Analyst Presentation 6M 2017

Transcription

1 August 3, 2017 / Frankfurt Main 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 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 Agenda - Traffic - Business Update - Financials - FY Outlook 3

4 Traffic Group Passenger Figures Prelim. July Traffic FRA: +4.4% I YTD:+4.5% AYT: +~64% I YTD:+~37% Airport operations Fraport Share JUNE 2017 D previous year YTD 2017 D previous year FY 2016 D previous year Frankfurt 100% 5, % 29, % 60, % Ljubljana 100% % % 1, % Greek regionals 73.4% 3, % 9, % 25, % Lima 70.01% 1, % 9, % 18, % Twin Star 60% % 1, % 2, % Antalya 51% 3, % 9, % 19, % Hanover 30% % 2, % 5, % St. Petersburg 25% 1, % 7, % 13, % Xi an 24.5% 3, % 20, % 36, % 4

5 Traffic Frankfurt Passenger Development North America D 13% +3% Western Europe D Latin America D 4% +1% 42% +5% Domestic D Africa 12% +4% Frankfurt Airport 4% D +14% Eastern Europe D 8% +4% Middle East D 6% +4% Far East D 11% +5% 85% 80% 75% 70% 65% Average seat load factors 77.6% % 2016 January February March April May June Continental D 62% +4% Intercontinental D 38% +5% 5

6 Traffic Antalya Passenger Development Strong Recovery of Russian Traffic I German Traffic in June almost on PY level # of departing international passengers 1,500, % # of departing domestic passengers 600,000 +5% 1,000, , , , January February March April May June 0 January February March April May June >100% # of departing Russian passengers # of departing German passengers 600, ,000-6% 400, , , , January February March April May June 0 January February March April May June 6

7 Agenda - Traffic - Business Update - Financials - FY Outlook 7

8 Business Update Frankfurt Pier G: 1st stage Planned inauguration: 2020 Passenger capacity: ~4 to 5m p. a. Parking positions: 9 Flexible Schengen/Non-Schengen utilization due to swing gates Capex: ~ 100 to 200m Pier G 1st stage 2nd stage 8

9 Business Update Greece New Interior Unit New Terrace Unit 9

10 Business Update Greece 10

11 Business Update Lima Addendum to concession contract signed on July 25, 2017 Lima Airport Partners now owner of land for construction of new / 2nd runway Construction works for runway to commence in 2018 Runway to be constructed by end of 2021 Addendum also stipulates construction of a new terminal until mid 2024 Investment volume for runway and terminal will approx. amount to US$ 1.5bn Duration of concession now expanded until 2041 (+10 years extension option) as compensation for delayed land transfer 11

12 Business Update Brazil Current status Concession contracts signed on July 28 Capitalization of concession companies and initial payments completed Key management positions appointed & local presence being established Next steps Effective date of concessions end of August; operational transfer in Jan Tendering of construction works Hiring of administrative and operational staff Establishment of administrative and operational process Identification of quick-wins and immediate measures Financials Upfront payments according to bidding price: BRL~719m / ~193m Up to 15m start-up cost, which cannot be capitalized in

13 Agenda - Traffic - Business Update - Financials - FY Outlook 13

14 Group Financials FRA Operations & External Business with positive P&L Impact mil. 6M 17 6M 16 % Comments 14 Revenue 1,355 1, excl. IFRIC 12 1,345 1, EBITDA EBIT EBT Group result EPS in Employees 20,485 20, Operating cash flow Capex Free cash flow Net debt 3 3,534 2, Equity 3 3,842 3, Gearing ratio 96% 65% +31PP Volumes, prices, and land sales increase revenue Higher opex due to tariffs, Q1 one-off staff provision & land sales in FRA Strong contribution of Greece & Lima to revenue, EBITDA & EBIT EBT & Group result up due to financial result improvement despite Greece financing costs Good OCF, a. o., due to Greece & 21m lower tax payments Free cash flow improvement despite lack of 21m AYT DVD Greece upfront payment reflected in indebtedness and Gearing Percent changes based on unrounded figures 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 + Dividends from at equity investments 3 = 2016 values as at Dec. 31, 2016

15 Group Financials Breakdown of Cash Flows mil. 6M 17 6M 16 Change Operating cash flow Capex FRA T Other Capex ex FRA Lima Greece Other Investment property Investments in associates Dividends from associates Investm. in other intangible assets Free cash flow Upfront payment Greece 1, ,234 Dividends out = Including 53.6 mil. prepayment to EPC company

16 Segment Aviation Revenue Growth reflected in EBITDA & EBIT P&L in mil. 6M 17 6M 16 % Revenue Airport charges Security services Other revenue EBITDA EBIT Employees 5,831 6, Comments 1.9% higher average airport charges as of Jan. 1, 2017 Traffic growth further increased airport charges & revenue from security services ~ 4m higher wages & ~ 3m higher cost for staff restructuring provision & other one-off items EBITDA performance in mil. Split of airport charges 96 EBITDA 6M Revenue +1 Other income -7 Staff cost -7 Other 101 EBITDA 6M % Security A/C Parking 6.5% Landing & Take-off 22.6% 65.3% Passenger 16 Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures

17 Segment Retail & Real Estate Earnings Growth due to Passenger Volumes & Land Sales P&L in mil. 6M 17 6M 16 % Revenue Retail Real Estate Parking Other revenue >100 EBITDA EBIT Employees Comments More passengers reflected in more retail and parking revenue Higher other revenue from land sales with corresponding higher costs ~ 1m higher cost for staff restructuring provision & one-off items Good EBITDA & EBIT performance EBITDA performance in mil. Revenue split Parking Other 11.3% 15.7% 36.8% Retail EBITDA 6M 2016 Revenue Other income Staff cost Other EBITDA 6M 2017 Real Estate 36.2% 17 Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures

18 Segment Retail & Real Estate Retail Revenue per Passenger flat at 3.49 Retail revenue per Passenger Top 5 Spenders China Russia S.Korea Vietnam Japan % change vs. PY Left column = volumes Right column = spending M 16: M 17: 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 US Germany Turkey UAE India Source: sales/revenue data of Gebr. Heinemann by destinations 18

19 Segment Ground Handling Flat Revenue & higher Personnel Cost = Lower EBITDA / EBIT P&L in mil. 6M 17 6M 16 % Revenue Ground Handling Infrastructure Other revenue EBITDA EBIT Employees 8,596 8, Comments Stable revenue due to less Frankfurt MTOW ~ 6m higher cost for staff restructuring provision & one-off items ~ 4m higher wages Stable non-staff costs EBITDA & EBIT down EBITDA performance in mil. Revenue split 2.4% Other Infrastructure 47.2% 50.4% Ground Handling EBITDA 6M 2016 Revenue Other income Staff cost Other EBITDA 6M Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures

20 Segment External Activities & Services First-time Greece Earnings Contribution & strong Lima P&L in mil. 6M 17 6M 16 % Revenue excl. IFRIC EBITDA EBIT Employees 5,404 4, Comments First-time contribution of Greece with strong earnings momentum Solid revenue & earnings Lima performance ~ 68m higher opex, a.o., due to ~ 33m for Greece & ~ 10m Lima ~ 3m higher cost for staff restructuring provision & one-off items EBITDA & EBIT significantly up EBITDA performance in mil Revenue split Other 13.0% Greece Fraport Slovenija 17.7% 5.6% EBITDA 6M 2016 LAP LJU Twin Star USA Greece Other EBITDA 6M 2017 Fraport USA 9.7% Twin Star 5.3% Lima 48.7% 20 Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures

21 Agenda - Traffic - Business Update - Financials - FY Outlook 21

22 FY Outlook Updated Traffic Outlook 2016 Results 2017 Outlook incl. Greece Passengers FRA 60.8 mil. Growth of ~5% 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 22

23 Thank you for your Attention!

24 Appendix Detailed Statement of Cash Flows million 6M M 2016 Profit attributable to shareholders of Profit attributable to non-controlling interests Adjustments for Taxes on income Depreciation and amortization Interest result Gains/losses from disposal of non-current assets Others Fair value changes 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 Taxes on income paid Cash inflow from operating activities Investments in airport operating projects 1, Capital expenditure for other intangible assets Capital expenditure for property, plant and equipment Investment property Investments in companies accounted for using the equity method Dividends from companies accounted for using the equity method Proceeds from disposal of non-current assets Cash flow used in investing activities without investments in cash deposits and securities 1, million 6M M 2016 Cash flow used in investing activities without investments in cash deposits and securities 1, Financial investments in securities & promissory note loans Proceeds from disposal of securities & promissory note loans Decrease of time deposits with a remaining term of more than three months Cash flow used in investing activities -1, Dividends paid to shareholders of Dividends paid to non-controlling interests Capital increase Capital contribution non-controlling interests Cash inflow from long-term financial liabilities 1, Repayment of long-term financial liabilities Changes in short-term 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 June

25 Appendix Performance of major Investments mil. Fully consolidated Group companies Share in % Revenue 1 EBITDA EBIT Result 6M M 2016 Δ % 6M M 2016 Δ % 6M M 2016 Δ % 6M M 2016 Δ % Fraport USA ,0 29,7 +7,7 6,4 6,0 +6,7-0,8 2,0-2,1 2,0 +5,0 Fraport Slovenija ,5 16,3 +13,5 5,7 5,7 0,0 0,7 0,5 +40,0 1,0 0,5 >+100 Fraport Greece 2 73,4 58, , , ,6 - - Lima 70,01 160,2 142,9 +12,1 59,5 52,7 +12,9 50,4 43,8 +15,1 29,9 23,8 +25,6 Twin Star 60 17,6 16,5 +6,7 8,7 8,5 +2,4 3,0 2,7 +8,8 0,4-0,3 - Group companies accounted for using the equity method Share in % Revenue 1 EBITDA EBIT Result 6M M 2016 Δ % 6M M 2016 Δ % 6M M 2016 Δ % 6M M 2016 Δ % Antalya 3 51/50 85,8 63,9 +34,3 68,7 44,7 +53,7 14,1-9,8 - -8,1-34,8 - Pulkovo/Thalita ,8 80,6 +48,6 66,2 39,1 +69,3 46,8 23,4 > ,3-0,7 - Hanover 30 72,5 70,2 +3,3 12,6 13,1-3,8 2,5 3,1-19,4 0,0 1,1 > 100 Xi an 4 24,5 114,0 101,4 +12,4 57,9 48,7 +18,9 32,3 23,1 +39,8 26,9 15,2 +77,0 Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures 1 Revenue adjusted by IFRIC 12: Lima 6M 2017: 151.4m (6M 2016: 133.8m), Q2 2017: 75.8m (Q2 2016: 67.1m); Fraport Greece 6M 2017: 56.8m; Q2 2017: 56.8m 2 Take-over of operations as of April 11, Share of voting rights: 51%, Dividend share: 50%. 4 Figures according to the separate financial statement. 25

26 Appendix Maturity Profile & Cash Position as at June 30, 2017 mil. 5,000 4,500 4,552 Average Group debt conditions ~ 3.3% interest rate 4,000 3,500 3,000 Book values 2,500 Nominal values 2,000 1,500 1, ,010 Liquidity Gross debt 1,355 1, short term facilities not included

27 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 27