Analysts Presentation 2007 Full Year Results

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1 Analysts Presentation 2007 Full Year Results Titelseite immer mit Bild (Dies ist ein Platzhalterbild) Thomas E. Kern Chief Executive Officer Beat Spalinger Chief Financial Officer Zurich-Airport l

2 Schedule Full Year Key Data 2. Aviation 3. Non Aviation 4. Result / Balance Sheet 5. Other Corporate Topics 6. Outlook Major ongoing Capex Projects 8. Question & Answer Session 9. Appendix 2 l l Analysts Presentation Full Year Results

3 2007 Full Year Key Data 3 l l Analysts Presentation Full Year Results

4 Traffic Figures Δ % Local passengers 13'643'601 12'942' % Transfer passengers 6'989'922 6'114' % Transfer share 33.8% 31.9% Total passengers 20'739'113 19'237' % Movements 268' ' % Cargo (in tons) 374' ' % 4 l l Analysts Presentation Full Year Results

5 Full Year Financial Results in million CHF Δ % Revenues % Aviation revenue % Non Aviation revenue % EBITDA % EBITDA margin 51.1% 51.3% Net profit % Cash flow % CAPEX (w/o AZNF) % Net debt (IFRS) ' % EpS (in CHF) % 5 l l Analysts Presentation Full Year Results

6 Full Year Financial Results (without noise impact) in million CHF 2007 w/o noise 2006 w/o noise Δ % Revenues % Aviation revenue % Non Aviation revenue % EBITDA % EBITDA margin 47.5% 47.8% Net profit % Cash flow % CAPEX % Net debt (IFRS) -1' ' % EpS (in CHF) % 6 l l Analysts Presentation Full Year Results

7 Revenue Split Total revenue: Mio CHF (PY: 737.1) EBITDA: Mio CHF (378.3) Net profit: Mio CHF (87.4) Aviation revenue: Mio CHF (444.2) 62% 38% Non Aviation revenue: Mio CHF (292.9) 1% 1% 2% 5% 2% 1% 12% 4% 33% 20% 11% 35% 15% Passenger charges Landing charges Emission charges Fuel charges Baggage sorting Others 24% Security charges Noise charges Parking charges Freight charges Aircraft energy supply 34% Real estate Concessions Parking Others 7 l l Analysts Presentation Full Year Results

8 Aviation 8 l l Analysts Presentation Full Year Results

9 Aviation Revenue Breakdown Strong share of transfer pax led to under proportional growth of pax charges Over proportional growth of security charges due to increase of security fee as of (CHF 1. per departing pax) and (average CHF 3. per departing pax) Increase in maximum take off weight led to higher landing charges per landing in million CHF Δ % Passenger charges % Security 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) % 9 l l Analysts Presentation Full Year Results

10 Passengers: By Segment Star Alliance 68.4% Swiss 55.1% Low Cost Carrier 8.5% Star Alliance passenger growth OneWorld 5.7% Swiss Low Cost Carrier Sky Team 5.2% Sky Team OneWorld Charter 5.5% Charter -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 0% 20% 40% 60% 80% 100% 10 l l Analysts Presentation Full Year Results

11 Traffic Key Performance Indicators Seat Load Factor 72% Passengers per Movement Average Take-Off Weight 95 71% 70% 69% 68% 67% 66% 65% 64% 63% 62% 61% 60% Seat Load Factor Passengers per Movement Average Take-Off Weight l l Analysts Presentation Full Year Results

12 High Quality Standard Travel Industry World Travel Award as Europe's Leading Airport Consumers and Airport User ACI-ASQ Award ranked no. 2 in Europe and no. 3 worldwide (category Mio. Pax) Business Traveller Award as Best European Airport (category large and transfer airports) World Airport Award ranked no. 2 in Europe and globally no. 6 Condé Nast Traveller Readers Award best Airport Catering Services Airlines OAG Award Highly Commended Airport (category Mio. Pax) for airline supports 12 l l Analysts Presentation Full Year Results

13 Non Aviation 13 l l Analysts Presentation Full Year Results

14 Non Aviation Segment Revenue Breakdown Expected decrease in real estate revenues. Successful new lettings will positively effect 2008 only. Utility income down as a result of warmer winter 2007 and colder summer than expected. Very pleasing trend in concession and parking revenues. in million CHF Δ % Real estate % Rents and leases % Utilities % Others % Concessions % Retail & duty free % Food & beverage % Others % Parking % Others % Total % Concession income per departing pax (CHF) % 14 l l Analysts Presentation Full Year Results

15 Real Estate: Revenues in million CHF 140 in % 8% Real Estate Revenues 120 Ø vacancy in % 7% % 6% 5.4% 5% % % % % % % 3% 2% 20 1% % 15 l l Analysts Presentation Full Year Results

16 Concessions: Gross Income Shop-Operators in million CHF 500 in CHF Passenger spends spends per dep. pax l l Analysts Presentation Full Year Results

17 Concessions: Net Income Unique in million CHF 100 in CHF revenues revenues per dep. pax l l Analysts Presentation Full Year Results

18 Result / Balance Sheet 18 l l Analysts Presentation Full Year Results

19 Operating Expenses Higher personnel costs due to: additional FTE s; individual salary and performance based wages increase Liquid restriction and EUmeasurements led to over proportional growth of security cost -> refinanced via delayed increase of security charges Increase in SG&A due to marketing efforts for airlines and office spaces in million CHF Δ % Personnel % Security costs % Maintenance & material % SG&A % Energy & waste % Other operating costs % Extraordinary results Total operating expenses % Total operating expenses w/o extraordinary items % 19 l l Analysts Presentation Full Year Results

20 Increased Personnel Cost Personnel cost Remarks: Individual, performance based wages increase % result driven Salary increase by 3% % 2% for 8 months Staff expansion % +29 FTE's Increased accruals % Others % Personnel cost % Nearly 400 employees to benefit from positive company s result Staff expansion mainly driven by sharpened security requirements Headcount as of : employees (2006: 1 523) Full Time Equivalents: FTE s (1 290 FTE s) 20 l l Analysts Presentation Full Year Results

21 Increased Security Cost Security cost Remarks: Liquid-Restriction % Restriction since Nov 6 th 2006 EU-Requirements % New EU-Requirements in Dec 2006 Passenger Growth / Others % Not all Security Cost are passenger-related Security cost % Liquid Restriction is in place since November 6 th 2006 EU-Requirements mainly contain: security checks of airport employees and crews on service stairs and boarding bridges and higher access control of staff at different points at the airport Others mainly contain: higher rates of the police, cost for crew-screening in the Operations Center, cost for screening visitors at the observation desk, costs for restructuring of the control department of the police 21 l l Analysts Presentation Full Year Results

22 Net Cost of Capital Repayment of debt led to significant lower interest cost (Bond, partial repayment Car Park Lease) Average cash-out cost of capital 2007 at 4.5% (p.y %) Higher interest earnings mainly attributable to interest generating assets of Airport Zurich Noise Fund in million CHF Δ % EBITDA % EBITDA margin 51.1% 51.3% Depreciation % EBIT % EBIT margin 28.5% 25.7% Net cost of capital % Cost of capital % Change fair value of interest rate SWAP % Unwinding noise deferrals n/a Associates companies n/a Taxes % Net result % 22 l l Analysts Presentation Full Year Results

23 Other Key Figures Free cash flow increase despite higher capex Steady reduction of Net debt over past years thanks to financial measurements Robust and competitive balance sheet structure in million CHF Δ % Cash flow % CAPEX (w/o AZNF) % Free cash flow % Net debt (IFRS) ' % Bonds Loans Lease Banks - - Cash (w/o collateral) Net debt (IFRS) (w/o AZNF) -1' ' % Equity 1' ' % Equity ratio 43.2% 38.8% ROCE 6.9% 5.7% Net debt IFRS/EBITDA 2.24x 3.11x 23 l l Analysts Presentation Full Year Results

24 Other Corporate Topics 24 l l Analysts Presentation Full Year Results

25 Airport Initiative Review: November 25 th, 2007, Zurich s electorate voted clearly in favour of moderate airport initiative No cap on number of flight movements and no extended night flight ban Limitation of noise affected residents ( ZFI ) to a threshold of within a defined perimeter ( no specific actions if threshold is reached) Projection: Population development until 2030 Accurate land-use planning of Ct. ZH required Further headroom with less noisy aircraft engines ZFI '207 41'660 42'605 43'316 43'824 44' Jahr Source: Canton of Zurich 25 l l Analysts Presentation Full Year Results

26 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 Meanwhile, one pilot case (one of the three where compensation was awarded) has been withdrawn by the house owner. In this case, judgement of Federal Appraisals Commission became final (Unique has to pay approx. CHF ). This case has no impact on final decision of Federal Court on the remaining pilot cases. The first judgement of the Federal Court of February 8 th, 2008 has been pronounced on February 27 th, Unique has to pay CHF for a single house owner (CHF at the Federal Appraisals Commission). Still 16 Judgements of the Federal Court open. 26 l l Analysts Presentation Full Year Results

27 International Airport Activities - Bangalore / India Status of project: Month 33 in the project 1½ months until AOD Successful public trial day on 7 th March, 2008 with the landing of the first aircrafts Infrastructure and processes in the responsibility of BIAL are on track; ATC and build up of ATC controllers need more time (responsibility of AAI) Pax Development: Continuous passenger growth in Bangalore of more than 35% require further expansions soon after AOD; planning phase already started Airport Opening Date: Due to delay of ATC, Airport opening will be in the period of 20 th 25 th April l l Analysts Presentation Full Year Results

28 A-Port: Joint Venture for LAT Activities On December 14 th, Unique signed together with the Brazilian Camargo Corrêa und the Chilean Gestion e Ingenieria IDC S.A. the contracts to enter a joint Venture A-Port will invest in the construction and operation of airports as well as in airport related infrastructures in Latin America A-Port will be up and running by mid 2008 The objective of the three partners is to list parts of the shares of A-Port at the stock exchange of São Paulo after a starting period of 3 to 5 years. 80% A-Port Investments 75% 25% 49% 51% Unique/IDC Inv. Holding 20% 49% 51% Unique/IDC Mgt. Holding A-Port Management Co. 28 l l Analysts Presentation Full Year Results

29 Development of Butzenbüel -Area Unique has started planning of the development of the Butzenbüel -Area Focus on developing a construction site of about m 2 Estimated investments of about Mrd. CHF for m 2 floor space Implementation in 2 primary legs (Realisation ) and 2 3 successive legs. 29 l l Analysts Presentation Full Year Results

30 Outlook l l Analysts Presentation Full Year Results

31 Outlook - Traffic January/February /08 1-2/07 Δ % Local passengers 2'023'664 1'810' % Transfer passengers 1'044' ' % Transfer share 34.0% 34.1% Total passengers 3'082'344 2'784' % Movements 44'398 40' % Cargo (in tons) * 62'298 58' % * provisional figures for current month 31 l l Analysts Presentation Full Year Results

32 Outlook Commercial Activities January/February /08 * 1-2/07 Δ % Commercial turnover (net sales to consumers) in milion CHF Commercial turnover per departing pax in CHF % % * provisional figures for current month 32 l l Analysts Presentation Full Year Results

33 Redesign and Expansion of Airport Shopping New shops on total m 2 Travel market (6 operators) Interdiscount (electronic devices) New Yorker (fashion) Esprit (fashion) BIG (fashion) Smokers Lounge Mango (fashion) Cult (fashion accessories / watches) Ochsner (sport / shoes) Starbucks (Lifestyle Café) Promotion area Opening date: April 17th, l l Analysts Presentation Full Year Results

34 Major ongoing Capex Projects 34 l l Analysts Presentation Full Year Results

35 Infrastructural Facilities for Zurich 2010 Refurbishment of apron Two-lane taxiway Transfer securitycheckpoints Pier E Pier B Mod. of Immigration Hall Skymetro extension Passageway to Pier B Centralized Security Non Schengen Service Zone Busgate B01-10 Schengen relevant subprojects Implementation Q4/2008 Pier B Implementation Q4/2010 Centralized security checkpoints Implementation Q4/ l l Analysts Presentation Full Year Results

36 New Busgate 10 additional busgates for implementation of Schengen Agreement as of WTT 2008/2009 Large waiting area for up to 800 passengers Restaurants and retail zone Permanent enhancement of overall gate capacity 36 l l Analysts Presentation Full Year Results

37 New Dock B Reopening of pier or Dock B (former Eventdock from ) Opening planned as of winter time table 2010 High quality enhancement of dockgate- and stand-capacity Highly flexible use for Schengen and Non-Schengen flights helps minimize connection times 37 l l Analysts Presentation Full Year Results

38 Centralised security control Concentration of security checkpoints to one single location Less remote checkpoints will lead to significant lower operational cost Dwell time optimization for consumers by relaxed stopover in the Airside- Center Premium location in the heart of the airport for office space and fine-dine facilities (requires higher capex) High degree of operational flexibility (long term capacity) 38 l l Analysts Presentation Full Year Results

39 Recapitulation Schengen & Security Projects in million CHF Guidance 2008 Guidance 2007 Remarks: Implementation Schengen Busgate C unchanged Reopening Pier B/ Schengen compliance Higher than expected costs to implement Schengen compliance EU-measures "Security" Centralised security New project scope Further EU requirements (mainly Staff Screening III) Total Higher than expected costs to implement Staff Screening III New project scope including commercial usage requires higher investments The commercial part will be refinanced with additional revenues from the Non Aviation business The security part will be refinanced with security taxes 39 l l Analysts Presentation Full Year Results

40 Arrival Duty Free Treated in the national parliament in autumn Federal Ministry for Finance was mandated to prepare a revision of the respective laws. Introduction of arrival duty free will have a major impact on commercial revenue. Shops opening expected in l l Analysts Presentation Full Year Results

41 Outlook Important Developments March: Refurbishment of runway 16/34 until autumn 2008 March/April: Airport Opening in Bangalore July: Opening of SAS Radisson Airport Hotel December: Beginning of operation of Glatttalbahn 41 l l Analysts Presentation Full Year Results

42 Outlook 2008 Guidance on Impact on Financials Hotel: - opening end of July 2008, containing conference centre facilities (Airport Conference Centre closes) - generates fix and variable income - 4 floors rented by Unique, where 2½ subleased to McK - minor positive bottom line P&L-impact in positive low single digit million CHF effect from 2009ff Outsourcing rescue services: - handover rescue services to the City of Zurich as of annual cost of Service Level Agreement 21 million CHF - bottom line positive P&L-effect of 3 million CHF (2008ff) Personnel cost: - number of staff will be significantly reduced due to outsourcing of rescue services - new and permanent additional staff for EU requirements - bottom line net decrease of FTE s in l l Analysts Presentation Full Year Results

43 Outlook Guidance on Key Figures Traffic: million passengers (growth 4-5%); transfer-share 34 % Revenue: 5 % growth EBITDA margin: stable Depreciation: up due to estimated first time depreciation of intangible assets (formal expropriation) Net result: improvement 5% Capex: million 43 l l Analysts Presentation Full Year Results

44 Question & Answer Session 44 l l Analysts Presentation Full Year Results

45 Appendix 45 l l Analysts Presentation Full Year Results

46 Traffic: Passenger Market Share & Growth (2007) North America 8.1 % (+9.6 %) Europe 77.1 % (+8.0 %) Asia 9.9 % (+5.6 %) Latin America 1.1 % (+12.3 %) Africa 3.9 % (+4.0 %) average growth: 7.8% 46 l l Analysts Presentation Full Year Results

47 Traffic: European Passenger Benchmark (millions) Frankfurt FRA Paris CDG London LHR Madrid MAD Amsterdam AMS Munich MUC Pax 2006 VJ Milan MXP Pax 2007 IST Copenhagen CPH LHR CDG passenger growth (YTD) Zurich ZRH FRA MAD AM S Vienna VIE MXP MUC Brussels BRU CPH ZRH VIE Geneva GVA BRU GVA Basel BSL BSL 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Source: ACI 47 l l Analysts Presentation Full Year Results

48 Benchmark with other European Airports (seats offered) FRA ZRH Hub-Carrier Alliance members CDG MUC AMS CPH BRU VIE MXP MAD LHR FRA ZRH CDG MUC AMS CPH BRU VIE MXP MAD LHR Transfer share of total traffic 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Market share Source: airports / Sabre, l l Analysts Presentation Full Year Results

49 Parking: Revenues in million CHF in CHF revenues revenue per o/d passenger l l Analysts Presentation Full Year Results

50 Debt Maturity Structure (Financial Liabilities) % 48.0% 48.4% Maturity at the end of year % 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 50 l l Analysts Presentation Full Year Results

51 Repayment Schedule Major repayments: : CBL (49.0m) 2009: Bond (128m) 2010: Bond (150m) 2023: Japanese PP (421m) ~ l l Analysts Presentation Full Year Results

52 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 ) Staff Screening III/ Liquidmassnahmen 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 Full Year Results

53 North Approaches within Swiss Airspace ( gekröpfter Nordanflug ) Approval process led by FOCA December 19th, 2007: FOCA informed, that to finally assess this approach, several technical documentations would have to be modified (led by Skyguide) Meantime this has been done and FOCA announced that decision on the approach will be taken by the end of February 53 l l Analysts Presentation Full Year Results

54 Market-Outlook: Traffic - Airlines & Destinations additions Swiss*: Robin Hood Aviation: Singapore Airlines*: Shanghai, daily A340 Florence, 3 times daily AR1 Sofia, daily A320 St. Petersburg, daily A320 Linz, double-daily (Mon-Thu) SF34 Singapore, 2nd daily frequency B773 withdrawals Malaysia Airlines: Kuala Lumpur, 3 times per week B772 * Star Alliance Member Airlines 54 l l Analysts Presentation Full Year Results

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