Save Group – September 2011 Results Nov 11th, 2011
1 2
Section 1Section 2 Section 3 Section 4 Section overview Group 5Section Management Airport (SBU1) Management (SBU2) Infrastructure Beverage& Food and(SBU3) Retail Appendix Table of contents 3
Section 1 Group overview 4 lo lo (Aeroporti stations) ain of €ain of mln 31,5 rtre (i.e. Treviso th operatingth F&B of airportof assets with less ; ”, JV”, operating airport in retail by ENACby n n sells its Catering divisions n; ; Airestcollezioni concessionextension Insurance thein shareholders’ agreement Marco of Po CHANNEL ARKET(MTA) LDER SAVEGROUP OF through its new subsidiary Airport Elite. capital share in partnership with Communal Holding enerali and “ creation of CA) in Venice in Airport e capital, an Italian Company that owns 51% of ADR (a managing company 103 medium size Italian railway apital to Morgan Stanley a giving pre-tax capital g Middle East; the aim to participate the jointly in acquisition (2007) and Save Group acquires Ae additional of 35% 7) share capital, two companies based Czech in Rep. bo share capital Autostrada from Brescia – Padova (2006) share capital Austrian from Airlines (2006) and the activities in Venice Airport; (SAVE.MI), trough an increase capital € of of 160 ml McArthurGlen Group with in Treviso in Airport as well as cargo warehouse are opened is is opened entersfood& the beverage and retailbusiness acquires40%Centostazioni in stake acquires100% AIREST of acquires100% RISTOP of acquires100%ITPS and FFS of exits ground ground handling exits obtainsapprovalthe Trevisothe of 40Airport year Key commercialKey agreement segment Save Group SaveGroupacquires 27,65% Charleroi of Airport (BS than 10 mln pax located in Italy, Europe, Turkey and SAVE Group SAVE Group acquires more than 10% of Gemina Spa shar di Roma) share capital. SAVE Group Exchange Stock in IPOMilan the SAVE Group FinanziariaStanley joins Morgan Internazionale and G SAVE Group Holding (theHolding major shareholder Save Group), of with Newterminal air SAVE Group focusing only onfocusing the andF&B Retail activities (200 SAVE Group sells its 10% stake Gemina of Spa share c Newterminal air outlets in Prague Airport. SAVE Group Airport) capital share funded through Save shares
AIRESTGROUP STRENGHTENED THEPRESENCE AIRPORT IN AIRPORTMANAGEMENT EXPANDS ABROAD SAVEGROUP IMPLEMENTS NEWSTRATEGIES SAVEGROUP IS LISTED THEITALIAN IN STOCK EXCHANGEM SAVEGROUP CONSOLIDATES ITSGROWTH STRATEGY TOPAFINANCIAL INSTITUTIONJOINS THEMAJOR SHAREHO 2011 2005 2008 2009
Group Overview -Overview Group Save history recent 2006-2008 2001- 2002 5
wth wth directly Motorways , 163 shops 163 shops managedof as Sep 30th 2011; Stations are themaintargetsare for Food Beverageand and services; Retail The recent acquisitions abroad in and Italy Groupupgrade Airest onethe of among most Italian important in F&Band companies under business Retail concession. Airports, Railway Airports, and Retail and Retail Food & & BeverageFood Food & & BeverageFood by by after aafter period Management Management 103 railway station properties exclusive in of management realand commercial estate areas; 31years of remaining concession 2042); (until Business model characterized high return upramp short of commercial operations. Infrastructure Infrastructure SAVE SpA SAVE etc. ,
diversifiedbusinessesfor portfolio successfulgro diversifiedbusinessesfor portfolio successfulgro foreign in Save SpA Save the is : Airport engineering , Management periodtheVenicefor passengers in 9M 2011 9M in passengers2011 airport parking car (BSCA –(BSCA Charleroi, Belgium). airport security airport first Italian airport management first management Italian airport investing company, Present in Present 7,5 7,5 million YoY) (+8,6% remaining30years of concession 2041); (until Airport Polo Marco remaining40years of the Treviso for concession Expanding abroad Expanding Airport Airport;
Save Group: three Group: three Save Group: three Save
Group Overview: Save Save Overview: Group Group 6
2,1% 4,3% 2,5% 2,8%
traffic traffic change%
3Q11/3Q10
98,027,1 100,0 20,6 28,3 21,7 21,1 22,3
3Q2010 3Q2011 tive performances Airportof Management f equityf valuation BSCA of investment
3,9% 14,1% 17,4% 19,3% and-0,6% F&B and Retail +1,8%) change% ccruals risks for provisions
9M11/9M10
and grip on costs on grip and costs on grip and
7,4m or +14,1%) guided by the the increaseby in traveler guided the increaseby +14,1%) in traveler or 7,4m guided +14,1%) or 7,4m thanks to the higher EBIT and the o positive effect continuous strong margin improvement, driven posi by € €
60,134,7 66,931,3 40,817,8 52,1 42,0 33,6 29,3 59,5 34,5 39,4 n/a 41,1 n/a n/a n/a n/a n/a 340,1 337,3 255,5 265,5 2009* 2010 9M10 9M11 driven by increase by driven in EBITDA, partially by offset a (Airport management+8,6%, Infrastructure management Revenues:+3,9% Profit Profit before €6,6mtaxes:+c. EBITDA:+14,1% (or+€7,4m) (+€4,4m)and andF&B Retail (+€3,8m) +17,4% EBIT: (+€5,8m) • • • 9M11 vs9M11 Key : 9M10Rationales •
Financial Oveview Financial million € Revenues EBITDA EBIT Profit before taxes Net Profit *2009 Restated on based IFRIC 12IFRS3and revised Group 9M11 EBITDA (+ EBITDA 9M11 (+ Group EBITDA 9M11 Group
Group Overview: Group Consolidated P/L Consolidated Group Overview: Group 7
change%
3Q11/3Q10
27,1 28,3 4,3%
3Q10 3Q11 ** Airport 67,7%
management
change%
9M11/9M10
the 9M 2011 9M the 2011 9M the 9M10 9M11
20,7%
Ebitda breakdown per 2010 SBU F&B F&B and Retail
11,6%
Retail* 11,0 14,7 34,6% 7,8 8,1 3,8% Infrastructure management Management* 35,7 40,1 12,4% 17,6 18,4 4,6%
nfrastructureManagement* 5,5 4,7 (15,3%) 1,8 1,8 1,8%
Save GroupSave EBITDA by SBU € million Consolidated EBITDA 52,1 59,5 14,1%
change%
3Q11/3Q10
98,0 100,0 2,1% 9% 33% Airport 3Q10 3Q11 **
Management Infrastrucutre Infrastrucutre Management
change%
9M11/9M10 osts
9M10 9M11
Significant positive operating performances during performances operating positive Significant during performances operating positive Significant
Revenues Breakdown per SBU 2010 SBU per Breakdown Revenues
58%
F&B and Retail and F&B * GrossIntercompanyof Results nonand allocated c
Save GroupSave by Revenues SBU € million Consolidated RevenuesAirportManagement* 255,5InfrastructureManagement* 265,5 F&Band Retail* 3,9% 21,8 89,3 21,7 96,9 (0,6%) 8,6% 152,4 7,1 155,1 35,3 7,4 37,4 1,8% 3,7% 6,0% 58,7 I Airport 58,4 (0,5%) F&Band Group Overview: financialOverview: Group results unit bybusiness 8 6,9 0,2 SBU3
s 9M 10 18,4 SBU2 6,2 SBU1 0,7 9M10 9M11 9M11Capex SBU by details 9,2
5,0 0,0
20,0 15,0 10,0 € in milioni in €
0,5 (0,4) 0,1 66,80,20 59,2 0,18 61,4 0,19 480,8399,8 457,6333,0 384,8 467,0 325,6 381,1 319,7 (33,3)(48,2) (23,9) (48,5) (39,5) (46,5)
)
30 Sep30 2011 30 Sep 2010 2010 Dec 31 (5,4) reduction Net reduction Indebtedness (0,2) * (18,0) Dividends Others (increase) (1,0) Company's own shares own
BalanceSheet(consolidated) € million NWC Fixed Assets Long Term Provisions Assets and Liabilitiesheld for sale Capital employed TotalShareholders' Equity Netindebtedness D / E (9,8) Airest minority (22,3) Capex netCapex Acquisition of Cash Cash Flow as at 30 Sept 2011 and Capex by SBU 9M 11v 45,8 Gross Gross Cash Consolidated Cash Flow 30 September 2011 September (€/mln 30 Flow Cash Consolidated + flow NWC 0
Group Overview: Group Consolidated B/S and CF B/S Consolidated Group Overview: Group 60 40 20 20 € in millions in € Group overview: Group debt structure
Debt repayment – Principal (€ Mln) * Net indebtedness / Ebitda ( € Mln)
25,0
20,9 140 3,0 20,0 125,3 120 2,5
15,0 100 2,4 2,0 11,7 12,2 10,7 80 65,8 68,4 10,0 7,8 61,4 1,5 60
6,5 € in millions €millions in 1,2 1,0 40 1,1 0,9 5,0 31,1
0,5 EBITDA INDEBTEDNESS/ NET 1,4 1,5 20 0,6 0,4 0,0 0 0,0 4Q2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2006 2007 2008 2009 2010
NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA * As of 30 Sep 2011
9 Section 2 Airport Management (SBU1)
10 Airport Management: financials Airport management performances sequentially improving in 2011. During the 9M 11, Revenues and EBITDA increase +8,6% and +12,4% YoY, respectively 150,0
Financial Oveview SBU1* change% change% 100,0 € million 3Q10 3Q11 3Q11/3Q10 9M10 9M11 9M11/9M10 +4,1%
€ mln € Revenues 35,3 37,4 6,0% 89,3 96,9 8,6% 50,0 B T A17,6EBITDA 18,4 4,6% 35,7 40,1 12,4% +3,5% EBIT 14,3 15,0 4,8% 26,6 30,2 13,5% 0,0 Revenues EBITDA * Gross of Intercompany Results 2009 restated based on IFRIC 12 and IFRS 3 revised 2006 2007 2008 2009 2010 x% = CAGR 2006-2010
9M11vs 9M 10 Key Rationales 9M11 Revenues post an increase (+8,6%) due to the increase of both aeronautical revenue (+9,8%), primarily driven by increase in passengers (+8,6% YoY Venice airport system), of non aviation revenues (+6,4% YoY), led by parking (+9,7%) and commercial activities (+8,4%), and of other revenues increase (+6,4% YoY). 9M 11 EBITDA (high increase YoY +12,4%) driven by revenues, partially offset by the higher labor cost (+7,4%YoY) and operating cost.
Aviation management Revenues breakdown (FY data)
100% CAGR: +3,8% 28,4% 29,3% 29,1% 28,9% 29,1% 28,7% 75% Other revenues mainly include CAGR: +4,7% Airport management 50% intercompany recharges to third 62,3%62,3% 61,1% 60,8% 61,7% 62,7% parties and other business units 25%
9,3% 8,4% 9,8% 10,3% 9,2% 8,5% 0% 2006 2007 2008 2009 2010 9M 11
Other revenues Aviation Revenues Non aviation revenues 11 Airport Management: Venice Airport System
Key figures Aviation (9M 11 data) Key figures Aviation (Venice airport System 9M 11 data) Italian airport Passengers Passengers % chg. (Venice airport System 9M 11 data) 9M10 9M11 Roma FCO 27.590.873 28.914.893 4,8% 7,5 million passengers in 9M 11, with 75,600 movements Milano MXP 14.523.762 15.041.358 3,6% Milano LIN 6.250.048 6.921.756 10,7% Third Italian airport system with TSF Venezia 5.312.223 6.571.784 23,7% Bergamo 5.876.604 6.466.105 10,0% 111 scheduled destinations : 68 Venice Airport, 43 Treviso Catania 4.897.436 5.284.134 7,9% Bologna 4.179.376 4.587.006 9,8% Airport, of which 9 intercontinental destinations. Napoli 4.309.967 4.465.965 3,6% Palermo 3.366.008 3.926.179 16,6% 45 scheduled carriers in Venice airport and 5 scheduled Roma CIA 3.405.276 3.604.552 5,9% Pisa 3.204.276 3.568.900 11,4% carriers in Treviso airport. Cagliari 2.686.944 2.950.695 9,8% 5 non-stop scheduled flights to the North America 3 flights Bari 2.575.900 2.819.264 9,4% Torino 2.706.617 2.813.776 4,0% to US operated by Delta Air Lines & US Airways and 2 flights to Verona 2.459.114 2.766.932 12,5% Lamezia T. 1.480.818 1.790.978 20,9% Canada operated by Air Transat. 1 daily non-stop service to Olbia 1.429.788 1.650.866 15,5% Dubai operated by Emirates and 1 daily non-stop service to Brindisi 1.196.728 1.568.276 31,0% Firenze 1.326.367 1.491.763 12,5% Doha operated by Qatar airlines. Alghero 1.097.927 1.210.470 10,3% Trapani 1.306.781 1.157.166 -11,4% Passengers on international destination : 75% (Italy: 57%) Genova 963.813 1.055.223 9,5% Treviso 1.608.114 940.475 -41,5% Others* 3.418.366 3.798.765 11,1% Italian airports - Breakdown by category
TOTAL ITALY 107.173.126 115.367.281 7,6% YTD Sep 2011 YTD Sep 2010 % chg '11/'10 Source Assaeroporti Hubs * 43.956.251 42.114.635 4,4% In the nine months of 2011 Italian air traffic recorded an Medium size airports ** 43.107.491 38.743.633 11,3% increase of +7,6 % compared with 2010. Airports with FR as main carrier*** 18.515.944 17.695.706 4,6% European accumulated traffic January to September 2011: Others 9.787.595 8.619.152 13,6% +8,0% (according to ACI Europe data). TOTAL 115.367.281 107.173.126 7,6% During the nine months of 2011 Venice airport system * Hubs: Rome Fiumicino, Milan Malpensa Source: Assaeroporti, ADI Sabre ** Airports with over 3 MM pax/year & % Ryanair <50%: Bologna,Bari,Cagliari,Catania, Milano Linate, Naples, Palermo recorded an increase about 8,6 % YoY. Turin,Venice,Verona From June Treviso airport activity moved to Venice airport, for *** Airports with over 1 MM pax/year & % Ryanair >50%: Alghero,Bergamo,Brindisi, Rome Ciampino, Pisa, Treviso, Trapani extraordinary maintenance actions.
12 Airport Management: key figures aviation
Venice Airport system shows an important growth in passengers, +8,6% YoY
Venice Airport system (1) passenger trend
Q3 11 vs Q310* YoY change and 9M 11 vs 9M 10* YoY change
3,5 3,00 2,88 3,00 8,0 7,51 6,57 6,92 3,0 7,0 2,5 2,20 6,0 5,31 2,0 -100% 5,0 -41,5% 1,5 4,0 millions 3,0 +8,6% 1,0 0,68 +4,4% +23,7% 1,61 +36,5% 2,0 0,94 0,5 0,00 1,0 0,0 0,0 Venice Treviso Airport system Venice Treviso Airport system
3Q09 3Q10 9M10 9M11 * Venice airport Q311 and 9M 2011 pax include schedu led pax of Treviso airport from June 2011
Passengers (1) (mln) Aircraft Movements (1) (thousands)
CAGR: -0,2% CAGR: +4,9% 120,0 10,0 9,1 108,1 8,6 8,6 99,4 99,0 8,5 100,0 96,3 96,4 19,3 95,3 7,7 94,2 8,0 7,1 1,5 2,2 16,3 17,2 19,1 6,8 1,7 1,8 17,6 18,4 20,6 1,3 80,0 0,9 1,3 6,0 60,0 4,0 7,1 6,9 6,7 6,9 88,8 6,3 40,0 80,0 82,2 79,9 5,9 5,8 78,8 75,8 74,7 2,0
20,0 0,0
2004 2005 2006 2007 2008 2009 2010 0,0 2004 2005 2006 2007 2008 2009 2010 Venice Treviso (1) Venice Airport System: Venice Airport + Treviso Air port
13 Airport Management: key figures aviation
Italy & Europe 315.788 +8,3%
Middle East & Asia 146.544
VCE +20,3%
America 265.010 +15.5% Africa 40.586 -1.4%
Australia 9.727 +9.6%
Data referred to YTD Sep 2011 YoY and to Venice Airport system connecting passengers only Airport Management: Venice Airport strategy
Venice Airport traffic: 4 points strategy Home base carrier ------A carrier that guarantees capillarity in the territory as well as connecting passenger flows North - South
BARI LAMEZIA T. REGGIO C. BRINDISI NAPLES ROME FCO CAGLIARI OLBIA CATANIA PALERMO Link with hubs ------Guarantee to our catchment area accessibility to the world
10 flts/day 7 flts/day 4 flts/day 3 flts/day 3 flts/day 3 flts/day 3 flts/day
2 flts/day 2 flts/day 2 flt/day 1 flt/day 1 flt/day 1 flt/day 31 flt/dayflts/wk Point to point ------Link Venice to niche high volume markets
Intercontientals ------Guarantee capillary penetration of far afield territories through regional hubs
JFK & ATL PHL DXB YYZ & YUL DOH
15 Airport Management - Venice airport system scheduled pax and new scheduled flights
Venice Airport * Treviso Airport * 9M 2011 Scheduled traffic by carrier 9M 2011 Scheduled traffic by carrier
TURKISH Other ALITALIA Others AIRLINES 20% 17% WIZZ AIR AIRARABIA 0,4% 2% 14% 2% DELTA EASYJET GERMANWINGS 2% 16% TRANSAVIA 4% EMIRATES 3% 3% LUFTHANSA AIR BERLIN . 10% 3% VUELING BRITISH AIR FRANCE 3% AIRWAYS RYANAIR KLM 8% 77% 3% 4% IBERIA WIND JET 5% 4%
* Venice Airport System traffic has been redistributed on a like for like basis, taken into consideration the normal activity of VCE’s and TSF’s carriers New scheduled flights and frequency increases New scheduled destination - Venice Airport Frequency increases - Venice Airport Carrier Destination Frequency From Carrier Destination Frequency From TURKISH AIRLINES Istanbul 14 01/04/2011 QATAR AIRWAYS Doha 7 15/06/2011 NORWEGIAN Oslo 3 27/03/2011 AIR CORSICA Marseille 3 14/02/2011 SAS Stoccolma 2 27/03/2011 ARMAVIA Yerevan 2 02/04/2011 AEROFLOT Moscow 13 16/06/2011 CROATIAN AIRLINES Dubrovnik 2 19/05/2011 New scheduled destination - Treviso Airport EASYJET Madrid 4 27/03/2011 NORWEGIAN Copenhagen 1 02/07/2011 Carrier Destination Frequency From NORWEGIAN Stoccolma 1 02/07/2011 VUELING Palma di Maiorca 3 25/05/2011 GERMANWINGS Hannover 3 27/03/2011 VUELING Toulouse 4 26/04/2011 RYANAIR Lanzarote 2 05/06/2011 BELLE AIR EUROPE Skopje 2 17/07/2011 WIZZAIR Skopje 2 20/09/2011
16 Airport Management: Charleroi airport growth
Charleroi airport registered +c.16,1% during 9M 11 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 Airport (BSCA) until 2040. 35%. 3 New routes for winter 2011/2012 : 3 new routes had been Passengers : announced by the carriers at Charleroi Airport: 9M 2011: over 4,5 mln passengers (+ 16,1% vs 9M 2010). 1 new destination of Ryanair : Manchester(UK) Carriers – Winter 2011/2012: 2 new destinations of Jetairfly : Alicante (Spain) and Oran - Ryanair represents ~ 83% of today scheduled traffic with (Algeria) 56 scheduled routes and 13 based aircraft - TUI group is active with 14 routes and 3 based aircraft as of April, Wizzair is active with 5 routes
Charleroi Traffic growth 2000-2010
6.000 CAGR 5.000 +35,2% 4.000 CAGR +35,9% 3.000
Pax in thousands 2.000 CAGR 1.000 +32,0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
PassengersPassagers Ryanair OtherOther carrier carriers
17 Airport Management: key figures non aviation
Venice Airport system aviation and non aviation figures
Venice Airport system (€) *
10,0 8,0 8,1 8,0 6,0 3,8 3,7 4,0 +1,2% 2,0 -1,9% 0,0 Aviation Revenues per pax Non Aviation Revenues per pax 9M10 9M11
* Venice Airport System: Venice Airport + Treviso Airport
VCE: aviation revenues increased by 19,2% YoY driven by increase in passengers; non aviation increased by 11,7%YoY thanks to commercial activities and park, partially offset by advertising ; TSF: 9M11 includes Treviso airport activity until May; from June the airport activity moves to Venice airport, for extraordinary maintenance actions.
(Venice Airport only – 2010 data)
€4,5 non aviation revenues per Pax 2010 (€ 4,5 in 2009) whereof €1,4 parking revenues per Pax 2010 (€1,4 in 2009); €7,3 average spending per pax on commercial activity 2010 (€ 7 in 2009); 5.673 total parking spaces (as of 31th December 2010)
18 Airport Management: tariffs
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 13 June and no objections had moved to the plans; these plans were preparatory for the tariffs dynamics approval.
• On the 18 July Enac has approved the 2012-2016 tariffs dynamic.
• The airport operators were consulted on the 29 July for 20 days on tariff dynamic.
• On the 24 October ENAC sent to the Italian Government the documentation of “Contratto di Programma” for final approving.
19 Section 3 Infrastructure Management (SBU2)
20 Infrastructure Management: financials
Revenues about €21,7m and Ebitdaabout €4,7m (vs €21,8m and €5,5m in 9M10, respectively)
30,0
Financial Oveview SBU2* Change% Change% 20,0 € 3Q10 million 3Q11 3Q11/3Q10 9M10 9M11 9M11/10 +5,0%
€ mln Revenues 7,1 7,4 3,7% 21,8 21,7 -0,6% 10,0 +25,5% EBITDA 1,8 1,8 1,8% 5,5 4,7 -15,3%
0,0 EBIT ** 1,1 1,1 2,6% 3,1 2,5 -19,0% Revenues EBITDA * Gross of Intercompany Results 2008 2009 2010 ** Includes the concession amortization related to the acquisition of the company x% = CAGR 2008-2010
9M 11vs 9M 10 Key Rationales: 9M 2011 revenues decreases (YoY – 0,6%) primarily as a combined result of the higher facility management revenues and lower third revenues and due to the extraordinary revenues accounted in 2010, related to the contractual compensation. 9M11 EBITDA decrease about €0,8m YoY, primarily due to the extraordinary revenues accounted in 2010, mentioned above.
Revenues Breakdown SBU2 - 2009 Revenues Breakdown SBU2 - 2010
Other revenues Other revenues Engineering 3% Engineering 4% 2% 3%
Sales Sales Facility Management 52% 49% 43% Facility Management 44%
21 Infrastructure Management: key figures and investments
Centostazioni: Ownership Structure Key figures (as of September 30, 2011)
78 stations refurbished;
8 stations under refurbishment and expected to be completed within 60% 2011;
Archimede 1 40% 164.846 sqm available of which: Others 60% Public 40% 133.130 total sqm rented, 89.704 sqm to commercial activities and partner Private 43.426 sqm to railways companies respectively; partner 156,5 M€ capital expenditure out of a total plan of 188,5 M€ as of today; Operator of which 57,1 M€ spent by Centostazioni out of a total plan of 59,4 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 Facilityto RFI Personnel Costs 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
22 Infrastructure Management: stations releases
Centostazioni: Timing of stations’ releases 103 91 86 73
• ROMA • MONZA • LECCE • ASSISI • BENEVENTO • BIELLA • PESCARA • TRENTO TRAST. GALLARATE • NAPOLI • NOVARA • • LECCO • DESENZANO • DOMODOSSOLA • VENTIMIGLIA • LIVORNO MERG. • VICENZA • BARLETTA • SIENA • PERUGIA • TREVIGLIO • VARESE • PRATO • CASERTA • CIVITAVEC. • PADOVA • SONDRIO • PESARO • FORLI’ • PISA • UDINE • LA SPEZIA • ASTI • CUNEO • RIMINI • MODENA • REGGIO EM. BRINDISI • FERRARA SAVONA • VERCELLI • CREMONA • TERNI • • • ANCONA • ROMA OST. • PARMA ROVERETO • FORMIA • AREZZO • GENOVA • • *ASCOLI PIC. • CATANIA • PAVIA REGGIO • ALESSANDRIA • • BELLUNO • FOGGIA • BERGAMO • BRESCIA • PIACENZA CAL. • CAGLIARI 51 • BOLZANO • GORIZIA • VERBANIA • MILANO • AOSTA • TARANTO • *CAMPOBAS. • LODI • MANTOVA P.G. • ORTE • *CESENA • SALERNO • TRIESTE 45 • PISTOIA • IMPERIA • *CHIAVARI • TREVISO • NAPOLI C. F. • CASTELFRANCO • RAPALLO • CHIETI • MESSINA • CATANZARO VENETO • LUCCA 35 • COMO • LAMBRATE • SANREMO • FOLIGNO • *FAENZA 27 • *GROSSETO • ROVIGO • 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
23 Infrastructure Management: key figures – FY data
Commercial Square meter Revenues per Square meter 80.000 € 70.000 CAGR: +6,7% 350
60.000 300 CAGR: +3,2% 50.000 250
40.000 200 69.567 62.334 66.413 65.736 30.000 150 287 55.311 262 50.192 233 244 252 20.000 100 215
10.000 50
0 0 2005 2006 2007 2008 2009 2010 2005 2006 2007 2008 2009 2010
The decrease in the Revenues per sqm is mainly due to the renegotiation of existing contracts and the commercialization of spaces with lower value Revenues per sqm grew from € 190 in 2004 to € 252 in 2010
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 17.103128% 7.489 metres profitability of a railway station after its refurbishment is No. Of Shops 188% 170 59 underlined by the huge increase in:
Revenues 457% 7.220 1.296 - revenues Revenues per sqm 144% 422 173 - 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
242424 Section 4 Food & Beverage and Retail (SBU3)
25 Food & Beverage and Retail: financials
Airest Group posted revenues of €155,1m (+1,8% YoY) and continued the focus on efficiency, EBITDA lines up to €14,7milions
Financial Oveview SBU3* 230,0 Change% Change% 200,0 € million 3Q10 3Q11 3Q11/3Q10 9M10 9M11 9M11/10 170,0 140,0 Revenues 58,7 58,4 -0,5% 152,4 155,1 1,8% 110,0 € mln € +0.8% 80,0 EBITDA 3,8%7,8 8,1 11,0 14,7 34,6% 50,0 +40,6% 20,0 ** 10,0 5,3-3,9%5,1 3,9EBIT 6,7 71,9% Revenues EBITDA * Gross of Intercompany Results 2008 2009 2010 ** Including concession amortization
x% = CAGR 2008-2010
9M 11vs 9M 10 Key Rationales: 9M 11 Revenues post an increase YoY, mainly due to increase of revenues of airport channel (+€6,9m) and extraordinary revenues (+€2,1m), offset by the expiring of some motorway channel concessions and the exit from oil business (-€2,9m). 9M 11 EBITDA grew to €14,7m mainly due to the effect of the increase in revenues, the improving of the efficiencies in COGS, offset by increase of labour costs.
9M11 vs 9M10 Airest Group EBITDA bridge
16.000 1.526 23 90 14.742 14.000 2.711 (558)
12.000 10.950
10.000
8.000
6.000
4.000
2.000
- 9M 2010 Ebitda Revenues effect COGS effect Royalties Labour cost Other costs 9M 2011 Ebitda 26 Food & Beverage and Retail: revenues by country
Airest Group posted revenues of €155,1m (+1,8% YoY), driven by increase in Airports channel (+c.€7m)
THIRD QUARTER NINE MONTHS € / 000 € / 000 2011 2010 Change Change % 2011 2010 Change Change % Airports 36.785 33.956 2.829 8,3% 91.377 84.451 6.926 8,2% Motorways 17.404 17.074 330 1,9% 44.519 47.400 (2.881) (6,1%) Railways 2.570 3.205 (636) (19,8%) 8.923 9.736 (812) (8,3%) Urban 2.490 3.627 (1.137) (31,4%) 6.579 8.296 (1.717) (20,7%) Other (843) 820 (1.663) (202,8%) 3.716 2.521 1.196 47,4% TOTAL SALES 58.406 58.683 (277) (0,5%) 155.115 152.404 2.711 1,8%
9M 11vs 9M 10 Key Rationales: • The increase in airports channel in mainly due to the growth of traffic and better sales performance in Italy +5,0 mln€, in Prague (+0,9) and in Austria (+0,4); • The decrease in motorways channel is due to the expiration of some concessions and the exit from the oil business. On a like for like basis revenues increased by 1,4% YoY; • The decrease in railways channel is mainly due to the exit from unprofitable POS in Italy (-0,5 mln €); on a like for like basis the deviation is lower (-1,4% = -120k€); • The decrease in urban channel is mainly due to the closing of Bricco Expo in China, on a like for like basis revenues grew by 8,2% (+0,4 mln€); • The increase in other revenues is mainly due to the growth of extraordinary income in 2011 (+2,1 mln€); • Overall, on like for like basis group revenues grew by 6,5%, with positive performance in all countries except for China (-4,3%) and Slovenia (-4,5%). • Q3 results include the accounting effect of the new JV “Airest Collezioni Sarl” involving the deconsolidation of 25% of Airest Retail and Airest Russia OOO figures and the consolidation of 75% of McArthurGlen Luxury Retail figures. Excluding the change of consolidation area, as a consequence of the creation of the new JV “Airest Collezioni Sarl” with McArthurGlen Luxury Retail, Airest Group overall figures of Q3 2011 are above 2010.
27 Food & Beverage and Retail: revenues by country
Airest Group posted revenues of €155,1m (+1,8% YoY) driven by Italy (+2,4%)
THIRD QUARTER NINE MONTHS € / 000 € / 000 2011 2010 Change Change % 2011 2010 Change Change % Italy 44.777 44.308 469 1,1% 118.409 115.593 2.816 2,4% UK 11 0 11 n.m. 11 0 11 n.m. Ireland 271 0 271 n.m. 271 0 271 n.m. Luxemburg 51 0 51 n.m. 51 0 51 n.m. Austria 7.717 7.907 (190) (2,4%) 21.678 21.314 363 1,7% Slovenia 1.184 1.330 (146) (11,0%) 2.931 3.068 (137) (4,5%) Russia 836 1.089 (252) (23,2%) 2.550 2.463 87 3,5% Czech Rep. 3.288 2.715 573 21,1% 8.569 7.287 1.283 17,6% China 271 1.334 (1.063) (79,7%) 645 2.679 (2.034) (75,9%) TOTAL SALES 58.406 58.683 (277) (0,5%) 155.115 152.404 2.711 1,8%
9M 11vs 9M 10 Key Rationales: • Italy revenues increase is due to the positive performance of the airport channel and extraordinary incomes. On a like for like basis revenues increase by 4,1% (+4,4 mln€); • Austria revenues increase is mainly due to the better sales performance of the airport channel. On a like for like basis the growth is higher (+0,5 mln€, +2,5%); • Russia revenues increase is mainly due to the growth in sales of the new openings still in ramp-up phase in 2010. Excluding the deconsolidation of 25% of Q3 results revenues increase by 0,4 mln€ (+15%); • The growth in Czech Rep . revenues is due to the positive effects of better store management and traffic increase; • China revenues decrease is mainly due to the closing of Bricco Expo, on a like for like basis the results are in line with 2010; • Overall, on like for like basis group revenues grew by 6,5%, with positive performance in all countries except for China (-4,3%) and Slovenia (-4,5%). • Q3 results include the accounting effect of the new JV “Airest Collezioni Sarl” involving the deconsolidation of 25% of Airest Retail and Airest Russia OOO figures and the consolidation of 75% of McArthurGlen Luxury Retail figures. Excluding the change of consolidation area, as a consequence of the creation of the new JV “Airest Collezioni Sarl” with McArthurGlen Luxury Retail, Airest Group overall figures of Q3 2011 are above 2010.
28 Food & Beverage and Retail: history
Airest Group, born in 2001, is today an Italian player in the travel concession business operating in the F&B and Retail industry, 2.063*employed and 163 point of sales
2001 2002-2003 2004-2005 2006-2007 2008 2009 2010 2011
May 2001 – Start New openings 2004 enter Italian Acquisition of Acquisition of Opening of 4 Opening of a FFS & ITPS Creation of up of operations at Catania, railways AIREST (Austrian new F&B new outlet at “Airest (5 F&B and 3 Treviso and concessions airport (Prague airport outlets at Shanghai concessions) collezioni”, (JV Retail outlets at Olbia airports (through concessions) Rome Airport EXPO with McArthur Venice Marco Centostazioni) Openings in Glen**), a one Polo 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 30 September 2011 ** International leading player in the development and management of outlet centers in Europe
29 Food & Beverage and Retail: outlet development
During the 9M 11 the evolution of Airest network is guided by the strategic plan, through the specific valuation of point of sales profitability
Points of sales evolution New openings in 2011
11 new openings in the 9M 2011, Venice (4), Verona (1), Rome (1), Abu Dhabi (3), Prague (1)
167 and Shanghai (1) 159 163 * Rest of the world 150
Italy 118 64 60 53 61 106 29 34
103 103 89 97 98 72
27 8
2001 2005 2006 2007 2008 2009 2010 2011*
* As of 30th September 2011
30 Food & Beverage and Retail: market presence
Airest Group is positioned both in airports (58,4% of total revenues) and motorways (28,7%) , but is operating in urban channel (4,2%) and railway station (5,8%)
Revenues Breakdown per channel (9M 11) Number of outlets by channel & country*
Airports SBU 3: Outlets by Channel* Motorways Italian Other European United Arab Total 58,9% 28,7% Channel Market Markets ** Emirates China SBU3 Airports 53 51 2 1 107 Railway Stations 13 0 0 0 13 Motorways 22 0 0 0 22 Shopping Malls and 5231 3 2 15 21 Business Centers Total 163 2 5 103 53 Railways ShoppingUrban Stations Malls * As of 30 September 2011 Other 5,8% 4,2% ** Austria, Slovenia, Czech Republic, France, Russia 2,4%
Passenger traffic trend in relevant airports *** ( 9M11 vs 9M 10)
12,8% Airest presence in Airports 8,6% 7,6% 7,5% In Italy : Venice, Treviso, Rome, Bari, Bergamo, 4,8% Catania, Verona 4,4%