Analyst Presentation Q May 8, 2014 Dr Matthias Zieschang, CFO

Transcription

1 Analyst Presentation Q May 8, 2014 Dr Matthias Zieschang, CFO

2 Slide 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.

3 Slide 3 Agenda Traffic Insight Financials Q Outlook 2014

4 Slide 4 Traffic Insight Frankfurt Airport Mar 2014 D % Q D % FY 2013 Passengers* in `000 4, , ,037 Movements 38, , ,692 MTOW in `000 tons 2, , ,416 Cargo** in `000 tons ,095 90% 85% 80% Seat load factor Q Q Passenger per movement +0.8 PP 75% 70% 65% 60% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Passenger guidance FY2014: 23% upside * Source ACI, commercial traffic only ** Freight & Mail

5 Slide 5 Traffic Insight Frankfurt Airport Traffic Shares Q12014 Western Europe Domestic Eastern Europe North America 12% D +1% D 40% +6% D 12% +4% Frankfurt Airport D 8% +11% D Far East 13% 5% Middle East 6% D +3% Africa Latin America 5% D 6% D 4% 11% Traffic Share D vs. previous year D Continental 60% +6% Intercontinental 40% D 4%

6 Slide 6 Traffic Insight Group Traffic Figures (above 10% stake) IATA Code Airport Share Q D previous year FY 2013 CAGR FRA Frankfurt, Germany 100% 12, % 58, % LIM Lima, Peru 70.01% 3, % 14, % BOJ Burgas, Bulgaria 60% % 2, % VAR Varna, Bulgaria 60% % 1, % AYT Antalya, Turkey 51% 2, % 26, % LED St. Petersburg, Russia 35.50% 2, % 12, % HAJ Hanover, Germany 30% % 5, % XIY Xi an, China 24.50% 6, % 26, %

7 Slide 7 Agenda Traffic Insight Financials Q Outlook 2014

8 Slide 8 Group P&L Q Likeforlike Growth in all key Figures mil Q1 14 Q1 13 % Revenue excl. IFRIC EBITDA EBIT EBT Group result EPS in % 25% EBITDA margin +3PP 22.9% 25.9% EBIT margin +2.3PP 9.5% 11.8% Comments Revenue increase due to +2% FRA traffic Positive effects also from increase in FRA aviation and infrastructure charges as of Jan. 1, 2014 Lima contributing well Lower opex from mild winter Sound increase in EBITDA and margin Negative financial result from market valuation of derivatives Positive Group result and EPS performance 0% Q Q Q Q Percent change based on unrounded figures

9 Slide 9 Group P&L Q Increase in Group EBITDA driven by Aviation mil mil EBITDA Q Organic revenue IFRIC 12 revenue Other revenue Organic cost of materials IFRIC 12 cost of materials Personnel expenses Other opex EBITDA Q Segment share in Group EBITDA Q Segment share in Group EBITDA Q External Activities & Services 21.4% 15.3% Aviation External Activities & Services 17.9% 22.1% Aviation 63.3% Retail & Real Estate 60.0% Retail & Real Estate

10 Slide 10 Group P&L Q Despite negative Financial result, Group result up! mil mil Group result Q EBITDA D&A Financial result Taxes Group result Q EPS Q EPS Q mil Q1 14 Q1 13 % Interest income Interest expenses Split of financial result At equity result Other result 3 5 Financial result Comments Interest result more or less unchanged Split of at equity result: Limited Antalya dynamic due to low season Pulkovo book value is at 0, therefore no visible impact from negative Pulkovo result in Fraport P&L / financial position Xi an and Hanover unchanged to PY Other result down due to market valuation of derivatives

11 Slide 11 Group Asset & Financial Situation Q1 FCF back on the positive Track! Free Cash Flow Liquidity Gross debt Net debt Equity Gearing 1) mil. 4,239 4,198 2,871 2,857 3,117 3,123 97% 96% 1,368 1, Dec. 31, 2013 March 31, 2014 Substantial qoq increase in free cash flow Main driver: FRA capex ~50%, resp. 42 mil. down OCF 7 mil. up Decline in liquidity to 1.34 bn due to debt repayment Corresponding decline in gross debt Net debt at 2.86 bn. reflecting positive FCF Equity increase in line with Group result Gearing below 100% Outlook 2014: Target Capex FRA: ~ 300 mil. Subject to LH strike, solid positive FCF expected 1) Net debt divided by Equity less noncontrolling interests and profit earmarked for distribution

12 Slide 12 Cash Flow Q Break down of Capex mil. Operating cash flow Intangible assets PPE Airport operating projects Investment property Free cash flow Cash Flow Q Cash Flow Q Steady increase in OCF Capex for PPE in 2013 still included cash out for Pier APlus of ~20m and ~15m for T3 aprons Decline in capex for airport operating projects reflects lower spend for Varna & Burgas Investment property mainly refers to CASA Due to roundings differences can occur, when summing up to free cash flow

13 Slide 13 Segment Aviation Growing Operations mil Q1 14 Q1 13 % Revenue Airport charges Security serv. Other EBITDA EBIT 2 9 Employees 6,187 6, Comments Revenue increase due to +2% FRA traffic and increase in aviation charges as of Jan. 1, 2014 Security revenue in line with traffic Less cost from winter leads to strong increase in EBITDA EBIT positive 20% 10% 0% EBITDA margin +5.5PP 10.5% 16.0% EBIT margin +0.8PP % 0.8% Q Q Q Q Other 5.2% Security services 13.2% Security charges 4.4% Parking charges 6.0% Landing charges 7.3% Noise charges 11.2% Revenue split Q % Passenger charges Percent change based on unrounded figures

14 Slide 14 Segment Retail & Real Estate Flat Q1 Performance mil Q1 14 Q1 13 % Revenue Retail Real Estate Parking Other EBITDA EBIT Employees Comments Flat revenue due to weak retail performance and some higher parking revenue Real Estate down due lower need for utilities from mild winter Correlating positive effect on costs Hence, EBITDA and EBIT up 90% 60% 30% 0% EBITDA margin +2.7PP 74.7% 77.4% EBIT margin +2.1PP 56.0% 58.1% Q Q Q Q Revenue split Q Other 0.9% Parking 16.8% Real Estate 42.8% 39.4% Retail Percent change based on unrounded figures

15 Slide 15 Segment Retail & Real Estate Retail per Passenger 1.3% down due to less Shopping Retail revenue per Passenger Q1 2012: 3.40 Q1 2013: 3.74 Q1 2014: Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 mil. Shopping Services Advertis

16 Slide 16 Segment Ground Handling QoQ increase, EBITDA & EBIT seasonally negative mil Q1 14 Q1 13 % Revenue Ground Handl. Infrastructure EBITDA 3 6 EBIT Employees 9,250 9, Comments Growing revenue due to infrastructure services helped by price effects Despite wage increase EBITDA up, reason: optimized staff mix EBIT in low season + 3m, but still negative 10% EBITDA margin PP EBIT margin PP Revenue split Q % Central Infrastructure 41.7% Ground Handling 0% % % % % Q Q Q Q % Percent change based on unrounded figures

17 Slide 17 Segment External Activities & Services Solid Operations, diluted by PY oneoff mil Q1 14 Q1 13 % Revenue excl. IFRIC EBITDA EBIT Employees 4,176 4, Comments Ongoing growth in Lima Varna & Burgas with marginal growth during offseason Extra gain in PY leads to decline in Q1 EBITDA Higher D&A from Terminal inaugurations in Varna & Burgas 40% 20% 0% EBITDA margin +2.3PP 30.5% 32.8% 15.8% EBIT margin 3PP 12.8% Q Q Q Q Revenue split Q Other 32.4% Lima 65.2% Twin Star 2.4% Percent change based on unrounded figures

18 Slide 18 External Activities Lima Airport 1 mil Q1 14 Q1 13 % Revenue Airport charges Retail excl. IFRIC EBITDA Margin Underlying margin % 38.4% % 36.0% 9.1 EBIT Margin Underlying margin % 30.9% % 28.6% 10.8 Employees ) Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures

19 Slide 19 External Activities Twin Star Varna & Burgas Airport mil Q1 14 Q1 13 % Revenue Airport charges Retail excl. IFRIC EBITDA Margin Underlying margin 2 2 EBIT Margin Underlying margin 5 4 Employees Percent change based on unrounded figures

20 Slide 20 External Activities Antalya Airport Figures before Consolidation mil Q1 14 Q1 13 % Revenue Airport charges Retail EBITDA Margin % % 11.0 EBIT Margin EBT 5 4 Result Percent change based on unrounded figures

21 Slide 21 Agenda Traffic Insight Financials Q Outlook 2014

22 Slide 22 Outlook 2014 Unchanged Outlook! FY2013 (restated) Outlook 2014 Passengers FRA 58 million Growth between 2% and 3% Revenue bn Revenue growth up to ~ 2.45 bn. EBITDA mil Between ~ 780 and ~ 800 mil. EBIT mil Growth up to ~ 500 mil. Group Result* mil Slightly above 2013 level Dividend proposal** 1.25 per share At least stable *Group Result before minorities ** Dividend proposal for FY 2013 subject to approval of AGM 2014

23 Thank you for your Attention!

24 Slide 24 Group P&L Q mil. Q1 14 Q1 13 Change % Change Revenue Change in workinprocess Other internal work capitalized Other operating income Total revenue Cost of materials Personnel expenses Other operating expenses EBITDA D&A EBIT Interest income Interest expenses Result from at equity consol. companies Other financial result Financial result EBT Taxes on Income Group result Minority result Fraport shareholders result

25 Slide 25 Group Cash Flow Statement Q mil. Q1 14 Q1 13 Profit attributable to Fraport shareholders Profit attributable to noncontrolling interests Adjustments for Taxes on income Depreciation and amortization Interest result Disposal of noncurrent assets Others Fair value changes in at equity comp Changes in inventories Changes in receivables and financial assets 48, Changes in liabilities 11, Changes in provisions 7,7 4.7 Operating activities 101, Financial activities Interest paid Interest received Taxes on income paid CF from operating activities Investments in airport operating projects Capex for other intangible assets Capital Analyst expenditure Presentation for Q1 ppe mil. Q1 14 Q1 13 Investment property Dividends from at equity companies Proceeds from disposal of noncurrent assets CF used in investing activities w/o investments in cash deposits and sec. Financial investments in securities and promissory note loans Proceeds from disposal of securities and promissory note loans Decrease of time deposits with a duration of more than 3 months CF used in investing activities Dividends paid to Fraport shareholders Dividends paid to noncontrolling interests Capital increase Cash inflow from longterm financial debt Repayment of longterm financial liabilities Changes in shortterm financial liabilities CF used in/from financing activities Change in restricted cash Change in cash and cash equivalents F/X effects on cash and cash equivalents Cash and cash equivalents as at Mar

26 Slide 26 Group Financial Position Q Assets in mil. Q1E,14 YE,13 Goodwill Investments in airport operating projects Other intangible assets Property, plant and equipment 5, Investment property Investments in at equity companies Other financial assets Other receivables and financial assets Income tax receivables Deferred tax assets Total non current assets 7, ,704.8 Inventories Trade accounts receivable Other receivables and financial assets Income tax receivables Cash and cash equivalents Current assets 1, ,131.0 Total assets 8, ,835.8 Liabilities & equity in mil. Q1E,14 YE,13 Issued capital Capital reserve Revenue reserve 1, ,558.7 Equity attr. to Fraport shareholders 3, ,071.0 Noncontrolling interests Shareholders equity 3, ,116.7 Financial liabilities 3, ,948.1 Trade accounts payable Other liabilities Deferred tax liabilities Provisions for pensions and similar oblig Provisions for income taxes Other provisions Noncurrent liabilities 4, ,903.5 Financial liabilities Trade accounts payable Other liabilities Provisions for income taxes Other provisions Current liabilities Total liabilities & equity 8, ,835.8

27 Slide 27 Special & Extraordinary Effects Q mil. Q1 14 Q1 13 Group level Financial result: Market valuation of derivatives & F/X fluctuations 3.1 mil mil. Segment level

28 Slide 28 Financial Position Maturity Profile & Cash Position as of March 31, 2014 mil. 4,000 3,500 4,198 Fraport debt conditions on average ~ 3.7 % interest rate ~ 5.5 years maturity 3,000 2,500 2,000 1,500 1, ,341 Liquidity as of March 31, 2014 Financial Liabilities 1,

29 Slide 29 Restated FY 2013 IFRS 11 Accounting Change as of Jan. 1, 2014 Group Figures FY 2013 Restated Figures FY ,561 2, Revenue EBITDA EBIT EBT Group result Revenue EBITDA EBIT EBT Group result External Activities & Services FY 2013 Restated Figures FY Revenue EBITDA EBIT Revenue EBITDA EBIT

30 Slide 30 Restated FY 2013 IFRS 11 Accounting Change as of Jan. 1, 2014 Figure FY 2013 Restated FY 2013 Change Operating cash flow 575 mil. 454 mil. 121 mil. Free cash flow 73 mil. 17 mil. 56 mil. Total assets 9,523 mil. 8,836 mil. 687 mil. Shareholders equity 3,099 mil. 3,117 mil mil. Net debt 2,975 mil. 2,871 mil. 104 mil. Gearing ratio 101% 97% 4PP

31 Investor Relations Team Contact Details Fraport AG Frankfurt Airport Services Worldwide Frankfurt am Main Stefan J. Rüter Head of Finance & Investor Relations Svenja Ebeling Investor Relations Assistant Marc Poeschmann Manager Investor Relations Florian Fuchs Manager Investor Relations & Financial Reporting Tanja Nagel Manager Investor Relations & Financial Reporting