Analysts Presentation 2007 Half Year Financial Results
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1 Analysts Presentation 2007 Half Year Financial Results Josef Felder Chief Executive Officer Beat Spalinger Chief Financial Officer Zurich-Airport 1l l l Analysts Presentation
2 Schedule 2007 Half Year Key Data Aviation Non Aviation Result / Balance Sheet Other Key Topics Outlook 2007ff Your Questions 2l l Analysts Presentation
3 2007 Half Year Key Data 3l l Analysts Presentation
4 2007 Half Year Traffic 2007 Jan - Jun 2006 Jan - Jun Delta in % 07 vs. 06 Local passengers 6'379'476 6'107' % Transfer passengers 3'256'610 2'774' % Transfer share 33.7% 31.0% Total passengers 9'702'855 8'974' % Movements 130' ' % Cargo (in tons) * 183' ' % 4l l Analysts Presentation
5 2007 Half Year Financial Results in million CHF 1-6/07 1-6/06 Δ % Revenues % Aviation revenue % Non-Aviation revenue % EBITDA % EBITDA margin 48.9% 51.6% Net profit % Cash flow % CAPEX (w/o AZNF) % Net debt (IFRS) 1' ' % EpS (in CHF) % 5l l Analysts Presentation
6 2007 Half Year Financial Results (without noise impact) in million CHF 1-6/07 w/o noise 1-6/06 w/o noise Δ % Revenues % Aviation revenue % Non-Aviation revenue % EBITDA % EBITDA margin 45.2% 48.2% Net profit % Cash flow % CAPEX % EpS (in CHF) % 6l l Analysts Presentation
7 Revenue Split Total revenue: Mio CHF (PY: 355.3) EBITDA: Mio CHF (183.2) Net profit: 46.1 Mio CHF (37.0) Aviation revenue: Mio CHF (210.2) 60% 40% Non-Aviation revenue: Mio CHF (145.1) 1% 1% 2% 2% 5% 4% 1% 20% 11% 35% 12% 56% 16% Passenger charges Noise charges Parking charges Freight charges Aircraft Energy Supply Landing charges Emission charges Fuel charges Baggage Sorting Others 34% Real Estate Concessions Parking Others 7l l Analysts Presentation
8 Aviation 8l l Analysts Presentation
9 Aviation Segment Revenue Break-down Over proportional growth of passenger charges due to increase of security fee as of (CHF 1. per departing pax) Increase in maximum take off weight led to higher landing charges per landing Additional increase of passenger security fee (CHF 3. per departing pax) as of in million CHF 1-6/07 1-6/06 Δ % Passenger charges % Landing charges % Noise charges % Emission charges % Parking charges % Fuel charges % Freight charges % Baggage sorting % Aircraft energy supply % Others % Total % Landing charge per landing (CHF) % 9l l Analysts Presentation
10 Operational Key Figures for ZRH Strong growth of homecarrier contributes major part of overall pax growth Pax (in million) % Growth of movements mainly driven by low cost and business aviation segments Movements (in thousand) % Cargo (in thousand tons) % 1. H H l l Analysts Presentation
11 Passenger Mix for ZRH Local passengers growth approx. 2 x GDP Substantial increase in transfer segment Local Passengers million passengers + 4.4% Transfer Passengers % 1. H million passengers 1. H l l Analysts Presentation
12 Passenger Market Share & Growth (2007 Half Year) North America 8.1% (+10.9%) Europe 76.5% (+8.2%) Asia 10.4% (+7.2%) Latin America 1.1% (+5.4%) Africa 3.8% (+3.6%) - market share - change to previous year (in brackets) 12 l l Analysts Presentation average growth: 8.1%
13 Key Indicators Seat Load Factor 70% Passengers per Movement Average Take-Off Weight 90 Seat Load Factor Passengers / Movement Average Mtow 66% 80 62% 70 58% new Swissair capacity (A330) SARS Iraq war 60 54% 50 H H H H H H H H H H Airline traffic only 13 l l Analysts Presentation
14 Passengers by Customer Segments Star Alliance 69.0% Low Cost Carrier 8.2% OneWorld 6.1% Star Alliance Low Cost Carrier passenger growth versus previous year Sky Team 5.4% OneWorld Sky Team Charter 4.9% Charter -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 14 l l Analysts Presentation
15 European Passenger Benchmark (in million) LHR passenger growth versus CDG previous year FRA MAD AMS MUC MXP CPH ZRH VIE BRU GVA BSL -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 15 l l Analysts Presentation
16 Non Aviation 16 l l Analysts Presentation
17 Non Aviation Segment Revenue Break-down Expected decrease in real estate revenue led to under proportional growth in nonaviation segment Very pleasing trend in concession and parking revenue in million CHF 1-6/07 1-6/06 Δ % Real estate % Rents and leases % Utilities % Others % Concessions % Retail & duty free % Food & beverage % Others % Parking % Others % Total % Concession income per departing pax (CHF) % 17 l l Analysts Presentation
18 Development of Real Estate Revenue in million CHF 140 in % 8% 120 Real Estate Revenues Ø vacancy in % 7% % 5.9% 6% 5% % others 3.8% % % 3.3% l l Analysts Presentation 12.9 utilities 41.0 rents & leases % HJ 2007 HJ % 4.3 others 3% 2% 9.9 utilities 1% 38.8 rents & leases 0%
19 Radisson SAS Airport Hotel Land-lease (no Unique-investment) 329 rooms Conference, offices, entertainment Operator: Radisson SAS Implementing: l l Analysts Presentation
20 Development of Passenger Spends CHF m Passenger spends spends per dep. pax CHF % % HY 2007 HY l l Analysts Presentation
21 Development of Commercial Revenue CHF m revenue revenue per dep. pax % 7.9 CHF % b&f b&f retail & df 33.6 retail & df HY 2007 HY l l Analysts Presentation
22 Development of Parking Revenue CHF m CHF revenue 44.4 revenue per o/d passenger % % HY 2007 HY l l Analysts Presentation
23 Operating Expenses Increase in cost of personnel due increased security measures, traffic growth and, individual, performance based wages EU-requirements boost up security costs by almost one third Decline of costs for energy & waste due to mild weather conditions during winter period in million CHF 1-6/07 1-6/06 Δ % Personnel % Security costs % Energy & waste % Maintenance & material % Other operating costs % SG&A % Extraordinary results Total operating expenses % Total operating expenses w/o extraordinary items % 23 l l Analysts Presentation
24 Result / Balance Sheet 24 l l Analysts Presentation
25 Net Cost of Capital EBITDA at p.y. level Margin down due to time gap between security cost and increase security charges Decrease of cost of capital due to lower net debt compared to p.y. (repayment of bank loans, bond, partly repayment of cross boarder lease) Increase of interest rates has positive (non cash) effect on net cost of capital in million CHF 1-6/07 1-6/06 Δ % EBITDA % EBITDA margin 48.9% 51.6% Depreciation % EBIT % EBIT margin 24.7% 25.2% Net cost of capital % Cost of capital % Change fair value interest rate SWAP % Unwinding noise deferrals % Associates companies n/a Taxes % Net result % 25 l l Analysts Presentation
26 Other Key Figures All investments financed by operational cash flows Ongoing decrease of net debt Further strengthening of relevant ratios in million CHF 1-6/07 1-6/06 Δ % Cash flow % CAPEX (w/o AZNF) % Free cash flow % Net debt (IFRS) 1' ' % Bonds Loans '059.6 Lease Banks Cash (w/o collateral) Equity 1' ' % Equity ratio 40.1% 35.8% ROCE 5.7% 5.4% Net debt IFRS/ EBITDA 3.0x 3.6x 26 l l Analysts Presentation
27 2007 Half Year Key Result Drivers Positive Strong traffic growth, specially in transfer segment Very pleasing commercial development On track with guidance despite higher security measures Negative 30% higher security cost and substantial increase of personnel cost due to EU security requirements Refinancing of these additional costs only started as of Decrease of real estate revenue due to expected increase of vacancies 27 l l Analysts Presentation
28 Other Key Topics 28 l l Analysts Presentation
29 Recapitulation Schengen / Security Implementation of treaty Schengen CHF 157 Mio.: Planned reopening of pier B for flight operation (5 stands with passenger bridges, 8 busgates) CHF 16 Mio.: Busgate C (10 busgates) Implementation EU-measures Security CHF 106 Mio.: Centralised security CHF 22 Mio.: Further EU-security-requirements Overall capex of approx. 300 m CHF ( ) Whereby pier B depending on acclamation of Plafonierungsinitiative Adjustment of security charges by CHF 3.50 (Local Pax) respectively CHF 2.00 (Transfer Pax) as of Disclosure of security costs in an additional segment as of annual report 2007 Isolation of security charge as part of today s passenger charge 29 l l Analysts Presentation
30 Major Overhaul RWY 16/34 Final Conditions centerline existing concret 27cm asphalt covering (adjustement) 30 l l Analysts Presentation
31 People s Initiative 1) Content of initiative: ATM limitation: movements / year Night flight ban: 9 hours (+ 2 hours) ~6 % less movements than today future air traffic demand cannot be covered Demand for mobility cannot be covered Counter proposal of the Canton of Zurich: Impact on first inbound wave Less direct connections Threat to hub status and therefore homecarrier Limitation of noise affected residents 2) Timeframe: Public vote expected 25th November ) Unique s position: Initiative is: legally unbinding in contradiction to the aviation policy of Swiss Federal Government in contradiction to the airport concession of Swiss Federal Government in contradiction to the concept paper SIL of Swiss Federal Government 31 l l Analysts Presentation
32 Current Situation of Noise Compensations Number of compensation claims: about Procedures pending at the Federal Appraisals Commission: about compensation claims (municipality of Opfikon) have been chosen as pilot cases. The Federal Appraisals Commission has pronounced the judgements in December 2006: 15 claims rejected, compensations in 3 cases Judgement can change at the Federal Court: The parties appealed against all of the 18 judgements Judgements of the Federal Court are expected not earlier than at the end of 2007 or beginning of l l Analysts Presentation
33 International Airport Activities - Bangalore / India Status of project: Month 26 in the project 8 month until AOD EPC contractors degree of fulfillment by end of June 07: 77% All critical areas of the project are on track Take over of first sections will start in August 07; trial phase will start in December 07 Pax development: Terminal capacity after re-design at 11 million pax (initial scope 4.5 million pax) Continuous passenger growth in Bangalore of more than 40% require further expansions soon after AOD Airport opening date: AOD will be 30 March 2008 (unchanged with re-design) 33 l l Analysts Presentation
34 Outlook 2007ff 34 l l Analysts Presentation
35 Traffic January to July /07 1-7/06 Δ % Local passengers 7'747'596 7'418' % Transfer passengers 3'896'724 3'348' % Transfer share 33.4% 30.9% Total passengers 11'718'242 10'872' % Movements 154' ' % Cargo (in tons) * 213' ' % * provisional figures for current month 35 l l Analysts Presentation
36 Retail, Duty Free and F&B January to July /07 * 1-7/06 Δ % Commercial turnover (net sales to consumers) in milion CHF Commercial turnover per departing pax in CHF Commercial turnover airside per departing pax in CHF Commercial turnover landside per departing pax in CHF % % % % * provisional figures for current month 36 l l Analysts Presentation
37 Extension landside Shopping Center OCHSNER Sport Shop m2 OCHSNER My Shoes Shop m2 REISEMARKT Shop m2 UNDER NEGOTIATION Shop m2 STARBUCKS Shop 319 m2 INTERDISCOUNT Shop m2 MANGO Shop m2 ESPRIT Shop m2 NEW YORKER Shop m2 SMOKING L. Shop 6 20 m2 BIG Shop 5 49 m2 37 l l Analysts Presentation
38 Key Figures Traffic ( 20.4 million pax; transfer-rate 33 %) Revenue: 8 9 % over proportional increase in aviation revenue (adjustment security charge) 3 4% under proportional increase in non-aviation revenue EBITDA margin: decline due to EU-security-requirements Net result: improvement by about 20% Net debt: reduction according to maturity schedule 38 l l Analysts Presentation
39 Your Questions 39 l l Analysts Presentation
40 Appendix 40 l l Analysts Presentation
41 Debt Maturity Structure (Financial Liabilities) Maturity at the end of (half) year % 45.6% 45.4% 8.7% 38.8% 52.5% 7.8% 23.5% 68.7% 6.9% 26.5% 66.5% 6.5% 25.1% 68.4% 17.4% 54.4% 28.2% 0% 20% 40% 60% 80% 100% within 1 year between 1 and 5 years longer than 5 years 41 l l Analysts Presentation
42 Repayment Schedule Major repayments: : bond (75m), CBL (47.4m) 2009: bond (128m) 2010: bond (150m) 2023: Japanese PP (421m) ~ l l Analysts Presentation
43 10-Year Capex-Plan Capex (in mio. CHF) Top-Projects: Increased maintenance / renovation RWY 16/ Increased maintenance / renovation RWY 14/ Increased maintenance / renovation RWY 10/ Apron renewal 4th phase Apron renewal 5th phase Apron renewal 6th phase Apron hangar area (next aircraft engine test silencer) Apron South adjustments Renovation taxiway Cargo Infrastructure Hangar Other aviation infrastructure Schengen gate investment Centralised security area (as of ) Liquid requirements, EU-inspection, staff screening Junction Operations Center (Glatttalbahn) Overhauling Ops-Center (ex Skyguide surface) Refurbishment cargo-office-buildings Shopping infrastructure air-/landside Investments in parking capacity General airport drainage systems project Energy saving investments beside ord. maintenance Environmental "Air-Program" Aircraft engine test silencer Other investments (maintenance / innovation) Total Capex (approximately) l l Analysts Presentation
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