Flughafen Zurich AG · SIX:FHZN

Flughafen Zurich — H1 2013 Earnings Presentation

32 slides from Flughafen Zurich's earnings presentation, Aug 26, 2013

  1. Slide 1: 2013 Half Year Financial Results

    2013 Half Year Financial Results Thomas E. Kern Daniel Schmucki Chief Executive Officer Chief Financial Officer Zurich | Airport | 26.08.2013 | © Flughafen Zürich AG

  2. Slide 2: Schedule

    Schedule 1. Half Year Highlights 3 2. Half Year Key Data 4 3. Aviation 8 4. Non-Aviation 11 5. OPEX & Other Key Figures 14 6. Key Topics 20 7. Outlook 25 2 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  3. Slide 3: 1. Highlights

    1. Highlights • Restructuring of financial liabilities will lead to sustainable lower interest rates • Swiss National Council & Council of States approve ratification of State Treaty CH/D • Partial Implementation of Sectoral Aviation Infrastructure Plan (SAIP) • Commercial Openings prove themselves

  4. Slide 4: 2. Half Year Key Data

    2. Half Year Key Data 4 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  5. Slide 5: Half Year Traffic Figures

    Half Year Traffic Figures in millions Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) Local passengers 7.8 7.7 █ + 1.6% Transfer passengers 4.0 4.1 -2.5% ██ Transfer share (in %) 33.8 34.8 -2.9% ██ Total passengers 11.8 11.8 + 0.1% Movements (in 1'000) 128.5 133.9 -4.0% ████ whereof Line & Charter movements 111.

  6. Slide 6: Financial Key Figures

    Financial Key Figures Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) in million CHF Aviation revenue 287.9 283.7 █ + 1.5% Non-Aviation revenue 181.5 173.3 ███ + 4.7% Revenue 469.4 457.0 ██ + 2.7% EBITDA 245.3 242.2 █ + 1.3% EBITDA margin (in %) 52.3 53.0 EBIT 134.3 134.2 + 0.1% EBIT margin (in %) 28.6 29.4 Fina

  7. Slide 7: Financial Key Figures excluding Noise

    Financial Key Figures excluding Noise Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) in million CHF Aviation revenue 262.3 258.7 + 1.4% Non-Aviation revenue 181.5 173.3 ██ + 4.7% Revenue 443.8 432.1 █ + 2.7% EBITDA 221.6 219.2 + 1.1% EBITDA margin (in %) 49.9 50.7 EBIT 114.4 115.1 -0.6% EBIT margin (in %) 25.8

  8. Slide 8: 3. Aviation

    3. Aviation 8 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  9. Slide 9: Aviation Segment Revenue Breakdown

    Aviation Segment Revenue Breakdown Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) in million CHF Passenger & Security fees 171.7 169.3 █ + 1.4% PRM fees 5.3 5.3 + 0.1% Landing fees 41.5 42.0 -1.0% █ Noise Charges 25.6 25.0 ██ + 2.6% Emission fees 1.6 1.6 -1.5% █ Parking fees 3.6 3.2 █████ + 10.5% Fuel charges 3

  10. Slide 10: Global Passenger Development (June 2013)

    Global Passenger Development (June 2013) Europe Jun 2013 YTD 2013 North America Jun 2013 YTD 2013 Global Market +3.3% +1.7% from/to ZRH +0.6% -0.7% Global Market +1.4% +1.0% from/to ZRH +0.9% +8.5% Middle East Jun 2013 YTD 2013 Global Market +10.6% +11.6% from/to ZRH -2.7% +3.1% Africa Jun 2013 YTD

  11. Slide 11: 4. Non-Aviation

    4. Non-Aviation 11 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  12. Slide 12: Non-Aviation Segment Revenue Breakdown

    Non-Aviation Segment Revenue Breakdown Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) in million CHF Retail, Tax & Duty free 44.6 42.3 ████ + 5.4% Food & Beverage 7.3 6.8 █████ + 7.1% Other commercial revenue 14.8 14.4 ██ + 3.2% Commercial revenue 66.7 63.5 ████ + 5.1% Rents & Leases 47.7 47.2 + 1.0% Utilities

  13. Slide 13: Key Figures Commercial Business

    Key Figures Commercial Business Mio CHF Landside total: CHF 700 ~ 18‘000 m2 52 Development in m2 Commercial Turnover (in Mio.) Total PAX (in Mio.) Spend per dep. PAX Revenue per dep. PAX Airside total: 50 ~ 14‘200 m2 600 48 517 500 481 482 479 459 46 435 43.5 43.7 44 400 42.0 41.8 42.1 41.7 41.7 42

  14. Slide 14: 5. OPEX & Other Key Figures

    5. OPEX & Other Key Figures 14 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  15. Slide 15: Operating Expenses

    Operating Expenses Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) in million CHF Personnel expenses 88.9 83.1 ██████ + 7.0% Police and security 58.4 57.6 █ + 1.5% Energy and waste 13.8 13.1 █████ + 5.7% Maintenance and material 20.1 19.1 █████ + 5.6% Other operationg expenses 27.7 25.1 ███████ + 10.3% Sales, ma

  16. Slide 16: Finance Result

    Finance Result Termination costs Reduction hedging Transaction costs Foreign currency 30.06.2012 interst expense instrument JPP gain JPP Others 30.06.2013 -34.9 7.4 -111.9 -123.3 17.4 3.5 -4.8 -88.4 million CHF 16 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  17. Slide 17: Result Breakdown

    Result Breakdown Jan-Jun 2013 Jan-Jun 2012 ∆ (in %) in million CHF EBITDA 245.3 242.2 █ + 1.3% EBITDA margin (in %) 52.3 53.0 Depreciation and amortisation -111.0 -108.0 ██ + 2.8% EBIT 134.3 134.2 + 0.1% EBIT margin (in %) 28.6 29.4 Finance result (net) -123.3 -34.9 n/a Associated companies 1.4 1.2

  18. Slide 18: Financial Liabilities (per 30.06.2013)

    Financial Liabilities (per 30.06.2013) Debt Portfolio (in 1’000) Maturity Structure Financial Nominal Carrying amount Maturity Interest rate liabilities value 30.06.2013 USPP USD 110’000 CHF 102’755 11.04.2014 4.753% & 13.04.2015 Bond CHF 225’000 CHF 224’664 18.02.2014 4.500% Bond CHF 250’000 CHF 24

  19. Slide 19: Other Key Figures

    Other Key Figures Jan-Jun 2013 Jan-Jun 2012 Jan-Jun 2013 Jan-Jun 2012 in million CHF Net financial debt / EBITDA 2.08x 2.01x 3.19x 2.80x Net financial debt (in %) 819.8 1'006.0 1'100.8 1'270.0 ROIC (in %) 4.3 7.3 3.5 6.7 excl. noise incl. noise Return on Equity (in %) 1.3 9.9 0.5 9.6 Equity Ratio (i

  20. Slide 20: 6. Key Topics

    6. Key Topics 20 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  21. Slide 21: Investments

    Investments Investments per 30.06.2013 (in million CHF) 2013 planned investment costs for largest projects 1 Upgrade Terminal 2 21.9 Various Civil Engineering 2 13.8 maintenance projects 3 The Circle 9.2 4 Expansion Parking 6.9 5 Noise Protection Hangar 6.6 General Wastewater Plan- 6 3.8 Noise Prote

  22. Slide 22: Update on «The Circle»

    Update on «The Circle» Current Developments • Jun 2013: Preliminary project completed • Jun 2013: First approach of equity investors and debt providers • Aug 2013: Board decided to start construction planning as next project phase Next steps according to current project timeline • Sep 2013: Start du

  23. Slide 23: Airport Charges: Negotiations failed

    Airport Charges: Negotiations failed • Flughafen Zürich AG sincerely regrets that no agreement was reached • The final proposal of Flughafen Zürich AG provided: • Keep high quality standards for both passenger and airlines • Remaining high investments into aviation infrastructure over the next 4 yea

  24. Slide 24: Airport Charges: Time schedule after negotiations failed

    Airport Charges:Time schedule after negotiations failed 2013 • Start of negotiations 25.02. • Negotiations extended with for 2 months 24.06. • Negotiation result: No agreement 22.08. • Submission of Airport Charges proposal to the Federal Office of Civil Aviation Sep. (FOCA) • BAZL decision of appro

  25. Slide 25: 7. Outlook

    7. Outlook 25 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  26. Slide 26: Outlook 2013: Traffic & Commercial Figures

    Outlook 2013: Traffic & Commercial Figures Traffic Figures in millions Jan-Jul 2013 Jan-Jul 2012 ∆ (in %) Local passengers 9.5 9.3 █ + 1.8% Transfer passengers 4.7 4.9 -3.0% ███ Transfer share (in %) 33.2 34.3 -3.2% ███ Total passengers 14.3 14.3 + 0.2% Movements (in 1'000) 153.2 158.3 -3.3% ███ whe

  27. Slide 27: Timetable 2013/2014

    Timetable 2013/2014 Service / frequency additions Reductions / cancellations  Singapore  Bejing  Kiew  Bucharest  Cairo OTHERS  Emirates: A380-Service  Hainan  Edelweiss Air  Eurolot  Germanwings  Czech Airlines 27 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  28. Slide 28: Guidance 2013 - unchanged

    Guidance 2013 - unchanged The Guidance 2013 is based on the full year results 2012 (excl. the effects from IAS 19 / finance result) vs. expected full year result 2013 (excl. the effects from finance result):  Passenger moderate growth (0-1%)  Revenue: + 2-3% • whereof Aviation: proportionate to tr

  29. Slide 29: 8. Your Questions

    8. Your Questions 29 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

  30. Slide 30: Customer Segments ZRH HY 2013

    Customer Segments ZRH HY 2013 2012 YTD 2013 YTD Star Alliance 70.7% Passagierwachstum zum Vorjahr One World 9.4% seit Positive Entwicklungen (u.a. LX, TK, UA, LH) kompensieren negative Entwicklungen (z.B. Star Alliance Jahresanfang KF, SK, TG). Sparprogramm der airberlin Group (AB, 4T, HG), BA im Pl

  31. Slide 31: ZRH Traffic Efficiency Development

    ZRH Traffic Efficiency Development Seat Load Factor Passengers per Movement Average Take-Off Weight 73% 130 Seat Load Factor Passengers per Movement Average Take-Off Weight 72% 120 71% 110 70% 100 69% 90 68% 80 67% 70 66% 60 65% 50 64% 40 63% 30 62% 20 61% 10 60% - HY1/2003 HY1/2004 HY1/2005 HY1/200

  32. Slide 32: Star Alliance Hubs HY 2013

    Star Alliance Hubs HY 2013 20% BR 2012 2013 U CP H 15% FR A MU C VIE 10% 5% CPH BRU FRA ZRH 0% VIE MU -5% -10% 32 | 26.08.2013 | 2013 Half Year Financial Results © Flughafen Zürich AG

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