Flughafen Zurich AG · SIX:FHZN

Flughafen Zurich — H1 2010 Earnings Presentation

45 slides from Flughafen Zurich's earnings presentation, Aug 18, 2010

Slide 1: Analysts' Presentation – 2010 Half Year Financial Results
Analysts‘ Presentation – 2010 Half Year Financial Results Thomas E. Kern Daniel Schmucki Chief Executive Officer Chief Financial Officer Zurich | Airport | 18.08.2010 | © Flughafen Zürich AG
Slide 2: Schedule
Schedule 1. Half Year Highlights 03 2. Half Year Key Data 04 3. Aviation 08 4. Non-Aviation 12 5. Financial Key Figures 17 6. Other Key Topics 21 7. Outlook 31 8. Your Questions 40 2 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 3: 1. Half Year Highlights
1. Half Year Highlights • The Circle: architectural contest finalized • Stefan Conrad appointed new COO • Introduction of A380 flight by SQ in March • Extension of travel retail and strategic tenants contracts • Rebranding “Flughafen Zürich AG” • Suspension of air traffic due to volcanic eruption •
Slide 4: 2. Half Year Key Data
2. Half Year Key Data 4 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 5: Half Year Traffic
Half Year Traffic 2010 2009 Delta Jan-Jun Jan-Jun Local passengers 6'798'685 6'456'827 5.3% Transfer passengers 3'667'962 3'704'114 -1.0% Transfer share 35.0% 36.4% Total passengers 10'508'821 10'200'951 3.0% Movements 128'912 127'303 1.3% whereof Line & Charter movements 108'908 108'352 0.5% Cargo
Slide 6: Half Year Financial Results
Half Year Financial Results 2010 2009 in million CHF Delta Jan-Jun Jan-Jun Revenues 408.1 395.7 3.1% Aviation revenue 247.8 238.6 3.8% Non-Aviation revenue 160.3 157.1 2.0% EBITDA 195.0 188.2 3.6% EBITDA margin 47.8% 47.6% EBIT 100.4 94.6 6.2% EBIT margin 24.6% 23.9% Net profit 49.7 47.2 5.3% Net fi
Slide 7: Half Year Financial Results (without noise impact)
Half Year Financial Results (without noise impact) 2010 2009 in million CHF Jan-Jun Jan-Jun Delta w/o noise w/o noise Revenues 394.1 380.0 3.7% Aviation revenue 233.8 222.8 4.9% Non-Aviation revenue 160.3 157.1 2.0% EBITDA 183.2 174.7 4.8% EBITDA margin 46.5% 46.0% EBIT 91.4 84.0 8.9% EBIT margin 23
Slide 9: Aviation Segment Revenue Breakdown
Aviation Segment Revenue Breakdown • Over-proportional increase of 2010 2009 passenger & security revenues in million CHF Jan-Jun Jan-Jun Delta as a result of mix of local/transfer passengers Passenger charges 83.7 80.3 4.2% Security charges 67.4 65.2 3.5% • Stable landing charges due to Landing cha
Slide 10: Traffic: European Passenger Benchmark (millions)
Traffic: European Passenger Benchmark (millions) 10 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 13: Non Aviation Segment Revenue Breakdown
Non Aviation Segment Revenue Breakdown • Lower utilities revenue lead 2010 2009 in million CHF Delta to decrease in real estate Jan-Jun Jan-Jun revenues Real estate 59.2 61.3 -3.4% • Stronger commercial Rents and leases 42.3 42.3 0.0% revenues Utilities 14.3 16.4 -13.0% • Under-proportional increase
Slide 14: Real Estate: Development of Revenue
Real Estate: Development of Revenue 14 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 15: Commercial: Gross Income Shop-Operators
Commercial: Gross Income Shop-Operators 15 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 16: Airside Center: increase in size of commercial space
Airside Center: increase in size of commercial space 2009 2012 ~ 7„000 m2 ~ 8„400 m2 • Additional ~1„400m2 commercial space for: • Two walk-through shopping concept for tax- and Duty Free Shopping • Duty paid concepts, e.g.: • Bucherer • Tiffany • Omega • New F&B concepts, e.g.: • Mövenpick Marché •
Slide 17: 5. Financial Key Figures
5. Financial Key Figures 17 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 18: Operating Expenses
Operating Expenses • Total costs stable on a 2010 2009 like for like basis in million CHF Delta Jan-Jun Jan-Jun • Increase only due to new Personnel 79.1 78.3 1.1% costs for handling Security costs 56.9 56.6 0.6% passengers with reduced mobility (included in other Energy & waste 13.4 13.3 0.5% opera
Slide 19: Net Result
Net Result • Depreciation slightly 2010 2009 in million CHF Delta Jan-Jun Jan-Jun increased as a result of newly capitalized EBITDA 195.0 188.2 3.6% infrastructure EBITDA margin 47.8% 47.6% • Financing costs remained Depreciation -94.5 -93.6 1.1% stable, cash expenses EBIT 100.4 94.6 6.2% down by ~
Slide 20: Other Key Figures
Other Key Figures • Financial KPI„s improved incl. noise excl. noise 2010 2009 2010 2009 • 2010: no debt transaction Jan-Jun Jan-Jun Jan-Jun Jan-Jun planned, CHF 150m bond Net Financial Debt/ EBITDA 2.11 2.68 2.77 3.37 repaid out of cash Cash Flow from operating 24.0% 14.1% 18.0% 11.1% • Strong oper
Slide 21: 6. Other Key Topics
6. Other Key Topics 21 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 22: Update on "Zurich 2010": Pier B
Update on “Zurich 2010”: Pier B 22 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 23: Update on "Zurich 2010": Pier B
Update on “Zurich 2010”: Pier B 23 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 24: Update on "Zurich 2010": Centralized Security
Update on “Zurich 2010”: Centralized Security 24 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 25: Update on "Zurich 2010": Centralized Security
Update on “Zurich 2010”: Centralized Security 25 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 26: Update on "The Circle"
Update on “The Circle” today 2011 2012 2013 2014 2015 2016 2017 2018 Pre-study- Pre-project- Phase 1 – start Phase 1 phase phase construction Opening Phase 2 – start Phase 2 Submission of Building construction Opening Go / no Go building permit permit Current project tasks • Planning & Architecture:
Slide 27: Update on "Arrival Duty Free"
Update on “Arrival Duty Free” • Decision from Parliament expected by autumn 2010 • Opening of two shops is planned for spring/summer 2011 • The Nuance Group AG will operate these shops • Arrival 1: ~1‟200m2 • Arrival 2: ~700m2 27 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 28: Update on International Airport Activities
Update on International Airport Activities Current markets: • Bangalore • Latin-America (e.g. Chile, Honduras, Colombia, Curaçao) Potential new markets with strategic partners: • GVK: Indian sub continent • A-Port: privatization in Latin-America, e.g. Brazil Bengaluru International Airport / India P
Slide 29: Update on Noise Compensation-Related Issues
Update on Noise Compensation-Related Issues • Decision of Swiss Federal Court, January 1, 1961 to be relevant reference day for the foreseeability of the East approaches (29.06.2010) • Analyzing the financial impact of this final-instance decision regarding costs for formal expropriation and noise i
Slide 30: Update on Political Issues
Update on Political Issues • „Ban of Runway Extension“ initiative: • Parliament of Canton Zurich supports, government of Canton Zurich refuses initiative • Counter position by public group, partly annulled • Time for public vote not defined • Economic Regulation • New European Directive also require
Slide 32: Outlook 2010: Traffic January to July
Outlook 2010: Traffic January to July 2010 2009 2010 2009 Delta Delta July July Jan-July Jan-July Local passengers 1'517'864 1'396'402 8.7% 8'316'549 7'853'229 5.9% Transfer passengers 733'186 729'276 0.5% 4'401'148 4'433'390 -0.7% Transfer share 32.5% 34.2% 34.6% 36.0% Total passengers 2'258'145 2'
Slide 33: Outlook 2010: Timetable changes
Outlook 2010: Timetable changes Additions/reductions summer timetable 2010 onwards  Mumbai, 5x increased to 6x weekly as of June and to daily as of November  Delhi, 5x increased to daily as of November  Bangkok, 6x increased to daily as of November  Shanghai, daily reduced to 6x weekly as of Nov
Slide 34: Outlook 2010: Traffic Development until 2020
Outlook 2010: Traffic Development until 2020 Source: Intraplan Consult Gmbh, 02.02.2010, www.bazl.admin.ch 34 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 35: Outlook 2010: Commercial Activities January to July
Outlook 2010: Commercial Activities January to July 2010 2009 2010 2009 Delta Delta July July Jan-July Jan-July Total turnover, m CHF 44.0 41.0 7.2% 276.1 261.3 5.7% Airside (change versus prev. year) 6.7% -9.5% 4.4% -13.2% Landside (change versus prev. year) 7.9% 0.8% 7.0% 5.1% Commercial turnover/
Slide 36: Outlook 2010: Guidance 2010 Full Year Key Figures
Outlook 2010: Guidance 2010 Full Year Key Figures • Passenger increase of 3 – 5% (despite volcanic eruption) • Transfer share 35 – 36% • Total passengers between 22.5 and 23.0 million • Aviation revenue growth over-proportional compared to non-aviation-revenues • EBITDA margin to increase slightly •
Slide 37: Investor Relations Team enlarged
Investor Relations Team enlarged Investor Relations Team of Zurich Airport Daniel Schmucki Michael Ackermann Lukas Brosi Chief Financial Officer Head of Controlling & Head of Treasury & Investor Relations Cash Management Supported by Investor Relations Assistant 37 | 18.08.2010 | 2010 Half Year Fina
Slide 38: 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 41: Repayment Schedule (as per 30.06.2010)
Repayment Schedule (as per 30.06.2010) Major repayments: • Bond 150m repaid in June 2010, out of existing cash • Partly repayments CBL (2010-12) • Partly repayments US PP (2011-15) • Bond 225m (2014) • Repayment Japanese PP (2024) 41 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich
Slide 42: Debt Maturity Structure (Financial Liabilities)
Debt Maturity Structure (Financial Liabilities) 42 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 43: Passengers by Customer Segments
Passengers by Customer Segments whereof 57.5% Swiss International Air Lines Ltd. 43 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 44: Hub Carrier Dominance at European Airports (seats offered)
Hub Carrier Dominance at European Airports (seats offered) 44 | 18.08.2010 | 2010 Half Year Financial Results © Flughafen Zürich AG
Slide 45: ZRH Passenger Market Share & Growth (YTD 2010)
ZRH Passenger Market Share & Growth (YTD 2010) North America Europe Share 77.1% (PY:77.8%) Share: 7.5% (PY:7.1%) Change in Pax: +2.1% Change in Pax: +9.6% Asia Share: 10.7% (PY:10.5%) Change in Pax: +4.9% Latin America Africa Share: 1.0% (PY:1.0%) Share: 3.7% (PY:3.6%) Change in Pax: +2.1% Change in

Flughafen Zürich — H1 2010 Earnings Presentation on 6ix

Flughafen Zurich — H1 2010 Earnings Presentation

Slide 1: Analysts' Presentation – 2010 Half Year Financial Results

Slide 2: Schedule

Slide 3: 1. Half Year Highlights

Slide 4: 2. Half Year Key Data

Slide 5: Half Year Traffic

Slide 6: Half Year Financial Results

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

Slide 8: 3. Aviation

Slide 9: Aviation Segment Revenue Breakdown

Slide 10: Traffic: European Passenger Benchmark (millions)

Slide 11: Key Indicators

Slide 12: 4. Non Aviation

Slide 13: Non Aviation Segment Revenue Breakdown

Slide 14: Real Estate: Development of Revenue

Slide 15: Commercial: Gross Income Shop-Operators

Slide 16: Airside Center: increase in size of commercial space

Slide 17: 5. Financial Key Figures

Slide 18: Operating Expenses

Slide 19: Net Result

Slide 20: Other Key Figures

Slide 21: 6. Other Key Topics

Slide 22: Update on "Zurich 2010": Pier B

Slide 23: Update on "Zurich 2010": Pier B

Slide 24: Update on "Zurich 2010": Centralized Security

Slide 25: Update on "Zurich 2010": Centralized Security

Slide 26: Update on "The Circle"

Slide 27: Update on "Arrival Duty Free"

Slide 28: Update on International Airport Activities

Slide 29: Update on Noise Compensation-Related Issues

Slide 30: Update on Political Issues

Slide 31: 7. Outlook

Slide 32: Outlook 2010: Traffic January to July

Slide 33: Outlook 2010: Timetable changes

Slide 34: Outlook 2010: Traffic Development until 2020

Slide 35: Outlook 2010: Commercial Activities January to July

Slide 36: Outlook 2010: Guidance 2010 Full Year Key Figures

Slide 37: Investor Relations Team enlarged

Slide 38: Disclaimer

Slide 39: 8. Your Questions

Slide 40: Capex Plan

Slide 41: Repayment Schedule (as per 30.06.2010)

Slide 42: Debt Maturity Structure (Financial Liabilities)

Slide 43: Passengers by Customer Segments

Slide 44: Hub Carrier Dominance at European Airports (seats offered)

Slide 45: ZRH Passenger Market Share & Growth (YTD 2010)