Flughafen Wien Ag · VIE:FLU
Flughafen Wien — H1 2016 Earnings Presentation
26 slides from Flughafen Wien's earnings presentation, August 2016
Slide 1: Flughafen Wien AG H1/2016 Results
FLUGHAFEN WIEN AG H1/2016 Results
Slide 2: H1/2016: Positive development continues for the fifth straight year
H1/2016: Positive development continues for the fifth straight year Passenger growth of 2.1% for the Flughafen Wien Group ✈ Vienna Airport +0.4% – positive effect of low cost carriers dampened by terrorist attacks ✈ Strong passenger growth in Malta (+9.8%) and Kosice (+17.5%) Positive business devel
Slide 3: First-time full consolidation of Malta Airport in H1/2016
First-time full consolidation of Malta Airport in H1/2016 Significant earnings improvement, also on an clean basis Increased stake in Malta Airport – full consolidation Q1/2016: ✈ One-off effect in the income statement – book value gain of € 51.8 million due to upward revaluation of the existing sta
Slide 4: Ongoing improvement in the EBITDA margin documents strong productivity gains
Ongoing improvement in the EBITDA margin documents strong productivity gains 70% 60.3% 60% 50% 43.7% 39.5% 41.5% 35.1% 37.2% 40% 44.8% 30% 20% 10% 0% H1/2011 H1/2012 H1/2013 H1/2014 H1/2015 H1/2016 EBITDA margin Clean EBITDA margin (excl. Malta revaluation effect) Comparable figures for 2015 adjuste
Slide 5: Positive effect from first-time full consolidation of Malta Airport
Positive effect from first-time full consolidation of Malta Airport in € million H1/2016 H1/20151 ∆ in % Revenue 334.4 311.5 +7.3 Earnings before interest, tax, depreciation and 201.5 136.2 +48.0 amortization (EBITDA) Earnings before interest and taxes (EBIT) 138.3 72.0 +92.0 Financial results -9.7
Slide 6: Expenses: constant cost level despite wage increases
Expenses: constant cost level despite wage increases ✈ Expenses for consumables and services used ∆ in below H1/2015 despite Malta consolidation; in € million H1/2016 H1/2015 % Savings in energy costs and reduction in Consumables and services used -16.6 -17.2 -3.6 services used ✈ Personnel expenses
Slide 7: Further improvement in the balance sheet structure: considerable increase in equity
Further improvement in the balance sheet structure: considerable increase in equity H1/2016 H1/2015 ∆ in % Net debt (€ million)1 419.0 466.0 -10.1 Gearing (%)1 34.6 45.7 -11.1%p Cash flow from operating activities 132.2 110.1 +20.1 (€ million) Free cash flow (€ million) 155.4 73.4 +111.9 CAPEX (€ mi
Slide 8: Further improvement in net debt (€ 419.0 million) and gearing (34.6%)
Further improvement in net debt (€ 419.0 million) and gearing (34.6%) ✈ Net debt reduced by € 47.0 million in spite of full consolidation of Malta stake to € 419.0 million 30.6.2016 31.12.2015 ∆ in % ✈ Non-current assets mainly reflect the full Net debt consolidation of the stake in Malta Airport: i
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 of the free cash flow mainly due in € million H1/2016 H1/2015 ∆ in% to advance rent payment from a finance lease agreement Cash flow from operating 132.2 110.1 +20.1 activities ✈ Cash flow from oper
Slide 10: Share price development since 1/2012: +235%
Share price development since 1/2012: +235% – market capitalisation of about € 2.1 bn 400 375 350 +235% 325 300 Indexed to 100 275 250 225 +97% 200 175 150 125 +20% 100 75 FWAG ATX Benchmark (FRA, ADP, ZRH) Durchschnitt Share price development from 1. January 2012 to 18. August 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 450 jobs at the airport site ✈ Opening of a MOXY hotel at the beginning of 2017 ✈ Start of project development work on Office Park 4 ✈ Successful launch of the Vienna
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 H1/2016
13 => ANI Vienna International Airport
Slide 14: Airport: positive development despite fear of terrorism and political crises
Airport: positive development despite fear of terrorism and political crises ✈ Passagenger volume up 0.4% to 10.5 million passengers in € million H1/2016 H1/2015 ∆ in % External revenue 171.4 166.7 +2.8 ✈ Effects of situation in Turkey, Russia and North Africa more than EBITDA 76.0 71.7 +5.9 compens
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 H1/2016 H1/2015 ∆ in % drop in number of flight movements due to larger aircrafts (higher External revenue 75.5 73.6 +2.5 MTOW) and new customers for EBITDA 7.8 5.9 +31.9 apron han
Slide 16: Retail & Properties: Earnings under pressure
Retail & Properties: Earnings under pressure ✈ Increase in F&B could not in € million H1/2016 H1/2015 ∆ in % compensate for lower spending in External revenue 59.5 63.4 -6.1 shopping business, PRR pushed to € 1.98 (H1/2015: € 2.06) EBITDA 38.5 44.3 -13.0 ✈ PRR of € 2.00 expected for the EBIT 33.5 36
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 Q2/2016 Q2/2015 ∆ in % Q2/2016 External revenue 19.8 - n.a. EBITDA 12.2 - n.a. ✈ Increase in passenger volume of 9.8% in H1/2016 EBIT 9.2 - n.a. (+6.8% in Q2/2016) Employees 300 - n
Slide 18: Traffic Results H1/2016
TRAFFIC RESULTS H1/2016 18 => ANI Vienna International Airport
Slide 19: Traffic Development H1/2016 Flughafen Wien Group
Traffic Development H1/2016 Flughafen Wien Group Group passenger development H1/2016 H1/2015 ∆ in % Vienna Airport (millions) 10.50 10.46 +0.4 Malta Airport (millions) 2.18 1.99 +9.8 Kosice Airport (millions) 0.17 0.14 +17.5 Vienna Airport and its strategic 12.85 12.59 +2.1 investments (VIE, MLA, KS
Slide 20: Shares of scheduled carriers – H1/2016
Shares of scheduled carriers – H1/2016 H1/2016 H1/2015 Passengers Share in % Share in % relative ∆ in % Austrian Airlines Group 44.2 45.4 -2.4 Eurowings/Germanwings 5.3 4.0 +33.6 Lufthansa 4.1 4.1 +0.5 Swiss Intl. 1.7 1.7 +0.5 Total LH Group1 56.6 56.8 +0.0 NIKI 9.2 10.0 -7.4 airberlin 6.2 6.8 -7.8
Slide 21: Traffic development at Vienna Airport in July 2016 – A record month
Traffic development at Vienna Airport in July 2016 – A record month July/2016 July/2015 ∆ in % Passengers (millions) 2.43 2.36 +2.9 Local passengers (millions) 1.71 1.64 +4.3 Transfer passengers (millions) 0.71 0.72 -0.5 Flight movements (in 1,000) 20.94 21.24 -1.4 MTOW (millions of tonnes) 0.82 0.8
Slide 22: Traffic development at Vienna Airport January – July 2016
Traffic development at Vienna Airport Jannuary – July 2016 1-7/2016 1-7/2015 ∆ in % Passengers (millions) 12.93 12.82 +0.9 Local passengers (millions) 9.51 9.25 +2.9 Transfer passengers (millions) 3.36 3.51 -4.2 Flight movements (in 1,000) 129.75 131.22 -1.1 MTOW (millions of tonnes) 4.91 4.81 +2.1
Slide 23: Regional development
Regional development Europe July 1-7 +1.5% +1.0% thereof Western Europe 85.5% 86.9% thereof Eastern Europe July 1-7 July 1-7 +1.3% +2.0% +2.4% -3.3% 67.2% 70.3% 18.3% 16.6% Far East North America July 1-7 July 1-7 Middle East +6.8% +2.2% July 1-7 +8.0% +5.4% Africa 4.0% 3.7% July 1-7 +15.8% +2.5% 3.
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: Shanghai, Bari, Jerez New as of autumn: Havana, Hong Kong and Isfahan ✈ Emirates Service terminated: Astana, Baku, Bodrum, Chios, New as of July: A380 daily Delhi, Djerba, Dubai, Kavala
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% ✈ Crises continue – Perceptible pressure remains on Vienna Airport as CEE flight hub – Slightly optimistic outlook for passenger volume in the entire year 2016 – Strong
Slide 26: Thank you for your attention
THANK YOU FOR YOUR ATTENTION 26