フラポート株式会社
フランクフルト空港サービス・ワールドワイド
シュテファン J. リューター
財務＆投資家情報
責任者
フローリアーン・フックス
投資家情報＆財務報告
マネージャー
2
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
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 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.
3
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Agenda
- Financial Highlights
- Traffic Insight
- News from FRA
- Airport Charges at FRA
- T3 Ground Breaking
- Retail Multichannel
- Greek Airports
- Outlook 2015
- Financials 9M2015 in Detail
4
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Financial Highlights
Fraport Group Figures 9M 2015 (P&L)
9M2015
9M2014
yoy
1,967
1,797
+10 %
EBITDA
689
621
+11 %
EBIT
444
396
+12 %
Group Result*
262
220
+19 %
in € mil.
Revenue
• Traffic Figures up, FRA with 3.6% upside in passenger traffic
• Revenue increased by 9.5% (IFRIC12 adjusted +9.4%)
• Group-EBITDA rose to € 689 million, an upside of 11%
• All segments contributing, mostly Retail and External performance
• Group Result increased by 19% mostly due to operating
performance
* Before minorities
5
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Financial Highlights
Fraport Group Figures 9M2015 (Cash Flow, Debt, Capex)
9M2015
9M2014
yoy
Operating Cash Flow
525
409
+28%
Capex*
165
205
-20%
29
31
-8%
Free Cash Flow
389
236
+65%
Gearing in %**
82%
97%
-15PP
2,762
3,013
-8 %
in € mil.
Dividend from Investments
Net Debt**
• Operating Cash Flow significantly up due to good operating performance
• Combined with downward trend in Capex and slightly lower dividends from at
equity investments, Free Cash Flow moved substantially up
• Gearing & Net Debt down despite dividend payment
* as used in PPE, airport operating projects, investment property, and other intangible assets
** year-end figures for 2014
6
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Agenda
- Financial Highlights
- Traffic Insight
- News from FRA
- T3 Ground Breaking
- Airport Charges at FRA
- Retail Multichannel
- Greek Airports
- Outlook 2015
- Financials 9M2015 in Detail
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
7
Traffic Insight
Group Passenger Development (stakes above 10%)
D
Airport
Share
FRA
Frankfurt, Germany
100%
5,711
+4,3%
52,992
+3.7%
59,566
+3.0%
LJU
Ljubljana, Slovenia
100%
128
+9,4%
1,264
+10.6%
1,307
-1.4%
LIM
Lima, Peru
70%
1,593
+11.7%
14,213
+9.2%
15,659
+11.1%
BOJ
Burgas, Bulgaria
60%
32
+14.1%
2,338
-6.7%
2,530
+7.5%
VAR
Varna, Bulgaria
60%
54
+8.5%
1,340
+0.2%
1,387
+3.1%
AYT
Antalya, Turkey
51%
2,807
-0.8%
25,791
-1.6%
27,979
+6.0%
LED
St. Petersburg, Russia
35.5%
1,062
-5.1%
11,913
-3.9%
14,265
+14.0%
HAJ
Hanover, Germany
30%
581
+1.8%
4,765
+3.8%
5,292
+1.1%
XIY
Xi‘an, China
24.5%
2,944
+8.7%
27,719
+12.9%
29,177
+12.8%
previous
year
FY
2014
CAGR
20102014
Oct
2015
previous
year
YTD
2015
D
IATA
Code
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
8
Traffic Insight
Frankfurt Airport
Oct 2015
Passengers
in `000
Movements
D % YTD Oct 2015
D%
FY 2014
5,711
+4.3
52,992
+3.7
59,566
42.572
+1.5
400,871
+0.5
469,026
MTOW
in `000 tons
2,661
+2,8
25,412
+2.8
28,958
Cargo
in `000 tons
182
-1.9
1,714
-2.6
2,132
Seat load factor
Passenger per movement
90%
2015
2014
85%
YTD 2015
+4.7
Pass.
YTD 2014
80%
120
75%
125
130
135
140
145
150
70%
New passenger guidance FY2015:
Between +~3% and +~4%
65%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Passenger figures according to ACI, commercial traffic only; cargo includes air freight and air mail
9
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Traffic Insight
Frankfurt Airport Passenger Flows YTD 10/2015
Western Europe
Domestic
43%
D
North America
11%
D
+5%
9%
D
+4%
Frankfurt Airport
13%
D
+3%
Eastern Europe
+2%
Far East
11%
Middle East
Africa
Latin America
D
4%
D
5%
D
+6%
+6%
+3%
3%
D
+1%
Continental
Traffic Share YTD
D
vs. previous year
Intercontinental
62%
D
+4%
38%
D
+4%
10
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Traffic Insight
Winter Schedule FRA 2015/2016
1
No significant
changes in
airline
portfolio
2
Winter
schedule
with a
moderate
seat upside
close to 2%
3
Passenger flight
movements
stable
4
Lufthansa JUMP
program positive
– but minimal
impact
Winter schedule from end of October 2015 to end of March 2016
11
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Agenda
- Financial Highlights
- Traffic Insight
-
News from FRA
- Airport Charges at FRA
- T3 Ground Breaking
- Retail Multichannel
- Greek Airports
- Outlook 2015
- Financials 9M2015 in Detail
12
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
Airport Charges at FRA
•
Application for Airport Charge increase filed in at Hesse Ministry of
Economics, Energy, Transportation and State Development (HMWEVL) in
July 2015
•
Intended increase of 1.9% on airport charges for 2016
•
Reflecting both: airline needs for cost control and the airport’s need for
adequate return on capital
•
Fraport AG retracted its application on October 29, 2015
•
Currently, the HMWEVL and Fraport AG have differing views regarding the
calculation of essential cost elements - including capital costs
•
Until a new airport charge schedule comes into force the current charge
schedule will remain valid also beyond January 1, 2016
•
Fraport AG will re-examine the issue and submit a new application in 2016
13
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
T3 Ground Breaking in October 2015
 Capex budget € 2.5-3.0
bn. in total
 Additional passenger
capacity 14 million
 Floor space ca. 90,000
sqm
 Large state-of-the-art
Retail facilities
 24 gate positions at the
building
 4 Check-in-Areas with 100
counters
 Opening 2022
Market Place
Security
Check-In
Train
Parking
 Focus 2016 on excavation
works
14
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
T3 Road and Train Access
15
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
T3 Main Hall Impression
16
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
T3 Façade Impression
17
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
T3 Schedule
2015
2016
2017
2018
2019
2020
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2
3
4
1
2021
2022
2
3
4
1
2
3
4
1
2
3
4
2
3
4
1
2
3
4
1
2
3
4
Excavation
work
Start of
structural
work
Technical &
operational
tests
Inauguration
18
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
FRA Capex Peak ~5 Years after T3 Construction Start
Maintenance
Capex T3
Total @ FRA
Capex in
External
Activities not
included
500
Start of T3
construction
Maintenance
€200-250 mil
plus 2% p.a.
0
T3 start
Peak after 5 years
End after 8 years
19
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
News from FRA
Retail Multichannel starts
Q2/2016 ff.
Q2/2016
Q1/2016
12/2015
Online Platform
09/2015
Loyalty
programm
Test phase
Interactive
Airport Desk „IAID“
Relaunch
Travel
Homepage &
App
Online Payment
& Home Delivery
Rollout Interactive
Airport Desk „IAID“
Additional
delivery
options
20
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Agenda
- Financial Highlights
- Traffic Insight
- News from FRA
- Airport Charges at FRA
- T3 Ground Breaking
- Retail Multichannel
- Greek Airports
- Outlook 2015
- Financials 9M2015 in Detail
21
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Greek Airports
Status Quo
• The preferred investor Fraport AG – Copelouzos group (Slentel Ltd)
extended the validity of their offer in Oct 2015
• Also the reserve candidates extended the validity of their offers
• The concession agreement is expected to be signed with the
Fraport AG – Copelouzos group by the end of 2015
• Takeover of the airports (Closing) is expected to take place in
autumn 2016
• Target of Fraport Consortium remains to finance the project partly
via debt on the level of the concession companies
• Growth rates remain good in Greece:
September 2015 yoy traffic growth of around 6.9 %
22
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Greek Airports
Concession Details
Airports
14 Greek regional airports, 80% international share, more than 22 million passengers
Fraport Share &
Partner
Fraport will hold at least 2/3rd of the concession depending on the final debt/equity ratio
Upfront payment
€ 1.2 bn. upfront payment
Concession Payment
22.9 mil. fixed annual concession payments (inflationed with Greek inflation rate)
From 2019 variable payment of ~28.5% of EBITDA (before variable concession payment )
Concession Length
40 years
Capex
€ 330 million compulsory in 2016-2019, afterwards maintenance capex
Capex for extension depending on traffic growth
Regulation
Dual Till
Airport
Charges
€ 13 per departing passenger in 2016, from 2018 € 18.50 inflationed with 90% of the Greek
inflation (depending on capex)
Retail Developement
Very small retail outlets existing; Space will roughly triple after the first construction phase; new
operating concepts like walk through will be introduced
Growth assumption
Not disclosed in detail - business case assumes moderate growth over concession period of
about 2% p.a.
23
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Agenda
- Financial Highlights
- Traffic Insight
- News from FRA
- Airport Charges at FRA
- T3 Ground Breaking
- Retail Multichannel
- Greek Airports
- Outlook 2015
- Financials 9M2015 in Detail
24
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Outlook 2015
Guidance slightly lifted driven by FRA Traffic
New Outlook 2015
Passengers FRA
Revenue
(IFRIC 12 adjusted)
Between +~3% and +~4%
revenue between ~€2.55 and ~€2.6 bn.
EBITDA
between ~€840 and ~€850 mil.
EBIT
between ~€520 and ~€530 mil.
Group result*
between ~€275 and ~€295 mil.
Dividend proposal
stable
*Group result before minorities
25
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Agenda
- Financial Highlights
- Traffic Insight
- News from FRA
- Airport Charges at FRA
- T3 Ground Breaking
- Retail Multichannel
- Greek Airports
- Outlook 2015
- Financials 9M2015 in Detail
26
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Group P&L 9M 2015
Group Financials reflect growing Operations
P&L in € mil.
9M 15
9M 14
%
Revenue
1,967
1,797
+9.5
› All segments with growing earnings
- excl. IFRIC 12
1,957
1,789
+9.4
EBITDA
689
621
+10.8
› Tailwind from Retail, FRA pricing, US$
conversion, and new investments
EBIT
444
396
+12.1
EBT
384
325
+18.1
Group result
262
220
+19.1
EPS in €
2.64
2.22
+18.9
1,797
+34
Revenue
9M 2014
Aviation
+22
Retail &
Ground
Real Estate Handling
+93
› Improvement in financial result despite
negative CHF loan valuation
› Group result and EPS with double-digit
increase
EBITDA by segment in € mil.
Revenue by segment in € mil.
+22
Comments
1,967
External
Revenue
Activities & 9M 2015
Services
+36
621
+4
EBITDA
9M 2014
Aviation
+22
689
+5
Retail &
Ground
Real Estate Handling
External
External
Activities&
Activities
Services
Services
EBITDA
9M 2015
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
27
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Group P&L 9M 2015
External Activities increase its Share in Group EBITDA
+€68 mil.
+168
+3
+4
€ mil.
689
-56
621
EBITDA
9M 2014
Revenue
ex. IFRIC 12
IFRIC 12
revenue
Other
income
Segment share in Group EBITDA 9M 2014
External
Activities &
Services
20.0%
Ground
Handling
Aviation
Cost of
materials ex.
IFRIC 12
-3
IFRIC 12
cost of
materials
-41
-7
Staff
cost
Other
opex
Segment share in Group EBITDA 9M 2015
External
Activities &
Services
23.2%
29.3%
31.8%
Ground
Handling
5.7%
42.5%
Retail &
Real Estate
EBITDA
9M 2015
Aviation
5.9%
41.6%
Retail &
Real Estate
Due to commercial rounding slight discrepancies may occur when summing up
28
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Group P&L 9M 2015
Group Result up due to higher EBITDA & Financial Result
+€42 mil.
+€0.42
+68
€ mil.
+11
220
-19
Group result
9M 2014
EBITDA
D&A
Financial
result
Split of financial result
€ mil
Interest income
Interest
expenses
At equity result
Other result
Financial result
262
-17
Taxes
Group result
9M 2015
€2.22
EPS
9M 2014
€2.64
EPS
9M 2015
Comments
9M 15
9M 14
%
22
27
-20.3
-120
-135
-
38
45
-16.0
1
-8
>100
-60
-71
-
› Improved interest result from lower interest
rates, lower debt, and lower interest cost
added back on provisions
› Split of equity result:
› Antalya down due to less Russian
travelers
› Xi’an and Hanover up
› Other financial result up, despite negative
impact from CHF loan market valuation
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
29
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Group Asset & Financial Situation
9M FCF per Share at €4.2
Operating
cash flow
Intangible
assets
PPE
Airport
operating
projects
Investment
property
DVDs from
investments
Free cash
flow
€ mil. 525
409
-6
-4
389
+29
-140
-10
-186
-8
-7
9M 2015
YTD development
› Sharp increase in OCF due to good earnings
and lower cash outs for interests and taxes
› FRA capex -25% on previous year
› Stable remaining cash in and outflows
› Incl. DVD pay out FCF provided c.€260 mil.
retained cash
236
+31
-9
9M 2014
2015 Outlook
› Capex won’t exceed 2014 level
› FCF expected to remain above 10% of net
debt
› Including DVD payout, FCF will lead to
deleverage at high single digit percentage
point level
Due to commercial rounding slight discrepancies may occur when summing up
30
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Group Asset & Financial Situation
Strong FCF eases Balance Sheet Dynamics
FCF1
Liquidity
€ mil.
Gross debt
3,926
Net debt
Equity
4,192
3,454
2,762
1,164
389
Gearing2
3,013
3,286
82%
97%
1,180
236
Sept. 30, 2015
Cash development
› FCF of €389 mil. clearly above previous year
› Repayment of gross debt and cash out for
DVD led to slight decline in liquidity
Dec. 31, 2014
Balance sheet
› Group result, valuation of derivatives, and
currency effects lead to increase in equity to
more than €3.4 bn
› Gearing c.15 PP down on Dec. 31, 2014
› Net debt clearly below €3bn, 2015 net
debt/EBITDA therefore c. at 3.2x
› Equity ratio at 37.6% (Dec. 31, 2014: 34.4%)
› Slightly diluting effects from accrued interest
Due to commercial rounding slight discrepancies may occur when summing up
1) FCF pre-dividend payout; figures correspond to 6M figures 2) Net debt divided by equity less non-controlling interests and profit earmarked for distribution
31
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Segment Aviation
Incremental Revenue almost completely offset
P&L in € mil.
9M 15
9M 14
%
Revenue
707
673
+5.0
- Airport charges
587
558
+5.2
- Security Services
91
83
+9.0
- Other
29
33
-9.5
EBITDA
202
198
+2.0
EBIT
112
110
+1.8
6,019
6,070
-0.8
Employees
EBITDA performance in € mil.
› FRA traffic drives revenue growth
› Headwind from:
› Revenue increase slowed down by
flat movement development and
FraConnect
› €13 mil. impact from wage increases
› Other income €4 mil. down due to
release of provisions in 2014
› Additional opex from creation of
provisions, non-capitalizable capex,
and quality measures
Revenue split
Security Services 12.8%
+34
-4
198
Comments
-11
4.2% Other
202
-15
83.0%
EBITDA
9M 2014
Revenue
Other
income
Staff
cost
Other
Aviation charges
EBITDA
9M 2015
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
32
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Segment Retail & Real Estate
More Traffic & higher spend per Passenger strong Result
P&L in € mil.
9M 15
9M 14
%
Revenue
357
335
+6.5
- Retail
157
141
+11.1
- Real Estate
134
133
+0.6
- Parking
62
58
+7.8
EBITDA
286
264
+8.3
EBIT
224
202
+10.7
Employees
619
615
+0.7
Comments
› Strong revenue increase from retail and
parking businesses
› Cost level flat on previous year
› EBITDA and EBIT increase in same
magnitude as revenue
› EBITDA margin >80%
EBITDA performance in € mil.
+22
+3
264
Revenue split
1.1% Other
286
-1
Parking
-2
17.4%
43.9%
EBITDA
9M 2014
Revenue
Other
income
Staff
cost
Other
EBITDA
9M 2015
Real Estate
Retail
37.6%
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
33
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Segment Retail & Real Estate
Retail per Passenger 6.7% up on Previous Year
Retail revenue per Passenger
9M 12: €3.12
3.95
3.40
9M 13: €3.44
9M 14: €3.27
4.11
3.74
3.10 2.95
3.95
3.69
3.42 3.24
9M 15: €3.49
3.93
3.41 3.26
3.22 3.04
FY 12: €3.32
FY 13: €3.60
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
FY 14: €3.43
Q1 Q2 Q3 Q4
Q1 Q2 Q3
€ mil.
Shopping
25
29
30
31
27
31
33
33
26
29
32
32
30
34
35
Services
11
12
13
13
11
13
14
13
12
14
14
13
13
14
16
Advertis.
6
6
6
10
6
8
9
11
7
7
8
10
7
9
10
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
34
Segment Retail & Real Estate
Development of Core Spending Destinations
Volume Development
%
20
15
15
14
11
12
10
0
0
China
Japan
Russia
Korea
Brazil
3
Change in %
vs. 9M 14
6
2
USA Germany Turkey Canada
India
-10
-13
-20
Retail Revenue per Passenger
%
30
23
20
20
14
11
10
2
0
-10
-20
-30
China
Japan
Russia
-11
-21
Korea
Brazil
Change in %
vs. 9M 14
5
10
2
USA Germany Turkey Canada
India
35
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Segment Ground Handling
Positive Earnings Momentum due Tight Cost Management
P&L in € mil.
9M 15
9M 14
%
Revenue
518
496
+4.4
- Ground Handling
292
287
+2.0
- Infrastructure
226
209
+7.7
EBITDA
41
35
+15.1
EBIT
10
7
+34.7
9,297
8,954
+3.8
Employees
EBITDA performance in € mil.
Comments
› Revenue increase from higher volumes
and prices in infrastructure
› Staff cost up due to volume and price
› EBITDA with good growth supported by
lower other opex
› Despite higher D&A, EBIT up
Revenue split
+22
-2
35
+3
41
Infrastructure 43.5%
-17
56.5%
EBITDA
9M 2014
Revenue
Other
income
Staff
cost
Other
Ground Handling
EBITDA
9M 2015
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
36
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Segment External Activities & Services
Growth from Lima and new Investments
P&L in € mil.
Comments
9M 15
9M 14
%
Revenue
386
293
+31.9
- excl. IFRIC 12
376
285
+31.7
- AMU
44
8
>100
- Ljubljana
27
-
-
160
124
+28.9
99
77
+28.2
› Other income up from Air IT book gain
4,901
4,687
+4.6
› Strong increase in EBITDA and EBIT
EBITDA
EBIT
Employees
› Strong increase from Lima traffic and
positive US$ effect
› Full YTD contribution of AMU & LJU
› Lower earnings from Varna/Burgas and
termination of Saudi mgmt. contracts
EBITDA performance in € mil.
124
+8
+11
+18
Revenue split
+6
-3
-3
160
Other
-1
Ljubljana 6.9%
16.0%
52.8% Lima
Airmall 11.5%
EBITDA AMU
9M 2014
LJU
LAP
Twin
Star
Saudi
Arabia
Air IT Other EBITDA
9M 2015
12.8%
Twin Star
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
37
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
External Activities
Fully consolidated Investments1
Airmall2
€ mil.
Ljubljana2
Lima
Twin Star
9M 15
9M 14
%
9M 15
9M 14
%
9M 15
9M 14
%
9M 15
9M 14
%
44
-
8
-
>100
-
27
-
-
-
204
194
156
149
30.9
31.7
50
49
55
54
-10.0
-8.4
EBITDA
margin
adjusted
10
22.6%
-
2
22.6%
-
>100
-
11
40.8%
-
-
-
74
36.5%
38.4%
57
36.5%
38.1%
31.0
-
32
65.1%
65.3%
35
64.0%
65.4%
-8.5
-
EBIT
margin
adjusted
4
8.6%
-
1
9.5%
-
>100
-
3
12.7%
-
-
-
61
30.1%
31.6%
46
29.5%
30.8%
33.3
-
24
48.1%
48.3%
27
48.5%
49.6%
-10.9
-
Result
4
1
>100
3
-
-
33
22
46.6
17
19
-10.9
Passengers
in mil.
-
-
-
1.1
1.0
10.8
12.6
11.6
8.9
3.6
3.8
-4.6
Revenue
-ex IFRIC 12
1) Figures refer to IFRS accounting, not local GAAP, percent changes based on unrounded figures
2) Airmall acquired August 2014 and Ljubljana October 2014
38
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
External Activities
At Equity consolidated Investments
Pulkovo
Antalya
€ mil.
Xi‘An
Hanover
9M 15
9M 14
%
9M 15
9M 14
%
9M 15
9M 14
%
9M 15
9M 14
%
250
-
272
-
-8.0
-
181
101
272
109
-33.6
-7.7
111
-
108
-
3.3
-
143
-
106
-
35.3
-
EBITDA
margin
adjusted
217
86.7%
-
241
88.4%
-
-9.8
-
101
55.9%
61.1%
88
32.1%
46.2%
15.5
-
23
20.7%
-
22
20.3%
-
5.5
-
68
47.4%
-
47
44.0%
-
45.8
-
EBIT
margin
adjusted
144
57.5%
-
167
61.2%
-
-13.7
-
72
39.9%
43.5%
56
20.5%
29.5%
29.2
-
8
7.2%
-
7
6.5%
-
14.3
-
32
22.5%
-
20
18.7%
-
62.6
-
67
85
-21.4
25
-80
>100
4
2
>100
19
13
47.3
23.0
23.4
-1.7
10.9
11.3
-3.8
4.2
4.0
4.1
24.8
21.8
13.4
Revenue
-ex IFRIC 12
Result
Passengers
in mil.
Except for Xi’an all figures refer to IFRS accounting, percent changes based on unrounded figures
39
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Thank you for your Attention!
www.meet-ir.com
40
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Appendix
Special Effects 9M 2015
€ mil.
9M 15
9M 14
Group financial result
Market valuation of derivatives & F/X fluctuations
0.9
-7.2
10.2
7.5
Revenue
44.3
8.4
EBITDA
10.0
1.9
3.8
0.8
Revenue
26.7
-
EBITDA
10.9
-
3.4
-
Revenue
4.9
9.7
EBITDA
0.3
1.4
EBIT
0.1
1.1
Revenue
-
9.5
EBITDA
-
3.1
EBIT
-
3.0
Segment External Activities
IFRIC 12 revenue
AMU Holdings – acquired August 2014
EBIT
Aerodrom Ljubljana – acquired Oct. 2014
EBIT
Air Transport IT – disposed April 2015
Fraport Saudi Arabia – ended June 2014
41
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Appendix
9M Effects on Aviation EBITDA
Balanced with
staff cost
Mainly wage
increases, thereof: 8
mil. balanced in rev.
Mainly: non-capitalizable
capex, provisions created
& quality measres
+8
+29
€ mil.
More provisions
released in
2014
Mainly
FraConnect
kick-back
-4
198
-4
202
-11
-14
EBITDA
9M 2014
Aviation
charges
Security
revenue
Other
revenue
Split of aviation charges
€ mil
Staff
cost
Other
EBITDA
9M 2015
9M 2015 % share in aviation charges
9M 15
9M 14
%
Passenger
396
373
6.1
Take-off &
emission
123
120
2.0
Parking
36
34
6.0
Security
33
31
5.7
587
558
5.2
Total
Other
income
Security 5.6%
Parking 6.1%
Take-off &
emission
20.9%
Passenger
67.4%
Due to commercial rounding slight discrepancies may occur when summing up, percent changes based on unrounded figures
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
42
Appendix
Maturity Profile & Cash Position as at September 30, 2015
Fraport debt conditions on average
€ mil.
4,500
3,925.5
4,000
~
3.3 % interest rate
~
4.9 years maturity
3,500
Bookvalue
3,000
nominal
2,500
2,000
1,500
1,163.6
1132.8
1,000
471.9
500
377.2
517.3
238.0
5.1
422.8
413.9
321.2
2.6
0
Liquidity Financial
as of Sep Liabilities
30, 2015
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024++
43
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Appendix
Insights on Retail Customers
1 TOP 5 BY RETAIL VALUE
2 TOP 5 BY VOLUME
3 ALL OTHER DESTINATIONS
 Destinations with very high retail
value,
 average passenger volumes,
 highly defined consumption patterns
 easy reachability and addressability
 Destinations with very large
passenger volumes,
 moderate retail value, and
 moderate reachability and
addressability
 Large number of destinations
(104)
 with a highly heterogeneous
passenger mix,
 greatly varying retail value and
 difficult addressability because of
the wide range of languages,
consumption patterns, gates etc.
China
Russia
8%
pax*
Japan
Brazil
South Korea
31%
revenue*
 Sales promotions very cost- and workintensive
 Highly target-group-specific,
individualized communication
 Cooperation with airlines; shopping
assistants; events targeting
nationalities; cross-selling campaigns;
activities in home countries
USA
Germany
Turkey
30%
pax
Canada
India
17%
revenue
 Target-group-specific measures
(Americans: Valentine’s Day, Berlin
Wall, October Fest, Christian, Best of
Europe; Germans: start of summer
holidays, gold coins, duty-free price
information, duty-free sweepstakes
with a car as the main prize)
 Cooperation with airlines
62% 52%
pax
revenue
 Generic sales promotion approaches
with successful campaigns
* Source: sales/revenue data of Gebr. Heinemann by destinations 2014
44
フラポート株式会社 フランクフルト空港サービス・ワールドワイド
Appendix
IR Contact
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]

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