Sydney Airport. Investment Highlights
|
|
- Gordon Montgomery
- 6 years ago
- Views:
Transcription
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
For personal use only
ASX Release 2 May 2012 Sydney Airport Presentation at Key Investment Themes Events Please find attached a presentation to be delivered by Sydney Airport management, as part of the Goldman Sachs Asset Management
More informationFor personal use only
ASX Release 5 December 2011 MAp Sydney Airport Announces New Vision to Integrate International, Domestic and Regional Services Please find attached a presentation providing further information about Sydney
More informationKERRIE MATHER MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER. Macquarie Conference 4 MAY 2016
KERRIE MATHER MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER Macquarie Conference 4 MAY 2016 Disclaimer General securities warning This presentation has been prepared by Sydney Airport Limited (ACN 165
More informationFor personal use only
Sydney Airport Holdings Limited ABN 85 075 295 760 AFSL 236875 Central Terrace Building 10 Arrivals Court Sydney International Airport New South Wales 2020 T 1800 181 895 or +61 2 9667 9871 F +61 2 9667
More informationThe private financing of airport infrastructure expansions
The private financing of airport infrastructure expansions Economic and financial challenges Aviation Insight Series, Singapore Aviation Academy 15 July 2015 Greg Houston Partner, HoustonKemp Australia
More informationHeathrow (SP) Limited
Draft v2.0 10 Feb Heathrow (SP) Limited Results for year ended 31 December 2013 24 February 2014 Strong operational and financial performance in 2013 Passenger satisfaction at record high and over 72 million
More informationAirport forecasting is used in master planning to guide future development of the Airport.
Airport Forecasts Airport forecasting is used in master planning to guide future development of the Airport. 4.1 INTRODUCTION Airport forecasting ensures development is appropriate for passengers, ground
More informationFor personal use only
Sydney Airport Annual General Meeting 17 May 2012 Sofitel Sydney Wentworth Hotel Disclaimer General Securities Warning This presentation is not an offer or invitation for subscription or purchase of or
More informationMedia Release. Qantas Group Full Year 2017 Financial Result 1. Sydney, 25 August 2017
Media Release Qantas Group Full Year 2017 Financial Result 1 Sydney, 25 August 2017 Underlying Profit Before Tax: $1,401 million (second highest in Qantas history) Statutory Profit Before Tax: $1,181 million
More informationGATWICK AIRPORT JOINS VINCI AIRPORTS December 2018
GATWICK AIRPORT JOINS VINCI AIRPORTS December 2018 Asset presentation Gatwick is the 2 nd largest airport in the UK and the 8 th busiest in Europe with 46 mpax Key features 46 mpaxin FY18, in the wealthiest
More informationAnalyst Presentation Schiphol Group 2006 Interim Financial Results
Analyst Presentation Schiphol Group 2006 Interim Financial Results 24 August 2006 Interim Results Disclaimer This release may contain certain forward-looking statements with respect to the financial condition,
More informationSydney Airport delivers another year of strong performance and is well positioned for growth
21 February 2018 Sydney Airport delivers another year of strong performance and is well positioned for growth Growth across all businesses with total revenue increasing 8.7% Record passenger numbers of
More informationMACQUARIE AIRPORTS FULL YEAR & FOURTH QUARTER 2008 RESULTS FOR SYDNEY AIRPORT
Macquarie Airports Management Limited ABN 85 075 295 760 AFS Licence No. 236875 A Member of the Macquarie Group of Companies No. 1 Martin Place SYDNEY NSW 2000 GPO Box 4294 SYDNEY NSW 1164 AUSTRALIA Telephone
More informationForward looking statements
1 Forward looking statements This presentation contains forward-looking statements. Forward-looking statements often include words such as anticipate", "expect", "intend", "plan", "believe, continue or
More information2012 Result. Mika Vehviläinen CEO
2012 Result Mika Vehviläinen CEO 1 Agenda Market environment in Q4 Business performance and strategy execution Outlook Financials 2 Market Environment According to IATA, Global air travel continues to
More informationFull Year Results FEBRUARY 2016
KERRIE MATHER MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER HUGH WEHBY CHIEF FINANCIAL OFFICER Full Year Results 2015 18 FEBRUARY 2016 Disclaimer General securities warning This presentation has been prepared
More informationFor personal use only
Sydney Airport Annual General Meeting 16 May 2013 Swissotel Sydney Disclaimer General Securities Warning This presentation is not an offer or invitation for subscription or purchase of or a recommendation
More informationDEXUS Property Group (ASX: DXS) ASX release
6 May 2013 DEXUS and DWPF to acquire strategic office investment in Perth DEXUS Property Group (DEXUS or DXS) and DEXUS Wholesale Property Fund (DWPF) today announced the joint acquisition of a strategic
More information2010 Full Year Results
MAp 2010 Full Year Results 24 February 2011 Disclaimer General Securities Warning This presentation is not an offer or invitation for subscription or purchase of or a recommendation of securities. It does
More informationVirgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1
Virgin Australia Holdings Limited (ASX: VAH) H1 FY18 Results 1 Summary of H1 FY18 Group Outcomes 2 Group Underlying Profit Before Tax of $102.5 million up 142.3% Group Statutory Profit After Tax of $4.4
More informationQantas Group - Positioned for Growth and Sustainable Returns
Qantas Group - Positioned for Growth and Sustainable Returns Tino La Spina, Qantas Group Chief Financial Officer Macquarie Australia Conference 3 May 2018 Third Quarter 1 FY18 Trading Update Q3 trading
More informationAviation Performance in NSW
Aviation Performance in NSW 2015-16 November 2016 This report by Tourism Futures International for Destination New South Wales reviews the operating environment and aviation performance of Sydney and NSW
More information2003/04 Full Year Results Presentation to Investors
2003/04 Full Year Results Presentation to Investors 19 August 2004 Geoff Dixon Chief Executive Officer Highlights 12 months to June 2004 12 months to June 2003 Increase/ (decrease) % Sales and operating
More informationAir Berlin PLC 15 th June, 2016 Annual General Meeting 2016 London
Air Berlin PLC 15 th June, 2016 Annual General Meeting 2016 London Despite headwind, airberlin made good progress in 2015 RASK +3.7% Yield +2.0% Load Factor +0.7%pt Ancillary Revenues* +9.2% ASKs -5.4%
More informationCebu Pacific Air (CEB) Briefing Routes Asia 2012 Chengdu, China
Cebu Pacific Air (CEB) Briefing Routes Asia 2012 Chengdu, China April 2012 Outline Who is Cebu Pacific? Business Proposition Support Package Required Who is Cebu Pacific? CEB: The Philippines Largest Carrier
More informationHeathrow (SP) Limited
28 April 2014 Heathrow (SP) Limited Results for three months ended 31 March 2014 Strong operational and financial performance at the outset of the new regulatory period Highest ever passenger satisfaction
More informationAviation Performance in NSW
Aviation Performance in NSW 2017-18 This report by Tourism Futures International for Destination New South Wales reviews the operating environment and aviation performance of Sydney and NSW over 2017 and
More informationGOING PLACES MACARTHURCOOK OFFICE PROPERTY TRUST
GOING PLACES MACARTHURCOOK OFFICE PROPERTY TRUST ANNUAL REPORT 2006 1 2 3 4 1 2 181 Miller Street, North Sydney, NSW 150 170 Leichhardt Street, Spring Hill, Brisbane, QLD 3 4 38 Akuna Street, Canberra,
More informationRecovery on track, continued strengthening in most segments. Record Jetstar and Frequent Flyer earnings highlight value of portfolio
Qantas Full Year 2010 Results Presentation Overview Underlying PBT 1 more than tripled to $377m in line with guidance Delivering against strategic priorities Recovery on track, continued strengthening
More informationQANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL
ASX and Media Release Sydney, 21 February 2019 QANTAS DELIVERS STRONG FIRST HALF RESULT DESPITE HIGHER FUEL BILL Underlying Profit Before Tax: $780 million (down $179 million) Statutory Profit Before Tax:
More informationAuckland International Airport FY19 Interim Results: Positive start to year as airport progresses anchor infrastructure projects
Media Release 22 February 2019 Auckland International Airport FY19 Interim Results: Positive start to year as airport progresses anchor infrastructure projects Auckland Airport today announced its financial
More information2014 Half Year Results Virgin Australia Holdings Limited 28 February 2014
2014 Half Year Results Virgin Australia Holdings Limited 28 February 2014 Half year in review Australian aviation market continues to face challenging conditions, ongoing subdued consumer sentiment and
More informationFor personal use only
ASX and Media Release QANTAS DELIVERS RECORD FIRST HALF PROFIT, INVESTS IN AIRCRAFT AND TRAINING Sydney, 22 February 2018 Underlying Profit Before Tax: $976 million (up 15%) Record results for Qantas Domestic,
More informationRegional Express Group. Response to Airservices Pricing Proposal
Regional Express Group Response to Airservices Pricing Proposal 2016-2021 October 2015 INTRODUCTION The Rex Group welcomes the opportunity to provide a response to Airservices Draft Pricing Proposal 2016-2021.
More informationAnnual Results Air New Zealand
Annual Results 2011 Air New Zealand Highlights Normalised earnings* $75m Net cash position of $860m Operating cash flow down 5% Gearingat467% at 46.7% Final dividend 2.5 cents per share (unimputed) New
More informationMinistry of Land, Infrastructure, Transport and Tourism Airport Forum. Jetstar Presentation 8 March 2011
資料 5 Ministry of Land, Infrastructure, Transport and Tourism Airport Forum Jetstar Presentation 8 March 2011 Welcome to Jetstar Jetstar is the leading Asia Pacific LCC Continuously profitable since 2004
More informationInterim results. 11 May 2010
Interim results 11 May 2010 Introduction Andy Harrison Chief Executive Officer Strong performance despite disruption Improvement in revenue, margins and cash Continued network improvement has driven better
More informationChristopher Rex Managing Director 15 November 2011
Christopher Rex Managing Director 15 November 2011 Agenda Overview What is important to us? FY 2011 Highlights - Group - Australia - United Kingdom - France Our Growth Strategy Brownfield Developments
More information2017 Amadeus IT Group and its affiliates and subsidiaries. Amadeus 2016 Results. February 24, 2017
Amadeus 2016 Results February 24, 2017 Disclaimer _ This presentation may contain certain statements which are not purely historical facts, including statements about anticipated or expected future revenue
More informationInvestor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE
Investor Update September 2017 PARTNER OF CHOICE EMPLOYER OF CHOICE INVESTMENT OF CHOICE 1 Forward Looking Statements In addition to historical information, this presentation contains forward-looking statements
More information2017 Amadeus IT Group and its affiliates and subsidiaries. Amadeus 2016 Results. February 24, 2017
Amadeus 2016 Results February 24, 2017 Disclaimer _ This presentation may contain certain statements which are not purely historical facts, including statements about anticipated or expected future revenue
More informationRecord Result. 2006/07 Full Year Results Investor Presentation. Moved on successfully following bid. Profit before tax % to $1,032 million
2006/07 Full Year Results Investor Presentation August 16 2007 Record Result Moved on successfully following bid Profit before tax + 53.8% to $1,032 million Group returning above Cost of Capital 2 Key
More information2005 Q3 investor update. 25 August 2005
2005 Q3 investor update 25 August 2005 1 This communication is directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of investment
More informationUBS 14 th Global Emerging Markets Conference. New York, November 2016
UBS 14 th Global Emerging Markets Conference New York, November 2016 This presentation may include forward-looking comments regarding the Company s business outlook and anticipated financial and operating
More informationFinancial Results Q3 FY16
Financial Results Q3 FY16 6 February 2016 Agenda Key performance highlights Jet Airways performance highlights JetLite performance highlights 2 Key highlights Highest ever quarterly and period profit Jet
More informationUnderstanding the Market
IATA Seminar: A Successful Airport for a Successful Industry Understanding the Market Ian Thomas Senior Consultant Industry Affairs The Asian Growth Bubble Regional economic expansion + China + Air service
More informationDisclaimer. General securities warning
Disclaimer General securities warning This presentation has been prepared by Sydney Airport Limited (ACN 165 056 360) ( SAL ) in respect of ASXlisted Sydney Airport ( SYD ). SYD is comprised of the stapled
More informationThe Qantas Group A Strong, Sustainable Future Alan Joyce, CEO Qantas Airways. Macquarie Australia Conference 4 May 2012
The Qantas Group A Strong, Sustainable Future Alan Joyce, CEO Qantas Airways Macquarie Australia Conference 4 May 2012 Overview Fleet renewal now substantially complete FY13 capital expenditure reduced
More informationExpenditure Share of Visitors Visitor Expenditure expenditure nights per visitor
Table 23 Modelled domestic overnight visitor expenditure (a) in the top 20 regions ranked by expenditure, including airfares and long distance transport costs Year ended 31 March 2010 (a) (b) Expenditure
More informationSKYCITY Entertainment Group Limited Project Update Adelaide Expansion. 26 July 2017
SKYCITY Entertainment Group Limited Project Update Adelaide Expansion 26 July 2017 Disclaimer All information included in this presentation is provided as at 26 July 2017 This presentation includes a number
More informationHelloworld Travel Limited results announcement Half year ended 31 December 2017
Helloworld Travel Limited results announcement Half year ended 31 December 2017 HIGHLIGHTS FOR THE HALF YEAR ENDED 31 DECEMBER 2017 Total Transaction Value (TTV) growth of 2.7% to $2.968 billion. Earnings
More informationInvestor Briefings First-Half FY2016 Financial Results
Cedar Woods Properties Limited Investor Briefings First-Half FY2016 Financial Results 26 February 2016 Cedar Woods Presentation 2 Snapshot of Achievements in FY2016 Extensive portfolio of residential estates
More informationThank you for participating in the financial results for fiscal 2014.
Thank you for participating in the financial results for fiscal 2014. ANA HOLDINGS strongly believes that safety is the most important principle of our air transportation business. The expansion of slots
More informationANA HOLDINGS Financial Results for the Three Months Ended June 30, 2018
ANA HOLDINGS NEWS ANA HOLDINGS Financial Results for the Three Months Ended June 30, 2018 TOKYO, July 31, 2018 ANA HOLDINGS INC. (hereinafter ANA HD ) today reports its financial results for the three
More informationCitigroup Investor Conference October 2010
Citigroup Investor Conference October 2010 Disclaimer Important information This presentation ti has been prepared in good faith, but no representation ti or warranty, express or implied, is made as to
More informationFor personal use only
QANTAS GROUP MARKET UPDATE SYDNEY, 5 December 2013: The Qantas Group today announced a market update, accelerated cost reductions and a capital expenditure and structural review, in response to fundamentally
More informationTHIRD QUARTER RESULTS 2018
THIRD QUARTER RESULTS 2018 KEY RESULTS In the 3Q18 Interjet total revenues added $ 6,244.8 million pesos that represented an increase of 7.0% over the revenue generated in the 3Q17. In the 3Q18, operating
More informationAFTA Travel Trends. July 2017
AFTA Travel Trends July 2017 AFTA Travel Trends Report 2017 Inbound and Outbound overview Introduction This snapshot provides an overview of the balance of trade between Inbound and Outbound Travel for
More informationUSA Acquisition Summary. December 2010
USA Acquisition Summary December 2010 www.roadbearrv.com Strategic Intent 1. To leverage the existing business capabilities in a significant sized and growing tourism market with a similar customer base.
More informationReport on the Annual Result for the year 2005
Report on the Annual Result for the year 2005 Introduction For Aruba Airport Authority N.V. and its subsidiaries ( the Company or AAA ), 2005 has been a year showing two distinct faces. Not only did the
More informationFIRST QUARTER 2017 RESULTS. 4 May 2017
FIRST QUARTER 2017 RESULTS 4 May 2017 A resilient start of the year, traffic up 4.2% 20.9 million passengers carried, up 5.2%, traffic (RPK) up 4.2%, capacity (ASK) up 3.3% and load factor up 0.7pts Confirmation
More information1Q FY2014/15. Financial Results Presentation. 13 August 2014 S Y D N E Y M E L B O U R N E B R I S B A N E C A I R N S
1Q FY2014/15 Financial Results Presentation 13 August 2014 S Y D N E Y M E L B O U R N E B R I S B A N E C A I R N S B E I J I N G T O K Y O O S A K A S I N G A P O R E Disclaimer This presentation on
More informationQ3 FY18 Business Highlights
Q3 FY18 RESULTS Q3 FY18 Business Highlights 1 2 3 4 5 6 7 Record passengers 7.1m, record revenues 423m Investing in growth 24% passenger growth in Q3 Disciplined cost management flat ex-fuel CASK Largest
More informationThe Manager Company Announcements Australian Stock Exchange Limited Sydney NSW Dear Sir. Demerger of BHP Steel
The Manager Company Announcements Australian Stock Exchange Limited Sydney NSW 2000 Dear Sir Demerger of BHP Steel At the time of the announcement of the creation of the DLC between BHP Limited and Billiton
More informationSKYCITY ENTERTAINMENT GROUP LIMITED (SKC) INVESTOR PRESENTATION FOR UBS INVESTOR CONFERENCE
13 November 2017 Client Market Services NZX Limited Level 1, NZX Centre 11 Cable Street WELLINGTON Copy to: ASX Market Announcements Australian Stock Exchange Exchange Centre Level 6 20 Bridge Street Sydney
More informationAviation Performance in NSW
October 2017 This report by Tourism Futures International (TFI) for Destination New South Wales reviews the operating environment and aviation performance of Sydney and NSW over 2016 and into 2017. Key
More informationAFTA Travel Trends. May 2018
AFTA Travel Trends May AFTA Travel Trends Report Inbound and Outbound overview Introduction This snapshot provides an overview of the balance of trade between Inbound and Outbound Travel for Year end of
More informationAirAsia X Berhad First Quarter 2014 Results - Investor and Analyst Briefing -
AirAsia X Berhad First Quarter 2014 Results - Investor and Analyst Briefing - Disclaimer Information contained in our presentation is intended solely for your reference. Such information is subject to
More informationCANADIAN ROCKIES INTERNATIONAL AIRPORT
CANADIAN ROCKIES INTERNATIONAL AIRPORT 2018 2022 FIVE YEAR BUDGET PROPOSAL AND 2018 WORK PLAN AIRPORT OVERVIEW Mission: To serve the region by becoming the airport of choice and to provide the City of
More informationABX. Holdings, Inc. BB&T Transportation Conference. February 2008
ABX Holdings, Inc. BB&T Transportation Conference February 2008 1 Safe Harbor Statement Except for historical information contained herein, the matters discussed in this presentation contain forward-looking
More informationAUSTRALIAN AIRPORTS ASSOCIATION AUSTRALIAN AIRPORTS DRIVING TOURISM GROWTH
AUSTRALIAN AIRPORTS ASSOCIATION AUSTRALIAN AIRPORTS DRIVING TOURISM GROWTH AUSTRALIAN AIRPORTS DRIVING TOURISM GROWTH DRIVING ECONOMIC GROWTH In 2016-17 Australian airports added: $34.6 billion in economic
More informationFourth Quarter 2015 Financial Results
Fourth Quarter 2015 Financial Results AerCap Holdings N.V. February 23, 2016 Disclaimer Incl. Forward Looking Statements & Safe Harbor This presentation contains certain statements, estimates and forecasts
More informationQantas Airways Limited
Qantas Airways Limited Macquarie Australia Conference 8 May 2014 Qantas Guiding Strategic Principles Safety is always our first priority The first choice for customers in every market we serve Maintaining
More informationCrown Resorts Limited
Crown Resorts Limited Annual General Meeting 20 October 2016 1 Presentation Outline F16 Year in Review 2 Crown Resorts Limited Group Result F16 Normalised $m F15 Normalised $m Variance F/(U) F16 Actual
More informationEuroz Rottnest Investor Briefing
Cedar Woods Properties Limited Euroz Rottnest Investor Briefing 15 March 2016 Cedar Woods Presentation 2 Snapshot of Achievements in FY2016 Extensive portfolio of residential estates in Perth and WA regions,
More informationInvestment Opportunity
Investment Opportunity Quest Apartment Hotel Pakenham Street, Fremantle Investment Highlights 120 key Quest serviced apartment development Fremantle s CBD is undergoing renewal and Sirona Capital is a
More informationUBS Australian Health Care Conference 9 November Ramsay Health Care. Christopher Rex, Managing Director
UBS Australian Health Care Conference 9 November 2010 Ramsay Health Care Christopher Rex, Managing Director AGENDA A global company Group FY10 highlights Capital management Our growth strategy Our operating
More informationPRESS RELEASE Financial Results. Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue
PRESS RELEASE 2016 Financial Results Rising passenger traffic at 12.5m Exceeding 1bn in consolidated revenue Kifissia, 23 March 2017 AEGEAN reports full year 2016 results with consolidated revenue at 1,020m,
More informationFIRST QUARTER RESULTS 2017
FIRST QUARTER RESULTS 2017 KEY RESULTS In the 1Q17 Interjet total revenues added $4,421.5 million pesos that represented an increase of 14.8% over the income generated in the 1Q16. In the 1Q17, operating
More informationTiger Airways Holdings Limited FY11 Results
Tiger Airways Holdings Limited FY11 Results May 2011 Financial Year Ended 31 March 2011 Disclaimer The information contained in this presentation (the "Information") is provided by Tiger Airways Holdings
More informationPIPE Networks Limited 2008 Annual General Meeting
27 October 2008 ASX RELEASE PIPE Networks Limited 2008 Annual General Meeting In accordance with Listing Rule 3.13.3, please find attached copies of the presentations to be provided today at the third
More informationPage 1. John Guscic Managing Director, Webjet Limited
Page 1 John Guscic Managing Director, Webjet Limited spanning both consumer markets (through B2C) and global wholesale markets (through B2B) B2C TRAVEL Leading online consumer travel brands B2B TRAVEL
More informationFinnair Group Interim Report 1 January 31 March 2008
Finnair Group Interim Report 1 January 31 March 2008 1 29/04/2008 Presentation name / Author Outlook for the industry less positive Growth of demand declining due to uncertainty of global economy Growth
More informationLOCATED AT THE GATEWAY OF THE TROPICAL PROVINCE, RIDING ON THE GROWTH MOMENTUM OF THE COUNTRY, WE ARE ON THE RIGHT TRACK OF TAKING OFF.
LOCATED AT THE GATEWAY OF THE TROPICAL PROVINCE, RIDING ON THE GROWTH MOMENTUM OF THE COUNTRY, WE ARE ON THE RIGHT TRACK OF TAKING OFF. MANAGEMENT DISCUSSION INDUSTRY REVIEW Civil Aviation Industry in
More informationSHAPING A SUSTAINABLE FUTURE
SHAPING A SUSTAINABLE FUTURE Full Year Results Year ended 31 March 2017 Analyst and Investor Presentation 8 June 2017 Agenda Introduction Christine Ourmieres-Widener Financial Review Philip de Klerk Performance
More informationResults Briefing Year ended 30 June 2013
Ramsay Health Care Limited Results Briefing Year ended 30 June 2013 Christopher Rex, Managing Director 29 August 2013 AGENDA 1. Group Operational and Financial Highlights 2. Segment Operational and Financial
More informationLand area 1.73 million km 2 Queensland population (as at December 2016) Brisbane population* (preliminary estimate as at 30 June 2016)
Queensland - 11 Queensland OVERVIEW Queensland is nearly five times the size of Japan, seven times the size of Great Britain, and two and a half times the size of Texas. Queensland is Australia s second
More informationAFTA Travel Trends. April 2018
AFTA Travel Trends April 2018 AFTA Travel Trends Report 2018 Inbound and Outbound overview Introduction This snapshot provides an overview of the balance of trade between Inbound and Outbound Travel for
More informationAIRASIA X. Fourth Quarter and Full Year 2015 Financial Results
AIRASIA X Fourth Quarter and Full Year 2015 Financial Results DISCLAIMER Information contained in our presentation is intended solely for your reference. Such information is subject to change without notice,
More informationQANTAS ANNOUNCES PROFIT RESULT HALF-YEAR ENDED 31 DECEMBER 2009
QANTAS ANNOUNCES PROFIT RESULT HALF-YEAR ENDED 31 DECEMBER 2009 HIGHLIGHTS TWO BRAND STRATEGY DELIVERS RESILIENCE AND CONTAINS COSTS Statutory Net Profit Before Tax of $90 million Underlying Profit Before
More informationAsia-Pacific Aviation: Growth and Challenges
Asia-Pacific Aviation: Growth and Challenges A presentation to the ACI-NA International Aviation Issues Seminar Steve Martin Page 1 Page 2 Defining the Asia Pacific We ll call it GMT +5 GMT +12, minus
More informationFinnair Q Result
Finnair Q1 2015 Result 7 May 2015 CEO Pekka Vauramo, Interim CFO Mika Stirkkinen 1 Turbulent market environment The weakness of the Finnish economy continued to be reflected in the demand in the first
More informationQANTAS RESULTS FOR THE YEAR ENDED 30 JUNE 2000 HIGHLIGHTS. Net profit before tax of AUD$762.8 million, up AUD$100.3 million, 15 percent on last year
QANTAS RESULTS FOR THE YEAR ENDED 30 JUNE 2000 HIGHLIGHTS Net profit before tax of AUD$762.8 million, up AUD$100.3 million, 15 percent on last year Net profit after tax of AUD$517.9 million, up AUD$97
More informationForward-looking statements
Forward-looking statements This presentation contains forward-looking statements. Forward-looking statements often include words such as anticipate, expect, intend, plan, believe, continue or similar words
More informationMedia Release QANTAS RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2004 HIGHLIGHTS. Fully franked interim dividend of 10 cents per share
Media Release QANTAS RESULTS FOR THE HALF YEAR ENDED 31 DECEMBER 2004 HIGHLIGHTS Profit before tax of $601.3 million Net profit after tax of $458.4 million Revenue of $6.4 billion Fully franked interim
More informationManagement Discussions and Analysis for the three-month period ended 31 March 2014 and Executive Summary
Executive Summary Overview of the global economy during the first quarter of 2015 (Q1/2015) are as following; the US economy has been in recovery mode while rapidly dollar appreciation weighs on net exports
More informationINVESTOR PRESENTATION. Imperial Capital Global Opportunities Conference September 2015
INVESTOR PRESENTATION Imperial Capital Global Opportunities Conference September 2015 Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private
More informationOverview. > Normalised earnings* before taxation of, up 30% > Statutory earnings before taxation of, up 40% > Statutory net profit after taxation of
1 Overview > Normalised earnings* before taxation of, up 30% > Statutory earnings before taxation of, up 40% > Statutory net profit after taxation of > Operating revenue of > Strong operating cash flow
More informationIngenia acquires premium coastal park in new Southern NSW cluster
ASX / Media Release 13 August 2015 Ingenia acquires premium coastal park in new Southern NSW cluster Highlights Acquisition of the premier park on the NSW South Coast, underpinned by stable cash flows
More informationMAINFREIGHT LIMITED FULL YEAR RESULT TO MARCH 2017
MAINFREIGHT LIMITED FULL YEAR RESULT TO MARCH 2017 Result Summary NET SURPLUS Net surplus after tax and before abnormal items up 17.0% to $103.2 million REVENUE EBITDA Revenue up 2.1% to $2.33 billion
More information