Road Show Zurich. Dr. Matthias Zieschang / CFO Florian Fuchs / IR. May 16, 2018 / Frankfurt Main

Transcription

1 Road Show Zurich r. Matthias Zieschang / CFO Florian Fuchs / IR May 16, 2018 / Frankfurt Main

2 isclaimer 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 fairness, accuracy, completeness or correctness of the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document. This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document contains forward-looking statements that are based on current estimates and assumptions made by the management of Fraport to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results including the financial condition and profitability of Fraport to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward looking estimates and forecasts derived from third-party studies. Consequently, neither the company nor its management can give any assurance regarding the future accuracy of the opinions set forth in this document or the actual occurrence of the predicted developments. By accepting this document, you agree with the foregoing. 2

3 Q Overview Operational and Financial Growth Clear positive Passenger evelopment at all Airports Frankfurt with extraordinary continental and solid intercontinental Growth Key rivers: Lufthansa and new Low Cost Operations Aviation Segment translating Revenue into Earnings Growth Car Park Growth compensates negative Retail Spend FRA Commercial Revenue up Strong adverse Impacts on Retail Spend per Passenger from F/X, disproportionately high continental growth, and long queuing times Ground Handling EBITA Turnaround International Activities first-time including Brazil US Translation weighing on Lima and Airmall EUR Performances Free Cash Flow impacted by Changes in Working Capital Solid EBITA & EPS Increase 3

4 Traffic Performances Passenger Momentum keeps on Airport operations Fraport Share APR 2018 previous year YT 2018 previous year FY 2017 previous year Frankfurt 100% 5, % 20, % 64, % Brasil 100% 1, % 4, % 13, % Ljubljana 100% % % 1, % Greek regionals 73.4% 1, % 3, % 27, % Lima 70.01% 1, % 7, % 20, % Twin Star 60% % % 4, % Antalya 51% 1, % 4, % 26, % Hanover 30% % 1, % 5, % St. Petersburg 25% 1, % 4, % 16, % Xi an 24.5% 3, % 14, % 41, % 4

5 Revenue Bridge Good FRA Growth, Internationals drive Revenue Increase despite adverse F/X in mil. FRA Segments: +21mn International Act & Services: +35mn Q Revenue w/o IFRIC 12 Av. charges Sec. Parking Retail Real GH Greece Brasil Lima Twin Slovenija USA Q IFRIC Estate Star Revenue 12 w/o IFRIC 12 Q Revenue ue to commercial rounding discrepancies may occur when summing up 5

6 EBITA Bridge Frankfurt key river at +26mn, Internationals +12mn FRA: + 5m Property sale + 1m FRA: INT: - 4m Ext. services + 3m Energy services - 10m Greece - 7m Brazil + 3m USA + 2m Lima + 1m FRA: INT: - 5m FraGround - 4m Wages AG - 3m FraSec + 7m Volume AG + 5m Restructuring - 4m Brazil - 2m Greece - 1m FRA: INT: + 0m - 3m Brazil - 2m Greece EBITA Q Revenue w/o IFRIC 12 income Cost of materials excl. IFRIC 12 Personnel cost opex EBITA Q ue to commercial rounding discrepancies may occur when summing up, percent changes based on unrounded figures

7 Group Result Bridge EBITA Growth compensates Greece s Q1 Capital Cost FRA: +2m INT: -11m Greece - 3m Brazil + 1m Lima + 1m USA Interest result: -18m -mainly: -18m Greece - 3m Brazil + 3m Lima Associates: - 6m -mainly: - 2m Antalya - 1m Retail JV result: - 2m Group result Q EBITA &A Financial result Taxes Group result Q EPS Q EPS Q ue to commercial rounding discrepancies may occur when summing up, percent changes based on unrounded figures

8 Cash Flow & Net ebt Bridge Working Capital Changes and higher Capex turn FCF negative in mil. 3, ,586 Free Cash Flow: - 67m Net debt FY 2017 OCF Brasil capex Greece capex Lima capex Fixed FRA concession expansion payments & other holdings FRA other capex ividends from associated companies ividends paid Misc. Net debt Conso. Q & F/X effects Comments mil. Q1 18 Q1 17 % OCF lower due to working capital changes FCF negative due to increasing Brazil, Greece and FRA capex Net debt below 3.6 bn. Group equity about 4.0 bn., reflecting Gearing ratio of c. 96% Operating cash flow Capex Free cash flow² Net debt 3,586 3, Equity 4,035 4, Gearing ratio PP 8 Equity ratio at 34% Capex figures including downpayments to EPC companies 1 = Capex in airport operating projects, other intangible assets, PPE, investment property, and at equity investments. No consideration of one-time payments for acquisitions. 2 = Operating cash flow Capex + ividends from at equity investments

9 FY 2018 Outlook Unchanged Outlook 2017 Results 2018 Outlook Passengers FRA 64.5 mil. Between ~67 mil. and ~68.5 mil. Revenue excl. IFRIC bn Up to ~ 3.1 bn EBITA EBIT Group result before minorities 1,003 mil. 643 mil. 360 mil. Between ~ 1,080 mil. and ~ 1,110 mil. Between ~ 690 mil. and ~ 720 mil. Between ~ 400 mil. and ~ 430 mil. ividend proposal 1.50 / share Increase 9

10 Thank you for your Interest! Please consider the Environment before printing IR Contact T: F: M: Postal Frankfurt Airport Services Worldwide Frankfurt am Main Germany 10

11 Group Results million Q Q Revenue Revenue w/o IFRIC Change in work-in-process internal work capitalized operating income Total revenue Total revenue w/o IFRIC Cost of materials Cost of materials w/o IFRIC Personnel expenses operating expenses EBITA epreciation and amortization EBIT/Operating result Interest income Interest expenses Result from companies accounted for using the equity method financial result Financial result EBT/Result from ordinary operations Taxes on income Group result thereof profit attributable to non-controlling interests thereof profit attributable to shareholders of Earnings per 10 share in basic diluted

12 Group Cash Flow million Q Q Profit attributable to shareholders of Profit attributable to non-controlling interests Adjustments for Taxes on income epreciation and amortization Interest result Gains/losses from disposal of non-current assets s Changes in the measurement of companies accounted for using the equity method Changes in inventories Changes in receivables and financial assets Changes in liabilities Changes in provisions Operating activities Financial activities Interest paid Interest received Paid taxes on income Cash flow from operating activities million Q Q Cash flow from operating activities Investments in airport operating projects Investments for other intangible assets Capital expenditure for property, plant, and equipment Investments for "Investment property" Investments in companies accounted for using the equity method ividends from companies accounted for using the equity method Proceeds from disposal of non-current assets Cash flow used in investing activities excluding investments in cash deposits and securities Financial investments in securities and promissory note loans Proceeds from disposal of securities and promissory note loans ecrease in time deposits with a term of more than three months Cash flow used in/from investing activities ividends paid to non-controlling interests Capital contributions for non-controlling interests Cash inflow from long-term financial liabilities Repayment of non-current financial liabilities Changes in current financial liabilities Cash flow from financing activities Change in cash and cash equivalents Cash and cash equivalents as at January Foreign currency translation effects on cash and cash equivalents Cash and cash equivalents as at March ,061.2

13 Group Balance Sheet Assets million March 31, 2018 ecember 31, 2017 Liabilities and equity million March 31, 2018 ecember 31, 2017 Non-current assets Goodwill Investments in airport operating projects 2, ,621.1 intangible assets Property, plant and equipment 5, ,921.5 Investment property Investments in companies accounted for using the equity method financial assets receivables and financial assets eferred tax assets , ,779.3 Current assets Inventories Trade accounts receivable receivables and financial assets Income tax receivables Cash and cash equivalents , ,053.1 Total 10, ,832.4 Shareholders equity Issued capital Capital reserve Revenue reserves 2, ,345.7 Equity attributable to shareholders of 3, ,868.1 Non-controlling interests , ,028.7 Non-current liabilities Financial liabilities 3, ,955.6 Trade accounts payable liabilities 1, ,090.1 eferred tax liabilities Provisions for pensions and similar obligations Provisions for income taxes provisions , ,543.6 Current liabilities Financial liabilities Trade accounts payable liabilities Provisions for income taxes provisions , ,260.1 Total 10, ,

14 4M 2018 Frankfurt Passenger Split North America 11% +3% Western Europe Latin America 4% -1% 43% +14% omestic Africa 11% +5% Frankfurt Airport 5% +11% Eastern Europe 9% +16% Middle East 6% +3% Far East 11% +3% Average seat load factors 4M 76.4% 76.2% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov ec Continental 63% +12% Intercontinental 37% +3% 14

15 Aviation in mil. Increasing effects ecreasing effects EBITA Q Aviation charges* Security services revenue income Staff cost opex EBITA Q Comments P&L in mil. Q1 18 Q1 17 % Increase in airport charges due to traffic growth Security services up due to FRA volumes and new contracts in Berlin & Cologne Increase in staff cost due to security business (~ 3m), staff number outside security business down (~ 2m) Revenue growth fully translated in EBITA & EBIT growth Revenue Airport charges* Security services revenue EBITA EBIT Employees 6,075 5, *Aviation charges including reimbursements to airlines based on growth incentives ue to commercial rounding discrepancies may occur when summing up, percent changes based on unrounded figures

16 Retail & Real Estate Increasing effects in mil. ecreasing effects EBITA Q Retail Real Estate Parking revenue income Staff cost opex EBITA Q Comments P&L in mil. Q1 18 Q1 17 % Commercial revenue: Parking and Retail combined, up due to passenger increase Real Estate down due to energy contract tendered to competitor: FY 18 Revenue impact: c.-10mn, EBITA impact: 0 = margin improvement Retail revenue down due to: Long queuing: 10% more passengers; -3% shoppers F/X: those who shopped TF spend c.4% less Less advertising revenue due to 2017 fairs income reflects 5m Property Sale Revenue Retail Real Estate Parking revenue EBITA EBIT Employees ue to commercial rounding discrepancies may occur when summing up, percent changes based on unrounded figures

17 Frankfurt Retail Revenue per Passenger Retail revenue per Passenger Including Heinemann JV Top 5 Spenders FY 17: 3.47 YT 18: China Russia S.Korea Vietnam Brazil FY 17: 3.37 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Retail revenue streams Left columns = % change in volumes vs. Q Right columns = % change in spending vs. Q Top 5 Volumes -18 Q1 Q2 Q3 Q4 Q1 Shopping US Germany Turkey UAE India Services Advertising TF-JV estination tracked not nationality Left columns = % change in volumes vs. Q Right columns = % change in spending vs. Q Source: sales/revenue data of Gebr. Heinemann by destinations. -2

18 Ground Handling in mil. Increasing effects ecreasing effects EBITA Q GH revenue Infrastructure charges revenue income Staff cost opex EBITA Q Comments P&L in mil. Q1 18 Q1 17 % MTOW, Passengers & Movements drive revenue increase Absence of 2017 extra staff cost compensate Q wage increases, Easter payments and staff increase Remaining opex stable as well Revenue growth translated in EBITA & EBIT growth Revenue Ground Handling Infrastructure revenue EBITA EBIT Employees 9,009 8, ue to commercial rounding discrepancies may occur when summing up, percent changes based on unrounded figures

19 International Activities & Services in mil. Increasing effects ecreasing effects EBITA Q Brasil Twin Star Ljubljana Lima USA Greece s EBITA Q Comments P&L in mil. Q1 18 Q1 17 % First-time Fortaleza + Porto Alegre contribution Greece with no EBITA contribution in off season q1, 2017 start up cost to be seen in s +6mn Positive Lima performance; +10.6% local US EBITA offset by negative F/X translation USA down due to loss of Boston concession Revenue excl. IFRIC EBITA EBIT Employees 5,496 4, Solid EBITA increase, stable EBIT due to Q1 &A of Greece & Brazil ue to commercial rounding discrepancies may occur when summing up, percent changes based on unrounded figures 19

20 Performance of Major Airport Investments Fully consolidated Group companies Share in % Revenue in mil. 1 EBITA in mil. EBIT in mil. Result in mil. Q Q Δ % Q Q Δ % Q Q Δ % Q Q Δ % Fraport USA Fraport Slovenija Fortaleza + Porto Alegre Fraport Greece Lima Twin Star Group companies accounted for using the equity method Share in % Revenue in mil. 1 EBITA in mil. EBIT in mil. Result in mil. Q Q Δ % Q Q Δ % Q Q Δ % Q Q Δ % Antalya 2 51/ Hannover Pulkovo/Thalita Xi an Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures 1 Revenue adjusted by IFRIC 12: Lima Q1 2018: 71.6m (Q1 2017: 75.6m), Fraport Greece Q1 2018: 20.1m; Fortaleza + Porto Alegre Q1 2018: 22.2m; Antalya Q1 2018: 17.4m 2 Share of voting rights: 51%, ividend share: 50%. 20

21 Maturity Profile & Cash Position as at March 31, 2018 mil. 5,000 4,500 4,603 Fraport debt conditions on average ~ 3.2% interest rate 4,000 3,500 3,000 Book values 2,500 2,000 Nominal values of debt repayment 1,500 1,000 1,016 1,128 1, Liquidity as of Mar 31, 2018 Financial Liabilities