HOCHTIEF AirPort Capital (HTAC)

-          Athens International Airport

-          Düsseldorf International Airport

-          Hamburg Airport

-          Sydney Airport

Athens International Airport

Athens Airport is Greece's major airport, located 33 kilometres from central Athens in a catchment area of more than six million residents. The airport was opened in 2001, and has guaranteed exclusivity until 2016 as the only airport within a radius of 100 kilometres of Athens. Access to the airport is via both a six-lane highway and a rail link. Athens Airport has the capacity to manage 65 flight movements per hour.

Performance highlights

Revenue for the year to 31 December 2008 increased 5.3 percent on the prior corresponding period to €420.7 million, while EBITDA increased 6.3 percent to €295.8 million.(1) Passenger numbers decreased 0.4 percent to 16.5 million.

Domestic passenger movements for the year to 31 December 2008 decreased by 2.2 percent and international passenger movements grew by 0.5 percent. Passenger traffic
to and from the Middle East and America exhibited particular strength, growing by 4.8 percent and 3.7 percent respectively.

Aircraft movements for the year reduced by 2.9 percent to 199,000 flights, primarily due to the considerable reduction in Olympic Airlines' capacity. The traffic shortfall of Olympic was partially absorbed by capacity expansion of Aegean Airlines.

Performance outlook

Challenging global economic conditions are expected to affect traffic volumes, especially international passenger growth, in the coming months. The first six months of 2009 saw a decline in passenger traffic by 4.9 percent relative to the prior corresponding period. In particular, while the domestic market showed resilience with a modest traffic increase, the international market was affected by the global economic crisis.

During March 2009, the Greek State approved the sale of Olympic Airlines to Marfin Investment Group. The sale marks the end of a long period of uncertainty for the airline. While Marfin's strategy for the airline is not yet clear, the sale is broadly seen as a positive development for Athens Airport.

Athens Airport
Financial and operational performance

* CAGR: Compound Annual Growth Rate
(1) EBITDA normalised for Olympic debt provision.
(2) Revenue and EBITDA include Airport Development Fund subsidy.

For historical Athens Airport Annual Reports please click here.

Düsseldorf International Airport

Düsseldorf Airport is Germany's third busiest airport (after Frankfurt and Munich), hosting over 70 airlines that fly to 180 destinations worldwide. The airport is located in the heart of the densely populated Rhine-Ruhr region, and serves over 18 million people living within a 100-kilometre radius.

Performance highlights

For the year to 31 December 2008, total income was up 2.2 percent on the prior corresponding period to €349.8 million(1), while EBITDA (including net investment income) was up 1.5 percent to €137.0 million.

Passenger traffic reached 18.1 million in 2008, which is an increase of 1.8 percent on the previous year. From a traffic perspective, 2008 was a year of two halves, with positive growth in the first half partly offset by a decline in the second half. Intercontinental volumes (up by 12 percent against the previous year) boosted the airport's overall traffic growth. This was the result of Lufthansa and Air Berlin's expansion in their flight network with a view to develop Düsseldorf into a hub focused on intercontinental traffic.

Performance outlook

In the first six months of 2009, cumulative passenger numbers were 6.0 percent lower than the prior corresponding period, with a decline observed in both domestic and international traffic. This was largely the result of lower demand and reduced capacity due to the global economic slowdown.

The first half of 2009 saw the airport hand over Hangar 7 to its tenant Air Berlin. The successful completion of this project represents part of the airport's overall capital expenditure program, with further projects scheduled for completion this year. This also includes the airport's new car rental centre and multi-storey car park, which became operational in the second quarter of 2009.

Düsseldorf Airport
Financial and operational performance

* CAGR: Compound Annual Growth Rate
(1) Revenue normalised for sale of assets.

For historical Düsseldorf Airport Annual Reports please click here.

Hamburg Airport

Hamburg Airport is Germany's fifth busiest, servicing over 70 airlines that fly to approximately120 destinations. The airport is located nine kilometres north-west of the city and has the capacity to process over 15 million passengers. The airport's catchment area encompasses Hamburg (1.8 million residents) and large parts of the states of Bremen, Lower Saxony, Schleswig-Holstein and Mecklenburg West-Pomerania.

Performance highlights

Total income for the year to 31 December 2008 was down 3.0 percent to €233.8 million and EBITDA (including net investment income) was down by 11.9 percent to €71.7 million.

Total income declined as a result of a reduction in security recharges and lower rental income. This together with higher payroll expenses, project related expenses and energy costs adversely affected EBITDA.

2008 was a mixed year in terms of traffic. At the end of the first half of 2008, passenger figures had grown by 5.5 percent and aircraft movements by 3.3 percent. However, in the second half of the year high fuel prices and the global economic crisis dominated, causing passenger numbers to decline. At year end, the overall passenger volume had grown modestly by 0.5 percent to over 12.8 million.

2008 marked the completion of the airport's 'HAM 21 Extension Project', with €350 million invested to upgrade passenger facilities and services and culminated with the opening of the Airport Retail Plaza. The Airport Retail Plaza, which links Terminals 1 and 2, provides an efficient, centralised security checkpoint and a significant new retail offering, enhancing the overall passenger experience at the airport.

Performance outlook

A decline in traffic volumes, which started at the beginning of the winter flight schedule period, is expected to continue over the coming months. Over the six months to June 2009 domestic and international traffic declined by 7.1 percent and 9.1 percent respectively relative to the same period of 2008. Overall passenger traffic for the six-month period was down by 8.3 percent.

Hamburg Airport
Financial and operational performance

* CAGR: Compound Annual Growth Rate

For historical Hamburg Airport Annual Reports please click here.

Sydney Airport

Sydney Airport is the major gateway into and out of Australia, servicing about 40 international and six domestic airlines as at December 2008. The airport is located eight kilometres south of Sydney's central business district, and has high quality road and rail links to the population and business centres of Sydney.

Performance highlights

Revenue for the year to December 2008 increased 6.9 percent to $812.7 million and EBITDA (excluding specific expenses) increased 7.4 percent to $653.3 million. In the 12 months to December 2008, passenger volumes increased by 3.2 percent to 32.9 million.

During the final quarter of 2008, Sydney Airport successfully secured funding for its capital expenditure plans to 2012 through a combination of new bank debt facilities and a shareholder contribution. In February 2009, Sydney Airport's shareholders invested further equity and deleveraged the company's capital structure by repaying $870 million in term debt maturing in September and November 2009. Following these repayments, completed in the first half of 2009, the airport has no material debt maturing until 2011.

Performance outlook

Challenging global economic conditions are expected to affect traffic volumes in the coming months. In the first six months of 2009, total traffic declined by 3.5 percent against last year's level. However, in spite of the tough economic environment, Sydney Airport continues to deliver resilient financial performance. Both revenue and EBITDA grew in the first quarter of 2009 despite lower passenger volumes.

Over the first quarter, good progress was made on some of the airport's main capital projects, including the T1 redevelopment. In addition, Sydney Airport welcomed a number of additional airlines including V Australia, Air Austral, Delta Airlines and Tiger Airways.

Sydney Airport
Financial and operational performance

* CAGR: Compound Annual Growth Rate
(1) Excluding specific expenses.
(2) Restated to reflect December year end.

For historical Sydney Airport Annual Reports please click here.

For more information on HOCHTIEF AirPort Capital (HTAC) please visit the HTAC website.