Zurich Airport cautiously optimistic about recovery, expects EBITDA improvement in 2010 off low base


Shares in Switzerland's Zurich Airport dipped 1.5% on Friday upon the release of the airport operator's financial report for the 12 months ended 31-Dec-2009. EBITDA was down 4.3% during the period to EUR279.3 million on a 4.1% reduction in revenue to EUR569.6 million.

  • Zurich Airport's financial report for 2009 shows a decline in EBITDA and revenue.
  • Both aeronautical and non-aeronautical revenues decreased, while revenue from rentals and leasing increased.
  • Passenger traffic at Zurich Airport declined slightly in 2009, along with a significant drop in cargo volumes.
  • The airport is cautiously optimistic about an economic recovery and expects a 3-5% increase in passenger volumes in 2010.
  • Shares in Zurich Airport and other European airport companies experienced a decline in value.
  • Other global airports, such as Brussels, Shanghai Pudong, and Abu Dhabi, reported varying passenger growth in February 2010.

Both aeronautical and non-aeronautical revenues declined by 3.9% and 4.1%, respectively, as the airport generated less revenue through passenger fees, and retail and duty-free. However, revenue from rentals and leasing jump 4.2% in the period.

Passenger traffic at Zurich Airport declined 0.8% year-on-year in 2009, while cargo volumes dropped 11.1%, on a 4.7% reduction in aircraft movements.

The airport is "cautiously optimistic that an economic recovery will have a positive impact on passenger demand", while the company projects a 3-5% increase in passenger volumes in 2010, as consumer sentiment improves. On the earnings outlook, "both the EBITDA and the EBITDA margin are likely to be slightly higher than in 2009", according to Zurich Airport. The full financial/traffic report for Zurich Airport is contained in today's edition of Airport Business Daily.

Shares in other European airport companies were also lower on Friday, including Aeroporto Toscano (-0.4%), TAV Airports (-0.8%), GEMINA (-1.1%), Hochtief (-1.1%), Fraport (-1.2%), Ferrovial (-1.6%), Copenhagen (-1.8%), Aeroporto di Firenze (-2.3%) and Vienna (-2.9%).

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Selected airports daily share price movements (% change): 19-Mar-2010

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