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Zurich Airport News Flash No. 5 / Financial Year 2012

Flughafen Zürich AG: Net profit affected by one-off effects in Financial Year 2012.

Flughafen Zürich AG concluded its financial year 2012 with a net profit of 94.7 million Swiss francs, a minus of 44.2 percent (previous year: 169.8 million Swiss francs). The main reason for the decrease is the recognition of provisions in line with IAS 19 for the affiliation contract with the Employee Pension Fund of the Canton of Zurich BVK. Excluding the IAS 19 effect, net profit would amount to 192.0 million Swiss francs or represent an increase of 13.1 percent.

For the year 2012 Flughafen Zürich AG registers a growth in passenger volume of 1.9 percent as well as higher revenues in the aviation segment and especially in the non-aviation segment. The anticipated significantly higher operating costs are largely due to the recognition of liabilities in line with IAS 19 for employee benefit obligations in the context of the new affiliation contract between Flughafen Zürich AG and the Employee Pension Fund of the Canton of Zurich BVK (News Flash from November 30, 2012). This led to a significant decrease in net profit versus the previous year.

Traffic figures
Flight movements saw a decline of 3.2 percent to 270’027. A higher seat load factor combined with bigger airplanes on average nevertheless led to a passenger increase of 1.9 percent (compared to the year 2011) and to a total of 24.8 million passengers. Out of that passenger volume, local passengers made up 16.2 million (+1.6 percent) and transfer passengers 8.5 million (+2.5 percent). The transfer share lies at 34.2 percent and corresponds with the transfer average rate over the past seven years.

The total revenue of 948.8 million Swiss francs has been generated by 63 percent in the aviation segment and by 37 percent in the non-aviation segment. Aviation revenues, which are depending to a large extent on traffic volumes, increased by 2.9 percent to 596.4 million Swiss francs (previous year: 579.6 million Swiss francs). The non-aviation revenues increased significantly over-proportionately by 8.2 percent to 352.4 million Swiss francs (previous year: 325.8 million Swiss francs). With the gradual upgrade and expansion of commercial space, passengers, staff and visitors benefit from a high quality shopping experience. For the first time, shops and restaurants at Zurich Airport reached a turnover of over half a billion Swiss francs in the year 2012.

Operating costs
Operating costs rose significantly by 32.4 percent to 558.1 million Swiss francs in the financial year 2012 (previous year: 421.5 million Swiss francs). The reason for this increase is mainly based on the net income-affecting initial recognition of the new affiliation contract with the Employee Pension Fund BVK in line with IAS 19 (revised) employee benefits. Adjusted for the IAS 19 one-off recognition, operating costs would amount to 436.2 million Swiss francs and represent an increase of 3.5 percent.

The new affiliation contract between Flughafen Zürich AG and the Employee Pension Fund BVK took effect on January 1, 2013. Previously classified as a defined contribution plan, the pension plan will now be presented as a defined benefit plan in line with IAS 19 (revised) in the financial statements.

The Security Check Building, which went into operation at the end of the year 2011, has proven to be successful regarding passenger waiting times and efficiency. Despite higher passenger volumes compared to the previous year, the waiting times as well as costs could be reduced.

As a consequence of significantly higher operating costs, Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached 390.7 million Swiss francs, which marks a decrease of 19.3 percent compared to last year’s period figure of 483.9 million Swiss francs.

Depreciation and amortisation
Depreciation and amortisation increased to by 17.5 million Swiss francs to 218.7 million Swiss francs, primarily impacted by the commissioning of the Dock B and Security Check Building.

Earnings before interest and tax (EBIT) fell by 39.2 percent to 171.9 million Swiss francs (previous year: 282.7 million Swiss francs). If adjusted for the initial recognition of employee benefit obligations in line with IAS 19 (revised), EBIT would have resulted in an increase of 3.9 percent.

Financial result
Compared to the Swiss franc, the Japanese yen saw a downward trend which led to a valuation gain on the Japanese loan. Partially compensated through higher though non-cash financial expenses for the valuation of noise provisions, the before mentioned valuation gain led to a financial result of 57.0 million Swiss francs (22.4 percent lower as previous year).

Net profit
The net profit of Flughafen Zürich AG amounted to 94.7 million Swiss francs. This is 44.2 percent less than the previous year. Without the initial recognition of employee benefit obligations in line with IAS 19 (revised), net profit would be at 192.0 million Swiss francs, which would correspond to an increase of 13.1 percent.

Capital expenditure

In 2012, capex amounted to 195.6 million Swiss francs. This is significantly lower than the previous year’s figure, which was dominated by the completion and commissioning of the Dock B and Security Check Building. The upgrade of Terminal 2, the renovation of runway 14/32, investments for car parking expansion and value-preserving maintenance works were among the main projects the company invested in. Since the privatisation in the year 2000, Flughafen Zürich AG invested over 3.5 billion Swiss francs for airport infrastructure projects - without obtaining any subsidies.

Balance Sheet
Equity increased by 3.2 percent to 1.86 billion Swiss francs by the end of the year 2012, resulting in an equity ratio of 45.7 percent. Net financial debt of the company was 826.2 million Swiss francs (previous year: 1’012.1 million Swiss francs).

Flughafen Zürich AG expects a stagnating, moderate at the most growth in passenger volume for the year 2013. Air traffic movements (ATMs) are expected to slightly decrease. The various investment projects will be brought forward. The company awaits the Confederation’s decision about the Sectoral Aviation Infrastructure Plan (SAIP) and the development on ratifying the aviation treaty with Germany in the year 2013. Barring unexpected factors and adjusted for the one-off effects of the previous year, Flughafen Zürich AG expects the result of the financial year 2013 to be slightly above the prior year’s level.

The Board of Directors is proposing the payment of a dividend of 9.50 Swiss francs per share to the General Meeting of Shareholders on April 18, 2013, equivalent to the dividend of last year. Excluding the initial recognition of employee benefit obligations in line with IAS 19 (revised), the payout ratio excluding noise components is 32.8 percent.

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