Sydney Airport. Investment Highlights

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1 Sydney Airport Investment Highlights

2 Disclaimer General Securities Warning This presentation has been prepared by Sydney Airport Holdings Limited (ACN / AFSL ). This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does not take into account the investment objectives, financial situation and particular needs of the investor. Before making an investment in Sydney Airport Trust 1 (ARSN ) or Sydney Airport Trust 2 (ARSN ) (Sydney Airport), the investor or prospective investor should consider whether such an investment is appropriate to their particular investment needs, objectives and financial circumstances and consult an investment adviser if necessary. Information, including forecast financial information, in this presentation should not be considered as a recommendation in relation to holding, purchasing or selling shares, securities or other instruments in Sydney Airport. Due care and attention has been used in the preparation of forecast information. However, actual results may vary from forecasts and any variation may be materially positive or negative. Forecasts by their very nature, are subject to uncertainty and contingencies many of which are outside the control of Sydney Airport. Past performance is not a reliable indication of future performance. 2

3 Sydney Airport ASX listed Sydney Airport Holdings Limited ( SAHL ) holds 85% of the Southern Cross Airports Corporation Holdings Group ( Sydney Airport ), the operator of Sydney Kingsford Smith Airport Benefits of single airport exposure: Developments in the last six months: SAHL s sole purpose is the ownership and operation of Sydney Airport Complete clarity of Sydney Airport s earnings profile and growth potential Significant opex savings 2012 alignment of net operating receipts and distributions Enhanced exposure to resilient and lower risk business Holdover agreement on aeronautical charges for airlines representing over 90% of passengers ( pax ) for the next 3 years Announcement of New Vision for Sydney Airport improving connectivity, capacity, ground access and congestion Including MoUs agreed with Qantas and Virgin Partnership with Destination NSW, the leading government agency for New South Wales tourism Entry of AirAsia X and Scoot Active engagement with State Government on ground transport and Federal Government on air rights liberalisation 3

4 Investment merits Sydney Airport is one of the world s most attractive infrastructure investment propositions 99 year leasehold Lease until 2097 Catchment area Strong passenger growth profile Largest Australian International airport Light handed regulatory framework Fixed cost model Commercial improvements Potential upsides Core catchment area: 7.3m people in NSW and 4.5m people in Sydney Major international airport in NSW Both a business and tourism hub, in a growing Australian economy Strong Asian connections growth of middle class in China, India, Malaysia & Indonesia Disproportionate contribution of international passengers Account for approximately 75% of EBITDA but only 12% of total slots and 33% of pax Direct agreements with airlines include contractually agreed charges increases on new aeronautical assets the Necessary New Investment model ( NNI Model ) Dual till principle enshrined in regulatory framework Real operating costs 1 are largely fixed, and have a low traffic elasticity Operating costs mainly relate to management and administration functions Generally, CPI escalation in retail, periodic car parking price reviews and CPI or market rent reviews for property Development of additional parking bays to meet demand Expiry of Terminal 3 lease in 2019 and Jet Base lease in 2020 MoUs signed for the New Vision proposal of integrated alliance networks 1 Excludes security costs which are passed through to airport users 4

5 Location Sydney Airport provides airport services to Sydney and NSW, and air transport is the only practical means of travel between the major centres of Australia Sydney Airport is only 8km south of Sydney s central business district Tightly integrated into Sydney s transport network Air transport in Australia enjoys a modal advantage The largest major markets of Melbourne and Brisbane are amongst the closest, both approximately 730km away or a 10 hour drive Sydney has a unique position within Australia Major financial and business centre: exposure to financial, general industrial and service and resource sectors Large tourism market: 2.6m international and 7.6m domestic visitors per year Market Distance (km) Pop. (m) Sydney Pax 1 (m) Rank 2 - Domestic Melbourne Brisbane Perth 3, Adelaide 1, Gold Coast Passengers carried to/from Sydney for the year ending June Rank is relative position of route in Sydney Airport s domestic network. Source: Distance based on great circle; Australian Bureau of Statistics; BITRE; Countrylink; Sydney Airport 5

6 Traffic: Overview Sydney Airport has experienced strong and robust traffic growth since 1991 Total traffic has grown at 4.7% pa since 1991, in excess of Australian GDP growth of 3.4% pa Due to increased propensity to fly as population becomes wealthier and reductions in real air fares This is despite some loss of market share in international traffic, in part due to expansion of direct markets to larger Australian cities Sydney with strong business, financial and tourism markets remains well positioned for international growth Sydney Total Traffic vs GDP Sydney Total Traffic (LHS) GDP Index (Aus) 250 OECD GDP Index (RHS) Source: BITRE (Sydney Airport traffic to 2001); Sydney Airport (Sydney Airport traffic from 2002), Australian Bureau of Statistics 6

7 Traffic: Growth Sydney Airport expects continued benefits from economic growth in Asia 52% of the world s population now in reach of Sydney Airport More than half of the global population lives within range of an A330/B777 China and India populations are individually larger than EU and USA combined Additional opportunities from longer range of Boeing 787, as well as opening up of routes not able to viably support a B747 or A380 Sydney Airport is well positioned for growth with China in particular: 62% Australian market share to China Market growth of 37% pa from 2009 Home to the largest Chinese diaspora in Australia, as well as a tourist destination Similarly large Indian diaspora though there are no direct services to India at present Additional growth opportunities in other Asian destination markets e.g. Thailand, Malaysia and Indonesia Market A330/B777 Range 11 hours 52% of world population within A330/B777 Range Population (m) China 1,371 India 1,210 EU 502 USA 313 China and India 3x larger than EU and US 7

8 A powerful business model Sydney Airport represents a compelling value proposition Business model Delivers growth through... Provides downside protection from... Potential upsides... Aero charges, largely on a per passenger basis, with increases primarily through returns on aeronautical investments (NNI Model) Commercial performance through capturing retailing, car parking and property rents from passengers and users of the airport A low fixed cost base based on an outsourced model, driving EBITDA margins above 80% Capex, recovered through NNI Model or commercial revenue growth Debt funding of capex to maintain efficient capital structure Passenger growth Increased aeronautical charges, from agreed aeronautical capex Increased commercial revenues generally at inflation or inflation plus growth Less a broadly fixed cost base based on an outsourced model With sustainable capex improving aeronautical or commercial returns, mainly debt funded Leveraged to equity holders through an appropriately geared capital structure Periodic negotiation of aeronautical charges based on a return on aeronautical capital Contracted NNI Model for new aero capex with aeronautical WACC Retail contracts typically including minimum guarantees Property revenues are not passenger related Expansionary capex is flexible and can be delayed or brought forward in line with changes in demand Terminal 3 and Jet Base lease expiry New Vision development 8

9 Business model Sydney Airport is made up of four revenue generating businesses, underpinned by a fixed cost model, and the ability to debt fund capex Aero (incl. security) Retail Property Car parking 2011 Revenue $479m $223m $156m $110m Costs Majority of non-security costs labour and maintenance Security costs passed through Contract/ lease management Contract/ lease management and direct costs Some cost pass through Contract management and some direct costs Key dynamics Fully agreed with airlines 1 Escalation contingent upon aero investment (NNI Model) Rent generally agreed for 5-7 years based on the maximum of % of turnover, with YoY changes pax driven, or Minimum guarantees generally underpinned by CPI indexation Predominantly property leases CPI link and market reviews Also includes car rental Short and long term and valet parking linked to pax growth Optimisation of product and price mix with new capacity and technology 1 Excluding regionals 9

10 Growth drivers in each business Growth is driven by underlying passenger growth, investment, CPI links and management initiatives to improve the capacity of non-aeronautical businesses Drivers Aero (incl. security) Retail Property Car parking International pax growth Yes Key driver of revenue Yes Key driver of revenue Minimal linkage Yes Domestic pax growth Yes Mainly Terminal 2 Yes Terminal 2 only Minimal linkage Yes All terminals Indexation Embedded in WACC on NNI in existing contracts Generally CPI links CPI links and market reviews Periodic price reviews Initiatives Additional NNI capex, as agreed with airlines Growth in LCCs Incremental retail space in T1 and T2 Contract renewals Additional space Market rate reviews 27% expansion in parking bays in 2012 Future potential growth factors Commercial re-set in mid-2015 Terminal 3 lease expiry in 2019 Expiry of Jet base lease in 2020 and Terminal 3 in 2019 Product optimisation / off peak utilisation 10

11 Downside protection Downside protection through aeronautical contracts, CPI links, minimum guarantees in retail, and non-passenger related property revenues Aero (incl. security) Retail Property Car parking Contract terms Agreements in place until June 2015 Varying roll off mainly between Wide range of leases None Price changes NNI return on new aero capex CPI embedded in WACC Underpinned by minimum guarantees which generally include CPI escalation CPI links and/or market reviews Periodic price reviews Short term increment with no pax growth NNI return on new aero capex CPI + new offerings CPI and/or market reviews Periodic price reviews 11

12 Operational returns Success of business model is demonstrated by underlying operational performance over the last 5 and 10 years Performance Performance Pax growth 4.8% pa 2.8% pa EBITDA growth 9.0% pa 6.8% pa OpFCF 1 growth 12.2% pa 12.3% pa Comment 10 yr pax, EBITDA and OpFCF Capex almost doubled per annum from c. A$115m 2 to c. A$210m 3 Broadly consistent capex per annum in 2007 and , $ m Pax pa (m) EBITDA OpFCF Pax 1 OpFCF defined as EBITDA less capex. Accounting treatment of capex changed in 2007 and capex data for is calendarised so capex pre-2007 is not directly comparable with data from 2007 onwards, 2 Average capex , 3 Average capex including T1 redevelopment 12

13 Shareholder returns Sydney Airport has grown its cash available after debt service at 11% pa over the last 5 years, based on a sustainable cash flow model Cash flow available after debt service approximates the sustainable distributions generated by Sydney Airport, based on This model has enabled traffic growth of c. 3% pa to be translated into cash flow available after debt service growth of 11% pa over the last 5 years EBITDA Plus net interest The model is sustainable going forward given the debt funding for capex in place for the next 3 years Less maintenance capex Plus change in reserves 5 yr growth in traffic, EBITDA, and cash flow after debt service CAGR (CY ) 12% 10% 8% 6% 4% 2% 3% 7% 11% Sydney Airport EBITDA vs equity distributions Sydney Airport 100% CAGR EBITDA % Cash flow after debt service Other movements (including timing differences, specials) % (39) (36) (38) Distributions paid % Traffic EBITDA Cash Avail After Debt Service1 1 Includes impact of degearing 13

14 Capital management The capital structure is appropriate for the business characteristics, and provides investors with a stable funding source for capex and an appropriate gearing of free cash flow Net Debt to EBITDA has declined over time to 6.6x 4 at 31 December 2011, de-risking the investment Credit metrics comfortable with cash flow coverage of over 2x interest Credit rating of BBB / Baa2 / BBB maintained since privatisation through GFC due to degearing, strong growth outlook and defensive nature of revenues Sydney Airport Net Debt: EBITDA evolution since 2003 Net Debt/EBITDA 12.0x 10.0x 8.0x 6.0x 4.0x Airport tapped multiple major financial markets over the last 10 years: Domestic and international bank markets 2.0x x FY03 June YE FY07 Dec YE FY11 Dec YE US, Canadian and Australian bond markets Capex requirements comfortably met by increases in debt capacity Strong credit understanding of link between capex and revenues Looking forward, the 3 year capex profile is expected to add less than 5% pa to existing debt quantum equivalent to CPI changes over this period CY2009 CY2010 CY2011 Cashflow for Debt Service ($m) Gearing Ratio 1 41% 39% 43% Cashflow Cover Ratio 2 2.1x 2.4x 2.2x Net Debt / EBITDA 3 8.0x 7.3x 6.6x 4 Drawn Debt ($m) 5,855 5,976 6, Ratio calculated using defined terms contained in our debt documents, which can be summarised as net senior finance debt divided by enterprise value, as adopted by the Board on the basis of a valuation range provided by the independent valuer 2 Ratio calculated using defined terms contained in our debt documents, which can be summarized as cash flow divided by senior debt interest expense for a rolling 12 month period 3 Ratio calculated as (gross debt less cash) / EBITDA 4 Excludes $650m SKIES that were redeemed on 3 January

15 New Vision: Background Sydney Airport s New Vision has been designed to improve connectivity, capacity and ground access On 5 December 2011, Sydney Airport announced a new concept for how the airport would operate by Under the New Vision, Sydney Airport would develop two precincts integrating international, domestic & regional services Sydney Airport has the support of its major airline partners: International airlines representing over 90% of passengers have signed extended pricing agreements to increase focus on developing the New Vision Qantas Group and Virgin Australia have both signed Memoranda of Understanding which establish principles for a collaborative approach to the development of the New Vision Key Benefits Improved Connectivity Increased Capacity Reduced Congestion Better Ground Access Improved transfer product and passenger experience Increased aircraft utilisation Reduced airline costs More effective use of land and airside infrastructure Increased gate utilisation through co-location and use of swing gates Quicker turnaround of aircraft Reduced runway crossings Reduced peak gate flows by 10-20% across each precinct Reduced passenger embarking/disembarking time during busy hours Reduced kerbside passengers and vehicles during busy hours 15

16 New Vision: Clear benefits 16

17 Summary Powerful business model Growth from the Australian economy Substantial CPI protection Additional short term and medium term downside protections Appropriate financing of capex secured to 2014 Sustainable distribution model and history of delivering cash flow growth 17

18 Thank you for your attention

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