acquisition of bratislava and kosice airports developing the future … · 2011-05-17 ·...
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Acquisition of Bratislava and Kosice Airports
Developing the future of the regionVienna - Bratislava - Kosice
Herbert KaufmannCEO Flughafen Wien AGFebruary 2006
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The Region Vienna – Bratislava - Kosice
Vienna
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Competition between Regions
The Bratislava-Vienna region is expected to be the fastestgrowing region in Europe.
The competitors of the Bratislava-Vienna region include Munich, Milan, Paris, Budapest, Prague, etc.
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Catchment Area
Criteria for the Catchment Area:• Access to the airport within
two hours by car• Easiest access to a main airport
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Propensity to travel (trips per year per inhabitant)
0
1
2
3
4
5
6
7
8
9
Cyp
rus
Mal
ta
Irela
nd
Den
mar
k
Luxe
mbu
rg UK
Spai
n
Gre
ece
Net
herla
nds
Swed
en
Finn
land
Aust
ria
Portu
gal
Fran
ce
Ger
man
y
Belg
ium
Italy
Cze
ch R
epub
lic
Esto
nia
Hun
gary
Slov
enia
Latv
ia
Lith
uani
a
Pola
nd
Slov
akia
New EU member states
EU 15
Source: Eurostat 2004
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Growth in Air Transport (flights flown)C
zech
Rep
ublic
New EU member states
EU 15
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Cyp
rus
Mal
ta
Irela
nd
Den
mar
k
Luxe
mbu
rgUK
Spa
in
Net
herla
nds
Sw
eden
Finn
land
Aus
tria
Por
tuga
l
Fran
ce
Ger
man
y
Bel
giumIta
ly
Est
onia
Hun
gary
Slo
veni
a
Latv
ia
Lith
uani
a
Pol
and
Slo
vaki
a
Source: Eurostat, 2004
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Vienna International Airport
Vienna Airport plc
- Privatised in 1992- Present ownership structure:
40% Public sector10% Employee trust50% Free float
15.9 m passengers in 2005
High dividend yield
Two runways
Airport area: 10km2
Full airport provider(including ground handling)
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Bratislava Airport
Airport area: 477 ha
2 runways:
- Runway 13/31: 3,190m
- Runway 04/22: 2,900m
1.3m passengers in 2005
Operated by:- M.R. Stefanik Airport
Full airport provider(including ground handling)
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Kosice Airport
1 runway:
- Runway 01/19: 3,1000m
269,885 passengers in 2005
Operated by: Letisko Kosice -Airport Kosice a.s. Full airport provider(including ground handling)
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Passenger Growth 2000 – 2010 Bratislava-Vienna region
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23.6
22.0
20.4
18.9
17.2
15.7
13.312.412.212.2
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12
14
16
18
20
22
24
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
PAX
m
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Passenger Growth 2000 – 2010 Vienna International Airport
20.019.1
18.317.5
16.815.9
14.8
12.812.011.911.9
10
12
14
16
18
20
22
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Growth rate 2007-2010: + 4.6%
2005: + 7.3%
Forecast 2006: + 6%
PAX
m
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Passenger Growth 2005 – 2015 Bratislava
5.0
4.5
3.7
2.9
2.1
1.30.9
0.50.40.30.3
0
1
2
3
4
5
6
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
PAX
m
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Passenger Growth 2005 – 2015 Kosice
480444
404
361
318
270
231188
161138125
0
50
100
150
200
250
300
350
400
450
500
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
PAX
thou
s.
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Vienna & Bratislava AirportsWide-ranging opportunities for growth
2005: 17.2 million passengers: 15.9m (VIE) + 1.3m (BTS)
2010: 25 million passengers: 20m (VIE) + 5 m (BTS)
2015: 30.0 million passengers: 23m - 24m (VIE) + 6m - 7m (BTS)
• Leading position in Central Europe
• Main drivers of development- Transfer and point to point trafic- Fast growing market with little exploitation in Slovakia
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Cooperation allows for the best development of potential
Vienna: focused on transfer hub west/east/long-haul
Bratislava: focused on point-to-point traffic:low-cost carriers and charter
,
Competitive advantages over airports like Zurich, Munich, Budapest, Prague etc.
Kosice: focused on connections to hubs like Vienna andFrankfurt and tourism
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Linking of Vienna and Bratislava market
Express connections between Vienna City Centre – BTS Airport less than 1 hour travelling time (CAT extension by 2009)
Starting 2006:City check-in in Vienna for flights from BratislavaCity check-in in Bratislava for flights from Vienna plus bus connections
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Consortium TwoOneThe “Airport TwoOne“ consortium consists of:
Voting rights
Flughafen Wien Aktiengesellschaft 50.1
Raiffeisen Zentralbank Österreich AG (RZB) 20.0
Penta Investment Limited 29.9
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Key figures of the bid
Bratislava- Price 10.5 billion SKK (~EUR 275 m)- Capital contribution: 7.9 billion SKK (~EUR 203 m)- Investment programme: 9.37 billion SKK (~EUR 240 m) over the first
five yearsKošice- Price 900 million SKK (~EUR 24 m)- Capital contribution: 380 million SKK (~EUR 10 m)- Investment programme: 415.6 million SKK (~EUR 11 m) over the first
five years
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Key figures of the bid - Bratislava
Consortium thereof VIEPurchase price 275 138 Capital contribution 204 102
Comitted investment during the first 5 years 240
- thereof capital contribution 204
- out of cash flow 36
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Key figures of the bid - Kosice
Consortium thereof VIE
Offered purchase price 24 12 Capital contribution 10 5
Comitted investment during the first 5 years 11
- thereof capital contribution 10
- out of cash flow 1
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Specific Expansion Projects for Bratislava Airport
22 projects have been defined for Bratislava Airport, each with an exactfinancial plan and time schedule:
Project Forecasted Costs Schedule
Existing terminal – expansion SKK 326 m (ca. € 8.4 m) 2006 - 2007
New terminal SKK 2,850 m (ca. € 73 m) 2006 - 2009
Expansion of runways SKK 1,243 m (ca. € 32 m) 2007 - 2010
Car park SKK 216 m (ca. € 5.6 m) 2006 – 2007
Further 18 projects SKK 4,735 m (ca. € 122 m) 2006 - 2010
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Financial approach
Enterprise value (100%) of Bratislava Airport above EUR 534 mEBITDA multiple (5 years average): 23Flughafen Wien AG- 7% WACC - Debt / Equity ratio: 50:50
Bratislava shows positive results after one yearFrom 2011 onwards profit contribution of Bratislava exceeds cost of debt
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Synergies
e.g.- Capacity management: (Construction of third runway in VIE will be
postponed up to four years- Facility management- Procurement- IT
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Privatisation Process BTS/KSC
11 July 2005: Start of the privatisation process5 September 2005: Submission of the preliminary bid15 September 2005: Selection of short-listed bidders5 December 2005: Submission of the final bid20 December 2005: Preferred bidder/privatisation commission20 January 2006: Announcement of second round27 January 2006: Submission of final bid/second round1 February 2006: Preferred bidder/government
OUTLOOK:Signing of the final contract with the National Property Fund and Ministry of TransportSummer 2006: Expected closing of the privatisation process after approval by the Anti-Monopoly Office
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Thank you for your attention.