Slide 1: 2019 Full Year Financial Results
2019 Full Year Financial Results Mar c h 1 2 , 2 0 2 0
Slide 2: 2019 Highlights
2019 Highlights ▪ Strong traffic growth in 2019, en-route up 6.5% YoY, terminal up 3.5% ▪ Top performer among big 5 European countries in terms of both traffic growth and quality of service ▪ Net Revenue increases by 1.5% YoY to €902.9m, with Revenue from Operations growth partly offset by a higher
Slide 3: 2019 Main Traffic Trends
2019 Main Traffic Trends En-route (traffic breakdown by service units) National Overflight 18% ▪ Strong En-route performance with service units up 6.5% 1 YoY driven by: 41% • High single-digit growth in Overflight traffic, with service units up 9.3% YoY FY ‘19: +6.5% YoY 10,045,778 1 • Confirmed str
Slide 4: Consistently Delivering Best in Class Performance
Consistently Delivering Best in Class Performance 5th Largest Air Navigation Service Provider in Europe RP2 En-route Planned Traffic vs Actual Traffic Delta traffic vs 2019 En-route Service Units (‘000) Performance Service units (m), % Scheme 21,782 11.5 > +10 p.p. 11.0 15,180 10.5 + 2p.p. & +2p.p.÷
Slide 5: Net Revenue Performance
Net Revenue Performance Net Revenue breakdown €m ▪ Net Revenue +1.5% YoY driven by moderate increase in Revenue from +1.5% 902.9 Operations, up 2.9%, partially offset by lower Other Operating Income 889.7 and higher negative Balance 222.6 231.1 +3.8% ▪ Solid en-route revenue growth of 2.1% YoY drive
Slide 6: Cost Efficiency on Track
Cost Efficiency on Track Delivering strong external cost efficiency ▪ External opex optimization continuing to deliver significant results with €m reduction of €7.9m YoY (-5.6% vs 2018): (5.6)% 142.1 • Reduction of utilities and telecommunication costs (-8.4%) 134.2 through full IP network and fee r
Slide 7: Strong Cash Flow Dynamics Underpin Solid Dividend Capacity
Strong Cash Flow Dynamics Underpin Solid Dividend Capacity Growing and Resilient Cash Flow Generation Growing EBITDA and Profitability Capex Operating Cash-Flow2 and Normalized Equity FCF3 Evolution ▪ Significant EBITDA growth 6.8% EBITDA CAGR in 2017-2019 over last 3 years, with OpCF Normalized Equ
Slide 8: 2019 Financials Overview
C'enav group 2019 Financials Overview
Slide 9: Net Revenue and EBITDA Development
Net Revenue and EBITDA Development Net Revenue ▪ Solid Net Revenue increase of €m 16 +1.5% 1.5% YoY driven by • +€14m in en-route revenue 8.5 5.7 902.9 14.0 and +€8.5m in terminal 889.7 revenue; marginal decline in (1.0) (6.3) (7.7) revenue from exempted flights (-€1m) • Higher Revenue from non- reg
Slide 10: Consolidated P&L and Main Movements Below EBITDA
Consolidated P&L and Main Movements Below EBITDA Change 2019 2018 ▪ D&A increase of €1.7m, mainly due € mln Amount % Revenue from operations 951,767 924,585 27,182 2.9% to higher amortization of intangibles derived from the PPA Balance (86,975) (80,687) (6,288) 7.8% of IDS AirNav Other operating inc
Slide 11: Cash Flow and Capitalization
Cash Flow and Capitalization ▪ Cash balance increases by €133m in 2019 vs 2018, as a result of: Maturity Total debt outstanding/cash • Net Profit of €118.3m, almost fully offset by €108m dividends paid Current (<1 year) Non-current (€m) Total Debt 17 331 348 • Capex of €116.3m (cash Capex of €64.8m)
Slide 12: 2020 Outlook Variables
2020 Outlook Variables ENAV is currently assessing the potential implications on the traffic performance for the full year 2020. Due to the recent and short period of impact of the Coronavirus on the Italian air traffic sector the data points available, and uncertainties Covid-19 on the potential de
Slide 13: 2019 Take-aways
2019 Take-aways ▪ Strong Traffic trends, especially over the summer season, with peaks of over 9% growth in June and July, and for 2019 the overflight segment, up 9.3% YoY Facts ▪ ENAV remains at the forefront of new technologies development and quality of service, thanks to ongoing investments ▪ Fi
Slide 14: Thank You
CV'enav group THANK YOU ir@enav.it
Slide 15: Disclaimer
Disclaimer This presentation contains 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 curren