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Introduction Neil Thompson mpson Chief Financial Officer, MAG Andr drew ew Cowan an Chief Executive Officer, Manchester Airport 2 Contents INVESTING Invest stment t in enhancing cing our capab abil ilitie ities FY20 H is


  1. Introduction Neil Thompson mpson Chief Financial Officer, MAG Andr drew ew Cowan an Chief Executive Officer, Manchester Airport 2

  2. Contents INVESTING Invest stment t in enhancing cing our capab abil ilitie ities  FY20 H is paying ing off and underpi pinnin ing g our H1 H Highligh ights £1.5bn transf sforma ormation tion program ammes mes  Passe seng nger er Growth h & Co Commerc rcial ial Developm pmen ent TRANSFORMING  Trading ding Perfor orma manc nce  Capital al Investme stment nt Contin tinuou ous s improveme rovement t and  Financing ncing invest stment t in our people le, process sses s and syst stems s across ss all our operatio ations, becomin oming g more digita ital l CONNECTING Serving ving our custom tomer catch chments ments with th global al connection ctions, s, leisu sure re and busine iness ss, that attract act people le to our airpor orts ts 3

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  4. FY20 H1 Highlights Anoth ther good half year for MAG with stron ong g trading ing and continu inued d investment tment across ss the Group p to suppo port rt long-te term rm growth th and passeng senger r experie ience ce Continued strong growth carrying 36.4 million passengers (+2.0%). MAN passenger numbers grew by 5%, after successful backfilling of 5 routes lost after the collapse of Monarch. Thomas Cook collapse will 5 affect second half of the year. STN passenger numbers remained flat following the 9% growth in FY19. EBITDA of £270.7m (10% underlying growth excluding IFRS 16) and 16% up on prior year reported. Strong conversion to cash at 109%. Routes network from our airports continue to expand serving 260 destinations around the world. Growth supported by new long-haul routes to North America and Middle East and Jet2 and EasyJet continuing to increase capacity . Capex of £280m including delivery of Pier 1 and T2 multi-storey car park at MAN, new check in desks and multi-storey car park at STN. Strong long-term funding platform - £350m listed bond issued in May’19. Leverage currently low at 3.7x. MAG-O - our technology and e-commerce business continues to develop and drive improvements in airport experience and MAGs digital footprint. Well positioned for continued growth – aviation pipeline, spare runway capacity, focussed MAN & STN investment. Our airports contributed £8.2bn to the UK economy (+6%) and directly supported the education of 31,000 young people. 5

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  6. Commercial Growth Strategy Yielding Results The success of MAG’s commercial strategy is reflected in a 2% year -on on-ye year ar incre reas ase in passenger sengers  Pax growth at the upper end of the UK FY20 0 H1 Pass sseng engers ers (millions ons) market.  Investment in facilities matched by equal Group focus on passenger experience.  Commercial strategy incentivises growth.  2 Best UK Airport awards by Travel Trade Gazette and Travel Agents Choice; Gold in the Chinese Tourist Welcome Awards. MAN  Phase one of £1bn Transformation Programme complete.  Improving passenger experience - one of the strongest ‘on - time performance’ measures of any major European airport. STN  Emirates commence double daily service to Dubai.  An ever expanding cargo network, EMA is well placed to drive the “Midlands Engine”. EMA  Development of the immigration hall to double its size. Source: MAHL FY20 H1 Interim Report & Accounts Note: For a reconciliation between MAHL and MAGIL FY20 Interim Results see Appendix on Page 31 7

  7. Above-Market Growth & Rising Market Share A comm mmercial rcial strat ategy gy that t incentivis tivises s growth th is translat slating ing into o above-marke market performa ormance ce and rising ing market t share (21.1% 1% of UK market t reflectin ting g +0.3% % increas ase on a 12 month th rolling ing basis) is) MAG AG has s two of the e top four fast stes est t growing wing UK airpor ort t in term rms s of pass sseng enger increas reases es with th MAN N out perform orming ng both h LGW and LHR. R. 6 month nth year ar-on on-year ar growth owth 12 month nth rolling ng growth owth LTN 8.4% LTN 9.9% MAN 4.8% LCY 6.8% LCY 3.8% MAN 5.6% LGW 0.4% STN 3.1% LHR 0.2% LGW 1.4% STN 0.0% LHR 1.3% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% Growt wth on PAX for April to September 2019 against prior year (%) Growt wth on PAX for the 12 months to Septemb mber '19 (%) Source: CAA – September 2019 8

  8. MAG G contin inues to diversif ify its routes tes and airli line ne network servin ing 260 routes tes. . Key short-ha haul l and long ng-ha haul destin tinatio tions ns are bein ing g steadil ily added to the portf tfoli lio Middl dle East t / Asia ia Europe pe Africa ica • • • FlyEgyp gypt launches four-weekly Air Corsica begin weekly Calvi Pega gasus launches daily • Air India ia adds Amritsar flights from STN Hurghada from MAN flights from STN Istanbul/Sabiha Gokcen service from Oct ‘19 • from MAN easyJe Jet launch over 10 new routes • Emirates increases frequency from STN • from MAN Ryanair ir adds GOT, MRS, BLL North Americ ica to Dubai to twice daily • and NTE from MAN, plus other Jet2 add a number of destinations • Shanghai service from MAN to launch • routes. Also launches Kosice and to both STN and MAN, including Delt lta returns to MAN with in Summer ‘20 with Juneyao Air Terceira from STN previously unserved destinations daily BOS service in S20 • Biman Bangla glade desh to begin three- • such as Corvera and Lille Loga ganair ir expands EMA base, weekly services from MAN to Dhaka with four routes to Scotland, plus from Jan ‘20, operating via Sylhet on BRU return leg 9 Source: Management Information

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  10. FY20 H1 EBITDA Strong g tradin ing g performa ormance ce acros oss s the Group with all airport ort divis isions ions exceedi ding g prior r year r performa ormance. ce. MAG EBITDA incre reas ased by £23.1m 1m (+10%), ), excludi ding the +£14m m impact act of the adoptio tion of IFRS 16 which ch increas ased d reporte ted d EBITDA growth th to £37.1m 1m (+16%) %) EBIT ITDA DA (£ million) on) Source: MAHL FY20 H1 Interim Report & Accounts Note: For a reconciliation between MAHL and MAGIL FY20 H1 Interim Results see Appendix on Page 31 11

  11. FY20 H1 Trading Performance Group p EBITD TDA up by £37 mill llio ion (15.9% 9% reporte rted d and 10% underly lyin ing) g) from m £234 milli lion to £271 milli lion on driven by stron ong g yield ld growth th and tight t control rol of costs ts  Continuing growth in pax at MAG airports strong Group oup Incom ome e Statem tement nt aeronautical revenues  8%. Aeronautic ical al revenue  Aeronautic ical al yield lds s increase sed 6% as airlines have Group Group Variance Variance increased capacity and introduced new destinations. £m £m FY20 H1 FY19 H1 (£) (%)  400,000+ sqft retail space with over 50 operators. Aeronautical 218.4 203.1 +15.3 +7.5%  Pax growth drives retail revenues  8% driven by Retail strong retail performance at STN and US lounges. Retail 120.5 111.9 +8.6 +7.7%  Retail l yield ld increas ase of 6%. Car Parking 147.2 129.4 +17.8 +13.8%  Market-leading analytics, e-commerce, marketing Property 9.3 10.7 (1.4) (13.1%) and trading expertise to deliver a tried and tested formula - continues to achieve results with all tastes Other 40.5 39.7 +0.8 +2.0% Car Parking and budgets catered for. Revenue 535.9 494.8 +41.1 +8.3%  Growth of 14% and yield ld increas ase of 12% supported by the acquisition of L4P and SPS. Employee costs (136.1) (124.3) (11.8) (9.5%)  Strong focus on passenger experience. Cost growth to support increase in volumes and invest in Non-employee costs (129.1) (136.5) +7.4 +5.4% customer service, parking and retail growth. Operating Costs (265.2) (260.8) (4.4) (1.7%)  Operating costs increase of 1.6% and yield Operatin ing decrease se of 0.3% . This includes £13.9m of Costs Disposal of fixed assets - (0.4) +0.4 (100.0%) operating lease charges re-categorisation following the adoption of IFRS 16 (+7% underlying cost EBITDA 270.7 233.6 +37.1 +15.9% increase, set against 8% revenue increase and 10% EBITDA growth). Source: MAHL FY20 H1 Interim Report & Accounts Note: For a reconciliation between MAHL and MAGIL FY20 H1 Interim Results see Appendix on Page 31 12

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