Stefan Dr. Dr. Matthias Zieschang Schulte, l CFO Vorstandsvorsitzender
Slide 2: Disclaimer
Disclaimer This document has been prepared by Fraport solely for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairness, ac
Slide 3: 1Q23 Review: Steady Development in Low Season Quarter
1Q23 Review Steady Development in low Season Quarter 1l 2l 3l 4l Lima Runway Strong Recovery Smooth FRA Steady Recovery Inauguration + at International Easter Ops + of Financial Project Finance Airports Traffic Ramp-Up Results 3 1Q23 Analyst Presentation I May 2023
Slide 4: Lima Runway Inauguration + Project Finance
1Q23 Review Lima Runway Inauguration + Project Finance ▪ Lima Runway inaugurated on April 3rd , 2023 ▪ Construction completed on time and budget ▪ Good Progress also on new Lima Terminal Construction → to be inaugurated in less than 2 Years ▪ First disbursement of Project Finance on March 28th, 2023
Slide 5: Strong Recovery at International Airports
1Q23 Review Strong Recovery at International Airports Preliminary April Passenger results as % of 2019 1Q23 Greece 98% Antalya 101% Twin Star 141% Ljubljana 59% Lima 85% Brazil 80% Group ex. 89% FRA 100% mark 5 1Q23 Analyst Presentation I May 2023
Slide 6: Prelim. FRA Passenger Results
1Q23 Review Prelim. FRA Passenger Results Smooth Easter Operations + Traffic Ramp-Up APR 23: ~80% of 2019 YTD 23: ~77.5% of 2019 Frankfurt Daily Passengers 7-day average 2019 2022 2023 1Q Passengers back at ~77% of 2019 Overall smooth Operational Ramp up 200.000 175.000 150.000 Strong Recovery on Tr
Slide 7: Steady Recovery of Financial Results
1Q23 Review Steady Recovery of Financial Results EUR mn EBITDA 201 175 2019 158 137 129 71 40 2017 2018 2019 2020 2021 2022 2023 2023 2022 Group Result 19 20 28 2019 -36 -33 -78 -118 2017 2018 2019 2020 2021 2022 2023 2023 7 1Q23 Analyst Presentation I May 2023
Slide 8: Aviation Segment
Aviation Segment 1Q23 EBITDA Back in Black EUR mn 1Q231 1Q222 1Q19 ▪ Aviation Charges recovered to 92% of Revenue 220 145 225 2019, supported by Price Increases Charges 161 101 175 ▪ Security Transitioning led to EUR Security 49 37 39 c.11mn Increase in Security Revenues vs. Other Income 30 8 7 2019
Slide 9: Retail & Real Estate Segment
Retail & Real Estate Segment Strong Performance despite higher Energy Cost EUR mn 1Q23 1Q22 1Q191 ▪ Real Estate Revenues EUR c.5mn or 13% Revenue 108 85 116 above 2019 Retail 35 24 49 ▪ Parking Revenues at 91% of 2019 Real Estate 46 43 41 ▪ Spend per Pax negatively impacted by temporary Shop Refurbi
Slide 10: Ground Handling Segment
Ground Handling Segment Recruitment and Quality Initiatives Weigh on low Season EBITDA EUR mn 1Q23 1Q22 1Q19 ▪ Ground Handling Revenues and Revenue 141 106 161 Infrastructure Charges recovered to Ground Hand. 71 58 81 88% and 89%, respectively, of 2019 Central Infra. 64 43 72 ▪ Higher Cost from temp
Slide 11: International Activities & Services Segment
International Activities & Services Segment Steady EBITDA Outperformance vs. 2019 EUR mn 1Q23 1Q22 1Q19 ▪ Revenues ex. IFRIC12 above 2019, Revenue 297 203 302 despite Traffic Recovery at less than 90% IFRIC 12 111 65 125 ▪ Positive Effect from higher Airport ex IFRIC 12 185 138 177 Charges Other Inc
Slide 12: Cash Flow
Cash Flow Strong OCF Increase, Expansion Capex as expected EUR mn -13 +13 -32 7,332 -57 -6 -17 -142 7,059 +84 -99 -2 -2 Free Cash Flow 1Q23: € -241mn Other Fixed IAS 23 IFRS Divs from Other Net debt OCF Brazil Greece Lima FRA Net debt capex concession borrowing 16 at equity YE 2022 capex capex capex
Slide 13: Cash Management: Increase in Available Funds
Cash Management Increase in Available Funds1 to EUR 5+bn Cash & Financial Assets (Liquidity) Committed Credit Lines & Finance EUR mn EUR +3,337mn 5.500 5,044 4,506 4,603 4.500 1.374 736 942 3.500 3,110 3,867 3,564 3.670 2.500 896 1,707 2,214 1.500 550 1,156 500 Dec. 31, 2019 Dec. 31, 2020 Dec. 31, 2
Slide 14: Cash Management: Available Funds & Repayment Profile
Cash Management Available Funds & Repayment Profile 12.000 in € mil. 11.002 11.000 10.000 €9.1 bn Fraport AG debt 9.000 8.000 €1.2 bn Greece debt Average debt condition 7.000 ~ 2.4 % interest rate € 348 mn Brazil debt 6.000 5,044 5.000 € 368 mn Lima debt 4.000 3.670 3.000 2.000 16 18 11 14 15 8 23 1
Slide 15: Unchanged 23FY Outlook
Unchanged 23FY Outlook Continued Traffic & Financial Recovery expected! FRA Passengers EBITDA >80-90% of 2019 1,040-1,200mn 2019: ~70.6mn 2019: EUR ~1,180mn Net Debt/EBITDA Result before Minorities DPS ~stable 300-420mn EUR - vs. 2022 level of 6.9 2019: EUR ~454mn unchanged vs. 2022 15 1Q23 Analyst
Slide 16: 22FY Appendix
Januar bis September JPM Aviation 2022Series I April & Logistics 8.11.2022 2023 Januar Analystbis September I2022 Presentation May 2023 8.11.2022 22FY Fraport AG Appendix Fraport AG Bilanzpressekonferenz Bilanzpressekonferenz Detailed Financials Dr. Stefan Schulte, Vorstandsvorsitzender Dr. Stefan S
Slide 17: Group P+L
Appendix Group P+L € million Q1 2023 Q1 2022 Revenue 765.6 539.6 Other internal work capitalized 14.2 9.6 Other operating income 28.4 6.8 Total revenue 808.2 556.0 Cost of materials –350.3 –205.1 Personnel expenses –263.3 –247.0 Other operating expenses –36.3 –33.2 EBITDA 158.3 70.7 Depreciation and
Slide 18: Cash Flow
Appendix Cash Flow in € million Q1 2023 Q1 2022 in € million Q1 2023 Q1 2022 Cash flow from operating activities 83.8 2.7 Result attributable to shareholders of Fraport AG –21.6 –108.1 Result attributable to non-controlling interests –11.0 –10.1 Investments in airport operating projects –122.6 –73.2
Slide 19: Financial Position
Appendix Financial Position Assets Liabilities and equity in € million March 31, 2023 December 31, 2022 in € million March 31, 2023 December 31, 2022 Shareholders’ equity Non-current assets Issued capital 923.9 923.9 Goodwill 19.3 19.3 Capital reserve 598.5 598.5 Investments in airport operating pro
Slide 20: Overview of Major Special Effects 2022/23
Appendix Overview of Major Special Effects 2022/23 2023: 2022: Aviation Retail & Real Estate 1Q 23 EUR +22.0mn Other Income: Initial fair value recognition and 4Q 22 EUR +18.6mn Other Income: Disposal of Property Development gain on disposal of Security Business Ground Handling 4Q 22 EUR -33.6mn Oth
Slide 21: Capex, Cash Flow & Net Debt Outlook
Appendix Capex, Cash Flow & Net Debt Outlook Frankfurt FCF & Net Debt Bridge FY 2023 T3 Capex: €~550mn 1.500 1.040 -1.250 Other Capex: to to €~250mn 1.200 1.200 -1.350 FCF: negative 900 Lima 600 Capex as per 3Q22 guidance: 300 -400 €~350-450mn to -660 FCF: 0 -100 -200 negative -300 -50 -100 Other In
Slide 22: Unchanged Medium-Term Outlook
Appendix Unchanged Medium-Term Outlook Traffic Recovery to 2019 EBITDA Recovery to 2019 Frankfurt Expected ~2025/26 ~2023/24 International Airports Expected on average 2023 ~2023 Thanks to Traffic Recovery and Countermeasures, pre-COVID EBITDA expected by 2023/24! 22 1Q23 Analyst Presentation I May
Slide 23: Major International Holdings
Appendix Major International Holdings Fully consolidated Group companies in € million Share in % Revenue1) EBITDA EBIT Result Q1 2023 Q1 2022 Δ% Q1 2023 Q1 2022 Δ% Q1 2023 Q1 2022 Δ% Q1 2023 Q1 2022 Δ% Fraport USA 100 28.0 20.5 +36.6 14.5 10.5 +38.1 5.7 1.3 >100 3.4 – 0.9 – Fraport Slovenija 100 8.6
Slide 24: P&L of Major Airport Investments vs. 2019
Appendix P&L of Major Airport Investments vs. 2019 Greece € mil. 1Q23 1Q19 Brasil € mil. 1Q23 1Q19 Ljubljana € mil. 1Q23 1Q19 Revenue 32 78 Revenue 25 86 Revenue 9 10 Revenue w/o IFRIC 12 30 23 Revenue w/o IFRIC 12 23 30 Revenue w/o IFRIC 12 9 10 - Airport Charges1 21 15 - Airport Charges 13 15 - Ai
Slide 25: Fraport Greece Financial Overview
Appendix Fraport Greece Financial Overview Revenue EBITDA EUR mn EUR mn 500 463 300 272 444 10 400 206 77 166 434 200 300 255 195 297 29 170 124 200 226 100 100 82 35 0 0 19FY 21FY 22FY 19FY 21FY 22FY 23FY Underlying EBITDA ex. State Compensation Effects IFRIC 12 State Compensation Effects (saving o
Slide 26: FRA Staff Number Development
Appendix FRA Staff Number Development Frankfurt Consolidated Staff Number Ground Handling Other FRA Positions FraSec as of March 31, 2023: 15,270 Number of Employees (as per Reporting Date) down by c.5,500 vs. YE’19 20,468 20,792 LFL: 4.277 4.308 16,831 16,444 669 15,270 - Reduction in shareholding
Slide 27: Dates: 2023 Financial Calendar
Appendix Dates 2023 Financial Calendar Mar 14, 2023 May 4, 2023 May 23, 2023 Aug 8, 2023 Nov 7, 2023 FY 3M AGM 6M 9M 2020 Traffic Calendar 2023 Apr12, Apr 17,2019 2023 May 12, 2023 Jun 14, 2023 Jul 13, 2023 Aug 11, 2023 3M 4M 5M 6M 7M Sep 13, 2023 Oct 13, 2023 Nov 13, 2023 Dec 13, 2023 Jan 16, 2024
Slide 28: Thank you for your Attention!
Thank you for your Attention! IR Contact Postal T: +49 69 690 - 74840 Fraport AG F: +49 69 690 - 74843 Frankfurt Airport Services Worldwide M: investor.relations@fraport.de 60547 Frankfurt am Main www.meet-ir.com Germany 28 1Q23 Analyst Presentation I May 2023