Fraport AG · XETR:FRA
Fraport — Non-Deal Roadshow (April 2011)
41 slides from Fraport's roadshow presentation, April 2011
Slide 1: Roadshow Singapore
Roadshow Singapore March / April 2011 Dr. Matthias Zieschang, CFO Stefan J. Rüter, Head of Finance & Investor Relations
Slide 2: Disclaimer
Slide 2 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 reliance should be placed on, the fair
Slide 3: Agenda
Slide 3 Agenda Latest Traffic Development Airport Expansion New Runway Existing Terminals New Terminal 3 FY 2010 Performance Outlook Roadshow Singapore March / April 2011
Slide 4: Latest Traffic Development: Traffic Figures Group February 2011
Slide 4 Latest Traffic Development Traffic Figures Group February 2011 in „000 Fraport Share FY 2010 YTD 2011 Feb 2011 Frankfurt 100% 53,009 7,440 3,575 ∆ in % 4.1 6.6 8.1 Lima 70.01% 10,278 1,890 911 ∆ in % 17.0 20.3 21.8 Antalya* 51% 22,144 1,147 628 ∆ in % 18.5 9.9 18.3 Varna 60% 1,227 39 18 ∆ in
Slide 5: Latest Traffic Development: Traffic Split Frankfurt Airport
Slide 5 Latest Traffic Development Traffic Split Frankfurt Airport February 2011 W-Europe Domestic E-Europe 38% 13% 7% North America 12% 14% 13% Far East 12% 14% Frankfurt Airport -3% -0% 6% 5% 7% 5% -3% Middle East 14% Africa Latin America Continental Intercontinental 58% 42% Traffic Share in Frank
Slide 6: Agenda
Slide 6 Agenda Latest Traffic Development Airport Expansion New Runway Existing Terminals New Terminal 3 FY 2010 Performance Outlook Roadshow Singapore March / April 2011
Slide 7: Airport Expansion – New Runway
Slide 7 Airport Expansion – New Runway Latest Picture from End of February 2011 Summer 2008 Spring 2009 Winter 2011 Roadshow Singapore March / April 2011
Slide 8: Airport Expansion – New Runway: Status Quo / Next Steps
Slide 8 Airport Expansion – New Runway Status Quo / Next Steps before Inauguration Around 60% of new Runway is currently covered with concrete – 90% by end of April, 100% until end of May 2011 11km of new fence to be installed – 40% already in place Bridges ready to connect the airport with th
Slide 9: Airport Expansion – New Runway: Timeframe & Slot Procedure
Slide 9 Airport Expansion – New Runway Timeframe & Slot Procedere Final slot decision by Federal Ministry of Transport presumably by March / April 2011 Slot requests possible until May 2011 according to international guidelines - slots will be distributed by the airport coordinator of Germany un
Slide 10: Airport Expansion – New Runway: Increase of new Slot Capacity
Slide 10 Airport Expansion – New Runway Increase of new Slot Capacity Passengers in million p.a. Movements/hour 80 120 Winter season 2011/2012: Passengers Movements ~ 88-90 movements/hour 4-7% passenger growth p.a. 2011-2015 70 100 Airport processes ready to handle around 90 movements/hour 60 80
Slide 11: Airport Expansion – Pier A-Plus
Slide 11 Airport Expansion – Pier A-Plus Fast Construction Proceeding Interior technical equipment (escalators, floor heating, ventilation and air-conditioning, etc.) widely assembled in the lower floors 7.3 km baggage conveyor system extension under construction 7 bridges – 4 for the A380 & B
Slide 12: Airport Expansion – New Terminal 3
Slide 12 Airport Expansion – New Terminal 3 Next Steps Terminal 3 temporarily stopped in 2009, re-initiated in 2010 with dedicated project organization Tender for planning currently taking place; planning team fully staffed by mid 2011 Duration of planning to take about two years Start of co
Slide 13: Agenda
Slide 13 Agenda Latest Traffic Development Airport Expansion New Runway Existing Terminals New Terminal 3 FY 2010 Performance Outlook Roadshow Singapore March / April 2011
Slide 14: FY 2010 Performance: Financial Overview
Slide 14 FY 2010 Performance Financial Overview* € mil. FY 2009 FY 2010 % Strong revenue development Revenue 2,010.3 2,194.6 9.2 Revenue adjusted** 2,004.5 2,194.6 9.5 due to good group-wide EBITDA 569.7 710.6 24.7 performance: EBITDA adjusted** 565.6 710.6 25.6 +€88.2 mil. upside in FRA segments E
Slide 15: FY 2010 Performance: Group P&L Statement
Slide 15 FY 2010 Performance Group P&L Statement 2300 +4.8 +23.1 +54.8 +19.2 Revenue +38.7 +40.7 2,194.6 2100 +8.8 -5.8 2,010.3 2,004.5 1900 1700 1500 FY 09 Hahn FY 09 Aviation1 Ground Retail Antalya2 Lima3 Twin Others FY In € mil. reported adjust. adjusted Handling & Real Star4 2010 Estate +7.7 +2.
Slide 16: FY 2010 Performance: Financial Position & Gearing
Slide 16 FY 2010 Performance Financial Position & Gearing € mil. Assets Liabilities & Equity 9,170.5 9,170.5 8,865.2* 8,865.2* Net debt up due to negative free cash flow to €2.02 bn. Financial 4245,8 4,408.4 liabilities Gearing ratio at 77.8 % Other 6,263.9 6,786.5 Capex expectation for Assets
Slide 17: Agenda
Slide 17 Agenda Latest Traffic Development Airport Expansion New Runway Existing Terminals New Terminal 3 FY 2010 Performance Outlook Roadshow Singapore March / April 2011
Slide 18: Outlook: Opportunities & Challenges 2011
Slide 18 Outlook Opportunities & Challenges 2011 Opportunities Challenges • Construction progress of the new • EU directive on airport regulation runway on track & in budget to be transformed into German law – decision by mid 2011 • New runway capacities available up from end of October • EU airport
Slide 19: Outlook 2011 – Preview 2012
Slide 19 Outlook Outlook 2011 – Preview 2012 2011 2012 • 4-7% growth p. a. to Passengers • FRA: Between 4 and 7% upside continue until 2015 Revenue • Increase to more than € 2.3 bn • Further increase EBITDA • Increase between 10 and 15% • Further increase EBIT • Increase to less than € 500 million •
Slide 20: Outlook: Segment External Activities & Services
Slide 20 Outlook Segment External Activities & Services Antalya Lima Twin Star Sustainable strong Additional international Ongoing economic tourist demand routes to come e.g. recovery expected Paris, Moscow & Slight positive impact Additional positive Santiago de Chile from crisis in North impa
Slide 21: Outlook: Debt & Gearing Development
Slide 21 Outlook Debt & Gearing Development* 4,0 in € billion 3,5 3,5 Peak120 % 3,0 2,5 2,0 2,0 1,6 1,5 1,1 1,0 0,9 0,9 0,8 0,5 0,5 0,4 0,3 0,0 2008 2009 2010 2014 Cash Flow Capex Net Debt Gearing * Cash Flow = operating Cash Flow – dividend Net debt = Fraport definition see Annual Report Roadshow S
Slide 22: Thank you for your Attention!
Thank you for your Attention! www.meet-ir.com
Slide 23: Appendix
x - - CFraport - Appendix -
Slide 24: Group P&L Statement: Financial Result
Slide 24 Group P&L Statement FY Financial Result mainly down due to higher debt! € mil. Financial Results Financial result from Financial result FY 2009 Interest Interest invest- Other result FY 2009 Adjustments adjusted income expenses ments financial result FY 2010 0 -20 -40 -60 -80 +15.2 +13.6 FR
Slide 25: Summary: Conclusio / Outlook
Slide 25 Summary Conclusio / Outlook EBITDA 2003 – 2010 2010 on € mil. Sustainable Growth Substantial Growth 1200 900 710,6 600 578,4 580,5 600,7 569,7 542,5 509,6 456,2 300 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Roadshow Singapore March / April 2011
Slide 26: Segment Aviation
Slide 26 Segment Aviation* Upside due to Traffic & Fee, lower Security Income Revenue EBITDA EBIT 17.1 % Margin 19.0 % 6.0 % Margin 8.1 % +1.3 % +12.2 % 685.1 693.9 +36.9 % 131.6 117.3 56.4 41.2 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 Up due to traffic development EBITDA up, due to fee & tra
Slide 27: Segment Retail & Real Estate
Slide 27 Segment Retail & Real Estate* Retail, Parking and Real Estate up! Revenue EBITDA EBIT 78.1 % Margin 73.1 % 62.1 % Margin 56.5 % +11.2 % +4.2 % +1.3 % 403.1 282.9 294.7 362.4 225.0 227.9 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 Positive Retail and Parking EBITDA increase due to good E
Slide 28: Retail per PAX first time above 3 €
Slide 28 Segment Retail & Real Estate Retail per PAX first time above 3 € Retail & Real Estate Revenue FY 2009 Retail & Real Estate Revenue FY 2010 € mil. € mil. 403.1 +11.2 % 11.4 Others 362.4 Others 9.9 70.9 Parking Parking 62.2 +5.6 % € 3.02 / PAX € 2.86 / PAX Real Real 170.5 Estate Estate 152.9
Slide 29: Segment Ground Handling
Slide 29 Segment Ground Handling* Increase due to Cargo, Passengers & MTOW Revenue EBITDA EBIT 2.3 % Margin 6.7 % -% Margin 1.7 % +6.2 % -% 658.6 619.9 11.0 >100 % 44.1 -40,1 14.1 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 2010 Positive impact due to good EBITDA up despite slightly € 51.1 mil. EBIT
Slide 30: Segment External Activities & Services
Slide 30 Segment External Activities & Services* Strong Performance in External Activities Reported Adjusted Revenue EBITDA EBIT 45.3 % Margin 54.7 % 21.8 % Margin 30.9 % +28.0 % +54.6 % +30.2 % +81.3 % +57.9 % 439.0 +84.7 % 240.2 342.9 135.6 155.4 74.8 FY 2009 FY 2010 FY 2009 FY 2010 FY 2009 FY 201
Slide 31: Segment External Activities & Services: Antalya
Slide 31 Segment External Activities & Services Antalya Figures before consolidation* mil. FY 2009 FY 2010 % PAX** 11.0 22.1 >100 Revenue 157.3 266.9 69.7 EBITDA 69.3 216.9 >100 EBIT 17.0 122.8 >100 Massive increase in passengers in ’000 Pax and results due to takeover of 2nd 3.000 Int. Terminal on
Slide 32: Segment External Activities & Services: Lima
Slide 32 Segment External Activities & Services Lima Figures before consolidation* mil. FY 2009 FY 2010 % PAX** 8.8 10.3 17.0 Revenue 116.2 135.4 16.5 EBITDA 41.4 49.1 18.6 EBIT 29.9 37.6 25.8 Traffic upside on domestic (+29.8 %) and international (+6.5 %) routes in ’000 Pax 950 Adjusted by IFRIC
Slide 33: Segment External Activities & Services: Varna & Burgas
Slide 33 Segment External Activities & Services Varna & Burgas Figures before consolidation* mil. FY 2009 FY 2010 % PAX** 2.9 3.1 6.7 Revenue 35.4 40.2 13.6 EBITDA 19.0 21.1 11.1 EBIT 11.9 13.9 16.8 Burgas: +11.1 % PAX in ’000 Pax Varna: PAX +0.6 % 800 Adjusted by IFRIC 12 revenue up by +€2.6
Slide 34: Consolidated Income Statement
Slide 34 Consolidated Income Statement Roadshow Singapore March / April 2011
Slide 35: Consolidated Statement of Cash Flows
Slide 35 Consolidated Statement of Cash Flows Roadshow Singapore March / April 2011
Slide 36: Consolidated Statement of Financial Position
Slide 36 Consolidated Statement of Financial Position Roadshow Singapore March / April 2011
Slide 37: New IFRIC 12 Accounting as of Jan. 1, 2010
Slide 37 New IFRIC 12 Accounting as of Jan.1, 2010 Overview IFRIC 12 is a guidance on accounting for service arrangements by companies rendering public services for governmental bodies IFRIC 12 requires the recognition of construction costs as part of revenue and cost of materials IFRIC 12 als
Slide 38: Group & Investment Adjustments due to IFRIC 12
Slide 38 Group & Investment Adjustments due to IFRIC 12 Group Lima effect* Antalya effect Twin Star effect € mil. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Revenue 2009 new 456.5 506.0 545.8 502.0 30.3 28.8 29.2 27.9 5.6 20.5 31.8 20.8 1.8 8.7 22.1 2.8 2009 old 452.0 493.5 532.7 494.4 28.0 26.
Slide 39: Financial Position: Debt Overview
Slide 39 Financial Position Debt Overview Source of € mil. funds Debt of Subsidiaries, ~ € 472 mil.* Placement of 3 Promissory Notes/ 1,123 Schuldscheindarlehen 2010: € 35 mil. 10Y Bullet 2009: € 368 mil. 5Y Bullet, € 256 mil. 8Y Bullet, € 87 mil. 10Y Bullet, € 25 mil. 1,123 € 4,408.0 mil.
Slide 40: Financial Position: Maturity Profile & Cash Position
Slide 40 Financial Position Maturity Profile & Cash Position as of Dec 31, 2010 € mil. Fraport debt conditions on average 5000 ~ 4 % interest rate 4,408.0 ~ 8 years maturity 4000 Loans of Infrastructure Banks (EIB+LTH) of € 980 mil. 3000 Bond of € 800 mil. & Private Placement of € 150 mil. 2,384
Slide 41: Special / Extraordinary Effects & Adjustments on Group Level
Slide 41 Special / Extraordinary Effects & Adjustments on Group Level* FY 2009 FY 2010 Segment: External Activities & Services Effects within the Financial Result Sale of Hahn, effective: Feb 28, 2009 Market valuation of Derivatives, q1/q2/q3/q4/2010 Revenue of: € 5.8 mil. Other financial result