COMPANY PRESENTATION
STAR CONFERENCE - MAY 27TH 2020
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
2
2019
Q1 2020
Q2 2020
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
3
GROUP HIGHLIGHTS
- STRATEGY
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
4
BOLOGNA'S AIRPORT MAIN CHARACTERISTICS
9.4 MILLION PAX IN 2019 - 79.2% INTERNATIONAL PAX
ITALY'S FORTH AIRPORT FOR GLOBAL CONNECTIVITY
ICCSAI - Fact Book 2019
CENTRAL GEOGRAPHICAL LOCATION
HIGH STANDARD OF LIVING
STRONG ENTREPRENEURIAL SPIRIT
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
GROWTH OUTPACING ITALIAN AND EU AVERAGE
2009 - 2019 | +7.0% | |
CAGR | (1) | +4.3% |
HIGHLIGHTS | +4.0% | |
(1) | (2) | |
& STRATGEY | ||
Q1 2020 | Italy | EU |
RESULTS |
2020 | |||||||||||||||||||
KEY UPDATES | |||||||||||||||||||
15.3% | |||||||||||||||||||
13.3% | |||||||||||||||||||
11.5% | 10.6% | ||||||||||||||||||
7.0% | 6.8% | 6.4% | 6.2% | 6.7% | 6.4% | 5.9% | |||||||||||||
4.0% | 4.5% | 4.7% 4.5% | 4.6% | 3.8% | 4.0% | ||||||||||||||
1.2% | |||||||||||||||||||
(2.3%) | (1.3%) | (1.9%) | |||||||||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||
5 | BLQ | Italian Average | |||||||||||||||||
1 | Assaeroporti - including charter, general aviation and interlining: years 2009-2019 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. | |||||||||||||||||
2 | EU figures refer to western European Airports. Data, ACI Europe - Airport Traffic Reports |
EBITDA AND NET PROFIT TREND 2014-2019
€ 55.000.000,0 | 4.7 | € 5,0 | ||||||
4.5 | € 4,5 | |||||||
4.1 | ||||||||
HIGHLIGHTS | 44.1 | |||||||
€ 45.000.000,0 | ||||||||
& STRATGEY | 3.6 | € 4,0 | ||||||
38.0 | ||||||||
Q1 2020 | 3.4 | |||||||
€ 3,5 | ||||||||
3.2 | ||||||||
RESULTS | 33.9 | |||||||
€ 35.000.000,0 | ||||||||
2020 | 27.9 | € 3,0 | ||||||
KEY UPDATES | 23.7 | |||||||
€ 25.000.000,0 | € 2,5 | |||||||
21.1 | ||||||||
20.9 | ||||||||
16.2 | 17.9 | € 2,0 | ||||||
€ 15.000.000,0 | 11.4 | |||||||
€ 1,5 | ||||||||
7.0 | 7.1 | |||||||
€ 1,0 | ||||||||
€ 5.000.000,0 | ||||||||
€ 0,5 | ||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||
-€ 5.000.000,0 | € 0,0 |
EBITDA conso adj (€M) | Net Profit (€M) | EBITDA conso adj/Pax (€) | ||
6
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
NETWORK: WELL BALANCED MIX OF NETWORK,
REGIONAL AND LOW COST CARRIERS
WORLD AND REGIONAL, BUSINESS AND LEISURE DESTINATIONS AT HAND
NETWORK CARRIERS | LOW COST AND REGIONAL CARRIERS | |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
7
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
CATCHMENT AREA: BOLOGNA AIRPORT DEMAND ATTRACTS PASSENGERS FROM 20 ITALIAN PROVINCES
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
8
20
ITALIAN PROVINCES
10.9
MILLION RESIDENTS
18%
OF TOTAL ITALIAN POPULATION
HIGH SPEED
RAIL NETWORKS
BOLOGNA-FLORENCE
35 minutes
68 trains/day
BOLOGNA-VERONA
49 minutes
7 trains/day
BOLOGNA-MILAN
60 minutes
40 trains/day
BOLOGNA-VENICE
1 h 25 minutes
24 trains/day
BOLOGNA-ROME
1 h 54 minutes
65 trains/day
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
9
CATCHMENT AREA: HIGHER GDP AND WELL-KNOWN BRANDS
BOLOGNA HAS | MAIN EUROPEAN FAIR CENTRES: | ||
HIGHER GDP | 2nd HANNOVER | ||
THAN ITALIAN AND | 500,000 sqm | ||
EUROPEAN | |||
COMPARABLE | 3rd FRANKFURT | ||
CITIES | 475,000 sqm | ||
1st MILAN | |||
753,000 sqm | |||
6th MADRID | 4th BOLOGNA | ||
102,600 sqm | 375,000 sqm |
COMPANIES OPERATING IN KEY SECTORS
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
CATCHMENT AREA: BOLOGNA AIRPORT COMPETITIVE POSITIONING IN 2019
Catchment area traffic increased by 4.5% (+1.6 ml passengers) vs 2018
Growth driven by both domestic (+1.0%) and international traffic (+5.5%)
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
BLQ market share in the catchment area*: 25.4%
BOLOGNA CATCHMENT AREA: | |||||||
VAR. % PASSENGERS FY 2019 vs FY 2018** | |||||||
TREVISO | |||||||
VERONA | VENICE | ||||||
Rimini | 28,3% | PARMA | |||||
Bologna | 10,6% | ||||||
BOLOGNA | |||||||
Ancona | 8,2% | ||||||
Florence | 5,7% | FLORENCE | RIMINI | ||||
Verona | 5,2% | PISA | ANCONA | ||||
Venice | 3,4% | ||||||
Pisa | -1,4% | ||||||
Treviso | -1,6% | ||||||
Parma | -5,1% | ||||||
10 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
* | BLQ passengers/Catchment area airports passengers. BLQ catchment includes airports within |
200 Km ca. maximum distance: Ancona, Florence, Rimini, Parma, Pisa, Treviso, Venice and Verona airports ** Assaeroporti data
OUR STRATEGIC AMBITION AND LONG TERM APPROACH
TO BE THE IDEAL GATEWAY FOR ITALY
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
TO ENHANCE CONNECTIVITY AND CARE FOR A UNIQUE PASSENGER EXPERIENCE
The route development opportunities together | Bologna Airport to be recognized by |
with the ground transport network expansion | passengers as an ideal gateway thanks to |
could make Bologna Airport an ideal air to | its rich destination network, the ease of |
ground gateway not only for outgoing but | access from the wider region and the high |
also for incoming passengers and | quality of its facilities and services |
accessibility | |
11 | |
AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
CLEAR AND WELL-DEFINED STRATEGY
MAXIMISE FINANCIAL PERFORMANCE
PERFORMING AND SUSTAINABLE CORPORATION
12
CONNECT | DEVELOP | ||
1. | Remove capacity | ||
1. | Expand destination | constraints | |
2. | Optimise existing | ||
network and frequency | |||
infrastructures | |||
2. | Increase long haul route | ||
3. | Expand passenger | ||
3. | Expand catchment area | ||
terminal | |||
4. | Improve accessibility | ||
4. | Develop competitive car | ||
parking | |||
5. | Maximise commercial | ||
opportunities |
EXPERIENCE
- Innovative and customer oriented airport
- Pleasant and stress free passenger processes
- Best in class commercial offer
- Strong corporate image
CARE
- People and organization development
- Engaged airport community
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
FY 2019: STRATEGY AND EXECUTION
MAXIMISE FINANCIAL PERFORMANCE
Excellent adj revenue (+10.4%) and adj EBITDA (+16.1%) growth in 2019 vs 2018
Net profit €20.9 ml in 2019 (+16.3% vs 2018)
Ongoing focus on cost control
PERFORMING AND SUSTAINABLE CORPORATION
In 2019 Bologna airport, together with other members of ACI EUROPE, committed to net zero carbon emissions from airport operations fully within their own control by 2050 at the latest.
13
CONNECT
Passengers (+10.6%) and tons (+8.4%) increase.
Legacy traffic growth +4.9% and low cost traffic growth +14.7% vs FY 2018.
Load factor growth in FY 2019 81.5% (81.3% in FY 2018).
DEVELOP
In January 2020 the "Conferenza dei servizi" gave the green light to Bologna Airport Masterplan.
Terminal extension final design activities completed. New multilevel car parking final design under approval by ENAC.
19.4 ml € for investments in
infrastructure maintenance and development.
+4.3 ml € in 2019 Non-Aviation Revenues vs 2018 (Parking +5.5%, Retail & Adv. +6.8%, Passenger Services +10.6%, Real Estate + 2.4%).
EXPERIENCE
Improvement of capacity utilization (off-peak traffic growth).
Investments to improve passenger experience:
- restyling of Marconi Business Lounge;
- 3 new ABC gates to speed up passport control;
- installation of recharge points.
Customer Satisfaction Index remains substantially stable at high values (98.3% in 2019 vs. 98.5% in 2018).
CARE
Construction of BLQ Fitness Lounge, a 700 sqm gym for the airport community and the customers of the Marconi Business Lounge. It is the first gym in an
European airport, developed partnering with Technogym.
Sustainable mobility plan aimed at supporting employees in making sustainable choices regarding the daily home-work commute.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
14
FIRST STEPS TOWARDS FUTURE DEVELOPMENT:
STRENGHTENING ACCESSIBILITY
Monorail connection
to Central Railway Station
Expected to Start in 2020
Running time: 7 minutes
Bus connection
City Centre - Central Railway Station
Every 15 minutes
Running time: 15/20 minutes
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
FIRST STEPS TOWARDS FUTURE DEVELOPMENT:
TERMINAL EXPANSION PROJECT
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
Departure area expansion on the 1st floor (+24,000 sqm) to:
EXPANSION
improve passengers flow
increase commercial area and offer
enhance customer experience
Update: formal verification of terminal
expansion final design completed in January
2020. Final design waiting for ENAC's
approval.
15
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
FIRST STEPS TOWARDS FUTURE DEVELOPMENT: NEW MULTILEVEL PARKING
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
New multilevel parking construction to increase on site parking spaces
and meet passenger growth
Update: final design approved by ENAC
16
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
PROFITABILITY TREND
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
Consolidated revenues (€/ml) | ADJ EBITDA* and ADJ EBITDA margin* (€/ml, %) | ||||||
15.7 | 16.4 | 50,00 | 39% | 41% | 40% | ||
37% | |||||||
6.7 | 40,00 | ||||||
35% | |||||||
Rev. ex constr. | |||||||
30,00 | |||||||
CAGR 8.4% | |||||||
98.4 | 108.6 | 20,00 | 44.1 | 30% | |||
92.4 | 33.9 | 38.0 | |||||
10,00 | 25% | ||||||
,00 | 20% | ||||||
F Y 2 0 1 7 | F Y 2 0 1 8 | F Y 2 0 1 9 | FY 2017 | FY 2018 | FY 2019 | ||
Revenue ex constr | Construction rev | ADJ EBITDA | ADJ EBITDA % | ||||
Consolidated net income (€/ml) | Net Financial Position and Capex | ||||||
20.9 | 25 | € 24.0 ml | € 19.4 ml | 25,0 | |||
17.9 | 20 | 4.5 | 2.0 | 20,0 | |||
16.2 | € 15.5 ml | ||||||
15 | 3.1 | 10.5 | 15,0 | ||||
8.0 | |||||||
10 | 10.1 | 10,0 | |||||
5 | 12.4 | 19.5 | 17.4 | 5,0 | |||
0 | 0,0 | ||||||
FY 2017 | FY 2018 | FY 2019 | |||||
F Y 2 0 1 7 | F Y 2 0 1 8 | F Y 2 0 1 9 | Capex | Airport Infrastructure Provision | Net financial position |
Healthy growth, improving margins and solid capital | |
17 | structure |
* Net of construction services margin (IFRIC 12) and one-off energy costs | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
MAIN INVESTMENTS IN INFRASTRUCTURE MAINTENANCE AND DEVELOPMENT
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
INVESTMENTS IN INFRASTRUCTURE MAINTENANCE AND DEVELOPMENT
€ 24.0 ml
4.5 ml | € 19.4 ml | |
€ 15.5 ml | 2.0 ml | |
3.1 ml | ||
19.5 ml | 17.4 ml | |
12.4 ml |
FY 2017 | FY 2018 | FY 2019 | ||
Capex | Airport Infrastructure Provision | |||
TERMINAL EXPANSION AND NEW MULTILEVEL CAR PARKING
FORMAL VERIFICATION OF THE
TERMINAL EXPANSION FINAL DESIGN
20,0 | COMPLETED IN JANUARY 2020. |
MULTILEVEL CAR PARKING FINAL DESIGN
15,0 | APPROVED BY ENAC |
CARGO BUILDING
5,0
0,0
WORK IN PROGRESS
18
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
SOLID FINANCIAL AND CAPITAL STRUCTURE
2017 - 2019 CONSOLIDATED ASSET & FINANCIAL SITUATION ('000 €)
Liquidity | ||
29.253 | ||
HIGHLIGHTS | ||
& STRATGEY | ||
16.209 | 15.762 | |
Q1 2020 | ||
RESULTS | ||
2020 | ||
KEY UPDATES | ||
FY 2017 | FY 2018 | FY 2019 |
Gross Debt (*)
26.776 | ||
21.216 | 19.253 | |
FY 2017 | FY 2018 | FY 2019 |
19
(*) Current and non current financial liabilities
NFP | ||
10.050 | 10.501 | |
7.995 | ||
FY 2017 | FY 2018 | FY 2019 |
Equity | ||
178.175 | ||
173.710 | ||
172.322 |
FY 2017 | FY 2018 | FY 2019 |
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
MONITORING OF QUALITY SERVICES AND
PASSENGER EXPERIENCE
SERVICE QUALITY | CUSTOMER SATISFACTION INDEX | |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
Customer Satisfaction Index:
ENAC (Italian Civil Aviation Authority) indicators (Carta dei Servizi)
comparison with Italian regional airports focus on airport services performance
Airport Service Quality:
ACI World Airport Council International
panel includes more than 250 airports worldwide focus on airport passenger experience
98.5%98.3%
97.0%
FY 2017 | FY 2018 | FY 2019 |
AIRPORT SERVICE QUALITY
3.82
3.79
3.77
FY 2017 | FY 2018 | FY 2019 |
20 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
21
Q1 2020 RESULTS
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
TRAFFIC TREND IN EUROPE AND IN ITALY IN MARCH 2020
Trend March 2020 vs March 2019
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
22
Source: ACI Europe. The sample considered represents 83% of European traffic as a whole.
The number of confirmed cases of people infected with COVID-19 relates to data reported by John Hopkins University.
Despite a slightly positive trend in the first 2 months of the year (January + 2.2% and February + 0.9%), European traffic dropped by 21% during the first quarter of 2020 due to the effect of the drastic reduction experienced in March (-97% vs 2019).
According to ACI Europe, the development of the Covid-19pandemic resulted, only in March, in a loss of 106 million passengers in European continent (-59.5% vs 2019).
Overall in Italy traffic decreased by 78.3% between the last week of February and the end of March, with almost 12 million passengers less than in 2019.
Already at the beginning of March Italy air traffic reported a drop of about 50% compared to the same period of 2019, about 10 days earlier than the other European airports, which suffered the same reduction only starting from March 12th.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
TRAFFIC TREND OF MAIN ITALIAN AIRPORTS IN Q1 2020
Top 10 Italian Airports per number of passengers in Q1 2020 | |||||||||||
7.000.000 | 5.8M Pax | 3.9M Pax | 2.1M Pax | 1.4M Pax | 1.4M Pax | 1.3M Pax | 1.3M Pax | 1.3M Pax | 1.0M Pax | 0.9M Pax | -25% |
6.000.000 | (28,2%) | (28,9%) | (27,9%) | (28,1%) | (28,1%) | (28,7%) | -27% | ||||
(31,3%) | -29% | ||||||||||
5.000.000 | TRAFFIC IN ITALY: | ||||||||||
-31% | |||||||||||
(34,1%) | -31.8% vs. Q1 2019 | ||||||||||
4.000.000 | -33% | ||||||||||
(35,5%) | |||||||||||
-35% | |||||||||||
3.000.000 | (37,8%) | -37% | |||||||||
2.000.000 | -39% | ||||||||||
-41% |
1.000.000
-43%
0 | -45% | |||||||||||||
Rome FCO Milan MXP | Bergamo | Bologna | Naples | Venice | Catania | Milan LIN | Rome CIA | Palermo | ||||||
Domestic Pax | International Pax | Var% 2020-2019 | ||||||||||||
Total | ||||||||||||||
In Q1 2020 Italian traffic decreased by almost a third (-31.8%) compared to the same period of 2019, reporting a loss of around 12 million passengers, entirely attributable to the month of March.
Passengers of the top 10 airports made up almost 80% of total Q1 2020 traffic, also as a consequence of the closure of many airports between February and March due to the health emergency.
Bologna was the fourth Italian airport in terms of traffic during the period, accounting for about 5.5% of total passengers, after Rome FCO (22.6% of total passengers), Milan MXP (14.9%) and Bergamo (8.1%).
23 | Source: Assaeroporti. | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
BLQ TRAFFIC PERFORMANCE DURING Q1 2020
Bologna Airport is open - in compliance with Infrastructure and Transportation Ministry Decree n. 112 dated 12th March - but, in consideration of the cancellations made by the airlines in recent weeks, as of 31st March 2020 only 1 flight per day was operated (Alitalia to Rome FCO).
As a result, in Q1 2020 passengers decreased by 28.9% and movements dropped by 21.1% compared to the same period of 2019.
-28.9%
vs 1Q 2019
+9.9% | +0.3% | -86.3% |
vs January 2019 | vs February 2019 | vs March 2019 |
30.000
25.000
(*)
20.000
15.000
Issue of the first
10.000decree containing restrictive measures
5.000
0
01/01/2020 | 03/01/2020 | 05/01/2020 | 07/01/2020 | 09/01/2020 | 11/01/2020 | 13/01/2020 | 15/01/2020 | 17/01/2020 | 19/01/2020 | 21/01/2020 | 23/01/2020 | 25/01/2020 | 27/01/2020 | 29/01/2020 | 31/01/2020 | 02/02/2020 | 04/02/2020 | 06/02/2020 | 08/02/2020 | 10/02/2020 | 12/02/2020 | 14/02/2020 | 16/02/2020 | 18/02/2020 | 20/02/2020 | 22/02/2020 | 24/02/2020 | 26/02/2020 | 28/02/2020 | 01/03/2020 | 03/03/2020 | 05/03/2020 | 07/03/2020 | 09/03/2020 | 11/03/2020 | 13/03/2020 | 15/03/2020 | 17/03/2020 | 19/03/2020 | 21/03/2020 | 23/03/2020 | 25/03/2020 | 27/03/2020 | 29/03/2020 | 31/03/2020 |
Pax 2019 (**) | Pax 2020 (**) | ||||||||||||||||||||||||||||||||||||||||||||
(*) Leap year in 2020. | |
24 | (**) Figures include interlining passengers and exclude general aviation traffic. |
NOTE: Please note that the day following the issue of the Prime Minister's Decree on 23rd February 2020 is considered as the beginning of COVID-19 |
health emergency in Italy.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
Q1 2020 KEY FIGURES
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
PASSENGERS | REVENUES | EBITDA | NET PROFIT |
€20.8 mln | €4.2 mln | €0.6 mln | |
1,395,671 PAX | |||
-28.9% vs Q1 2019 | -24.3% vs Q1 2019 | -49.7% vs Q1 2019 | -82.5% vs Q1 2019 |
25
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
26
Q1 2020 KEY HIGHLIGHTS
In Q1 2020 passengers decreased by 28.9% and movements dropped by
21.1% compared to the same period of 2019.
Both legacy traffic and low cost traffic suffered from the health emergency
effects, respectively decreasing by 33.9% and by 25.4%.
Aeronautical revenues fell by 26.1% due to the contraction of traffic, the reduction of charges from January 1st, 2020 and the discounts granted in March to handlers for the use of operating spaces and check-in counters. Traffic incentives resulted in line with the existing contracts.
Non Aeronautical revenues were down by 18.0% due to the reduction in traffic, directly impacting some business areas (i.e. parking lots and MBL), and the discounts applied to customers on sub-concession contracts for the month of March.
A comprehensive efficiency plan was implemented to contain costs and mitigate the negative impact of the drop in traffic on profitability. With the aim of reducing labour costs, an extraordinary redundancy fund for all its employees was launched. Also, traffic-relatedservices and utility costs were reduced and some
service contracts have been revised.
Investments in infrastructure maintenance and development amounted to €3.1M.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
27
Q1 2020 TOTAL REVENUES
EURO THOUSANDS | Q1 2020 | Q1 2019 | VAR % Q1 |
20/19 | |||
Aeronautical Revenues | 9,906 | 13,400 | (26.1%) |
Non Aeronautical Revenues | 8,029 | 9,794 | (18.0%) |
Revenues for Construction Services* | 2,757 | 4,104 | (32.8%) |
Other Revenues | 119 | 191 | (37.7%) |
Revenues | 20,811 | 27,489 | (24.3%) |
Revenues adj | 18,054 | 23,385 | (22.8%) |
AERONAUTICAL REVENUES: revenues in line with 2019 during the first two months of 2020. In March revenues decreased due to:
- contraction in traffic figures,
- reduction of charges,
- discounts granted to handlers for the use of operating spaces and check-in counters.
NON AERONAUTICAL REVENUES: figures exceeding 2019 revenues in the first two months of 2020.
The traffic decrease in March highly affected the business areas directly related to passenger numbers (i.e. parking, MBL, variable component of sub-concession contracts).
Also, discounts were applied to customers on fixed fees.
* IFRIC 12 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
OPERATING COSTS: COMPREHENSIVE EFFICIENCY PLAN IMPLEMENTED TO CONTAIN COSTS
OPERATING COSTS BREAKDOWN ('000 €)
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
Total costs
19,141
Total costs | ||||||
16,612 | ||||||
Net of constr. costs | ||||||
15,233 | Net of constr. costs | |||||
13,987 | ||||||
3.075 | 2.720 | |||||
5.013 | 4.730 | |||||
7.145 | 6.537 | |||||
1Q 2019 | 1Q 2020 | |||||
Personnel | Services Costs (1) | |||||
Other (3) | Constructions costs (2) | |||||
OPERATING COSTS -13.2%
NET OF CONSTRUCTION COSTS -8.2%
Personnel costs down by 8.5% thanks to:
- decrease in headcount employed in airport operations (less staff in security and terminal activities);
- cost reduction initiatives to mitigate the effects of the drop in traffic.
Services costs (-5.6%) decrease due to:
- Lower utility costs;
- Lower costs directly related to traffic figures (e.g. business lounge, PRM);
- Renegotiation of some major service contracts.
Construction costs (-32.8%) due to lower investments related to concession rights.
1 | Services: includes outsourced services, maintenance, utilities costs and G&A | ||
28 | 2 | IFRIC 12 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
3 | Other: includes consumables and goods, rental fees and other operating expenses | ||
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
29
AVIATION AND NON-AVIATION BUSINESS
REVENUES BREAKDOWN (%) | EBITDA BREAKDOWN (%) | |
7%
44% | Q1 2020 |
56% |
93%
37% | 35% | |
63% | Q1 2019 | 65% |
AVIATION | NON AVIATION | |
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
30
AVIATION AND NON-AVIATION BUSINESS
REVENUES SEGMENT SHARE | AVIATION & NON-AVIATION EBITDA | ||||||||||||||||||||
Q1 2020 | Q1 2020/2019 ('000€) | ||||||||||||||||||||
5,438 | -28.1% | ||||||||||||||||||||
44% | 3,908 | ||||||||||||||||||||
2,910 | |||||||||||||||||||||
56% | |||||||||||||||||||||
-90.0% | |||||||||||||||||||||
291 | |||||||||||||||||||||
1Q 2019 | 1Q 2020 | ||||||||||||||||||||
AVIATION | NON AVIATION | ||||||||||||||||||||
BUSINESS UNIT AVIATION | Q1 | Q1 | VAR % | BUSINESS UNIT | Q1 | Q1 | VAR % | ||||||||||||||
('000 €) | 2020 | 2019 | Q1 20/19 | NON-AVIATION ('000 €) | 2020 | 2019 | Q1 20/19 | ||||||||||||||
Passengers | 8,243 | 12,455 | (33.8%) | Retail and Advertising | 2,755 | 3,378 | (18.4%) | ||||||||||||||
Parking | 2,658 | 3,663 | (27.4%) | ||||||||||||||||||
Airlines | 4,821 | 5,805 | (17.0%) | ||||||||||||||||||
Real estate | 605 | 602 | 0.5% | ||||||||||||||||||
Airport operators | 508 | 728 | (30.2%) | ||||||||||||||||||
Passenger services | 1,118 | 1,413 | (20.9%) | ||||||||||||||||||
Traffic incentives | (3,750) | (5,698) | (34.2%) | ||||||||||||||||||
Constructions revenues* | 1,442 | 3,735 | (61.4%) | Constructions revenues* | 1,314 | 369 | 256.1% | ||||||||||||||
Other aviation revenues | 352 | 352 | 0.0% | Other non aviation revenues | 762 | 687 | 10.9% | ||||||||||||||
Fees reduction for doubtful | (17) | 0 | n.m. | Fees reduction for doubtful | 0 | 0 | |||||||||||||||
receivables** | receivables** | ||||||||||||||||||||
Total Revenues AVIATION | 11,599 | 17,377 | (33.3%) | Total Revenues NON-AVIATION | 9,212 | 10,112 | (8.9%) | ||||||||||||||
EBITDA AVIATION | 291 | 2,910 | (90.0%) | EBITDA NON-AVIATION | 3,908 | 5,438 | (28.1%) | ||||||||||||||
* IFRIC 12 | |||||||||||||||||||||
** IFRS 15 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
EBITDA
Q1 2020 GROUP EBITDA ('000 €) | |||||
8,348 | |||||
HIGHLIGHTS | |||||
& STRATGEY | |||||
Q1 2020 | |||||
RESULTS | (3,494) | 1,283 | 4,199 | ||
2020 | (1,765) | 283 | 355 | ||
KEY UPDATES | 608 | ||||
(1,347) | (72) |
EBITDA 1Q 2019 Aeronautical | Non Aeronautical | Construction | Other Revenues | Personnel | Services costs Other costs (3) | Constructions EBITDA 1Q 2020 |
Revenues | Revenues | Revenues (1) | (2) | Costs (1) |
Revenues -6.7 ml € | Opex -2.5 ml € |
Net of construction services revenues -5.3 mln € | Net of construction services costs -1.2 ml € |
EBITDA Q1 2020 -49.7% VS Q1 2019 (-4.1 ML €)
EBITDA NET OF CONSTRUCTION COSTS -50.1% VS Q1 2019 (-4.1 ML €)
1 IFRIC 12
31 2 Services: includes outsourced services, maintenance, utilities costs and G&A.AEROPORTO G. MARCONI DI BOLOGNA S.p.A. 3 Other: includes consumables and goods, rental fees and other operating expenses.
CONSOLIDATED PROFIT & LOSS
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
32
EURO THOUSANDS | Q1 2020 | Q1 2019 | VAR | VAR % |
Q1 20/19 | Q1 20/19 | |||
Revenues | 1 | 20,811 | 27,489 | (6,678) | (24.3%) |
Operating Costs | (16,612) | (19,141) | 2,529 | (13.2%) | |
EBITDA | 2 | 4,199 | 8,348 | (4,149) | (49.7%) |
EBITDA Adjusted* | 4,067 | 8,152 | (4,085) | (50.1%) | |
Concession Rights Amortization | (1,643) | (1,500) | (143) | 9.5% | |
Amortization & Depreciation | (950) | (970) | 20 | (2.1%) | |
Amortization and Depreciation | 3 | (2,593) | (2,470) | (123) | 5.0% |
Provision for Doubtful Accounts | (225) | (25) | (200) | 800.0% | |
Airport Infrastructure Provision | (478) | (475) | (3) | 0.6% | |
Other Accruals | (4) | (94) | 90 | (95.7%) | |
Provisions | 3 | (707) | (594) | (113) | 19.0% |
Total Costs | (19,912) | (22,205) | 2,293 | (10.3%) | |
EBIT | 899 | 5,284 | (4,385) | (83.0%) | |
Financial Income | 4 | 94 | 39 | 55 | 141.0% |
Financial Expenses | (101) | (299) | 198 | (66.2%) | |
EBT | 892 | 5,024 | (4,132) | (82.2%) | |
Taxes | 5 | (273) | (1,477) | 1,204 | (81.5%) |
Net Profit (loss) | 6 | 619 | 3,547 | (2,928) | (82.5%) |
Minority Interest | 0 | 0 | 0 | 0.0% | |
Group Net Profit | 619 | 3,547 | (2,928) | (82.5%) |
* Net of construction works
-
REVENUES
▼(-24.3%) traffic decrease, charges update, discounts granted to aviation and non-aviation customers - EBITDA
▼ (-49.7%) operating leverage highly affected by the sharp contraction in revenues, only partially compensated by results of the comprehensive cost optimization plan implemented at the beginning of the emergency
3 AMORTIZATION, DEPRECIATION AND PROVISIONS
▲ +7.7% (▲ +5.0% amortization and depreciation and ▼ +19.0% provisions)
- FINANCIAL AND EXPENSES
- main effect coming from discounting provisions
- TAXES
- due to lower EBT
- NET PROFIT
- -2.9M€ vs Q1 2019
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
NET FINANCIAL POSITION
Q1 2020 NET FINANCIAL POSITION ('000 €)
10,501 | |||||
HIGHLIGHTS | 1,347 | 240 | 9,652 | ||
& STRATGEY | |||||
Q1 2020 | 0 | ||||
RESULTS | (2,436) | ||||
2020 | |||||
KEY UPDATES | |||||
Net financial | Liquidity | Current | Current | Non-current | Net financial |
position | financial | financial debt | financial debt | position | |
31/12/2019 | receivables | 31/03/2020 |
EURO THOUSANDS | 31 Mar | 31 Dec | Change | ||
2020 | 2019 | ||||
Liquidity | 26,817 | 29,253 | (2,436) | ||
Current financial receivables | 501 | 501 | 0 | ||
Current bank debt | (115) | (28) | (87) | ||
Current portion of non-current debt | (3,194) | (3,059) | (135) | ||
Other current financial debt | (1,517) | (3,086) | 1,569 | ||
Current financial debt | (4,826) | (6,173) | 1,347 | ||
Net current financial position | 22,492 | 23,581 | (1,089) | ||
Non current financial debt | (12,840) | (13,080) | 240 | ||
Net Financial Position | 9,652 | 10,501 | (849) | ||
Financial instruments with a | 1,355 | 1,349 | 6 | ||
maturity of over 12 months | |||||
Q1 2020 Net Financial Position of € 9.7 mln
Not including financial instruments with a maturity of over 12 months as per IFRS 7
33 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
34
2020
KEY UPDATES
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
35
FY 2020 UPDATE (1)
In April traffic dropped by around 99.8% compared to the same month of 2019, considering that only one flight was operated (Alitalia from/to Rome FCO), with a daily frequency in the first half of the month, down to every two days in the second half of the month. Overall, in the first four months of 2020 the airport registered 1,396,034 passengers (approx. -49% vs the same period of 2019).
The high level of uncertainty related to the duration of the health emergency and its future developments makes it difficult to make reliable estimations regarding both the Company's traffic trend and economic and financial situation for the coming months. However, given a substantial absence of traffic for both April and May and a still in progress flight schedule for the month of June, the Company reasonably forecasts a
further overall worsening of Q2 2020 economic and financial results.
Ryanair announced that it will restore part of its flight operations during the 3rd quarter of 2020: consistently, tickets from/to Bologna Airport are currently on sale for flights that will be operated starting from the end of June. Volotea announced a new flight to Olbia starting from the 3rd of July. Wizz Air is expected to operate some flights already in the second half of May, Air France, Lufthansa and British Airways starting in June, and some more airlines flying again from August. However, airlines schedules remain subject to potential adjustments in light of all possible developments of the overall situation.
The performance of the non-aviation business is as well likely to be materially impacted by the risks related to the pandemic effects and evolution. Not only business areas directly related to traffic volumes (i.e. parking lots and MBL) will suffer a drastic reduction: also revenues related to sub-concession contracts (both aviation and non-aviation) will drop as a result of the extension of payments and discounts granted to support customers in facing the current crisis. The Company intends to engage in further negotiations with customers aimed at finding a common ground in sharing the pandemic effects and risks, considering a future, although gradual, recovery. Before engaging in such negotiations, the Company will accurately assess the measures that the Italian government is expected to approve.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
36
FY 2020 UPDATE (2)
On the other side, starting from Q2 2020 AdB will benefit from the positive effects of cost containment measures implemented since the start of the emergency, although resulting savings will not be directly
proportional to the decrease in sales volumes, given the high fixed cost structure typical of airports.
In order to support the financial sustainability and contain the future economic and financial impact of the Covid- 19 health emergency, AdB is reviewing its investment plan, postponing non-time critical investments, as well as negotiating with some financial institutions to obtain additional financial resources. Also, during the Ordinary Shareholders' Meeting, the proposal of the Board of Directors to allocate 2019 Parent Company's profit to reserve was approved.
AdB believes that the overall impacts resulting from the health emergency will be material for the Group, especially with reference to the first half of the current year.
AdB constantly addresses its attention and efforts to ensure the safety of passengers and employees and to maintain the current employment levels and the infrastructure development plan commitment, in order to overcoming this emergency and starting a new development phase.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
AIR TRAFFIC EVOLUTION SCENARIOS - IATA1
According to IATA, international
air travel may not recover 2019
levels until 2023-2024,much longer after domestic traffic, expected to recover already between 2021 and 2022.
In general, after COVID-19 shock, global air travel will return to growth, though at a lower rate.
IATA forecasts global RPKs to be between 32% and 41% below expected levels in 2021.
37
1 Report "COVID-19 Outlook for air travel in the next 5 years" published on 13rd May 2020 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS & STRATGEY
Q1 2020
RESULTS
2020 KEY UPDATES
38
AIR TRAFFIC EVOLUTION SCENARIOS - ACI EUROPE1
ACI EUROPE updated economic impacts analysis on civil aviation, hypothesizing 2 different scenarios:
Estimated Impact on 2020 | Scenario A | Scenario B |
Full Year lost Passenger vs B.A.U. | -1.4 B pax | -1.7 B pax |
-57% | -67% | |
The updated scenarios take account of (i) national and regional plans for a gradual end to travel restrictions, (ii) supply-sideissues in returning to air transport operations, (iii) demand-sideslack for tourism and leisure travel, and (iv) the likely contraction in overall economic demand
2020 Traffic Scenarios
Delta pax vs same months of 2019)
0,00%
-20,00%
-40,00%
-60,00%
-80,00%
-100,00% | ||||||||||||||
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | |||
Scenario A | Scenario B | Actual | ||||||||||||
1 Report "COVID-19 & AIRPORTS Passenger traffic & revenue impact" published on 27th April 2020 | ||||||||||||||
(*) B.A.U., i.e. 'Business As Usual', situation that foresees a 2.3% passenger traffic growth | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
DISCLAIMER
This document has been prepared by Aeroporto G. Marconi di Bologna S.p.A. (AdB) solely for use at the presentation to potential institutional investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan.
The information contained in this document has not been independently verified. No representation or warranty expressed 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 herein. None of AdB or any of their representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents 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 any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.
Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or to any "U.S. Person" as that term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Neither this document nor any part or copy of it may be taken or transmitted into or distributed directly or indirectly in Australia (other than to persons in Australia to whom an offer of securities may be made without a disclosure document in accordance with Chapter 6D of the Corporations Act 2001 (Cth.), or taken or transmitted into Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In this case no reliance will be placed on AdB.
The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.
These forward-looking statements, such as the statements regarding AdB' s ability to develop and expand its business, the effects of regulation, changes in overall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing AdB and its subsidiaries. Such risks and uncertainties include, but are not limited to, increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward- looking statements.
39
By viewing the material in this document, you agree to the foregoing.
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
THANK YOU FOR YOUR ATTENTION!
For additional information:
investor.relations@bologna-airport.it
Tel: +39 051/6479680
STAR Conference, May 27th 2020
40
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
Attachments
- Original document
- Permalink
Disclaimer
Aeroporto Guglielmo Marconi di Bologna S.p.A. published this content on 27 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2020 00:12:01 UTC