The first half of 2021 remained challenging for the aviation industry, the area around the airport and Flughafen Zürich AG. Air traffic was at 25% of pre-crisis levels at best. Shuttered shops and restaurants, a fragile medical situation and constant changes in travel restrictions and regulations made for a difficult start to the new year. Following the improvement in the medical situation in the spring, the progress on the vaccination front and the gradual reopening of borders, especially within Europe, passenger and traffic volumes have been rising again since this summer.

Traffic volumes

Between January and June 2021, some 2.1 million passengers used Zurich Airport as a departure, transfer or destination airport, down 60.5% from the prior-year period. In comparison with the first half of 2019, the number of passengers fell by as much as 85.9%. The number of flight movements fell by 31.9% to 41,123 take-offs and landings in the first half of 2021. Only the number of freight flights increased (+18.6%), which also had a positive impact on the volume of freight handled compared with the first half of 2020 (up 25.1% to 180,788 tonnes).

Financial results

Total revenue in the first six months of 2021 decreased year on year by 15.1% to CHF 263.6 million; compared with 2019, it was down by as much as 55.2%. Aviation revenue in particular declined. This made up just 25% of total revenue, whereas pre-coronavirus it accounted for around 55%.

Despite a high proportion of fixed costs, operating expenses fell year on year by 16.6% to CHF 171.4 million. Compared with 2019, the adjusted cost base declined by as much as 30.4%. The savings are mainly attributable to lower personnel expenses as a result of short-time working, lower police and security costs, and other general cost reductions.

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 12.1% year on year to CHF 92.2 million. Compared with 2019, EBITDA was 69.6% lower. This resulted in a loss of CHF 45.1 million in the first half of 2021. In the prior-year period, the company likewise posted a loss of CHF 27.5 million, whereas in 2019 it achieved a profit of CHF 143.4 million.

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Flughafen Zürich AG published this content on 24 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 August 2021 05:13:02 UTC.