dbaccess Berlin Conference

Transcription

1 June 2017 dbaccess Berlin Conference Dr. Matthias Zieschang / CFO

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 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 forwardlooking statements that are based on current estimates and assumptions made by the management of Fraport to the best of its knowledge. Such forwardlooking statements are subject to risks and uncertainties, the nonoccurrence 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 forwardlooking statements. This also applies to the forward looking estimates and forecasts derived from thirdparty 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 Agenda Traffic Business Update Group Financials FY Outlook 3

4 Traffic Passenger Development at Group Airports Airport operations Fraport Share MAY 2017 previous year YTD 2017 previous year FY 2016 previous year Frankfurt 100% 5, % 24, % 60, % Ljubljana 100% % % 1, % Greek regionals % 2, % 5, % 25, % Lima 70.01% 1, % 8, % 18, % Twin Star 60% % % 4, % Antalya 51% 2, % 6, % 19, % Hanover 30% % 1, % 5, % St. Petersburg 25% 1, % 5, % 13, % Xi an 24.5% 3, % 16, % 36, % 1 Concession to run Greek regional airports commenced on April 11,

5 Agenda Traffic Business Update Group Financials FY Outlook 5

6 Business Update Frankfurt Terminal 3 (1 st phase) progress on schedule Bringing forward of 3 rd Terminal 3 Pier, Pier G, being examined Good start to Summer flight season Ryanair expanding High demand for staff restructuring program 6

7 Business Update Terminal 3 LCCPier G 1 st Phase Landsite Apron Capex ~ million EUR Inauguration planned for 2019/2020 ~45,000 sqm for ~4 million passengers 9 parking positions acc. to zoning decision Flexible Schengen & NonSchengen utilization due to Swing Gates 7

8 Business Update Terminal 3 Pier G Full Size Pier G incl. connection to Terminal hall 8

9 Business Update Greece Smooth operational transfer on April 11 th Highly motivated and trained employees All service providers in place Immediate improvements started Good Q1 passenger development Up to 7% passenger growth in FY expected was will be 9

10 Business Update Brazil Traffic PAX 2016: 7,445,690 Porto Alegre Concession Purchase price 25 years 290.5m BRL upfront (~ 85m) 91.5m BRL spread between year 6 and concession end +5% p.a. revenuerelated component Terminal building Parking Cargo TAP Maintenance Base General Aviation Utilities Investment obligations RWY refurbishment & extension Terminal refurbishment & extension Apron positions Retail expansion Fortaleza Traffic PAX 2016: 5,695,506 Concession 30 years Terminal Parking Cargo Military General Aviation Utilities Next Steps: Signing: July 17 I Closing: September 17 Transitioning & operational transfer in Jan 18 Purchase price Investment obligations 425.0m BRL upfront (~ 125m) 1,080.8m BRL spread between year 6 and concession end +5% p.a. revenuerelated component RWY refurbishment & extension Terminal refurbishment & extension Apron positions Retail expansion 16

11 Agenda Traffic Business Update Group Financials FY Outlook 11

12 Group Financials Opex impacted by OneOff s, solid underlying Results & FCF P&L in mil. Q1 17 Q1 16 % Revenue excl. IFRIC EBITDA EBIT EBT Group result EPS in Operating cash flow Capex Free cash flow Net debt 3 2,296 2, Equity 3 3,912 3, Gearing ratio 63% 65% 2PP Comments Volume and prices increase revenue EBITDA down due to ~ 11m adjustment of staff provision & other staff oneoff items ~ 6m Greece startup cost w/o revenue EBT & Group result up due to financial result improvement Good OCF, a. o., due to 10m lower tax payments Stable capex Free cash flow improvement despite lack of 19m AYT DVD Lower indebtedness and Gearing 12 Percent changes based on unrounded figures 1 = Capex in airport operating projects, other intangible assets, PPE, investment property, and at equity investments 2 = Operating cash flow Capex + Dividends from at equity investments 3 = 2016 values as at Dec. 31, 2016

13 Agenda Traffic Business Update Group Financials FY Outlook 13

14 FY Outlook Unchanged Outlook 2016 Results 2017 Outlook incl. Greece Passengers FRA 60.8 mil. Growth between 2 and 4% Revenue 2.59 bn Up to ~ 2.9 bn EBITDA EBIT Group result before minorities 1,054 mil. 694 mil. 400 mil. Between ~ 980 mil. and ~ 1,020 mil. Between ~ 610 mil. and ~ 650 mil. Between ~ 310 mil. and ~ 350 mil. Dividend proposal Lifted to 1.50 / share Stable 14

15 Thank you for your Attention!

16 Appendix Detailed Statement of Cash Flows million Q Q Profit attributable to shareholders of Profit attributable to noncontrolling interests Adjustments for Taxes on income Depreciation and amortization Interest result Gains/losses from disposal of noncurrent assets Others 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 Investments in airport operating projects Investments in other intangible assets Capital expenditure in property, plant, and equipment Investments in Investment property Investments in companies accounted for using the equity method Dividends from companies accounted for using the equity method Proceeds from disposal of noncurrent assets Cash flow used in investing activities excluding investments in cash deposits and securities million Q Q 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 Decrease/increase of time deposits with a term of more than three months Cash flow from/ used in investing activities Dividends paid to noncontrolling interests Capital contributions for noncontrolling interests Cash inflow from longterm financial liabilities Repayment of noncurrent financial liabilities Changes in current financial liabilities Cash flow from/ used in 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 31 1,

17 Appendix Performance of major Investments Fraport USA Ljubljana Lima Twin Star mil. Q1 17 Q1 16 % Q1 17 Q1 16 % Q1 17 Q1 16 % Q1 17 Q1 16 % Revenue ex IFRIC EBITDA EBIT 1 0 > Result Antalya Pulkovo Hanover Xi An mil. Q1 17 Q1 16 % Q1 17 Q1 16 % Q1 17 Q1 16 % Q1 17 Q1 16 % Revenue ex IFRIC EBITDA EBIT > Result Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures

18 Appendix Q1 Retail Revenue per Passenger 4% up Comeback of Russian retail performance! Retail revenue per Passenger Top 5 Spenders 3,62 3,42 3,17 3,87 3,76 % change vs. PY Left column = volumes Right column = spending FY 16: 3.49 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Top 5 Volumes mil. Shopping Services Advertis % change vs. PY Left column = volumes Right column = spending Source: sales/revenue data of Gebr. Heinemann by destinations

19 Appendix Frankfurt Airport Traffic Split 5M Western Europe Domestic Eastern Europe North America 42% +5% 12% +4% 8% +4% 12% +2% Latin America 4% +1% Frankfurt Airport Africa 4% +11% Middle East 6% +3% Far East 12% +5% Continental Intercontinental Traffic Share vs. previous year 62% +5% 38% +4% 19

20 Appendix FRA Growth Incentives Year (12 month period) Intercontinental traffic Incentive per departing passenger Conditions: The new destination must be flown at least 25 times per year; route must be operated during a minimum of three consecutive flightschedule periods, or at least during three consecutive winter or summer flight schedules Airline flies nonstop to a new intercontinental destination from FRA, i.e. a destination not served directly from FRA for the previous three flightschedule periods Total airline growth must be > 0% per year % Growth (referred to base year) Continental traffic (excludinggermany) Incentive per departing passenger (per growth interval) > 3 to to to to to to > Conditions: Airline carries at least 10,000 departing passengers per year. Incentive is paid for each additional pax, if growth exceeds 3% compared to previous year. Seven growth intervals No incentives for domestic (intragerman) traffic 2year sustainability incentivization (Year 1: 20% compared to the base year / Year 2: 40% compared to Year 1 / Pax volume in each year must reach at least the amount of the base year) 20

21 Appendix Maturity Profile & Cash Position as at March 31, 2017 mil Fraport debt conditions on average ~ 3.0% interest rate ~ 4.2 years maturity Book values Nominal values Liquidity Gross debt

22 Appendix IR Contact T: Frankfurt Airport Services Worldwide F: Frankfurt am Main Germany Stefan J. Rüter Head of Finance & IR T: Christina Doorn IR Assistant T: Florian Fuchs IR T: Tanja Nagel IR / Reporting T: t.nagel@fraport.de Maximilian Schultheis IR / Reporting T: m.schultheis@fraport.de 38