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Preliminary Figures FY 2009

Analyst Presentation 6M 2012 Frankfurt – August 8, 2012 Dr Matthias Zieschang, CFO


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 forward-looking 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 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 forwardlooking 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.


Slide 3

Agenda 

Business Development

Traffic Insight

Financials

Outlook 2012

Fraport Analyst Presentation 6M 2012


Slide 4

Business Development FRA: Pre-Opening of Travel Value in Pier A+  

Pre-Opening of ~2,000 sqm Travel Value Shop on July 3, 2012 Additional security and additional border controls also in place Remaining parts of Pier will be opened on October 10

What has to be done until the final inauguration?  Test run of technical facilities  Test of operative processes/ passenger flows  Customizing of shops  Preparation of lounge spaces  Finalization of premium car parking lots Fraport Analyst Presentation 6M 2012


Slide 5

Business Development FRA: Overview on Noise Abatement Measures 1/2 1) Fraport CASA program 

    

Voluntary program for the acquisition and compensation of properties with very high noise levels in certain impacted areas in the city of Flörsheim ~1,000 households can apply for “CASA” until end of 2014 Expected cash outflow: ~€100 mil., P&L effect provisioned 20-30% of property price depreciated on subsidiary level impact will be compensated by already existing provisions As of June 30, 2012: 317 purchasing requests & 103 requests for compensation payments Intention to rent out all purchased houses

Fraport Analyst Presentation 6M 2012


Slide 6

Business Development FRA: Overview on Noise Abatement Measures 2/2 2) Regional Noise Fund Voluntary contribution of maximum €20 mil. to a regional fund within next ~3 years (provision booked in Aviation in Q2/2012) 3) Mandatory passive noise abatement program  

New Passive Noise Charge will be fully paid by the airlines Security Charges Charges Charge complies with amended Aircraft Noise Act, and will be used A/C Parking 39 Charges 40 to fulfill demand for passive noise abatement measures Landing / Aviation Passenger 1 143 Take-off 413 Charges Charge will expire, as soon as, all Charges Charges in € mil. passive noise abatement measures are covered (total range ~€150 mil.) 1

Fraport Analyst Presentation 6M 2012

Full year figures 2011


Slide 7

Agenda 

Business Development

Traffic Insight

Financials

Outlook 2012

Fraport Analyst Presentation 6M 2012


Slide 8

Traffic Insight Traffic Figures Majorities in ‘000

Fraport Share

Frankfurt

100%

∆ in %

Lima

70.01% ∆ in %

Antalya

51% ∆ in %

Varna

60% ∆ in %

Burgas

60% ∆ in %

Group ∆ in %

Fraport Analyst Presentation 6M 2012

FY 2011

YTD 2012

June 2012

56,436

27,422

5,365

6.5

3.4

5.4

11,796

6,323

1,053

14.7

12.2

13.3

24,964

9,495

3,277

12.7

-3.9

-2.3

1,182

332

228

-3.7

-12.8

9.0

2,253

599

434

19.0

12.2

11.1

96,631

44,170

10,357

9.1

2.8

3.9


Slide 9

Traffic Insight Cargo still competing with high PY Basis Cargo in m. t. 220.000

200.000

180.000

160.000

140.000 2012

2011

2010

2009

120.000

100.000 Jan

Feb

Mar

Fraport Analyst Presentation 6M 2012

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


Slide 10

Agenda 

Business Development

Traffic Insight

Financials

Outlook 2012

Fraport Analyst Presentation 6M 2012


Slide 11

Group P&L Revenue, EBITDA and D&A up, Financial Result down! € mil.

6M 12

6M 11

%

1,153.6

1,125.6

+2.5

EBITDA

365.7

358.4

+2.0

EBIT

207.0

211.6

-2.2

EBT

124.7

151.8

-17.9

Net profit

86.9

105.2

-17.4

EPS in €

0.92

1.13

-18.6

20,666

20,286

+1.9

Revenue

Employees 6M 2010/2011

1.015

1.126

6M 2012

1.154

305

358

366 52

Revenue

EBITDA

Fraport Analyst Presentation 6M 2012

105

87

Net profit

FRA: Volume & Price drive earnings Diluting effects from less property sales External Activities: Lima driving force D&A up due to new runway Net profit down due to negative EBIT and financial result development


Slide 12

Group P&L Revenue & EBITDA Break-Down 1.200 Revenue 1.150

+29.9

-4.2

-8.2

1,125.6

-1.5

+17.9

+2.0

-7.9

1,153.6

1.100 1.050 1.000

€ mil.

6M 2011

Aviation

358.4

+2.8

Retail & Ground Antalya Real Estate Handling

Lima1 Twin Star2

Others

6M 2012

-2.2

365.7

400 EBITDA 375

+0.7

+0.9

-1.2

+6.8

-0.5

350 325 300

Fraport Analyst Presentation 6M 2012

1) Figures

according to IFRS accounting. Figures include +€ 1.9 mil. revenue/costs from IFRIC12 (service construction). Adjusted revenue: +€16.0 mil. 2) Including +€ 2.2 mil. revenue/costs from IFRIC12 (service construction). Adjusted revenue: -€ 0.2 mil.


Slide 13

Group Financial Result Less capitalized Interest Expenses & Interest Income € mil.

Financial result Adjust6M 2011 ment

Financial result Interest adjusted income

Result from associated companies

Interest expenses

Other financial result

Financial result 6M 2012

0 -10 -20 -30 -40 -50 -1.7 -60

-58.1

-59.8

-4.8

-70

-1.3 +7.7

-80 -20.1

-90

-2.7

-82.3 -3.0

-100 Derivatives & Currency

Less Assets + AG & Subsidiaries Interest rate effects

Fraport Analyst Presentation 6M 2012

Less capitalized interest1

1) Capitalized

Derivatives / Others & Currency

interests acc. to IAS 23: 2011: q1: €17.3 mil., q2: €18.4 mil., q3: €20.4 mil., q4: €7.2 mil. 2012: q1: €7.6 mil., q2: €8.0 mil.


Slide 14

Group Cash Flow Further Spending for Pier A+, FCF still negative â‚Ź mil. 250

Profit after Minorities

Cash Flow from operating Activities

158.7

Free Cash Flow

200.1

200

-45.5

-1.7

150 100

84.4

2.5

50 0 -50 -271.0

-100 -150

Depreciation & amortization

Spending for intangible assets

-65.9

-7.4

-145.9

-200 Profit attributable to non-controlling interests Fraport Analyst Presentation 6M 2012

Others

Spending for PPE

Spending for airport operator projects

Spending for investment property


Slide 15

Segment Aviation Volume & Price drive Revenue, One-off Burden in Opex € mil.

6M 12

6M 11

%

Revenue

393.7

363.8

+8.2

Staff costs

140.1

136.5

+2.6

77.9

75.1

+3.7

19.8%

20.6%

-0.8PP

25.4

29.1

-12.7

6,222

6,039

+3.0

EBITDA EBITDA margin EBIT Employees 6M 2010/2011

364

6M 2012

394

325

57

75

78 21

Revenue

EBITDA

Fraport Analyst Presentation 6M 2012

29

EBIT

25

Aviation charges and security services increase revenue Provision created for regional fund in an amount of €10.5 mil. Runway D&A led to downturn in EBIT FY EBIT expected below 2011 level


Slide 16

Segment Retail & Real Estate Positive Overall Development + One-off Sales € mil.

6M 12

6M 11

%

Revenue

227.3

231.5

-1.8

23.4

21.8

+7.3

165.1

164.4

+0.4

72.6%

71.0%

+1.6PP

129.8

132.5

-2.0

624

593

+5.2

Staff costs EBITDA EBITDA margin EBIT Employees 6M 2010/2011

232

6M 2012

227

186 145

164

165 112

Revenue

EBITDA

Fraport Analyst Presentation 6M 2012

133

EBIT

130

Positive Retail, Real Estate & Parking development Diluting effects from property sales on Mönchhof area (Rev. 6M12:~€16mil. vs. 6M11:~€26 mil. + EBITDA effect) EBITDA and margin slightly up EBIT slightly down


Slide 17

Segment Retail & Real Estate Ongoing Increase in Retail Revenue per Passenger! € mil.

Net retail revenue per passenger from 2010 on in €

6M 10 €3.02 3,07

+4.3%

2,97

3,36

6M 11 €3.15 3,32

2,74

3,54 3,02

6M 12 €3.23

+2.5%

3,40

2,87

3,10

Retail revenue per passenger +4.4%

Q1

Q2

Q3

Q4

Q1

Fraport Analyst Presentation 6M 2012

Q2

Q3

Q4

Q1

Q2

6M 12

6M 11

%

Real Estate

86.7

84.8

+2.2

Parking

36.9

36.3

+1.7

Others1

20.4

31.9

-36.1

Retail

83.3

78.5

+6.1

-Shopping

53.4

48.3

+10.6

-Services2

23.3

22.1

+5.4

-Advertising

11.9

13.3

-10.5

Retail per passenger +2.5% at €3.23 Duty free and fashion turnover still the key drivers for Retail / shopping performance Food & Beverage sales increase service revenue Less advertising revenue 1) 2012

includes property sales on Mönchhof site of ~€16 mil. / 2011 property sales of ~€26 mil. 2) Revenue according to old segment structure, differences due to IT services


Slide 18

Segment Ground Handling Less Revenue & EBIT, Cargo with negative Effect € mil.

6M 12

6M 11

%

Revenue

321.6

329.8

-2.5

Staff costs

203.9

202.1

+0.9

22.7

21.8

+4.1

7.1%

6.6%

+0.5PP

4.8

5.3

-9.4

8,881

8,853

+0.3

EBITDA EBITDA margin EBIT Employees 6M 2010/2011

319

330

6M 2012

322

14

Revenue

22

23 -3

EBITDA

Fraport Analyst Presentation 6M 2012

5

EBIT

5

Revenue down, due to less Cargo throughput and MTOW Release of partial retirement provision in other revenue of ~€10 mil. Hence, EBITDA and margin up GH impacted by strike in Q1/2012 FY EBITDA depending on Cargo & traffic


Slide 19

Segment External Activities & Services Main Driver for External Growth: Lima € mil.

6M 12

6M 11

%

Revenue

211.0

200.5

+5.2

Staff costs

108.7

102.5

+6.0

EBITDA

100.0

97.1

+3.0

47.4%

48.4%

-1.0PP

47.0

44.7

+5.1

4,939

4,801

+2.9

EBITDA margin EBIT Employees 6M 2010/2011

186

201

IFRIC 12 effect on revenue: +€4.1 mil., adjusted for IFRIC 12 revenue up: €6.4 mil. (+3.3%)

6M 2012

211

88

97

100 38

Revenue

EBITDA

Fraport Analyst Presentation 6M 2012

45

EBIT

47

Revenue ups: Lima & Burgas Revenue downs: Disposal of Fraport Austria & traffic in Antalya & Varna EBITDA & EBIT up, main driver: Lima


Slide 20

Majority Holdings in External Activities Antalya Figures before consolidation

mil.

6M 12

6M 11

%

9.5

9.9

-3.9

Revenue

105.7

108.8

-2.8

EBITDA

88.6

90.9

-2.5

83.8%

83.5%

+0.3PP

EBIT

40.0

42.6

-6.1

Employees

457

445

+2.7

Passengers1

EBITDA margin

6M 2010/2011

104

109

6M 2012

106 74

91

89 28

Revenue

EBITDA

Fraport Analyst Presentation 6M 2012

43

EBIT

40

Slight decrease in H1 passenger numbers Travelers returning to MENA region after crisis hit 2011 Revenue, EBITDA and EBIT y-o-y down Good Retail contribution ~60% of traffic to come in H2 1) Percent

change based on unrounded figures


Slide 21

Majority Holdings in External Activities AYT YTD traffic 4% below 2011 due to Arab spring 6M2012 vs 2011: -3.9% 6M2012 vs 2010: +11.5%

2010

Jan

Feb

Mar

Fraport Analyst Presentation 6M 2012

Apr

Mai

Jun

2011

Jul

2012

Aug Sep

Oct

Nov Dec


Slide 22

Majority Holdings in External Activities Lima1 mil.

6M 12

6M 11

%

6.3

5.6

+12.2

Revenue

89.0

71.1

+25.2

EBITDA

31.8

25.0

+27.2

35.7%

35.2%

+0.5PP

EBIT

25.5

19.8

+28.8

Employees

580

526

+10.3

Passengers2

EBITDA margin

6M 2010/2011

63

71

Strong performance on international and domestic routes in 1st Half The driver for External Activities revenue, EBITDA and EBIT

6M 2012

89 23

Revenue

25

EBITDA

32

17

20

EBIT

26

Additional positive US-$ effect IFRIC 12 effect on revenue: 6M 2012:+€4.4 mil./ 6M 2011:+€2.5 mil. 1)

Fraport Analyst Presentation 6M 2012

Figures refer to IFRS accounting, not local GAAP 2) Percent change based on unrounded figures


Slide 23

Majority Holdings in External Activities Varna & Burgas mil.

6M 12

6M 11

%

0.9

0.9

+1.8

Revenue

15.4

13.4

+14.9

EBITDA

4.3

4.8

-10.4

27.9%

35.8%

-7.9PP

EBIT

0.8

1.5

-46.7

Employees

973

964

+0.9

Passengers1

EBITDA margin

6M 2010/2011

11

13

6M 2012

15

Revenue

4

5

EBITDA

Fraport Analyst Presentation 6M 2012

4

1

2

EBIT

1

Good start to summer season IFRIC 12 effect on revenue: 6M 2012:+€3.6 mil./ 6M 2011:+€1.4 mil. Adjusted revenue performance: -€0.2.mil. EBITDA and EBIT down Main season still to come 1) Percent

change based on unrounded figures


Slide 24

Financial Position, Gearing & Outlook FCF negative, Net Debt and Leverage up! 6M 2012 6M 2010/2011

6M 2012 4.509 4.522 4.530

2.522 1.949

1.582

-222 -324 -146

FCF

Liquidity

2.948 2.573

2.470

Gross debt

2.720 2.792

82%

1.987

Net debt

1

Equity

Fraport Analyst Presentation 6M 2012

95%

106%

FCF at -€145.9 mil. Liquidity down at ~€1.6 bn., also due to dividend payout Gross debt at ~€4.5 bn. Net debt at ~€2.9 bn. Gearing ratio at 106% Outlook 2012 Capex forecast ~€700 mil. FCF still negative Gearing >100%

Gearing 1) Equity

less non-controlling interests and profit earmarked for distribution


Slide 25

Agenda 

Business Development

Traffic Insight

Financials

Outlook 2012

Fraport Analyst Presentation 6M 2012


Slide 26

Outlook 2012 Unchanged Outlook 2012 Passengers at FRA

• Less than plus 4%, mainly because of strike impact

Revenue

• More than € 2.5 bn.

EBITDA

• Increase minimum 5%

EBIT

• Above previous year

Net Profit

• About previous year’s level

Dividend

• € 1.25 per share*

Fraport Analyst Presentation 6M 2012

*Proposal to AGM


Thank you for your Attention!

www.meet-ir.com


Slide 28

- Appendix -

Fraport Analyst Presentation 6M 2012


Slide 29

Consolidated Income Statement 6M 2012

Fraport Analyst Presentation 6M 2012


Slide 30

Consolidated Statement of Cash Flows 6M 2012

Fraport Analyst Presentation 6M 2012


Slide 31

Consolidated Statement of Financial Position 6M 2012

Fraport Analyst Presentation 6M 2012


Slide 32

Financial Position Maturity Profile & Cash Position as of June 30, 2012 Source of funds

€ mil.

Placement of 3 Promissory Notes/ Schuldscheindarlehen 2010: € 35 mil. 10Y Bullet 2009: € 200 mil.  5Y Bullet, € 161 mil.  8Y Bullet, € 14 mil.  10Y Bullet, € 25 mil. 2008: € 720 mil.  7Y Bullet, € 463 mil.  9Y Bullet, € 257 mil.

980

Loans of Infrastructure Banks (EIB+WIBank), € 980 mil.    

800

Corporate Bond** 

150

4 tranches Final tranche drawn Dec. 23, 2009 Margins significantly below average of market Average maturity: ~ 8 years

10Y Bullet, Spread 180 BP

Private Placement** 

20 Y Bullet

Fraport Analyst Presentation 6M 2012

100% Secured!

955

€ 4,530.0 mil. Financial Debt as of June 30, 2012

980 950** € mil. Op. Cash Flow: € 3 bn.

Total Investment 2007 – 2015: ~€ 7 bn.

955

Debt of Subsidiaries: € 437.2 mil.*

*) most part: ~€ 17 mil. Fraport Immo ~€ 9 mil. GGG ~€ 131 mil. LAP ~€ 265 mil. AYT **) Proceeds partly used as cash reserve and repayment of short term loans (opt. CoC)


Slide 33

Financial Position Maturity Profile & Cash Position as of June 30, 2012 € mil.

Fraport debt conditions on average

5000 4,530.0

~

4 % interest rate

~

6 years maturity

4000 Loans of Infrastructure Banks (EIB+WIBank) of € 980 mil. Bond of € 800 mil. & Private Placement of € 150 mil. 3000 Promissory note “Schuldscheindarlehen” of € 200 mil. Promissory note “Schuldscheindarlehen” of € 720 mil. 2000

Other financial liabilities

1,581.7

Liquidity

1,209.3

1000 354.8 46.8

504.7

497.9

578.5 411.0

303.6

172.0

0 06 2012

06 2012

Fraport Analyst Presentation 6M 2012

2012

2013

2014

2015

2016

2017

2018

2019

2020 ++


Slide 34

Revenue Split 6M 2012 â‚Ź million Aviation Airport fees Security services Other revenue Retail & Real Estate Real estate Retail Parking Other revenue Ground Handling Ground handling services Infrastructure fees Other revenue External Activities & Services Antalya Twin Star Lima Others Group revenue

Fraport Analyst Presentation 6M 2012

6M 2011

6M 2012

Delta

296.8 45.4 21.6 363.8

322.5 47.9 23.3 393.7

8.7% 5.5% 7.9% 8.2%

84.8 78.5 36.3 31.9 231.5

86.7 83.3 36.9 20.4 227.3

2.2% 6.1% 1.7% -36.1% -1.8%

202.3 121.0 6.5 329.8

194.0 127.6 0.0 321.6

-4.1% 5.5% -100.0% -2.5%

54.4 13.4 71.7 61.0 200.5 1,125.6

52.9 15.4 89.0 53.7 211.0 1,153.6

-2.8% 14.9% 24.1% -12.0% 5.2% 2.5%


Slide 35

Special & Extraordinary Effects 6M 2012 6M 2012

6M 2011

Segment Aviation Creation of provision for regional fund, Q2/2012  EBITDA: ~€10.5 mil.

Segment Aviation One-off D&A on properties  D&A: €8.6 mil.

Segment Retail & Real Estate Property sale Mönchhof area  Revenue: ~€16 mil.

Segment Retail & Real Estate Property sale Mönchhof area  Revenue: ~€26 mil.

Segment Ground Handling Financial Result Release of provision for partial retirement, Q2/2012  Market valuation of derivatives & currency  EBITDA: €9.9 mil. fluctuations: -€1.7 mil. Segment External Activities & Services Disposal Fraport Austria  Revenue: €8.0 mil.  EBITDA: €0.7 mil.  EBIT: €0.4 mil. Financial Result  Market valuation of derivatives & currency fluctuations: -€3.0 mil.

Fraport Analyst Presentation 6M 2012


Slide 36

Group P&L 3rd quarter most important in Fraport P&L 800 700

28%

26% 21%

25%

665.4 617.0

580.2

600 508.6

Revenue

500 36%

400 29%

300 200

16%

287.9 19%

229.9

156.0

128.5

100 0 Q12011 Fraport Analyst Presentation 6M 2012

Q22011 AV

Q32011 RRE

GH

Q42011 EAS

EBITDA


Fraport Group Results H1 2012