1. No category

Roadshow Paris
October 2014
Dr. Matthias Zieschang, CFO
Marc Poeschmann, Investor Relations
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.
Roadshow Paris October 2014
Slide 3
Agenda
Traffic Insight
Business Development
Financials 6M 2014
Outlook
Roadshow Paris October 2014
Slide 4
Traffic Insight
Frankfurt Airport
September 2014
Passengers*
in `000
Movements
∆%
YTD 2014
∆%
FY 2013
5,878
+5.9
45,635
+3.2
58,037
42,452
-0,2
357,016
-0.1
472,692
MTOW
in `000 tons
2,617
+2.5
21,878
+2.2
28,416
Cargo**
in `000 tons
176
-0.1
1,575
+2.1
2,095
Seat load factor
Passenger per movement
90%
85%
2014
2013
Sep 2014
Sep 2013
80%
75%
135
+5.6%
140
145
150
155
70%
65%
Passenger guidance FY2014:
2-3% upside
60%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Roadshow Paris October 2014
* Source ACI, commercial traffic only
** Freight & Mail
Slide 5
Traffic Insight
Frankfurt Airport Traffic Shares 9M2014
Western Europe
Domestic
Eastern Europe
43%
11%
9%
∆
+6%
∆
+3%
∆
+7%
Far East
North America
Frankfurt Airport
14%
∆
11%
∆
+2%
-1%
Middle East
5%
∆
+3%
Africa
Latin America
3%
∆
4%
∆
-6%
-4%
Traffic Share
∆
Delta absolute vs. previous year in %
Roadshow Paris October 2014
∆
Continental
Intercontinental
63%
37%
+6%
∆
-1%
Slide 6
Traffic Insight
Group Traffic Figures (above 10% stake)
∆
IATA
Code
Airport
Share
Sept
2014
FRA
Frankfurt, Germany
100%
LIM
Lima, Peru
BOJ
∆
previous
year
FY
2013
CAGR
20102013
45,635
+3.2%
58,037
+3.1%
+7.2%
11,594
+4.9%
14,913
+13.2%
331
-6.8%
2,477
+1.8%
2,480
+9.4%
60%
184
-1.1%
1,287
+4.8%
1,319
+2.4%
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%
previous
year
YTD
2014
5,878
+5.9%
70%
1,342
Burgas, Bulgaria
60%
VAR
Varna, Bulgaria
AYT
Roadshow Paris October 2014
Traffic Insight
FRA Passenger Traffic Growth Rates*
In %
8
Sep
Oct
Nov
Dec Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug Sep
5.9
6
5.4
4
3.6
3.6
3.5
3.5
2.9
3.7
3.4
3.4
2.3
1.8
2
1.0
1.3
0.4
0.2
0
2.0
0.9
0.7
-0.7
-1.1
-2.7
-2
-2.2
-4
-4.9
-6.3
-6
2012
2013
2014
-8
Roadshow Paris October 2014
* Source ACI
Slide 8
Traffic Insight
Indications Winter Schedule 2014 / 2015 Germany*




Upcoming winter schedule 2014/2015 shows
good basis for traffic development at FRA
Current data shows seat capacity upside
between 2-3%; slight movement decline
Seat offering of Lufthansa still increasing
In addition, current data for other airlines
quite promising - seat offering and
movements positive
Roadshow Paris October 2014
* Source: FHKD/Sabre, July 29, 2014, edited by Fraport
Slide 9
Agenda
Traffic Insight
Business Development
Financials 6M 2014
Outlook
Roadshow Paris October 2014
Slide 10
Business Development
Portfolio Extension
Hanover
Frankfurt
Ljubljana
St. Petersburg
Varna &
Burgas
Antalya
Cleveland
Pittsburgh
Boston
Baltimore
FRANKFURT
Xi‘an
Delhi
Dakar*
Lima
Airport Stakes
Roadshow Paris October 2014
AIRMALL
*Concession contract of future Dakar airport
Slide 11
Business Development
Ljubljana – Slovenia EU, Airport Acquisition
 Acquisition of Ljubljana Airport, Slovenia, EU
 Size: 1.3 million passengers in 2013
Upside in passenger traffic 6M2014: +3.7%
 Capital airport with high share of O&D traffic
 Main Traffic to : Frankfurt, London, Istanbul, Zurich,
Munich plus summer destinations
 Excellent add-on to our growth portfolio airports
Signing
 September 05, 2014
Control
 100 % Consolidated,
Ownership 75.5% at first
Price
 177.1 Mio. € for 75.5%
Core services
 Aviation
 Non-Aviation
 Ground Handling
Main Carrier
 Adria
Employees
 ~400
Roadshow Paris October 2014
Slide 12
Business Development
Ljubljana – Slovenia EU, Airport Acquisition
 Purchase price of €177.1 million will be taken
from Fraports’ liquid funds
 Low capex profile as infrastructure in very good
shape, capacity optimization through our
know-how
 Company is debt free
 Very stable cash flows & dividend payments
expected
Key Financials 2013
Revenue Split 2013*
31
€ mil
Airport Services
30%
11
50%
5
20%
Revenue
EBITDA
Roadshow Paris October 2014
Ground Handling
Non-aeronautical
Net Profit
* Differences due to rounded figures possible
Slide 13
Business Development
Airmall Retail Acquisition – USA
 Core segment Retail is expanded to the largest
aviation market in the world
 Visible and continuous contribution to EBITDA
 Stable cash flows guarantee start of payback period
immediately after takeover
 Unlocking of further growth potential by Fraport
Group network expertise
Signing / Closing  July 23 / August 1, 2014
Control
 Consolidated, 100% owned
Core services




Founded
 1991
Employees
 28
Roadshow Paris October 2014
Retail Property Development
Leasing
Operations Management
Branding and Marketing
Slide 14
Business Development
Airmall at a Glance
Pittsburgh
Baltimore
Cleveland
Boston
7.9 million
3.9 million
98% / 2%
Southwest Airlines
US Airways
Delta Air Lines
22.5 million
11.3 million
96% / 4%
Southwest Airlines
AirTran
Delta Air Lines
9.1 million
4.5 million
100 % / occasionally
United Airlines
ExpressJet
Chautauqua Airlines
30.2 million
6.8 million*
85% / 15%
Jetblue
US Airways
American Airlines
1.84%
2.04%
1.57%
2.21%
100%
Total PAX 2013
Departing PAX 2013
DOM/INT Share 2013**
TOP 3 Airlines (2013)**
PAX Growth Forecast
CAGR (2014 – 2029)***
Managed retail area
Contract term
Concession fee
Roadshow Paris October 2014
7,400 m²
1992 - 2029
11,100 m²
7,100 m²
2004 - 2022
2008 - 2019
Minimum fixed fee + revenue related fee
8,400 m²
2000 - 2017
* Only Terminal B and E
** Source: CAPA Centre for Aviation
*** Source: FAA
Slide 15
Business Development
Airmall Business Model and Financials
Business Model
2013 Actuals
Airport Authorities
USD 14 million*
USD 9 million*
Concession fee
Net Revenuess less
concession fee
Rent
EBITDA
Sales by Category
Subtenants
18 %
16 %
Retail
Sales
Pax
Roadshow Paris October 2014
55 %
Food & Beverages
News & Gifts
Services
Duty Free
Advertising
6%
4%
1%
* Figures refer to US GAAP accounting
Slide 16
Business Development
Terminal 3
Construction start 2015 – Inauguration 2021 – 2 Piers (cont/intercont)
14 million passengers capacity
Roadshow Paris October 2014
Slide 17
Business Development
Terminal 3 needed beyond the 2020s
Passengers per
year in mil.
90.0
Capacity
restriction
Forecast Intraplan
Forecast MKmetric
85.0
> 80
80.0
> 80
> 75
75.0
> 75
> 70
70.0
68 mil. Passengers per year
(temporary overload)
> 60
65.0
64 mil. Passengers per year
(dedicated capacity)
60.0
58
> 60
55.0
> 70
> 65
> 65
Pier A-Plus (2012)
Hall C und CD-Pier (2007)
Capacity T1+T2
50.0
45.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Year
Roadshow Paris October 2014
Slide 18
Business Development
Revenue per Passenger under Pressure
Retail revenue per Passenger
6M 2012: €3.23
3.95
3.40
Q1
6M 2013: €3.56
4.11
3.74
3.10 2.95
Q2
6M 2014: €3.42
3.69
3.42 3.24
Q3
Q4
Q1
Q2
Q3
3.22
Q4
Q1
Q2
€ mil.
Shopping
25
29
30
31
27
31
33
33
26
29
33
33
Services
11
12
13
13
11
13
14
13
12
14
14
13
Advertis.
6
6
6
10
6
8
9
11
7
7
9
11
Roadshow Paris October 2014
Slide 19
Business Development
FX-Development & Impact on Retail
110
Compared to
€ indexed to
100 (= Jan 105
2013)
Currency devaluation in 2013 in countries
with high retail performance
100
95
90
85
80
Source: Bloomberg
75
Jan 2013
June 2014
Traffic shares departing passengers 2013
Other
Other
7%
share
Roadshow Paris October 2014
Share in Duty Free sales 2013*
17%
share
*Based on ticket /Heinemann data -> only indication of nationality
Slide 20
Agenda
Traffic Insight
Business Development
Financials 6M 2014
Outlook
Roadshow Paris October 2014
Slide 21
Group P&L 6M 2014
Underlying Growth in all key Figures
Comments
€ mil.
6M 14
6M 13
%
Revenue
1,122
1,141
-1.6
1,117
1,106
1.0
EBITDA
354
322
10.0
EBIT
206
180
14.5
EBT
129
118
9.8
92
82
11.7
•Lima and Twin Star continued to
contribute well
0.96
0.86
12.0
•Lower opex from mild winter
-excl. IFRIC 12
Group result
EPS in €
EBITDA margin
+3.4PP
EBIT margin
+2.5PP
50%
31.6%
18.3%
15.8%
6M 2014
6M 2013
0%
6M 2014
Roadshow Paris October 2014
6M 2013
•Positive effects from increase in
FRA aviation and infrastructure
charges as of Jan. 1, 2014
•Sound increase in EBITDA and
margin
•Negative financial result from
market valuation of derivatives
28.2%
25%
•Revenue increase due to groupwide traffic development
•Positive Group result and EPS
performance
Percent change based on unrounded figures
Slide 22
Cash Flow 6M 2014
Capex Split
€ mil.
Operating
cash flow
Intangible
assets
Airport
operating
projects
PPE
Investment
property
Free cash
flow
250
206
206
200
-1
Cash Flow 6M 2014
-3
Cash Flow 6M 2013
150
100
82
-111
-6
-6
50
0
-182
-50
-100•OCF
flat due to about €30 mil. more taxes
paid for completed audits
•Less capex despite ongoing preparation
for Terminal 3
Roadshow Paris October 2014
-28
-18
-25
•Decline in capex for airport operating
projects reflected lower spend for Varna &
Burgas
•Investment property mainly refered to CASA
Due to roundings differences can occur, when summing up to free cash flow
Slide 23
Financial Position 6M 2014
Maturity Profile & Cash Position
Fraport debt conditions on average
€ mil.
4,114
4,000
~
3.8 % interest rate
~
5.3 years maturity
3,500
3,000
2,500
2,000
1,500
1,210
1,130
1,000
486
462
375
514
412
104
500
235
324
19
0
Liquidity Financial
as of June Liabilities
30, 2014
Roadshow Paris October 2014
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023++
Slide 24
Agenda
Traffic Insight
Business Development
Financials 6M 2014
Outlook
Roadshow Paris October 2014
Slide 25
Outlook 2014
Unchanged Outlook!
FY2013 (restated)
Outlook 2014
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
€1.25 per share
At least stable
Passengers FRA
Dividend proposal**
Roadshow Paris October 2014
*Group Result before minorities
** Dividend proposal for FY 2013 subject to approval of AGM 2014
Slide 26
Outlook Cash Flow 2014
Further Improvement of FCF expected
€ mil.
Operating
Cash Flow
Capex FRA
454
-360
Capex
External
Act.
Investment
property
Free Cash
Flow
Dividend
Change in
Net debt
600
Cash Flow 2013 INCL. IFRS 11
400
200
-54
-23
17
-115
-98
~stable
Improvement
At least
stable
Impact on net debt
could be
stable/positive
0
2014
-200
Projection
Growth in
line with
operations,
balance sheet
dilutions possible
Below 2013
Roadshow Paris October 2014
Below 2013
Slide 27
€ mil.
Outlook Cash Flow
Cash Flow Multi-Year Overview
Free Cash Flow
Slight 2014 FCF dip
due to IFRS 11
Capex
Expected Capex
peak for T3
Capex peaks and FCF lows
due to FRA North and
Expansion
2006
2011
2016
“Pre-T3” FCF Peak
expected for 2016/17
Next Capex Peak: End of Decade
Anyhow, Free Cash Flow will remain positive!
Roadshow Paris October 2014
2021
Thank you for your Attention!
www.meet-ir.com
Slide 29
Group P&L 6M 2014
Increase in Group EBITDA driven by Aviation
+€32 mil.
€ mil.
354
322
EBITDA
6M 2013
+11
-30
Organic
revenue
IFRIC 12
revenue
+6
Other
revenue
Segment share in Group EBITDA 6M 2013
External
Activities &
Services 19.0%
Ground
Handling
0.6%
53.5%
Roadshow Paris October 2014
Aviation
26.9%
+24
Organic cost
of materials
-12
+30
IFRIC 12
cost of
materials
Other
opex
EBITDA
6M 2014
Segment share in Group EBITDA 6M 2014
External
Activities &
Services
Aviation
18.7%
Ground
Handling
Retail &
Real Estate
Personnel
expenses
+3
3.2%
48.6%
29.5%
Retail &
Real Estate
Slide 30
Group P&L 6M 2014
Despite negative Financial result, Group result up!
+€10 mil.
€ mil.
+32
+€0.10
-6
-15
92
82
-2
€0.86
Group result
6M 2013
EBITDA
D&A
Financial
result
Split of financial result
€ mil
6M 13
%
19
23
-18.1
-92
-91
-
4
-2
>100
-7
8
-
-77
-62
-
Interest
expenses
At equity result
Other result
Financial result
Roadshow Paris October 2014
Group result
6M 2014
EPS
6M 2013
EPS
6M 2014
Comments
6M 14
Interest income
Taxes
€0.96
• Less interest income due to lower rates
• Split of at equity result:
• Good Antalya performance
• Pulkovo book value is at 0, therefore no
visible impact from negative Pulkovo result
in Fraport P&L / financial position
• Xi‘an result almost flat
• Other result down due to market valuation of
derivatives
Due to roundings differences can occur, when summing up to the 2014 Group result.
Slide 31
Group Asset & Financial Situation
Strong FCF Recovery vs. PY
Free Cash Flow
Liquidity
€ mil.
Gross debt
4,239
Net debt
Gearing 2)
4,114
2,871
1,368
Equity
2,904
3,117
3,101
97%
95%
1,210
82
-25 1)
Dec. 31, 2013
June 30, 2014
•Substantial increase in free cash flow
•Main driver:
•Less FRA capex
•Less inv. in airport operating projects
•Net debt at €2.9 bn. reflecting positive FCF
•Equity decrease due to dividend payment
•Gearing further improving
•Decline in liquidity to €1.21 bn due to debt
repayment
•Corresponding decline in gross debt
Outlook 2014:
•Target Capex FRA: ~€300 mil.
• Solid positive FCF expected
Roadshow Paris October 2014
1) Figure for 6M2013
2) Net debt divided by equity less non-controlling interests and profit earmarked for distribution
Slide 32
Segment Aviation
Growing Operations
€ mil.
Comments
6M 14
6M 13
%
Revenue
418
403
3.9
Airport charges
Security serv.
Other
343
55
20
329
50
24
4.4
10.3
-15.7
EBITDA
104
87
20.4
46
30
53.7
• Less costs & energy expenses from
mild winter led to strong increase in
EBITDA
6,080
6,265
-3.0
• Strong EBIT increase
EBIT
Employees
EBITDA margin
+3.5PP
30%
25.0%
20%
EBIT margin
+3.6PP
21.5%
• Revenue increase due to FRA
traffic & increase in aviation
charges as of Jan. 1, 2014
• Security rev. helped by price effects
Revenue split 6M 2014
Other 4.9%
Security services 13.1%
Security charges 4.5%
11.0%
10%
7.4%
Parking charges 5.4%
Landing charges 7.2%
54.0%
Passenger
charges
0%
6M 2014
Roadshow Paris October 2014
6M 2013
6M 2014
6M 2013
Noise charges 10.9%
Percent change based on unrounded figures
Slide 33
Segment Retail & Real Estate
6M Performance dampened by adverse Effects
€ mil.
6M 14
6M 13
%
219
229
-4.4
89
90
38
2
92
91
37
8
-3.3
-1.3
1.9
-76.8
EBITDA
172
172
0.1
EBIT
131
132
-1.0
Employees
620
599
3.5
Revenue
Retail
Real Estate
Parking
Other
EBITDA margin
+3.5PP
90%
78.8%
EBIT margin
+2.0PP
Comments
•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 flat on 2013
Revenue split 6M 2014
Other 0.9%
75.3%
59.9%
60%
57.9%
Parking
17.2%
41.1%
Real Estate
30%
40.8%
0%
Retail
6M 2014
Roadshow Paris October 2014
6M 2013
6M 2014
6M 2013
Percent change based on unrounded figures
Slide 34
Segment Ground Handling
Operational Increase, EBIT rise but still negative
€ mil.
Comments
6M 14
6M 13
%
Revenue
318
314
1.1
Ground Handl.
Infrastructure
185
133
186
128
-0.6
3.8
• Growing revenue due to
infrastructure services  helped by
price effects
EBITDA
11
2
>100
• Despite wage increase EBITDA up,
reason: mainly optimized staff mix
EBIT
-7
-17
-
9,020
9,031
-0.1
Employees
EBITDA margin
+2.9PP
EBIT margin
-PP
• EBIT increase by €10 mil. but still
negative
Revenue split 6M 2014
10%
5%
Central
Infrastructure
3.5%
0.6%
0%
6M 2014
Roadshow Paris October 2014
6M 2013
41.8%
Ground Handling
58.2%
-%
6M 2014
-%
6M 2013
Percent change based on unrounded figures
Slide 35
Segment External Activities & Services
Sound underlying Operations lift up EBITDA
€ mil.
6M 14
6M 13
%
Revenue
168
195
-14.1
-excl. IFRIC 12
163
161
1.2
EBITDA
66
61
8.3
EBIT
36
34
4.1
4,460
4,700
-5.1
Employees
EBITDA margin
+8.2PP
40%
EBIT margin
+3.7PP
Comments
•Ongoing growth in Lima
•Varna & Burgas with good growth
at season´s start
•Higher D&A from Terminal
inaugurations in Varna & Burgas
Revenue split 6M 2014
39.5%
31.3%
Others
21.3%
20%
17.6%
31.5%
Lima
59.4%
0%
6M 2014
Roadshow Paris October 2014
6M 2013
6M 2014
6M 2013
Twin Star 9.1%
Percent change based on unrounded figures
Slide 36
External Activities
Antalya Airport – Figures before Consolidation
€ mil.
6M 14
6M 13
%
118
115
2.4
Airport charges
Retail
67
45
64
46
5.4
-0.7
EBITDA
99
94
4.9
83.5%
81.5%
-
50
45
10.0
41.9%
38.9%
-
10
2
>100
8
-1
-
Revenue
Margin
EBIT
Margin
EBT
Result
Roadshow Paris October 2014
Percent change based on unrounded figures
Slide 37
External Activities
Lima Airport*
€ mil.
6M 14
6M 13
%
100
98
1.4
Airport charges
Retail
-excl. IFRIC 12
52
16
95
52
17
93
-0.4
-3.0
1.7
EBITDA
36
34
5.6
36.3%
38.1%
34.9%
36.7%
-
29
28
5.8
29.2%
30.6%
27.9%
29.4%
-
493
592
-16.7
Revenue
Margin
Underlying margin
EBIT
Margin
Underlying margin
Employees
Roadshow Paris October 2014
*
Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures
Slide 38
External Activities
Twin Star – Varna & Burgas Airport
€ mil.
6M 14
6M 13
%
Revenue
16
43
-63.4
Airport charges
Retail
-excl. IFRIC 12
8
2
15
7
1
13
15.1
>100
17.7
7
5
40.2
46.2%
47.1%
12.0%
39.2%
-
2
2
0.0
9.6%
9.8%
3.5%
11.5%
-
928
977
-5.0
EBITDA
Margin
Underlying margin
EBIT
Margin
Underlying margin
Employees
Roadshow Paris October 2014
Percent change based on unrounded figures
Slide 39
Group P&L 6M 2014
€ mil.
6M 14
6M 13
Revenue
1,122.4
1,140.7
-18.3
-1.6
Change in work-in-process
Change
% Change
0.4
0.2
0.2
100.0
Other internal work capitalized
13.5
15.7
-2.2
-14.0
Other operating income
23.6
15.2
8.4
55.3
1,159.9
1,171.8
-11.9
-1.0
Cost of materials
-245.4
-298.7
53.3
-17.8
Personnel expenses
Total revenue
-487.8
-476.2
-11.6
2.4
Other operating expenses
-72.5
-74.9
2.4
-3.2
EBITDA
354.2
322.0
32.2
10.0
D&A
-148.5
-142.3
-6.2
4.4
EBIT
205.7
179.7
26.0
14.5
18.6
22.7
-4.1
-18.1
-91.7
-90.6
-1.1
1.2
3.6
-2.2
5.8
-263.6
-7.1
8.0
-15.1
-188.8
Financial result
-76.6
-62.1
-14.5
23.3
EBT
129.1
117.6
11.5
9.8
Taxes on Income
-37.4
-35.5
-1.9
5.4
Group result
91.7
82.1
9.6
11.7
Minority result
3.4
3.1
0.3
9.7
88.3
79.0
9.3
11.8
Interest income
Interest expenses
Result from at equity consol. companies
Other financial result
Fraport shareholders‘ result
Roadshow Paris October 2014
Slide 40
Group Cash Flow Statement 6M 2014
€ mil.
Profit attributable to Fraport shareholders
Profit attributable to non-controlling interests
6M 14
6M 13
88.3
79.0
3.4
3.1
Adjustments for
Taxes on income
€ mil.
6M 14
6M 13
Investment property
-5.9
-17.6
Dividends from at equity companies
25.2
4.0
0.6
4.3
-97.7
-222.6
-375.3
-178.9
Proceeds from disposal of securities and
promissory note loans
417.3
200.5
Decrease of time deposits with a duration of
more than 3 months
129.6
179.8
73.9
-21.2
-115.3
-115.2
-2.4
-4.0
Proceeds from disposal of non-current
assets
37.4
35.5
148.5
142.3
Interest result
73.1
67.9
Disposal of non-current assets
-0.1
-0.1
1.0
-0.7
Fair value changes in at equity comp.
-3.6
2.2
Changes in inventories
-1.0
3.8
-41.9
-22.8
CF from/used in investing activities
13.6
-24.3
Dividends paid to Fraport shareholders
Changes in provisions
-22.6
-22.4
Dividends paid to non-controlling interests
Operating activities
296.1
263.5
Capital increase
2.5
2.5
Cash inflow from long-term financial debt
0.0
58.5
-154.3
-146.8
-2.7
70.1
-272.2
-134.9
-
-
Change in cash and cash equivalents
7.6
49.6
F/X effects on cash and cash equivalents
0.5
0.3
139.3
157.8
Depreciation and amortization
Others
Changes in receivables and financial assets
Changes in liabilities
Financial activities
Interest paid
-55.2
-55.6
14.3
16.9
Taxes on income paid
-49.3
-19.1
CF from operating activities
205.9
205.7
Investments in airport operating projects
-6.0
-28.1
Capex for other intangible assets
-0.9
-2.8
-110.7
-182.4
Interest received
Capital expenditure for ppe
Roadshow Paris October 2014
CF used in investing activities w/o
investments in cash deposits and sec.
Financial investments in securities and
promissory note loans
Repayment of long-term financial liabilities
Changes in short-term financial liabilities
CF used in financing activities
Change in restricted cash
Cash and cash equivalents as at June, 30
Slide 41
Group Financial Position 6M 2014
Assets in € mil.
Goodwill
6M 14
YE 13
22.7
22.7
455.0
458.1
48.7
51.1
5,961.4
5,962.3
51.4
47.7
Investments in at equity companies
191.9
213.9
Other financial assets
749.0
728.6
Other receivables and financial assets
171.6
172.2
Income tax receivables
15.6
20.3
Deferred tax assets
28.6
27.9
7,695.9
7,704.8
Investments in airport operating projects
Other intangible assets
Property, plant and equipment
Investment property
Total non current assets
Inventories
Liabilities & equity in € mil.
922.7
922.1
Capital reserve
592.3
590.2
Revenue reserve
1,539.0
1,558.7
Equity attr. to Fraport shareholders
3,054.0
3,071.0
46.5
45.7
Shareholders‘ equity
3,100.5
3,116.7
Financial liabilities
3,478.8
3,948.1
47.6
50.8
Other liabilities
490.6
491.6
Deferred tax liabilities
109.8
108.3
Provisions for pensions and similar oblig.
27.4
26.7
Provisions for income taxes
49.9
54.1
258.0
223.9
4,462.1
4,903.5
Financial liabilities
635.6
290.6
Trade accounts payable
153.4
159.6
Other liabilities
158.2
123.1
3.5
7.7
185.2
234.6
Current liabilities
1,135.9
815.6
Total liabilities & equity
8,698.5
8,835.8
Non-controlling interests
Trade accounts payable
42.3
Trade accounts receivable
203.5
174.4
Other provisions
Other receivables and financial assets
379.4
426.4
Non-current liabilities
11.0
1.0
365.4
486.9
Current assets
1,002.6
1,131.0
Total assets
8,698.5
8,835.8
Cash and cash equivalents
Provisions for income taxes
Other provisions
Roadshow Paris October 2014
YE 13
Issued capital
43.3
Income tax receivables
6M 14
Slide 42
Special & Extraordinary Effects
6M 2014
€ mil.
6M 14
6M 13
-€6.4 mil.
+€8.2 mil.
€4.0 mil.
€10.2 mil.
Group level
Financial result:
Market valuation of derivatives & F/X fluctuations
Segment level
Retail & Real Estate
Revenue:
Property sales Mönchhof area
Roadshow Paris October 2014
Investor Relations
Team Contact Details
Fraport AG
Frankfurt Airport Services Worldwide
60547 Frankfurt am Main
www.meet-ir.com
+49 69 690 – 74842
[email protected]
Stefan J. Rüter
Head of Finance
& Investor Relations
+49 69 690-74840
[email protected]
Svenja Ebeling
Investor Relations Assistant
+49 69 690-74842
[email protected]
Marc Poeschmann
Manager Investor Relations
+49 69 690-74845
[email protected]
Florian Fuchs
Manager Investor Relations
& Financial Reporting
+49 69 690-74844
[email protected]
Roadshow Paris October 2014
Tanja Nagel
Manager Investor Relations
& Financial Reporting
+49 69 690-74846
[email protected]