Flughafen Zurich Ag · SIX:FHZN
Flughafen Zurich — H1 2024 Earnings Presentation
44 slides from Flughafen Zurich's earnings presentation, Aug 27, 2024
Slide 1: Half Year Results 2024
Half Year Results 2024 Presentation to Investors & Analysts Lukas Brosi, Chief Executive Officer Kevin Fleck, Chief Financial Officer August 27th, 2024
Slide 2: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 2
Slide 3: Milestones
a, Milestones
Slide 4: Milestones Half Year 2024
Milestones Business Update Half Year 2024 Financial Update ▪ Traffic: 14.5 million passengers in H1 2024 (97% of 2019); over 100,000 passengers on peak days Aviation ▪ Network: Additional connections to New Delhi (Air India); high seat load factor ▪ Charges: Planned introduction of roll-over mechani
Slide 5: Financial Summary
Financial Summery Business Update Financial Figures setting new record Levels Revenue (in million CHF) EBITDA (in million CHF) Financial Update 631 577 324 347 Outlook HY23 HY24 HY23 HY24 Consolidated Results (in million CHF) CAPEX Group1 (in million CHF) Q&A 275 163 International 138 152 Internatio
Slide 6: Aviation
Aviation 6
Slide 7: Traffic Development ZRH
Traffic Development ZRH Business Update Traffic figures continue to recover (at 97% of 2019 level in H1) Passengers (in million) Seat Load Factor Financial Update 2.6 2.8 2.8 82.2% 2.3 79.9% 81.1% 80.0% 2.0 2.0 77.5% 2.5 2.5 2.6 73.7% 82.0% 79.6% 79.8% 79.1% 2.1 76.9% 1.7 1.7 73.6% Outlook Jan Feb M
Slide 8: Aviation Business
Aviation Business Business Update Strong demand promotes the final Phase of the Recovery In the first half of the year, a total of 14.5 million passengers flew through Zurich Airport, Financial Update representing a level of 97 percent compared to 2019. A total of 200 destinations is served by 62 ai
Slide 9: Ordinance on Airport Charges (OAC)
Ordinance on Airport Charges (OAC) Business Update Roll-Over: Swiss Regulator has started Stakeholder Involvement Financial Update What has happened? What happens next? Decision by negotiating parties to jointly discuss with The final decision on the revision of the OAC rests with July 2020 the Fede
Slide 10: Commercial Business and Real Estate
Commercial Business and Real Estate 10
Slide 11: Commercial Business and Real Estate ZRH
Commercial Business and Real Estate ZRH Business Update Upward Trend continues CHF 298m turnover in commercial business Financial Update ▪ Landside turnover for first half at 112% of 2019 ▪ Airside turnover for first half at 99% of 2019 ▪ Generated around CHF 71m in retail, tax & duty free, F&B reve
Slide 12: Commercial Business ZRH
Commercial Business ZRH Business Update Commercial Turnover above pre-Covid Levels Commercial Turnover (in million CHF) Financial Update 286 298 282 218 127 90 Outlook HY2019 HY2020 HY2021 HY2022 HY2023 HY2024 Q&A Turnover Airside (CHFm) Turnover Landside (CHFm) Total Airside Commercial Area ~14,200
Slide 13: International
International 13
Slide 14: International Passenger Numbers
International Business Update Passenger Numbers mostly above 2023 Florianópolis (in thousands) Vitória / Macaé (in thousands) Financial Update 459 368 358 372 390 313 291 269 277 294 291 417 231 319 337 304 279 265 282 279 294 290 264 225 Outlook Total: 2.0m Total: 2.3m Total: 1.7m Total: 1.6m Jan F
Slide 15: Noida International Airport Milestones and Project Status
Noida International Airport Milestones and Project Status Major historical and expected milestones: Concession agreement 2020 Signing of concession agreement on October 7th, 2020 EPC contractor 2022 Selection of EPC1 contractor Tata Projects Ltd. Q4 Tariffs and Airlines MoU AERA2 tariff filing and s
Slide 16: Noida International Airport Sub-concessions
Noida International Airport Business Update Majority of Tenders for sub-concessions are completed Aviation Non-Aviation Financial Update Fuel (fuel farm and hydrant system) F&B Advertising ▪ Indian Oil Skytanking Ltd ▪ HMSHost India Pvt. Ltd ▪ Laqshya Media Ltd. (an Avolta subsidiary) ▪ Travel Food
Slide 17: Natal Airport
Natal Lounge Natal Airport Operational take-over in February 2024 In the first 100 days of operations, around 40 improvements have been implemented. Some examples are: ▪ Internalisation of parking management ▪ Opening of the airport's first VIP lounges (domestic and international) ▪ Reduction of ter
Slide 18: Vitória Airport in Brazil: Real Estate Project
Vitória Airport in Brazil: Real Estate Project Business Update Diversification of Revenues through Real Estate Development Terminal Retail Zone ▪ Vitória Airport has – due to the strategic location in the Financial Update Central Area / Service Area Logistic Zone center of the cities Vitória, Vila V
Slide 19: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 19
Slide 20: Rising Revenues and Profits
Rising Revenues and Profits Business Update Half Year 2024 Revenue (in million CHF) Revenue Split (in million CHF) Financial Update ▪ Higher revenue numbers 631 ▪ Higher aviation revenues as 631 577 577 mainly as a result of a result of better traffic higher traffic volumes 566 620 volumes and an in
Slide 21: Non-Aviation Figures
Non-Aviation Figures Business Update Half Year 2024 Commercial & Parking (in million CHF) Real Estate (in million CHF) Financial Update ▪ Retail, tax & duty-free ▪ Growing revenues from and F&B revenues 11% rental agreements; above H1 2019 however, decreasing energy ▪ Highest relative increase 134 a
Slide 22: Operating Expenses
Operating Expenses Business Update Half Year 2024 Total Operation Expenses (in million CHF) Personnel Expenses (in million CHF) Financial Update ▪ High cost pressure in H1 ▪ Additional hiring and 2024 with an OPEX 284 inflation adjustments increase of 12% 253 showed an increase of ▪ Adjusted for con
Slide 23: Key Financial Ratios
Key Financial Ratios Business Update Half Year 2024 Net Financial Debt / EBITDA1 ROIC1 (in %) Financial Update ▪ Net Financial Debt ▪ Higher earnings led to a stands at CHF 1,278m boost in ROIC ▪ Slight decrease due to higher rolling EBITDA 1.9x 1.8x 7.8% figures 6.3% Outlook HY23 HY24 HY23 HY24 Ope
Slide 24: Group CAPEX
Group CAPEX Business Update Half Year 2024 Financial Update New Baggage Sorting System ~CHF 22 million New Dock A, Tower and Base ~CHF 20 million Outlook Q&A Appendix Total Group CAPEX1 of CHF 275 million Development landside area ~CHF 14 million Noida International Airport ~CHF 90 million 1 Cash vi
Slide 25: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 25
Slide 26: Cost Development
Cost Development Business Update EBITDA Target will be reached earlier despite higher OPEX OPEX Bridge1 (in million CHF) Comments Financial Update ▪ With increasing passenger volumes, projects restarted and additional projects were initiated ▪ Personnel expenses in Zurich higher Outlook due to jobs
Slide 27: Outlook: Guidance 2024
Outlook Business Update Guidance 2024 2023 Actual 2024 Guidance Financial Update Passengers ZRH 28.9 million ▪ Around 31 million passengers (previously 30 million) Revenues CHF 1,236 million ▪ Aviation: slightly better than traffic due to increase in baggage sorting and (excl. IFRIC12) handling syst
Slide 28: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 28
Slide 29: Corporate Calendar and Contact Information
Corporate Calendar Business Update Contact Information ▪ Financial Update August 29, 2024 Stifel Transportation Conference (virtual) Kevin Fleck ▪ September 5, 2024 Chief Financial Officer UBS Transport Conference (London) ▪ September 10, 2024 UBS Best of Switzerland Conference (virtual) Outlook ▪ S
Slide 30: Content
Business Update Content 01 Financial Update Business Update 02 Financial Update Outlook 03 Outlook Q&A 04 Q&A Appendix 05 Appendix 30
Slide 31: Zurich Airport at a Glance
Zurich Airport at a Glance Business Update Diversified Airport Operator Aviation Non-Aviation / unregulated Financial Update 2023 revenue of CHF 610 million Commercial & Parking ▪ “To satisfy the demand for direct connections to 2023 revenue of CHF 264 million the world’s major cities” ▪ Leading com
Slide 32: Performance by Segment
Performance by Segment Business Update All Segments with high Contribution Financial Update HY 2024 Aviation Commercial Real Estate Services International2 Revenue CHF 314m CHF 134m CHF 98m CHF 25m CHF 61m CHF 631m Outlook 8% Q&A EBITDA1 CHF 140m CHF 179m CHF 28m CHF 347m Appendix Rising EBITDA figu
Slide 33: Liquidity and Debt Overview
Liquidity and Debt Overview Business Update As of June 30, 2024 Liquidity (in million CHF) Bond Maturity Profile (in million CHF) 1 Financial Update 350 365 Committed credit facilities CHF 300m Total utilization (incl. guarantees) CHF 71m 200 Available short-term credit facilities CHF 229m Cash bala
Slide 34: International Portfolio
International Portfolio Business Update Focus on Brazil and India Florianópolis International Airport Switzerland Iquique Airport Financial Update ▪ New terminal completed in October 2019; no Curaçao ▪ New terminal completed major mid-term investments expected ▪ No major investments expected Delhi N
Slide 35: International Portfolio Overview – Majority Owned Airports
International Business Update Portfolio Overview – Majority Owned Airports Florianópolis, Vitória/Macaé, Natal, Aport (Antofagasta Noida Delhi, Financial Update Brazil Brazil Brazil1 and Iquique), Chile2 India3 HY24 HY23 Δ HY24 HY23 Δ HY24 HY23 Δ HY24 HY23 Δ HY24 HY23 Δ Passengers (in millions) 2.3
Slide 36: Group Key Figures
Group Key Figures Business Update Income Statement1 in million CHF Jan – Jun 2024 Jan – Jun 2023 Financial Update Aviation revenue 313.5 278.6 Non-aviation revenue 317.6 298.1 Revenue 631.1 576.7 EBITDA 346.8 323.8 EBITDA margin (in %) 54.9 56.2 Outlook Depreciation and amortization (143.8) (142.6)
Slide 37: Revenue Breakdown: Aviation Business
Revenue Breakdown Business Update Aviation Business in million CHF Jan – Jun 2024 Jan – Jun 2023 Financial Update Passenger-related operations charges 200.9 182.8 Landing charges 40.4 36.7 Aircraft-related noise charges 7.4 7.0 Emission charges 1.9 1.7 Aircraft parking charges 14.2 13.8 Outlook Frei
Slide 38: Revenue Breakdown: Non-Aviation Business
Revenue Breakdown Business Update Non-Aviation Business in million CHF Jan – Jun 2024 Jan – Jun 2023 Financial Update Retail, tax & duty-free 58.6 56.2 Food & beverage operations 12.2 11.6 Advertising media and promotion 9.8 8.7 Other commercial revenue 8.4 8.1 Revenue from multi-story car parks 44.
Slide 39: Cost Overview
Cost Overview Business Update Operating Expenses Breakdown in million CHF Jan – Jun 2024 Jan – Jun 2023 Financial Update Personnel expenses 118.6 103.2 Police and security 63.7 56.5 Energy and waste 21.2 23.8 Maintenance and material 20.9 18.3 Other operating expenses 29.7 25.7 Outlook Sales, market
Slide 40: 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 28.9 30 27.7 26.3 400,000 25.5 24.3 24.8 24.9 Total Passengers (in millions) 25 Flight movements 22.6 22.9 22.6 22.1 21.9 350,000 Outlook 21.0 20.7 19.2
Slide 41: Traffic Data ZRH
Traffic Data ZRH Business Update Top 5 Airlines, Alliances, Destinations and Aircraft Types at ZRH Airlines ZRH (% of passengers) Alliance Share ZRH (% of passengers) Financial Update 51.2% Lufthansa Group 66.8% SWISS 50.8% 66.6% 9.5% Star Alliance 64.9% Edelweiss 9.8% 64.9% 2.1% Oneworld 5.4% Austr
Slide 42: Passenger Development: Global Market Figures
Passenger Development Business Update Global Market Figures (2023 vs. 2022) Financial Update Worldwide 2023 From/to ZRH +15.2% Global market +27.8% Europe 2023 Share ZRH 75.0% From/to ZRH +26% Global market +17% Middle East 2023 Outlook Share ZRH 5.5% From/to ZRH +20% North America 2023 Global marke
Slide 43: Reachable in 5 Hours By Train and Plane
Business Update Financial Update Outlook Q&A Appendix Reachable in 5 Hours By Train and Plane 43
Slide 44: Disclaimer
Disclaimer Business Update Forward-Looking Statements This document has been prepared by Zurich Airport Ltd. 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
Flughafen Zürich AG (Zurich Airport) — H1 2024 Earnings Presentation on 6ix