group interim report 9m2014 / 9m2014 konzern-zwischenbericht
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Analyst Presentation 9M 2014 November 6, 2014 Dr Stefan Schulte, CEO Dr Matthias Zieschang, CFO
Slide 2
Analyst Presentation 9M 2014
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.
Disclaimer
Slide 3
Analyst Presentation 9M 2014
Agenda
Financial Highlights
Update on Acquisitions
Traffic Insight
Terminal 3
Outlook 2014
Financials 9M 2014
Slide 4
Analyst Presentation 9M 2014
Financial Highlights Figures Fraport Group 9M 2014
Revenue
EBITDA
Group result*
Free Cash Flow
1,797
621
220
204
1,801
584
216
41
-0.2%
+6.4%
+1.7%
>100%
• Revenue decrease by 0.2%, adjusted by IFRIC12: +2.3% • Group-EBITDA +6.4% reasons: Aviation, GH and External business • Retail business remains under pressure • EBIT up due to almost stable depreciation and growing top line • Group result only slight improvement of 1.7% • Strong performance of Free Cash Flow
9M 2014 9M 2013 yoy
€ mil
€ mil
€ mil
€ mil
EBIT 396 367 +7.8% € mil
-excl. IFRIC 12 +2.3% 1,749 1,789
Slide 5
Analyst Presentation 9M 2014
Agenda
Financial Highlights
Update on Acquisitions
Traffic Insight
Terminal 3
Outlook 2014
Financials 9M 2014
Slide 6
Analyst Presentation 9M 2014
Update on Acquisitions Greece, Ljubljana & AIRMALL
Greek Airports
Ljubljana Airport
AIRMALL USA
− Airport privatization of regional airports in clusters
− Fraport bid together with Coupelouzos
− 3 bidders in particular announced by Hellenic Public Development Fund
− Decision is expected within November
− No further details
− Successful bid in August 2014
− Closing in October 2014
− Remaining shares takeover in process
− No further financial details during takeover process
− Acquired in August 2014
− Retail Master Concessions in USA
− Financials 9M 2014: Revenue:
€8.4 mil. EBITDA €1.9 mil. EBIT €0.8 mil.
Consolidation starting
August 2014
Consolidation starting
October 2014
Closing not before end of
2015
Slide 7
Analyst Presentation 9M 2014
Agenda
Financial Highlights
Update on Acquisitions
Traffic Insight
Terminal 3
Outlook 2014
Financials 9M 2014
Slide 8
Analyst Presentation 9M 2014
Traffic Insight Frankfurt Airport
Passengers*
Movements
MTOW
Cargo**
58,037
472,692
28,416
2,095
September 2014 YTD 2014
45,635
357,016
21,878
1,575
5,878
42,452
2,617
176
+5.9
-0,2
+2.5
-0.1
+3.2
-0.1
+2.2
+2.1
∆ % ∆ %
in `000
in `000 tons
60%
65%
70%
75%
80%
85%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Seat load factor
2014 2013
FY 2013
in `000 tons
Passenger per movement
135 140 145 150 155
Passenger guidance FY2014: 2-3% upside
+5.6%
Sep 2014
Sep 2013
* Source ACI, commercial traffic only ** Freight & Mail
Slide 9
Analyst Presentation 9M 2014
Traffic Insight Frankfurt Airport Traffic Shares 9M2014
Frankfurt Airport North America
14%
+2% ∆
Latin America
3%
-4% ∆
Africa
4%
-6% ∆
Middle East
5%
+3% ∆
Far East
11%
-1% ∆
Western Europe
43%
+6% ∆
Domestic
11%
+3% ∆
Eastern Europe
9%
+7% ∆
Continental
63%
+6% ∆
Intercontinental
37%
-1% ∆ Traffic Share
∆ Delta absolute vs. previous year in %
Traffic Insight FRA Passenger Growth in Airport Context*
Analyst Presentation 9M 2014 *Source ADV and www
3.2
2.9 2.5
1.5
0
1
2
3
4
FRA AMS CDG LHR
− FRA does well in European context despite strikes
− AMS about the same
− CDG also facing strong strike impact
− Heathrow falling behind
− FRA ahead of German average growth
− MUC weaker than FRA in 2014
− DUS in line with FRA
Growth rates passengers 9M2014 in %
Slide 10
3.2
2.9 2.4
3.3
0
1
2
3
4
GER FRA MUC DUS
Slide 11
Analyst Presentation 9M 2014
IATA Code
Airport
Share
Sept 2014
∆ previous
year
YTD 2014
∆ previous
year
FY
2013
CAGR 2010-2013
FRA Frankfurt, Germany 100% 5,878 +5.9% 45,635 +3.2% 58,037 +3.1%
LIM Lima, Peru 70% 1,342 +7.2% 11,594 +4.9% 14,913 +13.2%
BOJ Burgas, Bulgaria 60% 331 -6.8% 2,477 +1.8% 2,480 +9.4%
VAR Varna, Bulgaria 60% 184 -1.1% 1,287 +4.8% 1,319 +2.4%
AYT Antalya, Turkey 51% 3,660 -2.6% 23,387 +5.9% 26,716 +6.5%
LED St. Petersburg, Russia 35.5% 1,405 +9.9% 11,280 +12.2% 12,854 +15.0%
HAJ Hanover, Germany 30% 587 +4.8% 4,017 -0.2% 5,235 +1.1%
XIY Xi‘an, China 24.5% 2,581 +11.2% 21,840 10.4% 26,046 +13.1%
Traffic Insight Group Traffic Figures (above 10% stake)
Traffic Insight Antalya with good Traffic in 2014, but Russia weakening
Analyst Presentation 9M 2014
Slide 12
18.3
20.7 20.7 22.1 23.4
10
12
14
16
18
20
22
24
26
2010 2011 2012 2013 2014
Passengers 9M in mil
CAGR 2010-2014
6.3%
33%
25%
30%
Russia
Germany
UK
Sweden
Ukraine
Belgium
Other
− Very good traffic development in Antalya, both in 2014 and in recent years
− Russian share with +13% upside in 9M2014, Germany only +3%
− Russia weakening since September 2014 (-8% in Sep 14 vs.13)
− Outlook 2015: growth in Russian traffic challenging
Influence of Russian Traffic
2-4% each
Share of international passengers 9M2014
Traffic Insight Winter Flight Schedule 2014 / 2015
Analyst Presentation 9M 2014
Slide 13
Plus 2.2% seat offering upside - Intercont stronger with +3% LUFTHANSA movements decreasing due to SCORE program LUFTHANSA seat offering still increasing due to aircraft size Other airlines with increase in movements and seats
(e.g. Air China upgrading to B747-8 from B777, Air Europe with larger aircraft, Qatar with A350 in 2015)
New Airlines from summer schedule continuing (like China Southern)
Slide 14
Analyst Presentation 9M 2014
Agenda
Financial Highlights
Update on Acquisitions
Traffic Insight
Terminal 3
Outlook 2014
Financials 9M 2014
> 60
> 65
> 70
> 75
> 80
58
> 60 > 65
> 70
> 75
> 80
45.0
50.0
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Terminal 3 Traffic Forecast of Passengers FRA until 2030
Slide 15
Analyst Presentation 9M 2014
64 mil. Passengers per year (dedicated capacity)
68 mil. Passengers per year (temporary overload)
Capacity T1+T2
Hall C und CD-Pier (2007)
Pier A-Plus (2012)
Year
Passengers per year in mil.
Forecast MKmetric
Forecast Intraplan
Capacity restriction
Terminal 3 Facts
Slide 16
Analyst Presentation 9M 2014
− Terminal capacities restricted from 2016/18 depending on traffic-growth, critical at the latest from 2021
− 68 million passengers possible in a temporary overload situation
− Given the restricted space in the northern airport area no construction alternatives possible on time and on budget
− Terminal 3 construction starts in 2015
− Additional dedicated capacity of 14 million to launch in winter schedule 2021
− Capex budget € 2.5 to 3.0 bn. in total − Capex peak around 2020 expected,
capex ongoing beyond inauguration − Detailed capex profile to be published
in our FY 2014 publication
Terminal 3 Impressions
Slide 17
Analyst Presentation 9M 2014
14 million capacity – 2 piers – 35 gates
Slide 18
Analyst Presentation 9M 2014
Agenda
Financial Highlights
Update on Acquisitions
Traffic Insight
Terminal 3
Outlook 2014
Financials 9M 2014
Slide 19
Outlook 2014 Outlook Confirmed!
FY2013 (restated) Outlook 2014
Passengers FRA 58 mil. Growth between 2% and 3%
Revenue €2.378 bn. Revenue growth up to ~€2.45 bn.
EBITDA €733.3 mil. Between ~€780 and ~€800 mil.
EBIT €439.0 mil. Growth up to ~€500 mil.
Group Result* €235.7 mil. Slightly above 2013 level
Dividend proposal €1.25 per share At least stable
Analyst Presentation 9M 2014 *Group Result before minorities
Slide 20
Analyst Presentation 9M 2014
Agenda
Financial Highlights
Update on Acquisitions
Traffic Insight
Terminal 3
Outlook 2014
Financials 9M 2014
Group P&L 9M 2014
Traffic Growth translated in Financials
Slide 21
€ mil. 9M 14 9M 13 %
Revenue -excl. IFRIC 12
1,797 1,789
1,801 1,749
-0.2 2.3
EBITDA 621 584 6.4 EBIT 396 367 7.8 EBT 325 307 5.7 Group result 220 216 1.7 EPS in € 2.22 2.19 1.4
34.6% 32.4% 22.0% 20.4%
0%
25%
50%
EBITDA margin +2.2PP
•Top-line affected by less IFRIC 12 income, w/o EBITDA effect
•Underlying revenue up due to traffic performance
•Positive effects also from FRA pricing
•Lower opex a.o. from mild winter
•Solid increase in EBITDA and margin
•Negative financial result from market valuation of derivatives
•Group result and EPS up
Comments
9M 2014 9M 2013 9M 2014 9M 2013
EBIT margin +1.6PP
Analyst Presentation 9M 2014 Percent change based on unrounded figures
Group P&L 9M 2014
Good EBITDA Performance
Slide 22
EBITDA 9M 2013
Other revenue
Organic cost of materials
Personnel expenses
EBITDA 9M 2014
Organic revenue
Other opex
584 +20 -26
621 € mil.
+€37 mil.
-44
+44
IFRIC 12 revenue
IFRIC 12 cost of
materials
+40 +2 +2
30.8%
45.3%
4.5%
19.4% Aviation
Retail & Real Estate
External Activities & Services
Segment share in Group EBITDA 9M 2013
31.8%
42.5%
5.7%
20.0% Aviation
Retail & Real Estate
External Activities & Services
Segment share in Group EBITDA 9M 2014
Ground Handling
Ground Handling
Analyst Presentation 9M 2014 Due to roundings differences can occur, when summing up to Group EBITDA.
• Less interest income due to lower rates • Interest expenses flat on PY • At equity result key drivers:
• Good Antalya performance • No impact from negative Pulkovo result in
Fraport P&L as book value is 0 • Other result down due to market valuation of
derivatives
Group P&L 9M 2014
Group result up, despite Taxes & Financial result
Slide 23
Group result 9M 2013
EBITDA D&A Financial result
Taxes Group result 9M 2014
216 +37
-11 220 -9
-14
€ mil. +€4 mil.
€2.22 €2.19
EPS 9M 2013
EPS 9M 2014
+€0.03
€ mil 9M 14 9M 13 %
Interest income 27 34 -20.1
Interest expenses -135 -136 -0.7
At equity result 45 34 33.2
Other result -8 8 -
Financial result -71 -60 -
Split of financial result Comments
Analyst Presentation 9M 2014 Due to roundings differences can occur, when summing up to Group result.
Slide 24
41 204
1,368 1,170
4,239 3,998
2,871 2,828 3,117 3,255 97% 89%
Group Asset & Financial Situation FCF enough to cover DVD and Q3 M&A payments
Sept 30, 2014 Dec. 31, 2013
€ mil.
2 Liquidity Gross debt Net debt Equity Gearing
•Sound FCF enough to cover DVD payout, Airmall acquisiton and initial LJU payment •Main FCF driver: less capex •DVD inflow not included in FCF
•Net debt decline = result of FCF, M&A, and DVDs •Equity at €3.26 bn. •Gearing ratio below 90%
•Liquidity down to €1.17 bn, reason: debt repayments •Corresponding decline in gross debt
Outlook 2014: •FRA capex: below €300 mil. •Net debt growing slightly up to ~€3bn.
Analyst Presentation 9M 2014 1) FCF pre-dividends; grey column = 9M 2013 2) Net debt divided by equity less non-controlling interests and profit earmarked for distribution
FCF1
Slide 25
Group Cash Flow Statement Capex Split
€ mil.
PPE Investment property
Free cash flow
Operating cash flow
Intangible assets
Airport operating projects
Cash Flow 9M 2014
Cash Flow 9M 2013
409
204
0
100
200
300
400 371
-4
-261 -43
41 -22
-4
-186 -8 -7
•Decline in capex for airport operating projects due to lower spend for Varna & Burgas
• Investment property mainly refers to CASA
Analyst Presentation 9M 2014
•OCF improvement reflects positive operational performance
•Less capex for PPE despite ongoing preparation for Terminal 3
Due to roundings differences can occur, when summing up to free cash flow
Segment Aviation Growing Operations
Slide 26
€ mil. 9M 14 9M 13 %
Revenue Airport charges Security serv. Other
673 558
83 33
642 530
75 37
4.9 5.3
10.8 -12.6
EBITDA 198 180 9.9 EBIT 110 94 17.3 Employees 6,070 6,239 -2.7
29.4% 28.0%
16.3% 14.6%
0%
20%
40%
EBITDA margin +1.4PP
9M 2014 9M 2013 9M 2014 9M 2013
EBIT margin +1.7PP
•Revenue increase due to FRA traffic & higher aviation charges as of Jan. 1, 2014
•Security rev. helped by price effects
•Tailwind in EBITDA from less costs for winter services & energy supply
•Strong EBIT increase
Comments
55.3%
16.5%
5.0% 4.6%
1.4% 12.3%
4.9%
Passenger charges
Security services Other
Revenue split 9M 2014
Landing ch.
Parking ch.
Security ch.
Analyst Presentation 9M 2014 Percent change based on unrounded figures
Emission ch.
Segment Retail & Real Estate
Poor Retail Sales dampened 9M Results
Slide 27
€ mil. 9M 14 9M 13 %
Revenue
Retail Real Estate Parking Other
335 141 133
58 3
347 145 134
57 11
-3.3 -2.7 -0.7 1.8
-72.6
EBITDA 264 265 -0.2 EBIT 202 204 -0.7 Employees 615 599 2.7
78.9% 76.3% 60.3% 58.7%
0%
30%
60%
90%
EBITDA margin +2.6PP
EBIT margin +1.6PP
•Dowturn in revenue due to weak performance in retail and other revenue
•Real Estate down due to lower need for utilities from mild winter
•Offsetting effects on cost side
•EBITDA and EBIT down on PY
Comments
39.8%
42.1%
17.2%
0.9%
Retail
Real Estate
Other
Revenue split 9M 2014
Parking
Analyst Presentation 9M 2014 Percent change based on unrounded figures
9M 2014 9M 2013 9M 2014 9M 2013
Segment Retail & Real Estate
Less Intercont Traffic & strong EUR show Effects
Slide 28
25 29 30 31
11 12 13 13
6 6 6 10
3.40 3.10 2.95
3.95 3.74 3.42 3.24
4.11 3.69
3.22 3.04
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Retail revenue per Passenger
9M 2012: €3.12 9M 2013: €3.44 9M 2014: €3.27
27 31 33 33
11 13 14 13
6 8 9 11
26 29 32 33
12 14 14 13
7 7 8 11
€ mil.
Shopping
Services
Advertis.
Analyst Presentation 9M 2014
Segment Ground Handling Operational Increase, EBIT positive
Slide 29
€ mil. 9M 14 9M 13 %
Revenue Ground Handl. Infrastructure
496 287 209
490 289 201
1.3 -0.8 4.2
EBITDA 35 26 33.3
EBIT 7 -3 >100
Employees 8,954 8,962 -0.1
7.1% 5.4%
1.5% -%
0%
5%
10%
EBITDA margin +1.7PP
EBIT margin +1.5PP
•Growing revenue due to infrastructure services helped by price effects
•Despite wage increase EBITDA up, reason: optimized staff mix
•EBIT increased into positive
Comments
57.8%
42.2% Ground Handling
Revenue split 9M 2014
Central Infrastructure
Analyst Presentation 9M 2014 Percent change based on unrounded figures
9M 2014 9M 2013 9M 2014 9M 2013
Segment External Activities & Services Sound underlying Operations lift up EBITDA
Slide 30
€ mil. 9M 14 9M 13 %
Revenue -excl. IFRIC 12
293 285
323 271
-9.3 5.3
EBITDA 124 113 10.0
EBIT 77 73 6.1
Employees 4,687 4,848 -3.3
42.5% 35.0%
26.3% 22.5%
0%
25%
50%
EBITDA margin +7.5PP
EBIT margin +3.8PP
•Ongoing growth in Lima
•Good summer season in Varna & Burgas
•Airmall consolidated as of Aug. 1
•Higher D&A from Terminal inaugurations in Varna & Burgas
Comments
53.1%
18.8%
2.9%
25.2%
Lima
Revenue split 9M 2014
Others
Twin Star
Analyst Presentation 9M 2014 Percent change based on unrounded figures
9M 2014 9M 2013 9M 2014 9M 2013
Airmall
External Activities
Lima Airport*
Slide 31
€ mil. 9M 14 9M 13 %
Revenue Airport charges Retail -excl. IFRIC 12
156 82 25
149
155 81 25
145
0.6 1.2 1.9 3.0
EBITDA Margin Underlying margin
57 36.5% 38.1%
54 34.9% 37.2%
5.4 - -
EBIT Margin Underlying margin
46 29.5% 30.8%
44 28.3% 30.2%
5.0 - -
Net result 22 19 18.6
Analyst Presentation 9M 2014 * Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures
External Activities
Twin Star – Varna & Burgas Airport
Slide 32
€ mil. 9M 14 9M 13 %
Revenue Airport charges Retail -excl. IFRIC 12
55 32
8 54
89 29
5 47
-38.3 11.4 75.5 14.2
EBITDA Margin Underlying margin
35 64.0% 65.4%
30 33.7% 63.9%
16.9 - -
EBIT Margin Underlying margin
27 48.5% 49.6%
25 27.5% 52.0%
9.0 - -
Net result 19 19 2.7
Analyst Presentation 9M 2014 Percent change based on unrounded figures
Slide 33
€ mil. 9M 14 9M 13 %
Revenue Airport charges Retail
272 155 106
264 147 105
3.3 5.0 1.1
EBITDA Margin
241 88.4%
231 87.7%
4.2 -
EBIT Margin
167 61.2%
157 59.7%
6.0 -
Net result 85 70 22.3
External Activities
Antalya Airport – Figures before Consolidation
Analyst Presentation 9M 2014 Percent change based on unrounded figures
Financial Position Maturity Profile & Cash Position
Slide 34
€ mil.
Analyst Presentation 9M 2014
New debt conditions on average:
~ 3.6 % interest rate
~ 5.4 years maturity
Early redemption of
€ 150 mil.
Maturity of new Prom. Note Loan
of € 350 mil.
Thank you for your Attention! www.meet-ir.com
Investor Relations Team Contact Details
Fraport AG Frankfurt Airport Services Worldwide 60547 Frankfurt am Main www.meet-ir.com +49 69 690 – 74842
Stefan J. Rüter Head of Finance & Investor Relations
+49 69 690-74840 s.rueter@fraport.de
Svenja Ebeling Investor Relations Assistant +49 69 690-74842
s.ebeling@fraport.de
Marc Poeschmann Manager Investor Relations
+49 69 690-74845 m.poeschmann@fraport.de
Florian Fuchs Manager Investor Relations & Financial Reporting
+49 69 690-74844 f.fuchs@fraport.de
Tanja Nagel Manager Investor Relations & Financial Reporting
+49 69 690-74846 t.nagel@fraport.de
investor.relations@fraport.de
Analyst Presentation 9M 2014
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