Zurich Airport News Flash No. 18 / Solid 2015 half-year result in a difficult environment Donnerstag, 03. September 2015 - 07:03

Traffic volume 
From January through June 2015, 12.2 million passengers (an increase of 2.7%) used Zurich Airport as their departure, transfer or destination airport. The number of local passengers rose by 6.9% compared with the year-back period, while the number of transfer passengers fell by 6.3%. The share of transfer passengers declined from 31.4% in 2014 to 28.7% in the current year. The number of flight movements remained virtually unchanged at 128,309 compared with the same period in 2014. The seat load factor per flight movement rose from 73.9% to 74.6%. The average number of passengers per flight movement increased from 107.5 to 109.4. Freight handled at Zurich Airport decreased by 4.3% over the prior-year period to a total of 202,640 tons. 

Total revenue
Total revenue rose by 3.3% to CHF 468.7 million compared with the prior-year period. Aviation revenue increased by 3.8% to CHF 279.0 million. Non-aviation revenue went up by 2.6% to CHF 189.7 million. 

Key operating data 
Operating expenses rose by 32.0% to CHF 281.3 million in the first six months of 2015. This increase is primarily due to two one-off effects. The partial sale of land and the related establishment of the co-ownership structure for the project «The Circle» had a positive effect, while provisions recognized for the extended sound insulation program amounting to CHF 100 million negatively impacted on the result. Adjusted for these one-off effects, operating expenses were 2.7% higher. At CHF 187.3 million, earnings before interest, tax, depreciation and amortization (EBITDA) were 22.2% below the prior-year figure. Adjusted for the two one-off effects, EBITDA was 3.8% higher than the 2014 figure.

Flight operations charges 
In its ruling of June 25, 2015, the Swiss Federal Administrative Court confirmed important principles for defining charges at Zurich Airport. Since the submission of the proposal for the examined charges a number of parameters have developed in a positive direction. Thanks to strict cost management and investment discipline the cost basis has been reduced and the share of local passengers has grown steadily. Based on these favorable circumstances, Flughafen Zürich AG agreed with the complainants on a revised charges proposal for a four-year period which will be submitted to the Federal Office of Civil Aviation (FOCA). Once this charges proposal is implemented, passengers and airlines will benefit from a reduction in charges amounting to approximately CHF 40 million p.a. At the same time, costs coverage of the regulated business will be achieved and the charges volume expected for the next four years will be secured. Furthermore, the competitiveness of Zurich Airport will get strengthened. The entry into force of the charges proposal and its implementation depend on the relevant decree by FOCA. 

Outlook 
Flughafen Zürich AG anticipates 2.5-3% growth in passenger volumes for the current financial year. The number of flight movements is expected to be stable. The result for 2015 – adjusted for one-off effects – is expected to be higher than in the previous year.