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Unique News Flash No. 19 / Half-Year Interim Result 2009: Positive Net Result despite traffic decrease

Despite the challenging economic environment Unique (Flughafen Zürich AG) reports a positive net result of 47.2 million Swiss Francs for the first half-year 2009 (minus 40.9% compared to last year). While passenger figures declined by 3.8%, air traffic movements decreased by 8.0%. At 395.7 million Swiss Francs total revenue shows a decline of 6.8% and at 188.2 million Swiss Francs EBITDA is 16.9% lower than last year.

The challenging economic environment as well as decreasing traffic figures impacted the result of Unique (Flughafen Zürich AG) in the first half-year 2009. The half-year net result of 47.2 million Swiss Francs is 40.9 percent lower than 2008 half-year's result. The company invested 78 million Swiss Francs in the first half-year 2009.

Traffic development
10.2 million passengers (minus 3.8 percent) were handled at Zurich Airport during the first half-year 2009. Local passenger numbers declined by 6.7 percent to 6.5 million and the number of transfer passengers rose by 1.6 percent to 3.7 million. Thus the transfer rate increased from 34.5 to 36.4 percent. With 8.0 percent, air traffic movements decreased over proportional compared to the passenger figures. Various airlines reduced their offer in light of the economic circumstances. While the Seat Load Factor decreased by 0.2 percent to 69.0 percent, the average number of passengers per air traffic movement rose by 1.4 percent to 94.2. The freight volume declined by 18.8 percent to 162'418 tons.

Revenue development
Revenue decreased from 424.7 million to 395.7 million Swiss Francs (minus 6.8 percent) compared to last year's period. Aviation revenue declined to 238.6 million Swiss Francs (minus 8.3 percent). Apart from the lower traffic the split of the noise charges with the Canton of Zurich per July 1, 2008 accounts for this decrease. Non-aviation revenues declined to 157.1 million Swiss Francs, which is 4.4 percent lower than last year. The average turnover per departing passenger could be kept on a high level with 43.2 Swiss Francs (previous year 44.07 Swiss Francs).

Operating key figures and result
Operating costs increased by 4.7% from 198.2 million Swiss Francs to 207.5 million Swiss Francs. This increase is mainly due to the required higher number of staff because of Schengen-implementation and the insourcing of the maintenance of the baggage sorting system in May 2008. Earnings before interest, taxes, depreciation and amortisation (EBITDA) declined to 188.2 million Swiss Francs, 38.3 million or 16.9% below previous year's figure of 226.5 million Swiss Francs. As a result, EBITDA margin is with 47.6 percent significantly lower than the 53.3 percent of last year, being the result of reduced revenue due to lower traffic numbers and increased operating costs. Furthermore, the split of the noise related revenues, which are partly transferred to the Canton of Zurich since July 1, 2008 to pre-finance a part from the noise liabilities, affected the margin deterioration substantially but expectedly. Solely this effect accounted for a decline of approximately 1.5 percentage point of the EBITDA margin.

For the full year 2009 Unique (Flughafen Zürich AG) still expects a passenger decline of 3 to 5 percent. Considering this traffic forecast and the full year effect of the split of the noise charges, the airport operator estimates a decrease of the net result of approximately 15 to 20 percent for the full year 2009.

The Interim Report as of 30 June 2009 and the Analysts' Presentation are available on our homepage. Please use the following links:
Interim Report www.unique.ch/Half Year Results (EN)
Analysts' Presentation www.unique.ch/Analysts Presentation (DE)

Our Analysts' Presentation will start at 12.30 pm CET today. Callers may attend the presentation by dialing: +41 (0)91 610 56 00.

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