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Analysts‘ Presentation – 2010 Financial Resultsy

Thomas E. KernChief Executive Officer

Daniel SchmuckiChief Financial Officer

© Flughafen Zürich AG| |Zurich Airport | 23.03.2011

Schedule

1. 2010 Highlights 32. Full Year Key Data 43. Aviation 94. Non-Aviation 135 Financial Key Figures 195. Financial Key Figures 196. Other Key Topics 237. Outlook 2011 358. Your Questions 44

© Flughafen Zürich AG| |23.03.20112 2010 Financial Results

1. 2010 Highlights• The Circle: architectural contest finalized in FebruaryThe Circle: architectural contest finalized in February• Introduction of A380 flight by SQ in March• Suspension of air traffic due to volcanic eruption• Review of company’s structures and costs• Review of company s structures and costs • Standard & Poor’s: confirmation of BBB+ rating, revised

outlook to positive• Swiss Federal Court confirms 1961 as reference year for• Swiss Federal Court confirms 1961 as reference year for

foreseeability of East approaches• World Travel Awards: Zurich Airport selected as Best

European AirportEuropean Airport• Passenger volume of 22.9 million for 2010• Severe winter: Zurich Airport stays open• Federal Court decision on legally binding operating• Federal Court decision on legally binding operating

regulations


2. Full Year Key Data


2010 Traffic

in millions 2010 2009 Deltain millions 2010 2009 Delta

Local passengers 14.9 13.8 7.7%

Transfer passengers 7.9 8.0 -1.4%

Transfer share 34.6% 36.6%

Total passengers 22.9 21.9 4.3%

Movements (in thousand) 268.8 262.1 2.5%

whereof Line & Charter movements 227.8 223.4 2.0%

Cargo (in tons) 411‘037 344‘415 19.3%


2010 Financial Resultsin million CHF 2010 2009 Deltain million CHF 2010 2009 Delta

Revenues 863.0 820.2 5.2%Aviation revenue 538.1 505.1 6.5%N A i i 324 9 31 1 3 1%Non-Aviation revenue 324.9 315.1 3.1%

EBITDA 436.4 402.2 8.5%EBITDA margin 50.6% 49.0%

EBIT 245.7 213.2 15.3%EBIT margin 28.5% 26.0%

N t fit 138 5 190 6 27 3%Net profit 138.5 190.6 -27.3%Net profit (excl. gain on disposal of BIAL 2009) 138.5 114.9 20.6%

Net financial debt (IFRS) 755.9 838.2 -9.8%

Cash flow from operating activities 431.0 350.9 22.8%CAPEX 241.9 180.9 33.7%EpS (in CHF) 22.6 31.2 -27.7%


2010 Financial Results (without noise impact)

i illi CHF 2010 20091)D ltin million CHF 2010

w/o noise2009

w/o noise Delta

Revenues 831.2 787.9 5.5%Aviation revenue 506.3 472.8 7.1%Aviation revenue 506.3 472.8 7.1%Non-Aviation revenue 324.9 315.1 3.1%

EBITDA 409.0 374.6 9.2%EBITDA margin 49.2% 47.5%EBITDA margin 49.2% 47.5%

EBIT 224.0 191.2 17.1%EBIT margin 26.9% 24.3%

Net profit 124.7 176.7 -29.4%Net profit (excl. gain on disposal of BIAL 2009) 124.7 100.9 23.6%

Net financial debt (IFRS) 968.3 1'023.4 -5.4%( ) %968.3

Cash flow from operating activities 405.3 324.9 24.7%EpS (in CHF) 20.3 28.9 -29.8%

1)Eliminations of noise-related operating costs are now presented as reductions in operating expenses (previously non-aviation revenue). The prior-year amounts were


p g p p g p (p y ) p yreclassified accordingly.

3. Aviation


Aviation Segment Revenue Breakdown• Strong increase of Local g

Passengers leads to over-proportional increase of Aviation revenues

in million CHF 2010 2009 Delta

Passenger charges 183.7 173.0 6.1%S it h 147 4 140 3 5 1%• Landing charges increase

in line with movements • Strong increase of PRM

charge levied since

Security charges 147.4 140.3 5.1%Landing charges 79.5 77.5 2.6%Noise charges 31.8 32.3 -1.6%Baggage sorting 27.3 26.2 4.3%

charge, levied since November 1, 2009

• Strong increase in freight volumes leads to increase

PRM charges 11.5 1.7 n.a.Aircraft energy supply 10.2 10.5 -2.7%Freight charges 7.7 7.0 10.5%Fuel charges 6 6 6 4 3 8%volumes leads to increase

of freight chargesFuel charges 6.6 6.4 3.8%Parking charges 5.6 5.8 -3.7%Emission charges 2.9 2.9 0.3%Others 24.0 21.6 11.0%T l 38 1 0 1 6 %Total 538.1 505.1 6.5%

ø Landing chargeper landing (CHF) 591.3 591.0 0.1%

© Flughafen Zürich AG| |23.03.20119

p g ( )

2010 Financial Results

Passengervolume and Benchmark Europe*2010 (Mio Pax) 2010 % vs 2009 2010 % vs 2008 2010 % vs 20072010 (Mio. Pax) 2010 % vs. 2009 2010 % vs. 2008 2010 % vs. 2007

LHR 65.7 -0.2% -1.7% -3.1%

CDG 58.1 0.5% -4.3% -2.7%

FRA 52.7 4.1% -1.0% -2.2%

MAD 49.6 3.5% -1.7% -4.2%AMS 45 1 3 7% 4 8% 5 4%AMS 45.1 3.7% -4.8% -5.4%

MUC 34.6 6.0% 0.4% 2.1%

ZRH 22.9 4.3% 3.5% 10.5%CPH 21.4 9.1% -0.1% 0.5%

VIE 19.6 8.7% -0.4% 4.8%

* Terminal Pax, Source ACI (Airports Council International), Rapid Data Exchange Program

MXP 18.7 7.9% -1.6% -21.1%BRU 17.0 1.2% -7.5% -4.3%


( p ) p g g

Key Indicators Passengers per

MovementSeat Load Factor

100

110

71%

72%

73% Seat Load Factor Passengers per Movement Average Take-Off Weight

90

68%

69%

70%

80

66%

67%

68%

60

70

63%

64%

65%

50 61%

62%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010S Z i h Ai t d t h 2010


Source: Zurich Airport, data warehouse, 2010


4. Non-Aviation


Non-Aviation Segment Revenue Breakdown• Real estate revenuesReal estate revenues

remain stable• Commercial revenues

increase, despite


significantly stronger Swiss Franc

• Spend per departingt 42 S i

Real estate 118.2 117.4 0.7%Rents and leases 86.0 85.6 0.5%Utilities 26.3 26.1 1.0%

passenger at 42 Swiss Francs

• Mid term spend per departing passenger target

Others 5.8 5.7 1.9%Commercial 112.5 108.1 4.0%Retail & tax/duty free 74 5 71 6 4 1%departing passenger target

of 55 Swiss Francs• Parking revenues increase

in line with expectations,

Retail & tax/duty free 74.5 71.6 4.1%Food & beverage 12.2 11.2 8.8%Others 25.8 25.3 1.7%

in line with expectations, especially in the second half of 2010

Parking 64.6 62.0 4.2%Others 29.7 27.7 7.3%Total 324.9 315.1 3.1%


Real Estate: Development of Revenuein %in million CHF

112.1 110.7 110.6117.0 117.4 118.2 7%

8%

120

140Real Estate Revenues Ø vacancy in %

112.1

95.8

105.2 106.2110.7 110.6

107.1

5 4%5.9% 5%

6%

80

100

3.3%3.8%

5.4%

4.0%

3 3%

4.2%3.8% 3.2%

3%

4%

60

80

3.3%

2.3%

1%

2%

20

405.8

others

26.3 utilities

0%

1%

0

20

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

86.0rents & leases


Commercial: Gross Income Shop-Operators


Airside: increase in size of commercial space

2010 20122010~ 10‘000 m2

2012~ 14‘000 m2

Additional ~4‘000m2 commercial space for:p

Spring 2011 OmegaT-Shirt GalleryBucherer/RolexToys & GamesTiffany & Co.

Summer 2011 Mövenpick MarchéLindt Boutique du ChocolatqArrival Duty Free

Winter 2011 Tax- and Duty Free WalkthroughTax- and Duty Free Pier B Kiosk (Pier B)( )Montreux Jazz Café (Pier B)Panopolis (Pier B)

2012 Revival of Chalet Suisse


Landside: optimization and enlargement of portfolio

2010 20122010~ 17‘000 m2

2012~ 18`000 m2

Additional ~1‘000m2 commercial space for:p

Summer 2011 Hennes & MauritzLolipop Grieder Brunschwig SAgOrell FüssliEsprit Collection Store Mövenpick Marché Take Away

Beginning 2012 New flagship restaurant(Airport Center mezzanine floor)


5. Financial Key Figures


Operating Expenses• Cost control efforts led to i illi CHF 2010 2009 D ltCost control efforts led to

reduced personnel and SG&A costs

• Operating Expenses


Personnel 157.6 158.4 -0.5%

Security costs 114.5 113.5 1.0%p g premain stable on a like for like basis, despite traffic growth of 4.3%

Security costs 114.5 113.5 1.0%

Energy & waste 24.4 24.6 -0.8.%

Maintenance & material 43.4 40.7 6.5%

• Increase only due to new costs for the handling of passengers with reduced mobility (included in other

Other operating costs 49.5 40.2 23.2%

SG&A 37.3 38.2 -2.4%

Extraordinary results -0 1 2 5 n amobility (included in other operating costs)

• Increase in maintenance and material costs as a

Extraordinary results 0.1 2.5 n.a.

Total operating expenses 426.5 418.0 2.1%

result of strong winter and more maintenance work


Net Result

Depreciation increased• Depreciation increased slightly as a result of newly capitalized infrastructure

• Significantly lower


EBITDA 436.4 402.2 8.5%EBITDA margin 50.6% 49.0%Significantly lower

financing costs mainly as a result of lower financial debt

Depreciation -190.7 -189.1 0.9%EBIT 245.7 213.2 15.3%EBIT margin 28.5% 26.0%N t t f it l 72 0 77 8 7 4%• Increase of net profit by

20.6%, on a like for like basis, confirms strong operating leverage

Net cost of capital -72.0 -77.8 -7.4%Ordinary cost of capital -63.4 -71.1 -10.8%Change fair value interest rate SWAP - 1.1

operating leverage Unwinding noise deferrals -8.6 -7.8 Associated companies 0.5 8.4 n.a.Profit on sale of 12% on BIAL - 95.3 n.a.Taxes 35 6 48 4 26 4%Taxes -35.6 -48.4 -26.4%Net profit 138.5 190.6 -27.3%Net profit(excl. gain on disposal of BIAL) 138.5 114.9 20.6%


( g )


Other Key Figures

• Financial KPI‘s all in million CHF i l i l i• Financial KPI s all significantly improved

• Return on capital increased in line with

in million CHF incl. noise excl. noise2010 2009 2010 2009

Net Financial Debt/ EBITDA 1.73 2.08 2.37 2.73increased in line with expectations

• Return on equity lower because of divestment

Cash Flow from operating activities/Net Financial Debt 57.0% 41.9% 41.9% 31.7%

Gearing 44.9% 52.4% 63.3% 70.2%gain on Bangalore equity stake in 2009

• Strong operating Cash fl lt f b th

ROCE 7.0% 6.2% 6.8% 5.8%Return on equity 8.4% 12.6% 8.3% 12.8%

flow as a result of both, strong EBITDA and positive net working capital development

Equity Ratio 47.9% 44.9% 50.6% 46.5%

Cash Flow operatingactivities 431.0 350.9 405.3 324.9 capital development

• Significant Free Cash Flow despite higher Capital Expenditure

activitieswhereof CAPEX -241.9 -180.9 -241.9 -180.9 Free Cash Flow1) 189.1 170.0 163.4 143.9

1) Cash Flow from operating activities./.CAPEX


6. Other Key Topics


Update on “Zurich 2010”:Update on Zurich 2010 : Pier B

View from 1st floor (Schengen level)


Update on “Zurich 2010”:Update on Zurich 2010 : Centralized Security Building


Update on other construction projects:Update on other construction projects:Freight dispatch hall + Terminal 2 life cycle refurbishment

Freight dispatch hall Construciton Site B (Exit Zurich)Freight dispatch hall Construciton Site B (Exit Zurich)

Construciton Site B (Customs South)


Update on „The Circle“

Planning Phase Operating PhaseConstruction Phase

2011 2012 2013 2014 20162015 20182017 2019

Planning Phase Operating PhaseConstruction Phase

Start constructionOpening t ti it

Preparation for building permit

Submission for building permit Building permit

construction site “Middle”

Opening construction site “North & South”

Go / No Go BoD site North & SouthBoD

Current project tasks• Planning & Architecture: Preparation of documentation for Building Permit• Development & Marketing: Commitment of preferred partner in M1 3 & 6 start• Development & Marketing: Commitment of preferred partner in M1, 3 & 6, start

negotiations with potential anchor tenants in the remaining modules • Finance & Structuring: First discussions with equity investors and financial institutions,

finalisation of legal structuring

© Flughafen Zürich AG| |23.03.2011 2010 Financial Results26

Update on Arrival Duty Free

• Both chambers of the parliament approved the• Both chambers of the parliament approved the respective laws

• Change of bylaws shall be approved by federal council• Change of bylaws shall be approved by federal council in due course

• Construction work on two arrival duty free shops• Construction work on two arrival duty free shops progress well

• Openings of two shops most likely in summer 2011• Openings of two shops most likely in summer 2011


News on International Business DevelopmentCurrent markets: Bengaluru International Airport / IndiaCurrent markets: • India (e.g. Bangalore)• Latin-America & the Caribbean

(e g Chile Colombia Curaçao Honduras)

Bengaluru International Airport / India

(e.g. Chile, Colombia, Curaçao, Honduras)

Potential new markets with current strategic partners:Bengaluru International Airport /• A-port: Latin America & the Caribbean

(e.g. Brazil, Peru, Puerto Rico)• GVK: Indian Subcontinent

Bengaluru International Airport / India

Heraklion Site / Crete

Potential new markets with new partners:• South East Asia (e.g. Vietnam)( g )• Eastern & Southern Europe

(e.g. Crete, Poland, Croatia)Natal Site / Brazil


Natal Site / Brazil


Update on Federal Court Decisions1961 as date for the foreseeabilit of east approaches means• 1961 as date for the foreseeability of east approaches means complete re-calculation of most likely total noise costs

• Legally binding operating regulations:• Today’s air traffic is finally on solid legal ground• Today s air traffic is finally on solid legal ground• Long Term Capacity increasing measures shall be

defined in” Sectoral Aviaton Infrastructure Plan”-process • More flexible use of runway 28 and 16 in case of fog isMore flexible use of runway 28 and 16 in case of fog is

possible• Comprehensive revision of noise charge model to be

made earlier than originally planned• A sound insulation concept for the “new South ” along

arrival path from south onto RWY 34 shall be developed within one year

• Flughafen Zürich AG appealed a decision of the federal• Flughafen Zürich AG appealed a decision of the federal administrative court in January 2011:• Calculation Model of formal expropriation for rental

properties


p p


Update on Noise Costs:Update on Noise Costs:Formal Expropriation payments• Total most likely estimate of costs in line with previous• Total most-likely estimate of costs in line with previous

forecasts (~ 740 million Swiss francs)• Majority of claims for compensation at the expense of

Flughafen Zürich AGFlughafen Zürich AG• Higher provision of CHF 57.8 million (discounted value),

capitalized as intangible asset for formal expropriation• Updates on estimates illustrated in the balance sheet as• Updates on estimates illustrated in the balance sheet as

per December 31, 2010• Reallocation of split of noise revenues between

Flughafen Zürich AG and Canton of Zurich:guntil now: 53% by Flughafen Zürich AGfrom 1.1.2011: 72% by Flughafen Zürich AG

• Refunding for noise insulation started in 2010• Refunding for noise insulation started in 2010• Noise surcharge per departing passenger of 5 Swiss

Francs remains unchanged


Update on Noise Costs:

Base Case (Most Likely)-Scenario: CHF 740 million

Update on Noise Costs:Impact on Financial Statements of Flughafen Zürich AG

( y)Costs for formal expropriation payments, noise insulationcosts and operating/ legal costsNegative Case-Scenario:

CHF 740 million

> CHF 1.4 billiongThere remains the potential risk, that open fundamental questions are decided against Zurich Airport

CHF 1.4 billion

Prefinancing with Canton remains

T t l M t lik l i tTotal Most likely noise costs(in million CHF)Formal expropriation payments 176 232 1)

Noise insulation costs (excluding new“ South) - 265 2)

Canton of Zurich Flughafen Zürich AG

Noise insulation costs (excluding „new South) - 265 2)

Operating Costs/ Legal Costs in regard of noise - 67

Total most likely costs 176 564

2) Whereof CHF 117 million already paid as per 31 12 2010; discouned provision recorded in financial statements: CHF 111 million

=> Total Cash-View „going forward“ 167 444

1) Discounted Provision recorded in financial statements: CHF 192 million


2) Whereof CHF 117 million already paid as per 31.12.2010; discouned provision recorded in financial statements: CHF 111 million


Update on Political IssuesCanton of ZurichCanton of Zurich• „Ban of Runway Extension“ initiative:

• Initiative was submitted by local municipal authorities• Parliament of Canton Zurich supports government• Parliament of Canton Zurich supports, government

council of Canton Zurich refuses initiative• Date of public vote expected for November 27, 2011• Citizens will vote on the text of the initiative and on• Citizens will vote on the text of the initiative and on

the text of a counter proposal• Flughafen Zürich AG recommends to refuse the

initiative and the counter proposalinitiative and the counter proposal• No impact on today’s capacity

Planned recapitalization of Cantonal Pension Fund• Planned recapitalization of Cantonal Pension Fund


Federal Government of Switzerland

Update on Political Issues (continued) Federal Government of Switzerland• Restrictions for approaches over German territory:

• Result of bi-national analysis of noise impact• No exceeding of the noise threshold on German• No exceeding of the noise threshold on German

territory• Switzerland and Germany are discussing aspects of a

possible definitive solutionpossible definitive solution • Sectoral Aviation Infrastructure Plan (SAIP):

• Regional planning tool of the federal government• Federal government will take a decision in the year• Federal government will take a decision in the year

2012• Implementation of rules for the Economic Regulation

Legal basis for levying of airport charges• Legal basis for levying of airport charges• Parliament approved the law• Details are currently drafted by the federal

administration© Flughafen Zürich AG| |

administration23.03.201133 2010 Financial Results

7. Outlook


Outlook 2011: Traffic January/February

2011 2010in millions 2011Jan-Feb

2010Jan-Feb Delta

Local passengers 2.1 2.0 6.8%

Transfer passengers 1.2 1.2 2.0%

Transfer share 35.7% 36.8%

Total passengers 3.3 3.2 5.1%

Movements (in thousand) 42.9 39.9 7.5%

whereof Line & Charter movements 36.1 34.2 5.5%

Cargo (in tons) 65'578 63'115 3.9%


Outlook 2011: Timetable changesAdditions/reductions summer timetable 2011 onwardsAdditions/reductions summer timetable 2011 onwards

Valencia, increased to 2x daily as of DecemberBelgrad, increased to 2x daily as of DecemberStockholm, increased to 3x daily as of December

San Francisco, daily as of AprilMumbai, Delhi, Bangkok, daily as of NovemberShanghai, for summer timetable back to daily

(after reduction to 6x during winter)

Hainan Bejing, 3x weekly as of April (new Airline)Cimber Copenhagen, 2x daily as of January (new Airline)Edelweiss Beirut Bejing Kilimanjaro Mauritius Tokjo Vancouver Whitehorese Anchorage

New services / cancellations(after reduction to 6x during winter)

Frequency additions/reductions:

Edelweiss Beirut, Bejing, Kilimanjaro, Mauritius, Tokjo, Vancouver, Whitehorese-AnchorageHelvetic Bari (daily, LX codeshare), Cardiff (4x weekly)Vueling Amsterdam (5x weekly), Barcelona (12x weekly)

Air Berlin Alicante (2x weekly), Brindisi (2x weekly), Kreta (1x weekly), HeraklionBlue1 Helsinki, 6x weekly increased to 12x weekly as of NovemberEdelweiss Vancouver, from 1x weekly in summer to 2x weekly (no service in winter)Qatar Airways Doha 5x weekly increase to daily as of NovemberQatar Airways Doha, 5x weekly increase to daily as of NovemberAir Berlin Neapel, BariEasyJet London LutonTarom Bukarest (destination offered by Swiss International Air Lines Ltd.)


Outlook 2011: Traffic Development until 2020

• Long term demand for• Long term demand for air travel at Zurich Airport confirmed by study from our regulator

• Expected Passenger

Total PassengersLocal Passengers*Transfer Passengers

numbers in 2020 at 30 million passengers

• Expected Air Traffic Movements by 2020 at 300’000 movements (Line and Charter only)

Source: Intraplan Consult Gmbh, 02.02.2010, www.bazl.admin.ch

(Line and Charter only)

* Without General Aviation


Source: Intraplan Consult Gmbh, 02.02.2010, www.bazl.admin.ch


Outlook 2011: Commercial Activities January/February2011 20102011

Jan-Feb2010

Jan-Feb Delta

Total turnover, m CHF 71.0 72.6 -2.2%Airside (change versus prev. year) -6.7% 5.2%Landside (change versus prev. year) 2.6% 6.1%

Commercial turnover/dep. pax, CHF 42.8 46.0 -6.9%Airside (change versus prev. year) -11.2% -2.3%Landside (change versus prev year) 2 4% 1 4%Landside (change versus prev. year) -2.4% -1.4%

• The negative impact is a result of construction activities and temporary closures of outlets as well as of the strong Swiss Franc

• Construction works are necessary in order to get ready for the commissioning of the centralizedsecurity building in December 2011

• Positive effects due to increased dwell time, a walk through duty free and an increase in commercial surface are expected only as of December 2011


p y


Outlook Full Year 2011: Solid year of changeOutlook Full Year 2011: Solid year of changeto prepare for new infrastructure and basis for future growth• Passenger increase of 3 – 4%Passenger increase of 3 4%• Transfer share 34 - 35%• Total passengers between 23.5 and 24.0 million• Total revenues to increase by 3 – 4%

• Aviation revenue to grow over-proportionally compared to non-aviation revenues, due to passenger growth and adjusted split of noise revenues between Flughafen Zürich AG and the Canton of Zurich

• Various construction works in the commercial area air- and landside and the strong Swiss Franc might lead to a disproportionately small commercial revenue growth in 2011; despite the opening of Arrival Duty Free-Shops (expected mid year)

• Other non-aviation revenues expected to remain stable or slightly increase• Operating costs will increase slightly under-proportional, despite the costs of the

new infrastructure. Cost benefits of new infrastructure (e.g. efficiency gains in security processes) only arise as of 2012.


Outlook Full Year 2011: Solid year of changeOutlook Full Year 2011: Solid year of changeto prepare for new infrastructure and basis for future growth• EBITDA margin to increase (including and excluding noise)• EBITDA margin to increase (including and excluding noise) • Depreciation will increase due to new infrastructure, higher amortisation of

intangible noise assets and a slight reduction of useful lifetime of some particular assetsassets

• Net result between 10 and 15% higher than in 2010• Net result excluding noise between 5 and 10% higher than in 2010

• The Swiss Federal Court decision from December 2010 requires the development of a noise insulation concept for the “new South” within one year.

• This might lead to higher noise costs, increasing the provision for sound insulation measures.

• Noise continues to remain cost and cash flow neutral for Flughafen Zürich AGNoise continues to remain cost and cash flow neutral for Flughafen Zürich AG in the long run (all costs refinanced via separate noise surcharge)


Disclaimer

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 whatsoeveropinions 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 f it h ll f th b i f b li d i ti ith t t it t h tof 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.


8. Your Questions


Capex Plan

CAPEX (Mio CHF) 2010 2011 2012 2013 2014 2015 2016 2017 2018CAPEX (Mio CHF) 2010 2011 2012 2013 2014 2015 2016 2017 2018

Terminal AreaZürich 2010 105 120 70Zone Terminal 2 15 20 50 60 40 15 5Zone Terminal 1 5 0 10 30 40Zone Terminal 1 5 0 10 30 40

ParkingParking (replacement / additional) 5 5 25 35 30 30 20 20Parking (existing capacity) 9 5 5 5 5 5 5

Area EastCargo infrastructure 15

Area WestApron Area West 20 30 40 25 0

Runways & ApronStands 20 20 10Apron south adjustements 7 5Maintenance & Renovation RWY 10/28 5 10Maintenance & Renovation RWY 14/32 1 10 20 40 10

Other InvestmentsOther InvestmentsConstructional facility maintenance 20 30 35 35 35 35 35 35 35Airfield maintenance 30 40 35 35 35 35 35 35 35Other investments 36 29 15 15 15 15 15 15 40

Total CAPEX excluding The Circle 242 260 235 215 220 215 175 165 160


Repayment Schedule (as per 31.12.2010)

Major repayments:

• Partly repayments 2024 421.2

y p yCBL (2011 & 2012)

• Partly repayments US PP (2011-15)

2015

~

73.2

• Bond 225m (2014)• Repayment

Japanese PP (2024) 2013

2014 298.2

73.2

2011

2012 129.2

127.3

0 50 100 150 200 250 300 350 400 450

USPP CBL Bonds JPP


Debt Maturity Structure (Financial Liabilities)

15.6%

9.0%

44.2%

47.2%

40.2%

43.8%

2009

2010

8 7%

3.6%

14.3%

38 8%

48.0%

38.1%

52 5%

48.4%

47.6%

2006

2007

2008

6 9%

7.8%

8.7%

26 5%

23.5%

38.8%

66 5%

68.7%

52.5%

2004

2005

2006

17.4%

6.5%

6.9%

54.4%

25.1%

26.5%

28.2%

68.4%

66.5%

2002

2003

2004

17.4% 54.4% 28.2%

0% 20% 40% 60% 80% 100%

2002

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


Passengers by Customer Segments

Star Alliance68.9%

Whereof 54.98% Swiss International Air Lines Ltd.(-2.7% vs. 2009)

Low Cost Carrier10.9%

(0.4% vs. 2009)

One World4.3%

(-0.5% vs. 2009)

Ch t

Sky Team4.0%

2009 YTD

2010 YTD

(0.1% vs. 2009)

Charter1.5%

0% 20% 40% 60% 80% 100%

2010 YTD

(-1.2% vs. 2009)


Hub Carrier Dominance at European Airports (seats offered)

FRA hubcarrier

MUC

ZRH

FRAother alliance members

AMS

VIE

MAD

BRU

CDG

CPH

LHR

MXP

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%Source: MIDT data ADI, 2011ADI, January 2010 – December 2010


Star Alliance Hub vs. 200920%

10%

15%

0%

5% VIE

ZRH

MUBRU

CPH

-10%

-5%

FRA

-20%

-15%BRUCPHFRA

MU

-25%

MUCVIE


ZRH Passenger Market Share & Growth (YTD 2010)

EuropeEuropeShare 77.3% (PY: 77.9%)Change in Pax: +3.5%

AsiaShare: 10 2% (PY:10 2%)

North AmericaShare: 7.8% (PY: 7.3%)Change in Pax: +11.7%

Africa

Share: 10.2% (PY:10.2%)Change in Pax: +4.2%

Latin AmericaShare: 3.8% (PY:3.7%)Change in Pax: +6.0%

Share: 0.9% (PY: 0.9%)Change in Pax: +10.3%


Documents

Analysts Presentation 2010 Full Year Final DRUCKVERSION .../media/flughafenzh/...Title Microsoft PowerPoint - Analysts Presentation 2010 Full Year_Final_DRUCKVERSION.pptx [Schreibgeschützt]