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© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation1 l l
Analysts’ Presentation – 2008 Financial Results
Zurich Airport 19.03.2009
Thomas E. KernChief Executive Officer
Daniel SchmuckiChief Financial Officer
l
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation2 l l
1. 2008 Highlights 2. Full Year Key Data3. Aviation 4. Non Aviation 5. Result / Balance Sheet 6. Other Key Topics 7. Outlook 2009 8. Your Questions
Schedule
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation3 l l
1. 2008 Highlights Development Aviation Segment
• Strong traffic increase in both, local and transfer passengers
• Reconstruction of runway 16 / 34 successfully completed
• Successful implementation of Schengen infrastructure
• Several quality awards confirm the high quality standards of Zurich Airport
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation4 l l
2008 Highlights (continued) Development Non Aviation Segment
• Strong increase in commercial and real estate revenue; higher spend per PAX
• Expansion of Airport Shopping successfully completed in April
• Opening of the new Airport Hotel
• Several new lettings:• McKinsey Switzerland
(2 ½ top floors Airport Hotel) • Bucher Industries • Swiss Railway Company
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation5 l l
2008 Highlights (continued) • Opening Bengaluru International
Airport
• Federal Court decision on 18 pilot cases and beginning of handling of formal expropriation payments
• Economic downturn has impacted especially local traffic and commercial airside revenue, starting 4th quarter 2008
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation6 l l
2. Full Year Key Data
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation7 l l
2008 Traffic
Local passengers 14'263'306 13'643'601 4.5%
Transfer passengers 7'759'300 6'989'922 11.0%
Transfer share 35.2% 33.8%
Total passengers 22'099'233 20'739'113 6.6%
Movements 274'991 268'476 2.4%
whereof Line & Charter movements 231'775 223'745 3.6%
Cargo (in tons) 387'671 374'264 3.6%
2007 2008 Delta in %
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation8 l l
2008 Financial Resultsin million CHF 2008 2007 Delta in %
Revenues 855.1 802.9 6.5%Aviation revenue 525.7 496.0 6.0%Non-Aviation revenue 329.4 306.9 7.3%
EBITDA 420.2 410.1 2.5%EBITDA margin 49.1% 51.1%
Net profit 121.3 130.7 -7.2%
Net financial debt (IFRS) 1'019.0 918.8 10.9%
Cash flow from operating activities 415.1 410.9 1.0%CAPEX 249.9 109.1 n.a.
EpS (in CHF) 19.8 21.3 -7.1%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation9 l l
2008 Financial Results (without noise impact)
in million CHF 2008w/o noise
2007w/o noise Delta in %
Revenues 813.0 748.6 8.6%Aviation revenue 479.3 437.7 9.5%Non-Aviation revenue 333.7 310.9 7.4%
EBITDA 378.1 355.8 6.3%EBITDA margin 46.5% 47.5%
Net profit 100.6 83.5 20.5%
Net financial debt (IFRS) 1'180.2 1'166.8 1.1%
Cash flow from operating activities 379.8 360.2 5.4%
EpS (in CHF) 16.4 13.6 20.6%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation10 l l
4%
1%1%
9%
1%15%
27%
2%
1%
5%
34%
Passengers Charges Security chargesNoise charges Aircraft parking chargesCargo EVALanding charges Emmission chargeAviation Fuel Supply GSAOther Aviation Services
35%10%
20%
35%
Real Estate Concessions Parking Other
Total revenue: 855.1 Mio CHF (PY: 802.9)EBITDA: 420.2 Mio CHF (410.1)Net profit: 121.3 Mio CHF (130.7)
Aviation revenue: 525.7 Mio CHF (496.0)
Non Aviation revenue: 329.4 Mio CHF (306.9)
Revenue Split
61%39%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation11 l l
3. Aviation
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation12 l l
• Over proportional growth of transfer passengers, who pay lower charges
• Increase of security charges as per 01.07.07 (full year effect)
• Landing charges increase above change in movements as a result of higher Maximum Take off Weight
• Split of noise charges since 01.07.08 between the Canton of Zurich and Zurich Airport
Aviation Segment Revenue Breakdownin million CHF 2008 2007 Delta in %
Passenger charges 176.8 167.9 5.3%Security charges 142.1 117.9 20.5%Landing charges 79.6 74.6 6.8%Noise charges 46.4 58.3 -20.3%Emission charges 3.0 2.8 8.3%Parking charges 5.1 4.8 6.4%Fuel charges 6.5 6.2 5.6%Freight charges 7.8 8.3 -6.1%Baggage sorting 26.4 24.7 6.9%Aircraft energy supply 11.3 10.6 7.0%Others 20.6 20.0 2.8%Total 525.7 496.0 6.0% Landing charge per landing (CHF) 579.1 555.6 4.2%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation13 l l
Africa3.9% (PY:3.9%)
Europe77.2% (PY:77.1%)
Asia10.4% (PY:9.9%)
North America7.4% (PY:8.1%)
Latin America1.1% (PY:1.1%)
average growth: 6.6%
ZRH Passenger Market Share & Growth
- market share - previous year market share (in brackets)
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation14 l l
Passengers by Customer Segments
Sky Team5.0%
OneWorld4.9%
Charter3.7%
Low Cost Carrier10.2%
Star Alliance70.2%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
20072008
Charter
OneWorld
Sky Team
Low Cost Carrier
Star Alliance
-30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation15 l l
Key Indicators
60%
61%
62%
63%
64%
65%
66%
67%
68%
69%
70%
71%
72%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Seat Load Factor
50
55
60
65
70
75
80
85
90
95
100
Passengers per Movement Average Take-Off Weight
Seat Load factorPassengers per MovementAverage Take-Off Weight
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation16 l l
4. Non Aviation
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation17 l l
• Revenue from rents & leases positively influenced by new lettings & reduced vacancy rate of 3.8%
• Weather conditions, high commodity prices & additional users lead to increase in utility revenue
• Higher spend per dep. pax (CHF 43.54) & enlargement of the landside shopping centre account for increased commercial revenue
• Parking revenue increased due to higher utilisation
Non Aviation Segment Revenue Breakdownin million CHF 2008 2007 Delta in %
Real estate 117.0 107.1 9.2%Rents and leases 82.1 78.1 5.2%Utilities 25.5 20.3 25.8%Others 9.3 8.8 5.8%Commercial 116.6 105.7 10.4%Retail & duty free 79.5 71.4 11.4%Food & beverage 11.4 10.2 12.1%Others 25.7 24.1 6.6%Parking 64.4 61.6 4.6%Others 31.4 32.5 -3.3%Total 329.4 306.9 7.3% Concession income per departing pax (CHF) 8.2 7.9 4.6%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation18 l l
Real estate: Development of Revenue
95.8
105.2
117.0
106.2110.6112.1
107.1110.7
3.3%
4.0%
5.9%
5.4%
3.8%
3.3%
3.8%
4.2%
0
20
40
60
80
100
120
140
2001 2002 2003 2004 2005 2006 2007 2008
in million CHF
0%
1%
2%
3%
4%
5%
6%
7%
8%in %
Real Estate Revenues Ø vacancy in %
20.3utilities
78.1rents & leases
8.8others
25.5utilities
82.1rents & leases
9.3others
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation19 l l
Commercial: Gross Income Shop-Operators
346.3
296.4 286.9305.1
435.1
481.1
349.8390.8
33.0 33.033.7
35.4
39.140.6
42.0
43.5
0
100
200
300
400
500
600
2001 2002 2003 2004 2005 2006 2007 2008
in million CHF
30
35
40
45in CHF
Passenger spends spends per dep. pax
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation20 l l
5. Result / Balance Sheet
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation21 l l
• Contract cost for maintaining the baggage sorting system, aircraft energy supply and X-Ray- assets fell away, maintenance now performed with own personnel.
• Cost for Service Level Agreement (emergency service and fire brigade) with the City of Zurich led to an increase in other operating costs.
• Extraordinary results include the payment of CHF 21.3 Mio. regarding the Swissair claim.
• Decrease in personnel costs mainly due to outsourcing of emergency service and fire brigade; partly compensated by insourcing of staff for the maintenance of the baggage sorting system, aircraft energy supply and X-ray.
• Weather conditions, high commodity prices and new infrastructures led to a high increase in costs for energy and waste
Operating Expenses
in million CHF 2008 2007 Delta in %
Personnel -152.4 -160.0 -4.8%Security costs -113.0 -108.5 4.1%Energy & waste -25.0 -20.8 20.2%Maintenance & material -43.9 -47.7 -8.0%Other operating costs -36.1 -19.1 88.8%SG&A -41.6 -40.8 2.0%Extraordinary results -22.9 4.2 n.a.Total operating expenses -434.9 -392.8 10.7%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation22 l l
Net Result• Increase in depreciation as a
result of the write-off of the Event Dock
• Higher net cost of capital mainly due to write-off of the bond of “Sigma Finance Corp”.
• Result of associated companies is mainly attributed to Bangalore as a result of start-up costs, decreasing traffic figures, economic crisis, missing charge for Domestic PAX (in place since January 2009)
• Decrease in taxes as a result of the reduced expected tax rate of 20.5%
in million CHF 2008 2007 Delta in %
EBITDA 420.2 410.1 2.5%EBITDA margin 49.1% 51.1%
Depreciation -186.2 -180.9 2.9%EBIT 234.1 229.2 2.1%EBIT margin 27.4% 28.5%
Net cost of capital -79.2 -64.6 22.6%Ordinary cost of capital -67.7 -73.3 -7.6%Change fair value interest rate SWAP 5.0 7.0 -28.6%
"Sigma" loss -11.4 - Unwinding noise deferrals -5.1 1.7 n.a.Associated companies -7.6 0.9 n.a.Taxes -25.9 -34.8 -25.5%Net profit 121.3 130.7 -7.2%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation23 l l
Other Key Figures
• Strong free cash flow generation despite significant higher Capital Expenditure
in million CHF 2008 2007 Delta in %
Cash flow operating activities 415.1 410.9 1.0%Cash flow investing activities -258.8 -147.3 75.7%whereof CAPEX -249.9 -109.1 Free cash flow 156.3 263.6 -40.7%
Net financial debt (IFRS) 1'019.0 918.8 10.9%Long term financial liabilities 1'056.0 1'195.9 Short term financial liabilities 175.8 45.3 Cash and financial assets AZNF -212.8 -322.4
Equity 1'428.9 1'373.4 4.0%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation24 l l
Other Key Figures (continued)
• Key ratios incl. noise impacted by noise solution with Canton of Zurich (Split of noise revenue, transfer of part of AZNF)
• Key ratios excl. noise all improved
2008 2007 2008 2007
Net Financial Debt/ EBITDA 2.4 2.2 3.1 3.3Cash Flow from operating activities / Net Financial Debt 41% 45% 32% 31%
Gearing 71% 67% 91% 92%
ROCE 7.1% 6.9% 6.1% 5.4%Return on equity 8.7% 10.0% 7.8% 6.9%Equity Ratio 42.5% 43.2% 44.0% 43.4%
Payout Ratio 25.3% 21.2% 30.5% 33.1%
incl. noise excl. noise
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation25 l l
6. Other Key Topics
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation26 l l
Skymetro extension
Centralized Security
Update on Infrastructural Facilities for Zurich 2010 (Schengen and Security Projects)
Pier B
Busgate B01-10
Passageway to Pier B
Mod. of Immigration Hall
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation27 l l
Update on Arrival Duty Free• The Swiss Government and Parliament
decided in 2007 to support Arrival Duty Free
• Amendment of tax legislations currently in progress within the administration
• Formal decision on amended legislations by the Parliament expected by end of 2009 or during 2010
• Concept and planning of retail setup initiated, targeting an opening immediately after formal approval has been taken
• Arrival Duty Free will have a significant impact on commercial revenue
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation28 l l
Status on noise-related payouts• Split of the noise fund between Flughafen Zurich and the Canton of Zurich in the third
Quarter 2008, funds of CHF 115 Mio. transferred• Split of noise charges in place since July 1, 2008• Finance of the old noise-related liabilities by the Canton of Zurich • Currently no need to increase noise surcharge of CHF 5 per departing passenger
• First agreements regarding the compensation payments for formal expropriation reached• Clarification of not yet answered fundamental questions by mean of juridical appraisals of
additional individual and pilot cases
Noise related cost-component (in Mio. CHF)
Canton of Zurich Flughafen Zürich AG
Formal expropriation payments 319.0 150.1 1)
Sound insulation measures - 240.0 2)
Operating / legal proceeding expenses - 50.7Overall cost perspective 319.0 440.8
=> Cash-Perspective going forward 319.0 ~338
1) complies with discounted 125.8 Mio. CHF2) whereof ~102 Mio. CHF already paid out as of December 31, 2008
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation29 l l
International Airport ActivitiesBangalore:• Smooth Airport opening May 24, 2008• Efficient and high quality operations• Forecast FY 2008/2009 < 9 Mio. Pax• ad-hoc UDF for domestic passengers
only granted as from mid January 2009• Regulatory body will decide on definitive
UDF, expected as from April 2009• Currently freeze of expansion Capex
Latin America & Caribbean• A-Port S.A. structured & capitalised• First successful bid for Curaçao,
financially closed end of Jan. 2009
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation30 l l
7. Outlook 2009
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation31 l l
Outlook 2009 - Traffic January/February
1) Effect February 29, 2008: 1.7 percentage points Total passengers 1-2 2008/1-2 2007 = - 3.5 percent
Local passengers 1'839'625 2'023'664 -9.1%
Transfer passengers 1'077'358 1'044'542 3.1%
Transfer share 36.9% 34.0%
Total passengers1) 2'929'713 3'082'344 -5.0%
Movements 39'391 44'398 -11.3%
whereof Line & Charter movements 33'615 35'986 -6.6%
Cargo (in tons) 52'218 62'298 -16.2%
Jan/Feb 2009
Jan/Feb 2008 Delta in %
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation32 l l
Change in flight plan of SwissEnlargement of flight offer by Swiss
New destination:Lyon 4x dailypossibly Oslo 1x daily
Reduction of flight frequencies
Withdrawal of routes
London City, 9x reduced to 7x dailyMunich, 28x reduced to 27x weeklyFurther reduction in frequencies expected
Instead of Zurich – Sao Paulo – Santiago de Chile only Zurich – Sao Paulo. The canceled route will be operated as a code share by TAM Linhas Aereas.
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation33 l l
Enlargement of flight plan of other airlines
Increasing of frequencies
Various destinations, plus 10x weeklyMalta, 4x reduced to 6x weekly
New destinations and airlines
New York (JFK), 1x daily as of June (second route by Delta)Philadelphia, 4x weekly (as of May 11, 2009 daily)Mahe, 1x weekly (Transit by London)London Gatwick, 1x dailyLondon Gatwick, 1x daily
Various destinations, renewal of charter offering
Yerevan, 3x weeklyHeringsdorf, 1x weeklyFunchal, 1x weekly (saisonal)
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation34 l l
Reduction of flight plan of other airlinesReduction of frequencies
Singapore, 14x reduced to 12x weekly (seasonal)London City, 5x reduced to 4x daily
Dismissal of flight offer
London Gatwick, suspension of route (2x daily)Lyon, suspension of route (3x daily)
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation35 l l
Outlook 2009 – Commercial Activities January/February
* provisional figures for February
Total turnover, m CHF 68.7 69.8 -1.5%Airside (change versus prev. year) -12.5% 15.5%Landside (change versus prev. year) 14.5% 7.0%Commercial turnover pax, CHF 46.91 45.27 3.6%Airside (change versus prev. year) -7.9% 4.3%Landside (change versus prev. year) 20.4% -3.4%
Jan/Feb 2009*
Jan/Feb 2008 Delta in %
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation36 l l
“The Circle at Zurich Airport“
… a new combination of fast growing premium services
at the best accessible spot in Switzerland for
international guests and local visitors…
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation37 l l
Facts and Figures• Crescent-shaped area of 37‘000 m² close
to airport• Owned by Unique (Flughafen Zürich AG) • Utilizable area of around 200‘000 m²
50% Offices & Headquarters25% Hotels & Long stay
Health & Beauty Education & Knowledge Culture & Events Brands & Dialogue Special Services
• Development based on test planning• Result of public architecture competition
in February 2010• Construction in stages, start approx. 2012
25%
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation38 l l
Financial Information• Investment of approximately 1 billion Swiss Francs in the next 8 - 10 years. • The project will materialise value from today undeveloped land reserves at a
premium spot of Switzerland. • No cash out for this land is needed as the land is owned by Unique (Flughafen
Zürich AG) already. • The project will only be realized if:
• it fulfils all qualitative criteria;• it exceeds a defined hurdle rate;• sufficient commitments of anchor tenants are secured at the respective
stages of modules • Clearly defined potential exit points and scenarios exist at various stages of the
project. • Cash commitment up to 2012 is limited to low double digit million project
development costs. • Project financing strategy and structure will be defined within the next 12-15
months.
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation39 l l
Measures to manage economic downturn• Capex-Reduction from CHF 320 million to CHF 250 million in 2009
• Operating costs 2009 were significantly reduced:
• FTE-vacancies basically freezed (or only where indispensable)
• Reduced working hours by significant reduction of overtime and holiday
• Postponement of not very urgent maintenance works
• Further reduction of SG&A costs
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation40 l l
• Passenger decrease of 3 - 5% (over proportional decrease of local passengers, transfer passengers flat or slightly positive)
• Transfer share 36-37%
• Total passengers between 21 and 21.5 million
• Lower commercial revenue, mainly as a result of lower airside revenue
• Reduction in total revenue between 5 – 8% as a result of above and full year effect of lower noise revenue as a result of noise fee split (base effect)
• EBITDA margin reduced between 0.7 to 1.0 percentage points
• Depreciation at 2008 level
• Net result between 10 – 20% lower than in 2008 (2008 including one-offs)
• Liquidity was further strengthened in January/ February 2009 with the issuance of a CHF 225 million bond (2009-2014) and the increase of committed credit lines from CHF 250m to CHF 300m
Guidance 2009 Key Figures
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation41 l l
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, the fairness, accuracy, completeness or correctness of the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.
This document contains forward-looking statements that are based on current estimates and assumptions made by the management of Unique (Flughafen Zürich AG) to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non-occurrence or occurrence of which could cause the actual results – including the financial condition and profitability of Unique (Flughafen Zürich AG) – to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward- looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the opinions set forth in this document or the actual occurrence of the predicted developments.
By accepting this document, you agree with foregoing.
Disclaimer
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation42 l l
8. Your Questions
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation43 l l
Annex to Analysts‘ Presentation
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation44 l l
Profit & Loss 2008 – Event Driven (in Mio. CHF – change compared to 2007)
Costs
Revenues
2007
392.8m
2007
802.9m
2008
434.9m
2008
855.1m
*Outsourcing fire brigade and emergency services since January 1, 2008
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation45 l l
Change net profit
Profit & Loss 2008 – Event Driven (in Mio. CHF – change compared to 2007)
2007
130.7m
2008
121.3m
*Outsourcing fire brigade and emergency services since January 1, 2008
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation46 l l
Capex-Plan
Specific projects: 165 135 203 214 140 72 7 55 41 25 - - Increased maintenance / renovation RWY 16/34 54 5 - - - - - - - - - - Increased maintenance / renovation RWY 14/32 3 4 1 20 50 - - - - - - Increased maintenance / renovation RWY 10/28 2 2 3 3 3 2 1 50 10 - - - Apron renewal 4th phase 4 - - - - - - - - - - - Apron renewal 5th phase - 5 6 5 6 - - - - - - Apron renewal 6th phase - - - - - 5 6 5 6 - - Apron hangar area (next aircraft engine test silencer) - 2 5 - - - - - - - - Apron South adjustments 4 15 2 - - - - - - - - Renovation taxiway - - - - 6 - - - - - - Cargo Infrastructure - - 25 10 - - - - 25 25 - Development of "Zone West" (inkl. Hangar) - 2 - 5 25 25 - - - -
Schengen gate investment 43 37 92 92 - - - - - - - - Centralised security area 15 44 52 52 - - - - - - - - Staff Screening III/ Liquidmassnahmen 10 11 6 - - - - - - - - -
Junction Operations Center (Glatttalbahn) 3 - - - - - - - - - - - Refurbishment cargo-office-buildings 13 5 - - - - - - - - - - Shopping infrastructure landside 13 - - - - - - - - - - - Investments in parking capacity (replacement P5/P40) - 3 5 27 10 - - - - - - - Investments in parking capacity (additional capacity) - - - 40 40 - - - - - -
Aircraft engine test silencer 0 1 7 - - - - - - - - -
Other CAPEX (mainly maintenance / innovation) 84 115 87 71 70 113 113 110 109 115 120 120
Total Capex (approximately) 249 250 290 285 210 185 120 165 150 140 120 120
2018 20192016 20172012 2013 2014 2015Capex (in mio. CHF) 2008 2009 2010 2011
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation47 l l
Repayment Schedule (as per 31.12.2008)**Major repayments:
• Partly repayments CBL (2009-12)
• Bonds 128m (2009) and 150m (2010)
• Partly repayments US PP (2011-15)
• Repayment Japa-nese PP (2024)
• ** and additionally new bond 225m (issued in 2009 -2014)
178.70
202.42
127.35
129.18
73.15
73.15
73.15
-
421.17
0 50 100 150 200 250 300 350 400 450 500
2009
2010
2011
2012
2013
2014
2015
~
2024
298.15
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation48 l l
Debt Maturity Structure (Financial Liabilities)
17.4% 54.4% 28.2%
6.5% 25.1% 68.4%
6.9% 26.5% 66.5%
7.8% 23.5% 68.7%
8.7% 38.8% 52.5%
3.6%48.0% 48.4%
14.3% 38.1% 47.6%
0% 20% 40% 60% 80% 100%
2002
2003
2004
2005
2006
2007
2008
within 1 year between 1 and 5 years longer than 5 years
Mat
urity
at t
he e
nd o
f (ha
lf) y
ear
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation49 l l
Traffic: European Passenger Benchmark (millions)
Source: ACI
Zurich ZRH
Munich MUC
Amsterdam AMS
Madrid MAD
Frankfurt FRA
Paris CDG
London LHR
Brussels BRU
Geneva GVA
Basel BSL
Copenhagen CPH
Milan MXP
Vienna VIE
0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0
Pax VJ
Pax IST
Z R H
M U C
A M S
M A D
F R A
C D G
B SL
GV A
B R U
M X P V IE
C PH
LHR
- 2 0 .0 % - 15.0 % - 10 .0 % - 5.0 % 0 .0 % 5.0 % 10 .0 % 15.0 %
passenger growth (YTD)
2007
2008
© Unique (Flughafen Zürich AG)19.03.2009 Analysts‘ Presentation50 l l
Hub Carrier Dominance at European Airports (seats offered)
Market share Source: Sabre, Nov. 2008
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
MXP
BRU
LHR
MAD
VIE
CPH
CDG
AMS
MUC
ZRH
FRA Hub-Carrier
Alliance members