aeroporto marco polo - save group - 2010 12m results
DESCRIPTION
Save S.p.a. è stata costituita nel 1987 e dallo stesso anno gestisce l'Aeroporto Marco Polo di Venezia. Negli ultimi anni la Società ha assunto la dimensione di un moderno Gruppo a gestione manageriale che opera trasversalmente nel settore dei servizi ai viaggiatori articolando la Sua attività nelle seguenti tre aree di business: Attività di gestione aeroportuale; Attività di gestione di infrastrutture di mobilità e servizi correlati; Servizi di ristorazione al pubblico e gestione di negozi per i viaggiatori (Food and Beverage & Retail) presso le infrastrutture di mobilità; Lo sviluppo delle diverse attività di business contribuisce a rendere Save S.p.a. uno dei soggetti più importanti del mercato internazionale dei servizi al viaggiatore.TRANSCRIPT
1
SAVE Spa
Save Group - December 2010
15 March 2011
Section 1 Group overview
Section 2 Airport Management (SBU1)
Section 3 Infrastructure Management (SBU2)
Section 4 Food & Beverage and Retail (SBU3)
Section 5 Appendix
Table of contents
2
Section 1Group overview
3
To be a leading service provider for travelers managing threedifferent areas of business:
� airport management� transport infrastructure management� food & beverage and retail
To manage the different Business Units in an innovative way, with high responsibility and integrity, aiming at developing the territory which it serves;
To manage all the three business units in an integrated way in order to anticipate the travelers’ needs as they pass through theinfrastructures we manage.
Mission
To become a “mobility player” offering high quality services. SAVE
value chain focuses its attention on the passenger:
“Traveler Mobility Value”
To increase the time value of travelers during their stay in airports
and in the other mobility infrastructures:
“Pleasant travel experience”
Vision
Group Overview
A Company listed on the Italian Stock Exchange marketA Company listed on the Italian Stock Exchange market
4
To grow its position in the airport management business;
To develop and extend its management activities in the transportinfrastructure sector, utilising the know-how and skills learned in the airport business;
To increase Food & Beverage and retail turnover, carrying abroadItalian tastefulness
Save’s Main Strategic Guidelines
Maximizing the potential of existing ventures;
Selective acquisition of other airport concessions;
Progressive acquisition of additional F&B and retail concessionsthrough tenders, direct negotiations or acquisition of competitors, inItaly and abroad markets;
Acquisition of companies active in the transport infrastructure management.
Growth through
Group Overview
5
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 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;
Group Overview - Save recent historySAVE 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;� 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 (Aeroportidi Roma) share capital.
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);� SAVE Group sell 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.
2005
2006-2008
2008
2001 - 2002
AIRPORT MANAGEMENT EXPANDS ABROAD
� Save Group acquires 27,65% of Charleroi Airport (BSCA) capital share in partnership with Holding Communal� Save Group obtains the approval of the Treviso Airport 40 year concession extension by ENAC 2009
6
Financial Oveview
€ million 2008 2009 2009* 2010change%
2010/2009
Revenues 327,6 340,5 340,1 337,3 -0,8%
EBITDA 55,3 60,1 60,1 66,9 11,2%
EBIT* 26,7 34,2 34,7 40,8 17,6%
Net Profit before taxes 22,9 30,7 31,3 42,0 34,1%
Net Profit 14,2 18,2 17,8 29,3 64,6%
€ million 31 Dec 2008 31 Dec 09 31 Dec 09* 31 Dec 2010change%
2010/2009
Capital Employed 362,0 367,3 379,6 381,1 0,4%
Net Financial Position 65,8 68,4 68,4 61,4 -10,2%
Equity ** 296,2 298,9 311,2 319,7 2,7%
Group Overview: Group Consolidated P/LThe 2010 solid key indicators are obtained from the Group discipThe 2010 solid key indicators are obtained from the Group disciplined guidance on lined guidance on
efficienciesefficiencies
* 2009 Restated based on IFRIC 12 and IFRS3 revised
SAVE SpA
Airport
Management
InfrastructureInfrastructure
ManagementManagement
Food & Beverage Food & Beverage
and Retailand Retail
SAVE SpA
Airport
Management
InfrastructureInfrastructure
ManagementManagement
Food & Beverage Food & Beverage
and Retailand Retail
2010 vs 2009 : Key Rationales
• Revenues: -0,8% in line, (Airport management+3%, Infrastructure management +6,5% and F&B and Retail -3,6%)
• EBITDA: +11,2% continuous strong margin improvement, driven by positive performances of the three areas of business (+€ 1,1m Aviation Management, +€1,8m Infrastructure management, +€3,7m F&B and Retail)
• EBIT: +17,6% due to the increase in operating profitability and the reduction of depreciation
• Net Profit before taxes: +c. €10,7m for positive balance of equity interests measured using equity method (in particular, BSCA +€2,3m) and the decrease in financial expenses (lower interest rates, mainly)
• Net profit: +€11,5m with an increase of profitability about 3,5% YoY
7
Group Overview: financial results by business unit
Positive operating performances from all businessesPositive operating performances from all businesses
* Gross of Intercompany Results and non allocated costs** Restated based on IFRIC 12 and IFRS 3 revised
Revenues Breakdown per SBU 2010
Infrastrucutre Management
9%
F&B and Retail58%
Airport Management
33%
Ebitda breakdown per SBU 2010
F&B and Retail20,7%
Infrastructure management
11,6%Airport
management67,7%
8
Save Group Revenues by SBU Save Group EBITDA by SBU
€ million 2009** 2010change%
2010/2009 € million 2009** 2010change%
2010/2009
Consolidated Revenues 340,1 337,3 (0,8%) Consolidated EBITDA 60,1 66,9 11,2%
Airport Management* 114,4 117,9 3,0% Airport Management* 44,1 45,2 2,6%
Infrastructure Management* 29,0 30,9 6,5% Infrastructure Management* 6,0 7,8 30,0%
F&B and Retail* 206,4 199,1 (3,6%) F&B and Retail* 10,1 13,8 37,1%
9
Group Overview: business units
� 9,0 million passengers in 12M10 (+6,2% YoY)
� 31 years of remaining concession period for the Venice Marco Polo Airport (until 2041);
� 40 years of remaining concession for the Treviso Airport;
� Present in airport car parking, airport security, engineering etc.
� Expanding abroad (Charleroi Airport stake acquisition closed in December 2009).
Airport Management (SBU1)
A diversified businesses portfolio for successful growthA diversified businesses portfolio for successful growth
� 103 railway station properties in exclusive management of commercial and real estate areas;
� 32 years of remaining concession period (until 2042);
� Business model characterized by high return after a short ramp up of commercial operations.
Infrastructure Management (SBU2)
Food & Beverage and Retail (SBU3)
� 167 shops directly managed as of 31st Dec 2010;
� Airports, Railway Stations, Motorways are the main targets for Food and Beverage and Retail services;
� The recent acquisitions in Italy and abroad upgrade Airest Group among one of the most important Italian companies in F&B and Retail business under concession.
7,0
(0,2)(16,4)
(4,7)
(24,0)
52,3
0
10
20
30
40
50
60
Gross Cash f low
+ ∆ NWC
Investments (-)
Disivenstments
(+)
Company's ow n
shares
Dividens Others ∆ (increase)
reduction Net
Indebtedness
€ in m
illions
Group Overview: Group Consolidated B/S and CF
Cash Flow and Net Financial Position: 31 December 2010
Consolidated Cash Flow 31 December 2010 (€/mln) 2010 Capex details by SBU
* 2009 B/S restated based on IFRIC 12
*
10
Balance Sheet (consolidated)
€ million 31 Dec 2008 31 Dec 2009 31 Dec 2009 * 31 Dec 2010NWC 1,8 (16,5) (12,9) (15,3)
Fixed Assets 387,7 412,2 444,2 442,8
Long Term Provisions (27,6) (28,1) (51,4) (46,5)
Assets and Liabilities held for sale 0,0 (0,3) (0,3) 0,1
Capital employed 362,0 367,3 379,6 381,1
Total Shareholders' Equity 296,2 298,9 311,2 319,7
Net indebtedness 65,8 68,4 68,4 61,4
D / E 0,22 0,23 0,22 0,19
14,215,9
1,5 0,8
9,3
7,5
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
2009 2010
€ in m
ilioni
SBU1 SBU2 SBU3
125,3
31,1
65,8 68,461,4
0,91,11,2
0,6
2,4
0
20
40
60
80
100
120
140
2006 2007 2008 2009 2010
€ in m
illio
ns
0,0
0,5
1,0
1,5
2,0
2,5
3,0
NE
T IN
DE
BT
ED
NE
SS
/ E
BIT
DA
NET INDEBTEDNESS NET INDEBTEDNESS /EBITDA
17,9 18,0
7,88,8
9,9
5,8
0,7 0,70,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
16,0
18,0
20,0
2011 2012 2013 2014 2015 2016 2017 2018
Group overview: Group debt structure
Debt repayment – Principal (€ Mln) * Net indebtedness / Ebitda (€ Mln)
Strengthened net indebtedness/ EBITDA ratio, driven primarily byStrengthened net indebtedness/ EBITDA ratio, driven primarily by a strong cash a strong cash flow from operationsflow from operations
* As of 31 December 2010
11
12
Section 2Airport Management (SBU1)
9,3% 8,4% 9,8% 10,3% 9,2%
62,3% 61,1% 60,8% 61,7%
29,3% 29,1% 28,9% 29,1%
62,3%
28,4%
0%
25%
50%
75%
100%
2006 2007 2008 2009 2010
Other revenues Aviation Revenues Non aviation revenues
0,0
50,0
100,0
150,0
Revenues EBITDA
€ mln
2006 2007 2008 2009 2010
13
Airport Management: financials
* Gross of Intercompany Results
2009 P/L restated based on IFRIC 12 and IFRS 3 revised
2010 Revenue and EBITDA increase (+3,0% and +2,6% 2010 Revenue and EBITDA increase (+3,0% and +2,6% YoYYoY, respectively) are driven by , respectively) are driven by the good performances both of Venice and Treviso airportsthe good performances both of Venice and Treviso airports
+4,1%
+3,5%
x% = CAGR 2006-2010
2010 vs 2009 Key Rationales
� 2010 Revenues post an increase (+3,0%) due to the increase of both aeronautical revenue (+4.5%), primarily driven by increase in passengers (+ 6,2% YoY Venice airport system) and of non aviation revenues ( +3,7% YoY), led by new parking and commercial activities, partially offset by other revenues decrease (-7,5% YoY).
� 2010 EBITDA (slight increase YoY +2,6%) had been primarily impacted by the higher labor cost (renewal of labor national contract and increase of organic, led by Treviso Airport increase of passengers) and rise in marketing promos to carriers.
CAGR: +4,7%
Other revenues mainly include Airport management intercompany recharges to third parties and other business units
Aviation management Revenues breakdownAviation management Revenues breakdown
CAGR: +3,8%
Financial Oveview SBU1*
€ million 2009 2010change%
2010/2009
Revenues 114,4 117,9 3,0%
EBITDA 44,1 45,2 2,6%
EBIT 32,4 32,7 0,8%
14
Airport Management: Venice Airport System
� In 2010 Italian air traffic recorded an increase of +7%compared with 2009, as a result of gradual and continuing economic recovery, despite of the volcanic ash in April, with volumes above 2007 figures.
� European accumulated traffic January to December 2010: +4,2% (according to ACI Europe data).
� Venice airport system confirms itself as third Italian system, with over 9 million passengers (+6.2% vs 2009)
� 6,9 million passengers in year 2010, with 74,700 movements
� Third Italian airport system with TSF
� 63 scheduled destinations: 8 intercontinental, 10 domestic,45 European
� 5 non-stop scheduled flights to the US 3 flights to US operated by Delta Air Lines & US Airways and 2 flights to Canadaoperated by Air Transat. 1 daily non-stop service to Dubai operated by Emirates.
� 41 scheduled carriers and 32 countries linked
� Connecting traffic represents 27% of airport yearly traffic
� Venice is the third Italian airport for worldwide
connectivity after Rome and Milan (source: ICCSAI Fact Book 2010)
� Low-cost traffic: ~ 30% of scheduled traffic
� Passengers on international destination: 72% (Italy: 57%)
Key figures Aviation (2010 data)Key figures Aviation (2010 data)Key figures Aviation (2010 data)Key figures Aviation (2010 data)
Italian airport Passengers
12M09
Passengers
12M10
% chg.
Roma FCO 33.808.456 36.337.523 7,5%
Milano MXP 17.551.635 18.947.808 8,0%
Milano LIN 8.295.099 8.296.450 0,0%
Bergamo 7.160.008 7.677.224 7,2%
Venezia 6.717.600 6.868.968 2,3%
Catania 5.935.027 6.321.753 6,5%
Napoli 5.322.161 5.584.114 4,9%
Bologna 4.782.284 5.511.669 15,3%
Roma CIA 4.800.259 4.564.464 -4,9%
Palermo 4.376.143 4.367.342 -0,2%
Pisa 4.018.662 4.067.012 1,2%
Torino 3.227.258 3.560.169 10,3%
Cagliari 3.333.421 3.443.227 3,3%
Bari 2.825.456 3.398.110 20,3%
Verona 3.065.968 3.023.897 -1,4%
Treviso 1.778.364 2.152.163 21,0%
Lamezia T. 1.645.730 1.916.187 16,4%
Olbia 1.687.687 1.737.904 3,0%
Others* 10.356.132 12.015.212 16,0%
TOTAL ITALY 130.687.350 139.791.196 7,0%
Source AssaeroportiPassengers
12M09
Passengers
12M10
% chg.
Hubs * 51.360.091 55.285.331 7,6%Medium size airports ** 47.880.417 50.375.699 5,2%Airport with prevailing traffic of Ryanair *** 20.946.464 22.157.797 5,8%Others 10.500.378 11.972.369 14,0%
TOTALE 130.687.350 139.791.196 7,0%
Source: Assaeroporti, ADI-Sabre
* Hubs: FCO, MXP
** Airports with over 3 MM pax and % Ryanair <50%: Bologna,Bari,Cagliari,Catania,Milan LInate,Naples,Palermo,
Turin, Venice, Verona
*** Airports with % Ryanair >50%: Alghero,Bergamo,Brescia,Rome Ciampino,Pisa,Pescara,Treviso,Trapani
Italian Airports: breakdown by category
6,72
1,78
8,50
6,87
2,15
9,02
0,0
2,0
4,0
6,0
8,0
10,0
Venice Treviso Airport system
12M09 12M10
1,54
0,43
1,97
1,56
0,54
2,10
0,0
0,5
1,0
1,5
2,0
2,5
Venice Treviso Airport system
4Q09 4Q10
5,9 5,8 6,37,1 6,9 6,7 6,9
0,9 1,31,3
1,5 1,7 1,82,2
0,0
2,0
4,0
6,0
8,0
10,0
2004 2005 2006 2007 2008 2009 2010
80,0 78,8 82,288,8
79,9 75,8 74,7
16,3 17,617,2
19,3
19,118,4 20,6
0,0
20,0
40,0
60,0
80,0
100,0
120,0
2004 2005 2006 2007 2008 2009 2010
15
Airport Management: key figures aviation
(1) Venice Airport System: Venice Airport + Treviso AirportVenice Treviso
CAGR: +4,9%
6,87,1
7,7
8,6 8,6 8,5
Aircraft Movements (1) (thousands)Passengers (1) (mln)
96,4 99,4108,1
99,096,3 94,2
Venice Airport system (1) passenger trend
+0,9%
+27,9%
+6,8%
mill
ions
2010 Traffic in Venice airport system continues its positive tre2010 Traffic in Venice airport system continues its positive trend (+ 6,2% in 2010 nd (+ 6,2% in 2010 vsvs 2009), 2009),
thanks to the high offer of the airport systemthanks to the high offer of the airport system
+2,3%
+21,0%
+6,2%
4Q10 vs 4Q09 YoY change 12M10 vs 12M09 YoY change
95,3
CAGR: -0,2%
9,1
FCO
17%
MAD
11%
CDG
10%FRA
9%DXB
8%
MUC
8%
AMS
7%
ZRH
5%
JFK
3%
VIE
3%
Others
19%
16
Venice Airport: passenger traffic breakdown (2010)Venice Airport: passenger traffic breakdown (2010)
Airport Management: key figures aviation - Venice Airport
Scheduled international passengers by country(nbr. of passengers onboard in thousands) 12M10 vs 12M09
Source: SAVE
Scheduled traffic by carrier – Top 10 carriers(by nbr. of onboard passengers)
2010 - over 1,800,000 transited via:
Easyjet
14%
Lufthansa
9%
Air France
8%
Others
29%
Windjet
4%British A.
4%
Vueling
4%
Iberia
5%
Air Berlin
4%
Klm
3%
Alitalia/
Airone
16%
0 500 1.000 1.500 2.000
Others
Austria
Sw itzerland
United Arab Emirates
United States
Holland
United Kingdom
Spain
Germany
France
Italy
2009 2010
� Over 1,8 million passengers in
year 2010 continue their trip
after the first flight to reach
their final destination
� Connecting traffic represents
27% of airport yearly traffic
� The 15% of connecting
passengers travels via an
intercontinental hub (DXB,
PHL, JFK, ATL)
2009 - over 1,700,000 transited via:
AMS
9%
ZRH
6%
PHL
3%
VIE
3%
MUC
7% DXB
6%
FRA
10%
CDG
11%
MAD
11%
FCO
18%
Others
16%
Connecting passengers
VENICE
Paris
Madrid
London
Frankfurt
Barcelona
Amsterdam
Munich
Zurich
Lyon
Vienna
Berlin
Cologne
East Midlands
Bruxelles
Bristol
Lisbon
Moscow
Copenhagen
Bucharest
Dublin
Istanbul
Leeds
Stuttgart
Helsinki
Budapest
Hamburg
Hanover
Timisoara
Prague
Oslo
Riga
Geneva
Athens
Nice
Edinburgh
Düsseldorf
Manchester
Warsaw
Sevilla
Malaga
Ibiza
Tirana
Basel
Pristina
17
Airport Management: key figures aviation - Venice Airport
North AmericaNorth Americanonnon--stop stop destinationsdestinations
AtlantaAtlanta
New York JFKNew York JFK
PhiladelphiaPhiladelphia
TorontoToronto
MontrealMontreal
The 2010 scheduled trafficThe 2010 scheduled traffic
Middle EastMiddle Eastnonnon--stop stop destinationsdestinations
DubaiDubai
DomesticDomesticnonnon--stop stop destinationsdestinations
RomeRome FCO FCO –– NaplesNaples –– Bari Bari -- Brindisi Brindisi –– Lamezia Terme Lamezia Terme Reggio Calabria Reggio Calabria –– Palermo Palermo -- Catania Catania –– Olbia Olbia -- CagliariCagliari
CasablancaCasablancaCasablancaCasablanca
TunisTunisTunisTunis
18
Airport Management: key figures aviation - Venice Airport
-------------------------------------------------------------------------------------
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
-------------------------------------------------------------------------------------
Guarantee to our catchment area accessibility to the world
Link Venice to niche high volume markets
Guarantee capillary penetration of far afield territories through regional hubs
7 flts/day10 flts/day 4 flts/day 3 flts/day 3 flts/day 3 flts/day 3 flts/day
1 flt/day1 flt/day1 flt/day2 flts/day2 flts/day
JFK & ATL PHL DXB YYZ & YUL
1 flt/day 1 flt/day3 flts/wk
�
�
�
�
Venice Airport traffic: 4 points strategyVenice Airport traffic: 4 points strategy
Home base carrierHome base carrier
Link with hubsLink with hubs
Point to pointPoint to point -------------------------------------------------------------------------------------
IntercontientalsIntercontientals -------------------------------------------------------------------------------------
DOH
19
Airport Management: key figures aviation - Venice Airport
New scheduled flights and frequency increasesNew scheduled flights and frequency increases
Carrier Destination Frequency From
QATAR AIRWAYS Doha 7 15/06/2011
AIR CORSICA Marseille 3 14/02/2011
ARMAVIA Yerevan 2 02/04/2011
CROATIAN AIRLINES Dubrovnik 2 19/05/2011
EASYJET Madrid 4 27/03/2011
NORWEGIAN Copenhagen 1 02/07/2011
NORWEGIAN Stoccolma 1 02/07/2011
SUN D'OR Tel Aviv 1 27/03/2011
VUELING Palma di Maiorca 3 25/05/2011
VUELING Toulouse 4 26/04/2011
New scheduled destination - Venice Airport
Carrier Destination Frequency From
TURKISH AIRLINES Istanbul 14 01/04/2011
NORWEGIAN Oslo 3 27/03/2011
SAS Stoccolma 2 27/03/2011
Frequency increases - Venice Airport
20
Airport Management: key figures aviation - Treviso Airport
Casablanca
TREVISO
Paris
London
Frankfurt
Barcelona
Amsterdam
Bruxelles
Bucharest
Dublin
Budapest
Tirana
Prague
Malta
Stockholm
Liverpool
Düsseldorf
Bremen
Cagliari
Alghero
Trapani
Timisoara
Sofia
Cluj
Katowice
Bari
Brindisi
Cologne Kiev
Leeds
Warsaw
Lviv
Alicante
East Midlands
Bristol
Malaga
Ibiza
Reus
Oslo
Palermo
Sevilla
Valencia
Marseille
� Low-cost carriers
connected Treviso with 44
domestic and European
destinations in year 2010
� Ryanair opened 15 new
destinations during the
year and Wizzair
inaugurated the new
Eastern Europe routes
Warsaw and Lviv
Carrier Destination Frequency From
GERMANWINGS Hannover 3 27/03/2011
RYANAIR Lanzarote 2 05/06/2011
New scheduled destination - Treviso Airport
Treviso Airport continues the strong growth in passengers, with Treviso Airport continues the strong growth in passengers, with over 2 millions of over 2 millions of paxpax during during
2010 (+21% 2010 (+21% YoYYoY), driven by a diversified traffic base and new scheduled desti), driven by a diversified traffic base and new scheduled destinationsnations
-
1.000
2.000
3.000
4.000
5.000
6.000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Passagers Ryanair Other carrier
21
Airport overview
Airport Management: Charleroi airport growth
� Charleroi Airport is in concession to Brussels South Charleroi Airport (BSCA) until 2040.
� 10 New routes for summer: 10 new destinations had been
announced by the carriers at Charleroi Airport:
� 8 new destination of Ryanair: Almeria (Spain), Rhodes,
Kos, Volos and Thessalonik (Greece), Lamezia, Pescara,
Perugia (Italy)
� 1 new destination of Jetairfly: Athens (Greece)
� 1 new destination of Wizzair: Belgrado (Croazia)
Key numbers
� Save acquired 27,65% of BSCA capital through a consortium agreement between Save at 65% and Holding Communal at 35%.
� Passengers:
� 2010: 5,2 mln passengers (+ 32% vs 2009).
� Carriers:
- Ryanair represents ~ 80% of today scheduled trafficwith 69 scheduled routes and 13 based aircraft (14th based aircraft during May – August 2011)
- TUI group is active with 18 routes and 3 based aircraft
as of April, Wizzair is active with 6 routes and Air
Arabia with 1 route.
During 2010 Charleroi Airport traffic increases by+32% During 2010 Charleroi Airport traffic increases by+32% YoYYoY, ,
closing with over 5 millions of passengersclosing with over 5 millions of passengers
Pax
in t
ho
usan
ds
Charleroi Traffic growth 2000-2010
CAGR
+35,2%
CAGR
+35,9%
CAGR
+32,0%
8,2
3,9
8,1
3,8
0,0
2,0
4,0
6,0
8,0
10,0
Aviation Revenues per pax Non Aviation Revenues per pax
12M09 12M10
5,8
1,6
5,8
1,7
0,0
2,0
4,0
6,0
8,0
Aviation Revenues per pax Non Aviation Revenues per pax
12M09 12M10
8,8
4,5
8,8
4,5
0,0
2,0
4,0
6,0
8,0
10,0
Aviation Revenues per pax Non Aviation Revenues per pax
12M09 12M10
22
Airport Management: key figures non aviation
� €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, plus 375
spaces at Treviso Airport since June 2009)
(Venice Airport only – 2010 data)
* VCE: aviation revenues increased by 1,7% driven by increase in passengers and cargo activities; non aviation increased by 1.6% thanks to new parks and to successful marketing actions ;
** TSF: aviation revenues +20,5% driven by passengers growth; non-aviation revenues increased by 25,8% thanks to the full year contribution of 2009 new parks and to successful marketing actions;
*** Venice Airport System: Venice Airport + Treviso Airport
Venice Airport system (€) ***
Treviso Airport (€)**
Venice Airport (€)*
- 0,5%
-0,6%
-0,5%
Venice Airport system aviation and non aviation figures per Venice Airport system aviation and non aviation figures per paxpax in line in line YoYYoY
+4,0 %
-1,6%
-2,3%
6,0 6,26,6
7,07,3
2006 2007 2008 2009 2010
23
Commercial spending increase of Venice Airport highlights the sCommercial spending increase of Venice Airport highlights the strategic partnerships (i.e. trategic partnerships (i.e.
Mc Arthur Glen Mc Arthur Glen ““CollezioniCollezioni””) and the extended offer of Airest point of sales) and the extended offer of Airest point of sales
Airport Management: key figures non aviation - Venice Airport
* Total departing and arriving passengers
Growth of Commercial Spending (€/Pax*)
CAGR: +5,2 %
Average spending per pax increased by 5,0% (2010 YoY growth), confirming the excellent performance of the new commercial area dedicated to Mc Arthur Glen “Collezioni” outlets and the Airest point of sales.
24
Airport Management: tariffs
Italian Airports tariff System: state of the artItalian Airports tariff System: state of the art
• The Italian Government has approved the Decree whereby Italian
airports will receive a contribution/grant in order to finance their
investment plan to be approved by ENAC (Italian Civil Aviation Authority).
• In March 2010, ENAC has approved the Venice Airport investment plan,
about urgent aeronautical investment to be contributed with an increase
of €3 per departing passenger. The request is now under CIPE
(Interdepartmental Committee for Economic Planning) examination and
it’s very difficult to foresee when tariffs increase will be approved.
• Meanwhile the Government has approved the adjustment of aviation
tariffs by inflation (+1,5%) for 2010, which is effective starting from 10th
January 2011.
• Recently, 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.
State of the Art
25
Airport Management: strategic guidelines
VeniceVenice’’s strength has been to maintain strong drivers for resilient gros strength has been to maintain strong drivers for resilient growthwth
Market trends and challenges Actions
� Support for existing traditional carriers operating in Venice to increase connecting transfers with Venice
� Good growth track-record and significant organic growth prospects (with no environmental constraints);
� Strong catchment area and well diversified traffic (by airline, destination, reason for travel, etc);
� Demonstrated resilience to adverse events;
� Low investment requirement in the short term.
SAVE main competitive advantages
� Taylor the offer by introducing discount scheme that drives the pax to consume
� Airline consolidation
� Pressure on Non-Aviation Revenues
� Slight world economic recovery
� Diversification by looking at best fit carrier/destination
� Capitalize on the recovery to be ready to implement new intercontinental routes as soon as the market will bear them
� Strengthening of mainline carriers
26
Section 3Infrastructure Management (SBU2)
0,0
10,0
20,0
30,0
Revenues EBITDA
€ m
ln
2008 2009 2010
27
Revenues Breakdown SBU2 - 2010
Infrastructure Management: financials
Revenues Breakdown SBU2 - 2009
* Gross of Intercompany Results
** Includes the concession amortization related to the acquisition of the company
2010 vs 2009 Key Rationales:
� 2010 revenues up (YoY increase 6,5%) as a result of the increase in commercial activities and the contractual compensation, offset by a decrease in revenues from facility management.
� 2010 EBITDA strongly grows by 30% vs 2009 with an increase of marginality (up 4,5% YoY) thanks also to the continuous cost efficiencies .
All indicators up thanks to the increase of commercial activitieAll indicators up thanks to the increase of commercial activities and robust cost s and robust cost
efficiencies policyefficiencies policy
Sales52%Facility Management
43%
Engineering2%
Other revenues3%
x% = CAGR 2008-2010
+25,5%
Sales49%
Facility Management44%
Engineering3%
Other revenues4%
+5,0%
Financial Oveview SBU2*
€ million 2009 2010Change%
2010/2009
Revenues 29,0 30,9 6,5%
EBITDA 6,0 7,8 30,0%
EBIT ** 2,7 4,1 53,9%
+ bonus linked to CS
28
Operator
Public partner
40%
60%
40%60%
Private partner
OthersArchimede 1
Centostazioni: Ownership Structure Key figures(as of December 31,st 2010)
Infrastructure Management: key figures and investments
40% of rentals
Cost reimbursements, fees, professional tariffs
Commercial
Partners
and Other
Partners
Royalties and Rentals
Rentals contracts
Business Model
Profit and Loss Structure
Sales Facility management Engineering
Revenues Rental; Fees; RoyaltiesCost reimbursment plus a 6% mark up
10% fee on investment managed
Costs 40% Sales to RFI Facility Costs Personnel Costs etc.. Cost of Structure
� 73 stations refurbished;
� 13 stations under refurbishment and expected to be completed within 2011;
� 116.929 total sqm rented of which 70.399 sqm to commercial
activities and 46.530 sqm to railways companies;
� 160.000 total sqm expected at the end of the refurbishment process;
� 152,9 M€ capital expenditure out of a total plan of 188,5 M€ as of today; of which 56,8 M€ spent by Centostazioni out of a total plan of 59,2 M€.
50.19255.311
62.334 66.413 65.736 69.567
0
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
2005 2006 2007 2008 2009 2010
292929
Commercial Square meter
Infrastructure Management: key figures
Revenues per Square meter
Some examples in the Value Creation Model
The growth of efficiency and The growth of efficiency and
profitability of a railway station profitability of a railway station
after its refurbishment is after its refurbishment is
underlined by the huge increase in:underlined by the huge increase in:
-- revenuesrevenues
-- revenues per revenues per sqmsqm
Example of 15 refurbished railway station
Total 15 Station* Before Refurbishment After Refurbishment Delta %
Commercial Square metres 7.489 17.103 128%
No. Of Shops 59 170 188%
Revenues 1.296 7.220 457%
Revenues per sqm 173 422 144%
* 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
� 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
233 244287
262 252215
0
50
100
150
200
250
300
350
2005 2006 2007 2008 2009 2010
€
CAGR: +3,2%
CAGR: +6,7%
30
� Volume of railway passengers (mainly commuters) slightly declining
� Slow down of consumer spending
� Crisis of traditional retail operators
ActionsMarket trends and challenges
� Reinforce current business model with more focus on commercial performance and cost efficiency
� Develop alternative sources of revenues (advertising, temporary promotions, automatic distributors, real estate, etc.)
� Search for innovative retail formats more targeted to railway passengers
Infrastructure Management: strategic guidelines
The infrastructure business is only partially hit by the currentThe infrastructure business is only partially hit by the current economic crisiseconomic crisis
SAVE main competitive advantages
� 32-year exclusive concession;
� Premium price location in many Italian cities;
� Low risk business with low investment requirement;
� High returns after a short ramp up for commercial operations;
� Opportunity to increase the stake in Centostazioni.
31
Section 4Food & Beverage and Retail (SBU3)
Financial Oveview SBU3*
€ million 2009 2010Change%
2010/2009
Revenues 206,4 199,1 -3,6%
EBITDA 10,1 13,8 37,1%
EBIT (0,3) 4,0 n.a.-10,0
20,0
50,0
80,0
110,0
140,0
170,0
200,0
230,0
Revenues EBITDA
€ mln
2008 2009 2010
13.836
(409)
(7.362)
1.1364119.972
10.089
-
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
FY 2009 Ebitda Revenues effect COGS effect Royalties Labour cost Other costs FY 2010 Ebitda
32
Food & Beverage and Retail: financials
2010 vs 2009 Key Rationales:
� 2010 Revenues post a slightly 3,6% YoY decrease, for the expiring of some motorway channel concessions, positively offset by the sales increase of airport and urban channels, as a result of the European traffic recovery and new openings.
� 2010 EBITDA is highly positive over the prior year (+37,1%% YoY) thanks to the positive results in foreign markets and higher efficiency in COGS
* Gross of Intercompany Results
** Including concession amortization
+0.8%
x% = CAGR 2008-2010
**
2010 vs 2009 Airest Group EBITDA bridge
‘000 €
* 2009 extraordinary cost items to be accrued in 2008
10.089
+490*
Margin improvements, primarily on COGS, leads the 2010 positive Margin improvements, primarily on COGS, leads the 2010 positive performanceperformance
+40,6%
33
2006-2007 20092008 20102001
Airest Group, born in 2001, is today an international player preAirest Group, born in 2001, is today an international player present in 8 countries with a sent in 8 countries with a
high quality food research & design and production facility, couhigh quality food research & design and production facility, counting nting 2.071*2.071* employeesemployees
Acquisition of FFS & ITPS(Prague airport concessions)
Openings in France and Abu Dhabi
Commercial partnership with McArthur Glen**
Start up ofproduction facility (VIF)
May 2001 – Start up of operations(5 F&B and 3 Retail outlets at Venice Marco Polo Airport).
New openings at Catania, Treviso and Olbia airports
2004 enter Italian railways concessions (through Centostazioni)
Acquisition ofAIREST (Austrian airport concessions)
Acquisition ofRISTOP (F&B motorways concessions)
First opening in China
Opening of 4 new F&B outlets at Rome Airport
First openings in Russia (Moscow Sheremetyevo Airport)
Food & Beverage and Retail: history
* As of 31 December 2010** International Outlet / Shopping Mall operator
AIREST
VIFAIREST
INTERNATIONAL
(Foreign companies) (Research, Design & Production)
(Airest Italy & Holding)
Austria
Slovenia
Czech Rep.
France
Russia
China
UAE
2002-2003 2004-2005
Opening of a new outlet at Shanghai EXPO
34
The Airest Group keeps growing, not only through acquisitions, bThe Airest Group keeps growing, not only through acquisitions, but also thanks to the ut also thanks to the
new concessions awarded in Italy and abroadnew concessions awarded in Italy and abroad
Food & Beverage and Retail: outlet development
16 new openings in the 2010, whereof 11 in
Italy and 5 abroad
Points of sales evolution New openings in 2010
106
159
118
* As of 31st Dec 2010
150
167*
827
7289 97 98 103
29
5361
64
34
2001 2005 2006 2007 2008 2009 2010*
Rest of the world
Italy
35
Revenues Breakdown Italy – Abroad (2010)
Food & Beverage and Retail: geographic presence
Airest group geographic presence
Airest is consolidating its presence abroad: Airest is consolidating its presence abroad:
~~25% of total revenues come from international operations in 201025% of total revenues come from international operations in 2010
China
(2007)
Abu Dhabi
(2008)
Prague
(2008)
Moscow
(2009)
Vienna
(2006)
China
(2007)
Abu Dhabi
(2008)
Prague
(2008)
Moscow
(2009)
Vienna
(2006)
Geographic presence of Airest Group
Abroad25%
Italy75%
36
Food & Beverage and Retail: market presence
* As of 31st Dec 2010 ** Austria, Slovenia, Czech Republic, France, Russia
Airest Group is positioned both in airports (55% of total revenuAirest Group is positioned both in airports (55% of total revenues) and motorways (30%) , es) and motorways (30%) ,
but is operating in shopping malls and railway stationbut is operating in shopping malls and railway station
Revenues Breakdown per channel (2010) Number of outlets by channel & country*
Airest presence in Airports
- In Italy: Venice, Treviso, Rome, Bari,
Bergamo, Catania, Verona
- Abroad: Wien, Prague, Moscow,
Lyon, Ljubljana, Graz, Klagenfurt,
Salzburg
*** Where Airest is present
Passenger traffic trend in relevant airports *** ( 2010 vs 2009)
Source: Assaeroporti and Management data
2,3%
7,5% 7,0%8,7%
21,0%
-0,9%
Venice Treviso Rome Avg Italian
Airports
Vienna Prague
Motorways29,5%
Railways Stations6,4%
Shopping Malls9,1%
Airports55,1%
SBU 3: Outlets by Channel*
ChannelItalian
Market
Other European
Markets **
United Arab
Emirates China
Total
SBU3
Airports 48 54 0 0 102
Railway Stations 15 1 0 1 17
Motorways 23 0 0 0 23
Shopping Malls and Business Centers
17 3 2 3 25
Total 103 58 2 4 167
37
Airest Group is constantly improving margins despite the economiAirest Group is constantly improving margins despite the economic downturn is still c downturn is still
depressing consumer consumptiondepressing consumer consumption
Food & Beverage and Retail: strategic guidelines
� Excellent track record in infrastructure concessions;
� Access to the rich Italian motorways concession business throughpast acquisitions;
� New business model (innovative formats for the open market leveraging in-house food research & design, production);
� Increasing economies of scale.
� Airest branded VIF, centre of excellence for research and production in the food sector
ActionsMarket trends and challenges
Airest main competitive advantages
� Slow recovery of passengers in transport infrastructure
� Higher diversification per sales channel
� Renegotiation of royalties
� New pricing policy and offering
� Development of distinctive and innovative formats
� Differentiation by food research, design & production in house (VIF)
� More balanced Italy/foreign market sales weight
� Development in foreign markets with a long term view
� Decrease of consumptions & change of life style
� Global Market crisis
38
Airest future growth will come from an increased focus on foreigAirest future growth will come from an increased focus on foreign markets, partnerships n markets, partnerships
with key international players and the development of the with key international players and the development of the RustichelliRustichelli & & MangioneMangione formatformat
Food & Beverage and Retail: future developments
Geographic growth
Partnerships with international
players
Development of R&M** format
� China: development of Bricco format
� Abu Dhabi (EAU)
� Moscow / Russian airports
� Partnerships with primary international outlet mall operators
� Partnerships with key local investors in foreign markets
� Direct management of new outlets
� Development of franchising
* Airest has been awarded a F&B outlet at Expo Shanghai 2010** R&M = Rustichelli & Mangione
39
Section 5Appendix
40
Profit and Loss details
Save Group : P&L
41
€ million 2009
% on
Revenues 2010
% on
Revenues
Change
2010/2009%
Revenues 340,1 100,0% 337,3 100,0% (2,8) -0,8%
Raw materials (88,7) -26,1% (78,2) -23,2% 10,5 11,8%
Changes in products and work in progress (0,3) -0,1% 0,3 0,1% 0,5 215,5%
Services (60,6) -17,8% (60,8) -18,0% (0,2) -0,3%
Third party property (39,1) -11,5% (38,2) -11,3% 1,0 2,5%
Cost of labour (88,6) -26,0% (90,7) -26,9% (2,2) -2,4%
Other operating expenses (2,8) -0,8% (2,8) -0,8% (0,1) -1,9%
Total operating expenses (280,0) -82,3% (270,4) -80,2% 9,6 3,4%
EBITDA 60,1 17,7% 66,9 19,8% 6,7 11,2%
Amortisation intangibile assets (10,6) -3,1% (11,2) -3,3% (0,6) -5,5%
Depreciation tangible assets (11,3) -3,3% (10,2) -3,0% 1,1 9,9%
Losses and risks on receivable (0,9) -0,3% (1,7) -0,5% (0,8) -91,6%
Accrual for provision (2,6) -0,8% (2,9) -0,9% (0,3) -12,7%
Total D&A and provision (25,4) -7,5% (26,0) -7,7% (0,6) -2,5%
EBIT 34,7 10,2% 40,8 12,1% 6,1 17,6%
Financial income and expenses (3,4) -1,0% 1,1 0,3% 4,6 133,2%
Net Profit before taxes 31,3 9,2% 42,0 12,4% 10,7 34,1%
Taxes (13,3) -3,9% (12,3) -3,7% 1,0 7,3%
Net Profit from operating assets 18,0 5,3% 29,6 8,8% 11,6 64,7%
Profit/(Loss) net of disposed of held for sale assets (0,2) 0,0% (0,3) -0,1% (0,1) -79,5%
Net Profit of the period 17,8 5,2% 29,3 8,7% 11,5 64,6%
Profit/(Loss) minorities 0,8 0,2% (1,8) -0,5% (2,6) n.a
Group Net Profit 18,7 5,5% 27,6 8,2% 8,9 47,7%
* 2009 Restated based on IFRIC 12 and IFRS3 revised
*
Airport management : P&L
€ million 2009
% on
Revenues 2010
% on
Revenues
Change
2010/2009%
Revenues 114,4 100,0% 117,9 100,0% 3,5 3,0%
Raw materials (2,3) -2,0% (1,8) -1,5% 0,5 22,6%
Changes in products and work in progress (0,3) -0,2% 0,3 0,2% 0,5 215,5%
Services (28,9) -25,3% (30,7) -26,0% (1,8) -6,1%
Third party property (4,9) -4,3% (4,3) -3,6% 0,6 12,3%
Cost of labour (32,6) -28,5% (34,7) -29,4% (2,1) -6,4%
Other operating expenses (1,4) -1,2% (1,5) -1,3% (0,1) -10,5%
Total operating expenses (70,3) -61,5% (72,6) -61,6% (2,3) -3,3%
EBITDA 44,1 38,5% 45,2 38,4% 1,2 2,6%
Amortisation intangibile assets (5,4) -4,7% (5,9) -5,0% (0,5) -10,1%
Depreciation tangible assets (3,5) -3,1% (3,3) -2,8% 0,3 7,6%
Losses and risks on receivable (0,3) -0,3% (0,8) -0,7% (0,5) -162,5%
Accrual for provision (2,4) -2,1% (2,5) -2,1% (0,1) -4,0%
Total D&A and provision (11,7) -10,2% (12,5) -10,6% (0,9) -7,5%
EBIT 32,4 28,3% 32,7 27,7% 0,3 0,8%
Financial income and expenses (0,0) 0,0% 2,8 2,4% 2,9 n.a
Net Profit before taxes 32,4 28,3% 35,5 30,1% 3,2 9,7%
Taxes (10,7) -9,3% (11,7) -9,9% (1,0) -9,7%
Net Profit from operating assets 21,7 19,0% 23,8 20,2% 2,1 9,7%
Profit/(Loss) net of disposed of held for sale assets 0,0 0,0% 0,0 0,0% 0,0 0,0%
Net Profit of the period 21,7 19,0% 23,8 20,2% 2,1 9,7%
42
* 2009 Restated based on IFRIC 12 and IFRS3 revised
*
Infrastructure management : P&L
43
€ million 2009
% on
Revenues 2010
% on
Revenues
Change
2010/2009%
Revenues 29,0 100,0% 30,9 100,0% 1,9 6,5%
Raw materials (0,1) -0,3% (0,1) -0,2% 0,0 15,6%
Changes in products and work in progress 0,0 0,0% 0,0 0,0% 0,0 0,0%
Services (13,6) -46,9% (13,5) -43,8% 0,0 0,3%
Third party property (6,4) -22,1% (6,5) -21,0% (0,1) -1,1%
Cost of labour (2,7) -9,4% (2,8) -9,2% (0,1) -3,8%
Other operating expenses (0,2) -0,7% (0,2) -0,6% 0,0 9,1%
Total operating expenses (23,0) -79,3% (23,1) -74,8% (0,1) -0,4%
EBITDA 6,0 20,7% 7,8 25,2% 1,8 30,0%
Amortisation intangibile assets (2,1) -7,3% (2,1) -6,7% 0,0 2,1%
Depreciation tangible assets (0,7) -2,5% (0,8) -2,6% (0,1) -11,2%
Losses and risks on receivable (0,3) -1,1% (0,7) -2,3% (0,4) -122,6%
Accrual for provision (0,1) -0,4% (0,0) -0,1% 0,1 64,8%
Total D&A and provision (3,3) -11,4% (3,6) -11,8% (0,3) -10,5%
EBIT 2,7 9,3% 4,1 13,4% 1,5 53,9%
Financial income and expenses (0,8) -2,6% (0,3) -0,9% 0,5 62,7%
Net Profit before taxes 1,9 6,7% 3,9 12,5% 1,9 99,8%
Taxes (1,7) -5,9% (2,0) -6,3% (0,3) -14,9%
Net Profit from operating assets 0,2 0,8% 1,9 6,2% 1,7 734,6%
Profit/(Loss) net of disposed of held for sale assets 0,0 0,0% 0,0 0,0% 0,0 0,0%
Net Profit of the period 0,2 0,8% 1,9 6,2% 1,7 734,6%
F&B and Retail management : P&L
44
€ million 2009
% on
Revenues 2010
% on
Revenues
Change
2010/2009%
Revenues 206,4 100,0% 199,1 100,0% (7,4) -3,6%
Raw materials (86,3) -41,8% (76,4) -38,4% 9,9 11,5%
Changes in products and work in progress 0,0 0,0% 0,0 0,0% 0,0 0,0%
Services (20,7) -10,0% (19,7) -9,9% 1,0 4,8%
Third party property (34,8) -16,9% (34,7) -17,4% 0,1 0,3%
Cost of labour (53,2) -25,8% (53,2) -26,7% 0,0 0,1%
Other operating expenses (1,4) -0,7% (1,3) -0,7% 0,1 3,8%
Total operating expenses (196,4) -95,1% (185,2) -93,0% 11,1 5,7%
EBITDA 10,1 4,9% 13,8 7,0% 3,7 37,1%
Amortisation intangibile assets (3,1) -1,5% (3,1) -1,6% (0,1) -2,8%
Depreciation tangible assets (7,0) -3,4% (6,1) -3,1% 0,9 13,2%
Losses and risks on receivable (0,3) -0,1% (0,2) -0,1% 0,1 23,5%
Accrual for provision (0,1) 0,0% (0,4) -0,2% (0,3) -526,7%
Total D&A and provision (10,4) -5,1% (9,8) -4,9% 0,6 5,7%
EBIT (0,3) -0,2% 4,0 2,0% 4,3 n.a.
Financial income and expenses (2,6) -1,3% (1,4) -0,7% 1,2 45,9%
Net Profit before taxes (3,0) -1,4% 2,6 1,3% 5,5 n.a.
Taxes (0,9) -0,5% 1,3 0,7% 2,3 n.a.
Net Profit from operating assets (3,9) -1,9% 3,9 2,0% 7,8 n.a.
Profit/(Loss) net of disposed of held for sale assets (0,2) -0,1% (0,3) -0,1% (0,1) 0,0%
Net Profit of the period (4,1) -2,0% 3,6 1,8% 7,7 n.a.
45
SBU details
46
Airport Management: key figures aviation - Venice Airport
the nonthe non--stop passengers (onboard) on scheduled flights (2010)stop passengers (onboard) on scheduled flights (2010)
% chg % chg
Destination Pax 2010 '10/'09 Destination Pax 2010 '10/'09
Rome FCO 796.013 7,3% Copenhagen 42.572 -1,8%Paris CDG 619.916 -4,2% Olbia 42.473 45,7%Madrid 445.923 -1,0% Berlin TXL 40.883 31,8%London LGW 415.053 -3,3% Stuttgart 40.780 10,5%Frankfurt 384.624 0,5% Atlanta 34.616 22,3%Naples 329.079 10,8% Manchester 31.724Catania 325.504 29,4% Timisoara 30.953 -16,2%Barcelona 252.417 6,4% Leeds Bradford 29.292 -0,9%Amsterdam 209.283 -4,2% Bucharest OTP 28.792 99,3%Palermo 204.356 -0,4% Brindisi 26.196 -4,8%Dubai 187.539 27,8% Riga 25.325 58,3%Munich 184.707 10,2% Lamezia Terme 22.378 426,7%Zurich 168.171 -0,9% Prague 22.348 -31,6%Paris ORY 163.848 302,7% Hamburg 21.907 -29,8%Lyon 123.283 5,9% Geneva 21.589 8,0%New York JFK 121.357 0,3% Edinburgh 20.725 122,3%Vienna 106.652 6,0% Athens 19.244 36,7%Berlin SXF 106.195 5,0% Budapest 19.158 -41,9%Düsseldorf 94.641 39,8% Hanover 18.173 -47,5%Istanbul 87.551 12,3% Casablanca 17.491 108,4%Bari 87.123 8,7% Reggio Calabria 16.228Lisbon 76.331 8,1% Sevilla 15.951 -22,2%Brussels 76.247 -10,4% Toronto 15.891 -23,0%Moscow 75.869 14,1% Helsinki 13.802 -18,5%London LHR 63.027 -52,8% Montreal 11.636Cologne 53.931 -42,5% Tirana 10.960Philadelphia 51.685 -7,4% Others scheduled 67.667 -53,9%Cagliari 47.418 -30,3% Transits 15.348 21,6%Dublin 44.450 -7,9% Charter 184.711 -24,6%East Midlands 43.589 -50,3% General aviation 14.373 -9,7%
TOTAL 6.868.968 2,3%
Source: Save database
VENICE AIRPORT - SCHEDULED TRAFFIC - CY 2010
Destinations with nbr. of passengers > 10,000
TSF - Pax evolution 2006/2010
1.3411.548
1.709 1.778
2.152
0
500
1.000
1.500
2.000
2.500
2006 2007 2008 2009 2010
47
Airport Management: key figures aviation - Treviso Airport
The 2010 scheduled passengers of Treviso AirportThe 2010 scheduled passengers of Treviso Airport
% chg % chg
Destination Carrier Pax 2010 '10/'09 Destination Carrier Pax 2010 '10/'09
ALGHERO Ryanair 36.012 -10,2% LVIV Wizzair 18.377ALICANTE Ryanair 34.099 MALAGA Ryanair 16.189AMSTERDAM Transavia 57.491 -9,8% MALTA Ryanair 40.723 -3,3%BARCELONA BCN 30.641 MARSEILLE Ryanair 5.475BARCELONA GRO Ryanair 85.840 -18,8% OSLO RYG Ryanair 22.671BARI Ryanair 93.470 PALERMO Ryanair 11.977BREMEN Ryanair 32.565 17,7% PARIS BVA Ryanair 104.287 -4,8%BRINDISI Ryanair 61.496 PESCARA Ryanair -100,0%BRISTOL Ryanair 31.233 PRAGUE Skyeurope -100,0%BRUXELLES CRL Ryanair 209.679 -6,6% PRAGUE Wizzair 27.777 295,1%BUCHAREST BBU Wizzair 86.602 59,7% REUS Ryanair 17.932BUCHAREST BBU/ARADBlue Air -100,0% ROME CIA Ryanair 34.511 -82,9%BUDAPEST Wizzair 27.978 -5,5% SEVILLA Ryanair 7.540CAGLIARI Ryanair 75.602 16,1% SHANNON Ryanair -100,0%CASABLANCA Air Arabia M. 37.898 545,6% SOFIA Wizzair 34.387 90,8%CLUJ Wizzair 31.432 119,3% STOCKHOLM NYO Ryanair 41.474 -13,3%COLOGNE Germanwings 62.287 509,9% TIMISOARA Wizzair 27.512 23,9%DUBLIN Ryanair 45.130 -13,0% TIRANA Belle Air 34.333 -5,3%DÜSSELDORF NRN Ryanair 56.053 11,6% TRAPANI Ryanair 56.835 36,3%EAST MIDLANDS Ryanair 24.967 VALENCIA Ryanair 5.042FRANKFURT HHN Ryanair 94.336 -13,3% VIENNA Skyeurope -100,0%IBIZA Ryanair 12.315 WARSAW Wizzair 13.604KATOWICE Wizzair 18.878 274,3% Others commercial aviation 42.414 7,3%KIEV Wizzair 63.298 953,2% General aviation 6.581 -5,5%LEEDS Ryanair 30.015LIVERPOOL Ryanair 31.743 -16,4%LONDON STN Ryanair 211.462 -18,4% Total passengers 2.152.163 21,0%
Source: Aertre/Save database
TSF airport - Scheduled destinations 12M10
CAGR
+12,6%
48
2011 Financial calendar
49
2011 Financial calendar
Jan Apr May Jun Jul Aug Sep Oct Nov DecMarFeb
15 March
Consolidated
financial
statements
21 April
Annual
Shareholders
Meeting
12 May
Q1
Results
29 Jul
Q2 and H1
Results
11 Nov
Q3
Results
50
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 Aeroporto di Venezia Marco Polo 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
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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.
Disclaimer
51
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