Australia Pacific Airports Corporation (APAC)
| AIX interest in APAC: | 10.1% |
| UTA interest in APAC: | 6.2% |
APAC owns and operates Melbourne Airport, a key access point to Victoria for domestic and international travellers, as well as Launceston Airport, a gateway for travel between Tasmania and mainland Australia. Neither Melbourne nor Launceston Airports have curfew restrictions.
APAC performed strongly in the year to 30 June 2008, with the commencement of services by Korean Air, Skywest and Tiger Airways and increasing services on key routes by several incumbent airlines.
Performance highlights 2008
Total revenue was $449.4 million, an increase of 16.9 percent on the previous year. EBITDA was
$334.3 million, an increase of 23.9 percent.
Total passengers through Melbourne Airport for the financial year was 24.3 million, an increase of
7.8 percent over the prior year. This comprised 4.8 million international passengers, up 5.3 percent,
and 19.5 million domestic and transit passengers, up 8.5 percent. Total passengers through Launceston Airport increased 10.9 percent to 1.1 million for the year. The number of seats available on all routes across both airports, grew by 8.5 percent in the 2008 financial year.
Melbourne Airport embarked on several new developments during the year. Terminal 4, from which
Tiger Airways operates, was upgraded to accommodate an additional two million passengers per annum. Works commenced on the largest upgrade of the international terminal since the airport opened. The upgrade is expected to be complete in 2011, adding 25,000 metres squared of floor space, at a cost of approximately $330 million.
During the year APAC successfully completed a $700 million debt refinancing, raising sufficient capital to fund the planned expansion program.
Performance outlook
To cater for expected passenger growth, car parking facilities will be expanded over the next year, with an additional 2,300 spaces to be generated at a cost of $60 million. The new spaces will be available in stages, work will commence in December 2008 and will be completed in May 2009.
In October 2007, Melbourne Airport announced its partnership with Investa Property Group, one of Australia's largest developers and owners of office space, to develop 11 hectares of commercial real estate adjoining the airport. Construction is planned in three stages over 10 years and will feature
pre-eminent environmental design principles.
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APAC
Financial and operational performance
| 30 June year end | 2004 | 2005 | 2006 | 2007 | 2008 | CAGR* 04/08 |
| Passengers (m) | 19.8 | 21.6 | 22.3 | 23.5 | 25.3 | 6.3% |
| Revenue ($m) | 286.3 | 323.4 | 348.5 | 384.4 | 449.4 | 11.9% |
| EBITDA ($m) | 203.6 | 229.9 | 245.6 | 269.8 | 334.3 | 13.2% |
* CAGR: Compound Annual Growth Rate
For further information please visit the Melbourne Airport website.