Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q1 2018 Earnings Presentation
26 slides from Flughafen Wien's earnings presentation, 2018
Slide 1: Flughafen Wien AG Q1/2018 Results
FLUGHAFEN WIEN AG Q1/2018 Results
Slide 2: Positive decision of the Federal Administrative Court for the 3rd Runway
Positive decision of the Federal Administrative Court for the 3rd Runway ✈ The positive ruling by the court of second instance in favour of the 3rd Runway project was published by the Federal Administrative Court on March 28, 2018. This represents a future-oriented step to strengthen Austria as a
Slide 3: Q1/2018: Guidance raised once again due to excellent passenger development
Q1/2018: Guidance raised once again due to excellent passenger development Q1/2018 – Passenger growth in Vienna of 6.6% (Group: +9.0%); strong increase in passenger volume in Malta (+19.4%) and Kosice (+19.9%) Revenue increased to € 163.9 million (+2.1%), EBITDA up 6.9% to € 64.8 million, EBIT even
Slide 4: Sustainably positive development of the EBITDA margin
Sustainably positive development of the EBITDA margin documents substantial improvement of productivity 50% 45% 40% 35% 30% 25% 43.4% 44.5% 43.3% 41.7% 20% 37.7% 40.0% 37.8% 39.6% 15% 30.7% 10% 5% 0% 2011 2012 2013 2014 2015 2016 2017 Q1/2017 Q1/2018 Figures adjusted for 2011-2016 due to FMA decisio
Slide 5: Good earnings due to one-off real estate effect, revenue development and lower depreciation
Good earnings due to one-off real estate effect, revenue development and lower depreciation and amortisation in € million Q1/2018 Q1/2017 ∆ in % Revenue 163.9 160.6 +2.1 Earnings before interest, tax, depreciation and amortization 64.8 60.7 +6.9 (EBITDA) Earnings before interest and taxes (EBIT) 33.
Slide 6: Only slight rise in costs despite increase in the number of employees
Only slight rise in costs despite increase in the number of employees and the cold winter ✈ Expenses for consumables and services in € million Q1/2018 Q1/2017 ∆ in % used up by € 0.7 million due to higher consumption of de-icing material and Consumables and -11.3 -10.6 +6.5 district heat services us
Slide 7: Reduction of net debt by € 33.8 million since end of 2017
Reduction of net debt by € 33.8 million since end of 2017 Q1/2018 Q1/2017 ∆ in % Net debt (€ million)1 193.2 227.0 -14.9 Gearing (%)1 15.7 18.7 n.a. Cash flow from operating activities 52.9 66.5 -20.4 (€ million) Free cash flow (€ million) 13.0 40.7 -68.0 CAPEX (€ million)2 71.3 35.6 +99.9 Equity (€
Slide 8: Ongoing positive development of net debt and gearing
Ongoing positive development of net debt and gearing ✈ Net debt down by € 33.8 million to March 31, Dec. 31, ∆ in % € 193.2 million 2018 2017 ✈ Slight rise in non-current assets: capitalisation Net debt 193.2 227.0 -14.9 of payment obligations to the environmental (€ million) fund in connection with
Slide 9: Improved operating cash flow
Improved operating cash flow ✈ Free cash flow below the previous year due in € million Q1/2018 Q1/2017 ∆ in% to higher receivables (incentives were cash effective earlier this year), lower Cash flow from 52.9 66.5 -20.4 advance payments and higher investments operating activities Cash flow from -39.
Slide 10: Share price development since Jan. 2012: market capitalisation +339% to € 2.7 bn
Share price development since Jan. 2012: market capitalisation +339% to € 2.7 bn 450 400 +339% 350 300 Indexed 250 200 +193% 150 100 +85% 50 0 -50 FWAG ATX Benchmark (FRA, ADP, ZRH) average Share price development of January 1, 2012 to May 23, 2018 10
Slide 11: Vienna Airport continues to grow
Vienna Airport continues to grow Higher investments, business location projects, attractive office offering, new services ✈ 25,000 m² state of the art office space as a result of € 60 million in investments in Office Park 4 Ground-breaking ceremony April 2018 – completion at the beginning of 2020
Slide 12: Improved outlook for 2018
Improved outlook for 2018 Outlook 2018 Revenue > € 770 million EBITDA > € 350 million Group net profit1 > € 148 million Net debt < € 250 million CAPEX > € 175 million 1) Before non-controlling interests 12
Slide 13: Segment Results Q1/2018
13 => ANI Vienna International Airport
Slide 14: Airport: Positive traffic development continues
Airport: Positive traffic development continues ✈ Passenger volume up 6.6% to 4.9 million in € million Q1/2018 Q1/2017 ∆ in % passengers ✈ Austrian Airlines, Eurowings and easyJet were External revenue 76.7 75.0 +2.2 the main growth drivers underlying this positive development EBITDA 30.3 27.3 +10.9
Slide 15: Handling & Security Services: Revenue rise related to de-icing
Handling & Security Services: Revenue rise related to de-icing during the cold winter more than compensated for price adjustments ✈ Revenue increase despite price in € million Q1/2018 Q1/2017 ∆ in % adjustments for apron handling due to higher de-icing income External revenue 40.0 39.0 +2.6 related
Slide 16: Retail & Properties: Slight rise in revenue
Retail & Properties: Slight rise in revenue ✈ Shopping and F&B: revenue up in € million Q1/2018 Q1/2017 ∆ in % 3.1%, PRR at € 2.07 vs. € 2.15 in External revenue 29.6 29.4 +0.7 Q1/2017 due to strong rise in passenger volumes EBITDA 20.3 18.0 +12.7 EBIT 15.9 13.5 +17.5 ✈ Rental income viritually unch
Slide 17: Malta: Earnings improvement driven by strong passenger growth
Malta: Earnings improvement driven by strong passenger growth ✈ Passenger volume up 19.4% in in € million Q1/2018 Q1/2017 ∆ in % Q1/2018 External 13.9 13.4 +3.8 revenue ✈ Revenue up 3.8%, somewhat lower EBITDA 5.8 5.6 +3.8 due to growth-based incentive model promoting flight traffic in the EBIT 3.5
Slide 18: Results of strategic investments
Results of strategic investments Malta Int. Airport Kosice Airport Q1/2018 Q1/2018 ✈ About 1.2 million passengers ✈ About 0.1 million passengers (+19.4%) (+19.9%) 2017 2017 ✈ About 6.0 million passengers ✈ About 0.5 million passengers (+17.5%) (+13.8%) ✈ Revenue: € 82.4 million ✈ Revenue: € 11.4 mil
Slide 19: Traffic Results Q1/2018
19 => ANI Vienna International Airport
Slide 20: Traffic development Q1/2018 Flughafen Wien Group
Traffic development Q1/2018 Flughafen Wien Group Group passenger development Q1/2018 Q1/2017 ∆ in % Vienna Airport (millions) 4.86 4.56 +6.6 Malta Airport (millions) 1.17 0.98 +19.4 Kosice Airport (millions) 0.09 0.08 +19.9 Vienna Airport and its strategic 6.13 5.62 +9.0 investments (VIE, MLA, KSC)
Slide 21: Share of scheduled carriers
Share of scheduled carriers Q1/2018 Share in % Passenergs PAX ∆% vs. Q1/2017 1. Austrian 45.4 2,209,600 +14.3 2. Eurowings & Germanwings 10.7 519,540 +44.6 3. easyJet Group1 4.8 235,799 +41.6 4. Lufthansa 4.5 216,699 +0.7 5. Emirates 2.5 120,377 -2.5 6. Turkish Airlines 2.4 118,137 +24.5 7. SWISS 2.
Slide 22: Traffic development at Vienna Airport April 2018
Traffic development at Vienna Airport April 2018 April/2018 April/2017 ∆ in % Passengers (millions) 2.17 2.12 +2.2 Local passengers (millions) 1.58 1.56 +1.5 Transfer passengers (millions) 0.58 0.56 +3.7 Flight movements (1,000) 19.57 18.63 +5.0 MTOW (1,000 of tonnes) 777.92 738.79 +5.3 Seat load fa
Slide 23: Highlights 2018 new destinations
Highlights 2018 19 new destinations thereof 3 new long-haul destinations thereof 7 new Eastern European destinations Long-haul ✈ New: Cape Town, Tokyo ✈ Increase to Delhi as of May 7th ✈ (+1 to 4 frequencies) New: 3 direct flights per week to Taipeh ✈ ✈ New: Shenzhen 2x/week as of Oct. 20th Dail
Slide 24: Further highlights in 2018 & initial news for 2019
Further highlights in 2018 & initial news for 2019 New bases for Wizz Air and Laudamotion ✈ ✈ New in 2018 – 3 aircraft stationed in New: Calvi, Catania, Heraklion, Corfu, Vienna Kos, Larnaca, Rhodes, Teneriffe Bari, Bergen, Billund, Charkiw, Cluj, ✈ Danzig, Dortmund, Eindhoven, Kiev, Kutaissi, Larna
Slide 25: Further improvement in traffic forecasts for 2018
Further improvement in traffic forecasts for 2018 Flughafen Wien Group: 2017 Forecast 2018 Passengers 30.9 million > +8% Flughafen Wien AG: 2017 Forecast 2018 Passengers 24.4 million > +6% ✈ Share of low cost carriers continues to rise: Growth of easyJet and Vueling, start of bases for Wizz Air
Slide 26: Thank you for your attention!
THANK YOU FOR YOUR ATTENTION! 26