2014 Half year financial results

Transcription

1 2014 Half year financial results Thomas E. Kern Chief Executive Officer Daniel Schmucki Chief Financial Officer Zurich Airport

2 Schedule 1. Major events HY Half year key data 4 3. Aviation 8 4. Non-aviation OPEX & other key figures Business update Outlook Your questions Half Year Financial Results

3 1. Major events HY2014 Strong operating performance Favorable passenger mix, strong local demand Opening Terminal 2 (southern part) Advisory mandate in Kazakhstan Inauguration Noise Protection Hangar Several (re)openings in the commercial center (i.e. H&M, Sprüngli, Fernweh Bar) «The Circle»: planning phase almost completed Further strengthening of balance sheet, repayment of CHF 280 Mio. long-term debt Half Year Financial Results

4 2. Half year key data Half Year Financial Results

5 Half year traffic figures in million Jan-Jun 2014 Jan-Jun 2013 (in %) Local passengers % Transfer passengers % Transfer share (in %) % Total passengers % Movements (in 1'000) % whereof line & charter movements % Cargo (in 1'000 tons) % Half Year Financial Results

6 Financial key figures including noise Adjustment 2013 Aviation -CHF 1.5 Mio. Non-aviation +CHF 1.5 Mio. in million CHF Jan-Jun 2014 Jan-Jun 2013 (in %) Aviation revenue % Non-aviation revenue % Revenue % EBITDA % EBITDA margin (in %) EBIT % EBIT margin (in %) Finance result (net) n/a Profit n/a Interest-bearing liabilities (net) % Cash flow from operating activities % CAPEX % EpS (in CHF) n/a Profit HY2013 excluding negative one-off effect of restructuring financial liabilities: CHF 83.4 Mio. Profit growth excluding one-off effect: +5.7% Half Year Financial Results

7 Financial key figures excluding noise Adjustment 2013 Aviation -CHF 1.5 Mio. Non-aviation +CHF 1.5 Mio. in million CHF Jan-Jun 2014 Jan-Jun 2013 (in %) Aviation revenue % Non-aviation revenue % Revenue % EBITDA % EBITDA margin (in %) % EBIT % EBIT margin (in %) Finance result (net) n/a Profit n/a Interest-bearing liabilities (net) ' % Cash flow from operating activities % CAPEX % EpS (in CHF) n/a Profit HY2013 excluding negative one-off effect of restructuring financial liabilities: CHF 67.8 Mio. Profit growth excluding one-off effect: +32.2% Half Year Financial Results

8 3. Aviation Half Year Financial Results

9 Aviation segment revenue breakdown in million CHF Jan-Jun 2014 Jan-Jun 2013 (in %) Passenger & security charges % PRM charges % Passenger noise charges n/a Landing charges % Aircraft noise charges % Emission charges % Aircraft parking charges % Freight revenue % Total operational charges % Baggage sorting & handling system % Aircraft energy supply system % De-icing n/a Other fees % Total aviation fees % Total other aviation revenue n/a Total aviation revenue % Ø Landing charge per movement (in CHF) % Higher passenger & security charges as a result of the favorable passenger mix Lower flight ops. charges due to the suspension of the pax noise charges as per 1 st of Feb Less revenue form de-icing because of the mild winter Half Year Financial Results

10 Passenger development Europe HY 2014 North America HY 2014 Market share ZRH 8.3% Market share ZRH 76.6% from/to ZRH +0.4% global market +5.5% from/to ZRH -2.8% global market +3.1% Middle East HY 2014 Market share ZRH 6.8% from/to ZRH +9.0% global market +9.0% Latin America HY 2014 Market share ZRH 0.9% from/to ZRH -1.4% global market +7.5% Africa HY 2014 Market share ZRH 2.4% from/to ZRH -10.1% global market 0.0% Worldwide HY 2014 from/to ZRH +0.5% global market +4.8% Asia-Pacific HY 2014 Market share ZRH 5.1% from/to ZRH +3.4% global market +5.0% Half Year Financial Results Source: ACI & ZRH data warehouse

11 4. Non-aviation Half Year Financial Results

12 Non-aviation segment revenue breakdown in million CHF Jan-Jun 2014 Jan-Jun 2013 (in %) Retail, tax & duty free % Food & beverage % Revenue from car parks % Other commercial revenue % Total commercial revenue % Revenue from rental & leasing agreements % Energy and utility cost allocation % Cleaning and other service revenue % Revenue from facility management % Revenue from services % Total non-aviation revenue % Ø Revenue retail, tax & duty free, F&B per departing PAX (in CHF) % Lower commercial revenues on landside due to several construction sites Higher revenue from car parks because of the higher share of local passengers Increasing revenues from consulting activities (Brazil & Kazakhstan) Half Year Financial Results

13 Key figures commercial business landside ~18 000m 2 additional space by end of 2014: ~1 000m 2 airside ~14 200m Half Year Financial Results

14 5. OPEX & other key figures Half Year Financial Results

15 Operating expenses in million CHF Jan-Jun 2014 Jan-Jun 2013 (in %) Personnel expenses % Police and security % Energy and waste % Maintenance and material % Other operationg expenses % Sales, marketing, administration % Capitalised expenditure & other income % Total operating expenses % Lower energy and material costs as a consequence of the mild winter Lower sales, marketing and administration expenses due to strict cost management Half Year Financial Results

16 incl. noise excl. noise Key figures in million CHF * excluding negative one-off effect of restructuring of the financial liabilities Jan-Jun 2014 Jan-Jun 2013* Jan-Jun 2014 Jan-Jun 2013* EBITDA EBITDA margin (in %) Depreciation and amortisation EBIT EBIT margin (in %) Finance result (net) Associated companies Income tax expense Profit Net financial debt / EBITDA 1.32x 1.59x 1.98x 2.36x Net financial debt '100.8 ROIC (in %) Return on equity (in %) Equity ratio (in %) Cashflow from operating activites CAPEX Free cashflow Half Year Financial Results

17 Segment report P&L Reformed financial reporting Aviation revenues correspond to the regulated business according to the ordinance Non-aviation revenues correspond to the non-regulated business e.g. catering, fuel charges e.g. check-in, gate and transfer desk aviation charges aviation fees aviation revenue non-aviation revenue regulated noise non-regulated aviation PRM user fee security aviation security access fee same structure for P&L and segment reporting Half Year Financial Results

18 Segment report Invested Capital NOPLAT CHF Mio. CHF Mio. CHF 73 Mio. CHF 144 Mio. ROIC 3.8% ROIC 13.8% Half Year Financial Results

19 6. Business update Half Year Financial Results

20 Investments Investments per (in million CHF) 2014 planned investment costs for largest projects 1 Renovation Runway 14/ Upgrade Terminal «The Circle» Various maintenance projects in real estate General Wastewater Plan- Renewal (GEP) Noise Protection Hangar Expansion parking Expansion Migros Redesign curbside lanes Stands Echo Nord 1.5 Renovation Runway 14/32 ~CHF 43 Mio. Civil engineering ~CHF 42 Mio. other investments 15.8 Total investments * 93.6 * based on output, incl. capitalised expenditure Half Year Financial Results Upgrade T2 ~CHF 40 Mio. «The Circle» ~CHF 30 Mio.

21 Update on charges Failure of airport charges negotiation Decision of airport charges by FOCA Appeal by some users to Federal Administrative Court st decision by Federal Administrative Court: suspensive effect granted next steps Decision by Federal Administrative Court in Q / Q Potential appeal to Swiss Federal Court Final ruling by Swiss Federal Court Half Year Financial Results

22 «The Circle at Zurich Airport» Health Center Hyatt Regency Convention Center Hyatt Place current pre-lettings Half Year Financial Results

23 International business status update Belo Horizonte Intl. Airport, Brazil Kazakhstan Airports Santiago de Chile Intl. Airport, Chile Project information 10.3 million PAX, ATM Concession until % share Operations management & services agreement (OMSA) Project information Portfolio of 11 airports Largest airport: Astana International Airport with 2.6 million PAX, ATM No equity investment Operations management & services agreement (OMSA) for 7 years Project information 15 million PAX 20 years concession Up to 40% share Technical Service Agreement (TSA) Current status Zurich airport started its operations on 12 th of August 2014 Construction works for expansion of airport to be initiated in November 2014 Current status Zurich airport started its operations in April 2014 Terminal expansion Astana Airport to be ready for Expo 2017 Currently 6 of the 11 airports under trust management, remaining 5 airports planned to be added in Q Current status Zurich airport has pre-qualified for the bid-stage Setting up consortium with A-port Chile and potential other interested investors Very high competition expected in the final bidding round Half Year Financial Results

24 7. Outlook Half Year Financial Results

25 Timetable 2014/2015 Swiss International Air Lines Destination Sao Paulo, Miami Lugano CDG, TXL, IST, NCE, MXP (among others) Details 11x weekly (7x); 13x weekly (10x) ~50% higher capacity due to bigger aircraft Selective reductions on several European services; all LX destinations remain in place Other Airlines Airline Destination Details Etihad Regional Dresden New service, daily (per September) Edelweiss Air Capetown 3x instead of 2x weekly Delta New York New service in the winter timetable (so far only during summer season) Vueling various Additional weekly services to Alicante (5x), Florenz (6x), Malaga (5x), Rom (11x), Sevilla (3x) and Valencia (6x) (per October) Air Canada Toronto 5x instead of 4x weekly US Airways Philadelphia No service during winter season (back in summer timetable 2015) Delta Atlanta No service during winter season (back in summer timetable 2015) Germanwings Düsseldorf Takeover of Lufthansa flights to Düsseldorf (per 04/08/2014) Half Year Financial Results

26 incl. noise * excl. noise Guidance 2014 increase of profit guidance 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 Aviation lower prop. to traffic growth Non-aviation overprop. to PAX growth overprop. to PAX growth EBITDA margin lower higher (ex slightly higher) Depreciation & amortisation slightly higher slightly higher Profit 2-5% lower (ex 5-10% lower) 20-25% higher (ex 15-20% higher) Investments approx. CHF 250 mio. approx. CHF 250 mio. * The full year impact in the year 2014 of the suspension of the passenger noise charge as per 1 st of February 2014 amounts to approx. CHF 45 mio. (pre-tax) Half Year Financial Results

27 8. Your questions Roadshow Zurich (Zürcher Kantonalbank) Thursday, 28 th of August 2014 Roadshow Frankfurt (Kepler Cheuvreux) Monday, 1 st of September 2014 Roadshow London (Royal Bank of Canada) Friday, 12 th of September 2014 Publication Full Year Results 2014 Tuesday, 17 th of March 2015 (tbc) General Shareholder Assembly 2015 Tuesday, 28 th of April Half Year Financial Results

28 IR contacts Lukas Brosi Head Financial Services +41 (0) Stefan Weber Investor Relations & Treasury +41 (0) Half Year Financial Results

29 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 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 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 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 forwardlooking 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 Half Year Financial Results

30 YTD: traffic & commercial figures Traffic figures in million Jan-Jul 2014 Jan-Jul 2013 (in %) Local passengers % Transfer passengers % Transfer share (in %) % Total passengers % Movements (in 1'000) % whereof line & charter movements % Cargo (in 1'000 tons) % Commercial figures Jan-Jul 2014 Jan-Jul 2013 (in %) Total turnover in mio. CHF % Airside (Change vs. previous year period in %) % Landside (Change vs. previous year period in %) % Commercial turnover / dep. PAX in CHF % Airside (Change vs. previous year period in %) % Landside (Change vs. previous year period in %) % Half Year Financial Results

31 Financial liabilities (per ) Half Year Financial Results

32 Customer segments ZRH HY2014 passenger growth vs. previous year Half Year Financial Results

33 Star Alliance hubs (Jun 2012 Jun 2014) Half Year Financial Results

34 Key indicators Seat Load Factor 100% Seat Load Factor Passengers per Movement Average Take-Off Weight Passengers per Movement (PAX) Average Take-Off Weight (tons) % % % % HY/2005 HY/2006 HY/2007 HY/2008 HY/2009 HY/2010 HY/2011 HY/2012 HY/2013 HY/2014 Source: Zurich Airport, data warehouse, Half Year Financial Results