Slide 1: 2020 Full Year Financial Results
2020 Full Year Financial Results Apr i l 20, 2021
Slide 2: 2020 Highlights
2020 Highlights Resilient Performance in an Unprecedentedly Challenging Environment • Business continuity preserved while maintaining highest safety standards with no reduction in quality • Limited impact of Covid-19 outbreak on our regulated business, thanks to protective regulation • Best-in-class
Slide 3: 2020 Highlights – Business Overview
2020 Highlights – Business Overview • The severe impact of the Covid-19 emergency on the aviation sector, starting from March 2020, reduced en-route traffic 60.3% YoY; the traffic low registered in April and May was followed by slight recovery during the summer, which was reversed by the second wave
Slide 4: Minutes of En-route Delay: Best in Class Performance Despite Covid-19
Consistently Delivering Best in Class Performance Despite Covid-19 2020 En-route Service Units (‘000) Despite the Covid-19 pandemic's severe 8,547 impact on traffic, ENAV was again: 6,887 5,099 4,437 3,990 5th Largest Air Navigation 1 Service Provider in Europe3 Performance Quality Leader in Europe3
Slide 5: 2020 Main Traffic Trends
2020 Main Traffic Trends En-route (traffic breakdown by service units) Overflight National 42% 23% Severe impact from Covid-19, starting from March, after strong traffic growth in the first two months of 2020 FY 2020: (60.3)% YoY 3,989,8441 • En-route service units down 60.3%1 YoY as a combined resu
Slide 6: Net Revenue Performance
Net Revenue Performance Net Revenue Breakdown €m 902.9 (14.6)% • Net revenue was down 14.6% YoY, (€131.6m) due to the decline 771.3 in revenue from operations (-63.0%), largely offset by the 231.1 (64.6)% positive balance 81.9 233.1 (66.2)% • Significant decrease in both en-route and terminal revenu
Slide 7: Cost Efficiency Measures Mitigating Revenue Decline
Cost Efficiency Measures Mitigating Revenue Decline • External opex optimization delivering good results, decreasing €6.9m YoY or -5.1% as a Delivering External Cost Efficiency combination of: €m • Reduction of utilities and telecommunication costs (-14%), thanks to lower (5.1)% consumption driven b
Slide 8: Historical Growth Trend Put on Hold by Covid-19
Historical Growth Trend Put on Hold by Covid-19 EBITDA and Profitability Capex 6.8% EBITDA CAGR in 2017-2019 ▪ EBITDA and margin 6.8% growth trends registered 33.4% 33.5% 115 117 116 in 2017-2019 halted by Margin1 32.2% 93 Covid-19 outbreak in 2020 27.3% ▪ Capex at €92.5m: 297.4 302.9 283.6 optimize
Slide 9: RP3 Regulation Update
RP3 Regulation Update RP3 Timing as per European Commission Proposed Temporary Derogation for 2020 and 2021 • The RP3 regulatory framework was approved in February 2019 and cost efficiency targets were set in May 2019 with performance plans submitted by year end 2019. • Approval by European Commissi
Slide 10: Countermeasures to Support Air Transport Sector
Countermeasures to Support Air Transport Sector Agreement with Eurocontrol and member states to defer 1 February-to-May billing due from airlines Airline Feb 2020 Mar 2020 Apr 2020 May 2020 From June 2020 payments are onward regular, with Return to regular 99.5% €50m revenue Traffic revenue Traffic
Slide 11: FY 2020 Financials Overview
C'enav group FY 2020 Financials Overview
Slide 12: Net Revenue and EBITDA Development
Net Revenue and EBITDA Development Net Revenue • Net Revenue reduction of 14.6% YoY €m 16 (14.6)% due to: • Decrease of: €456.3m in en-route 902.9 revenue, €149.2m in terminal 771.3 revenue, €1.9m in revenue from exempted flights. All declines were (456.3) (2.4) mainly due to Covid-19 pandemic 470.4
Slide 13: Consolidated P&L and Main Movements Below EBITDA
Consolidated P&L and Main Movements Below EBITDA Change 2020 2019 Amount % Revenue from operations 352,216 951,767 (599,551) -63.0% • D&A remained almost stable (-1.5% YoY) vs. Balance 383,378 (86,975) 470,353 n.a. previous year Other operating income 35,701 38,099 (2,398) -6.3% • Increase of €9.3m
Slide 14: Cash Flow and Capitalization
Cash Flow and Capitalization • ENAV’s liquidity and financial position remains adequate to Maturity Total debt face future challenges, despite the effect of the Covid-19 outstanding/ outbreak Current Non-current cash (€m) (<1 year) • The cash balance in 2020 decreased by €133m over 2019 to Total Deb
Slide 15: Cash Flow Details
Cash Flow Details 84 (449) €m 138 54 449 220 (113) (1) 316 (77) 24 (13) 1 2 Cash 2019 Net profit D&A Change in NWC Change in Cash Capex Other cash flows Debt repayment Debt increase Dividends Other items Cash 2020 other A&L from inv.s ▪ The cash balance decreased by €133m in 2020 vs 2019 as a result
Slide 16: Key Take-Aways
Key Take-Aways • Despite the severe traffic reduction that characterized 2020, ENAV was able to hold on well thanks to its protective regulatory framework and its ability to streamline operating costs and Capex • Business continuity was preserved while maintaining the highest safety standards with n
Slide 17: THANK YOU
CV'enav group THANK YOU ir@enav.it
Slide 18: Disclaimer
Disclaimer This presentation contains certain forward-looking statements that reflect the Company’s management current views with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on ENAV S.p.A.’s cu