Fraport AG · XETR:FRA
Fraport — FY2013 Earnings Presentation
46 slides from Fraport's earnings presentation, Mar 7, 2014
Slide 1: Analyst Presentation – FY2013 Preliminary Figures
Analyst Presentation – FY2013 Preliminary Figures Fraport Headquarters in Frankfurt │ March 7, 2014 Dr. Stefan Schulte, CEO & Dr. Matthias Zieschang, CFO
Slide 2: Disclaimer
2 Analyst Presentation FY 2013 preliminary 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 rel
Slide 3: Agenda
3 Analyst Presentation FY 2013 preliminary Agenda Financial Highlights g g Traffic Insight Y 2013 Business Development p Preliminary Figures FY Outlook 2014 Financials in Detail
Slide 4: Financial Highlights – Group Figures FY2013 (P&L)
4 Analyst Presentation FY 2013 preliminary Financial Highlights Fraport Group Figures FY2013 (P&L) FY2013 FY2012** yoy*** Revenue € mil. 2,561 2,442 +4.9% Y 2013 Preliminary Figures FY EBITDA € mil. 880 849 +3.7% EBIT € mil. 528 496 +6.5% G Group Result* R lt* € mil. il 236 252 -6.3% 6 3% Traffic
Slide 5: Financial Highlights – Cash Flow, Debt, Capex
5 Analyst Presentation FY 2013 preliminary Financial Highlights Fraport Group Figures FY2013 (Cash Flow, Debt, Capex) FY2013 FY2012** yoy*** Operating Cash Flow € mil. 575 553 +3.9% Y 2013 Preliminary Figures FY Capex* € mil. 502 715 -29.8% Free Cash Flow € mil. 73 -162 ---% N t debt Net d bt € mil.
Slide 6: Agenda
6 Analyst Presentation FY 2013 preliminary Agenda Financial Highlights g g Traffic Insight Y 2013 Business Development p Preliminary Figures FY Outlook 2014 Financials in Detail
Slide 7: Traffic Insight – Frankfurt Airport Traffic
7 Analyst Presentation FY 2013 preliminary Traffic Insight Preliminary FRA Traffic: Frankfurt Airport February 2014: +1.8% YTD 2014: +2.6% Jan 2014 % FY2013 % FY2012 Passengers* in 000 4,010 +3.4 58,037 +0.9 57,520 Y 2013 Movements 35 521 35,521 +1 2 +1.2 472 692 472,692 -2 2.0 0 482 242 482,242
Slide 8: Traffic Insight – Frankfurt Airport Traffic Shares
8 Analyst Presentation FY 2013 preliminary Traffic Insight Frankfurt Airport Traffic Shares 12M 2013 vs. 12M 2012 Western Europe Domestic Eastern Europe 42% 11% 8% 0% +1% +5% Y 2013 North America Preliminary Figures FY 14% Frankfurt Airport Far East +2% Middle East 12% Africa 5% +1% 4% -
Slide 9: Traffic Insight – Peer Comparison 2013
9 Analyst Presentation FY 2013 preliminary Traffic Insight Peer Comparison 2013 Absolute Figures in mil mil. Relative 2013 vs vs. 2012 Y 2013 LHR +3.3% Preliminary Figures FY CDG +0.7% FRA +0 9% +0.9% AMS +3.0% IST +13.6% madrid MAD -12.1% MUC +0.8% 0 20 40 60 80
Slide 10: Traffic Insight – Group Passenger Figures
10 Analyst Presentation FY 2013 preliminary Traffic Insight Group Passenger Figures (above 10% stake) FY 2013 Delta vs. CAGR (in %) IATA Code Airport Share in ‘000 2012 in % 2010-2013 Y 2013 FRA Frankfurt, Germany 100% 58,037 +0.9 +3.1 Preliminary Figures FY LIM Lima, Peru 70.01% 14,913 +11.9 +13.2
Slide 11: New Summer Schedule 2014
11 Analyst Presentation FY 2013 preliminary Traffic Insight New Summer Schedule 2014 (beginning end of March) 1 2 3 4 5 Positive Summer Passenger New Airlines: Air Ongoing economic schedule with movements up by Europa, Biman modernization of prospects for a seat upside around 1% Bangladesh, MIAT fle
Slide 12: Agenda
12 Analyst Presentation FY 2013 preliminary Agenda Financial Highlights g g Traffic Insight Y 2013 Business Development p Preliminary Figures FY Outlook 2014 Financials in Detail
Slide 13: Business Development – 2013 in a Nutshell
13 Analyst Presentation FY 2013 preliminary Business Development 2013 in a Nutshell Customer Further focus on FRAConnect Cargo processes under Processes “Great to have you here” introduced evaluation Y 2013 Preliminary Figures FY Process efficiency program and cost Internal Process Focus on strong l
Slide 14: Noise Abatement at FRA
14 Analyst Presentation FY 2013 preliminary Business Development Noise Abatement at FRA Prolonged testing Description Status Quo Y 2013 allows for a smooth, constant-angle descent to landing Since Oct 2013 in normal operation; positive testing in CDA/CDO* % of all landings 2012: 41.1% g on single g
Slide 15: Operational Challenges at Million Passengers
15 Analyst Presentation FY 2013 preliminary Business Development Operational Challenges at 68 million Passengers Prozess Terminal 1 Terminal 2 Y 2013 Check-In Preliminary Figures FY Security Checks Passport Outbound Gate Availability Bus gates Availability Passport Inbound Luggage
Slide 16: Other Construction Projects in Terminal 1
16 Analyst Presentation FY 2013 preliminary Business Development Other Construction Projects in Terminal 1 Terminal overview Y 2013 Preliminary Figures FY New PTS-Station in CD Area to improve processes in Terminal 1
Slide 17: Agenda
17 Analyst Presentation FY 2013 preliminary Agenda Financial Highlights g g Traffic Insight Y 2013 Business Development p Preliminary Figures FY Outlook 2014 Financials in Detail
Slide 18: Outlook Fraport Group – Outlook 2014
18 Analyst Presentation FY 2013 preliminary Outlook Fraport Group Outlook 2014 2013 fulfilled, growing 2014 expected including new IFRS 11 on Joint Venture accounting! Outlook 2013 FY2013 restated Outlook 2014 about previous Y 2013 Passengers FRA growth between 2% and 3% year’s level Preliminary Fig
Slide 19: Agenda
19 Analyst Presentation FY 2013 preliminary Agenda Financial Highlights g g Traffic Insight Y 2013 Business Development p Preliminary Figures FY Outlook 2014 Financials in Detail
Slide 20: Group P&L FY 2013
20 Analyst Presentation FY 2013 preliminary Group P&L FY 2013 2013* Increase from Operations, negative Financial result € mil. +€31 mil. +119 -30 IFRIC 12 37 -55 Organic -18 Y 2013 82 -37 -4 +1 880 849 Organic IFRIC 12 Preliminary Figures FY EBITDA 2012 Revenue Other Cost of Personnel Other opex EBI
Slide 21: Financial Result FY 2013
21 Analyst Presentation FY 2013 preliminary Financial Result FY 2013 Result from Associates & other Result down € mil. FY 13 FY 12 %* Q4 13 Q4 12 %* Y 2013 Interest income 39 53 -26.2 3 21 -85.9 Preliminary Figures FY Interest expenses -216 -227 - -47 -60 - Capitalized Interest 18 28 -35.8 5 5 -8.0
Slide 22: Cash Flow FY 2013
22 Analyst Presentation FY 2013 preliminary Cash Flow FY 2013 Less Capex & good operating Result improve FCF € mil. Operating Intangible Airport operating Investment Free cash flow assets PPE projects property cash flow Y 2013 600 575 Preliminary Figures FY 553 -9 500 -5 Cash Flow FY 2013 400 Cash F
Slide 23: Financial Position & Gearing 2013
23 Analyst Presentation FY 2013 preliminary Financial Position & Gearing 2013 FCF at €73 mil., Net Debt <€3 bn., Gearing < PY € mil. YE 2011/2012 YE 2013 FCF at €73.1 mil., Q4: flat at €1 mil. 4.254 4.598 4.462 FCF Q4 improvement vs. PY by €87 mil. Y 2013 Group liquidity down at €1.49 €1 49 bn
Slide 24: Capex and Cash Flow Overview
24 Analyst Presentation FY 2013 preliminary Capex and Cash Flow Overview Lower Capex leads to 1st positive FCF since 2006 Capex* in € mil. 2006 – 2013 Free Cash Flow in € mil. 2006 – 2013 1,138 Y 2013 969 34 73 863 859 727 715 Preliminary Figures FY 451 502 -249 -291 -350 -162 -371 -711 2006 2007 20
Slide 25: Aviation
25 Analyst Presentation FY 2013 preliminary Aviation Revenue, EBITDA & EBIT up € mil. FY 13 FY 12* %* Q4 13 Q4 12* %* Y 2013 Revenue 845 823 2.6 204 195 4.4 Airport p charges g 697 674 3.5 167 156 7.3 Preliminary Figures FY Security Services 98 98 -0.4 23 25 -6.1 Other 50 52 -2.7 13 15 -8.9 EBITDA 2
Slide 26: Retail & Real Estate
26 Analyst Presentation FY 2013 preliminary Retail & Real Estate Growth driven by Retail / A-Plus € mil. FY 13 FY 12* %* Q4 13 Q4 12* %* Revenue** 469 453 3.6 122 118 3.0 Y 2013 Retail 199 180 10.4 54 50 7.2 Preliminary Figures FY R lE Real Estate t t 180 175 29 2.9 45 49 -8.7 87 Parking 75 74 2.2 1
Slide 27: Retail per Passenger in Q4 first-time above €4
27 Analyst Presentation FY 2013 preliminary Retail & Real Estate Retail per Passenger in Q4 first-time above €4 R t il revenue per passenger iin € Retail Y 2013 FY 2011: €3.17 FY 2012: €3.32 FY 2013: €3.60 Preliminary Figures FY 3.95 4.11 3.74 3.54 3.40 3.42 3.32 3.24 3.02 3.10 2.95 2.87 Q1 Q2 Q3 Q4
Slide 28: Track Record of Retail Growth
28 Analyst Presentation FY 2013 preliminary Retail & Real Estate Track Record of Retail Growth Retail revenue in € mil. Retail revenue per passenger in € Y 2013 CAGR 7.1% CAGR 5.5% 3.60 209 3 32 3.32 Preliminary Figures FY 191 3.02 3.17 179 2.69 2.84 2.86 152 160 2.56 135 146 146 2.22 2.26 113 118 2
Slide 29: FX-Development in 2013 show Impact on Retail Spend
29 Analyst Presentation FY 2013 preliminary Retail & Real Estate FX-Development in 2013 show Impact on Retail Spend Currency d C devaluation l ti iin 2013 iin countries ti with high retail performance Traffic shares departing passengers 2013 Y 2013 Currency compared to € indexed to 100 ((= Jan 2013)
Slide 30: Ground Handling
30 Analyst Presentation FY 2013 preliminary Ground Handling Revenue Increase, Bottom-Line under Pressure € mil. FY 13 FY 12* %* Q4 13 Q4 12* %* Revenue 656 649 1.1 160 156 2.2 Y 2013 Ground Handling 394 393 0.1 96 96 0.3 Preliminary Figures FY Infrastructure 263 256 2.5 63 60 5.1 EBITDA 38 38 1.1 8
Slide 31: External Activities & Services
31 Analyst Presentation FY 2013 preliminary External Activities & Services Strong Performance of External Investments € mil. FY 13 FY 12* %* Q4 13 Q4 12* %* Y 2013 Revenue 591 516 14.4 127 118 7.4 -excl. IFRIC 12 525 488 7.7 113 106 6.9 Preliminary Figures FY EBITDA 286 274 4.4 53 54 -2.4 Margin 48.
Slide 32: Antalya Airport – Figures before Consolidation
32 Analyst Presentation FY 2013 preliminary External Activities Antalya Airport – Figures before Consolidation € mil. FY 13 FY 12 %* Q4 13 Q4 12 %* Revenue 321 301 6.5 57 53 8.3 Y 2013 Airport charges 180 168 7.1 33 30 10.0 Preliminary Figures FY Retail 127 119 6.2 21 20 7.1 EBITDA 276 260 6.4 45 40
Slide 33: Lima Airport
33 Analyst Presentation FY 2013 preliminary External Activities Lima Airport* € mil. FY 13 FY 12 %* Q4 13 Q4 12 %* Revenue 208 191 8.7 54 51 5.5 Y 2013 Airport charges 108 99 9.6 27 25 5.5 Preliminary Figures FY Retail** 33 33 0.1 8 9 -4.5 -excl. IFRIC 12 194 180 7.7 49 47 4.3 EBITDA 71 66 8.9 17 16
Slide 34: Twin Star – Varna & Burgas Airport
34 Analyst Presentation FY 2013 preliminary External Activities Twin Star – Varna & Burgas Airport € mil. FY 13 FY 12 %* Q4 13 Q4 12 %* Revenue 101 63 59.7 12 11 10.2 Y 2013 Airport charges 30 24 23.2 1 1 30.0 Preliminary Figures FY Retail 5 7 -26.8 1 1 - -excl. IFRIC 12 50 46 8.1 3 2 18.2 EBITDA 28
Slide 35: Restated FY 2013 – IFRS Accounting Change
35 Analyst Presentation FY 2013 preliminary Restated FY 2013 IFRS 11 Accounting Change as of Jan. 1, 2014 G Group Figures Fi FY 2013 iin € mil. il R t t d Figures Restated Fi FY 2013 in i € mil. il 2.561 2.378 Y 2013 Preliminary Figures FY 880 733 528 341 439 332 236 236 Revenue EBITDA EBIT EBT Grou
Slide 36: Restated FY 2013 – IFRS Accounting Change
36 Analyst Presentation FY 2013 preliminary Restated FY 2013 IFRS 11 Accounting Change as of Jan. 1, 2014 Figure FY 2013 Restated FY 2013 Change Y 2013 Operating cash flow €575 mil. €454 mil. - €121 mil. Preliminary Figures FY Free cash flow €73 mil. €17 mil. - €56 mil. Total assets €9,523 mil. €8,8
Slide 37: Cash Flow Outlook – Further Improvement of FCF expected
37 Analyst Presentation FY 2013 preliminary Cash Flow Outlook Further Improvement of FCF expected Operating Capex External Investment Free Cash Change in Net Capex FRA Dividend Cash Flow Activities property Flow debt € mil. Y 2013 600 Preliminary Figures FY 454 -360 400 200 -54 -23 17 -115 -98 0 201
Slide 38: Cash Flow Outlook – Multi-Year Overview
38 Analyst Presentation FY 2013 preliminary Cash Flow Outlook Lima Capex plans not Multi-Year Overview finalized yet – changes to Group Capex & FCF possible! Expected Capex peak for T3 Y 2013 Preliminary Figures FY Capex peaks and FCF Capex lows due to FRA North Free Cash Flow and Expansion 2006 201
Slide 39: Segment Outlook
39 Analyst Presentation FY 2013 preliminary Segment Outlook Outlook 2014 2013 fulfilled, growing 2014 expected! including new IFRS 11 on Joint Venture accounting! Outlook 2013 FY 2013 restated Outlook 2014 Slight increase in Revenue: €846 mil. Rev. growth up to 5%, Y 2013 Aviation revenue, EBITDA EB
Slide 40: Thank you for your Attention!
Thank you for your Attention! www.meet ir.com www.meet-ir.com
Slide 41: Group P&L 2013
41 Analyst Presentation FY 2013 preliminary Group P&L 2013 € mil. FY 13 FY 12* Change % Change Revenue 2,561.4 2,442.0 119.4 4.9 Change in work work-in-process in process 06 0.6 05 0.5 01 0.1 20 0 20.0 Other internal work capitalized 35.1 44.0 -8.9 -20.2 Other operating income 34.3 55.8 -21.5 -38.5
Slide 42: Group Cash Flow Statement 2013
42 Analyst Presentation FY 2013 preliminary Group Cash Flow Statement 2013 € mil. FY 13 FY 12* € mil. FY 13 FY 12* Profit attributable to Fraport shareholders 221.0 238.2 Investment property -23.3 -22.0 Profit attributable to non-controlling interests 14.7 13.3 Dividends from associated companies 3.
Slide 43: Group Financial Position 2013
43 Analyst Presentation FY 2013 preliminary Group Financial Position 2013 Assets in € mil. YE 13 YE 12 Liabilities & equity in € mil. YE 13 YE 12 Goodwill 38.6 38.6 Issued capital 922.1 921.3 Investments in airport operating projects 1,006.1 1,031.2 Capital reserve 590.2 588.0 Other intangible asset
Slide 44: Special & Extraordinary Effects FY 2013
44 Analyst Presentation FY 2013 preliminary Special & Extraordinary Effects FY 2013 € mil. FY 13 FY 12 Group financial result Market valuation of derivatives & F/X fluctuations +€4 3 mil +€4.3 mil. +€2 7 mil. +€2.7 mil Aviation Creation of provision for regional fund, Q2/2012 - EBITDA: -€10.5mil. Y
Slide 45: Maturity Profile & Cash Position as of Dec. 31, 2013
45 Analyst Presentation FY 2013 preliminary Maturity Profile & Cash Position as of Dec Dec. 31 31, 2013 € mil. 2.000 Fraport debt conditions on average 1.750 ~ 4% interest rate Y 2013 1.486,3 ~ 5.5 years maturity 1 500 1.500 Preliminary Figures FY 1.250 1.172,9 1.000 750 561,1 507,3 499,3 500 41
Slide 46: Investor Relations Team Contact Details
46 Analyst Presentation FY 2013 preliminary Investor Relations Team Contact Details Fraport AG Frankfurt Airport Services Worldwide +49 69 690 – 74842 60547 Frankfurt am Main Y 2013 www.meet-ir.com investor.relations@fraport.de Preliminary Figures FY Stefan J. Rüter Head of Finance Svenja Ebeling &