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2011 Zurich Airport News Flash No. 5 / Financial Year 2010

Net Profit of 138.5 million Swiss Francs in Financial Year 2010 – a plus of around 20 percent
Flughafen Zürich AG concluded its Financial Year 2010 with a net profit of 138.5 million Swiss Francs (previous year: 190.6 million Swiss Francs, minus 27.3 percent). Excluding the positive previous year effect of the partial divestment of our stake in Bangalore International Airport Limited in India, 2010 net profit increased by 20.6 percent.

The Financial Year 2010 was marked by an economic recovery which strongly impacted the air traffic. The largest airport of Switzerland asserted itself well in comparison to other European peers and finished the year with a total of 22.9 million passengers. This equals an increase of 4.3 percent compared to 2009. These figures are remarkable, as they have to be seen in the light of the volcanic eruption in April and the severe winter weather that caused numerous flight delays and cancellations. While local passengers increased by 7.7 percent to 14.9 million, the number of transfer passengers decreased by 1.4 percent to 7.9 million. Movements saw an increase of 2.5 percent to 268‘765.

The turnover of 863 million Swiss Francs was generated by 62.4 percent in the aviation segment and by 37.6 percent in the non-aviation segment. Revenue in the aviation segment increased by 6.5 percent to 538.1 million Swiss Francs (previous year: 505.1 million Swiss Francs). Revenue in the non-aviation segment rose by 3.1 percent to 324.9 million Swiss Francs (previous year: 315.1 million Swiss Francs).

Operating costs rose by 2.1 percent to 426.5 million Swiss Francs in the Financial Year 2010 (previous year: 418 million Swiss Francs).

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached 436.4 million Swiss Francs, 34.2 million Swiss Francs over previous year’s figure of 402.2 million Swiss Francs. EBITDA margin stands at 50.6 percent in comparison to 49.0 percent in last year’s period.

Earnings before interest and taxes (EBIT) increased by 15.3 percent to 245.7 million Swiss Francs (previous year: 213.2 million Swiss Francs).

Net financial expenses of 72 million Swiss Francs were 7.4 percent or 5.8 million Swiss Francs below last year’s figure.

With 138.5 million Swiss Francs, net profit of the company decreased by 52.1 million Swiss Francs or 27.3 percent (previous year: 190.6 million Swiss Francs). The reason for this decrease is the gain of around 75 million Swiss Francs from the partial divestment of the shareholding in Bangalore International Airport Ltd. (BIAL), which did positively impact previous year’s result. Excluding the effect of this transaction, 2010 net result is 20.6 percent higher than in 2009.

Capital expenditure increased by around 60 million Swiss Francs to 241.9 million Swiss Francs (previous year: 180.9 million Swiss Francs). Thereof, a large part is due to the project “Zurich 2010” with the new Dock B and the Centralized Security Building.

Net financial debts were reduced by 82.3 million Swiss Francs to 755.9 million Swiss Francs (previous year: 838.2 million Swiss Francs). Shareholder’s equity increased by 5.4 percent to 1.7 billion Swiss Francs. The equity ratio amounts to solid 47.9 percent (previous year: 44.9 percent).

The board of directors will propose a dividend of 7.00 Swiss Francs per share to the Annual General Meeting of Shareholders on April 14, 2011. This is two Swiss Francs or 40 percent higher than last year’s ordinary dividend of 5.00 Swiss Francs per share.

The first two months of the current year were characterized by a pleasant growth of passenger figures. If there are no unexpected further occurrences, Flughafen Zürich AG expects the volume of passengers to increase by around 3 to 4 percent in 2011.
The Annual Report 2010, the Analyst’s Presentation and the Noise Guidance are available on our homepage.

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