Analyst Presentation Year End Results 2005 Unique (Flughafen Zrich - - PowerPoint PPT Presentation

1

Josef Felder Chief Executive Officer Beat Spalinger Chief Financial Officer

March 16th, 2006

Analyst Presentation

Year End Results 2005 Unique (Flughafen Zürich AG)

2

Agenda

• Traffic 2005
• Elimination of financing- and balance sheet-

risks related to aircraft noise

• New Accounting Treatments
• 2005 Year End Financial Results
• Current Developments
• Outlook

3

Traffic 2005

4

Traffic

Overview 2005

Local Passengers 12'323'227 12'468'199 1.2% Transfer Passengers 4'883'515 5'367'092 9.9%

Transfer share 28% 30%

Total Passengers 17'252'906 17'884'652 3.7% Aircraft Movements 266'660 267'363 0.3% Cargo (in tons) 363'537 372'415 2.4%

2004 2005

TRAFFIC DEVELOPMENT

% YoY Jan - Dec 2005

5

Pax (in million)

2004 2005

Movements (in thousand) Cargo (in thousand tons)

320 360 380 +2.4% 363.5 372.4 14.0 16.0 18.0 + 3.7% 240 260 270 + 0.3% 17.3 17.9 266.7 267.4

• Traffic was mainly driven by the

growth of Swiss International Air Lines, flying 0.75 million more passengers in and out of Zurich than 2004

• The increase in passenger

numbers and only minor change in flight movements resulted in (more seats per aircraft) and a higher seat load factor of 66.7% versus 65.1% for 2004

• Cargo volumes have bottomed
• ut in 2004 and started to pick

up again

Traffic

Operational Key Figures for ZRH

6

million passengers

Local Passengers

million passengers

Transfer Passengers

• As expected, the high local

passenger growth of 2004 flattened out throughout 2005

• Nevertheless, local passengers

are 0.7% above the record level

• f the year 2000
• Transfer passengers rebounded

as Swiss International Airlines approached foreign markets with competitive offers via Zurich

• The transfer rate stabilized

around 29.6% after its low of 28.0% in 2004

2004 2005

11.0 12.0 13.0 + 1.2% 12.3 12.5 4.5 5.0 5.5 + 9.9% 4.9 5.4

Traffic

Passenger Mix for ZRH

7

wwwwwwwwwwwwwww

Traffic

Passenger development since 1986

0.0 5.0 10.0 15.0 20.0 25.0 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 million passengers

total airline passengers transfer passengers local passengers

8

Traffic

Transfer Passenger Rate – 1986 - 2006

%

37 36 37 29 29 30 30 30 31 31 32 37 40 43 45 43 39 35 28 30

5 10 15 20 25 30 35 40 45 50 1 9 8 6 1 9 8 7 1 9 8 8 1 9 8 9 1 9 9 1 9 9 1 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 2 1 2 2 2 3 2 4 2 5

9

Traffic

Changes in Airlines & Destinations

2003 2005

143 destinations 148 destinations 69 countries 67 countries 108 airlines 120 airlines Lamezia Palermo Florence Bristol Linz Dortmund Bratislava

selected destinations added during 2005 selected destinations withdrawn during 2005

Delhi Colombo

2004

139 destination 67 countries 118 airlines

10

Africa 4.5% (-3.5%) Europe 76.0% (+5.6%) Asia 10.4% (-1.6%) North America 7.9% +0.0%) Latin America 1.2% (-15.0%)

Traffic

Passenger market share & growth (2005)

11

Africa 3.9% (-7.1%) Europe 80.3% (+2.3%) Asia 8.3% (-3.3%) North America 6.4% (+2.7%) Latin America 1.1% (-15.6%)

Traffic

Local passenger market share & growth (2005)

12

Africa 5.8% (+4.0%) Europe 66.5% (+16.8%) Asia 14.8% (-0.2%) North America 11.7% (-4.4%) Latin America 1.2% (-13.4%)

Traffic

Transfer passenger market share & growth (2005)

13

Traffic

Performance Indicators

60% 61% 62% 63% 64% 65% 66% 67% 1999 2000 2001 2002 2003 2004 2005 Seat Load Factor 62 64 66 68 70 72 74 76 78 80 Passengers per Movement Average Take-Off Weight

Seat Load factor Passengers per Movement Average Take-Off Weight

14

Traffic European Benchmark (2005)

Number of Passengers

(in Mio. PAX)

Quelle: ACI-Europe

53,4 (+4,9%) 67,7 (+0,9%) 51,9 (+2,1%) 44,1 (+3,9%) 41,6 (+8,6%) 32,7 (+4,2%) 28,5 (+6,9%) 28,2 (+2,2%) 26,9 (+10,6%) 24,9 (+3,3%) 22,1 (+5,3%) 22,0 (+5,3%) 21,2 (+4,1%) 19,7 (+5,0%) 19,5 (+5,8%) 18,3 (+7,5%) 17,8 (+3,7%) 17,1 (+5,2%) 16,1 (+3,4%) 15,9 (+7,0%) 15,8 (+7,4%) 15,4 (+1,9%)

10 20 30 40 50 60 70 80

Düsseldorf (22) Vienna (21) Oslo (20) Brussels (19) Stockholm (18) Zürich (17) Dublin (16) Mailand-Malpensa (15) Copenhagen (14) Palma de Mallorca (13) London-Stansted (12) Manchester (11) Paris-Orly (10) Barcelona (9) Rom-Fiumicino (8) München (7) London-Gatwick (6) Madrid (5) Amsterdam (4) Frankfurt (3) Paris Charles-de-Gaulle (2) London-Heathrow (1)

15

Elimination of financing- and balance sheet-risks related to aircraft noise

16

The Concept

Unique to implement measures to ensure its ability (bearable risk) to bear balance sheet and financing risks associated with aircraft noise on its own up to CHF 1.1 billion (noise related cost). Should the total anticipated potential costs associated with aircraft noise exceed the CHF 1.1bn threshold, the Canton of Zurich will then assure the pre-financing of all “old” noise-related liabilities, against a pre-defined portion of the revenues from noise charges.

17

Key Definitions (1)

„old“ noise related liabilities “Old” noise-related liabilities are potential liabilities (for formal expropriation) that arose prior to June 2001, up to which date the Canton of Zurich was holder of the

• perating licence. As before, the Canton of Zurich is jointly

liable for such claims in an external capacity, while in an internal capacity, Flughafen Zürich AG assumed responsibility for these liabilities in the merger agreement dated 14 December 1999. „new“ noise related liabilities “New” noise-related liabilities are potential liabilities (for formal expropriation) that arose after June 2001. Threshold Total anticipated noise related cost of CHF 1.1bn has to be exceeded to force pre-financing into effect. The threshold can be adjusted upwards should the company develop above its expected base case scenario.

18

Noise related cost: Total costs associated with aircraft noise (potential formal expropriations, costs for sound insulation and all related

• perating costs)

Bearable risk: Balance Sheet risk:

• The balance sheet of the company stays „healthy“
• No breech of financial covenants

Financing risk: A potentialy arising financing gap (cumulated noise- related costs higher than cumulated noise related revenues) can be funded Total anticipated cost: Constantly updated conservative projection of expected noise-related cost.

Key Definitions (2)

19

The Concept / Three phases

Stage 1 Stage 2 Stage 3 Revenue from noise charges

100 % to FZAG Divided between the Canton of Zurich and FZAG as per key 100% to FZAG

Estimated total cost > „Threshold“ (CHF 1,1 bn.)

Continuous Revue no yes No Yes

Canton of Zurich formal expropriations for „old“ noise-related liabilities. FZAG formal expropriations for „old“ noise-related liabilities. sound insulation noise related

• peration cost

no

+

Prefinancing by Canton of Zurich and FZAG Toaday Prefinancing by FZAG only

Assessment following first payment for “old” formal expropriations FZAG formal expropriations for „old“ noise-related liabilities. sound insulation noise related

• peration cost

Estimated total cost > „Threshold“ (CHF 1,1 bn.)

Prefinancing by FZAG only

FZAG formal expropriations for „old“ noise-related liabilities. sound insulation noise related

• peration cost

20

The Concept / Conservative anticipated cost

t

First compensation for „old“ claims (presumably end of 2007 when first final court decision are taken)

Today Conservative estimates of total noise related cost „Threshold“ (CHF 1,1 bn in base-case).

Other important court decision Other important court decision Phase - 1 Phase - 2 Phase - 3 If anticipated total noise related cost remains above threshold, Phase 2 continues until all „old“ noise claims are settled by the Canton

21

Pre-financing ot the Canton of Zurich (kicks-in when the first compensation for “old” formal expropriation has to be paid (Phase – 2).

Yearly noise related revenues Positive balance on Air- port Zurich Noise Fund

Specified Key

Noise Account „Canton“

Formal expropriations for „old“ noise related liabilities

• 1. Formal

expropriations for „new“ noise related liabilities

• 2. cost for noise

insulation

• 3. noise related
• perating cost

The Concept / Cash Flows in Phase – 2 (Pre-Financing by the Canton of Zurich)

Noise Account „Unique“

22

The Concept / Resulting Transactions

1) The Board of Directors is to ask the General Meeting of Shareholders to approve a capital increase with a market value of approximately CHF 300m Swiss francs in order to strengthen the company’s equity. 2) The company obtains a committed, but undrawn credit line of CHF 200m to cover a potential financing gap. => solves the balance-sheet risk => solves the financing risk

23

Additional Steps

• The outstanding debt owed to the Canton of Zurich amounting to CHF 300m

can be paid back prematurely without any breakage

• The Canton of Zurich reduces its shareholding in the company to 331/3 % of the

total shares as provided for in the airport law

• The positive cash balance of the Airport Zurich Noise Fund will be paid into a

separate cash account

• In order to finance the separation of the positive cash balance into a separate

cash account, the company intents to issue a bond of CHF 150m

• The existing credit line with the Canton of Zurich remains in place
• Various open issues between the Canton and the Company out of the 1999

merger have been settled

24

New accounting treatments

25

New Accounting Treatments / Reasons

1. A legal expertise prepared at the request of Flughafen Zürich AG by the Swiss Federal Office for Justice came to the conclusion that noise related charges should be regarded as part of the overall airport charges and not as individual, separable fees. As a result, the previous practice of presenting noise-related data in the form of a fund statement (without affecting the income statement) had to be changed. Noise charges and the associated costs for sound insulation measures, plus operating costs arising in association with aircraft noise, are now recognised in the income statement 2. Revised accounting standard „intangible assets“ (IAS 38) as of 1.1.2005. Our auditors came to the conclusion that based on the revised standard „formal expropriation“ have to be treated as intangible

• assets. This conclusion have been confirmed by a second opinion by

Ernst & Young

26

Existing Assets Assets Liabilities Liabilities Existing equity

Intangible Assets formal expropriations Provisions for formal expropriations

Capital increase** CHF 300m ** and repayment of loan

• f Canton of Zurich

Cash (AZNF) New bond (150m)

Summary of impacts on balance sheet

27

Financial Results

28

Financial Results

Overview Financial Key Figures

2005 after new accounting principles 2004 after restatement CHF million 2005 2004

Change

Revenue 702.2 683.7

2.7%

Aviation Revenue 418.9 411.8

1.7%

Non-Aviation Revenue 283.4 271.9

4.2%

EBITDA 363.9 355.0

2.5%

EBITDA Margin 51.8% 51.9% EBIT 175.0 164.9

6.2%

EBIT Margin 24.9% 24.1% Profit 59.1 52.4

12.8%

Cash Flow 323.3 307.5

5.1%

CAPEX 124.3 200.1

(37.9%)

Net Debt (nominal) 1'779.2 1'919.1

(7.3%)

29

Financial Results

Comparison post to pre restatement

CHF million 2005

POST Restatement

2005

PRE Restatement

change due to restatement

Revenue 702.2 656.0 46.2 EBITDA 363.9 317.7 46.2 EBITDA Margin 51.8% 48.4% Profit 59.1 21.0 38.1 Profit Margin 8.4% 3.2% Net Debt (IFRS) 1'745.3 1'906.6 (161.3)

30

56% 16% 4% 2% 5% 2% 1% 12% 1% 1%

Passenger charges Landing charges Noise charges Emission charges Parking charges Fuel charges Freight charges Baggage Sorting Aircraft Energy Supply Others

Total Revenue: 702.2 Mio CHF (PY: 683.7) Total Revenue: 702.2 Mio CHF (PY: 683.7)

EBITDA: 363.9 Mio CHF (355.0) Net Profit: 59.1 Mio CHF (52.4)

Financial Results

P&L: Revenues Breakdown

Aviation Revenue: Aviation Revenue: 418.9 Mio CHF (411.8) 418.9 Mio CHF (411.8) Non Aviation Revenue: Non Aviation Revenue: 283.4 Mio CHF (271.9) 283.4 Mio CHF (271.9) 60% 40%

40% 31% 19% 10%

Real Estate Concessions Parking Others

60% 40%

31

• Lower average pax-charges

due to increase in transfer- share

• Heavy winter services in 2005

lead to more income out of de- icing and snow-removals

Financial Results

P&L: Aviation Revenues

CHF million 2005 2004

Change

Passenger charges 230.3 229.5

0.4%

Landing charges 68.8 69.0

(0.3%)

Noise charges 50.3 49.6

1.4%

Emission charges 2.9 3.0

(3.0%)

Parking charges 4.7 4.7

0.3%

Fuel charges 5.7 5.8

(0.5%)

Freight charges 7.7 7.1

8.3%

Baggage Sorting 21.2 20.5

3.7%

Aircraft Energy Supply 9.2 10.0

(8.2%)

Others 17.9 12.5

42.9%

Total 418.9 411.8

1.7% Ø Passenger charge per departing passenger (CHF) 25.76 25.90 (0.6%) Ø Landing charge per landing (CHF) 514.97 517.86 (0.6%) Ø Aviation Revenue per departing Pax (CHF) 46.84 47.73 (1.9%)

32

• Land lease hotel and

promotion of event-dock led to an increase in rents and leases of almost CHF 5m

• Increase in concessions

mainly driven by retail- and f&b-business (+16.8% to p.y.)

• Over proportional growth of

parking revenues compared to local pax-development

Financial Results

P&L: Non Aviation Revenues

CHF million 2005 2004

Change

Real Estate 110.7 106.2

4.3%

rents and leases 82.9 78.2

6.1%

utilities 22.6 22.5

0.5%

• thers

5.2 5.6

(6.8%)

Concessions 88.2 79.0

11.7%

Parking 55.1 54.1

1.9%

Others 29.3 32.7

(10.3%)

Total 283.4 271.9

4.2% Ø Non-Aviation revenue per departing Pax (CHF) 31.69 31.52 0.5% Ø Concession income Retail and F&B per departing Pax (CHF) 7.30 6.48 12.6%

33

Financial Results

P&L: Operating Expenses (OPEX)

• One-off items lead to over

proportional increase in personnel costs

• Further increase of

security costs due to EU- and regulatory security requirements

• Heavy winter services and

full year effect of new infrastructure lead to higher maintenance costs CHF million 2005 2004

Change

Personnel 139.9 132.6

5.5%

Security Costs 78.3 73.2

7.0%

Energy & Waste 21.1 19.9

6.2%

Maintenance & Material 49.2 45.5

8.1%

Other operating costs 21.1 21.3

(0.8%)

SG&A 32.6 31.8

2.6%

Extraordinary results

• 4.0

4.5

n/a

Total OPEX 338.3 328.7

2.9%

34

• Depreciation and

amortisation peaked in 2004

• Higher interest rates

lead to positive effect

• f market value of

interest rate swaps (no cash-item)

• Cost of capital

decreased by 6.1%

Financial Results

P&L: Result

CHF million 2005 2004

Change

EBITDA 363.9 355.0

2.5%

EBITDA-Margin 51.8% 51.9% Depreciation and Amortisation (188.9) (190.1)

(0.6%)

EBIT 175.0 164.9

6.2%

Financial Result (99.6) (106.8)

(6.8%)

Cost of capital (110.2) (117.4)

(6.1%)

Capitalised interest 0.7 7.2

n/a

Change of market value (IRS) 8.5 2.5

n/a

Other financial income 1.2 0.5

n/a

Income ass. comp. 0.2 0.4

(37.8%)

EBT 75.5 58.1

30.0%

Income Taxes (16.3) (5.8)

n/a

Profit 59.1 52.4

12.8%

Profit Margin 8.4% 7.7%

35

• Significant Free Cash

Flow

• Capex clearly reduced;

CHF 46m are related to 5th expansion post- construction-payments

• Improvement of all

relevant ratios

Financial Results

Balance sheet / Cash Flow: Key Figures

CHF million 2005 2004

Change

Cash Flow 323.3 307.5

5.1%

CAPEX 124.3 200.1

(37.9%)

Free Cash Flow 199.0 107.3

85.4%

Net Debt (nominal) 1'779.2 1'919.1

(7.3%)

Swiss Bonds 292.0 373.5

(21.8%)

Others / Long Term Debts 1'108.4 1'038.5

6.7%

Banks

• 3.2

n/a

Canton of Zurich 300.0 300.0

0.0%

Lease 78.3 81.4

(3.9%)

Noise Fund

• 0.0%
• thers (net)

0.4 122.4

n/a

Equity 806.0 756.4

6.6%

Equity ratio 26.3% 24.0%

n/a

ROCE 5.4% 4.9%

n/a

Net debt / EBITDA 4.8x 5.0x

n/a

36

.

• Debt-reduction within

repayment schedule

• Company produces

significant free cash flow (CHF 199m in 2005)

• Investments in 2005

include CHF 46m for 5th expansion-project payments

Financial Results

Balance sheet: Net Debt / CAPEX

1'540 1'783 1'931 1'745 1'771 1'987 1'783 1'779 1'919 124.3 303.5 547.1 666.0 200.1

• 500

1'000 1'500 2'000 2'500 2001 2002 2003 2004 2005

• 100

200 300 400 500 600 700

Interest-bearing liabilities (net, IFRS) Interest-bearing liabilities (nominal value) Investments (right scale)

Interest-bearing liabilities & Investments (in Mio. CHF)

37

Current Developments

38

Non Aviation

Development of revenues 2001-2005

112.1 95.8 105.2 106.2 73.8 74.0 73.1 79.0 46.9 44.4 46.1 54.1 22.6 23.4 30.2 32.6 110.7 88.2 55.1 29.3

50 100 150 200 250 300 2001 2002 2003 2004 2005 in million CHF Real Estate Concessions Parking Others

39

Non Aviation: Duty-Free, Retail, Food & Beverage

Development of passenger spend 2001-2005

• Fully operating commer-

cial infrastructures boost departing passenger spend rates to a new all time high

• Duty free sales recover-

ed overproportional during Q4 2005

• Spend per dep. pas-

senger with CHF 39.10 among Europe’s highest

346.3 296.4 286.9 305.1 349.8 33.0 33.0 33.7 35.4 39.1 50 100 150 200 250 300 350 400 2001 2002 2003 2004 2005 in million CHF 30 35 40 45 50 in CHF turnover turnover per dep. pax

40

Non Aviation: Duty-Free, Retail, Food & Beverage

Development of revenues 2001-2005

• Total revenues more

than 16% higher than last year

• Revenues per dep. pax

increased by more than 12% compared to 2004

54.7 53.0 52.6 55.9 65.2 5.2 5.9 6.2 6.5 7.3 10 20 30 40 50 60 70 2001 2002 2003 2004 2005 in million CHF 4.8 5.3 5.8 6.3 6.8 7.3 7.8 8.3 8.8 in CHF revenues revenues per dep. pax

41

Radisson SAS Airport Hotel

• Land-lease (no Unique-Investment)
• 329 Rooms
• Total 36‘606m2
• 17‘515m2 Hotel (Rooms)
• 2‘500m2 Conference
• 7‘185m2 Offices - Medical Practices
• 2‘700m2 Entertainment
• Ground floor + 10 floors, basement
• Operator: Radisson SAS
• Construction volume: 150 Mio CHF
• Implementing: 2008

Non Aviation: Further development opportunities

Hotel at a top-location

42

International Projects

43

Strategy: Focus on India and Latin America, clearly limited equi Strategy: Focus on India and Latin America, clearly limited equity exposure ty exposure

International Projects

Focus on existing markets

India (Bangalore); Greenfield-Airport:

• Financial Close reached End of June 2005
• Construction activities started beginning of July 2005
• Planned Airport Operating Date is April 2008
• Unique owns 17% of the shares of BIAL

Venezuela (Porlamar); Strategic Alliance with Government:

• Terminal-Remodelation 2005 - 2007
• Turnaround achieved within first year of operation
• Start-up Flag Carrier “Conviasa”
• Difficult Cooperation with local government

Chile (3 Regional Airports); Management-Contracts:

• Positive results achieved in 2005, all 3 airports profitable

44

Outlook 2006

45

Outlook

Passengers, Movements and Cargo January and February 2006

local passengers 1'693'355 1'719'982 1.6% transfer passengers 749‘220 772‘218 3.1%

transfer share 30% 30%

total passengers 2'449'906 2'500'458 2.1% movements 41'229 39'554

• 4.1%

cargo (in tons) 57'981 59'210 2.1% traffic development

January to February 2005 2006 Delta % 06 vs. 05

46

additional JFK frequency, extension of Sao Paolo flight to Santiago de Chile and various frequency additions within Europe 1x daily Helsinki 1x daily Barcelona and 2x daily Madrid 4x daily Frankfurt and 1x daily Rome

Outlook

Network additions for or during STT06

47

Outlook

Retail, Duty Free and Food & Beverage, January and February 2006

TOTAL in CHF million 50.5 55.7 10.3% TOTAL per dep. Pax in CHF 41.23 44.55 8.1%

2005 2006

commercial turnover

Delta % 06 vs. 05 January to February

48

Outlook 2006

Key Figures

• Traffic

(≈ 18.3 – 18.5 Mio Pax; Transfer-Rate ≈ 30%)

• Revenues

(up ≈ 4-5%)

• EBITDA margin
• Net result
• Net debt

Based on current development and under assumption of no further external market disruptions Over proportional growth in commercial activities expected ≈ 52% With the measurements shown, net debt can be reduced significantly Substantial improvement by 20 to 30% expected

49

Questions

50

Appendix to the presen- tation

51

Consequences due to new accounting treatment of noise

Item Previous method New method Revenue from noise-related fees Booked to AZNF account

• Recognised as revenue in the income statement

(neutral effect on earnings)

Sound insulation costs Booked to AZNF account

• Anticipated costs set aside as provisions in balance

(neutral effect on earnings)

sheet at net present value

• Effective payments booked out of provisions
• Change in net present value of provisions charged to

income statement as capital expenditure Costs for formal expropriations

Would have lead to accruals.

• Capitalised as intangible assets on a best estimate
• basis. A best estimate will be possible once final

court rulings have been pronounced concerning the Opfikon pilot cases

• Capitalisation effected at net present value of

future payments

• Anticipated cost set aside as provisions at net present

value at the same time as they are capitalised

• Effective payments booked out of provisions
• Intangible assets depreciated over the remaining

duration of the operating concession (up to 2051)

• Change in net present value of provisions charged

to income statement as capital expenditure

52

Impact of new accounting treatment on 2004 / 2005 figures

Note: Noise related issues do not have an impact on effective taxes!

before after Adjustement before after Adjustement Comment restatementrestatement restatementrestatement Aviation revenue 362'138 411'754 49'616 368'543 418'877 50'334 Noise related fess account as revenues Non-Aviatrion revenue 275'175 271'932

• 3'243

287488 283'352

• 4'136

Offsetting of charging operational cost in relation to noise to AZNF-account Total Revenues 637'313 683'686 46'373 656'031 702'229 46'198 Operating cost

• 328'712
• 328'712
• 338'282
• 338'282
• EBITDA

308'601 354'974 46'373 317'749 363'947 46'198

in %

48.4% 51.9% 48.4% 51.8%

• Depr. and Amortisation
• 190'118
• 190'118
• 188'921
• 188'921
• EBIT

118'483 164'856 46'373 128'828 175'026 46'198

in %

18.6% 24.1% 19.6% 24.9% Cost of Capital

• 106'190
• 106'786
• 596
• 101'576
• 99'574

2'002

• Offsetting of interest cost to AZNF

+ change in net present value of EBT 12'293 58'070 45'777 27'252 75'452 48'200 provision for noise insulations

in %

1.9% 8.5% 4.2% 10.7% Taxes 3'811

• 5'802
• 9'613
• 6'207
• 16'329
• 10'122

Deffered Tax effect on adjustments Net profit 16'104 52'268 21'045 59'123

in %

2.5% 7.6% 3.2% 8.4% 2004 2005

53

Outlook

Debt maturity

17.4% 54.4% 28.2% 6.5% 25.1% 68.4% 6.9% 26.5% 66.5% 7.8% 23.5% 68.7% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2002 2003 2004 2005

within 1 year between 1 and 5 years longer than 5 years Financial Liabilities

54

435.87 122.42 49.01 178.70 52.42 127.35 129.18 73.15 73.15 73.15 421.17

50 100 150 200 250 300 350 400 450 500

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ~ 2023

Outlook

Repayment Schedule

Highest repayments: 2006: Bonds (90m), CBL (46m), Kt ZH (300m)

2007: Bonds (75m), CBL (47m) 2009: Bonds (128m), CBL (51m)

Interest bearing debt (in million CHF):

2011: CBL (54m), USPP (73m) 2012: CBL (56m) 2023: JPPP USPP (73m) After repayment

• f loan of the

Canton of Zurich (CHF 300m), but without foreseen bond of CHF 150m!

55

Outlook

10-year-CAPEX-Plan

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

• -> TOP-PROJECTS:

38.8 145.0 72.7 33.0 21.4 83.3 31.3 38.7 11.8 57.9 5.0 Increased Maintenance / Renovation RWY 16/34 1.0 60.0 10.0

• Increased Maintenance / Renovation RWY 14/32

2.5 3.0 2.5 2.0 1.0 60.0 10.0

• Increased Maintenance / Renovation RWY 10/28

2.0 2.0 2.5 2.5 2.5 3.0 3.0 2.0 1.0 50.0 5.0 Apron Renewal 4th phase 5.0 7.0 7.3

• 4.0

4.0 4.0 4.0

• Agreement with Germany / Aviation Infrastructure
• 17.4
• Modification Junction Operations Center (Glattalbahn)
• 12.3

4.0 1.0

• Schengen-Investments
• 30.0

35.0

• Check-In and Gate-Investments
• 1.4
• 18.4
• 1.4
• Staff Screening Phase II/III

7.5

• 7.5
• Akquisition of A2

11.0 2.0

• Constr. Ops-Center for Re-Usage (ex Skyguide-surface)
• 8.0
• Constr. ex. Conference Center for fixed rents
• 4.0
• Renewal Dock B for Alternative Usage
• General Airport Drainage Systems Project

1.0 2.0 5.0 5.0 8.0 10.0 10.0 10.0 6.0 3.0

• Engergy Saving Investmemts beside ordinary maint.

3.8 3.8 4.4 5.0 4.4 4.4 3.8 3.8 3.8 2.5

• Environmental "Air-Program"

2.0 1.5 2.0 2.0 1.5 0.5 0.5 0.5 1.0 1.0 Renewal of Car Park Fire Brigade 3.0

• -> OTHER INVESTMENTS

67.0 30.0 46.0 75.0 86.0 86.0 87.0 71.0 95.0 102.0 105.0

• -> TOTAL

111 175 119 108 107 169 118 110 107 160 110

CAPEX (in million CHF)