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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Flughafen Zürich AG    FHZN   CH0319416936

FLUGHAFEN ZÜRICH AG

(FHZN)
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Flughafen Zuerich : THE CIRCLE to open in 365 days

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09/02/2019 | 04:50am EST

The new destination for Zurich will be ready for occupancy in stages as of mid-2020. On 1 September 2020 a large part of the brand houses and restaurants plus the Hotel Hyatt Regency Zurich Airport The Circle and the convention centre will open. Several new rental agreements have also been signed in recent months.

The shell of Switzerland's largest construction project is complete, and the last ceiling at THE CIRCLE was concreted just a few weeks ago. The facade assembly is proceeding on schedule, and in a few days' time the remaining protective wall will be dismantled. The first handover of rental space took place in early August.

Opening month September 2020
The public areas will be opened on 1 September 2020. Some office tenants will move into their space before this date. They include Flughafen Zürich AG, which will move its head office to the main airport complex in April of next year. The brand houses and restaurants will open on 1 September. Moreover, congresses for up to 2,500 people will take place at the convention centre starting in September, and the first guests will stay at the Hyatt Regency. The outpatient healthcare centre of the University Hospital of Zurich and the second hotel, Hyatt Place Zurich Airport/The Circle, will open by the end of 2020.

The opening celebrations will also take place in September 2020. Further information to follow.

Partners for education, crèche and fitness centre plus new retail and office tenants
New rental agreements been signed in recent months. The tenants include the Zurich-based start-up Westhive, which will operate the platform in the 'Education & Knowledge' module that offers 3,000m2 of educational facilities at a prime location. At its centre is the MindHub, a multi-functional room for seminars, meetings and workshops.

The crèche for employees and a fitness centre are also very important for the attractiveness of THE CIRCLE as a modern work environment. A Swiss family-run company that will open a crèche in THE CIRCLE and Kieser Training, the well-known Swiss brand for health-oriented training, are the ideal partners for these two areas.

Coop will also be represented at THE CIRCLE with its Italian format 'Sapori d'Italia'. Sapori d'Italia offers freshly-made sandwiches, focaccia and Italian espresso and a wide range of wines, olive oil and sweet treats. Guests can relax and enjoy some time in a lounge. Globus will also open a concept store spanning close to 700 m2 in the 'Brands & Dialogue' module.

New office tenants include Edelweiss, the first airline to move its head office to premises spanning around 2,000 m2 in THE CIRCLE. The Swiss IT company Inventx will move its Zurich office to Zurich Airport. Lunge Zürich will also move its headquarters and an advisory office with a total of 35 employees to the 'Headquarters & Offices' module.

Some new tenants introduced themselves at a THE CIRCLE & Friends event at the end of August (Video in German): https://youtu.be/44xf7zGFng4

About THE CIRCLE
THE CIRCLE will become a central attraction that shapes and strengthens Zurich Airport. From September 2020, it will be possible to hold conferences for up to 2,500 guests directly at Switzerland's largest national airport. An outpatient healthcare centre run by the University Hospital of Zurich, two Hyatt Group hotels, various brand worlds, attractive office space, and arts, culture, restaurants and education facilities will round out the wide range at Zurich Airport. THE CIRCLE will thus enrich the whole region, both culturally and economically. Flughafen Zürich AG and Swiss Life AG have formed a joint ownership company, with Flughafen Zürich AG holding a 51% stake and Swiss Life AG 49%.

Disclaimer

Flughafen Zürich AG published this content on 02 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 September 2019 08:47:48 UTC

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Financials (CHF)
Sales 2019 1 203 M
EBIT 2019 399 M
Net income 2019 300 M
Debt 2019 863 M
Yield 2019 4,11%
P/E ratio 2019 18,0x
P/E ratio 2020 18,2x
EV / Sales2019 5,16x
EV / Sales2020 5,21x
Capitalization 5 348 M
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Number of Analysts 14
Average target price 185,83  CHF
Last Close Price 174,20  CHF
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Stephan Widrig Chief Executive Officer
Andreas G. Schmid Chairman
Stefan Tschudin Chief Operating Officer
Lukas Brosi Chief Financial Officer
Konrad Zöschg Head-Information & Communication Technology
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