Flughafen Zurich AG · SIX:FHZN

Flughafen Zurich — H1 2009 Earnings Presentation

41 slides from Flughafen Zurich's earnings presentation, Aug 28, 2009

  1. Slide 1: Analysts' Presentation – 2009 Half Year Financial Results

    Analysts’ Presentation – 2009 Half Year Financial Results Thomas E. Kern Daniel Schmucki Chief Executive Officer Chief Financial Officer Zurich 1 l 28.08.2009 Airport l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  2. Slide 2: Schedule

    Schedule 1. 2009 Half Year Highlights 2. Half Year Key Data 3. Aviation 4. Non Aviation 5. Result / Balance Sheet 6. Other Key Topics 7. Outlook 2009 8. Your Questions 2 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  3. Slide 3: 1. 2009 Half Year Highlights

    1. 2009 Half Year Highlights • Successful implementation of Schengen March 29, 2009 • Start of Pier B and Centralised Security Building construction • Several quality awards confirm the high quality standards of Zurich Airport • Issuance of a CHF 225 million bond in January/February 2009 • Start of

  4. Slide 4: 2. Half Year Key Data

    2. Half Year Key Data 4 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  5. Slide 5: 2009 Half Year Traffic

    2009 Half Year Traffic 2009 2008 Delta in % Jan - Jun Jan - Jun Local passengers 6'456'827 6'919'164 -6.7% Transfer passengers 3'704'114 3'646'294 1.6% Transfer share 36.4% 34.5% Total passengers 10'200'951 10'606'574 -3.8% Movements 127'303 138'343 -8.0% whereof Line & Charter movements 108'352 114

  6. Slide 6: 2009 Half Year Financial Results

    2009 Half Year Financial Results 2009 2008 in million CHF Delta in % Jan - Jun Jan - Jun Revenues 395.7 424.7 -6.8% Aviation revenue 238.6 260.3 -8.3% Non-Aviation revenue 157.1 164.5 -4.4% EBITDA 188.2 226.5 -16.9% EBITDA margin 47.6% 53.3% EBIT 94.6 134.4 -29.6% EBIT margin 23.9% 31.6% Net profit

  7. Slide 7: 2009 Half Year Financial Results (without noise impact)

    2009 Half Year Financial Results (without noise impact) 2009 2008 in million CHF Jan - Jun Jan - Jun Delta in % w/o noise w/o noise Revenues 382.3 397.0 -3.7% Aviation revenue 222.8 230.4 -3.3% Non-Aviation revenue 159.4 166.6 -4.3% EBITDA 174.7 198.8 -12.1% EBITDA margin 45.7% 50.1% EBIT 84.0 106.7

  8. Slide 8: 3. Aviation

    3. Aviation 8 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  9. Slide 9: Aviation Segment Revenue Breakdown

    Aviation Segment Revenue Breakdown • Over proportional decrease of 2009 2008 local passengers, who pay in million CHF Delta in % Jan - Jun Jan - Jun higher charges Passenger charges 80.3 84.9 -5.4% • Landing charges decrease Security charges 65.2 68.0 -4.1% less than line and charter Landing charges

  10. Slide 10: ZRH Passenger Market Share (2009 Half Year)

    ZRH Passenger Market Share (2009 Half Year) Europe: North America: Share: 77.8% (PY:77.3%) Share: 7.1% (PY:7.5%) Change in Pax: -3.2% Change in Pax: -8.7% Asia: Share: 10.5% (PY:10.5%) Change in Pax: -3.2% Latin America: Share: 1.0% (PY:1.1%) Africa: Change in Pax: -10.9% Share: 3.6% (PY:3.6%) Chang

  11. Slide 11: Passengers by Customer Segments

    Passengers by Customer Segments 2008 Star Alliance 71.8% * 2009 * whereof 59.5% Swiss International Air Lines Low Cost Carrier 9.9% Passenger development compared to previous year Star Alliance ytd actual m onth Sky Team Low Cost Carrier 4.2% Sky Team OneWorld 5.1% OneWorld Charter Charter 2.6% -25.

  12. Slide 12: Key Indicators

    Key Indicators Passengers per Movement Seat Load Factor Average Take-Off Weight 70% 100 Seat Load Factor Passengers / Movement Average Mtow 90 66% 80 62% 70 58% 60 54% 50 8 9 0 1 2 3 4 5 6 7 8 9 199 199 200 200 200 200 200 200 200 200 200 200 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 H1 Airline traffic only

  13. Slide 13: 4. Non Aviation

    4. Non Aviation 13 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  14. Slide 14: Non Aviation Segment Revenue Breakdown

    Non Aviation Segment Revenue Breakdown • Rents and leases positively 2009 2008 in million CHF Delta in % influenced by lower vacancy Jan - Jun Jan - Jun rate, new lettings and Real estate 61.3 59.3 3.5% infrastructures Rents and leases 42.3 40.7 3.9% • Increase in utility revenue due Utilities 16.4

  15. Slide 15: Real Estate: Development of Revenue

    Real Estate: Development of Revenue in million CHF in % 140 8% Real Estate Revenues Ø vacancy in % 117.0 7% 120 112.1 110.7 110.6 105.2 106.2 107.1 6% 100 95.8 5.4 2.7 5.9% others others 5% 80 5.4% 4.2% 3.6% 4% 3.3% 3.4% 4.2% 60 4.0% 3.8% 3.8% 59.3 3.3% 61.3 3% 53.0 40 16.4 13.2 utilities 2% utiliti

  16. Slide 16: Commercial: Gross Income Shop-Operators

    Commercial: Gross Income Shop-Operators Mio CHF CHF 700 52 Commercial Turnover (in Mio.) September 2001 September 2003 April 2008 Attack on WTC New York Opening Pier E Enlargement Airport Shopping Total PAX (in Mio.) 50 600 Spend per dep. PAX October 2001 September 2004 Swissair Grounding Opening Ai

  17. Slide 17: 5. Result / Balance Sheet

    5. Result / Balance Sheet 17 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  18. Slide 18: Operating Expenses

    Operating Expenses • Increase of personnel costs 2009 2008 in million CHF Delta in % due to: Jan - Jun Jan - Jun • insourcing of staff for the Personnel 78.3 73.4 6.7% maintenance of the Security costs 56.6 56.4 0.3% baggage sorting system Energy & waste 13.3 11.8 13.3% • nominal salary increases Ma

  19. Slide 19: Net Result

    Net Result • Higher net cost of capital 2009 2008 in million CHF Delta in % mainly due to: Jan - Jun Jan - Jun • first time effect of EBITDA 188.2 226.5 -16.9% unwinding provision for EBITDA margin 47.6% 53.3% formal expropriations Depreciation -93.6 -92.1 1.5% • Lower financial income as EBIT 94.6

  20. Slide 20: Other Key Figures

    Other Key Figures 2009 2008 in million CHF Delta in % Jan - Jun Jan - Jun Cash flow operating activities 144.6 208.3 -30.6% Cash flow investing activities -106.2 -114.5 -7.2% whereof CAPEX -83.0 -101.0 Free cash flow 38.3 93.8 -59.1% Net financial debt (IFRS) 1'022.1 933.2 9.5% Long term financial l

  21. Slide 21: Other Key Figures (continued)

    Other Key Figures (continued) incl. noise excl. noise 2009 2008 2009 2008 Jan - Jun Jan - Jun Jan - Jun Jan - Jun Net Financial Debt/ EBITDA 1) 2.7 2.1 3.4 2.7 Cash Flow from operating activities / Net 34% 47% 27% 36% Financial Debt 1) Gearing 70% 65% 90% 82% ROCE 1) 5.6% 8.0% 5.3% 6.7% Return on eq

  22. Slide 22: 6. Other Key Topics

    6. Other Key Topics 22 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  23. Slide 23: Update on Infrastructural Facilities for Zurich 2010

    Update on Infrastructural Facilities for Zurich 2010 (Schengen and Security Projects) Pier B Mod. of Immigration Hall Passageway to Pier B Busgate B01-10 Centralized Skymetro Security extension 23 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  24. Slide 24: Update on Arrival Duty Free

    Update on Arrival Duty Free • The process of implementing arrival duty free is entering a final stage • Consultation process from May to September 2009 • A decision from Federal Government is expected by March 2010 and from Parliament by end of 2010. • Implementation of shops are scheduled for early

  25. Slide 25: The Circle at Zürich Airport

    “The Circle at Zürich Airport“ • “The Circle at Zürich Airport” is on track • Project well received by general public and authorities • Strong response on architectural contest, with 15 leading international architects selected, winning proposal by February 2010 • Marketing and Sales activities in p

  26. Slide 26: Update International Airport Activities

    Update International Airport Activities Bangalore • One year of operations; good performance in terms of quality and punctuality • Traffic forecast positive Latin America • With Curacao first project acquisition under A-Port structure concluded and successful handover of responsibility • Focus on po

  27. Slide 27: Update on Political Issues

    Update on Political Issues I) “Fair Traffic Allocation” initiative: II) “Ban of Runway Extension” initiative: • Approach from north; Departures towards • No extension of existing runways destination • No construction of new runways • Max. number of approaches from North • Fair & balanced allocation

  28. Slide 28: 7. Outlook 2009

    7. Outlook 2009 28 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  29. Slide 29: Outlook 2009 - Traffic January to July

    Outlook 2009 - Traffic January to July 2009 2009 in % PY in % PY July Jan - Jul Local passengers 1'396'402 -1.9% 7'853'229 -5.9% Transfer passengers 729'276 1.2% 4'433'390 1.5% Transfer share 34.2% 36.0% Total passengers 2'133'507 -0.8% 12'334'458 -3.3% Movements 23'584 -3.8% 150'887 -7.3% whereof L

  30. Slide 30: Timetable changes - Swiss

    Timetable changes - Swiss • Swiss additions/reductions from summer timetable 2009 onwards Birmingham, -1 daily flight Johannesburg, -1 weekly flight Montreal, -2 weekly flights Sao Paulo, -1 weekly flight Boston, -1 weekly flight London-City, -4 daily flights Mumbai, -2 weekly flights Shanghai, -1 w

  31. Slide 31: Timetable changes (continued)

    Timetable changes (continued) Changes announced during summer timetable 2009 OLT: Heringsdorf, +1 weekly seasonal flight, from 06Jun Robin Hood: Klagenfurt, +4 weekly flights, from 09Jun Belle Air Tirana, +4 weekly flights, from 01Jul Tarom Bucharest, +4 weekly flights, from 03Aug Changes for winter

  32. Slide 32: Outlook 2009 – Commercial Activities January to July

    Outlook 2009 – Commercial Activities January to July 2009 2009 in % PY in % PY July Jan - Jul Total turnover, m CHF 41.2 -4.9% 261.4 -5.5% Airside (change versus prev. year) -9.5% -13.2% Landside (change versus prev. year) 0.8% 5.1% Commercial turnover pax, CHF 38.6 -4.2% 42.4 -2.3% Airside (change

  33. Slide 33: Guidance on 2009 Full Year Key Figures

    Guidance on 2009 Full Year Key Figures • Guidance in substance unchanged compared to guidance earlier this year: • Passenger decrease of 3 - 5% (over proportional decrease of local passengers, transfer passengers flat or slightly positive) • Total passengers between 21 and 21.5 million • Lower comme

  34. Slide 34: Disclaimer

    Disclaimer This document has been prepared by Unique (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, th

  35. Slide 35: 8. Your Questions

    8. Your Questions 35 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  36. Slide 36: Annex to Analysts' Presentation

    Annex to Analysts‘ Presentation 36 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

  37. Slide 37: Capex-Plan

    Capex-Plan Capex (in mio. CHF) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Specific projects: 165 133 166 218 185 72 7 55 41 25 - - Increased maintenance / renovation RWY 16/34 54 5 - - - - - - - - - - Increased maintenance / renovation RWY 14/32 3 3 3 20 50 - - - - - - Increased mai

  38. Slide 38: Repayment Schedule (as per 30.06.2009)

    Repayment Schedule (as per 30.06.2009) Major repayments: 421.2 • Repayment of bond 2024 128m in March 2009 and issue of new bond ~ 225m 2009 – 2014 in 73.2 2015 February • Repayment of Bond 2014 298.2 150m June 2010 2013 73.2 • Partly repayments CBL (2009-12) 2012 129.2 • Partly repayments 127.3 US

  39. Slide 39: Debt Maturity Structure (Financial Liabilities)

    Debt Maturity Structure (Financial Liabilities) 30.06.2009 14.8% 46.4% 38.8% Maturity at the end of (half) year 2008 14.3% 38.1% 47.6% 3.6% 2007 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% within 1

  40. Slide 40: Traffic: European Passenger Benchmark (millions)

    Traffic: European Passenger Benchmark (millions) London LHR Paris CDG Frankfurt FRA Madrid MAD Amsterdam AMS Munich MUC Pax VJ 2008 2009 Pax IST Zurich ZRH LHR Copenhagen CPH passenger growth (YTD) CDG FRA Vienna VIE M AD AM S M UC Milan MXP ZRH C PH Brussels BRU M XP V IE BRU Geneva GVA GV A B SL B

  41. Slide 41: Hub Carrier Dominance at European Airports (seats offered)

    Hub Carrier Dominance at European Airports (seats offered) FRA Hub-Carrier ZRH Allianzmitglieder MUC AMS CDG CPH VIE MAD LHR BRU MXP 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Market share Source: Sabre, Nov. 2008 41 l 28.08.2009 l Analysts‘ Presentation © Unique (Flughafen Zürich AG)

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