HOCHTIEF AirPort Capital (HTAC)
- Athens International Airport
- Düsseldorf International Airport
Athens International Airport
| AIX interest in Athens International Airport: | 5.3% |
| UTA indirect interest in Athens International Airport: | 1.3% |
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 2007 increased 11.8 percent on the previous corresponding period to €399.5 million, while EBITDA increased 15.7 percent to €269.1 million. Passenger numbers increased 9.7 percent to 16.5 million.
Domestic passenger movements for the year to 31 December 2007 grew by 8.9 percent and international passenger movements grew by 10.1 percent. Passenger traffic to and from Eastern Europe and America exhibited particular strength, growing by 23.2 percent and 23.1 percent, respectively.
Aircraft movements totalled 205,295 a new record for the airport. Olympic Airlines remained the largest carrier with 33.8 percent of passenger traffic, a decrease in share of 1.4 percent when compared with 2006. In contrast, LCCs increased their presence at the Airport from 9.5 percent of total passenger volumes in 2006 to 11.7 percent in 2007.
Performance outlook
Air traffic movement growth declined from record levels in the fourth quarter of 2007, most likely due
to the increase in fuel prices. In the event fuel prices remain high, passenger traffic is likely to remain subdued, but not negative, as an example for the six months to June 2008, passenger traffic remained 1.9 percent above the previous year's comparable period.
During the year, Athens announced a plan to optimise the Airport's current infrastructure. This will involve an investment in the Satellite Terminal Building to increase utilisation and an investment in the Main Terminal Building to increase the amount of space dedicated to commercial and passenger services.
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Athens Airport
Financial and operational performance
| 31 December year end | 2003 | 2004 | 2005 | 2006 | 2007 | CAGR* 03/07 |
| Passengers (m) | 12.3 | 13.7 | 14.3 | 15.1 | 16.5 | 7.8% |
| Revenue (€m) (1) | 290.8 | 329.8 | 331.7 | 357.5 | 399.5 | 8.3% |
| EBITDA (€m) (1) | 193.0 | 215.3 | 210.9 | 232.7 | 269.1 | 8.7% |
* CAGR: Compound Annual Growth Rate
(1) Revenue and EBITDA include Airport Development Fund (ADF) subsidy.
Düsseldorf International Airport
| AIX interest in Dusseldorf International Airport: | 4.0% |
| UTA indirect interest in Dusseldorf International Airport: | 1.0% |
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 approximately 18 million people living within a 100-kilometre radius.
Performance highlights
For the year to 31 December 2007, revenue was up 2.0 percent on the previous corresponding period to €342.2 million, while EBITDA was up 6.1 percent to €141.6 million.
Passenger traffic increased 7.5 percent to 17.8 million. In particular, intercontinental traffic continued
to exhibit strong growth, up 17.9 percent on the previous year. Low fare business at Düsseldorf Airport continues to grow, representing 26.5 percent of total passenger volumes in 2007. However, revenue was affected by the loss of market share in the provision of baggage handling services, which are now open
to third party competition.
Performance outlook
During the first six months of 2008, traffic grew by 5.6 percent relative to the previous corresponding period despite high oil prices. However, continued high fuel prices may have an impact on the previously high level of growth in traffic.
In order to diversify revenue streams, 23 hectares of land are being developed at Düsseldorf Airport. Airport management have progressed the 'Airport City' business park concept, which features a 533-room Maritim Hotel and conference centre and two separate recently completed office buildings. To
date, half of the Airport City sites available for development have been sold to third party investors for development. It is planned that the remaining sites will be sold and developed over the period to 2013.
Air Berlin has announced its intention to use Düsseldorf Airport as a hub for the expansion of its long-haul flight network.
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Düsseldorf Airport
Financial and operational performance
| 31 December year end | 2003 | 2004 | 2005 | 2006 | 2007 | CAGR* 03/07 |
| Passengers (m) | 14.3 | 15.3 | 15.5 | 16.6 | 17.8 | 5.7% |
| Revenue (€m) | 388.2 | 280.6 | 312.6 | 335.4 | 342.2 | (3.1)% |
| EBITDA (€m) (1) | 87.6 | 108.4 | 124.1 | 133.5 | 141.6 | 12.8% |
* CAGR: Compound Annual Growth Rate
(1) Normalised EBITDA.
Hamburg Airport
| AIX interest in Hamburg Airport: | 5.7% |
| UTA indirect interest in Hamburg Airport: | 1.4% |
Hamburg Airport is Germany's fifth busiest, servicing over 70 airlines that in turn fly to approximately 120 destinations. The airport is located nine kilometres north-west of the city and has the capacity to process over 16 million passengers. The airport's catchment area encompasses Hamburg (1.8 million residents) and large parts of the states of Bremen, Lower Saxony, Schleswig-Holsten and Mecklenburg West-Pomerania.
Performance highlights
Revenue for the year to 31 December 2007 was up 3.3 percent to €241.0 million and EBITDA was up
7.8 percent to €83.2 million.
In the year to 31 December 2007, passenger numbers and air traffic movements exhibited solid growth, increasing by 6.9 percent to 12.8 million, and 3 percent to 174,000 respectively. However, revenue was affected by the cancellation of night time airmail flights and the loss of market share in the provision of baggage handling services.
The trend in passenger growth has continued in calendar year 2008 with passenger growth of 5.5 percent recorded in the six months to June versus the previous corresponding period. Much of this recent growth has been driven by the strong performance of Air Berlin.
Performance outlook
Through the 'HAM 21 Extension Project', €350 million is being invested to upgrade passenger facilities and services. By the end of 2008, the project will have delivered the Airport Retail Plaza, S-Bahn (suburban rail network) station and a new hotel.
These projects are designed to modernise and enhance the service offering to passengers and airlines alike and underpin future growth at the airport.
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Hamburg Airport
Financial and operational performance
| 31 December year end | 2003 | 2004 | 2005 | 2006 | 2007 | CAGR* 03/07 |
| Passengers (m) | 9.5 | 9.9 | 10.7 | 12.0 | 12.8 | 7.6% |
| Revenue (€m) | 192.4 | 204.0 | 211.2 | 233.3 | 241.0 | 5.8% |
| EBITDA (€m) | 45.2 | 54.4 | 63.1 | 77.2 | 83.2 | 16.5% |
* CAGR: Compound Annual Growth Rate
Sydney Airport
| AIX interest in Sydney Airport: | 2.1% |
| UTA indirect interest in Sydney Airport: | 0.5% |
Sydney Airport is the major gateway into and out of Australia, servicing 41 international and seven domestic airlines. 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. The airport has the capacity to process approximately 65 million passengers per annum.
Performance highlights
Revenue for the year to 30 June 2008 increased 9.2 percent to $791.4 million and EBITDA increased
8.6 percent to $636.4 million. In the 12 months to June 2008 passenger volumes increased by 5.6 percent to 32.7 million.
Project STAR (State-of-the-Art Renewal) works, which include the upgrades of terminals 1 and 2, also progressed in accordance with the plan.
Performance outlook
The international outlook is relatively positive due to Singapore Airlines commencing A380 services to London and Virgin Australia announcing they would commence trans-Pacific services from Sydney to
Los Angeles in December 2008. Qantas announced that its A380 services will begin in October 2008
on services initially from Sydney to Los Angeles and from early 2009 on services from Sydney to London via Singapore.
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Sydney Airport
Financial and operational performance
| 30 June year end | 2004 | 2005 | 2006 | 2007 | 2008 | CAGR* 04/08 |
| Passengers (m) | 26.4 | 28.3 | 29.1 | 31.0 | 32.7 | 5.5% |
| Revenue ($m) | 548.4 | 619.2 | 659.3 | 724.6 | 791.4 | 9.6% |
| EBITDA ($m) (1) | 434.4 | 495.2 | 525.6 | 585.8 | 636.4 | 10.0% |
* CAGR: Compound Annual Growth Rate
(1) Excluding specific expenses.
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