Flughafen Zurich Ag · SIX:FHZN

Flughafen Zurich — FY2015 Earnings Presentation

40 slides from Flughafen Zurich's earnings presentation, Mar 11, 2016

Slide 1: 2015 Full Year Financial Results
2015 FULL YEAR FINANCIAL RESULTS PRESENTATION TO INVESTORS & ANALYSTS Stephan Widrig Daniel Schmucki Chief Executive Officer Chief Financial Officer | | © Flughafen Zürich AG
Slide 2: Schedule
SCHEDULE 1. Overview 2015 2. Financial performance 2015 3. Business outlook 4. Capital management 5. Q&A 2 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 4: Traffic Figures 2015
TRAFFIC FIGURES 2015 Jan-Dec 2015 Jan-Dec 2014 ∆ (in %) in million Local passengers 18.7 17.7 ██████ + 6.0% Transfer passengers 7.5 7.7 -3.3% ███ Transfer share (in %) 28.5 30.3 -5.9% █████ Total passengers 26.3 25.5 ███ + 3.2% Movements (in 1'000) 265.1 265.0 + 0.0% whereof line & charter movements
Slide 5: Solid Operating Performance and Increased Operating Profit
SOLID OPERATING PERFORMANCE AND INCREASED OPERATING PROFIT • higher aviation and non-aviation revenue • strong local passenger development • stable commercial revenues despite strong CHF • strict cost control • increase in profit excluding one-off effects by 4.6% • three one-off effects to be consid
Slide 7: Financial Key Figures Including Noise
FINANCIAL KEY FIGURES INCLUDING NOISE Jan-Dec 2015 Jan-Dec 2015* Jan-Dec 2014 ∆ (in %) in million CHF Aviation revenue 597.4 597.4 575.0 ███ + 3.9% Non-aviation revenue 391.6 391.6 388.5 + 0.8% Revenue 989.0 989.0 963.5 ██ + 2.6% EBITDA 502.8 547.5 523.5 ████ + 4.6% EBITDA margin (in %) 50.8 55.4 54
Slide 8: Financial Key Figures Excluding Noise
FINANCIAL KEY FIGURES EXCLUDING NOISE Jan-Dec 2015 Jan-Dec 2015* Jan-Dec 2014 ∆ (in %) in million CHF Aviation revenue 586.6 586.6 564.8 ███ + 3.9% Non-aviation revenue 391.6 391.6 388.5 + 0.8% Revenue 978.2 978.2 953.3 ██ + 2.6% EBITDA 592.3 539.8 517.2 ████ + 4.4% EBITDA margin (in %) 60.6 55.2 54
Slide 10: Aviation Segment Revenue Breakdown
AVIATION SEGMENT REVENUE BREAKDOWN Jan-Dec 2015 Jan-Dec 2014 ∆ (in %) in million CHF 1 Passenger & security charges 399.6 383.2 ████ + 4.3% PRM charges 11.8 11.4 ███ + 3.1% Passenger-related noise charges 0.0 2.0 n/a Landing charges 89.4 87.6 ██ + 2.1% 2 Aircraft-related noise charges 10.8 8.2 n/a E
Slide 12: Non-Aviation Segment Revenue Breakdown
NON-AVIATION SEGMENT REVENUE BREAKDOWN Jan-Dec 2015 Jan-Dec 2014 ∆ (in %) in million CHF 1 Retail, tax & duty free 95.4 96.5 -1.1% █ Food & beverage operations 16.1 15.3 █████ + 5.0% 2 Revenue from multi-storey car parks 74.3 73.4 █ + 1.2% Other commercial revenue 31.0 29.7 ████ + 4.1% Total commerc
Slide 13: Key Figures Commercial Business
KEY FIGURES COMMERCIAL BUSINESS spend / dep. PAX CHF 40.7 44% 56% total airside commercial area ~14’200sqm total landside commercial area ~19’000sqm 13 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 15: Operating Expenses
OPERATING EXPENSES Jan-Dec 2015 Jan-Dec 2014 ∆ (in %) in million CHF Personnel expenses 167.8 180.9 -7.2% ███████ Police and security 118.6 117.8 + 0.7% Energy and waste 21.9 20.7 █████ + 5.5% Maintenance and material 40.8 41.3 -1.2% █ Other operating expenses 51.2 52.9 -3.2% ███ Sales, marketing, a
Slide 16: Key Figures
KEY FIGURES incl. noise excl. noise Jan-Dec 2015* Jan-Dec 2014 Jan-Dec 2015* Jan-Dec 2014 in million CHF EBITDA 547.5 523.5 539.8 517.2 EBITDA margin (in %) 55.4 54.3 55.2 54.3 Depreciation and amortization -228.2 -228.9 -222.4 -221.4 EBIT 319.3 294.6 317.4 295.8 EBIT margin (in %) 32.3 30.6 32.4 31
Slide 17: Segment Report: Total ROIC
SEGMENT REPORT (IN MILLION CHF) TOTAL ROIC (EXCL. NOISE AND ONE-OFFS): 8.4% Regulated business Non-regulated business ROIC 2015 excl. one-off effects: 13.7% based on results of the 12-month period preceding the reporting date 17 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 19: Hour Passion Boutique (Operated by Swatch Group)
HOUR PASSION BOUTIQUE (OPERATED BY SWATCH GROUP) 19 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 20: Timetable Highlights
TIMETABLE HIGHLIGHTS until June 2016: 6x B777-300ER expected as of June 2016: CSeries 100 (replacing 6x A340) (replacing Avro RJ100 ) Current winter timetable 2015/2016 (since October 25, 2015) Polish flag carrier LOT returns to ZRH with a double Warsaw f daily service (since January 2016) French re
Slide 21: Update on Charges
UPDATE ON CHARGES publication in AIC* consultation decree (excpected) appeal period decree legally binding application for publication in AIP** publication AIP** implementation JAN FEB MAR APR MAI JUN JUL AUG ** Aeronautical Information Circular ** Aeronautical Information Publication 21 | 03/11/201
Slide 22: Investments
INVESTMENTS Investments per December 31, 2015 (in million CHF) 2016 planned investment costs for largest projects 1 «The Circle» (51%) 39.5 2 Upgrade terminal 2 38.2 Various maintenance 3 24.0 projects in real estate 4 Expansion parking 21.8 5 Redesign curbside lanes 19.6 «The Circle» Expansion park
Slide 23: Guidance 2016
GUIDANCE 2016 The Guidance 2016 is based on the consolidated income statement 2015 excluding one-off effects. Implementation of new tariffs assumed in Q3/2016. The reduction in tariffs will be partly offset by passenger growth. PAX approx. 3% higher local disproportionately higher growth transfer di
Slide 25: Strategic Path Is Clear
STRATEGIC PATH IS CLEAR premium mid-sized hub leading commercial centers center for business & lifestyle international business activities 25 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 26: «The Circle» on Track
«THE CIRCLE» ON TRACK Project work & construction • construction works in full swing • overall cost forecast unchanged Marketing & promotion Timelines • advanced talks and negotiations • completion of construction by end 2018 • execution of 2nd stage under review • grand opening expected in 2019 26
Slide 27: Strengthen Commercial and Real Estate Expertise with Two Industry Leaders
STRENGTHEN COMMERCIAL AND REAL ESTATE EXPERTISE WITH TWO INDUSTRY LEADERS 27 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 28: Key Credit Metrics Have Strengthened Beyond Historic Levels
KEY CREDIT METRICS HAVE STRENGTHENED BEYOND HISTORIC LEVELS (excluding noise) 2011 2012 2013 2014 2015 Free cashflow (in mCHF) 67.4 218.7 204.7 218.9 248.1 net debt (in mCHF) 1’257.3 1’107.9 994.7 871.0 651.2 net debt / EBITDA 2.9x 3.2x 2.1x 1.7x 1.1x equity ratio 49.9% 47.8% 52.3% 57.9% 61.3% S&P R
Slide 30: Solid Cash Flows Enable Value Creating Investments
SOLID CASH FLOWS ENABLE VALUE CREATING INVESTMENTS Continued strong business outlook over coming years • solid performance in the regulated business  clarity on operational charges framework • outperformance in the non-regulated business  «The Circle» project on track Focus on value creating inves
Slide 31: Reduction of Capital Surplus over Coming Years
REDUCTION OF CAPITAL SURPLUS OVER COMING YEARS Maintain existing dividend policy • payout ratio of 35-45% of profit excluding the influence of aircraft noise and excluding one-off effects Using financial headroom for investments and special distributions to shareholders • additional distribution of
Slide 32: Proposals to AGM 2016
PROPOSALS TO AGM 2016 Distribution to shareholders of total CHF 190 million • regular dividend of CHF 15.00 per share (payout ratio: 40.5%) • additional dividend of CHF 16.00 per share out of the capital contribution reserve Share split 1:5 • share capital remains unchanged, reduction of nominal val
Slide 33: 5. Q&A
5. Q&A Roadshow Frankfurt (Bank Vontobel) Monday, March 14, 2016 Swiss Seminar (Kepler Cheuvreux) Wednesday, March 23, 2016 Roadshow London (MainFirst) Wednesday, April 13, 2016 Roadshow US/Canada (Royal Bank of Canada) April 19 – April 21, 2016 General meeting of shareholders Thursday, April 28, 20
Slide 34: IR Contacts
IR CONTACTS Lukas Brosi Head Financial Services +41 (0)43 816 72 91 investor.relations@zurich-airport.com Stefan Weber Investor Relations & Treasury +41 (0)43 816 27 15 investor.relations@zurich-airport.com 34 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 35: 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
Slide 36: Financial Liabilities (per December 31, 2015)
FINANCIAL LIABILITIES (PER DECEMBER 31, 2015) 36 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 37: Passenger Development
PASSENGER DEVELOPMENT Worldwide 2015 from/to ZRH +3.2% global market +6.1% North America 2015 market share ZRH 8.2% Middle East 2015 from/to ZRH -0.1% market share ZRH 5.1% global market +5.6% from/to ZRH +6.9% global market +11.3% Far East 2015 market share ZRH 6.8% Latin America 2015 from/to ZRH +
Slide 38: Alliance Shares ZRH 2015
ALLIANCE SHARES ZRH 2015 passenger growth vs. previous year Star Alliance 0.8% One World 6.2% Sky Team 4.2% other 11.1% -4% -2% 0% 2% 4% 6% 8% 10% 12% 14% 38 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG
Slide 39: Star Alliance Hubs (Jan 2015 – Dec 2015)
STAR ALLIANCE HUBS (JAN 2015 – DEC 2015) 39 | 03/11/2016 | 2015 full year financial results © Flughafen Zürich AG

Flughafen Zürich — FY2015 Earnings Presentation on 6ix

Flughafen Zurich — FY2015 Earnings Presentation

Slide 1: 2015 Full Year Financial Results

Slide 2: Schedule

Slide 3: 1. Overview 2015

Slide 4: Traffic Figures 2015

Slide 5: Solid Operating Performance and Increased Operating Profit

Slide 6: 2. Financial Performance 2015

Slide 7: Financial Key Figures Including Noise

Slide 8: Financial Key Figures Excluding Noise

Slide 9: Aviation

Slide 10: Aviation Segment Revenue Breakdown

Slide 11: Non-Aviation

Slide 12: Non-Aviation Segment Revenue Breakdown

Slide 13: Key Figures Commercial Business

Slide 14: OPEX & Other Key Figures

Slide 15: Operating Expenses

Slide 16: Key Figures

Slide 17: Segment Report: Total ROIC

Slide 18: Outlook

Slide 19: Hour Passion Boutique (Operated by Swatch Group)

Slide 20: Timetable Highlights

Slide 21: Update on Charges

Slide 22: Investments

Slide 23: Guidance 2016

Slide 24: 3. Business Outlook

Slide 25: Strategic Path Is Clear

Slide 26: «The Circle» on Track

Slide 27: Strengthen Commercial and Real Estate Expertise with Two Industry Leaders

Slide 28: Key Credit Metrics Have Strengthened Beyond Historic Levels

Slide 29: 4. Capital Management

Slide 30: Solid Cash Flows Enable Value Creating Investments

Slide 31: Reduction of Capital Surplus over Coming Years

Slide 32: Proposals to AGM 2016

Slide 33: 5. Q&A

Slide 34: IR Contacts

Slide 35: Disclaimer

Slide 36: Financial Liabilities (per December 31, 2015)

Slide 37: Passenger Development

Slide 38: Alliance Shares ZRH 2015

Slide 39: Star Alliance Hubs (Jan 2015 – Dec 2015)

Slide 40: Key Indicators