Flughafen Wien Ag · VIE:FLU
Flughafen Wien — H1 2015 Earnings Presentation
23 slides from Flughafen Wien's earnings presentation, 2015
Slide 1: Flughafen Wien AG H1 Results/2015
FLUGHAFEN WIEN AG H1 Results/2015
Slide 2: H1/2015: Slight recovery of traffic results in Q2
H1/2015: Slight recovery of traffic results in Q2 - Disproportional increase in earnings ✈ Passenger volume in H1/2015 down 0.8% year-on-year as a result of crisis regions and temporary capacity reductions by Austrian Airlines ✈ Good business development in H1/2015: Revenue up 2.2%, disproportional
Slide 3: Continuously improved EBITDA margin demonstrates strong gains in productivity
Continuously improved EBITDA margin demonstrates strong gains in productivity 45% 40% 35% 30% 25% 41.5% 42.6% 20% 38.8% 39.7% 36.5% 31.5% 32.5% 15% 10% 5% 0% 2010 2011 2012 2013 2014 H1/2014 H1/2015 3
Slide 4: Steady improvement in earnings in spite of weak passenger development
Steady improvement in earnings in spite of weak passenger development in the first half-year € million H1/2015 H1/2014 ∆ in % Revenue 311.5 304.7 +2.2 Earnings before interest, tax, 132.7 126.5 +4.9 depreciation and amortization (EBITDA) Earnings before interest and taxes (EBIT) 68.6 63.1 +8.6 Finan
Slide 5: Expenses: kept constant due to cost discipline despite wage increases
Expenses: kept constant due to cost discipline despite wage & salary level increases ✈ Expenses for consumables and services € million H1/2015 H1/2014 ∆ in % used down € 2.5 million from the Consumables and previous year as a result of services used -17.2 -19.7 -12.8 ✈ Energy-saving measures and Per
Slide 6: Further reduction in net debt (-7.5%)
Further reduction in net debt (-7.5%) H1/2015 H1/2014 ∆ in % Net debt (€ million) 1) 468.0 506.2 -7.5 Gearing (%) 1) 48.5 53.1 -4.6%p. Cash flow from operating activities 110.1 104.3 +5.6 (€ million) Free cash flow (€ million) 73.4 74.0 -0.9 CAPEX (€ million) 2) 24.6 31.0 -20.6 Equity (€ million) 1)
Slide 7: Further improvement of net debt and gearing
Further improvement of net debt (€ 468.0 million) and gearing (48.5%) ✈ Net debt down € 38.2 million since June 30, Dec. 31, beginning of the year – further reduction ∆ in % 2015 2014 below 2015 target of € 500 million – Net debt 468.0 506.2 -7.5 clearly surpassed medium-term goal of (€ million) net
Slide 8: Cash flow remains strong, CAPEX below the prior-year level
Cash flow remains strong CAPEX below the prior-year level ✈ Positive free cash flow of € 73.4 million, slightly Cash flow (€ million) below prior-year level due to higher payments 120 for investments 100 ✈ Cash flow from operating activities up 5.6% to € 110.1 million – improved operating 80 results
Slide 9: CAPEX outlook reduced as a result of cost reductions
CAPEX outlook reduced to below € 95 million as a result of cost reductions, delays and cancellation of several projects Main projects in 2015: ✈Acquisition of winter service and equipment storage halls ✈Project begin for expansion of Air Cargo Center ✈Preparations for new hotel construction ✈Runway
Slide 10: Outlook for 2015: Targeted earnings rise despite weak H1 passenger development
Outlook for 2015: Targeted earnings rise despite weak H1 passenger development 2014 Financial objectives in 2015 Revenue € 630.2 million > € 645 million EBITDA € 250.2 million > € 250 million Group net profit1) € 82.5 million ≥ € 85 million Net debt € 506.2 million ≤ € 500 million CAPEX € 75
Slide 11: Segment Results
SEGMENT RESULTS = “Wi Vienna International Airport
Slide 12: Airport: Revenue increase despite negative PAX level
Airport: Revenue increase despite negative PAX level ✈ Crisis regions negatively burden € million H1/2015 H1/2014 ∆ in % Vienna Airport as a CEE flight hub External revenue 166.7 163.5 +2.0 – positive effects of flight traffic to North America, Africa and Far EBITDA 71.7 68.8 +4.2 East EBIT 25.0 22.
Slide 13: Handling: Negative impact due to reduced flight movements
Handling: Negative impact due to reduced flight movements – positive development of PAX handling € million H1/2015 H1/2014 ∆ in % ✈ Decline in revenue from cargo handling due to lower cargo volumes External revenue 73.6 72.2 +2.1 and partly from apron handling as a EBITDA 5.9 8.6 -31.0 result of few
Slide 14: Retail & Properties: Increased income from shopping & gastro and parking
Retail & Properties: Increased income from shopping & gastro and parking ✈ Shopping and gastro strategy has € million H1/2015 H1/2014 ∆ in % a positive impact: revenue up External revenue 63.4 61.3 +3.4 7.8% despite PAX decrease, and higher income per passenger in EBITDA 44.3 39.3 +12.8 spite of cri
Slide 15: Results of strategic investments 2014 & H1/2015
Results of strategic investments 2014 & H1/2015 Malta Int. Airport Airport Kosice H1/2015 H1/2015 ✈ ~1,987,000 passengers (+6.9%) ✈ ~143,500 passengers (+15.7%) 2014 2014 ✈ About 4.3 million passengers (+6.4%) ✈ About 0.4 million passengers (+50.4%) ✈ Revenue: € 64.3 million ✈ Revenue: € 9.0 million
Slide 16: Traffic Results
TRAFFIC RESULTS Results and outlook 2015
Slide 17: Traffic development at Vienna Airport H1/2015
Traffic development at Vienna Airport H1/2015 H1/2015 H1/2014 ∆ in % Passengers (millions) 10.46 10.54 -0.8 Local passengers (millions) 7.61 7.47 +1.8 Transfer passengers (millions) 2.79 3.05 -8.4 Flight movements (in 1,000) 109.98 112.46 -2.2 MTOW (millions of tons) 4.01 3.91 +2.7 Seat load factor
Slide 18: Shares of scheduled carriers in H1/2015
Shares of scheduled carriers in H1/2015 H1/2015 H1/2014 Share in % Share in % PAX ∆ in % Austrian Airlines Group 45.4 48.7 -7.5 Lufthansa 4.1 5.1 -19.3 Germanwings 4.0 2.9 +37.4 Swiss Intl. 1.7 1.7 +0.3 Total for LH Group 1) 56.8 59.8 -5.7 NIKI 10.0 10.4 -4.4 airberlin 6.8 6.5 +2.6 Total for HG/AB G
Slide 19: Traffic development of Vienna Airport in July
Traffic development of Vienna Airport in July 7/2015 7/2014 ∆ in % 1-7/2015 1-7/2014 ∆ in % Passengers (millions) 2.36 2.21 +6.7 12.82 12.76 +0.5 Local passengers 1.64 1.53 +7.3 9.25 9.00 +2.8 (millions) Transfer passengers 0.72 0.68 +5.5 3.51 3.73 -5.8 (millions) Flight movements 21.,24 21.37 -0.6
Slide 20: What's new in 2015
What‘s new in 2015 ✈ Austrian Airlines: Colombo (Sri Lanka), Manchester, Mauritius, Miami, Menorca, Odessa, more flights to Newark, Athens ✈ NIKI: Alicante, Catania, Paphos and more flights to Zurich ✈ Other increase in frequencies and new destinations ✈ New Eurowings-base ✈ British Airways New to B
Slide 21: Services discontinued in 2015
Services discontinued in 2015 ✈ Austrian Airlines: Kharkiv, Dubai and Rostov ✈ NIKI: Athens, Moscow, Munich and Tel Aviv ✈ Other discontinued services: ✈ Germanwings ✈ Ukraine Intl. Termination Berlin Termination Odessa ✈ Alitalia ✈ Transaero Termination Mailand Linate Termination St. Petersburg ✈ E
Slide 22: Traffic forecast for 2015
Traffic forecast for 2015 New destinations and increased frequencies in H2/2015 ✈ Positive outlook for entire year Higher seating capacities – but seat load factor remains a factor of uncertainty New long-haul routes as of the fall of 2015 (Colombo, Mauritius, Miami) New Eurowings-base to star
Slide 23: Thank you for your attention
THANK YOU FOR YOUR ATTENTION 23