Half Year 2024 Flughafen Zuerich AG Earnings Call Transcript
Key Points
- Passenger volumes in the first half of 2024 increased by 11%, reaching 97% of 2019 levels.
- Revenue, EBITDA, and consolidated results for the first half of the year exceeded the prior year period, marking the best half-year result in the company's history.
- The commercial and real estate businesses showed solid performance, with more than 90% of the Circle rented out.
- International operations, including the new Noida International Airport and the acquisition of Natal Airport in Brazil, are progressing well.
- The innovation hub has launched its first products, aiming to leverage digital transformation for operational improvements.
- Operating expenses rose by 12% over the prior year period, driven by higher personnel and security-related costs.
- Personnel expenses increased by 15% due to headcount growth and inflation adjustments.
- The construction work to develop landside passenger areas has impacted retail offerings, with completion expected only by 2027.
- The Noida International Airport project has been delayed by four months, now expected to open by the end of April 2025.
- There are fines associated with the delay in Noida's opening, although they are relatively low and can be passed on to the EPC contractor.
Good morning, ladies and gentlemen. Welcome to the presentation of our company's half-year results 2024. My name is Lukas Brosi, and I will host this presentation together with Kevin Fleck, our company's CFO. I would like to remind you that the presentation is also available on our website.
Today's agenda is as follows: I will start with a short business update before our Group CFO will provide you with information on our financial performance followed by the outlook. At the end, we will answer your questions. Please submit your questions already during the presentation, which helps us to cluster them. Stefan Weber will moderate the Q&A session.
Let me start with our milestones for the first half year 2024. The whole industry is facing a strong desire to travel with passenger volume recovering on a sustained basis. Swiss and Edelweiss have added new routes to Eastern and Northern Europe as well as to North America and Asia. As a highlight for our network development, Air India started to
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