Upload
dci-ag
View
229
Download
4
Embed Size (px)
DESCRIPTION
Â
Citation preview
Analyst Presentation – FY2013 Preliminary FiguresFraport Headquarters in Frankfurt │ March 7, 2014Fraport Headquarters in Frankfurt │ March 7, 2014Dr. Stefan Schulte, CEO & Dr. Matthias Zieschang, CFO
DisclaimerAnalyst Presentation FY 2013 preliminary2
This document has been prepared by Fraport solely for use in this presentation.
Disclaimer
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.Y
2013
y g y g
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.
Thi d t t i f d l ki t t t th t b d t ti t d ti d b th t f F t t
inar
y Fi
gure
s FY
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
Pre
lim
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.
AgendaAnalyst Presentation FY 2013 preliminary3
Financial Highlights
Agenda
g g Traffic Insight Business DevelopmentY
2013 p
Outlook 2014 Financials in Detailin
ary
Figu
res
FYP
relim
Financial HighlightsAnalyst Presentation FY 2013 preliminary4
Financial HighlightsFraport Group Figures FY2013 (P&L)
FY2013 FY2012** yoy***
Revenue 2,561 2,442 +4.9%€ mil.
Y 20
13
EBITDA 880 849 +3.7%
EBIT 528 496 +6.5%
G R lt* 236 252 6 3%
€ mil.
€ il
€ mil.
inar
y Fi
gure
s FY
Group Result* 236 252 -6.3%€ mil.
Traffic Figures up, small upside in FRA
Pre
lim
g p, pRevenue increase by 4.9% - adjusted by IFRIC12: 3.4%Group-EBITDA +3.7%Mainly due to Aviation / Retail / External ActivitiesMainly due to Aviation / Retail / External ActivitiesGroup Result decrease by 6.3% due to extraordinary performance
in asset management in 2012 and impact from Pulkovo * before minorities** 2012 figures adjusted for IAS 19
*** Percent change based on unrounded figures
Financial HighlightsAnalyst Presentation FY 2013 preliminary5
Financial HighlightsFraport Group Figures FY2013 (Cash Flow, Debt, Capex)
FY2013 FY2012** yoy***
Operating Cash Flow 575 553 +3.9%€ mil.
Y 20
13
Capex* 502 715 -29.8%
Free Cash Flow 73 -162 ---%
N t d bt 2 975 2 935 1 4%
€ mil.
€ il
€ mil.
inar
y Fi
gure
s FY
Net debt 2,975 2,935 +1.4%
Gearing 101.3% 104.9% -3.6PP
€ mil.
€ mil.
Pre
lim
OCF up due to good operating performance and less tax paymentsClear downward trend in Capex Free Cash Flow positive again after 7 years of heavy investment
* Capex as: Cash Flow used in PPE, airport operating projects, intangible assets and investment property
** 2012 figures adjusted for IAS 19 *** Percent change based on unrounded figures
Net debt slightly up – FCF could not yet compensate dividendGearing slightly down as equity increase outpaces net debt increase
AgendaAnalyst Presentation FY 2013 preliminary6
Financial Highlights
Agenda
g g Traffic Insight Business DevelopmentY
2013 p
Outlook 2014 Financials in Detailin
ary
Figu
res
FYP
relim
Traffic InsightAnalyst Presentation FY 2013 preliminary7
Preliminary FRATraffic Insight Frankfurt Airport
Preliminary FRA Traffic:
February 2014: +1.8%YTD 2014: +2.6%
Jan 2014 % FY2013 % FY2012
Passengers* 4,010 +3.4 58,037 +0.9 57,520
Movements 35 521 +1 2 472 692 -2 0 482 242
in 000
Y 20
13
Movements 35,521 +1.2 472,692 2.0 482,242
MTOW 2,150 +2.8 28,416 -1.7 28,913
Cargo** 159 +7.7 2,095 +1.4 2,066in `000 tons
in `000 tons
inar
y Fi
gure
s FY
Seat load factor Passenger per movement
90 0%20122013 2013
Pre
lim
FY 2013 FY 201270,0%
80,0%
90,0%
120 122 124 126 128 130 132 1342012
+3.2%
* ACI definition, commercial traffic only** Freight & Mail
60,0%
0,0%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Passenger guidance FY2014: 2-3% upside
Traffic InsightAnalyst Presentation FY 2013 preliminary8
Traffic Insight Frankfurt Airport Traffic Shares 12M 2013 vs. 12M 2012
Western Europe
42%
0%
Domestic
11%
+1%
Eastern Europe
8%
+5%North America
Y 20
13
14%
+2%Far East
12%
+1%Middle East
Frankfurt Airport
inar
y Fi
gure
s FY
+1%5%
-1%Africa
4%
-4%Latin America
Pre
lim
4%
+3%Continental Intercontinental
Traffic Share
vs. previous year
61%
+2%39%
+1%
Traffic InsightAnalyst Presentation FY 2013 preliminary9
Traffic InsightPeer Comparison 2013
Absolute Figures in mil Relative 2013 vs 2012
LHR
Absolute Figures in mil. Relative 2013 vs. 2012
+3.3%
Y 20
13
FRA
CDG +0.7%
+0 9%inar
y Fi
gure
s FY
AMS
FRA +0.9%
+3.0%
Pre
lim
MAD
IST
madrid
+13.6%
-12.1%
0 20 40 60 80
MUC +0.8%
Traffic InsightAnalyst Presentation FY 2013 preliminary10
Traffic InsightGroup Passenger Figures (above 10% stake)
Y 20
13
IATA Code Airport ShareFY 2013
in ‘000Delta vs.
2012 in %CAGR (in %)
2010-2013
FRA Frankfurt, Germany 100% 58,037 +0.9 +3.1
inar
y Fi
gure
s FY
LIM Lima, Peru 70.01% 14,913 +11.9 +13.2
BOJ Burgas, Bulgaria 60% 2,480 +4.2 +9.4
Pre
lim
VAR Varna, Bulgaria 60% 1,319 +8.0 +2.4
AYT Antalya, Turkey 51% 26,716 +7.1 +6.5
LED St. Petersburg, Russia 35.5% 12,854 +15.2 +15.0
HAJ Hanover, Germany 30% 5,235 -1.0 +1.1
XIY Xi‘an, China 24.5% 26,046 +11.2 +13.1
Traffic InsightAnalyst Presentation FY 2013 preliminary11
Traffic Insight New Summer Schedule 2014 (beginning end of March)
1Positive Summer2 Passenger3 New Airlines: Air4 5 Ongoing1Positive economic prospects for Germany show effect in air traffic
Summer schedule with a seat upside of ~4%
2 Passenger movements up by around 1%3 New Airlines: Air
Europa, Biman Bangladesh, MIAT Mongolian, new Far East carrier to
4 5 Ongoing modernization of fleet plus new seat configuration at Lufthansa mainY
2013
effect in air traffic Far East carrier to be announced & upgrade of existing routes
at Lufthansa main driver for seat upside
inar
y Fi
gure
s FY
Pre
lim
AgendaAnalyst Presentation FY 2013 preliminary12
Financial Highlights
Agenda
g g Traffic Insight Business DevelopmentY
2013 p
Outlook 2014 Financials in Detailin
ary
Figu
res
FYP
relim
Business DevelopmentAnalyst Presentation FY 2013 preliminary13
Business Development 2013 in a Nutshell
CustomerProcesses
Further focus on “Great to have you here”
FRAConnectintroduced
Cargo processes under evaluation
Y 20
13
Internal Process Optimization
Focus on strong leadership of employees as key for future success
Process efficiency program and cost benchmark started – first implementation
in Ground Handling
inar
y Fi
gure
s FY
Capex Capex reviewed and reduced Terminal 3 – changes to construction granted and application filed
Pre
lim
Airport Portfolio
P liti l Ch
Portfolio continuously developed – capacity upgrade in Russia & Bulgaria –bids for new projects not successful
N i b t tPolitical Changes & Noise
Reduction
New government in the State of Hesse
Noise abatement measures continuously implemented / significantly
less anti-noise-protests
Business DevelopmentAnalyst Presentation FY 2013 preliminary14
Business DevelopmentNoise Abatement at FRA
Prolonged testing Description Status Quo
CDA/CDO*allows for a smooth, constant-angle descent to landing Since Oct 2013 in normal operation; positive testing in
2012: 41.1% of all landings on single dayY 20
13
% g g y
GBAS (ground based augmentation system)
Providing very precise navigation data for precision approach and landings (complex or straight-in approaches)
Construction in progress, inauguration in 2014
inar
y Fi
gure
s FY
3.2 degrees approachSteeper approach procedure Prolonged testing, tendency of noise reduction
confirmed
Segmented approachDiversion during approach to less inhabited areas In operation for late landings after 11pm, extension
l d
Pre
lim
Segmented approach planned
DROps (dedicated runway operation system)
Selected runway operations at dedicated times In operation for early morning landings since mid 2013
Aviation charges price system
High diversification of noise driven charges to incentive low noise emission aircraft
Since 2013 in place
*Continuous descent approach / Continuous descent operations
Business DevelopmentAnalyst Presentation FY 2013 preliminary15
Business DevelopmentOperational Challenges at 68 million Passengers
Prozess Terminal 1 Terminal 2
Check-In
Y 20
13
Security Checks
Passport Outboundinar
y Fi
gure
s FY
Gate Availability
Bus gates Availability
Pre
lim
Bus gates Availability
Passport Inbound
Luggage
Business DevelopmentAnalyst Presentation FY 2013 preliminary16
Business DevelopmentOther Construction Projects in Terminal 1
Terminal overview
Y 20
13in
ary
Figu
res
FY
New PTS-Station in
Pre
lim
New PTS-Station in CD Area to improve
processes in Terminal 1
AgendaAnalyst Presentation FY 2013 preliminary17
Financial Highlights
Agenda
g g Traffic Insight Business DevelopmentY
2013 p
Outlook 2014 Financials in Detailin
ary
Figu
res
FYP
relim
Outlook Fraport Group18 Analyst Presentation FY 2013 preliminary
Outlook Fraport Group 2013 fulfilled, growing 2014 expected
Outlook 2014 including new IFRS 11 on Joint Venture
accounting!
Outlook 2013 Outlook 2014
Passengers FRA about previous year’s level growth between 2% and 3%
Y 20
13
FY2013 restated
Revenue growth up to 5% €2.378 bn. revenue growth up to ~€2.45 bn.
EBITDA €870 - €890 mil. €733 mil. between ~€780 and ~€800 milin
ary
Figu
res
FY
and €800 mil.
EBIT between 2012’s level and up to ~€520 mil €439 mil. growth up to ~€500 mil.
Group Result* decrease €236 mil slightly above 2013
Pre
lim
Group Result* decrease €236 mil. slightly above 2013
Dividend proposal €1.25 per share at least stable
*Group Result before minorities
AgendaAnalyst Presentation FY 2013 preliminary19
Financial Highlights
Agenda
g g Traffic Insight Business DevelopmentY
2013 p
Outlook 2014 Financials in Detailin
ary
Figu
res
FYP
relim
Group P&L FY 2013*20 Analyst Presentation FY 2013 preliminary
Group P&L FY 2013 Increase from Operations, negative Financial result
849
IFRIC 12 37
+119 -30 -55-4 +1 880
Organic 82
+€31 mil.
Organic -18IFRIC 12 -37
€ mil.
Y 20
13
EBITDA 2012 Revenue Other Cost of Personnel Other opex EBITDA 2013inar
y Fi
gure
s FY
revenue materials expenses
-€16 mil. -€0.19€ mil.
Pre
lim
252
+31 -56
236
+1
+8 €2.40€2.59
Group result 2012
EBITDA D&A Financialresult
Taxes Group result 2013
EPS 2012 EPS 2013*2012 figures adjusted for IAS 19
Financial Result FY 2013Analyst Presentation FY 2013 preliminary21
Financial Result FY 2013Result from Associates & other Result down
€ mil. FY 13 FY 12 %* Q4 13 Q4 12 %*
Interest income 39 53 -26.2 3 21 -85.9
Y 20
13
Interest expensesCapitalizedInterest
-216
18
-227
28
-
-35.8
-47
5
-60
5
-
-8.0
inar
y Fi
gure
s FY
AssociatesPulkovoXi‘An
-14-16
3
1283
--
-10.7
-13-10-1
-4-3-1
---
Other result 3 31 -89.5 -2 -1 -
Pre
lim
Financial result -187 -132 - -59 -45 -
*Percent change based on unrounded figures
Cash Flow FY 201322 Analyst Presentation FY 2013 preliminary
Cash Flow FY 2013Less Capex & good operating Result improve FCF
575600
Operating cash flow
Intangible assets PPE
Airport operating projects
Investment property
Free cash flow
€ mil.
Y 20
13
575
400
500
600 553-5
Cash Flow FY 2013Cash Flow FY 2012
-9
inar
y Fi
gure
s FY
200
300Cash Flow FY 2012
-362
Pre
lim
73
-100
0
100
-599
-107 -23
-200
100-89 -162-22
Financial Position & Gearing 2013Analyst Presentation FY 2013 preliminary23
Financial Position & Gearing 2013FCF at €73 mil., Net Debt <€3 bn., Gearing < PY
FCF at €73.1 mil., Q4: flat at €1 mil. FCF Q4 improvement vs. PY by €87 mil.
Group liquidity down at €1 49 bn
4.254 4.598 4.462€ mil. YE 2011/2012 YE 2013
Y 20
13
Group liquidity down at €1.49 bn. Decline due to dividend payout of €115 mil. and debt
redemption-350 -162 +73
1.607 1.663 1.486
inar
y Fi
gure
s FY
2.6472.935 2.975
2.715 2.797 2.938
€136 mil. decline in gross debt to €4.46 bn.
Net debt at €2.98 bn.98%
105% 101%
FCF Liquidity Gross debt
Pre
lim
After deducting the expected payout for FY 2013: Gearing ratio at 101% below PY
98% 101%
*Equity less non-controlling interests and profit earmarked for distribution2012 and 2011 equity adjusted for IAS19
Net debt Equity Gearing* *
Capex and Cash Flow OverviewAnalyst Presentation FY 2013 preliminary24
Capex and Cash Flow OverviewLower Capex leads to 1st positive FCF since 2006
34 73727
8631,138
859 969715
Capex* in € mil. 2006 – 2013 Free Cash Flow in € mil. 2006 – 2013
Y 20
13
-249 -371-711
-291 -350 -162
2006 2007 2008 2009 2010 2011 2012 2013
451727 715
502
2006 2007 2008 2009 2010 2011 2012 2013inar
y Fi
gure
s FY
-2% 14% 39% 67% 78% 98% 105% 101%433
Capex* in % of D&A 2006 – 2013 Net debt in € mil. & Gearing 2006 – 2013
Pre
lim
-50 338926
1,615 2,0242,647 2,935 2,975
182297
357433
307 317203
142
*Capex as: CF used in PPE, airport operating projects, intangible assets and investment property
2006 2007 2008 2009 2010 2011 2012 20132006 2007 2008 2009 2010 2011 2012 2013
AviationAnalyst Presentation FY 2013 preliminary25
AviationRevenue, EBITDA & EBIT up
€ mil. FY 13 FY 12* %* Q4 13 Q4 12* %*
RevenueAirport charges
845697
823674
2.63.5
204167
195156
4.47.3Y
2013
p gSecurity ServicesOther
9850
9852
-0.4-2.7
2313
2515
-6.1-8.9
EBITDAMargin
20524.3%
20224.5%
1.7-
2713.5%
3718.8%
-25.3-in
ary
Figu
res
FY
gEBITMargin
8810.4%
809.7%
10.7-
-4-
-3-
--
Employees 6,194 6,298 -1.7 6,080 6,381 -4.7
Pre
lim
Solid increase in revenue driven by higher airport charges as of Jan. 1, 2013 Additional cost mainly from first-time
full-year operation of A-PlusSecurity and other revenue almost flat
on 2012
full year operation of A PlusStrong increase in EBIT, due to lower D&A
*Percent change based on unrounded figures2012 figures adjusted for IAS 19
Retail & Real EstateAnalyst Presentation FY 2013 preliminary26
Retail & Real EstateGrowth driven by Retail / A-Plus
€ mil. FY 13 FY 12* %* Q4 13 Q4 12* %*
Revenue**
RetailR l E t t
469199180
453180175
3.610.42 9
1225445
1185049
3.07.28 7Y
2013
Real EstateParkingOther**
1807515
1757424
2.92.2
-37.7
45195
49181
-8.74.5
>100
EBITDAMargin
35174 8%
33574 0%
4.6 8670 4%
8269 2%
4.8
inar
y Fi
gure
s FY
Margin 74.8% 74.0% - 70.4% 69.2% -
EBITMargin
26857.1%
25355.8%
6.0-
6452.6%
5445.5%
19.1-
Employees 648 629 3.0 645 635 1.6
Pre
lim
Employees 648 629 3.0 645 635 1.6
Strong increase in retail revenue due to full-year operation of A-Plus Other revenue down due to higher property
Additional revenue from Real Estate (Lounges A Plus)
sales in 2012
* Percent change based on unrounded figures; 2012 figures adjusted for IAS 19 ** 2012 includes property sales on Mönchhof site of €16.5 mil. / 2013: €10.0 mil
Retail & Real EstateAnalyst Presentation FY 2013 preliminary27
Retail & Real EstateRetail per Passenger in Q4 first-time above €4
R t il i €
FY 2011: €3.17 FY 2012: €3.32 FY 2013: €3.60
Retail revenue per passenger in €
Y 20
13
3.323.02 2.87
3.54 3.403.10 2.95
3.95 3.743.42 3.24
4.11
inar
y Fi
gure
s FY
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Pre
lim
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
€ mil.
Shopping 23 26 27 28
10 12 12 12
25 29 30 31
11 12 13 13
27 31 33 33
11 13 14 13Services 10 12 12 12
Advertis. 6 7 7 9
11 12 13 13
6 6 6 10
11 13 14 13
6 8 9 11
Retail & Real EstateAnalyst Presentation FY 2013 preliminary28
Retail & Real EstateTrack Record of Retail Growth
Retail revenue in € mil. Retail revenue per passenger in €
209 3 323.60CAGR 5.5%CAGR 7.1%
Y 20
13
113 118135 146 152 146 160
179 191209
2.22 2.262.56 2.69 2.84 2.86 3.02 3.17 3.32
inar
y Fi
gure
s FY
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Pre
lim
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
€4 per passenger remains mid-term target!Headwind from F/X depreciationNext
Waiting time at securityUtilization and traffic structure of A-Plus
Targets
Retail & Real EstateAnalyst Presentation FY 2013 preliminary29
Retail & Real Estate FX-Development in 2013 show Impact on Retail Spend
C d l ti i 2013 i t iCurrency devaluation in 2013 in countrieswith high retail performance Traffic shares departing passengers 2013
Currency compared to € indexed to 100 (= Jan 2013) OtherY 20
13
100105110
Currency compared to € indexed to 100 ( Jan 2013) Other
7%share
inar
y Fi
gure
s FY
859095
100
Share in Duty Free sales 2013*
Pre
lim
7580
JanNovSepJulyMayMarchJan
Other
17%Source: Bloomberg
Japanese YenIndian RupeeBrazilian RealRussian Ruble
share
* Based on ticket /Heinemann data -> only indication of nationality
Ground HandlingAnalyst Presentation FY 2013 preliminary30
Ground HandlingRevenue Increase, Bottom-Line under Pressure
€ mil. FY 13 FY 12* %* Q4 13 Q4 12* %*
RevenueGround Handling
656394
649393
1.10.1
16096
15696
2.20.3
Y 20
13
Infrastructure 263 256 2.5 63 60 5.1
EBITDAMargin
385.8%
385.8%
1.1-
85.1%
31.7%
>100-
EBIT -2 -1 - -2 -10 -inar
y Fi
gure
s FY
Margin - - - - - -
Employees 9,017 8,924 1.0 9,107 9,100 0.1
Pre
lim
Despite passenger growth Ground Handling revenue flat on 2012, due to decline in MTOW
Growing infrastructure revenue helped due to price effects flat on 2012, due to decline in MTOW
Bottom-line still under pressure!*Percent change based on unrounded figures
2012 figures adjusted for IAS 19
due to price effectsSlight positive effects also from De-Icing
External Activities & ServicesAnalyst Presentation FY 2013 preliminary31
External Activities & ServicesStrong Performance of External Investments
€ mil. FY 13 FY 12* %* Q4 13 Q4 12* %*
Revenue-excl. IFRIC 12
591525
516488
14.47.7
127113
118106
7.46.9Y
2013
EBITDAMarginAdjusted margin
28648.4%54.4%
27453.0%56.1%
4.4--
5341.5%46.6%
5445.7%51.0%
-2.4--
EBIT 174 165 5 9 24 26 7 8inar
y Fi
gure
s FY
EBITMarginAdjusted margin
17429.5%33.2%
16531.9%33.8%
5.9--
2418.5%20.8%
2621.6%24.1%
-7.8--
Employees 5,088 5,112 -0.5 4,625 4,799 -3.6
Pre
lim
p y , , , ,
Unbroken traffic upward trend in Lima, Antalya, Varna & Burgas Terminal inaugurations in Varna & Burgas will help Varna & Burgas
Traffic performance translated in earnings growth2014 retail performance
*Percent change based on unrounded figures2012 figures adjusted for IAS 19
External ActivitiesAnalyst Presentation FY 2013 preliminary32
External ActivitiesAntalya Airport – Figures before Consolidation
€ mil. FY 13 FY 12 %* Q4 13 Q4 12 %*
RevenueAirport charges
321180
301168
6.57.1
5733
5330
8.310.0
Y 20
13
Retail 127 119 6.2 21 20 7.1
EBITDAMargin
27686.1%
26086.2%
6.4-
4579.0%
4075.9%
12.8-
EBIT 178 162 10 0 21 16 32 1inar
y Fi
gure
s FY
EBITMargin
17855.5%
16253.7%
10.0-
2136.1%
1629.6%
32.1-
Passengersin mil. 26.7 25.0 7.1 4.6 4.2 9.4
Pre
lim
in mil.
Employees 480 478 0.4 477 473 0.8
*Percent change based on unrounded figures
External ActivitiesAnalyst Presentation FY 2013 preliminary33
External ActivitiesLima Airport*
€ mil. FY 13 FY 12 %* Q4 13 Q4 12 %*
RevenueAirport charges
**
208108
19199
8.79.6
5427
5125
5.55.5
Y 20
13
Retail**-excl. IFRIC 12
33194
33180
0.17.7
849
947
-4.54.3
EBITDAMarginAdj t d i
7134.3%36 8%
6634.2%36 4%
8.9-
1732.5%35 5%
1631.4%33 8%
9.4-
inar
y Fi
gure
s FY
Adjusted margin 36.8% 36.4% - 35.5% 33.8% -
EBITMarginAdjusted margin
5827.7%29.8%
5327.4%29.2%
9.9--
1426.2%28.6%
1324.7%26.6%
12.0--
Pre
lim
Passengersin mil. 14.9 13.3 11.9 3.9 3.5 11.0
Employees 534 588 -9.2 478 598 -20.1p y
*Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures**Parts of Retail revenue in 2013 re-organized to “other revenue”, a.o., catering revenue
External ActivitiesAnalyst Presentation FY 2013 preliminary34
External ActivitiesTwin Star – Varna & Burgas Airport
€ mil. FY 13 FY 12 %* Q4 13 Q4 12 %*
RevenueAirport charges
10130
6324
59.723.2
121
111
10.230.0
Y 20
13
Retail-excl. IFRIC 12
550
746
-26.88.1
13
12
-18.2
EBITDAMarginAdj t d i
2827.9%56 9%
2640.9%56 4%
8.9-
-2-
-2-
--
inar
y Fi
gure
s FY
Adjusted margin 56.9% 56.4% - - - -
EBITMarginAdjusted margin
2020.0%40.7%
1929.7%41.0%
7.4--
-4--
-4--
---
Pre
lim
Passengersin mil. 3.8 3.6 5.4 0.1 0.1 5.0
Employees 1,051 1,094 -3.9 677 718 -5.7p y
*Percent change based on unrounded figures
Restated FY 2013Analyst Presentation FY 2013 preliminary35
Restated FY 2013IFRS 11 Accounting Change as of Jan. 1, 2014
G Fi FY 2013 i € il R t t d Fi FY 2013 i € ilGroup Figures FY 2013 in € mil. Restated Figures FY 2013 in € mil.
2.561
Y 20
13 2.378
880528 341 236
Revenue EBITDA EBIT EBT Group resultinar
y Fi
gure
s FY
733 439 332 236
Revenue EBITDA EBIT EBT Group resultRevenue EBITDA EBIT EBT Group result
External Activities & Services FY 2013 in € mil. Restated Figures FY 2013 in € mil.
Pre
lim
Revenue EBITDA EBIT EBT Group result
591
286174
416
145 89
Revenue EBITDA EBIT Revenue EBITDA EBIT
Restated FY 2013Analyst Presentation FY 2013 preliminary36
Restated FY 2013IFRS 11 Accounting Change as of Jan. 1, 2014
Figure FY 2013 Restated FY 2013 Change
Operating cash flow €575 mil. €454 mil. - €121 mil.
Y 20
13
Free cash flow €73 mil. €17 mil. - €56 mil.
Total assets €9,523 mil. €8,836 mil. - €687 mil.inar
y Fi
gure
s FY
Shareholders‘ equity* €3,099 mil. €3,117 mil. + €18 mil.
Net debt €2 975 mil €2 871 mil €104 mil
Pre
lim
Net debt €2,975 mil. €2,871 mil. - €104 mil.
Gearing ratio 101% 97% - 4PP
*Equity including non-controlling interests and profit earmarked for distribution
Cash Flow OutlookAnalyst Presentation FY 2013 preliminary37
Cash Flow OutlookFurther Improvement of FCF expected
600
Operating Cash Flow Capex FRA Capex External
ActivitiesInvestment
propertyFree Cash
Flow Dividend Change in Net debt
Y 20
13
€ mil.
400
600454 -360
inar
y Fi
gure
s FY
0
200-54
-23 17 -115 -98
Pre
lim
-2002014
Projec-tion
Growth in line with
Below 2013 Below 2013 ~stable Improvement At leaststable
Impact on net debt could be
Cash Flow 2013 INCL. IFRS 11
operations,balance sheet
dilutions possible
could be stable/positive
Cash Flow OutlookAnalyst Presentation FY 2013 preliminary38
Cash Flow Outlook Multi-Year Overview
Lima Capex plans notfinalized yet –
changes to Group Capex & FCF possible!
Y 20
13
Expected Capexpeak for T3
inar
y Fi
gure
s FY
Capex peaks and FCF lows due to FRA North
and Expansion
CapexFree Cash Flow
Pre
lim
2006 2020 et seq
Expected FCF low, softened by growing OCF
2013
Next Capex Peak: End of Decade A h F C h Fl ill i iti !
y g g
Anyhow, Free Cash Flow will remain positive!
Segment OutlookAnalyst Presentation FY 2013 preliminary39
Segment Outlook2013 fulfilled, growing 2014 expected!
Outlook 2014 including new
IFRS 11 on Joint Venture accounting!
Outlook 2013 FY 2013 restated Outlook 2014
AviationSlight increase in revenue, EBITDA and EBIT
Revenue: €846 mil.EBITDA: €205 mil.EBIT: €88 mil
Rev. growth up to 5%,EBITDA & EBIT growth by up to €20 milY
2013
and EBIT EBIT: €88 mil. by up to €20 mil.
Retail & Real EstateSignificant increase in revenue, EBITDA and EBIT
Revenue: €468 mil.EBITDA: €351mil.EBIT: €268 mil.
Slight increase in revenue, EBITDA and EBIT
Minor increase in Revenue: €649 mil Slight increase in revenueinar
y Fi
gure
s FY
Ground HandlingMinor increase in revenue, EBITDA and EBIT at about PY level
Revenue: €649 mil.EBITDA: €33 mil.EBIT: - €6 mil.
Slight increase in revenue, EBITDA and EBIT at about PY level
External Activities Organic increase in Revenue: €416 mil. Organic increase in revenue EBITDA & EBIT
Pre
lim
External Activities & Services revenue, EBITDA and
EBIT at about PY levelEBITDA: €145 mil.EBIT: €89 mil.
revenue, EBITDA & EBIT with single-digit million growth
Thank you for your Attention!www.meet-ir.comwww.meet ir.com
Group P&L 2013Analyst Presentation FY 2013 preliminary41
Group P&L 2013€ mil. FY 13 FY 12* Change % Change
Revenue 2,561.4 2,442.0 119.4 4.9Change in work-in-process 0 6 0 5 0 1 20 0
Y 20
13
Change in work in process 0.6 0.5 0.1 20.0Other internal work capitalized 35.1 44.0 -8.9 -20.2Other operating income 34.3 55.8 -21.5 -38.5Total revenue 2,631.4 2,542.3 89.1 3.5Cost of materials 613 0 558 1 54 9 9 8
inar
y Fi
gure
s FY
Cost of materials -613.0 -558.1 -54.9 9.8Personnel expenses -946.8 -942.9 -3.9 0.4Other operating expenses -191.4 -192.6 1.2 -0.6EBITDA 880.2 848.7 31.5 3.7D&A 352 1 352 7 0 6 0 2
Pre
lim
D&A -352.1 -352.7 0.6 -0.2EBIT 528.1 496.0 32.1 6.5Interest income 38.8 52.6 -13.8 -26.2Interest expenses -215.8 -226.7 10.9 -4.8Result from associated companies 13 6 11 7 25 3Result from associated companies -13.6 11.7 -25.3 -Other financial result 3.2 30.5 -27.3 -89.5Financial result -187.4 -131.9 -55.5 42.1EBT 340.7 364.1 -23.4 -6.4Taxes on Income 105 0 112 6 7 6 6 7Taxes on Income -105.0 -112.6 7.6 -6.7Group result 235.7 251.5 -15.8 -6.3Thereof non-controlling interests 14.7 13.3 1.4 10.5Thereof shareholders of Fraport AG 221.0 238.2 -17.2 -7.2 *2012 figures adjusted for IAS 19
Group Cash Flow Statement 2013Analyst Presentation FY 2013 preliminary42
Group Cash Flow Statement 2013€ mil. FY 13 FY 12*
Profit attributable to Fraport shareholders 221.0 238.2Profit attributable to non-controlling interests 14.7 13.3Adj f
€ mil. FY 13 FY 12*
Investment property -23.3 -22.0
Dividends from associated companies 3.0 6.4
L t ffili t d i 0 0 31 2
Y 20
13
Adjustments for
Taxes on income 105.0 112.6Depreciation and amortization 352.1 352.7Interest result 177.0 174.1
Loans to affiliated companies 0.0 -31.2
Proceeds from disposal of non-current assets 5.9 4.0
CF used in investing activities w/o investments in cash deposits and sec. -492.8 -736.2
inar
y Fi
gure
s FY Disposal of non-current assets 5.1 -33.2
Others 5.8 1.7Fair value changes in associated comp. 13.6 -11.7Changes in inventories 2.4 3.7
Financial investments in securities and promissory note loans -484.6 -563.0
Proceeds from disposal of securities and promissory note loans 445.8 424.0
Decrease of time deposits with a duration of h 3 h 251 6 96 0
Pre
lim Changes in receivables and financial assets 25.0 -20.6Changes in liabilities -87.3 -42.7Changes in provisions -27.3 21.7Operating activities 807.1 809.8
more than 3 months 251.6 96.0
CF used in investing activities -280.0 -779.2
Dividends paid to Fraport shareholders -115.2 -114.8
Dividends paid to non-controlling interests -4.1 -6.7
C it l i 2 5 2 3Financial activities
Interest paid -167.3 -167.3Interest received 21.0 31.8Taxes on income paid -86.0 -121.3
Capital increase 2.5 2.3
Cash inflow from long-term financial debt 55.1 652.7
Repayment of long-term financial debt -189.4 -163.7
Changes in short-term financial debt -4.0 -151.6
CF d i /f fi i ti iti 255 1 218 2CF from operating activities 574.8 553.0
Investments in airport operating projects -107.4 -89.4
Capex for other intangible assets -8.7 -5.4
Capex for ppe -362.3 -598.6
CF used in/from financing activities -255.1 218.2Change in restricted cash 5.5 3.5
Change in cash and cash equivalents 45.2 -4.5
F/X effects on cash and cash equivalents -4.9 -1.2
Cash and cash equivalents as at Dec. 31 167.4 127.1*2012 figures adjusted for IAS 19
Group Financial Position 2013Analyst Presentation FY 2013 preliminary43
Group Financial Position 2013Assets in € mil. YE 13 YE 12
Goodwill 38.6 38.6Investments in airport operating projects 1,006.1 1,031.2
Liabilities & equity in € mil. YE 13 YE 12
Issued capital 922.1 921.3Capital reserve 590.2 588.0
Y 20
13
Other intangible assets 57.8 44.2Property, plant and equipment 5,988.1 5,927.3Investment property 47.7 34.4Investments in associated companies 121.2 136.6
Revenue reserves 1,540.8 1,403.2Equity attr. to Fraport shareholders 3,053.1 2,912.5Non-controlling interests 45.7 35.7Shareholders‘ equity 3,098.8 2,948.2
inar
y Fi
gure
s FY Other financial assets 727.6 742.7
Other receivables and financial assets 169.8 117.1Income tax receivables 20.3 19.5Deferred tax assets 43.7 49.2
Financial liabilities 4,146.8 4,401.0Trade accounts payable 50.8 64.4Other liabilities 889.4 1,006.4D f d t li biliti
Pre
lim Total non current assets 8,220.9 8,140.8
Inventories 75.3 77.7Trade accounts receivable 181.6 180.0Other receivables and financial assets 438 4 385 2
Deferred tax liabilities 120.4 102.5Provisions for pensions and similar oblig. 26.7 27.4Provisions for income taxes 54.1 80.2Other provisions 235.1 211.2Non current liabilitiesOther receivables and financial assets 438.4 385.2
Income tax receivables 2.1 35.0Cash and cash equivalents 605.1 821.9Current assets 1,302.5 1,499.8Total assets 9 523 4 9 640 6
Non-current liabilities 5,523.3 5,893.1
Financial liabilities 314.9 196.6Trade accounts payable 162.4 214.4Other liabilities 178.4 163.2Total assets 9,523.4 9,640.6Provisions for income taxes 8.1 5.3Other provisions 237.5 219.8Current liabilities 901.3 799.3Total liabilities & equity 9,523.4 9,640.6
*2012 figures adjusted for IAS 19
Special & Extraordinary Effects FY 2013Analyst Presentation FY 2013 preliminary44
Special & Extraordinary Effects FY 2013€ mil. FY 13 FY 12
Group financial result
Market valuation of derivatives & F/X fluctuations +€4 3 mil +€2 7 mil
Y 20
13
+€4.3 mil. +€2.7 mil.
Aviation
Creation of provision for regional fund, Q2/2012 - EBITDA: -€10.5mil.
Retail & Real Estate
inar
y Fi
gure
s FY
Retail & Real Estate
Property sales Mönchhof area Revenue: +€10.0 mil. Revenue: +€16.4mil.
Ground Handling
Release of provision, Q2/2012 - EBITDA: +€9.9 mil.
Pre
lim
External Activities & Services - -
Maturity Profile & Cash Position as of Dec 31 2013Analyst Presentation FY 2013 preliminary45
Maturity Profile & Cash Position as of Dec. 31, 2013€ mil.
Y 20
13
Fraport debt conditions on average
~ 4% interest rate
~ 5.5 years maturity1.486,3 1 500
1.750
2.000
inar
y Fi
gure
s FY
1.172,9
1.000
1.250
1.500
Pre
lim
507,3 499,3 413,4
561,1
411,3 500
750
294,1 234,7
19,2
323,8
0
250
Liquidität 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023++Liquidityqzum 31.
Dezember 2013
Liquidityas at
Dec. 31, 2013
Analyst Presentation FY 2013 preliminary46
Investor Relations
Fraport AG
Investor RelationsTeam Contact Details
Y 20
13
Frankfurt Airport Services Worldwide60547 Frankfurt am Mainwww.meet-ir.com [email protected]
+49 69 690 – 74842
inar
y Fi
gure
s FY
Pre
lim
Stefan J. Rüter Head of Finance & Investor Relations
+49 69 690-74840s r eter@fraport de
Svenja EbelingInvestor Relations Assistant
+49 69 690-74842b li @f t [email protected] [email protected]
Marc Poeschmann Florian FuchsManager Investor Relations & Tanja Nagel
Manager Investor RelationsManager Investor Relations+49 69 [email protected]
Financial Reporting+49 69 [email protected]
Manager Investor Relations & Financial Reporting
+49 69 [email protected]