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

FLUGHAFEN ZÜRICH AG

(FHZN)
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Flughafen Zürich : Analysts‘ Presentation HY2020 (pdf, 3.29 MB)

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08/21/2020 | 03:19am EDT

Half Year Results 2020

Presentation to Investors & Analysts

Stephan Widrig, Chief Executive Officer

Lukas Brosi, Chief Financial Officer

August 21, 2020

Content

01 Business Update

02 Financial Update

03 Outlook

04 Q&A

05 Appendix

2

Traffic Development ZRH

Significant drop due to COVID-19

Passengers (in million)

2.4

2.7

2.7

2.9

2.1

2.0

2.1

2.0

0.9

0.0

0.0

0.2

January

February

March

April

May

June

2019

2020

Air Traffic Movements (in thousands)

21.7

22.1

23.3

24.4

24.7

19.7

20.6

18.7

11.1

1.9

3.1

5.0

January

February

March

April

May

June

2019

2020

3

Update Business

Seat Load Factor

Financial

69%

72%

76%

80%

77%

82%

72%

73%

57%

57%

Update

20%

35%

Outlook

January

February

March

April

May

June

2019

2020

Freight (in tons)

Q&A

35.1

36.4

42.2

37.5

38.1

36.7

33.3

34.7

25.5

18.9

19.9

12.2

Appendix

January

February

March

April

May

June

2019

2020

Actions Taken

Response to COVID-19

Update Business

Zurich

International

Cash

  • Operations: Temporarily closed parts of the airport (i.e. Dock A and E); enhanced safety and hygiene protocols to protect well-being of passengers, visitors and employees
  • Operating Costs: Reduced personnel expenses through short time work and other cost reductions, such as maintenance or utility, due to closure of infrastructure; total ZRH cost saving vs. FY2019 of 10 to 15% anticipated (excl. concession accounting)
  • Investments: Initial guidance for 2020 of CHF ~350m reduced by CHF ~100m; only projects where no or only minimal restart cost will incur were postponed; mid-term ZRH CAPEX outlook below CHF 300m p.a.
  • Going forward: CAPEX and costs in line with traffic recovery, phased reopening of infrastructure, aim to realize sustainable cost reductions where possible
  • Operating Costs: OPEX wherever possible reduced until recovery well advanced, mainly in terms of personnel expenses
  • Investments: CAPEX for running concession where possible postponed; concession agreement for Delhi Noida International Airport will also be signed with delay
  • Going forward: Negotiations with governments ongoing to restore the financial re-equilibrium due to COVID-19
  • Bonds: Raised two bonds of CHF 400m (February) and CHF 300m (April)
  • Credit facility: Drew credit line fully in March, already partially repaid in June
  • Dividend: Suspended dividend payments for FY2019
  • Liquidity: Liquidity at end of June above CHF 800m

Outlook Update Financial

Q&A

Appendix

4

Milestones

5

Milestones

Half Year 2020

Airport Charges

Aviation

Commercial

Activities

Real Estate

International

6

  • Extension of charges period: Agreement with airports users reached at current levels
  • Duration: Flexible mechanism, depending on cumulated return of regulated business
  • Regulated return: New regulatory WACCs of 5.0% starting in 2021 (5.9% for 2016-2020)
  • SWISS and Edelweiss: Liquidity support by Swiss government helps to resume full operations as soon as borders open and markets recover
  • Government aid: Further support for aviation-related businesses, if necessary
  • Minimum Annual Guarantees (MAG): Waiving of MAG during governmental imposed lockdown
  • Store reopening: Most stores and restaurants on air- and landside are open again

The Circle: Revenue contribution started in HY2020; pre-letting above 80%; public opening

in November

  • Priora assets: CHF ~10m contribution in HY2020 to facility management revenues according to plan
  • Brazil: Operational take over of the two new airports Vitória and Macaé at the beginning of 2020
  • India: Preparation work progresses well; signing of concession agreement delayed due to COVID-19

Outlook Update Financial Update Business

Q&A

Appendix

Aviation

7

Aviation Business

Heavily impacted by COVID-19

The outbreak of the pandemic depicted unprecedented times in Zurich. Traffic came almost to a standstill; however, Zurich Airport always facilitated cargo services for continuity of supply chains, enabled repatriation flights and transportation of medical staff.

PASSENGERS

  • -64.3% reduction in passenger volumes to 5.3m
    • Local passengers of 3.8m (-64.0%)
    • Transfer passengers of 1.5m (-65.3%)
    • Transfer share of 28.6%

AIR TRAFFIC MOVEMENTS

  • Decrease in air traffic movements to 60,417 (-55.5%) whereof line & charter movements 47,689

CARGO

Outlook Update Financial Update Business

Q&A

Appendix

  • Cargo -36.1% to 144,526 tons

Flight Operations Charges

Agreement reached with Airport Users

• Start of

• COVID-19

• Negotiations

hits Europe

negotiations

completed

March • Regulator

Spring

• Flexible

July

• Signing of

takes part

mechanism

for tariffs

agreement

as observer

was needed

Negotiations with

the following

Other

…led to…

parties…

Represen-

tatives

FOCA1

Observer

9

Key Points of Agreement

  • Extension of current regulatory period which started in September 2016
  • Airport charges unchanged except for minor structural changes
  • 10% 'ramp-up discount' in 2021
  • The regulated WACCs will be set at 5.0% starting in January 2021 (previously 5.9%)
  • Goal is to implement adjustments of the extension on January 1, 2021
  • Negotiation process will start again:
    • when cumulated regulated EVA2 since 2016 will be >=0; or
    • in January 2025

1FOCA = Federal Office of Civil Aviation

2EVA = Economic Added Value

Outlook Update Financial Update Business

Q&A

Appendix

Commercial Business and Real Estate

10

Commercial Business and Real Estate

Resilient Real Estate Business

Fixed contract real estate business is performing in line with expectations and shows only minor shortfalls in rent.

The commercial business, which is typically structured as a revenue share with a Minimum Annual Guarantee (MAG), shows lower rental income. Negotiations are held on a case-by-case basis to find a mutual agreement in terms of MAG.

COMMERCIAL BUSINESS

  • Commercial turnover -55.5% to CHF 127.3m
    • Airside -65.7%
    • Landside -40.8%

REAL ESTATE

  • Real estate revenues increasing due to acquisition of Priora real estate portfolio in December 2019

Outlook Update Financial Update Business

Q&A

Appendix

The Circle

Tenants are moving in

Pre-letting Development

Financial Update Business

~75%

>60%

~66%

~60%

>80%

>85%

Outlook Update

August 2018

March 2019

August 2019

March 2020

Currently

Target Year End

New Tenants signed this year

Q&A

Appendix

International

13

International

Concessions also impacted by COVID-19

Significant reduction of traffic starting in mid March due to COVID-19. All majority owned international concessions remained open and operated on minimal capacity.

BRAZIL

  • Florianópolis
    • Reduction of workforce by around 30%, hiring freeze
    • Process to request financial re-equilibrium (force majeure) initiated with regulator
  • Vitória/Macaé
    • Postponement of capital investment obligation to 2021; successfully secured long-term financing without corporate guarantee; operating on minimum capacity, hiring freeze
    • Process to request financial re-equilibrium (force majeure) initiated with regulator

CHILE

  • Terminal expansion in Iquique as planned; completion at end of 2021
  • Possible extension of concessions due to variable concession duration

INDIA

  • Preparation works ongoing for Delhi Noida International Airport; concession agreement not signed yet

Outlook Update Financial Update Business

Q&A

Appendix

Content

01 Business Update

02 Financial Update

03 Outlook

04 Q&A

05 Appendix

15

Declining Revenue and Profit

Half Year 2020

Revenue (in million CHF)

Declining revenue

588

numbers as a result of

543

COVID-19

310

Further lowered by less

307

international CAPEX

(concession accounting)

HY19

HY20

EBITDA (in million CHF)

Revenue Split (in million CHF)

Not all revenues correlate

588

directly with traffic

227

development

310

Decline in non-aviation

177

revenues of 22.3% (excl.

315

concession accounting)

130

Aviation

Non-Aviation

HY19

HY20

Consolidated Result (in million CHF)

Outlook Update Financial Update Business

Reduction in EBITDA of

304

65.5% due to significant

less revenues

Cost reductions did not

offset lower revenue

105

figures due to high

portion of fixed costs

HY19

HY20

Concession accounting

16

  • Higher depreciation and amortization coming mainly from additional real estate
  • High operating leverage with large amount of fixed costs led to a net loss

143

-28

HY19HY20

Q&A

Appendix

Lower Non-Aviation Figures

Half Year 2020

Commercial & Parking (in million CHF)

As a result of the

121

lockdown, all commercial

revenues are lower

73

Due to the MAG, drop in

commercial revenue was

less significant than

traffic numbers

HY19

HY20

Revenue from Services (in million CHF)

Facility Management (in million CHF)

Higher fixed rental

69

income due to acquisition

of additional real estate

in December 2019

63

Initial contribution of The

Circle

HY19

HY20

International Revenue (in million CHF)

Outlook Update Financial Update Business

While communication

22

services were almost flat,

the catering and fuel

15

charges business

dropped because of

COVID-19

HY19

HY20

  • Concession accounting considerably lower since international CAPEX postponed
  • Revenue decline mitigated from new airports in Brazil

68

24

2320

HY19HY20

Q&A

Appendix

17

Concession accounting

Cost-Cutting Initiatives Working

Half Year 2020

Personnel Expenses (in million CHF)

Implementation of short-

106

time working hours in mid

March to receive partial

unemployment insurance

compensation helped to

94

reduce salary costs

HY19

HY20

Maintenance & Material (in million CHF)

Because of closure of

19

parts of the airport,

maintenance and

13

material costs have

decreased by 32%

HY19

HY20

18

Police & Security (in million CHF)

Reduced orders for the

61

Canton of Zurich police

50

force resulted in lower

costs

Other security costs

could be reduced as well

HY19

HY20

Total Operating Expenses (in million CHF)

Large decrease of total

284

206

OPEX due to less

concession accounting

239

202

and cost-cutting

initiatives taken in ZRH

as well as internationally

HY19

HY20

Concession accounting

Outlook Update Financial Update Business

Q&A

Appendix

Financial Key Ratios

Half Year 2020

Net Financial Debt / EBITDA (excl. noise)

Net Financial Debt

2.8x

stands at CHF 1,225m

1.3x

HY19

HY20

Operating Cash Flow (incl. noise, in million CHF)

Significantly lower net

201

profit led to a reduction in

operating cash flow of

around 36%

129

HY19

HY20

Outlook Update Financial Update Business

ROIC (incl. noise, in %)

Lower profit numbers led

9.3%

to a drop in LTM* ROIC

from 9.3% to 4.0%

Invested capital higher

mainly from purchase of

4.0%

real estate

Free Cash Flow

  • Lower cash flow numbers coupled with high investments in ZRH (i.e. The Circle) reduced free cash flow generation in the first half year

(incl. noise, in million CHF)

1

-74

Q&A

Appendix

HY19

HY20

* LTM = Last twelve months

19

HY19HY20

Group CAPEX

Half Year 2020

The Circle ~CHF 72 million

New Baggage Sorting System ~CHF 30 million

Total Group CAPEX of

CHF 211 million

Restoration Maintenance Area ~CHF 14 million

Expansion of Landside Area ~CHF 13 million

20

Outlook Update Financial Update Business

Q&A

Appendix

Content

01 Business Update

02 Financial Update

03 Outlook

04 Q&A

05 Appendix

21

Outlook

Guidance 2020

2019 Actual

2020 Guidance

Passengers ZRH

31.5 million

• Approximately 10 million passengers assuming a recovery mainly in Q4 2020

Revenues

CHF 1,210 million

• Flat tariffs in 2020

• Commercial revenue based on Minimum Annual Guarantee (MAG), no rents

collected during lockdown and individual agreements with partners on airside for

time with low passenger volumes

• Increasing revenue from facility management

• Lower car parking and international revenues expected

Operating expenses

CHF 568 million

• Reduction of 10−15% (excl. concession accounting)

Consolidated Result

CHF 309 million

• Expected to be negative

CAPEX ZRH

CHF 360 million

• CHF 250−300m (incl. The Circle)

Guidance reflects a slow but steady recovery and does not take into consideration new border

closures, additional travel restrictions, new quarantine requirements or lockdowns

22

Outlook Update Financial Update Business

Q&A

Appendix

Mid-Term CAPEX Roadmap Outlook

Zurich and International

Zurich

Total CAPEX of CHF 250m to 300m p.a. expected in Zurich going forward

Maintenance CAPEX accounts for around CHF 100m to 150m p.a.

Regulated CAPEX estimated to account for roughly 60%

• Mid-term CAPEX is subject to traffic development and economic conditions

Brazil

Florianópolis: New terminal was opened on October 1, 2019; limited CAPEX expected going forward

Vitória and Macaé: Total CAPEX of roughly CHF 80m expected from 2020 to 2024

Chile

Antofagasta: No notable infrastructure investments are anticipated through to the end of the

concession

Iquique: Total expected investments in airport infrastructure of approximately CHF 40m in 2020 to 2021

India

Delhi Noida: Total investments of roughly CHF 650m expected until 2024; peak in 2022 and 2023

Compared to pre-Corona,mid-term CAPEX has been postponed or reduced in Zurich as well as

internationally

23

Outlook Update Financial Update Business

Q&A

Appendix

Content

01 Business Update

02 Financial Update

03 Outlook

04 Q&A

05 Appendix

24

Corporate Calendar

Contact Information

  • August 25, 2020
    MainFirst Transportation Conference (Virtual)
  • September 29/30, 2020
    Santander Infra Conference (Virtual)
  • November 24, 2020
    Deutsche Bank BLT Conference (Virtual)
  • November 25, 2020 Kempen Conference (Virtual)
  • March 12, 2021
    Publication of full year results 2020

Investor Relations Team +41 (0)43 816 71 61 investor.relations@zurich-airport.com

25

Lukas Brosi

Chief Financial Officer

Stefan Weber

Head IR, Treasury & Risk Management

Marcel Heinzer

Senior Financial Analyst

Outlook Update Financial Update Business

Q&A

Appendix

Content

01 Business Update

02 Financial Update

03 Outlook

04 Q&A

05 Appendix

26

Liquidity and Debt Overview

As of June 30, 2020

Liquidity (in CHFm)

Committed Credit Facilities

CHF 160m

Total utilization (incl. guarantees)

CHF

75m

Available short-term credit facilities

CHF

85m

Cash balance (excl. AZNF) at June 30, 2020

CHF

810m

Total liquidity (excl. AZNF) at June 30, 2020

CHF

895m

Debt Composition (in CHFm)

by maturity

by currency

by category

9%

4%

9%

19%

81%

91%

87%

Short-termLong-term

CHF

Other

Bonds Bank Loans Other

Bond Maturity Profile (in CHFm)*

500

CHFm

400

300

In

200

100

0

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

Net Debt / LTM EBITDA (excl. noise)

3.0x

EBITDA

2.5x

2.8x

1.5x

1.8x

2.0x

/

1.0x

Debt

0.5x

1.0x

0.9x

0.9x

Net

0.0x

FY2016

FY2017

FY2018

FY2019

HY2020

Outlook Update Financial Update Business

Q&A

Appendix

Aim to reduce debt to levels prevailing before COVID-19

* Only shows bonds denominated in CHF

27

Zurich Airport at a Glance

Diversified Airport Operator

Update Business

AVIATION / REGULATED

2019 revenue of CHF 661 million

• "To satisfy the demand for direct connections to

the world's major cities"

• Regulated business with profitability restrictions;

not subsidized

• Premium mid-sized hub with operating license

until 2051

• Land and infrastructure wholly-owned

by Zurich Airport

• Service to 203 airports in 69 countries

• Economic importance: 275,329 air

NON-AVIATION / UNREGULATED

Commercial, Real Estate & Services 2019 revenue of CHF 422 million

• Leading commercial center

• Average concession rate of >22% of total commercial turnover

• Commercial revenues driven by passenger numbers (airside) and commuters, employees, shoppers etc. (landside)

• Revenue contribution ~40%

STRATEGIC GROWTH PROJECTS / UNREGULATED

Outlook Update Financial

traffic movements and 451,827t freight

Passengers: ~31 million/year

Revenue contribution ~60%

The Circle

2019 investments of CHF 126 million

  • Business and lifestyle center
  • Overall CHF 1.2 billion investment, 180,000m2 lettable area and 6,500 jobs
  • Co-ownedwith Swiss Life AG (49%)
  • Expect knock-on effect on existing commercial business from additional commuters and visitors
  • Construction completed; opening of main area in November 2020

International Business

2019 revenue of CHF 127 million

  • Long-termgrowth potential in international markets as airport developer and operator
  • Diversification of revenues to strengthen future profitability
  • Financial capacity for investments with focus on airports in Latin America and Asia
  • Profit target contribution ~15%

Q&A

Appendix

28

Group Key Figures YTD

Income Statement

Including noise

Excluding noise

in million CHF

Jan - Jun 2020

Jan - Jun 2019

Jan - Jun 2020

Jan - Jun 2019

Aviation revenue

130.4

315.4

126.9

309.9

Non-aviation revenue

180.0

272.6

180.0

272.6

Revenue

310.4

588.0

306.9

582.5

EBITDA

104.9

303.7

103.3

299.8

EBITDA margin (in %)

33.8

51.6

33.7

51.5

Depreciation and amortization

(123.3)

(115.9)

(121.5)

(113.8)

EBIT

(18.4)

187.7

(18.2)

186.0

EBIT margin (in %)

(5.9)

31.9

(5.9)

31.9

Finance result (net)

(12.9)

(3.7)

(11.6)

(8.1)

Associated companies

(1.6)

(1.8)

(1.6)

(1.8)

Income tax expense

5.3

(38.8)

5.1

(37.6)

CONSOLIDATED RESULT

(27.5)

143.4

(26.3)

138.5

29

Outlook Update Financial Update Business

Q&A

Appendix

Revenue Breakdown

Aviation Business

in million CHF

Passenger-related operations charges

Landing charges

Aircraft-related noise charges

Emission charges

Parking charges

Freight revenue

Total flight operations charges

Baggage sorting and handling system

De-icing

Check-In

Aircraft energy supply system

Other fees

Total aviation fees

Total other aviation revenue

TOTAL AVIATION REVENUE

Avg. landing charge / movement (in CHF)

30

Jan - Jun 2020

Jan - Jun 2019

73.5

209.1

18.8

42.4

3.5

5.5

0.9

2.0

12.3

13.2

3.3

4.2

112.4

276.5

8.6

21.2

3.2

7.4

1.4

2.8

1.0

1.8

2.2

3.1

16.4

36.4

1.7

2.5

130.4

315.4

623.7624.4

Outlook Update Financial Update Business

Q&A

Appendix

Revenue Breakdown

Non-Aviation Business

in million CHF

Retail, tax & duty-free

Food & beverage operations

Revenue from multi-story car parks

Other commercial revenue

Total commercial revenue

Revenue from rental and leasing agreements Energy and utility cost allocation

Cleaning and other service revenue

Revenue from facility management

Revenue from services

Revenues international

Revenues from construction projects

Total revenues international

TOTAL NON-AVIATION REVENUE

31

Jan - Jun 2020

Jan - Jun 2019

33.9

54.7

5.5

9.1

21.4

39.2

11.7

17.5

72.5

120.5

54.8

45.8

10.8

12.0

3.5

4.8

69.1

62.6

14.8

21.8

20.2

22.6

3.3

45.1

23.6

67.7

180.0

272.6

Outlook Update Financial Update Business

Q&A

Appendix

Cost Overview

Operating Expenses Breakdown

in million CHF

Personnel expenses

Police and security

Energy and waste

Maintenance and material

Other operating expenses

Sales, marketing, administration

Expenses from construction projects

Capitalized expenditure & other income/expenses*

TOTAL OPERATING EXPENSES

Whereof ZRH

Whereof international

32

Jan - Jun 2020

Jan - Jun 2019

94.0

105.8

50.4

61.2

9.5

10.3

12.7

18.8

22.1

27.7

19.4

20.9

3.3

45.1

(5.9)

(5.5)

205.5

284.3

185.9

224.6

19.6

59.7

Outlook Update Financial Update Business

Q&A

Appendix

HY2020 Alliance Share ZRH

Largest Alliances in ZRH

Alliance Share ZRH

Financial Update Business

Lufthansa Group

Star Alliance

Oneworld

Skyteam

Middle East

Carrier

6.7%

5.7%

5.1%

4.8%

4.3%

3.5%

67.1%

68.3%

65.8%

65.8%

YTD Passenger Growth

-65.0%

Lufthansa Group

-64.4%

Star Alliance

-57.9%

Oneworld

-62.7%

Skyteam

-56.6%

Middle East Carrier

HY2020 HY2019

Outlook Update

Q&A

Appendix

Source: ZRH data warehouse, 2020

33

Lufthansa Hubs Passenger Development

One Year Hub Comparison (Jul 2019 - Jun 2020)

Lufthansa Hubs Passengers

20%

0%

-20%

-40%

-60%

-80%

-100%

Jul 19

Aug 19

Sep 19

Oct 19

Nov 19

Dec 19

Jan 20

Feb 20

Mar 20

Apr 20

May 20

Jun 20

ZRH

BRU

FRA

VIE

MUC

DUS

Source: ACI & ZRH data warehouse, 2020

34

Outlook Update Financial Update Business

Q&A

Appendix

Traffic Ratios

Seat Load Factor, Passengers per Movement and Take-Off Weight

Traffic Ratios ZRH

80%

135

75%

77%

76%

75%

Movement per Passengers

Weight Off-Take Average

74%

75%

73%

125

125

74%

73%

120

120

70%

Seat Load Factor

71%

71%

112

114

109

67%

65%

107

106

106

105

103

98

60%

96

(tons)

(PAX)

95

95

93

91

90

55%

84

85

86

86

80

81

50%

75

HY/2010

HY/2011

HY/2012

HY/2013

HY/2014

HY/2015

HY/2016

HY/2017

HY/2018

HY/2019

HY/2020

Seat Load Factor

Passengers per Movement

Average Take-Off Weight

Source: ZRH data warehouse, 2020

Outlook Update Financial Update Business

Q&A

Appendix

35

Passengers and Movements Development

Since ZRH Privatization

Historical Traffic Numbers

35

370'000

31.1

31.5

30

29.4

27.7

350'000

26.3

24.9

25.5

24.3

24.8

Total Passengers (in millions)

25

22.6

22.1

21.9

22.9

330'000

21.0

20.7

20

17.9

17.9

19.2

17.0

17.3

310'000

15

10

290'000

Movements(ATM)TrafficAir

5

270'000

0

250'000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Local passengers

Transfer passengers

Transit passengers

Total Air Traffic Movements (ATM)

Outlook Update Financial Update Business

Q&A

Appendix

36

Disclaimer

Forward-Looking Statements

This document has been prepared by Flughafen Zürich AG for use in this presentation.

The information contained in this document has not been independently verified. No representation or warranty - whether express or implied - is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained therein. Neither the company nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its content or otherwise arising in connection with this document.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither this document nor any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever.

This document contains forward-looking statements that are based on current estimates and assumptions made by the management of Flughafen Zürich AG to the best of its knowledge. Such forward-looking statements are subject to risks and uncertainties, the non- occurrence or occurrence of which could cause the actual results - including the financial condition and profitability of Flughafen Zürich AG - to differ materially from or be more negative than those expressed or implied by such forward-looking statements. This also applies to the forward-looking estimates and forecasts derived from third-party studies. Consequently, neither the Company nor its management can give any assurance regarding the future accuracy of the opinions set forth in this document or the actual occurrence of the predicted developments.

By accepting this document, you agree with foregoing.

37

Disclaimer

Flughafen Zürich AG published this content on 20 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 August 2020 07:19:04 UTC


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10/12FLUGHAFEN ZÜRICH : Key traffic figures Zurich Airport September 2020
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10/12GLOBAL MARKETS LIVE: Boeing, Airbus, KPN…
10/07FLUGHAFEN ZÜRICH : Zürich AG signs Concession Agreement for Airport in India
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09/10FLUGHAFEN ZÜRICH : Key traffic figures Zurich Airport August 2020
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08/21FLUGHAFEN ZÜRICH : Analysts‘ Presentation HY2020 (pdf, 3.29 MB)
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08/21FLUGHAFEN ZÜRICH AG : Interim Results 2020
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08/18FLUGHAFEN ZÜRICH AG : half-yearly earnings release
08/12FLUGHAFEN ZÜRICH : Key traffic figures Zurich Airport July 2020
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07/29FLUGHAFEN ZÜRICH : Extraordinary flight operations on August 1st, 2020
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07/14FLUGHAFEN ZÜRICH : Standard & Poor's lowers rating on Flughafen Zürich AG to A+
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Financials
Sales 2020 632 M 697 M 697 M
Net income 2020 -85,6 M -94,4 M -94,4 M
Net Debt 2020 1 338 M 1 476 M 1 476 M
P/E ratio 2020 -45,3x
Yield 2020 -
Capitalization 3 865 M 4 274 M 4 263 M
EV / Sales 2020 8,23x
EV / Sales 2021 5,57x
Nbr of Employees 2 003
Free-Float 58,2%
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Technical analysis trends FLUGHAFEN ZÜRICH AG
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 149,07 CHF
Last Close Price 125,90 CHF
Spread / Highest target 60,4%
Spread / Average Target 18,4%
Spread / Lowest Target -4,69%
EPS Revisions
Managers
NameTitle
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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