Flughafen Wien AG · VIE:FLU
Flughafen Wien — Investor Presentation (September 2024)
49 slides from Flughafen Wien's investor presentation, September 2024
Slide 1: Flughafen Wien Investor Presentation
September 2024 Flughafen Wien Investor Presentation 1
Slide 2: Flughafen Wien AG: company profile
PAX Vienna Airport 2019: 31.7 mn Flughafen Wien AG: company profile 2023: 29.5 mn 2024e: >30 mn − Vienna Airport, Europe’s 17th largest airport with 29.5 million PAX in 2023 (31.7 million PAX in 2019) − Vienna Airport Group consisting of Vienna Airport, Malta Airport and Kosice Airport PAX Flughafen
Slide 3: Investment Case
Investment Case Growth Profitability Flughafen Wien share Dividend VIE-destination Quality Sustainability 3 3
Slide 4: Growth, Profitability, Dividend policy
− Trend growth – gradual increase in flight traffic & post-Covid recovery Growth − Non-aviation – expansion of retail & gastronomy, development of the AirportCity − Rise in the EBITDA margin to clearly above 40% (2023: 42.2%, 2019: 44.9%) Profitability − Ownership of extensive properties and buildin
Slide 5: Sustainable, long-term PAX growth
PAX European airports (millions)1 Sustainable, PAX (in Mio). PAX Vienna Airport (millions) PAX (in Mio). long-term PAX 3.000 CAGR 2000-2019 4.7% 35,0 CAGR 2000-2019 5.3% growth 2.500 2.000 30,0 25,0 1.500 20,0 Trend growth and quick 15,0 1.000 recovery after 10,0 downturns 500 5,0 - - Growth of Vien
Slide 6: Leveraging non-aviation potential
Leveraging non-aviation potential Terminal 3 Southern Expansion − Enlargement of Terminal 3 by approx. 70,000 m² (“Southern Expansion“) − Passengers await an enhanced quality of their time at the airport featuring greater comfort, service and a significant expansion of their shopping and gastronomic
Slide 7: Growth of the AirportCity
Growth of the AirportCity More than 250 companies and over 23,000 employees − Boom in business location projects: 20 new companies will add 700 new jobs at the airport hub (Enpulsion, Atlas Copco, Quehenberger, AT Plus, Boutique Aviation, AT Intermodal, ACS Logistics, Murrelectronik, Kalmar, FMS Sol
Slide 8: Indexation of rates
Indexation of rates provides good protection against inflation − Temporary suspension of the pricing model (derived from PAX growth and inflation) until 2026 due to Covid-19- related distortions since 2020 − Adjustment of airport fees by the average inflation rate (calculated from 1 August – 31 July
Slide 9: Substantial improvement in profitability
Substantial improvement in profitability thanks to sustainable measures EBITDA (in € million) & EBITDA margin 400 − Increase in EBITDA margin from 32.5% in 45% 2011 to well over 40% 350 (2023: 42.2%, 2019: 44.9%) 300 40% − Insourcing of third-party services, not filling 250 vacant positions, process
Slide 10: Ownership of property and buildings
Ownership of property and buildings contributes to a higher enterprise value − Flughafen Wien AG is the owner of all properties (about 1,080 hectares), the buildings enabling airport operations as well as the main car parks, business premises and office buildings − No concession fees in contrast to
Slide 11: Elimination of net debt
Elimination of net debt Leads to a positive financial result Net liquidity (in € million) − Net liquidity at € 349 million in H1/24 400 349 (FY 23: € 362 million) 200 − Comfortable financial leeway for investments and attractive dividends 0 − Payout ratio of “over 60%” 1 − High equity ratio of aroun
Slide 12: A positive incentive for shareholders
A positive incentive for shareholders Substantial increase in the dividend to € 1.32/share Dividend per share (€) − Dividend increase of around 70% to € 1.32 per 1,4 1,32 share for 2023 (€ 0.77 in 2022); corresponds to a 1,3 pay out ratio of approx. 66% 1,2 1,1 − Dividend policy targets a pay out ra
Slide 13: Incoming traffic to the destination of Vienna
Incoming traffic to the destination of Vienna Tourism hotspot and congress city − Vienna is among the top 10 tourist cities in Europe (#8 in 2023) − 8.3 million overnight stays in H1/24, +10% compared to H1/23 − Overnight stays are currently around 5% above the comparable period in 2019 − Over 80% o
Slide 14: Incoming traffic to the destination of Vienna
Incoming traffic to the destination of Vienna International organisations and headquarters − Vienna is the location of more than 40 international organisations, about 130 bilateral and numerous other multilateral diplomatic missions1 − Vienna is the regional headquarters destination of more than 200
Slide 15: Catchment area
Catchment area The catchment area encompasses both one of Europe‘s most prosperous and fastest- growing regions The economic catch-up process in nearby Central & Eastern European countries also leads to a growing willingness to travel 15 15
Slide 16: Outgoing traffic
Prosperous Vienna Region1 Growth potential in CEE2 Outgoing Real GDP per capita in USD, 2024 traffic Austria 59.230 Germany 54.290 Prosperous Vienna EU 27 36.060 Region and Central & Czech Republic 29.800 Eastern European (CEE) growth potential Slovakia 25.930 Hungary 23.320 − Southern Czech Republi
Slide 17: Quality
Ongoing good punctuality in H1/2024 (top 15) Quality Oslo 82,6% Copenhagen 80,0% Stockholm 79,6% Sustained top Vienna 77,4% performance in the Madrid 74,8% Lufthansa Group, Dublin 72,9% clearly ahead of London LHR 72,9% Munich, Zurich and Dusseldorf 72,7% Frankfurt Brussels 71,9% Barcelona 71,8% Sup
Slide 18: CO₂ neutral airport operations
CO₂ neutral airport operations Sustainability as the basis for successful and responsible actions − CO2-neutral operations of the airport since January 2023 − PV facilities, e-mobility, CO₂-neutral geothermal energy/district heat, new technologies and countless other measures have enabled the airpor
Slide 19: Market shares of airlines
Market H1/2024 Share in % Passengers PAX % vs. H1/23 PAX % vs. H1/19 shares of 1. Austrian 2. Ryanair/Lauda 45.2 21.2 6,495,866 3,055,040 6.0 7.8 4.5 161.7 airlines 3. Wizz Air 4. Eurowings 6.4 2.6 922,769 377,096 1.4 13.9 -2.2 -64.8 5. Turkish Airlines 2.0 292,537 -3.8 17.3 6. Pegasus Airlines 1.6
Slide 20: Passenger development in H1/2024
Passenger development in H1/2024 Europe Further recovery to the Far East +9.3% − Resumption of flight service by thereof Western 85.9% thereof Eastern Europe Europe Hainan Airlines to Shenzhen in May Growth e.g., to London, Istanbul, +10.0% Frankfurt, Berlin, Malaga, Zurich, Milan +6.5% Growth e.g.,
Slide 21: Cargo – VIE a modern cargo hub
Cargo – VIE a modern cargo hub Exczellent location & special service solutions − Strong customer base - especially automotive and electronics industry, plant engineering in Austria and CEE − Dense and reliable carrier network to European hubs and CEE (incl. Poland, Baltics, Balkans) − Regular cargo
Slide 22: Traffic & Business Results H1/2024, Outlook 2024
Traffic & Business Results H1/2024 Outlook 2024 22 22
Slide 23: Traffic development H1/2024 & 1-8/2024
Traffic development H1/2024 & 1-8/2024 Robust growth in the Flughafen Wien Group Group passenger development H1/2024 Δ H1/2023 Δ H1/2019 1-8/2024 Δ 1-8/2023 Δ 1-8/2019 (millions)1 Vienna Airport (millions) 14.4 +7.9% -1.9% 21.0 +7.5% +0.3% Malta Airport (millions) 4.1 +18.4% +25.0% 6.0 +16.3% +23.1%
Slide 24: Traffic development in H1/2024 & 1-8/2024
Traffic development in H1/2024 & 1-8/2024 Strong beginning of the summer travel season at Vienna Airport Traffic development at H1/2024 Δ H1/2023 Δ H1/2019 1-8/2024Δ 1-8/2023Δ 1-8/2019 Vienna Airport1 Passengers (millions) 14.4 +7.9% -1.9% 21.0 +7.5% +0.3% Local passengers (million) 11.3 +9.6% -0.8%
Slide 25: Traffic forecast for 2024
Traffic forecast for 2024 Flughafen Wien AG: 2019 2021 2022 2023 Forecast 2024: Passengers 31.7 million 10.4 million 23.7 million 29.5 million > 30 million Flughafen Wien Group: 2019 2021 2022 2023 Forecast 2024: Passengers 39.5 million 13.1 million 30.1 million 38.0 million > 39 million − Slight in
Slide 26: H1/2024: 31% rise in the Group net profit
H1/2024: 31% rise in the Group net profit Good operating development and clearly positive financial result € million H1/2024 H1/2023 Δ Revenue 488.4 428.1 14.1% Earnings before interest, tax, depreciation and amortisation 204.9 177.4 15.5% (EBITDA) Earnings before interest and taxes (EBIT) 138.7 112
Slide 27: Expenses
Expenses EBITDA margin up to 42.0% despite significantly higher personnel expenses € million H1/2024 H1/2023 Δ Expenses for consumables and purchased services -26.9 -28.9 -7.0% Personnel expenses -189.6 -167.8 13.0% Other operating expenses1 -74.6 -57.6 29.5% Depreciation and amortisation -66.2 -64.
Slide 28: Cash flow and balance sheet structure
Cash flow and balance sheet structure Equity ratio of about 70% € million H1/2024 H1/2023 Δ Cash flow from operating activities 178.3 197.9 -9.9% Free cash flow 104.1 45.6 128.4% CAPEX1 83.1 28.7 189.6% Net liqudity2 349.1 361.9 -3.5% Equity2 1,544.6 1,556.4 -0.8% Equity ratio2 69.7 70.9 -1.2%p − De
Slide 29: Financial guidance for 2024
Financial guidance for 2024 Unchanged vs. Q1/2024 Revenue > € 1 billion EBITDA > € 400 million 1 Group net profit > € 220 million Capex > € 200 million − Strong financial position enables financing of increasing investments from the cash flow 1) Before non-controlling interests 29 29 29
Slide 30: Airport
Airport Increase in passengers and flight movements drive ongoing strong revenue growth − The good development continues to be driven € million H1/2024 H1/2023 Δ by an increase in passenger-related fees External revenue 233.9 199.4 17.3% (+19.2% to € 168.8 million) as a result of passenger growth (+
Slide 31: Handling & Security Services
Handling & Security Services Clearly positive EBIT in H1/2024 − 21.9% increase in cargo revenues due to strong € million H1/2024 H1/2023 Δ cargo volume development: air cargo +17.3% External revenue 85.2 78.5 8.5% to 141,118 tonnes (e-commerce growth, cooperation with Lufthansa Cargo, sea freight EB
Slide 32: Retail & Properties
Retail & Properties Passenger-driven revenue increase − 12.9% rise in Center Management & Hospitality € million H1/2024 H1/2023 Δ income, higher increase than overall passenger External revenue 93.7 84.2 11.2% growth due to the strong performance of the food/beverage segment (additional space and EB
Slide 33: Malta
Malta Strong financial performance fuelled by traffic growth − Passengers up 18.4% yoy to 4.1 mn surpassing € million H1/2024 H1/2023 Δ the H1/19 level by 25.0% External revenue 64.4 53.6 20.1% − Ryanair: 51% market share, significant increases EBITDA 41.0 33.6 22.0% in frequency across major market
Slide 34: Traffic & Business Results 2023
Traffic & Business Results 2023 34 34
Slide 35: Traffic development in 2023
Traffic development in 2023 Flughafen Wien Group Group passenger development1 2023 2022 2019 Δ 2022 Δ 2019 Vienna Airport (millions) 29.5 23.7 31.7 24.7% -6.7% Malta Airport (millions) 7.8 5.9 7.3 33.4% 6.7% Košice Airport (millions) 0.6 0.5 0.6 15.2% 12.0% Vienna Airport and its strategic 38.0 30.1
Slide 36: Traffic development 2023
Traffic development 2023 Vienna Airport Traffic development at 2023 2022 2019 Δ 2022 Δ 2019 Vienna Airport1 Passengers (millions) 29.5 23.7 31.7 24.7% -6.7% Local passengers (million) 22.8 17.8 24.3 28.2% -6.1% Transfer passengers (millions) 6.6 5.8 7.2 14.3% -7.9% Flight movements (in 1,000) 221.1
Slide 37: Seat load factor: record capacity utilisation in 2023
Seat load factor: record capacity utilisation in 2023 Increased capacities due to larger aircraft and higher utilisation Development of seats per flight movement & seat load factor − Record capacity utilisation of aircraft in 2023 175 85% 165 − Seat load factor of 80.5% in 2023, rise of 3.2%p 80% vs
Slide 38: Aviation returns to growth
Aviation returns to growth Long-term PAX, sales and EBITDA growth PAX, revenue and EBITDA growth − Covid-19 slump has largely been made up for 900 35 − Global fleet to double to approx. 48,600 800 30 aircraft (around +3.5% p.a.) by 2042 700 (according to market studies by Airbus and 25 Boeing), with
Slide 39: Financial indicators reflect the positive development
Financial indicators reflect the positive development Clearly improved financial result € million* 2023 2022 Δ Revenue 931.5 692.7 34.5% Earnings before interest, tax, depreciation and amortisation 393.6 295.9 33.0% (EBITDA) Earnings before interest and taxes (EBIT) 261.8 167.2 56.6% Financial resul
Slide 40: Revenue and earnings in 2023
Revenue and earnings in 2023 above the comparable figures for 2019 Group PAX (millions) Revenue (€ million) − Revenue and earnings in 2023 were higher than the comparable figure for 2019 although the Group passenger volume was still 4% below the pre-crisis level 39.5 931.5 38.0 857.6 EBITDA (€ milli
Slide 41: Sharp increase in operating costs
Sharp increase in operating costs Considerable rise in personnel expenses € million 2023 2022 Δ Consumables and services used -54.1 -44.5 21.4% Personnel expenses -349.4 -272.3 28.3% Other operating expenses1 -142.6 -95.7 49.0% Depreciation and amortisation -131.8 -131.1 0.5% EBITDA margin 42.2% 42.
Slide 42: Equity ratio of 70.9%
Equity ratio of 70.9% Robust cash flow development € million 2023 2022 Δ Cash flow from operating activities 384.8 337.6 14.0% Free cash flow 228.2 33.1 n.a. CAPEX1 107.0 53.6 99.4% Net liquidity 361.9 149.4 142.3% Equity 1,556.4 1,448.5 7.5% Equity ratio 70.9 65.1 n.a. − Robust development of the c
Slide 43: Strong balance sheet structure
Strong balance sheet structure Perceptible increase in equity 2.301 2.173 2.225 2.194 301 2.074 347 293 291 333 345 313 258 537 532 573 483 293 535 501 2.000 1.883 1.762 1.688 1.663 1.556 1.381 1.314 1.448 1.305 AssetsLiabilities AssetsLiabilities AssetsLiabilities AssetsLiabilities AssetsLiabilitie
Slide 44: Airport
Airport Passenger growth leads to record revenue − Revenue increase mainly driven by passenger € million 2023 2022 Δ growth. Passenger-related fees up 47% yoy to External revenue 440.1 321.0 37.1% € 315 million. EBITDA 176.7 127.2 38.9% − Segment revenue up 7% vs. 2019 − 9.7% upward adjustment of pa
Slide 45: Handling & Security Services
Handling & Security Services Clearly positive EBIT in 2023 − Sharp rise in ground handling revenue (apron € million 2023 2022 Δ and traffic handling) of 40% to € 113 million as External revenue 165.7 124.9 32.6% a result of growth in flight movements (+17.3%) and MTOW increase (+18.2%) EBITDA 14.6 5
Slide 46: Retail & Properties
Retail & Properties Passenger-driven revenue drives the sharp rise in earnings − Significant revenue increases for Center € million 2023 2022 Δ Management & Hospitality (+39% to External revenue 182.5 138.8 31.5% € 93 million) and parking (+33% to € 56 million) related to the increase in passenger t
Slide 47: Malta
Malta Extremely strong holiday traffic leads to jump in earnings − Traffic growth of 33.4% to 7.8 million € million 2023 2022 Δ passengers in 2023 External revenue 120.2 88.0 36.6% - Passenger numbers were up on the same period in 2019 in all months EBITDA 75.4 55.1 36.7% − Passenger growth to 8 mil
Slide 48: Financial Calendar 2024
Financial Calendar 2024 12 September: August Traffic Results 15 October: September Traffic Results 14 November: Q1-3/2024 & October Traffic Results 12 December: November Traffic Results 48
Slide 49: Contact
CONTACT Bernd Maurer Head of Capital Markets +43-1-7007-23126 +43-664-8357723 [email protected] 49 49
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