Flughafen Zurich AG · SIX:FHZN

Flughafen Zurich — FY2013 Earnings Presentation

43 slides from Flughafen Zurich's earnings presentation, Mar 20, 2014

  1. Slide 1: 2013 Full Year Financial Results

    2013 Full Year Financial Results Thomas E. Kern Daniel Schmucki Chief Executive Officer Chief Financial Officer Zurich | Airport | 20.03.2014 | © Flughafen Zürich AG

  2. Slide 2: Schedule

    Schedule 1. Major Events 2013 3 2. Full Year Key Data 4 3. Aviation 9 4. Non-Aviation 12 5. OPEX & Other Key Figures 15 6. Update on charges 19 7. The Circle & International Business Development 22 8. Outlook 35 2 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  3. Slide 3: 1. Major Events 2013

    1. Major Events 2013 • Restructuring of financial liabilities leads to a negative one-off effect of CHF 82.9 Mio. in 2013 but also to sustainable lower interest rates • Provisional implementation of new noise charge framework • Swiss National Council & Council of States approve ratification of State

  4. Slide 4: 2. Full Year Key Data

    2. Full Year Key Data 4 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  5. Slide 5: Full Year Traffic Figures

    Full Year Traffic Figures Jan-Dec 2013 Jan-Dec 2012 ∆ (in %) in million CHF Local passengers 16.6 16.2 ██ + 2.2% Transfer passengers 8.2 8.5 -3.5% ███ Transfer share (in %) 32.9 34.2 -3.8% ███ Total passengers 24.9 24.8 + 0.3% Movements (in 1'000) 262.2 270.0 -2.9% ██ whereof Line & Charter movement

  6. Slide 6: Financial Key Figures

    Financial Key Figures Jan-Dec 2013 Jan-Dec 2012 ∆ (in %) in million CHF Aviation revenue 604.5 596.4 █ + 1.4% Non-Aviation revenue 370.6 352.4 █████ + 5.2% Revenue 975.1 948.8 ██ + 2.8% EBITDA 526.7 390.7 ██████ + 34.8% EBITDA margin (in %) 54.0 41.2 EBIT 302.0 171.9 ███████ + 75.6% EBIT margin (in

  7. Slide 7: Profit on a like-for-like basis (in CHF Mio.)

    Profit on a like-for-like basis (in CHF Mio.) 7 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  8. Slide 8: Financial Key Figures excluding Noise

    Financial Key Figures excluding Noise Jan-Dec 2013 Jan-Dec 2012 ∆ (in %) in million CHF Aviation revenue 550.1 544.4 █ + 1.1% Non-Aviation revenue 370.6 352.4 █████ + 5.2% Revenue 920.7 896.8 ██ + 2.7% EBITDA 476.2 342.4 ███████ + 39.1% EBITDA margin (in %) 51.7 38.2 ███████████████████ EBIT 259.3 1

  9. Slide 9: 3. Aviation

    3. Aviation 9 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  10. Slide 10: Aviation Segment Revenue Breakdown

    Aviation Segment Revenue Breakdown Jan-Dec 2013 Jan-Dec 2012 ∆ (in %) in million CHF Passenger & Security fees 365.1 359.7 █ + 1.5% PRM fees 11.1 11.1 + 0.3% Landing fees 85.3 86.0 -0.7% Noise Charges 54.4 52.1 ████ + 4.4% Emission fees 3.2 3.2 -1.0% Parking fees 7.1 6.7 █████ + 5.8% Fuel charges 7.

  11. Slide 11: Global Passenger Development (FY 2013)

    Global Passenger Development (FY 2013) Europe Dec. 2013 YTD 2013 Global Market +5.3% +2.6% North America Dec. 2013 YTD 2013 from/to ZRH -0.3% -0.1% Global Market +6.6% +1.3% from/to ZRH +1.0% +4.1% Middle East Dec. 2013 YTD 2013 Global Market +10.5% +10.1% from/to ZRH +3.0% +3.2% Africa Dec. 2013 YT

  12. Slide 12: 4. Non-Aviation

    4. Non-Aviation 12 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  13. Slide 13: Non-Aviation Segment Revenue Breakdown

    Non-Aviation Segment Revenue Breakdown Jan-Dec 2013 Jan-Dec 2012 ∆ (in %) in million CHF Retail, Tax & Duty Free 92.4 87.4 ███ + 5.7% Food & Beverage 15.0 14.3 ███ + 4.9% Other commercial revenue 30.0 29.1 ██ + 3.0% Commercial revenue 137.4 130.8 ███ + 5.0% Rents & Leases 95.5 94.5 █ + 1.1% Utilitie

  14. Slide 14: Key Figures Commercial Business

    Key Figures Commercial Business Landside Extension Airport Extension Airport Restaurant Landside ~10’000m2 Shopping ~3’000m2 Shopping ~4’000m2 Upperdeck ~1’000m2 ~18’000m2 Development in m2 Airside Opening Dock E & Extension Airside Center, opening Airside ~1’500m2 Airside Center ~9’000m2 walkthroug

  15. Slide 15: 5. OPEX & Other Key Figures

    5. OPEX & Other Key Figures 15 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  16. Slide 16: Operating Expenses

    Operating Expenses Jan-Dec 2012 Jan-Dec 2013 ∆ (in %) in million CHF excl. BVK Personnel expenses 178.2 168.2 █████ + 5.9% Police and security 118.1 115.3 ██ + 2.4% Energy and waste 25.2 26.1 -3.5% ███ Maintenance and material 43.6 42.8 █ + 1.9% Other operationg expenses 53.6 52.0 ██ + 3.2% Sales, m

  17. Slide 17: Result Breakdown & Key Figures

    Result Breakdown & Key Figures Jan-Dec Jan-Dec Jan-Dec Jan-Dec in million CHF 2013 2012 2013 2012 EBITDA 526.7 390.7 476.2 342.4 EBITDA margin (in %) 54.0 41.2 51.7 38.2 Depreciation and amortisation -224.7 -218.7 -217.0 -211.0 EBIT 302.0 171.9 259.3 131.4 EBIT margin (in %) 31.0 18.1 28.2 14.7 Fina

  18. Slide 18: Investments

    Investments Investments per 31.12.2013 2014 planned investment costs for largest projects (in million CHF) 1 Upgrade Terminal 2 43.5 Various maintenance 2 26.2 projects in real estate 3 The Circle 21.6 4 Expansion Parking 19.5 5 Noise Protection Hangar 16.4 General Wastewater Plan- 6 14.9 Renovation

  19. Slide 19: 6. Update on charges

    6. Update on charges 19 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  20. Slide 20: Economic Regulation of Airport Charges

    Economic Regulation of Airport Charges 2013 Failure of airport charges negotiation 22.08.  next level: fallback-regulation Decision of airport charges by FOCA 14.11.  based on proposal of FZAG Appeal by some users to Federal Administrative Court 16.12.  implementation of moderately higher charges

  21. Slide 21: Airport Zurich Noise Fund

    Airport Zurich Noise Fund Total Balance of Airport Zurich Noise Fund: Kanton ZH CHF 528.1 Mio. as per 31.12.2013 CHF 228 Mio. Total estimated noise costs (base case) for sound insulation, resident protection and formal expropriations: CHF 740.6 Mio. (unchanged) Flughafen Zürich AG Future cash inflow

  22. Slide 22: 7. The Circle & International Business Development

    7. The Circle & International Business Development 22 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  23. Slide 23: Update on The Circle

    Update on ʺThe Circleʺ Current Work ~ Q4 2014 ~ 2018 •Preparation of Con- •If conditions •Opening of construction Planning are met buildings in •Achievement struction •Construction Opening stages Phase of conditions Phase in 2 phases •Phase 2 later for realisation Milestones in 2013 Financing Struct

  24. Slide 24: Update on The Circle

    Update on ʺThe Circleʺ Planning assumption Final structure Investor(s) >50% <50% 51% 49% Debt SPV • One of Europe's leading comprehensive life and pensions and financial solutions providers Perfect partnership • Known, solid, solvent counterparty with excellent reputation with Swiss Life • One of th

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    32 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  33. Slide 33: Confins Airport – Status update

    Confins Airport – Status update Project parameters: • 30 year concession for the extension and operation of Confins International Airport in Belo Horizonte, Brazil • Private consortium consisting of CCR (75%), Flughafen Zürich AG (24%) and Flughafen München GmbH (1%) • Private consortium to hold 51%

  34. Slide 34: International Presence

    International Presence Bengaluru International Airport, India Hato International Airport, Curaçao 4 Airports in Honduras El Dorado Int. Airport, Bogotá, Colombia 3 Regional Airports Confins Intl. Airport, in Chile Belo Horizonte, Brazil Reviews in 2013: • Confins, Brazil Active engagement (awarded)

  35. Slide 35: 8. Outlook

    8. Outlook 35 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  36. Slide 36: Outlook 2014: Traffic & Commercial Figures

    Outlook 2014: Traffic & Commercial Figures Traffic Figures Jan-Feb 2014 Jan-Feb 2013 ∆ (in %) in million CHF Local passengers 2.2 2.1 ████ + 5.0% Transfer passengers 1.1 1.2 -8.3% ████████ Transfer share (in %) 32.9 36.0 -8.6% ████████ Total passengers 3.4 3.3 + 0.3% Movements (in 1'000) 38.9 39.4 -

  37. Slide 37: Timetable 2014

    Timetable 2014 Swiss International Air Lines Destination Details Chicago 12x instead of 11x weekly (per August) Nairobi / Dar es Salaam New daily flight instead of 6x weekly (June – September) London City No more nightstopps (last flight to LCY and first flight from LCY) Delhi 6x instead of 7x weekl

  38. Slide 38: Guidance 2014

    Guidance 2014 The Guidance 2014 is based on the full year results 2013, excl. the one-off effect in the finance result (CHF 82.9 Mio. pre tax) PAX moderate growth (0-1%) moderate growth (0-1%) Revenue lower slightly higher incl. Noise * excl. Noise Aviation lower prop. to traffic growth Non-Aviation

  39. Slide 39: 9. Your Questions

    9. Your Questions 39 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  40. Slide 40: Financial Liabilities (per 31.12.2013)

    Financial Liabilities (per 31.12.2013) Debt Portfolio (in Mio.) Financial Original Nominal Carrying Interest Maturity Liability Currency Value Amount (CHF) Rate 11.04.2014 USPP USD 110 96.8 4.753% 13.04.2015 Bond CHF 225 224.9 18.02.2014 4.500% Bond CHF 250 248.1 05.05.2017 2.250% Bond CHF 300 299.2

  41. Slide 41: Customer Segments ZRH 2013

    Customer Segments ZRH 2013 41 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  42. Slide 42: Star Alliance Hubs (Jan 2012 – Dez 2013)

    Star Alliance Hubs (Jan 2012 – Dez 2013) 42 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

  43. Slide 43: Key Indicators

    Key Indicators 43 | 20.03.2014 | 2013 Full Year Financial Results © Flughafen Zürich AG

Flughafen Zürich — FY2013 Earnings Presentation on 6ix