The financial year 2009 was a challenging year for the aviation sector. The worldwide economic slowdown also affected Zurich Airport. However, the largest airport of Switzerland asserted itself well in comparison to other European airports. Total passengers declined by 0.8 percent to 21.9 million. While local passengers decreased by 3 percent to 13.8 million, the number of transfer passengers rose by 3.2 percent to 8 million. Movements sank by 4.7 percent to 262’121.
The turnover of 820.2 million Swiss Francs was generated by 61.6 percent in the aviation segment and by 38.4 percent in the non aviation segment. Revenue in the aviation segment declined by 3.9 percent to 505.1 million Swiss Francs (previous year: 525.7 million Swiss Francs). This development is mainly due to the split of the noise charges between the Canton of Zurich and Zurich Airport as of 1.7.2008. Revenue in the non aviation segment decreased by 4.3 percent to 315.1 million Swiss Francs (previous year: 329.4 million Swiss Francs).
Operating costs sank by 3.9 percent to 418 million Swiss Francs in the financial year 2009.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached 402.2 million Swiss Francs, 18 million Swiss Francs below previous year’s figures (420.2 million Swiss Francs). With 49 percent EBITDA margin is almost unchanged compared to 2008 (previous year: 49.1 percent).
Earnings before interest and taxes (EBIT) declined by 8.9 percent to 213.2 million Swiss Francs (previous year: 234.1 million Swiss Francs).
Net financial expenses of 77.8 million Swiss Francs were 1.8 percent or 1.4 million Swiss Francs below last year.
With 190.6 million Swiss Francs, net profit of Zurich Airport increased by 69.3 million Swiss Francs or 57.1 percent (previous year: 121.3 million Swiss Francs). This pleasant result is mainly due to the 12 percent divestment of the 17 percent shareholding in Bangalore International Airport Ltd (BIAL). Without the impact of this transaction net result is 114.9 million Swiss Francs, which corresponds to a decrease of 5.3 percent.
Capital Expenditure decreased by around 67 million Swiss Francs to 181.4 million Swiss Francs (previous year: 248.6 million Swiss Francs). Thereof, the project Zurich 2010 accounted for 62.2 million Swiss Francs. Due to the difficult situation at the beginning of 2009, Zurich Airport deferred Capital Expenditure wherever reasonable and possible.
Net financial debt were reduced by 180.8 million Swiss Francs to 838.2 million Swiss Francs (previous year: 1’019 million Swiss Francs). Shareholder’s equity increased by 11.9 percent to 1.6 billion Swiss Francs. The equity ratio amounts to solid 44.9 percent (previous year: 42.5 percent).
The board of directors will propose an ordinary dividend of 5.00 Francs per share, which is unchanged to last year, to the annual general meeting on April 15, 2010. Due to the partial divestment of 12 percent of our shareholding in Bangalore International Airport Ltd the board will additionally propose for an extra dividend of 2.50 Francs per share to the annual general meeting.
Outlook The first two months at the current year were characterized by a pleasant growth of passenger figures. If there are no unexpected further occurrences, Zurich Airport expects the volume of passengers in 2010 to increase by around 3 to 5 percent.
The Annual Financial Report 2009, the Analyst’s Presentation and the Guidance for Financial Analysts are available on our homepage.