Flughafen Zurich Ag · SIX:FHZN
Flughafen Zurich — H1 2023 Earnings Presentation
40 slides from Flughafen Zurich's earnings presentation, Aug 29, 2023
Slide 1: Half Year Results 2023
Half Year Results 2023 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer August 29, 2023
Slide 2: Content
Content 01 Business Update 02 Financial Update 03 Outlook 04 Q&A 05 Appendix 2
Slide 3: Traffic Development ZRH
Traffic Development ZRH Business Update Recovery above Expectations in First Half Year and approaching 2019 Passengers (in million) Seat Load Factor Financial Update 2.7 2.7 2.9 79.9% 81.1% 80.0% 82.2% 73.7% 77.5% 2.4 2.1 2.0 80.0% 81.5% 2.5 2.5 2.6 75.5% 76.5% 68.8% 71.7% 2.1 1.7 1.7 Outlook Jan Fe
Slide 4: Milestones
Milestones 4
Slide 5: Milestones Half Year 2023
Business Update Milestones Half Year 2023 Financial Update • Traffic: 13.1 million passengers in H1 2023 (88% of 2019 levels) Aviation • Summer timetable: 95% of destinations in 2019 served again; new route to Seoul (Korean Air) and increased frequencies to Hong Kong (Cathay Pacific) and Doha (Qatar
Slide 6: Financial Summary
Financial Summary Business Update Strong Passenger Recovery reflected in Financial Figures Revenue (in million CHF) EBITDA (in million CHF) Financial Update 588 577 458 304 324 238 Outlook HY19 HY22 HY23 HY19 HY22 HY23 Consolidated Result (in million CHF) CAPEX Group* (in million CHF) Q&A 199 163 14
Slide 7: Aviation
Aviation 7
Slide 8: Aviation Business ZRH
Aviation Business ZRH Business Update Peak Days with almost 100,000 Passengers Passenger numbers increased significantly during the first half of the year to Financial Update close to 100,000 passengers per day at peak periods. Whereas passenger numbers were at 81% of pre-crisis levels in January 20
Slide 9: Commercial Business and Real Estate
Commercial Business and Real Estate 9
Slide 10: Commercial Business and Real Estate ZRH
Commercial Business and Real Estate ZRH Business Update Active Portfolio Management pays off COMMERCIAL BUSINESS Financial Update The large commercial centers are benefiting from growing passenger numbers, the resurgence in commuter traffic and a steady rise in the number of workplaces and employees
Slide 11: Commercial Business ZRH
Commercial Business ZRH Business Update Commercial Turnover already close to pre-Covid Levels Commercial Turnover (in million CHF) Financial Update 285 286 282 218 127 Outlook 90 HY2018 HY2019 HY2020 HY2021 HY2022 HY2023 Turnover Airside (CHFm) Turnover Landside (CHFm) Q&A Total Airside Commercial A
Slide 12: International
PREMIO2022 AVIACAO International 2 AEROPORTO % + BRASIL MELHOR AEROPORTO DO BRASIL AEROPORTO INTERNACIONAL HERCILIO LUZ
Slide 13: International: Passenger Numbers at or above 2019
International Business Update Passenger Numbers at or above 2019 Florianópolis (in thousands) Vitória / Macaé (in thousands) Financial Update 472 305 294 291 361 361 269 277 313 246 294 290 417 291 337 266 264 259 319 304 231 240 274 251 Outlook Total: 2.0m Total: 2.0m Total: 1.6m Total: 1.7m Jan Fe
Slide 14: Natal Airport
Natal Airport New 30-Year Concession Natal is the capital of the state of Rio Grande do Norte. The region benefits from strong national and international tourism and is increasingly characterized by a significant commitment to renewable energies and agricultural products. • In May, Zurich Airport Lt
Slide 15: Noida International Airport
Terminal Noida International Airport Construction in full swing • EPC1 awarded on fixed time and fixed cost basis • Award of sub-concessions completed for: − Multi-modal cargo hub − Catering TARIFF FILING Runway • Tariff filing for Noida will be handed in to regulator (AERA2) in Q4 2023 • Tariff fil
Slide 16: Content
Content 01 Business Update 02 Financial Update 03 Outlook 04 Q&A 05 Appendix 16
Slide 17: Rising Revenue and Profit
Rising Revenue and Profit Business Update Half Year 2023 Revenue (in million CHF) Revenue Split (in million CHF) Financial Update 577 577 • Higher revenue numbers 458 • Aviation revenues grew in 458 mainly as a result of 566 line with traffic volumes higher traffic volumes • Non-Aviation revenues 28
Slide 18: Non-Aviation Figures
Non-Aviation Figures Business Update Half Year 2023 Commercial & Parking (in million CHF) Real Estate (in million CHF) Financial Update • Strong retail and F&B • Active portfolio performance with revenues management and higher clearly above H1 2019 energy/utility cost • Parking revenues have also 12
Slide 19: Operating Expenses
Operating Expenses Business Update Half Year 2023 Personnel Expenses (in million CHF) Police & Security (in million CHF) Financial Update • CPI adjustment as well as • Higher passenger figures additional hiring during the (resulting in additional recovery phase led salary working hours) and costs in
Slide 20: Key Financial Ratios
Key Financial Ratios Business Update Half Year 2023 Net Financial Debt / EBITDA* ROIC* (in %) Financial Update • Net Financial Debt • Higher earnings led to a decreased to 3.2x boost in ROIC 6.3% CHF 1,227m • Net Financial Debt to 1.9x EBITDA ratio comfortably 2.9% Outlook in target range HY22 HY23
Slide 21: Group CAPEX
Group CAPEX Business Update Half Year 2023 Financial Update New Baggage Sorting System ~CHF 18 million New Dock A, Tower and Base ~CHF 11 million Outlook Q&A Total Group CAPEX* of Appendix CHF 163 million Development landside area ~CHF 13 million Noida International Airport ~CHF 69 million * Cash vi
Slide 22: Content
Content 01 Business Update 02 Financial Update 03 Outlook 04 Q&A 05 Appendix 22
Slide 23: Outlook: Guidance 2023
Outlook Business Update Guidance 2023 2022 Actual 2023 Guidance Financial Update Passengers ZRH 22.6 million • Around 28 million passengers Revenues CHF 1,007 million • Aviation: in line with traffic (excl. IFRIC12) • Non-Aviation: >10% higher than in 2022 Aviation revenues CHF 491 million − Commerc
Slide 24: Content
Content 01 Business Update 02 Financial Update 03 Outlook 04 Q&A 05 Appendix 24
Slide 25: Corporate Calendar and Contact Information
Corporate Calendar Business Update Contact Information • August 31, 2023 Financial Update Stifel Transportation Conference (virtual) Kevin Fleck • September 4, 2023 Chief Financial Officer Investor Day 2023 • September 18, 2023 Baader Investment Conference (Munich) Outlook • September 21, 2023 Barcl
Slide 26: Content
Content 01 Business Update 02 Financial Update 03 Outlook 04 Q&A 05 Appendix 26
Slide 27: Liquidity and Debt Overview
Liquidity and Debt Overview Business Update As of June 30, 2023 Liquidity (in CHFm) Bond Maturity Profile (in CHFm)* Financial Update Committed Credit Facilities CHF 300m 400 350 300 Total utilization (incl. guarantees) CHF 11m In CHFm 250 200 Available short-term credit facilities CHF 289m 150 100
Slide 28: Zurich Airport at a Glance
Zurich Airport at a Glance Business Update Diversified Airport Operator AVIATION / REGULATED NON-AVIATION / UNREGULATED Financial Update 2022 revenue of CHF 491 million Commercial • “To satisfy the demand for direct connections to 2022 revenue of CHF 240 million the world’s major cities” • Leading c
Slide 29: Performance by Segment
Performance by Segment Business Update Aviation Segment recovering fast Financial Update HY 2023 Aviation Commercial Real Estate Services International** Revenue CHF 279m CHF 127m CHF 98m CHF 22m CHF 52m CHF 577m Outlook 8% Q&A EBITDA* CHF 120m CHF 179m CHF 25m CHF 324m Appendix Aviation segment rec
Slide 30: Group Key Figures
Group Key Figures Business Update Income Statement in million CHF Jan – Jun 2023 Jan – Jun 2022 Financial Update Aviation revenue 278.6 205.9 Non-aviation revenue 298.1 252.4 Revenue 576.7 458.3 EBITDA 323.8 238.3 EBITDA margin (in %) 56.2 52.0 Depreciation and amortization (142.6) (142.0) Outlook E
Slide 31: Revenue Breakdown: Aviation Business
Revenue Breakdown Business Update Aviation Business in million CHF Jan – Jun 2023 Jan – Jun 2022 Financial Update Passenger-related operations charges 182.8 129.6 Landing charges 36.7 28.8 Aircraft-related noise charges 7.0 4.9 Emission charges 1.7 1.3 Aircraft parking charges 13.8 11.5 Freight char
Slide 32: Revenue Breakdown: Non-Aviation Business
Revenue Breakdown Business Update Non-Aviation Business Jan – Jun 2023 Jan – Jun 2022 Financial Update in million CHF Retail, tax & duty-free 56.2 51.3 Food & beverage operations 11.6 11.4 Advertising media and promotion 8.7 8.6 Other commercial revenue 8.1 6.8 Revenue from multi-story car parks 42.
Slide 33: Cost Overview
Cost Overview Business Update Operating Expenses Breakdown in million CHF Jan – Jun 2023 Jan – Jun 2022 Financial Update Personnel expenses 103.2 94.4 Police and security 56.5 50.5 Energy and waste 23.8 17.2 Maintenance and material 18.3 15.1 Other operating expenses 25.7 22.9 Sales, marketing, admi
Slide 34: International: Active in Emerging Markets
International Business Update Active in Emerging Markets Florianópolis International Airport Switzerland Diego Aracena International Airport Financial Update • New terminal completed in October 2019; Curaçao • New terminal close to completion no major mid-term investments expected • Thereafter, no m
Slide 35: Portfolio Overview – Majority Owned Airports
International Business Update Portfolio Overview – Majority Owned Airports Aport (Antofagasta and Financial Update Florianópolis, Brazil Vitória/Macaé, Brazil Noida Delhi, India** Iquique), Chile* HY23 HY22 Δ HY23 HY22 Δ HY23 HY22 Δ HY23 HY22 Δ Passengers (in millions) 2.0 1.6 25% 1.7 1.3 31% 2.0 1.
Slide 36: Passenger Development
Passenger Development Business Update Global Market Figures (H1 2023 vs. H1 2022) Financial Update Worldwide H1 2023 From/to ZRH +44% Europe H1 2023 Global market +34% Share ZRH 74.2% From/to ZRH +38% Global market +24% Middle East H1 2023 Outlook Share ZRH 5.9% North America H1 2023 From/to ZRH +45
Slide 37: Alliance Share ZRH
Alliance Share ZRH Business Update Largest Alliances in ZRH (Jan – Jun 2023) Alliance Share ZRH Financial Update Lufthansa 66.9% Group 67.2% 66.1% Star Alliance Outlook 65.9% 5.6% Oneworld Passenger Growth 6.2% Lufthansa Group 43% Q&A 4.4% Star Alliance 44% Skyteam 4.5% Oneworld 31% Skyteam 41% Midd
Slide 38: Traffic Ratios
Traffic Ratios Business Update Seat Load Factor, Passengers per Movement and Take-Off Weight Traffic Ratios ZRH Financial Update 80% 79% 77% 76% 75% 75% 74% 74% 132 73% 130.00 72% Passengers per Movement (PAX) 125 125 Average Take-Off Weight (tons) 70% 120 67% 119 Outlook 118 Seat Load Factor 114 11
Slide 39: Passengers and Movements Development
Passengers and Movements Development Business Update Since ZRH Privatization Historical Traffic Numbers Financial Update 35 31.1 31.5 450'000 29.4 30 27.7 26.3 400'000 24.9 25.5 24.3 24.8 Total Passengers (in millions) 25 Air Traffic Movements (ATM) Outlook 22.6 22.9 22.6 22.1 21.9 350'000 21.0 20.7
Slide 40: Disclaimer
Disclaimer Business Update Forward-Looking Statements This document has been prepared by Flughafen Zürich AG for use in this presentation. Financial Update The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is