Flughafen Zürich AG Zürich Flughafen Annual Report 2009 Annual Report | 2009 Every one of us has a favourite spot. And these are as diverse as the people who share their impressions of them with us. Employees, passengers and visitors to Zurich Airport also have their own places – at Switzerland's gateway to the world and the Alps – where they can switch off, recharge their batteries, work or pursue their fascination with flying. Let's visit these small but special spots with them. 2009 Flughafen Zürich AG, P.O. Box, CH–8058 Zurich-Airport, Phone +41 (0)43 816 22 11 Annual Report | Flughafen Zürich AG Zürich Flughafen Annual Report 2009 Flughafen Zürich AG Corporate profile 4 Annual Report | 2009 Every one of us has a favourite spot. And these are as diverse as the people who share Foreword their impressions of them with us. Employees, Address to shareholders 7 passengers and visitors to Zurich Airport Review & outlook also have their own places – at Switzerland's Significant events 12 Customers & markets 14 gateway to the world and the Alps – where Economic & social environment 16 they can switch off, recharge their batteries, Quality & innovation management 20 work or pursue their fascination with Communication & partnerships 25 flying. Let's visit these small but special Business & traffic trends spots with them. Key data (2-year comparison) 28 Trend in traffic volume 30 Total revenue & earnings trend 33 Segment reporting 38 Assets & financial position 42 Outlook 45 Airport of Zurich Noise Fund 46 Environmental protection 50 Corporate governance 62 Risk management 72 Financial report Consolidated financial statements according to IFRS 82 Audit report 129 Financial statements according to the Swiss Code of Obligations (OR) 132 Audit report 146 2009 Flughafen Zürich AG, P.O. Box, CH–8058 Zurich-Airport, Phone +41 (0)43 816 22 11 Annual Report | - 3 - Key dataKey (5-year data (5-year comparison) comparison) SelectedSelected key data key excluding data excluding the influence the influence of aircraft of aircraft noise (5-yearnoise (5-year comparison) comparison)1) 1) 2010 financial2010 financial calendar calendar AmountsAmounts in accordance in accordance with International with International Financial Financial Reporting Reporting Standards Standards (IFRS) (IFRS) The followingThe following key data key are data shown are excludingshown excluding the influence the influence of aircraft of aircraftnoise: noise: (CHF 1,000)(CHF 1,000) 2009 2009 2008 2008 2007 2007 2006 2006 2005 2005 (CHF 1,000)(CHF 1,000) 2009 2009 20082008 2007 2007 2006 2006 2005 2005 FinancialFinancial reporting reporting dates dates Total revenueTotal revenue 820,207 820,207 855,103 855,103 802,868 802,868 737,109 737,109 702,229 702,229 Total revenueTotal revenue 792,606 792,606 812,998 812,998 748,564 748,564 686,933 686,933 656,031 656,031 19 March19 2010March 2010 PublicationPublication of 2009 of annual 2009 reportannual report of which revenueof which from revenue aviation from operations aviation operations 505,092 505,092 525,689 525,689 495,981 495,981 444,238 444,238 418,877 418,877 of which revenueof which from revenue aviation from operations aviation operations 472,824 472,824 479,253 479,253 437,703 437,703 390,215 390,215 368,543 368,543 15 April 152010 April 2010 2010 General2010 General Meeting Meeting of Shareholders of Shareholders of which revenueof which from revenue non-aviation from non-aviation operations operations 315,115 315,115 329,414 329,414 306,887 306,887 292,871 292,871 283,352 283,352 of which revenueof which from revenue non-aviation from non-aviation operations operations 319,782 319,782 333,745 333,745 310,861 310,861 296,718 296,718 287,488 287,488 18 August18 August2010 2010Publication Publication of 2010 of interim 2010 interimreport report OperatingOperating expenses expenses 417,973 417,973 434,862 434,862 392,753 392,753 358,837 358,837 338,282 338,282 OperatingOperating expenses expenses 417,973 417,973 434,862 434,862 392,753 392,753 358,837 358,837 338,282 338,282 14 April14 2011 April 2011 2011 General2011 General Meeting Meeting of Shareholders of Shareholders Earnings beforeEarnings interest, before tax, interest, depreciation tax, depreciation and amortisation and amortisation (EBITDA) (EBITDA) 402,234 402,234 420,241 420,241 410,115 410,115 378,272 378,272 363,947 363,947 Earnings beforeEarnings interest, before tax, interest, depreciation tax, depreciation and amortisation and amortisation (EBITDA) (EBITDA) 374,633 374,633 378,136 378,136 355,811 355,811 328,096 328,096 317,749 317,749 EBITDA marginEBITDA (in margin %) (in %) 49.0 49.0 49.1 49.1 51.1 51.1 51.3 51.3 51.8 51.8 EBITDA marginEBITDA (in margin %) (in %) 47.2 47.2 46.5 46.5 47.5 47.5 47.8 47.8 48.4 48.4 PublicationPublication dates of dates traffic of traffic statistics statistics Earnings beforeEarnings interest before and interest tax (EBIT) and tax (EBIT) 213,156 213,156 234,073 234,073 229,202 229,202 189,416 189,416 175,026 175,026 Profit Profit 176,653 176,653 100,613 100,613 83,495 83,495 46,952 46,952 21,045 21,045 14 April14 2010 April 2010 TrafficTraffic statistics statistics for March for 2010March 2010 EBIT marginEBIT (in margin %) (in %) 26.0 26.0 27.4 27.4 28.5 28.5 25.7 25.7 24.9 24.9 14 May 142010 May 2010 TrafficTraffic statistics statistics for April for 2010 April 2010 Profit Profit 190,610 190,610 121,314 121,314 130,675 130,675 87,448 87,448 59,123 59,123 11 June 201011 June 2010 TrafficTraffic statistics statistics for May for 2010 May 2010 Key data forKey shareholders data for shareholders 2009 2009 20082008 2007 2007 2006 2006 2005 2005 12 July 201012 July 2010 TrafficTraffic statistics statistics for June for 2010 June 2010 Cash flowCash from flow operations from operations 350,933 350,933 415,102 415,102 410,911 410,911 367,213 367,213 338,285 338,285 Payout ratioPayout (in %) ratio (in %) 26.1 26.1 30.5 30.5 33.1 33.1 39.2 39.2 23.3 23.3 11 August11 August2010 2010 TrafficTraffic statistics statistics for July for2010 July 2010 Cash flowCash from flow investing from investingactivities activities 134,437 134,437 258,849 258,849 147,339 147,339 258,772 258,772 117,173 117,173 Basic earningsBasic per earnings share (inper Swissshare francs)(in Swiss francs) 28.92 28.92 16.41 16.41 13.61 13.61 8.24 8.24 4.30 4.30 14 September14 September 2010 2010Traffic Traffic statistics statistics for August for August2010 2010 Invested capitalInvested as capitalof 31 December as of 31 December 2,846,535 2,846,535 2,660,769 2,660,769 2,614,569 2,614,569 2,644,440 2,644,440 2,584,795 2,584,795 12 October12 October 2010 2010Traffic Traffic statistics statistics for September for September 2010 2010 Ø capital employedØ capital employed 2,753,652 2,753,652 2,637,669 2,637,669 2,629,505 2,629,505 2,614,618 2,614,618 2,569,922 2,569,922 1) The reported1) The key reported data excluding key data excludingthe influence the influenceof aircraft ofnoise aircraft were noise adjusted were for adjusted all significant for all significant positions relatingpositions to relating aircraft tonoise aircraft in the noise income in the statement income statement and balance and balance 11 November11 November 2010 2010Traffic Traffic statistics statistics for October for October2010 2010 Return on ReturnØ capital on employedØ capital employed(ROCE in (ROCE%) in %) 6.2 6.2 7.1 7.1 6.9 6.9 5.7 5.7 5.4 5.4 sheet. In thesheet. income In the statement, income statement, these positions these arepositions noise charges,are noise noise-related charges, noise-related operating operatingexpenses, expenses,amortisation amortisation of the intangible of the intangibleasset from asset the right from of the formal right of formal 13 December13 December 2010 2010Traffic Traffic statistics statistics for November for November 2010 2010 Equity as ofEquity 31 December as of 31 December 1,598,411 1,598,411 1,428,935 1,428,935 1,373,384 1,373,384 1,230,464 1,230,464 805,999 805,999 expropriation,expropriation, noise-related noise-related financial financialexpenses expensesand financial and income,financial andincome, the tax and effects the tax arising effects from arising these from adjustments. these adjustments. In the balance In the sheet, balance all thesheet, significant all the significant Return on Returnequity (inon equity%) (in %) 12.6 12.6 8.7 8.7 10.0 10.0 8.6 8.6 7.6 7.6 noise-relatednoise-related asset and assetliability and positions liability havepositions been have eliminated. been eliminated. InvestorInvestor Relations Relations Equity ratioEquity (in %) ratio (in %) 44.9 44.9 42.5 42.5 43.2 43.2 38.8 38.8 26.3 26.3 MichaelMichael Ackermann, Ackermann, phone +41 phone (0)43 +41 816 (0)43 76 98816 76 98 Interest-bearingInterest-bearing liabilities (net)liabilities (net) 838,175 838,175 1,019,008 1,019,008 918,833 918,833 1,177,985 1,177,985 1,745,299 1,745,299 [email protected]@unique.ch Interest-bearingInterest-bearing liabilities/EBITDA liabilities/EBITDA 2.08x 2.08x 2.42x 2.42x 2.24x 2.24x 3.11x 3.11x 4.80x 4.80x From 15From April 152010: April [email protected] 2010: [email protected] CorporateCorporate Communications Communications Key operationalKey operational data data 2009 2009 2008 2008 2007 2007 2006 2006 2005 2005 Sonja Zöchling,Sonja Zöchling, phone +41 phone (0)43 +41 816 (0)43 46 35816 46 35 Number ofNumber passengers of passengers 21,926,872 21,926,872 22,099,233 22,099,233 20,739,113 20,739,113 19,237,216 19,237,216 17,884,652 17,884,652 [email protected]@unique.ch