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Brussels Airport Company NV Annual review 2014Moody’s

May 2015

1. Executive Summary2. Key credit highlights update

3. Strategy update

4. Traffic growth

5. Financial overview Full Year 2014

6. Focus on Capex

7. Conclusion

2

Executive Summary

Brussels Airport has delivered very strong 2014 results and financial ratios, outperforming earlier forecasts.

Item Comment Situation

Revenues

› Total revenues increased by 10.4% in FY14 consisting of an aero revenue increase by 12.8% andcommercial revenue increase of 5.6%. Aero revenues were driven by a combination of traffic andtariff increases while the commercial revenue increase is mainly due to good performance in Food& Drinks and Car parking & Car rentals income.

Opex› Total Opex increase vs 2013 under control and mainly impacted by increases in personnel,

maintenance and security. Additionally, the increase in Opex supports the overall strategy andgrowth.

Profitability and cash flow generation

› Brussels Airport’s EBITDA margin remains the highest among its peer group close to 61.1% on a fullyear basis and EBITDA growth (pre-specifics) reached +13.4% vs 2013.

› Capex under control and spent on projects adding value to Brussels Airport through cash flowgrowth.

Regulatory framework

› New tariffs applied 1st of April 2014 including CPI+ X factor have increased by 1.34%.

› Tariffs for the next 5 years are currently under negotiation with the airlines and outcome isexpected by Q4 2015.

Debt structure management

› Further diversification of the funding structure and decreased reliance on short-term bank debt bythe issuance of a EUR 120mio 10yr EURPP in June 2014.

Liquidity› Liquidity is adequate and will remain so for the foreseeable quarters thanks to no debt maturities

before July 2018 a healthy cash balance of EUR 148mio and EUR 300mio in undrawn credit lines.

Financial ratios› FFO / Net Debt ratio at 17.2% and Net Debt / EBITDA at 4.2x significantly better than the budgeted

levels.

3

1. Executive Summary

2. Key credit highlights update3. Strategy update

4. Traffic growth


6. Focus on Capex

7. Conclusion

4

5

The key credit highlights of Brussels Airport Company have been further strengthened in FY14 and 15 YTD

Key credit highlights update

Ideally Positioned Airport at the Heart of Europe with

limited competition

1

Well Diversified Airline Mix

3

Best in Class EBITDA Margin with a track Record of Stable and Predictable Cash Flows

4

Resilient Origin & Destination Passenger Base

2

Favourable Regulatory Regime

5

Highly Experienced Management Team and Long

Term Supportive Shareholders

6

Brussels Airport -a unique

credit story

6

Strategic and unique hub location with strong connectivity across Europe


Brussels Airport catchment area

• Catchment area of ca. 20 mio people within a 90 minute drive from the airport• Excellent transport lines to the airport:

• Brussels Ring Road• Train station beneath the terminal with frequent links to the major

cities• Bus station

• Brussels is a major political centre and top business destination

Ideally Positioned Airport at the Heart of Europe with

limited competition

1

Strategically positioned European Star Alliance hub

7

Brussels airport benefits from a resilient Origin and Destination Base


• In 2014, 83% of Brussels Airport’s passenger trafficcame from Origin and Destination (O&D) and 17%from Transfer and Transit (T&T)

• O&D traffic is generally more resilient due to thedecision being based on airport vs. airline

In case of O&D traffic, choice ofairport is determined on the basis ofconvenience and the operatingairlines

In the case of T&T passengers, theairport used is often at thediscretion of the airline operatingthe flight

• Notwithstanding the high passenger growth in2014, the O&D % has remained significantly betterthan the peer group as a consequence of therelatively denser catchment area

Resilient Origin & Destination Passenger Base

2

Brussels O&D vs T&T 2009 – 2014 (%)

89 87 84 83 83 83

11 13 16 17 17 17

0

20

40

60

80

100

2009 2010 2011 2012 2013 2014

O&D T&T

8

Brussels airport further reduced its dependency on major carriers and improved the airline mix in 2014


Ryanair, operating at Brussels Airport since the end of February2014, has further diversified the Brussels Airport airline mix andbrought the share of low cost more in line with the peer airports.Additionally, the added capacity on other airlines has improvedthe balance between the different business segments.


3

1 Brussels Airlines 6.706.069 30,6%

2 Jetairfly 1.611.860 7,3%

3 Ryanair 1.275.448 5,8%

4 Thomas Cook 859.181 3,9%

5 Lufthansa 821.355 3,7%

6 EasyJet 718.113 3,3%

7 Vueling 701.824 3,2%

8 Jet Airways 601.663 2,7%

9 Turkish Airlines 502.137 2,3%

10 United Airlines 452.760 2,1%

Top 10 airlines in number of pax

(2014)

9

Brussels Airlines has substantially reduced its operating losses and nearly achieved break-even in FY14 investing in its fleet, new destinations and passenger growth



3

• In 2014, Brussels Airlines has realized passenger growth of 12.6%, an improvement in seat load factor of 4.5% as wellas an increase in freight activity of nearly 10%.

• Despite continued challenging economic conditions and significantly increased competition on European, African andUS destinations, Brussels Airlines was able to improve its net result to nearly break even in 2014 ( EUR -4.2mio),improving from EUR -21.95 mio in 2013 and EUR -60.7mio in 2012. This is in line with the guidance provided in 2012.

• As planned, Brussels Airport is on track to become profitable again in 2015.

• 2014 has marked a focus on increasing the attractivity of the Brussels Airlines product offering by introducing newtravel products (Check&Go, Light&Relax, Flex&Fast, Bizz&Class), a new marketing look and feel, the opening of a newstate-of-the-art business lounge (The loft) as well as the expansion with 12 additional destinations.

• The EUR 70 mio investment programme for the next 3 years consists of expanding and further harmonizing its fleet,the opening of 9 new destinations and the launch of a new loyalty programme. These investments combined with acontinued focus on cost reductions, should yield increasing competitiveness and a further improvement to thecompany bottom line.

10

Brussels Airport continues to maintaining best in class EBITDA margins


EBITDA margin vs. opex evolution

(2009-2014)• Brussels Airport Company has been ableto maintain its EBITDA margin at anindustry leading but sustainable level ofca. 60% in FY 14.

• Brussels airport has exhibited the highestEBITDA margin among its peer group overthe last 6 years

Best in Class EBITDA Margin with a track Record of Stable and Predictable Cash Flows

4

11

Stable and favourable regulatory regime, negotiations for 2016-2020 tariffs ongoing


Favourable regulatory regime

5

Recap:

12

New consultation process in line with new RD, proposal to be presented May 8th, 2015


Favourable regulatory regime

5

• The regulatory framework for BRU has been updated, via a new Royal Decree published in April 2014 to be in line with EU directives. The main changes relate to:

the timing of the consultation process; the independent role of the regulator; the complaint possibility of every single airline

• The Consultation process has been organised in line with this new framework. In January and April 2015, consultation sessions were organised with the airlines and their representative organisations to discuss all topics of a Development Plan (traffic, opex evolution, capex envelope, Cost of Capital, benchmark, tariff structure,…), which leads to a proposal on tariff structure and tariff formula for the third quinquennium (period April/2016-March/2021).

• Based on an assessment of the feedback received, a final proposal on tariff structure and tariff formula will be presented on May 8 and published prior to May 15, 2015.

• The contemplated proposal will integrate a partial shift of the tariff structure from passenger related charges to movement related charges in order to promote efficient usage of the airport infrastructure (promoting higher seat load factors), provide an answer towards market demand and implement a tariff structure more in line with market practise.

13

Supportive long-term shareholders with a strong commitment to maintaining an investment grade rating


Highly Experienced Management Team and Long

Term Supportive Shareholders

6

The Belgian State (25%)

Supported Brussels Airport since its establishment

Currently rated AA/Aa3/AA

MEIF (36%)

Invested in Brussels Airport since 2004 via MEIF I and MEIF III

Macquarie Infrastructure and Real Assets is the largest infrastructure asset manager globally byassets under management

Ontario Teachers’ Pension Plan Board (OTPP) (39%)

OTPP is the largest single-profession plan in Canada with a long term horizon in infrastructureassets

Current airport interests in Birmingham, Bristol, Brussels and Copenhagen

Arnaud Feist Marc-André Gennart


2. Key credit highlights update

3. Strategy update4. Traffic growth


6. Focus on Capex

7. Conclusion

14

We Connect

Vision 2016: The Challenges

15

Strategy update ate

• We outperform European traffic growth

• We are the Star Alliance hub in Western Europe

• We have advanced landside connectivity

• We are rated by our customers as the airport of choice

• We are a customer intimate company

• We are an environmentally conscious airport and a good corporate citizen

• We have best practice infrastructure

• We develop the Airport Village concept

• We are recognized as an essential economic growth engine in Belgium

• We realize increased efficiency with our business partners

• We drive excellence in airport standards, processes & services

• We are engaged & proud to work for Brussels Airport Company

We Develop

We Do

We Care

2016

Multiple projects delivered and planned to further implement the corporate strategy and values

16

Strategy update ate

• The loft @ Brussels Airport

• Landside shopping phase I

• Rebranded airport

• Walk-to-stands

• New perimeter detection

2014 delivered

• Opening Connector phase I

• Opening new protocol building

• Topaz redevelopment

• Investments in safety and operational continuity:• Runway renovation 25L• Apron renovation• Security optimization and enhanced border control

• Opening Airport Operations Centre (APOC)

2015 projects

Strategy update

• Simplification and acceleration of core organizational processes

• Simplified Delegation of Authorities

• Key Account Management

Organizational efficiency

• Consultation process for 2016-2021 tariffs

• Launch Masterplan 2040

• Strenghten public affairsinitiatives

Stakeholder Management

• Automated bag drop

• Airport Crew

• Focus on hub operations tosupport further growth of Star Alliance

Right-size operational processes

17

Several steps taken to improve the organizational efficiency and customer satisfaction

Implementation of a structured approach to act on customer feedback and survey results, targetingimprovements in organizational efficiency in order to boost customer satisfaction while focussing on thecompany stakeholders.

• Commercial plans for Connector , Gallery of Light, Topaz, Pier A LMS, Landside Shopping and Arrivals Hall are rolled out in 2014 – 2015 together with International Duty-Free (IDF) and Autogrill.

• Brussels Airport expects a significant uplift in commercial revenues in 2015 due to the expanded and optimized retail space.

• Adapt the commercial product and service offering to the evolution of the passenger mix.

Implementation commercial Strategy

• Take the next steps in developing and finalizing the 2040 Airport Master Plan and ensure long term license to grow.

• Brussels Airport will continue to seek 3rd party investors to outlay capex and take most of the market risk leading to a low risk nature of future RE projects.

• Conclude and start implementation of large logistical and commercial office projects requested by integrators, forwarders, service providers and handlers

Airport development framework and Real

Estate Strategy

18

Strategy update

2015 will be the start of the biggest commercial turnaround resulting in a quantum leap in commercial offering

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3. Strategy update

4. Traffic growth5. Financial overview Full Year 2014

6. Focus on Capex

7. Conclusion

19

Traffic

• Overall traffic progression in 2014 of 14.6%. Growth in all segments except for leisure.

• In 2014 the low cost segment is the largest contributor (64.8%) to the overall growth. Ryanair was the largest player in this segment.

Traffic growth of 14.6% was achieved in FY14 leading to an all-time traffic record with a total of 21.9 mio pax

20

Traffic Overwiew

Actual Actual Actual vs

2014 2013 LY

Passengers (in thousands)

Departing passengers

Originating tax passengers 9,019.9 7,920.8 13.9%

Transfer tax passengers 1,728.6 1,437.0 20.3%

Transit tax passengers 186.0 172.8 7.6%

Exempt passengers 108.1 97.1 11.3%

Total departing passengers 11,042.6 9,627.8 14.7%

Total arriving passengers 11,076.6 9,678.3 14.4%

- transit elimination -186.0 -172.8 7.6%

Total passengers 21,933.2 19,133.2 14.6%

Full tax pax equivalent 10,167.5 8,879.4 14.5%

Year

FY 14 passenger growth was mainly driven by Brussels Airlines and the Low Cost segment

Traffic

21

19,133.22

21,933.19

49.62 117.14

129.69

688.35

1,814.91

-12.89

18,800

19,300

19,800

20,300

20,800

21,300

21,800

22,300

Total passengersYTD Dec 2013

Leisure B.air Long Haul Other Long Haul Other Short Haul B.air Short Haul Low Cost Total passengersYTD Dec 2014

Passengers per segment - YTD December 2014 (in thousands)

Low cost was the fastest growing segment in FY14, driven by the introduction of Ryanair and new flights

Traffic

Short Haul

B.air Short Haul: growth rate of 13.7% for the full year. The increase in capacity reflects a strong growth in number oftransfer pax (+32.3%) for almost all destinations with some destinations doubling the transfer pax numbers. Growth oftransfer is responsible for 72% of the total Brussels Airlines’ Short Haul network growth.Other Short Haul grown +2.2% in 2014. Star Alliance carriers grew +4.1% in 2014. For the full year Turkish Airlines, Swissand Aegean were the largest contributors to growth. For non-Star Alliance carriers’ growth was +0.5% in 2014.

Long HaulB.air Long Haul: +5.3% for the full year. The Ebola crisis had a negative impact on the Africa flights since the summer season. For the full year the growth to the US was +13.4% and +3.1% to Africa.

Other Long Haul carriers grew +5.8% in 2014. Star Alliance grew (+5.3%), the non-Star Alliance carriers grew +8.1% thanks to the new Emirates flights and more capacity for Hainan Airlines.

Leisure

Mixed results in 2014 for Leisure with growth for Jetairfly (+9.1%) and Thomas Cook (+2.8%), but decreases for other leisure (-12.4%). When excluding the effect of the Pegasus move to Charleroi Airport, growth would however have been +2.3%.

Low cost

In 2014, the low cost segment is the largest contributor (64.8%) to the overall growth. Ryanair was the largest player (1,275k pax) in this segment and is also responsible for 45.5% of the airport’s growth. Vueling (+306k pax) performed well on existing routes (Barcelona, Alicante, Malaga and Valencia) despite the Ryanair competition.

22

2015 started very well with 13.4% traffic growth achieved in Q1, mainly driven by Ryanair and Brussels Airlines

Traffic

23

• Brussels Airport welcomed over 4.5 miopax in the first quarter

• Effect of the new Ryanair flights sincelast year (Ryanair started flights on Feb28th).

• Growth remains strongly driven by theother extended offer during 2014,introduced by Brussels Airlines, LongHaul and Low Cost.

• Leisure and Other Short Haul have beenstruggling in Q1, partly due to theincreased competition.

Traffic overview

Actual Actual Actual vs

2015 2014 LY

Passengers (in thousands)

Departing passengers

Originating tax passengers 1,771.3 1,579.6 12.1%

Transfer tax passengers 418.9 340.8 22.9%

Transit tax passengers 54.6 49.0 11.5%

Exempt passengers 18.4 16.5 11.3%

Total departing passengers 2,263.2 1,985.9 14.0%

Total arriving passengers 2,293.5 2,035.6 12.7%

- transit elimination -54.6 -49.0 11.5%

Total passengers 4,502.1 3,972.5 13.3%

Full tax pax equivalent 2,051.8 1,809.0 13.4%

YTD March



3. Strategy update

4. Traffic growth

5. Financial overview Full Year 20146. Focus on Capex

7. Conclusion

24

• Gross Aeronautical Revenues growth is in line with traffic increase (+14.5% FTPE) and tariff increase (+1.34% new prices as from April ‘14)

• Strong traffic growth has an impact on the Incentive level which is €8.3 mio above last year (mainly Brussels Airlines and Vueling).

Aeronautical Revenues driven by strong increase in Pax fees

Revenues

25

Aeronautical RevenuesDecember 2014 Actual Actual Actual vs (in €mio) 2014 2013 LYPassenger fees 285.5 244.7 16.6%Landing & Take-off fees 40.1 36.8 9.1%Parking fees 4.3 4.0 8.8%400 Hz/PCA 6.6 6.1 8.6%Gross Aeronautical revenues 336.5 291.6 15.4%less Incentives -13.6 -5.3 158.0%Total Aeronautical Revenues 323.0 286.3 12.8%

YTD

Commercial revenues are + 5.6% above LY:• Shopping results increased by +2.7% vs LY. Change in the passengers profile (more low cost) and relocation of shops

due to works on the new Connector zone lead to lower sales per passenger (-10% vs LY).• F&B full year revenues are very strong with a growth of +16.6% vs LY thanks to new contract with Autogrill, strong

operational results and strong passenger growth. • Full year Parking & Car rentals revenues are growing (+14.6% vs LY) thanks to the overall passenger growth and the

price increase of Interparking.• Real Estate revenues performed equal to LY mainly due to lower Recharges (offset in opex) and the non-realisation of

new business on the Airport Business District.• SPP temporarily under pressure as a consequence of renovation and traffic works

Revenues

Commercial revenues are 5.6% above last year thanks to strong traffic growth

26

Commercial RevenuesDecember 2014 Actual Actual Actual vs (in €mio) 2014 2013 LYShopping 35.9 35.0 2.7%Services 3.6 3.8 -3.8%Food & Drinks 15.7 13.5 16.6%Advertising 6.5 5.9 9.2%Car Parking & Car rentals 26.6 23.2 14.6%Real Estate 39.7 39.8 -0.3%Total Commercial Revenues 128.0 121.1 5.6%

YTD

The cost evolution vs LY was mainly impacted by the following items:

• Personnel costs +€3.1mio due to increase in average number of FTE’s• Maintenance costs +€3.6mio mainly due to FY impact of traffic increase, cleaning and cleaning upgrade

program aiming at offering high quality facility services to our customers.• Security costs +€3.0mio mainly due to FY impact of traffic increase, more pax screening• Utilities costs -€1.8mio thanks to favourable weather conditions• Other non-operating costs +€1.5mio due to prior years Real Estate tax refund in fiscal year 2013

OPEX

Operating Expenses well in control

27

While increasing more than CPI, OPEX remains well under control and is mainly impacted by increases in personnel, maintenanceand security costs. Additionally, the increase in Opex supports the overall strategy and growth in bottom line by focussing e.g. on improvements of quality and services.

Opex SummaryDecember 2014 Actual Actual Actual (in €mio) 2014 2013 LYPersonnel costs 62.0 58.9 +5.3%Maintenance 46.9 43.3 +8.2%Security services 29.9 26.9 +11.2%Pax services 7.0 6.4 +9.2%Utilities 9.8 11.6 -15.7%Professional Services & Consultancy 6.0 5.8 +2.1%Advertising & Marketing 5.6 5.0 +11.8%Other operating costs 6.6 6.6 +0.8%Other non-operating costs 10.5 9.0 +15.7%

Total operating expenses (pre-specifics) 184.2 173.5 +6.1%

YTD

9,6 9,4 8,5 8,8 9,1 8,4

-2,3%-9,2% +2,9% +3,5% -7,4%

-100,00%

-80,00%

-60,00%

-40,00%

-20,00%

0,00%

20,00%

40,00%

60,00%

80,00%

100,00%

0

2

4

6

8

10

12

2009 2010 2011 2012 2013 2014

(€) Opex per Pax

Financial summary

Specifics costs are mainly the support to Star Alliance Long Haul development and the marketing campaign with Brussels Airlines. There is also one-off income from Gateway in 2014.

Strong overall performance and limited opex increase

28

+13.4% EBITDA growth (pre-specifics) vs LY mainly thanks to :

• Traffic growth and tariff increase• Increase in commercial revenues

mainly thanks to impact of new Autogrill contract

• Partly compensated by increased Opex (payroll, maintenance) link to the traffic growth and to assist strategic initiatives.

Financial Summary

December 2014 Actual Actual Actual vs

2014 2013 LY

P&L (in €mio)

Aeronautical revenues 323.0 286.3 +12.8%

Commercial revenues 128.0 121.1 +5.6%

Other operating income 22.3 21.1 +5.9%

Total Revenues 473.3 428.6 +10.4%

Total Operating Expenses -184.2 -173.5 +6.1%

EBITDA (pre specifics) 289.1 255.1 +13.4%

Specifics -5.9 -9.4 -37.7%

EBITDA (post specifics) 283.3 245.6 +15.3%

EBITDA/PAX (€) 13.18 13.33 -1.1%

YTD

Financial summary

EBITDA/Pax is lower than 2013 due to highgrowth of pax (all time record number of Pax in2014) and the flat growth of non pax drivenrevenues (REA). EBITDA/Pax growth is + 10.8% vs2009

EBITDA/Pax performance – Steady in spite of a changing passenger mix

29

12.012.4

13.0 13.3 13.2

+0.7%+3.8%

+4.7% +2.3% -1.1%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2010 2011 2012 2013 2014

EBITDA/Pax Growth[€ mio)

Focus on working capital

After remaining stable at the level of ca. 42days between 2011 and 2013, the DSO hasdecreased to 38 days in 2014 as the companycontinues to focus on structuralimprovements in credit control and paymentterms.

The DPO has made the opposite movementover the same period and increased from 42days to 71 days and remains above 60 days.

This DPO level is in line with our policy and contractual agreements to pay the suppliers on average 2 months after receipt of the invoices.

Significant improvement in WC since 2008

30

BAC Debt structure

• After the refinancing closed on July 1, 2013, Brussels Airport has a diversified debt structure consisting of Eurobonds, USPP, EURPP and bank debt with maturities between 5 and 12 yr.

• In 2014, the company issued EUR 120 mio in EURPP to reduce the dependency on the bank funding maturing in 2018

• 100% of the debt is fixed rate or hedged in order to limit interest exposure.

• At the end of 2014, the EUR250mio capex facility and EUR 50mio working capital facility remained undrawn.

• Brussels Airport debt continues to perform very strong as demonstrated by the secondary trading of the 2020 Eurobond (currently trading at a mid spread of ca. 53bps) offering potential to further optimize interest conditions.

Full diversification in terms of debt instruments and maturities

31

Debt Maturity Profile (€m)

32

Lenders Counterparty

Bank Abbey NationalAG InsuranceBelfiusBNPCACIBEDCINGLloydsNatixisRBCRBSSEBSocGenMitsuiBTMU

USPP NorthwestMetLife

EURPP GeneraliVarious

Current capital structure

Committed (€m)

Drawn (€m)

Term (Maturity)

Margin (%) above EURIBOR / All-in rate (%)

Bank Debt 380 380 5 years (2018) 1.38/1.53/1.63/1.88/2.23

Capex Facility 250 - 5 years (2018) 1.38/1.53/1.63/1.88/2.23

Working Capital Facility 50 - 5 years (2018) 1.38/1.53/1.63/1.88/2.23

Eurobond (public) 500 500 7 years (2020) 3.25 (fixed rate)

USPP 155 155 9 years (2022) 3.33 (fixed rate)

EURPP 200 200 12 years (2025) 3.30 (fixed rate)

EURPP 120 120 10 years (2024) 2.50 (fixed rate)

Total Debt 1,655 1,355

Total cash 148

Blocked cash (MRA+DSRA) 68

Available cash 80

Net debt 1207

Net Debt/EBITDA 4.2x

BAC Debt structure

Full diversification in terms of debt instruments and maturities

CTA Financial Lock up ratio’s: Net Debt EBITDA > 7.75xICR < 1.35x

CTA Financial Default ratio: ICR < 1.10x



3. Strategy update

4. Traffic growth


6. Focus on Capex7. Conclusion

33

Focus on Capex

• Brussels Airport Capex targets high returnfollowing the implementation of stringent capitalexpenditure appraisal methodology in 2009.

• The development and implementation of a newcorporate strategy has also triggered theexecution of strategic initiatives and projects,reflected in the increase in Capex figures since2011.

• These new efforts mainly target growth of the commercial offering at the airport.

• The expansionary Capex is fully flexible in linewith traffic growth and can be stopped whenrequired.

Strong increase in value adding Capex to support the corporate strategy

Capex Evolution (in €mio)

Capex Split 2014

34

1,2%

52,9%

14,9%1,0%

21,6%

4,8% 3,7%

Accessibility

Capacity & Infrastructure

Commercial

Environment

Maintenance

Organisation

Quality

0

10

20

30

40

50

60

70

80

90

100

2010 2011 2012 2013 2014

expansionary Maintenance

30,633,9

60,2

80,4

99,6

Segment Objectives Airline development Infrastructure Capex

B.Air / Star

Alliance

Optimise short haul feed from B.air to Star

Alliance partners

Star Alliance Hub development through

B.Air long haul expansion and other long

haul Star partners

B.air fleet growth coupled with increase in

presence of Star carriers

Better scheduling to increase connectivity

Connector Building

Additional stands at T-zone

Ca. €39.1 mio

Ca. €1.7 mio

Other

Long-haul

Connect further global gateways through

other airlines

Non-Star and non-aligned long haul

airlines

Centralised screening platform Ca. €3.0 mio

Other

short-haul

Grow O&D travel

Further support business products Refurbishments of lounges Ca. €1.1 mio

Leisure Strengthen competitive position & visibility

through product and service offer

Support existing leisure carriers New seating Pier A

Access to reclaim area + parkings

Maintenance hangar for Jetairfly

Ca. €2.0 mio

Ca. €2.0 mio

Ca. €0.4 mio

Low cost Support segment growth to reach peers’

LCC penetrations

Provide facilities minimising costs for LCCs

(walk to aircraft gates)

Introduction of Ryanair operations and

Vueling flights in March 2014

easyJet, Blue Air, Air Arabia

Additional ‘Walk to gates’

Adapt Departure Curb

Dynamic signage Parking

Ca. €1.1 mio

Ca. €0.7 mio

Ca. €0.2 mio

Cargo Grow full freighter traffic and Benelux hub

of DHL

Brucargo West development

Ca. €0.7 mio

Focus on Capex

Capex projects are modular which reduces overcapacity and execution risks

35

: project successfully executed

Project Connector officially opened on March 24, 2015

Focus on Capex

36

The main objective of the Connector project is to improve the passenger experience by creating a direct connectionbetween the Pier and Terminal while offering an improved security platform and walk-through shopping area. Thepotential upside in spend per passenger (‘SPP’) is clearly confirmed by external benchmarking.

EASTEASTIn the works

Focus on Capex

37

Opening new Protocol Topaz redevelopment



3. Strategy update

4. Traffic growth


6. Focus on Capex

7. Conclusion

38

39

Brussels Airport is outperforming the business plan presented in March 2013

Conclusion

• Brussels Airport has delivered strong results outperformingthe business plan presented in March 2013, updated for thevarious subsequent debt issuances.

• Net and gross debt levels are significantly lower thanindicated, as the capex facility was still undrawn at the endof FY 2014.

• As a consequence of the lower debt levels, Gross Debt /Ebitda and Net Debt / Ebitda ratios are significantly betterthan expected at 4.8x (vs 6.1x) and 4.3x (vs 5.8x).

• FFO / Net debt reaches 17.2% while FFO / Gross debtsignificantly exceeds the budgeted level at 15.4% (vs. 14.1%.

Questions

41

2014 Cash flow, P&L and balance sheet

Annex 1

*

BALANCE SHEET

Fixed assets 2.608,00

Working Capital -52,7

Other current -225,1

Capital employed 2.330,20

Equity 544,9

Financial Lease Transaction 0,5

Net debt 1.784,80

Gross debt 1.932,40

Total cash & deposits -147,6

Funding 2.330,20

CASH FLOW (in €mio)

EBITDA 283,3

Net current capex -99,6

Change in Working Capital 34,3

Operating Cash Flow 217,9

Other current -0,7

Taxes & extraordinary cash -9,1

Financial cash flow excl -94,5

Distribution cash flow -107,1

Net Cash Flow 6,6

Cash opening balance 141

Cash closing balance 147,6

Aeronautical revenues 323

Commercial revenues 128

Other operating income 22,3

Total Revenues 473,3

Total Operating Expenses -184,2

EBITDA (pre specifics) 289,1

Specifics -5,9

EBITDA (post specifics) 283,3

Depreciation -97,4

Goodwill depreciation 0

EBIT 185,9

P&L (in €mio)

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