1Q 2012 Results
Save Group
Venice, 15/05/2012
1 Table of contents
Section 1 Group overview
Section 2 Airport Management (SBU1)
Section 3 Infrastructure Management (SBU2)
Section 4 Food & Beverage and Retail (SBU3)
Section 5 Appendix
2 SECTION 1 GROUP OVERVIEW
3 Group Overview: Save Group
A diversified strategy for successful growth. contrasting country risk and adverse impact from economic recession in Eurozone
SAVE SpA
Airport Infrastructure Food & Beverage Management Management and Retail
. 1,9 million passengers in 1Q2012 (- . 103 railway station . 173 shops directly managed 0,7 YoY); Venice Airport +2,2% YoY properties in as of 31th March 2012; 31 exclusive shops indirectly managed as . 29 years of remaining concession management of of 31 March 2012; period for the Venice Marco Polo commercial and real Airport (until 2041); . Airports, Railway Stations, estate areas; Motorways are the main . 40 years of remaining concession . 30 years of targets for Food and Beverage for the Treviso Airport; remaining and Retail services;
. Present in airport car parking, concession period . The recent acquisitions in airport security, engineering etc. (until 2042); Italy and abroad upgrade . Expanding abroad: Save SpA is the . Business model Airest Group among one of the first Italian airport management characterized by most important Italian company, investing in foreign high return after a companies in F&B and Retail Airport (BSCA – Charleroi, short ramp up of business under concession. Belgium). commercial operations.
4 Group Overview: Group Consolidated P/L
Group 1Q2012 revenues in line YoY (+0,3%) , despite the lack of visibility regarding any bottoming out of European markets
Financial Overview change% € million 2010 2011 1Q 2011 1Q 2012 1Q12/1Q11
Revenues 337,5 347,2 72,3 72,5 0,3%
EBITDA 66,9 73,6 9,1 8,3 -8,5%
EBIT 40,8 46,2 3,1 1,6 -49,7%
Profit before taxes 42,0 48,0 3,0 1,1 -62,2%
Save Group Revenues by SBU Save Group EBITDA by SBU change% change% change% change% € million 2010 2011 2011/2010 1Q11 1Q12 1Q12/1Q11 € million 2010 2011 2011/2010 1Q11 1Q12 1Q12/1Q11
Consolidated Revenues 337,5 347,2 2,9% 72,3 72,5 0,3% Consolidated EBITDA 66,9 73,6 10,2% 9,1 8,3 (8,5%)
Airport Management* 118,2 126,6 7,1% 25,8 25,9 0,4% Airport Management* 45,2 49,8 10,2% 8,2 7,2 (12,1%)
Infrastructure Management* 30,9 31,1 0,70% 6,7 7,2 7,9% Infrastructure Management* 7,8 7,2 (7,5%) 1,1 1,2 8,8%
F&B and Retail* 199,1 200,5 0,7% 42,0 41,7 (0,5%) F&B and Retail* 13,8 16,6 20,1% (0,2) (0,1) 64,4%
* Gross of Intercompany Results and non allocated costs
5 Group Overview: Group Consolidated B/S and CF *
Save Group solid financial structure in line with guidance and seasonal pattern
Balance Sheet (consolidated)
€ million 31 Dec 2010 31 Dec 2011 31 Mar 2012 NWC (39,5) (57,5) (43,7)
Fixed Assets 467,0 516,7 517,0
Long Term Provisions (46,5) (46,7) (47,3)
Assets and Liabilities held for sale 0,1 0,0 0,0
Capital employed 381,1 412,5 426,1
Total Shareholders' Equity 319,7 334,2 335,8
Net indebtedness 61,4 78,3 90,3
D / E 0,19 0,23 0,27
6 Group Overview: Group Consolidated B/S and CF *
Limited investment program in the Airport management during 1Q2012 due to delay in “Contratto di programma” approval by the Government
Consolidated Cash Flow 31 Dec 2011 (€/mln) 1Q 2012 Gross Capex details by SBU
€ mln
(9,0) (12,0)
(3,2) 0.2
Gross Investments (-) (increase) Cash Flow Other - Disinvestments Reduction + Δ nwc (+) Net Financial Position
7 Group Overview: main events *
Save Group 1Q 2012 main events
Airone markes the return of Alitalia Group into international arena from Venice
A new carrier based in Venice, has started operations, linking medium sized European cities
Save is embracing its sustainability project, starting from the activation of an enviromental portal
3 new openings in the 1Q2012
8 SECTION 2 AIRPORT MANAGEMENT (SBU1)
9 Airport Management: financials
Revenues in line YoY +0,4%; quarter marginality in line with management expectations
Financial Overview SBU1* change% change% € million 2010 2011Q110 2011/2010 1Q11 1Q12 1Q12/1Q11
Revenues 118,2 126,6 7,1% 25,8 25,9 0,4%
EBITDA 45,2 49,8 10,2% 8,2 7,2 -12,1%
EBIT 32,7 36,0 10,2% 5,1 3,6 -28,9% * Gross of Intercompany Results
1Q12vs 1Q 11 Key Rationales . 1Q12 Revenues in line YoY (+0,4%): aviation revenues (-0,7% YoY) driven by passengers trend, showed a slight decrease of cargo results; non aviation posted a slight increase (+1,2% YoY) led by increase of royalties and other revenues (+5,9%); . 1Q 12 EBITDA (YoY -12,1%), in line with management expectation, due to the higher labor cost , operating cost (utilities and taxes) and material costs (de icing).
150,0
100,0
mln € 50,0 +5,2% +6,3% 0,0 Revenues EBITDA
2009 2010 2011 x%= CAGR 2009-2011
10 Airport Management: Venice Airport System
Venice airport outperformed vs Italian air traffic (+2,2% vs -1,3% YoY, respectively) during the 1Q12
Italian airport Passengers Passengers % chg. Italian Airports: breakdown by category 1Q11 1Q12
Roma FCO 7.518.474 7.427.734 -1,2% Passengers Milano MXP 4.246.047 4.058.228 -4,4% 1Q 12 Var. % 1Q12/11 Milano LIN 1.951.680 2.050.837 5,1% Hubs * 11.485.962 -2,4% Bergamo 1.726.489 1.800.521 4,3% Medium size airports ** 10.608.755 -0,7% Venezia 1.366.311 1.396.527 2,2% Airport with prevailing traffic of Ryanair *** 5.207.651 0,1% Catania 1.224.429 1.206.359 -1,5% Others 1.728.636 -1,9% Bologna 1.260.517 1.149.887 -8,8% Roma CIA 1.095.965 1.067.991 -2,6% TOTALE 29.031.004 -1,3% Napoli 1.051.355 1.059.686 0,8% * Hubs: Rome Fiumicino, M ilan M alpensa Source: Assaeroporti, ADI-Sabre ** Airports with over 3 M M pax/year & % Ryanair <50%: Bologna,Bari,Cagliari,Catania, M ilano Linate, Torino 892.341 881.853 -1,2% Naples, Palermo, Turin,Venice,Verona Palermo 924.122 831.546 -10,0% *** Airports with over 1 M M pax/year & % Ryanair >50%: Alghero,Bergamo,Brindisi, Rome Ciampino, Bari 749.106 775.637 3,5% Pisa, Treviso, Trapani Pisa 729.735 756.174 3,6% Verona 642.982 662.356 3,0% . During 1Q2012 Italian air traffic recorded a decrease of -1,3 % Cagliari 615.872 594.067 -3,5% Treviso 520.866 477.672 -8,3% compared with 2011. Brindisi 370.420 413.177 11,5% . European accumulated traffic January to December 2011: +3,4% Lamezia T. 362.368 397.605 9,7% (according to ACI Europe data). Firenze 372.435 363.854 -2,3% . 1Q2012 Venice airport system is substantially in line compared Genova 274.412 288.668 5,2% with 2011, registering a slight decrease -0,7%; Venice airport Altri 1.514.026 1.370.625 -9,5% +2,2% YoY, Treviso airport – 8,3% YoY, due to the expected
TOTAL ITALY 29.409.952 29.031.004 -1,3% reduction of Ryanair operations.
Source Assaeroporti
11 Airport Management: key figures aviation
Venice Airport system passengers figures
Venice Airport system passenger trend
1Q2012 vs 1Q2011 -0,7% 1,89 1,87 2,0 +2,2% 1,40 1,5 1,37
-8,3% 1,0 0,52
millions 0,48 0,5
0,0 Venice Treviso Airport system
1Q11 1Q12
. c. 1,9 million passengers in 1Q12, with c. 20.000 movements . Third Italian airport system with TSF . 141 scheduled destinations: 98 Venice Airport(of which 7 long-houl destinations), 43 Treviso Airport . 47 scheduled carriers in Venice airport and 5 scheduled carriers in Treviso airport. . In summer 2012, 7 long houl destination at Venice airport: . 5 non-stop scheduled flights to the North America 3 flights to US operated by Delta Air Lines & US Airways (ATL, JFK, PHL) and 2 non - stops flights to Canada operated by Air Transat (YUL, YYZ) . 1 double daily non-stop scheduled flight to Dubai operated by Emirates . 1 daily non-stop service to Doha operated by Qatar airlines. . Venice Passengers on international destination: 75% (Italy: 57%);
12 O&D traffic flows between Venice and the world – 1Q 2012
Source: Save
13 Airport Management: Venice Airport strategy
Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (1/2)
Home base carrier Link with hubs Point to point Intercontinentals
DOH JFK & ATL
PHL DXB
YYZ & YUL
Carriers that guarantee Carriers that guarantee to Link Venice to niche high Guarantee capillary capillarity in the network as our catchment area volume markets penetration of far afield well as connection accessibility to the world territories through regional passengers flows North – hubs South
14 Airport Management - Venice airport system
Venice Airport traffic 4 points strategy: diversified carriers to reduce risks and extend offer (2/2)
Venice Airport Treviso Airport 1Q 2012 Scheduled traffic by carrier 1Q 2012 Scheduled traffic by carrier
TRANSAVIA AIRARABIA OTHERS DELTA 2% OTHERS 13% MAROC AUSTRIAN 2% 2% 1% GERMANWINGS 2% AEROFLOT 2% 4% TURKISH 3% EASYJET 21% WIZZ AIR SWISS AIR 3% 17% KLM 3%
VUELING 3%
WIND JET 3%
EMIRATES 4%
ALITALIA 14% BRITISH AIRWAYS RYANAIR 5% 74% IBERIA 5% LUFTHANSA 10% AIR FRANCE 8%
15 Airport Management: Charleroi airport growth
Charleroi airport registered +c.2,1% during 1Q 12 YoY
Airport overview Key numbers
. Save acquired 27,65% of BSCA capital through a consortium . Charleroi Airport is in concession to Brussels South Charleroi agreement between Save at 65% and Holding Communal at 35%. Airport (BSCA) until 2040. . Passengers: . 8 New routes for summer 2012: 8 new routes had been announced by the carriers at Charleroi Airport: . 1Q 2012: over 1,2 mln passengers (+ 2,1% vs 1Q2011).
6 new destination of Ryanair: Alghero, Chania (Crete), . Carriers : Corfù, Memmingem (Germany), Turku (Finland) and Rodez - Ryanair represents ~ 83% of today scheduled traffic with 71 (France) scheduled routes during 2011 and 13 based aircraft - TUI group is active with 18 routes during 2011, Wizzair is 2 new destinations of Jetairfly: Palma (Spain) and Nice active with 7 routes during 2011
Charleroi Traffic growth 2000-2011
7000,0
CAGR 6000,0 +33,0% 5000,0 CAGR 4000,0 +33,7% 3000,0
Pax Pax thousands in 2000,0 CAGR 1000,0 +30,1% - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
PassengersPassagers RyanairOther carriersOther carrier
16 SECTION 3 INFRASTRUCTURE MANAGEMENT (SBU2)
17 Infrastructure Management: financials
Revenues about €7,2m (+ 7,9 % YoY) and EBITDA about €1,2 m (+8,8% YoY)
Financial Overview SBU2* Change% Change% € million 2010 2011 2011/2010 1Q11 1Q12 1Q12/11
Revenues 30,9 31,1 0,7% 6,7 7,2 7,9%
EBITDA 7,8 7,2 -7,5% 1,1 1,2 8,8%
EBIT ** 4,1 4,2 0,8% 0,4 0,5 23,6% * Gross of Intercompany Results ** Includes the concession amortization related to the acquisition of the company
1Q 12vs 1Q 11 Key Rationales: . 1Q 2012 revenues posted an increase (+7,9% YoY) driven by increase in facility management revenues and commercial revenues, offset by decrease in sales to RFI, according to the guidance; . 1Q12 EBITDA increase about €0,1m YoY, primarily due to efficiencies in fixed costs.
30,0
20,0 +3,6%
mln € 10,0 +9,7% 0,0 Revenues EBITDA 2009 2010 2011 x% = CAGR 2009-2011
18 Infrastructure Management: key figures and investments
Centostazioni: Ownership Structure Key figures (as of March 31, 2012)
§ 81 stations refurbished;
60% § Other 9 stations under refurbishment and expected to be completed within 2012; Archimede 1 40% Others § 165.752 sqm available of which: 60% Public 40% partner Private § 128.705 total sqm rented, 93.503 sqm to commercial activities and partner 35.202 sqm to State railways companies respectively;
160,4 M € capital expenditure out of a total plan of 188,5 M € as of today; Operator § of which 57,6 M € spent by Centostazioni out of a total plan of 59,3 M€ .
Profit and Loss Structure Sales Facility management Engineering Cost reimbursment plus a 6% Revenues Rental; Fees; Royalties 10% fee on investment managed mark up + bonus linked to CS
Costs 40% Sales to RFI Facility Costs Personnel Costs etc.. Cost of Structure
Cost reimbursements, Rentals contracts fees, professional tariffs
Commercial Business Partners Model and Other Partners
40% of rentals Royalties and Rentals
19 Infrastructure Management: stations releases 103 Centostazioni: Timing of stations’ releases 90 79 73
• ROMA • MONZA • LECCE • ASSISI • BENEVENTO • BIELLA • CREMONA • TRENTO TRAST. • NAPOLI • NOVARA • GALLARATE • LECCO • DESENZANO • AREZZO • VENTIMIGLIA • LIVORNO MERG. • VICENZA • BARLETTA • SIENA • PESARO • FOGGIA • VARESE • PRATO • CASERTA • CIVITAVEC. • PADOVA • SONDRIO • VERCELLI • GORIZIA • PISA • UDINE • LA SPEZIA • ASTI • CUNEO • RIMINI • MODENA • REGGIO EM. • FERRARA • CASTELFRANCO • LODI • TERNI • BRINDISI • SAVONA • ANCONA • ROMA OST. • PARMA • FORMIA VENETO • PERUGIA • GENOVA • ROVERETO • *ASCOLI PIC. • CATANIA • PAVIA • ALESSANDRIA • ROVIGO • REGGIO • BELLUNO • FOLIGNO • BERGAMO • BRESCIA • PIACENZA CAL. • CAGLIARI 51 • BOLZANO • FORLI’ • VERBANIA • MILANO • AOSTA • TARANTO • *CAMPOBAS. • DOMODOSSOLA • MANTOVA P.G. • ORTE • *CESENA • SALERNO • TRIESTE 45 • TREVIGLIO • IMPERIA • *CHIAVARI • TREVISO • NAPOLI C. F. • PISTOIA • RAPALLO • CHIETI • MESSINA • CATANZARO • LUCCA 35 • COMO • LAMBRATE • SANREMO • *FAENZA • PESCARA 27 • *GROSSETO • MACERATA • *MASSA CARR. 13 • MILANO ROG. • *MONFALCONE • PORDENONE • *POTENZA • RAVENNA • TERMOLI • *VILLA S. GIOV. • VOGHERA • L’AQUILA ante 2005 2006 2007 2008 2009 2010 2011 2012 2013
20 SECTION 4 FOOD & BEVERAGE AND RETAIL (SBU3)
21 Food & Beverage and Retail: financials
Airest Group posted revenues of €41,7m (-0,5% YoY) and continued the focus on efficiency
230,0 Financial Overview SBU3* 200,0 -1,5% Change% Change% 170,0 € million 2010 2011 2011/2010 1Q11 1Q12 1Q12/11 140,0
mln 110,0 Revenues 199,1 200,5 0,7% 42,0 41,7 -0,5% € 80,0 +28,3% 50,0 EBITDA 13,8 16,6 20,1% (0,2) (0,1) 64,4% 20,0 EBIT** 4,0 6,0 51,0% (2,4) (2,6) -5,8% -10,0 Revenues EBITDA * Gross of Intercompany Results
x% = CAGR 2009-2011 2009 2010 2011 ** Including concession amortization
1Q 12vs 1Q 11 Key Rationales: . 1Q 12 Revenues in line YoY (-0,5%) , thanks in compensation between lower revenues in F&B (especially in Italy) and higher revenues in retail (both in Italy and the foreign countries, due to the JV with Mc Arthur Glenn); . 1Q 12 EBITDA showed a slight increase, thanks to the improving of the efficiencies in labor and other operating costs, especially in the foreign countries, which compensated the start up of the JV with Mc Arthur Glenn;
22 Food & Beverage and Retail: revenues by channel
Revenues by channel
1Q 2011- GroupQ1 2011sales breakdown by channel 1Q 2012- Group sales breakdown by channel Q1 2012
100% 50% 0% 0% 50% 100%
43,3% 43,3% <--- Airports F&B ---> 42,9% 42,9%
28,4% 28,4% <--- Motorways F&B ---> 24,9% 24,9%
7,1% 7,1% <--- Railways F&B ---> 6,0% 6,0%
4,8% 4,8% <--- Urban F&B ---> 5,6% 5,6%
13,1% 13,1% <--- Total Retail (Airports) ---> 16,7% 16,7%
3,2% 3,2% <--- Other ---> 3,9% 3,9%
€ 42 mln € 43,4 mln*
* Revenues include the effect of the fully consolidatation of Airest Retail Srl (Italy) and Airest Russia to facilitate the comparison with 2011
23 Food & Beverage and Retail: revenues by country
Revenues by country
1Q 2011- Group sales breakdown by country Q1 2011 1Q 2012 - GroupQ1 sales 2012 breakdown by country
100% 50% 0%
0% 50% 100%
66,9% <--- Italy F&B ---> 59,7%
14,6% <--- Austria F&B ---> 16,3%
4,6% <--- Czech Rep. F&B ---> 5,1%
1,6% <--- Slovenia F&B ---> 1,5%
0,5% <--- China F&B ---> 0,7%
FOOD AND FOODAND BEVERAGE (88,3%) FOOD AND FOODAND BEVERAGE (83,3%)
100%100% 50%50% 0%0% 0%0% 50%50% 100%100%
10,1%10,1% <--- Italy Retail ---> 13,5%13,5%
1,6%1,6% <--- Russia Retail ---> 2,3%2,3%
0,0%0,0% <--- Other Countries ---> 0,8%0,8%
RETAIL (16,7%) RETAIL RETAIL RETAIL (11,7%)
€ 42 mln € 43,4 mln*
* Revenues include the effect of the fully consolidatation of Airest Retail Srl (Italy) and Airest Russia to facilitate the comparison with 2011
24 Food & Beverage and Retail: market presence
Number of outlets by channel & country* directly managed by Airest Group SBU 3: Outlets by Channel* Airest Food & Beverage Airest Collezioni Italian Other European United Arab Totale Airest Channel Market Markets ** Emirates China Total F&B Italia Estero Collezioni Totale
Airports 39 47 3 2 91 14 7 21 112 Railway Stations 13 0 0 0 13 0 0 0 13 Motorways 22 0 0 0 22 0 0 0 22 Shopping Malls and 18 2 5 1 26 0 0 0 26 Business Centers Total 92 49 8 3 152 14 7 21 173 * As of 31thMarch ** Austria, Slovenia, Czech Republic, France, Russia Passenger traffic trend in main airports *** ( 1Q 12 vs 1Q 11) 8,9%
Airest presence in Airports 3,0%
- In Italy: Venice, Treviso, Rome, Bari, Bergamo, Catania, Verona -0,7% -1,2% -1,3%
-5,1% - Abroad: Wien, Prague, Moscow, Ljubljana, Venice Airport Rome Verona Avg Italian Vienna Prague Graz, Klagenfurt, Salzburg system Airports *** Where Airest is present
Source: Assaeroporti and Management data
25 SECTION 5 APPENDIX
26 PROFIT AND LOSS DETAILS
27 Save Group : P&L
*
% on % on Change % € million 1Q 2011 Revenues 1Q 2012 Revenues 1Q12/11
Revenues 72,3 100,0% 72,5 100,0% 0,2 0,3%
Raw materials (16,9) -23,3% (16,3) -22,5% 0,5 3,2%
Services (14,3) -19,7% (15,3) -21,0% (1,0) -6,9%
Third party property (8,5) -11,8% (8,6) -11,9% (0,1) -1,1%
Cost of labour (22,9) -31,7% (23,4) -32,3% (0,5) -2,1%
Other operating expenses (0,7) -0,9% (0,6) -0,9% 0,0 6,5%
Total operating expenses (63,2) -87,5% (64,2) -88,6% (1,0) -1,6%
EBITDA 9,1 12,5% 8,3 11,4% (0,8) -8,5%
Amortisation intangibile assets (2,7) -3,8% (3,1) -4,3% (0,4) -12,9%
Depreciation tangible assets (2,5) -3,4% (2,7) -3,7% (0,2) -8,9%
Losses and risks on receivable (0,1) -0,1% (0,1) -0,1% 0,0 19,7%
Accrual for provision (0,7) -0,9% (0,9) -1,2% (0,2) -30,3%
Total D&A and provision (6,0) -8,3% (6,7) -9,3% (0,8) -12,8%
EBIT 3,1 4,3% 1,6 2,1% (1,5) -49,7%
28 Airport management : P&L
% on % on Change % € million 1Q 2011 Revenues 1Q 2012 Revenues 1Q12/11
Revenues 25,8 100,0% 25,9 100,0% 0,1 0,4%
Raw materials (0,3) -1,2% (0,5) -1,8% (0,2) -54,4%
Services (7,2) -27,7% (7,2) -27,6% (0,0) -0,1%
Third party property (1,0) -4,0% (1,1) -4,1% (0,0) -2,0%
Cost of labour (8,8) -34,3% (9,6) -37,1% (0,8) -8,8%
Other operating expenses (0,3) -1,1% (0,4) -1,6% (0,1) -43,2%
Total operating expenses (17,6) -68,3% (18,7) -72,3% (1,1) -6,2%
EBITDA 8,2 31,7% 7,2 27,7% (1,0) -12,1%
Amortisation intangibile assets (1,5) -5,8% (1,8) -7,0% (0,3) -20,8%
Depreciation tangible assets (0,9) -3,3% (1,0) -3,8% (0,1) -16,0%
Losses and risks on receivable (0,0) -0,1% (0,0) 0,0% 0,0 86,4%
Accrual for provision (0,7) -2,6% (0,7) -2,8% (0,1) -9,4%
Total D&A and provision (3,0) -11,8% (3,5) -13,6% (0,5) -16,2%
EBIT 5,1 19,9% 3,6 14,1% (1,5) -28,9%
29 Infrastructure management : P&L
% on % on Change % € million 1Q 2011 Revenues 1Q 2012 Revenues 1Q12/11
Revenues 6,7 100,0% 7,2 100,0% 0,5 7,9%
Raw materials (0,0) 0,0% (0,0) -0,2% (0,0) -500,0%
Services (3,2) -48,6% (3,7) -50,9% (0,4) -13,0%
Third party property (1,5) -22,8% (1,6) -21,8% (0,0) -3,0%
Cost of labour (0,7) -10,6% (0,7) -9,5% 0,0 3,4%
Other operating expenses (0,1) -1,4% (0,1) -0,9% 0,0 29,2%
Total operating expenses (5,6) -83,5% (6,0) -83,3% (0,4) -7,7%
EBITDA 1,1 16,5% 1,2 16,7% 0,1 8,8%
Amortisation intangibile assets (0,5) -7,7% (0,5) -7,3% (0,0) -2,1%
Depreciation tangible assets (0,2) -2,9% (0,2) -2,7% 0,0 1,0%
Losses and risks on receivable (0,0) -0,1% (0,0) -0,1% (0,0) -11,1%
Accrual for provision (0,0) -0,2% (0,0) -0,1% 0,0 0,0%
Total D&A and provision (0,7) -11,0% (0,7) -10,3% (0,0) -1,4%
EBIT 0,4 5,5% 0,5 6,3% 0,1 23,6%
30 F&B and Retail management : P&L
% on % on Change % € million 1Q 2011 Revenues 1Q 2012 Revenues 1Q12/11
Revenues 42,0 100,0% 41,7 100,0% (0,2) -0,5%
Raw materials (16,5) -39,4% (15,8) -37,9% 0,7 4,3%
Services (4,5) -10,7% (5,0) -12,0% (0,5) -11,9%
Third party property (7,5) -17,9% (7,7) -18,5% (0,2) -2,9%
Cost of labour (13,4) -31,8% (13,1) -31,3% 0,3 2,0%
Other operating expenses (0,3) -0,7% (0,2) -0,4% 0,1 45,6%
Total operating expenses (42,2) -100,5% (41,8) -100,2% 0,4 0,9%
EBITDA (0,2) -0,5% (0,1) -0,2% 0,1 64,4%
Amortisation intangibile assets (0,7) -1,7% (0,8) -1,8% (0,0) -4,1%
Depreciation tangible assets (1,4) -3,4% (1,5) -3,7% (0,1) -6,0%
Losses and risks on receivable (0,0) -0,1% (0,0) -0,1% (0,0) -17,6%
Accrual for provision (0,0) 0,0% (0,2) -0,4% (0,2) n.a.
Total D&A and provision (2,2) -5,3% (2,5) -5,9% (0,3) -12,3%
EBIT (2,4) -5,7% (2,6) -6,1% (0,1) -5,8%
31 GROUP DETAILS
32 Group Overview - Save recent history
SAVE GROUP IMPLEMENTS NEW STRATEGIES . SAVE Group exits ground handling activities in Venice Airport; . New air terminal as well as cargo warehouse are opened in Venice Airport; 2001 - 2002 . SAVE Group enters the food & beverage and retail business through its new subsidiary Airport Elite. . SAVE Group acquires 40% stake in Centostazioni (a company managing 103 medium size Italian railway stations)
SAVE GROUP IS LISTED IN THE ITALIAN STOCK EXCHANGE MARKET (MTA) . IPO in the Milan Stock Exchange (SAVE.MI), trough an increase of capital of € 160 mln; . SAVE Group acquires more than 10% of Gemina Spa share capital, an Italian Company that owns 51% of ADR (Aeroporti di Roma) share capital. 2005
SAVE GROUP CONSOLIDATES ITS GROWTH STRATEGY . SAVE Group acquires 100% of AIREST share capital from Austrian Airlines (2006) and then sells its Catering divisions focusing only on the F&B and Retail activities (2007) . SAVE Group acquires 100% of RISTOP share capital from Autostrada Brescia – Padova (2006); 2006-2008 . SAVE Group sells its 10% stake of Gemina Spa share capital to Morgan Stanley giving a pre-tax capital gain of € 31,5 mln . New air terminal is opened in Treviso Airport (2007) and Save Group acquires additional 35% of Aertre (i.e. Treviso Airport) capital share funded through Save shares . SAVE Group acquires 100% of FFS and ITPS share capital, two companies based in Czech Rep. both operating F&B outlets in Prague Airport.
A TOP FINANCIAL INSTITUTION JOINS THE MAJOR SHAREHOLDER OF SAVE GROUP . Morgan Stanley joins Finanziaria Internazionale and Generali Insurance in the shareholders’ agreement of Marco Polo Holding (the major shareholder of 2008 Save Group), with the aim to participate jointly in the acquisition of airport assets with less than 10 mln pax located in Italy, Europe, Turkey and Middle East;
AIRPORT MANAGEMENT EXPANDS ABROAD . Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal 2009 . Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC
AIREST GROUP STRENGHTENED THE PRESENCE IN AIRPORT CHANNEL . Key commercial agreement with McArthurGlen Group and creation of “Airest Collezioni”, JV operating in airport retail segment 2011
33 Group debt structure
The net indebtedness/ EBITDA ratio shows a healthy financial structure and a financial discipline
Debt maturity scheduled – Principal (€ Mln) * Net indebtedness / Ebitda (€ Mln)
30,0 27,5 140 3,0 125,3 120 25,0 2,5 22,2 100 2,4
2,0 78,3 20,0 80 65,8 68,4 61,4 1,5
60
in in millions
in millions in
€ 1,1
€ 15,0 12,8 1,2 1,1 1,0 12,6 40 31,1 0,9
0,5 10,0 20 0,6 / EBITDA NET INDEBTEDNESS 6,7 0 0,0 2006 2007 2008 2009 2010 2011 5,0 NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA 1,5 1,5 0,4 0,0 dic 2012 dic 2013 dic 2014 dic 2015 dic 2016 dic 2017 dic 2018 dic 2019 4Q 2011 * As of 31 March 2012
34 Dividends
Dividend payment sustainable with high return to the shareholders
CAGR ‘08-’11: + 17,9% 25.000 21.000 18.000 20.000 16.400 12.800 15.000
10.000
5.000
- 2008 2009 2010 2011 Dividends
35 Airport Management
Aviation management Revenues breakdown (FY data)
100% CAGR: +4,8% 28% 29% 29% 29% 29% 29% 75% CAGR: +4,9%
50% Other revenues mainly include 62% 61% 61% 62% 62% Airport management 62% intercompany recharges to third 25% parties and other business units
09% 08% 10% 10% 09% 09% 0% 2006 2007 2008 2009 2010 2011
Other revenues Aviation Revenues Non aviation revenues
36 Airport Management
Venice Airport system (1) passengers and movements trend
Passengers (1) (mln) Aircraft Movements (1) (thousands)
CAGR: +0,1% 120,0 CAGR: +5,2% 108,1 12,0 9,0 9,7 96,4 99,3 99,0 97,2 100,0 94,2 95,3 8,6 8,6 8,5 19,3 10,0 17,2 10,1 7,1 7,7 17,6 19,1 1,1 18,4 20,6 80,0 8,0 1,5 1,7 1,8 2,2 1,3 1,3 60,0 6,0
88,8 87,1 4,0 8,6 40,0 82,2 79,9 78,8 75,8 74,7 7,1 6,9 6,7 6,9 5,8 6,3 2,0 20,0
0,0 2005 2006 2007 2008 2009 2010 2011 0,0 2005 2006 2007 2008 2009 2010 2011
Venice Treviso (1) Venice Airport System: Venice Airport + Treviso Airport 37 Airport Management
New scheduled flights and frequency increases
VENICE AIRPORT - NEW SCHEDULED FLIGHTS 2012
Carrier Destination Weekly freq. Carrier Destination Weekly freq.
ALITALIA/AIRONE ATENE 3 MONARCH LONDRA GATWICK 4 ALITALIA/AIRONE BARCELLONA 7 MONARCH MANCHESTER 4 ALITALIA/AIRONE BRINDISI 3 VUELING NANTES 3 ALITALIA/AIRONE BRUXELLES 7 VOLOTEA ALGHERO 3 ALITALIA/AIRONE CAGLIARI 7 VOLOTEA ALICANTE 3 ALITALIA/AIRONE ISTANBUL (SAW) 5 VOLOTEA BILBAO 3 ALITALIA/AIRONE MINORCA 4 VOLOTEA BORDEAUX 3 ALITALIA/AIRONE PALERMO 7 VOLOTEA BRINDISI 3 ALITALIA/AIRONE PALMA DI MAIORCA 3 VOLOTEA CAGLIARI 4 ALITALIA/AIRONE PRAGA 4 VOLOTEA CORFU' 2 ALITALIA/AIRONE SAN PIETROBURGO 2 VOLOTEA CRACOVIA 2 ALITALIA/AIRONE VARSAVIA 3 VOLOTEA HERAKLION 2 AIR FRANCE MARSIGLIA 5 VOLOTEA KOS 2 AIR FRANCE NIZZA 3 VOLOTEA LAMPEDUSA 2 AIR FRANCE TOLOSA 3 VOLOTEA MALAGA 3 BLUE AIR BACAU 3 VOLOTEA MIKONOS 2 BLUE AIR BUCAREST 3 VOLOTEA OLBIA 3 CARPAT AIR CHISINAU 3 VOLOTEA OPORTO 3 EASYJET GINEVRA 3 VOLOTEA PALERMO 7 EASYJET LISBONA 3 VOLOTEA REGGIO CALABRIA 3 EASYJET NIZZA 3 VOLOTEA RODI 2 EASYJET TOLOSA 3 VOLOTEA SALONICCO 3 ESTONIAN AIR TALLINN 2 VOLOTEA SANTIAGO DE COMPOSTELA 2 DANUBE WINGS BRATISLAVA 3 VOLOTEA SANTORINI 2 JET2.com NEWCASTLE 3 VOLOTEA SPALATO 2 LUFTHANSA AMBURGO 2 VOLOTEA VALENCIA 3 MONARCH BIRMINGHAM 4
VENICE AIRPORT - FREQUENCIES INCREASE 2012
AIR BERLIN DUSSELDORF +7 EMIRATES DUBAI +7 KLM AMSTERDAM +7 LUFTHANSA MONACO +7 JET2.com EDINBURGO +1 TUNISAIR TUNISI +1
38 Airport Management: key figures non aviation
FY 2011 Venice Airport system aviation and non aviation figures
Venice Airport System - Revenues per pax Non Aviation Revenues Breakdown per pax
4,00 0,22 0,15 3,50 9,0 8,1 8,2 3,00 8,0 2,39 7,0 2,50 2,40 6,0 5,0 3,8 3,8 2,00 4,0 3,0 1,50 2,0 1,0 1,00 0,0 1,18 1,20 Aviation Revenues per pax Non Aviation Revenues per pax 0,50 12M10 12M11 - 2010 2011 * Venice Airport System: Venice Airport + Treviso Airport Advertising/ Tick Commercial Parking
Comments on VCE and TSF airports FY2011 Revenues: • VCE: aviation revenues increased by 20,3% YoY driven by increase in passengers; non aviation increased by 11,7%YoY thanks to commercial activities and park, partially offset by advertising ; • TSF: from June to the beginning of December 2011, the airport activity moves to Venice airport, for extraordinary maintenance actions; • VCE SYSTEM: aviation revenues increased by 8,7% YoY led by passengers increase; non aviation revenues up by 5,6%YoY thanks to commercial activities and park, partially offset by advertising.
39 Airport Management
Italian Airports tariff System: state of the art
State of the Art
• Venice airport has been admitted by law to a faster and simpler negotiation process of the “Contratto di Programma”, together with Rome and Milan airport systems. The process with Enac has started in order to define details and rules.
• After Enac approval, the 2012-2021 investment plan, the 2012-2016 quality and environmental plan and the 2012-2016 traffic forecasts were submitted to the public consultations, which are the opportunity for the airport operators (carriers, handlers…) to consider and comment the planning issues. The airport operators were consulted on 13th June and no objections had moved to the plans; these plans were preparatory for the tariffs dynamics approval.
• On the 18th July Enac has approved the 2012-2016 tariffs dynamic.
• The airport operators were consulted on the 29th July for 20 days on tariff dynamic.
• On the 24th October ENAC sent to the Italian Government the documentation of “Contratto di Programma” for final approving.
• Meanwhile the Government has approved the adjustment of aviation tariffs by inflation (+1,5%) for 2011, which is effective starting from 3rd June 2012.
40 Infrastructure Management
Revenues Breakdown SBU2 - 2010 Revenues Breakdown SBU2 - 2011 Engineering Other revenues Other revenues 4% 3% Engineering 4% 3%
Sales Facility 48% management Sales 44% 49%
Facility management 45%
41 Infrastructure Management
REFURBISHMENT ENHANCEMENT MANAGEMENT
. New layout and innovative vision of . Increase of commercial activities and . Guarantee security and cleaning transit areas diversified services offered to the standards, that guarantee the ambiance passengers . Increase of square meters destined to . Innovation management of cleaning passengers services . Modern merchandising mix in the and maintenance activities (Global commercial gallery service) . Passengers flow strategies to remove bottlenecks and increase dwell times in . Promotion of events inside the station . Constant control of qualitative standard the commercial areas to increase affluence
. Use of innovative lighting to improve . Strengthening of communication and the transit experience advertising for the stations . Using of multitarget and multimarket communication strategy
42 Infrastructure Management Commercial Square meter Revenues per Square meter € 80.000 CAGR: +8,3% 350 70.000 CAGR: +1,7% 300 60.000 250 50.000 200 40.000 74.625 69.567 66.413 65.736 150 287 30.000 62.334 262 55.311 233 244 252 254 20.000 100
10.000 50
0 0 2006 2007 2008 2009 2010 2011 2006 2007 2008 2009 2010 2011
. Revenues per sqm slightly increased vs 2010 for the new contracts and renegotiation of existing contracts in more profitable stations, partially offset by the commercialization of spaces with lower value and other renegotiations. . Revenues per sqm grew from € 190 in 2004 to € 254 in 2011 Some examples in the Value Creation Model
Example of 15 refurbished railway station Total 15 Station* Before Refurbishment After Refurbishment Delta % The growth of efficiency and Commercial Square metres 7.489 17.103 128% profitability of a railway station after its refurbishment is No. Of Shops 59 170 188% underlined by the huge increase in:
Revenues 1.296 7.220 457% - revenues Revenues per sqm 173 422 144% - revenues per sqm * Brescia, Milano Lambrate, Roma Ostiense, Roma Trastevere, Treviso, Modena, Parma, Reggio Emilia, Udine, Milano P.G., Trieste, Novara, Vicenza, Napoli Mergellina, Napoli C. Flegrei, Monza
43 Food & Beverage and Retail Airest Group, born in 2001, is today an Italian player in the travel concession business operating in the F&B and Retail industry, 2.090* employed and 170 point of sales
2001 2002-2003 2004-2005 2006-2007 2008 2009 2010 2011
May 2001 – Start New openings at 2004 enter Italian Acquisition of Acquisition of Opening of 4 Opening of a FFS & ITPS Creation of up of operations Catania, railways AIREST (Austrian new F&B new outlet at “Airest (5 F&B and 3 Retail Treviso and concessions airport (Prague airport outlets at Shanghai concessions) Collezioni”, (JV outlets at Venice Olbia airports (through concessions) Rome Airport EXPO with McArthur Marco Polo Centostazioni) Openings in Glen**), a one- Airport). Acquisition of First openings Opening of RISTOP (F&B France and in Russia Rustichelli stop retail motorways Abu Dhabi (Moscow &Mangione solution for the concessions) Commercial Sheremetyevo flagship airports on a Airport) store in worldwide basis First opening in partnership Rome China with McArthur Glen** downtown Start up of production facility (VIF)
* As of 31 December 2011 ** International leading player in the development and management of outlet centers in Europe
44 Food & Beverage and Retail: outlet development
During the 2012 the evolution of Airest network is guided by the strategic plan, through the specific valuation of point of sales profitability
Points of sales, directly managed, evolution New openings in 1Q 2012 3 new openings in 1Q12, Abu Dhabi (2), Point of sales evolution Mantova (1) 173 Rest of the world 170 167 159 Italy 150
118 64 65 67 106 53 61 29 34
103 105 106 89 97 98 72 27 8 2001 2005 2006 2007 2008 2009 2010 2011 2012*
* As of 31 March 2012
45 2012 FINANCIAL CALENDAR
46 2012 Financial calendar
19 April 31 Jul Annual Q2 and H1 Shareholders Results Meeting
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
8 March 15 May Consolidated 13 Nov Q1 financial Q3 Results statements Results
47 Disclaimer
The executive responsible for the drafting of the company’s accounting and corporate documents, Giovanni Curtolo, hereby declares pursuant to clause 2, art.154 bis, decree law 58/1998, that the accounting information in this release is in line with the Company’s accounting records and registers.
This document has been prepared by Save S.p.a. - SAVE ("SAVE") 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 SAVE 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 SAVE.
This document has not been approved for the purpose of section 21 of the Financial Services and Markets Act 2000. It is being made available only to persons who are of a kind described in Article 19(5) of the Financial Services and Marketing Act 2000 Order 2001 or persons to whom such document may otherwise lawfully be issued or passed on.
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 SAVE‘ 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 SAVE 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.
By viewing the material in this document, you agree to the foregoing. 48 SAVE Spa
For additional information: Investor Relations – SAVE Group Phone: +39 041 2606215; Fax: +39 041 2606239 Email: [email protected];
WWW.VENICEAIRPORT.IT
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