Flughafen Zurich Ag · SIX:FHZN

Flughafen Zurich — H1 2011 Earnings Presentation

35 slides from Flughafen Zurich's earnings presentation, Aug 23, 2011

  1. Slide 1: Analysts' Presentation – 2011 Half Year Financial Results

    Analysts‘ Presentation – 2011 Half Year Financial Results Thomas E. Kern Daniel Schmucki Chief Executive Officer Chief Financial Officer Zurich | Airport | 23.08.2011 | © 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. Financial Key Figures 14 6. Other Key Topics 18 7. Outlook 22 2 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  3. Slide 3: 1. Half Year Highlights

    1. Half Year Highlights • Standard and Poor’s revises rating: BBB+ to A- • Issuing of CHF 250 million bond • Opening of first Arrival Duty Free shops in Switzerland • Opening Freight Dispatch Hall • Groundbreaking for extension of Parking P6 • Automated passenger processes: Seamless Travel • Strong

  4. Slide 4: 2. Half Year Key Data

    2. Half Year Key Data 4 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  5. Slide 5: Half Year Traffic

    Half Year Traffic 2011 2010 in millions Delta Jan-Jun Jan-Jun Local passengers 7.5 6.8 10.1% Transfer passengers 3.9 3.7 7.0% Transfer share 34.4% 35.0% Total passengers 11.5 10.5 9.0% Movements (in thousand) 138.1 128.9 7.1% whereof Line & Charter movements 116.5 108.9 6.9% Cargo (in thousand tons)

  6. Slide 6: Half Year Financial Results

    Half Year Financial Results 2011 2010 in million CHF Delta Jan - Jun Jan- Jun Revenue 438.3 408.1 7.4% Aviation revenue 274.7 247.8 10.9% Non-Aviation revenue 163.6 160.3 2.0% EBITDA 225.6 195.0 15.7% EBITDA margin 51.5% 47.8% EBIT 126.5 100.4 25.9% EBIT margin 28.9% 24.6% Net profit 73.5 49.7 47.9%

  7. Slide 7: Half Year Financial Results (without noise impact)

    Half Year Financial Results (without noise impact) 2011 Jan-Jun 2010 Jan-Jun in million CHF Delta w/o noise w/o noise Revenues 415.2 394.1 5.4% Aviation revenue 251.7 233.8 7.7% Non-Aviation revenue 163.6 160.3 2.0% EBITDA 204.7 183.2 11.7% EBITDA margin 49.3% 46.5% EBIT 109.1 91.4 19.3% EBIT margin

  8. Slide 8: 3. Aviation

    3. Aviation 8 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  9. Slide 9: Aviation Segment Revenue Breakdown

    Aviation Segment Revenue Breakdown • Passenger and security 2011 2010 in million CHF Delta charges reflect strong growth Jan-Jun Jan-Jun in passenger volume Passenger charges 90.8 83.7 8.5% Security charges 73.7 67.4 9.2% • Ø Heavier aircraft weights Landing charges 40.9 37.8 8.2% led to over-propor

  10. Slide 10: Key Indicators

    Key Indicators Seat Load Factor Passengers per Movement Average Take-Of f Weight 72% 110 Seat Load factor 71% Passengers per Movement Average Take-Off Weight 70% 100 69% 68% 90 67% 66% 80 65% 64% 70 63% 62% 60 61% 60% 50 HY1/2001 HY1/2002 HY1/2003 HY1/2004 HY1/2005 HY1/2006 HY1/2007 HY1/2008 HY1/200

  11. Slide 11: 4. Non-Aviation

    4. Non-Aviation 11 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  12. Slide 12: Non-Aviation Segment Revenue Breakdown

    Non-Aviation Segment Revenue Breakdown • Stable figures despite 2011 2010 in million CHF Delta market environment Jan-Jun Jan-Jun • Significant increase of Real estate 60.1 59.2 1.4% income from fixed rent Rents and leases 44.0 42.3 4.0% tenants Utilities 12.9 14.3 -9.8% • Retail / DF affected by Ot

  13. Slide 13: Commercial: Gross Income Shop-Operators

    Commercial: Gross Income Shop-Operators 13 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  14. Slide 14: 5. Financial Key Figures

    5. Financial Key Figures 14 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  15. Slide 15: Operating Expenses

    Operating Expenses • Costs remained stable 2011 2010 in million CHF Delta despite strong traffic Jan-Jun Jan-Jun development Personnel 80.3 79.1 1.4% • Gains in efficiency have Security costs 58.8 56.9 3.3% positive impact on security Energy & waste 12.8 13.4 -4.3% costs Maintenance & material 18.0

  16. Slide 16: Net Result

    Net Result • Strong increase of both 2011 2010 in million CHF Delta Jan-Jun Jan-Jun EBITDA and EBITDA EBITDA 225.6 195.0 15.7% margin EBITDA margin 51.5% 47.8% • Higher depreciation due to Depreciation -99.1 -94.5 4.8% newly capitalised EBIT 126.5 100.4 25.9% infrastructure and slightly EBIT margin

  17. Slide 17: Other Key Figures

    Other Key Figures incl. noise excl. noise • Financial KPI‘s in million CHF 2011 2010 2011 2010 significantly improved Net Financial Debt/EBITDA2) 1.55x 2.11x 2.20x 2.77x • Return on capital Cash Flow from operating increased as a result of 29.2% 24.0% 20.2% 18.0% activities/Net Financial Debt2) stro

  18. Slide 18: 6. Other Key Topics

    6. Other Key Topics 18 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  19. Slide 19: “Zürich 2010” and Other Projects

    “Zürich 2010” and Other Projects 19 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  20. Slide 20: Fields

    “The Circle“ Building permit Submission for building permit 12.8.2011 Marketing Financing Fields Regulatory Approvals Planning phase Implementation 2010 2011 2012 2013 2014 2015 2016 2017 2018 20 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  21. Slide 21: Political and Regulatory related Update

    Political and Regulatory related Update • „Ban of Runway Extension“ initiative: • Date of public vote on 27 November 2011 • No impact on today’s capacity • Sectoral Aviation Infrastructure Plan (SAIP): • Federal government shall take a decision in 2012 • Implementation of rules for the Economic Regu

  22. Slide 22: 7. Outlook

    7. Outlook 22 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  23. Slide 23: Outlook 2011: Traffic January to July

    Outlook 2011: Traffic January to July 2011 2010 in millions Delta Jan-Jul Jan-Jul Local passengers 9.1 8.3 10.0% Transfer passengers 4.7 4.4 6.9% Transfer share 33.9% 34.6% Total passengers 13.9 12.8 8.9% Movements (in thousand) 163.0 153.8 6.0% whereof Line & Charter movements 138.1 129.8 6.4% Carg

  24. Slide 24: Outlook Traffic: Changes Winter Timetable 2011

    Outlook Traffic: Changes Winter Timetable 2011 Additions/reductions winter timetable 2011 Beijing, new daily service as of 11 February 2012 Newark, 6x weekly increased to daily and more capacity: all flights with A340-300 as of 31 March 2012 (instead of PrivatAir operated B737-800 service) Frequency

  25. Slide 25: Outlook 2011: Commercial Activities January to July

    Outlook 2011: Commercial Activities January to July 2011 2010 Delta Jan-Jul Jan-Jul Total turnover, m CHF 276.6 276.1 0.3% Airside (change versus prev. year) -1.2% 4.4% Landside (change versus prev. year) 2.0% 7.0% Commercial turnover/dep. pax, CHF 39.8 43.2 -7.9% Airside (change versus prev. year)

  26. Slide 26: Outlook Full Year 2011 increased

    Outlook Full Year 2011 increased Solid year of change to prepare for new infrastructure and basis for future growth • Passenger volume increase by 5 to 6% • Transfer share 34 to 35% • Total passengers between 24.0 and 24.3 million • Total revenues to increase by 6.0 to 6.5% • Aviation revenue contin

  27. Slide 27: Disclaimer

    Disclaimer This document has been prepared by Flughafen Zürich AG for use in this presentation. The information contained in this document has not been independently verified. No representation or warranty – whether express or implied – is made as to, and no reliance should be placed on, the fairnes

  28. Slide 28: 8. Your Questions

    8. Your Questions 28 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  29. Slide 29: Capex Plan

    Capex Plan CAPEX (Mio CHF) 2010 2011 2012 2013 2014 2015 2016 2017 2018 Terminal Area Zürich 2010 105 120 70 Zone Terminal 2 15 20 50 60 40 15 5 Zone Terminal 1 5 0 10 30 40 Parking Parking (replacement / additional) 5 5 25 35 30 30 20 20 Parking (existing capacity) 9 5 5 5 5 5 5 Area East Cargo inf

  30. Slide 30: Repayment Schedule (as per 30.06.2011)

    Repayment Schedule (as per 30.06.2011) Major repayments: 2024 421.2 ~ • Partly repayments CBL (2011 & 2012) 2017 250.0 • Partly repayments 2016 0.0 US PP (2011-15) 2015 73.2 • Bond CHF 225m (2014) 2014 298.2 • new Bond 2013 73.2 CHF 250m (2017) 2012 129.2 • Repayment Japanese PP (2024) 2011 already

  31. Slide 31: Debt Maturity Structure (Financial Liabilities)

    Debt Maturity Structure (Financial Liabilities) 2011 7.5% 37.6% 54.8% 2010 9.0% 47.2% 43.8% 2009 15.6% 44.2% 40.2% 2008 14.3% 38.1% 47.6% 2007 3.6% 48.0% 48.4% 2006 8.7% 38.8% 52.5% 2005 7.8% 23.5% 68.7% 2004 6.9% 26.5% 66.5% 2003 6.5% 25.1% 68.4% 2002 17.4% 54.4% 28.2% 0% 20% 40% 60% 80% 100% withi

  32. Slide 32: Passengers by Customer Segments

    Passengers by Customer Segments 2010 YTD Star Alliance 2011 YTD 70.4% (0.0 % vs. 2010) Low Cost Carrier 11.0% (0.05 % vs. 2010) One World 4.1% (-0.3 % vs. 2010) Sky Team 3.9% (-0.2% vs. 2010) Charter 1.2% (0.1% vs. 2010) 0% 20% 40% 60% 80% 100% 32 | 23.08.2011 | 2011 Half Year Financial Results © Fl

  33. Slide 33: Hub Carrier Dominance at European Airports (seats offered)

    Hub Carrier Dominance at European Airports (seats offered) FRA hubcarrier other alliance members ZRH MUC VIE AMS CDG BRU MAD LHR CPH MXP 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% ADI, January 2010 – December 2010 Source: MIDT data ADI, 2011 33 | 23.08.2011 | 2011 Half Year Financial Results © Flug

  34. Slide 34: Star Alliance Hub vs. 2010

    Star Alliance Hub vs. 2010 40% 35% 30% 25% 20% MU 15% BRU CPH 10% VIE 5% ZRH FRA 0% -5% BRU -10% CPH -15% FRA -20% MU C VIE -25% 34 | 23.08.2011 | 2011 Half Year Financial Results © Flughafen Zürich AG

  35. Slide 35: ZRH Passenger Market Share & Growth (YTD 2010)

    ZRH Passenger Market Share & Growth (YTD 2010) North America Europe Share 78.3% (PY: 77.1%) Share: 7.8% (PY: 7.5%) Change in Pax: +10.7% Change in Pax: +12.9% Asia Share: 10.2% (PY: 10.7%) Change in Pax: +3.4% Latin America Africa Share: 0.9% (PY: 1.0%) Share: 2.8% (PY: 3.7%) Change in Pax: -2.2% Ch

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