Enav S.p.a. · MIL:ENAV
Enav — 9M 2016 Earnings Presentation
17 slides from Enav's earnings presentation, Nov 10, 2016
Slide 1: Nine Months 2016 Results
Nine Months 2016 Results November 10, 2016
Slide 2: Key Financial Highlights 9M 2016
Key Financial Highlights 9M 2016 Net Revenue up 3.1% YoY to €662 million driven by: En-route Revenue up 3.3% YoY to €456 million Terminal Revenue up 9.1% YoY to €151 million 9.3% decrease in Balance Revenue to €10 million, with negative balance recorded in 3Q 16 Non-regulated revenue, up 4
Slide 3: Key Operational Highlights 9M 2016
Key Operational Highlights 9M 2016 En-route service units grow 2.1%1 YoY mainly driven by: En-route National Traffic breakdown Overflight 19% (by Service Unit) Strong performance in International traffic with service units up 3.2% YoY 38% 9M 2016: +2.1% YoY Positive trend in National traffic w
Slide 4: Net Sales Performance
Net Sales Performance Net sales(1) breakdown (€m) Comments o/w Balance: +11 o/w Balance: +10 Net sales increase driven by strong performance in operating activities partially offset by lower balance revenue 55 (9.3)% 62 En route revenue grows 3.3% driven by an increase in traffic coupled 151 +9.1% w
Slide 5: Enhancing Cash Flow Generation through Cost Efficiency
Enhancing Cash Flow Generation through Cost Efficiency ENAV on track €m 1.5% Marginal increase in Personnel Costs, up 1.5% YoY, mainly as a result of: Increase in headcount vs previous year by 28 units mostly dedicated to Personnel low traffic volume airports partly offset by lower unit cost of new
Slide 6: Financial Results Overview
Financial Results Overview 6
Slide 7: Net Revenue and EBITDA Bridge
Net Revenue and EBITDA Bridge Net Sales €m Net sales growth of 3.1% 16 +3.1% YoY mainly driven by traffic increases in terminal and 12 en-route 662 15 (1) 3 (8) 642 Balance revenue decrease marginally by €1m YoY Tariff stabilization fund recorded in 9M 15 no longer available in 2016, in 2016 1 inclu
Slide 8: ENAV P&L
ENAV P&L € '000 Change 9M 2016 9M 2015 Change % Provisions and write-downs in Revenue from operations 626.388 604.955 21.433 3,5% 9M 2015 mainly related to bad Balance 10.094 11.124 (1.030) (9,3)% debt for credits outstanding for Other operating income 25.623 25.898 (275) (1,1)% services towards an
Slide 9: Balance Sheet and Capitalisation
Balance Sheet and Capitalisation 9M 2016 (€m) Net Operating working capital performance mainly driven by €60m growth in trade receivables, due to strong revenue increase in last 2 months of Q3 16 and not yet due, and Maturity Total debt Current (<1 outstanding/cash (€m) Safety contributions pursuant
Slide 10: Solid Cash Generation
Solid Cash Generation €m (72) 150 (16) (47) 10 199 174 Cash Dec 31, 2015 CF from Operations Capex Debt Repayments Dividends Paid Other 1 Cash Sept 30, 2016 Cash Flow from Operations reaches €150m in 9M 2016 with main differences vs previous year mainly driven by: • Higher Net Income recorded in the
Slide 11: Delivering on Our Equity Story
Delivering on Our Equity Story ENAV Equity Story Strategic Pillars to Create Value Target Leading European aviation infrastructure player providing 1 1 mission critical services P without time limit Enhance cash flow generation through Attractive Return cost reduction and to Shareholders Capex norma
Slide 12: Q&A
@Wenav => Q&A
Slide 13: Appendix
@Wenav “a Appendix
Slide 14: ENAV at a Glance
ENAV at a Glance Leading Air Traffic Control Service Provider Proprietary Infrastructure Covers the Entire Italian Space Operating Data Sole provider of air traffic control and navigation services in Italy Controlled air 751,742 Km2 space Critical Italian aviation asset entrusted by national law
Slide 15: Summary Overview of Services Provided
Summary Overview of Services Provided Business Mix Illustrative Representation % of reg. Services Provided revenues “En-route” services: handling of air traffic crossing Italian airspace offered from 4 Area ~74% Terminal En-route Terminal Control Centres, cruise Services Services Services Regulate
Slide 16: Technologies Providing Further Growth Potential
Technologies Providing Further Growth Potential Investments in new technologies put ENAV at the forefront of innovation in ATC Satellite Technology Company of the Iridium Group, ENAV owns a 12.5% stake(1) held through ENAV North Atlantic Set to develop the first global air traffic satellite surv
Slide 17: Disclaimer
Disclaimer This presentation may contain certain forward-looking statements that reflect the Company’s management current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward looking statements are based on Enav S.p.A.’s cur