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Unique News Flash No. 32 / 2008 Half-Year Interim Result

Successful first half year 2008 - increased full year traffic and profit guidance - settlement of noise compensation initiated
Unique (Flughafen Zürich AG) reports a net result of 79.8 million Swiss Francs for the first half year 2008. Passenger volume increased by 9.3 percent compared to the same period last year. The volume of flight movements rose by 5.7 percent. Unique (Flughafen Zürich AG) expects around 22.2 million passengers fo
r 2008. From today's perspective estimated noise-related costs will account for approximately 760 million Swiss Francs.
The half year net result rose by 73.1 percent to 79.8 million Swiss Francs versus the net result for the first half 2007. Continued strong traffic growth and associated commercial turnover led to this pleasing result. The key figures have been positively affected by the noise issue, with-out which the half year net result would have been 60.5 Mio. Swiss Francs.
Traffic development
10'606'574 passengers were handled at Zurich Airport during the first half of 2008, showing an increase of 9.3 percent. Local passengers rose by 8.5 percent to 6.9 million and transfer pas-sengers by 12.0 percent to 3.6 million, raising the transfer share from 33.7 to 34.5 percent. The average number of passengers per air traffic movement rose by 3.4 percent from 89.7 to 92.8. The freight volume increased by 9.2 percent to 199'937 tons.
Turnover increased by 13.9 percent from 372.9 to 424.7 million Swiss Francs versus previous year. Due to the strong traffic growth and an increase in security fees as of July 1st, 2007, aviation revenues advanced by 15.6% to 260.3 million Swiss Francs.
Non-aviation revenues grew by 11.3 percent to 164.5 million Swiss Francs. The average turnover per departing passenger saw a further increase from 42.4 to 44.1 Francs (plus 4.0 percent).
Operating key figures and result Operating costs increased by 4.0 percent to 198.2 million Swiss Francs versus previous year. Safety & security costs saw a further rise of 9.9 percent to 56.4 million Swiss Francs during the first half year 2008.
Earnings before interest, taxes, depreciation and amortisa-tion (EBITDA) reached 226.5 million Swiss Francs, 24.2 percent above previous year's figure and raising the EBITDA margin from 48.9 to 53.3 percent.
Earnings before interest and taxes (EBIT) rose by 46.0 percent from 92.0 to 134.4 million Swiss Francs.
Estimated noise costs
The airport operator has received around 19'000 noise compensation claims, of which around 2'600 cases are currently being deposited of the Federal Appraisal Committee. Following the Federal Court's decision on 18 pilot cases in the community of Opfikon, numerous open ques-tions have now been resolved, thereby allowing Unique (Flughafen Zurich AG) to quote a first estimate of expected overall noise compensation costs.
From today's perspective and considering the court rulings, the expected overall noise costs are estimated at 760 million Swiss Francs. For the time being the current noise fee will remain at 5 Swiss Francs per departing passenger. In March 2006 Unique (Flughafen Zürich AG) and the Canton of Zurich signed an supplement to the merger agreement, which limits the airports risk imposed by formal expropriations. Should there be a remaining potential risk that expected aircraft noise costs (formal expropriations, noise insulation and associated cost) could exceed the amount of 1.1 billion Swiss Francs at the moment the first formal expropriations are being paid out, the Canton of Zurich will assume responsibility for the pre-financing cost of all "old noise-related liabilities".
"Old" noise-related liabilities are liabilities that arose prior to June 2001, up to which date the canton of Zurich was holder of the operating licence of Zurich Airport. Despite the Federal Court's decision, total cost could still exceed 1.1 billion Swiss Francs, should the remaining open questions potentially be adversely decided upon our expectation. For this reason, the supplement to the merger agreement regulating the pre-financing for "old" liabilities by the canton of Zurich which emerged prior to June 2001 comes into effect. As of this reason, the Canton of Zurich receives 47 percent of all noise revenues and gets a part of the Airport of Zurich Noise Fund Balance as of June 30.
Unique (Flughafen Zürich AG) may now start with the compensation settlements of those cases, for which the open questions have been resolved. Highly noise affected home owners who reside in and have acquired that specific home at a time, today's aircraft noise level was not foreseeable, will be contacted and offered a settlement, which is in line with the guidelines set by the Federal Court.
Not yet clarified fundamental issues will be decided upon by legal judgements on upcoming cases.
Further, Unique (Flughafen Zürich AG) is working on a concept to voluntarily refund noise insulation measures which were financed by home owners themselves.
The company expects a 7-7.5% passenger growth for the full year 2008 and increases its profit-guidance from +5% to +10%.
The Interim Report as of 30 June 2008, the Analysts' Presentation and the Guidance for Financial Analysts are available on our homepage.
Please use the following links:
Interim Report
www.unique.ch/geschaeftsbericht (DE)
www.unique.ch/annualreport (EN)
Analysts' Presentation and Guidance for Financial Analysts (both available in english only)
www.unique.ch/kapitalmarkt (DE)
Press Release (german version)

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