Flughafen Wien Ag · VIE:FLU
Flughafen Wien — Q3 2016 Earnings Presentation
26 slides from Flughafen Wien's earnings presentation, November 2016
Slide 1: Flughafen Wien AG Q1-3/2016 Results
FLUGHAFEN WIEN AG Q1-3/2016 Results
Slide 2: Q1-3/2016: Considerably more passengers and further improvement in the net profit
Q1-3/2016: Considerably more passengers and further improvement in the net profit Passenger growth of the Flughafen Wien Group: +2.2% ✈ Vienna Airport +1.1% – positive effect of low cost carriers dampened by terrorist attacks ✈ Strong passenger growth at Malta Airport (+7.5%) and Kosice Airport (+5.
Slide 3: Q3/2016 – Upward trend continues: Passenger growth and strong earnings improvement
Q3/2016 – Upward trend continues: Passenger growth and strong earnings improvement Passenger growth of the Group +2.4% ✈ Vienna Airport +2.1% – positive effect of LCC ✈ Rise in passenger volume at Malta Airport (+4.6%), decline in Kosice (-3.8%) Revenue up 14.9% to € 211.0 million, contribution of M
Slide 4: Ongoing improvement in the EBITDA margin shows strong productivity gains
Ongoing improvement in the EBITDA margin shows strong productivity gains 70% 60% 56.2% 50% 45.5% 40.7% 42.1% 36.3% 38.2% 46.7% 40% 30% 20% 10% 0% Q1-3/2011 Q1-3/2012 Q1-3/2013 Q1-3/2014 Q1-3/2015 Q1-3/2016 EBITDA margin Clean EBITDA margin (excl. Malta revaluation effect) Comparable figures for 2015
Slide 5: Significant improvement of all financial performance indicators
Significant improvement of all financial performance indicators in € million Q1-3/2016 Q1-3/20151 ∆ in % Revenue 545.4 495.1 +10.2 Earnings before interest, tax, depreciation and 306.5 225.2 +36.1 amortization (EBITDA) Earnings before interest and taxes (EBIT) 208.7 124.8 +67.2 Financial results -13
Slide 6: Expenses: Cost discipline and reduced depreciation
Expenses: Cost discipline and reduced depreciation ✈ Expenses for consumables and services used below prior-year level despite full in € million Q1-3/2016 Q1-3/2015 ∆in % consolidation of Malta Airport. Consumables and Savings in energy costs and repair 24.4 25.5 -4.3 services used materials, reduct
Slide 7: Further improvement in the balance sheet structure: considerable increase in equity
Further improvement in the balance sheet structure: considerable increase in equity Q1-3/2016 Q1-3/2015 ∆ in % Net debt (€ million)1 370.8 466.0 -20.4 Gearing (%)1 29.6 45.7 n.a. Cash flow from operating activities 209.8 186.6 +12.4 (€ million) Free cash flow (€ million) 206.8 139.1 +48.7 CAPEX (€ m
Slide 8: Further improvement in net debt (€ 370.8 million) and gearing (29.6%)
Further improvement in net debt (€ 370.8 million) and gearing (29.6%) ✈ Net debt reduced by € 95.2 million to 30.9.2016 31.12.2015 ∆ in % € 370.8 million ✈ Non-current assets mainly reflect the full Net debt 370.8 466.0 -20.4 (€ million) consolidation of Malta Airport: increase in property, plant an
Slide 9: Higher cash flow from operating activities – cash inflows strengthen free cash flow
Higher cash flow from operating activities – cash inflows strengthen free cash flow ✈ Strong increase in the free cash flow in € million Q1-3/2016 Q1-3/2015 ∆in% mainly due to advance rent payment from a finance lease agreement Cash flow from 209.8 186.6 +12.4 operating activities ✈ Cash flow from o
Slide 10: Share price development since 1/2012: +199%; market capitalisation of about € 1.8 bn
Share price development since 1/2012: +199%; market capitalisation of about € 1.8 bn 400 375 350 +199% 325 300 Indexed to 100 275 250 225 200 +90% 175 150 125 +32% 100 75 FWAG ATX Benchmark (FRA, ADP, ZRH) average Share price development from January 1, 2012 to November 11, 2016 10
Slide 11: Successful site development – the Airport City continues to grow
Successful site development – the Airport City continues to grow ✈ Numerous business location projects in 2015 and 2016 create about 600 jobs at the airport site ✈ Opening of a MOXY hotel at the beginning of 2017 ✈ Start of project development work on Office Park 4 ✈ Vienna Airport Region project: s
Slide 12: Guidance for 2016 – targeted earnings improvement for the entire year
Guidance for 2016 – targeted earnings improvement for the entire year Excl. Malta Incl. Malta2 Revenue > € 675 million > € 725 million3 EBITDA > € 280 million > € 310 million Group net profit1 ≥ € 105 million ≥ € 115 million Net debt ≤ € 400 million ≤ € 400 million CAPEX ~ € 95 mil
Slide 13: Segment Results Q1-3/2016
SEGMENT RESULTS Q1-3/2016 13
Slide 14: Airport: Strong third quarter with record number of passengers
Airport: Strong third quarter with record number of passengers ✈ Passenger volume up 1.1% to 17.7 million in € million Q1-3/2016 Q1-3/2015 ∆ in % ✈ Effects of situation in Turkey, Russia and External 281.5 273.0 +3.1 revenue North Africa more than compensated by growth to North America and increases
Slide 15: Handling: Revenue increase despite slight decline in flight movements
Handling: Revenue increase despite slight decline in flight movements ✈ Rise in revenue in spite of slight in € million Q1-3/2016 Q1-3/2015 ∆ in % drop in number of flight movements due to larger aircraft (higher External revenue 116.6 113.6 +2.6 MTOW) and new customers for apron handling EBITDA 16.
Slide 16: Retail & Properties: Earnings under pressure
Retail & Properties: Earnings under pressure ✈ Increase in the gastronomy in € million Q1-3/2016 Q1-3/2015 ∆ in % business more than offset by External decline in shopping spending, revenue 91.7 96.8 -5.3 pushing PRR down to € 1.89 EBITDA 55.3 59.2 -6.6 (Q1-3/2015: € 1.95) EBIT 45.7 47.1 -2.9 ✈ PRR
Slide 17: Malta: New segment due to full consolidation of strategic investment
Malta: New segment due to full consolidation of strategic investment ✈ Malta results only take account of in € million Q2-3/2016 Q2-3/2015 ∆ in % Q2/2016 and Q3/2016 External 43.9 0.0 n.a. revenue ✈ Increase in passenger volume of EBITDA 27.8 0.0 n.a. 7.5% in Q1-3/2016 EBIT 21.8 0.0 n.a. Employees 3
Slide 18: Traffic Results Q1-3/2016
TRAFFIC RESULTS Q1-3/2016 18
Slide 19: Traffic development Q1-3/2016 Flughafen Wien Group
Traffic development Q1-3/2016 Flughafen Wien Group Group passenger development Q1-3/2016 Q1-3/2015 ∆ in % Vienna Airport (millions) 17.68 17.49 +1.1 Malta Airport (millions) 3.89 3.62 +7.5 Kosice Airport (millions) 0.35 0.33 +5.5 Vienna Airport and its strategic 21.92 21.44 +2.2 investments (VIE, ML
Slide 20: Shares of scheduled carriers – Q1-3/2016
Shares of scheduled carriers – Q1-3/2016 Vienna Airport Q1-3/2016 Q1-3/2015 Passengers Share in % Share in % relative ∆ in % Austrian Airlines Group 44.6 45.7 -1.3 Eurowings/Germanwings 5.1 3.6 +43.4 Lufthansa 3.9 3.9 -0.4 Swiss Intl. 1.6 1.6 +2.0 Total LH Group1 56.5 56.4 +1.2 NIKI 10.4 11.2 -5.5 a
Slide 21: Traffic development at Vienna Airport in October 2016 – Positive trend continues
Traffic development at Vienna Airport in October 2016 – Positive trend continues Oct./2016 Oct./2015 ∆ in % Passengers (millions) 2.17 2.03 +6.5 Local passengers (millions) 1.55 1.44 +7.5 Transfer passengers (millions) 0.61 0.59 +4.2 Flight movements (in 1,000) 20.35 20.01 +1.7 MTOW (millions of ton
Slide 22: Traffic development at Vienna Airport January-October 2016
Traffic development at Vienna Airport Jannuary -October 2016 1-10/2016 1-10/2015 ∆ in % Passengers (millions) 19.84 19.52 +1.7 Local passengers (millions) 14.40 13.93 +3.4 Transfer passengers (millions) 5.36 5.51 -2.6 Flight movements (in 1,000) 191.85 192.99 -0.6 MTOW (millions of tonnes) 7.31 7.12
Slide 23: Regional development
Regional development Europe Oct. 1-10 +8.0% +1.9% thereof Western Europe 86.3% 86.8% thereof Eastern Europe Oct. 1-10 Oct. 1-10 +8.3% +2.7% +6.4% -1.4% 70.4% 70.4% 15.9% 16.4% Far East Oct. 1-10 North America Oct. 1-10 Middle East +1.1% +1.3% Oct. 1-10 +6.2% +3.6% Africa 3.9% 3.6% Oct. 1-10 +9.8% +4
Slide 24: New flight offerings and discontinuation of flight service in 2016
New flight offerings and discontinuation of flight service in 2016 ✈ Austrian Airlines ✈ Air India New: Delhi New: Bari, Havana, Hong Kong, Isfahan, Jerez and Shanghai ✈ Emirates New as of July: A380 daily Service terminated: Astana, Baku, Bodrum, Chios, Delhi, Djerba, Kavala, Palma, Rome and Tokyo
Slide 25: Traffic guidance confirmed for 2016
Traffic guidance confirmed for 2016 2015 Guidance for 2016 Passengers 22.8 million 0% to +2% Flight movements 226,811 -1% to 0% ✈ 2016: Optimistic outlook for passenger volume in the entire year – Strong growth of business for low cost carrier – Austrian Airlines: Havana and Hong Kong in the win
Slide 26: Thank you for your attention
THANK YOU FOR YOUR ATTENTION 26