INVESTOR PRESENTATION ANNUAL RESULTS 2018 2 May 2019
Disclaimer Forward looking statements: This presentation contains certain “forward -looking statements” with respect to daa’s financial condition, results of operations and business and certain of daa’s plans and objectives with respect to these items. By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to and depend upon future events and circumstances. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. All forward-looking statements in the presentation are expressly qualified in their entirety by such factors. daa does not intend to update any forward-looking statements. No warranty as to accuracy: Neither daa nor any person acting on its behalf (i) makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained within this presentation or (ii) shall have any liability whatsoever for loss, howsoever arising, directly or indirectly, from use of the information contained within this presentation. Confidentiality and no invitation to engage in investment activity: This presentation is strictly confidential, provided for information purposes only, and may not be distributed to or used by any other person, body corporate or firm. This presentation does not constitute an offer or commitment by daa or any of its affiliates to enter into any transaction (nor should it be construed as an advertisement, offer or invitation to subscribe for, purchase, sell, exchange or transfer securities of daa or any of its affiliates in any jurisdiction) and nothing contained in this presentation shall form the basis of, serve as a basis for or constitute any kind of contractual or other obligation. Prospectus Directive: This presentation does not constitute a prospectus for the purposes of Directive 2003/71/EC, as amended (the “Prospectus Directive”) or any implementing legislation or rules relating thereto and has not been approved by a competent authority for the purposes of the Prospectus Directive. Further distribution: The distribution of this presentation in certain jurisdictions may be restricted by the laws of those jurisdictions. Accordingly, copies of this presentation must not be mailed or otherwise forwarded, distributed or sent into any jurisdiction where to do so would constitute a violation of the relevant laws of such a jurisdiction and daa accepts no liability to any person in relation to its distribution in any jurisdiction 2 Document Classification: Class 1 - General
Agenda daa Group Overview Financial Results Business Review Building For Ireland’s Future Q&A 3 Document Classification: Class 1 - General
Dublin Airport Where we operate Ireland Larnaca & Paphos airports Cyprus Beirut Québec City Lebanon Canada Jakarta Dehli Winnipeg Indonesia India Canada Halifax Manama Canada Bahrain Montréal Cork Airport Canada Ireland Auckland Muscat New Zealand Düsseldorf Oman Germany Doha Qatar Bridgetown Barbados Riyadh Saudi Arabia 4 Document Classification: Class 1 - General
daa Group Business Building For Q&A Ireland’s Future Overview Review FINANCIAL RESULTS
Results Overview €897m €426m €289m €133m TURNOVER OPERATING COSTS EBITDA PROFIT AFTER TAX (PRE-EXCEPTIONAL) +5% +4% +7% +6% €441m €661m 1.5x A- NET DEBT LIQUIDITY NET DEBT/EBITDA CREDIT RATING (S&P Global Ratings) -18% 6 Document Classification: Class 1 - General
Financial Overview m 2018 2017 % change Passengers 33.9 31.9 +6% €m 2018 2017 % change Turnover 897 855 +5% Gross profit 715 680 +5% Operating costs (426) (409) +4% EBITDA 289 271 +7% 7 Document Classification: Class 1 - General
Earnings Detail €m 2018 2017 % change EBITDA 289 271 +7% Depreciation and amortisation (124) (113) +10% Share of profits – 17 29 -41% associates / joint ventures Net interest (26) (36) -28% Minority interest (2) (6) -64% Tax (21) (20) +4% Group profit after tax 1 133 125 +6% 1 pre exceptionals and fair value movements 8 Document Classification: Class 1 - General
daa Group Financial Building For Q&A Ireland’s Future Overview Results BUSINESS REVIEW
Record Irish Passenger Numbers 31.5m +6.5% 29.6m 27.9m 25m 21.7m +6.3% 33.9m 31.9m 2014 2015 2016 2017 2018 30.1m 27.1m 23.9m 2.4m +3.7% 2.3m 2.2m 2.2m 2.1m 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 10 Document Classification: Class 1 - General
Irish Growth Driven by European & Transatlantic Traffic Europe 7% +1182K Transatlantic 16% +517K Middle East 18% +149K 2% London 2.1m +130K Hub Pax Others 17% +52K +18% UK Provincial -1% -33K 11 Document Classification: Class 1 - General
Key Airline Customers Expanding Aer Lingus 5% +515K Ryanair 4% +485K Norwegian 65% +185K KLM 45% +113K Flybe 32% +112K Luftansa 16% +81K Major Airlines 8/10 Europe Icelandair new +59K 5/10 Transatlantic 3/5 Middle East Cathay Pacific new +54K Qatar +53K 85% Others +338K 6% 12 Document Classification: Class 1 - General
NEW Dublin Airport – Route Network 2019 Destinations Aalborg • Billund • Bodrum Bournemouth • Dallas Fort Worth 845 Cagliari • Calgary • Carlisle • Halifax Gothenburg • Kiev • Lourdes FLIGHTS TO GREAT BRITAIN Minneapolis- St. Paul • Shenzhen PER WEEK Thessaloniki • Toronto Hamilton 1316 FLIGHTS TO EUROPE PER WEEK 228 FLIGHTS TO NORTH AMERICA 47 PER WEEK FLIGHTS TO ASIA, MIDDLE EAST & AFRICA PER WEEK 13 Flights ghts based on S19 9 and correct rect as of April l 1, 2019 19 Document Classification: Class 1 - General
Dublin Airport Review ⦿ 31.5m passengers +6% ⦿ 1.9m additional passengers ⦿ 16 new routes & 6 new airlines in 2018 ⦿ 5m long-haul pax (inc 4m transatlantic) ⦿ 2.1m connecting pax +18% ⦿ Joint best European airport for customer service in 2018 (25-40m pax); ACI ASQ Awards 14 Document Classification: Class 1 - General
Dublin Enhancements In 2018 ⦿ Runway Overlay Complete ⦿ New €16m transfer facility ⦿ T1 Arrivals & Departures Upgrade ⦿ Apron/Stand Works 15 Document Classification: Class 1 - General
Cork Airport – Route Network 132 FLIGHTS TO GREAT BRITAIN PER WEEK 125 NEW FLIGHTS TO EUROPE PER WEEK 2019 Destinations Budapest • Dubrovnik Katowice • Lisbon • London Luton Malta • Naples • Nice Poznan 16 Flights ghts based on S19 9 and correct rect as of April l 1, 2019 19 Document Classification: Class 1 - General
Cork Airport Review ⦿ 2.4m passengers +4% ⦿ 16% traffic growth over past three years ⦿ Growth in all key market sectors ⦿ 3 new routes, 14 route expansions in 2018 ⦿ Ireland’s most punctual airport* ⦿ World Routes Marketing Award 2018 (<4m pax) (*OAG) 17 Document Classification: Class 1 - General
Irish Commercial Review ⦿ Strong non-aeronautical revenue growth ⦿ Commercial performance at Dublin & Cork airports +9% v 6% pax growth ⦿ Dublin Airport car parks +10% ⦿ Dublin exec lounges +18% & Platinum Services +15% ⦿ Strong performance from Cork car parks +10% & exec lounge +50% 18 Document Classification: Class 1 - General
ARI ⦿ ARI managed turnover €823m +13% ⦿ Contracts retained after new tenders ⦿ 2 new locations: Indonesia & Saudi Arabia ⦿ T2 Dublin retail upgrade ⦿ Opened new Delhi arrivals store ⦿ Full-year of new Québec business 19 Document Classification: Class 1 - General
daa International/Investments ⦿ T5 Riyadh (KKIA) 14.7m pax +13% ⦿ New Riyadh Projects ⦿ daaI entering Philippines – advising Aboitiz ⦿ Düsseldorf Airport, 24.3m pax -1% • 5.2m Q1 2019 +12.5% ⦿ Hermes Airports, 10.9m pax +7% • 1.4m Q1 2019 +4.7% 20 Document Classification: Class 1 - General
daa Group Financial Business Q&A Overview Results Review BUILDING FOR IRELAND’S FUTURE
Keeping Ireland Connected - Dublin At 40m Pax ⦿ €1bn on capacity in northern & southern ⦿ 2020-2024 capex plan with CAR ⦿ DUB’s largest ever capital programme campus ⦿ 23% increase in aircraft parking ⦿ 2 new boarding gate areas, 18 gates ⦿ Delivers National Aviation Policy 22 Document Classification: Class 1 - General
North Runway ⦿ Roadbridge/FCC; sod-turning Feb 14 ⦿ Restrictions - busiest time of day ⦿ Major groundworks underway ⦿ Reduced flights on both runways ⦿ 31,200 new jobs & €2.2bn of extra GDP by 2043 ⦿ 3m pax lost immediately ⦿ Onerous conditions: 11pm-7am restrictions ⦿ New noise regulator
Business Challenges ⦿ Runway planning/operating conditions ⦿ Infrastructure planning environment ⦿ CAR price cap needs to fund required expansion ⦿ Policy issues: capacity review/Cork ownership ⦿ Brexit ⦿ Changing travel retail environment ⦿ Macro environment: downside risks 24 Document Classification: Class 1 - General
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