HTAC
has holdings in four major international airports: Athens, Greece; Hamburg and
Düsseldorf, Germany; and Sydney, Australia. HTAC generated a return of 0.8
percent for the year ended 30 June 2012 and 7.7 percent per annum since
inception. As at 30 June 2012, HTAC represented 16.4 percent of the AIX
portfolio by value.
- Sydney
Airport
- Athens International Airport
- Dusseldorf International Airport
- Hamburg
Airport
Sydney Airport
|
AIX indirect interest in Sydney
Airport:
|
2.6%
|
|
Other HFM indirect interest in Sydney
Airport:
|
0.6%
|
Overview
Sydney
Airport is a major gateway into and out of Australia, servicing approximately
37 international and eight domestic and regional passenger 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.
Performance
Sydney
Airport recorded solid revenue growth of 3.2 percent for the year ended 31
December 2011, increasing total revenue to $972.8 million. Higher utility,
service and security costs modestly decreased Sydney’s operating margin,
however EBITDA(2) still
increased by 2.2 percent to $790.7 million.
In
its financial year to 31 December 2011, total passenger numbers at Sydney
Airport were similar to 2011 levels, growing 0.2 percent to 35.6 million.
Moderate international growth during the year of 3.0 percent was offset by a
weaker domestic market, down 1.0 percent against the prior corresponding
period. Passenger traffic, particularly domestic, was negatively impacted
throughout 2011 by a number of disruptions, including the grounding of Tiger
Airways, Qantas industrial disputes, severe weather conditions in Queensland,
earthquakes in New Zealand and Japan and the Chilean ash cloud.
Total
capital expenditure for the year was $182.7 million, reflecting the
construction of the Central Terrace Building, the commencement of a new
multi-storey car park at the international terminal and runway and apron
projects.
In
the financial year ended 31 December 2011, Sydney Airport successfully raised
approximately $1.1 billion of senior debt facilities and in January 2012
redeemed the entire $650 million issue of Sydney Kingsford Smith Interest
Earnings Securities.
Outlook
In
the first six months of 2012, Sydney Airport delivered passenger growth of 1.6
percent compared to the prior corresponding period. Growth has been driven by
international traffic, which was 5.3 percent higher as a result of the
continued growth of new services to Asia. While domestic traffic remains
subdued, the return of Tiger Airways and a more stable operating environment is
expected to help boost growth in domestic passengers in the second half of
2012.
Financial and operational performance
|
31 December year end
|
2007
|
2008(3)
|
2009(3)
|
2010(3)
|
2011(3)
|
CAGR*
|
|
Passengers
(m)(1)
|
31.9
|
32.9
|
33.0
|
35.6
|
35.6
|
2.8%
|
|
Revenue
($m)
|
760.5
|
812.7
|
853.2
|
943.0
|
972.8
|
6.3%
|
|
EBITDA
($m)(2)
|
608.6
|
653.3
|
690.2
|
773.3
|
790.7
|
6.8%
|
* CAGR: Compound Annual
Growth Rate
(1) Total includes
domestic-on-carriage.
(2) EBITDA reported excluding specific expenses
(primarily restructuring and non-recurring legal expenses). In 2011, specific
expenses amounted to approximately $0.9 million (2010: $0.3 million).
(3) Restated to reflect
December year end.
For a copy of the 2011 Financial
Report please click the following link: Sydney Airport 2011 Financial Report.
For
historical Sydney Airport Annual Reports please click here.
For more
information on HOCHTIEF AirPort Capital (HTAC) please visit the HTAC website.
Athens International Airport
|
AIX indirect
interest in Athens International Airport:
|
5.3%
|
|
Other HFM indirect interest in Athens
International Airport:
|
1.3%
|
Overview
Athens
International Airport (AIA) 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 is operated
under an airport development agreement with the Greek State, which expires on
11 June 2026. During its financial year ended 31 December 2011, AIA offered
direct scheduled services to 113 destinations in 49 countries, serviced by 72
airlines. As at 30 June 2012, Athens represented 1.6 percent of the AIX portfolio
by value.
Performance
Revenue
and EBITDA for the year to 31 December 2011, including subsidies AIA was
entitled to under the Greek State’s Airport Development Fund (ADF), were €379.5
million and €249.1 million respectively, a decrease of 6.6 and 10.5 percent
compared to the prior corresponding period. The drop in revenue and EBITDA
largely reflects the decrease in passenger movements due to challenging
economic conditions. The proportionally larger decrease in EBITDA was driven by
higher utility costs, which offset the modest cost reductions achieved
elsewhere. In the financial year ended 31 December 2011, AIA recorded total
passenger movements of 14.4 million, a decrease of 6.3 percent compared to the
prior corresponding period. The main drivers of this performance were the weak
macroeconomic situation in Greece, combined with network rationalisation
by domestic carriers. Domestic passengers for the year
decreased by 11.9 percent, while the international sector experienced a more
moderate decline of 3.1 percent.
Outlook
The
macroeconomic environment in Greece is expected to remain challenging in the
near term as the country continues to implement fiscal austerity measures. For
the first six months of 2012, passenger figures have reduced by 11.9 percent
compared to the prior corresponding period. With a new government recently
elected, increased political and social stability may help to encourage
international tourism, although a return to passenger growth is not anticipated
to occur over the next 12 months.
Financial and operational
performance
|
31 December year end
|
2007(2)
|
2008(2)
|
2009(3)
|
2010
|
2011
|
CAGR*
|
|
Passengers
(m)
|
16.5
|
16.5
|
16.2
|
15.4
|
14.4
|
(3.3)%
|
|
Revenue
(€m) (1)
|
399.5
|
420.7
|
419.5
|
406.4
|
379.5
|
(1.3)%
|
|
EBITDA
(€m)(1)
|
278.1
|
295.8
|
278.0
|
278.4
|
249.1
|
(2.7)%
|
* CAGR: Compound Annual
Growth Rate
(1) Revenue and EBITDA include Airport
Development Fund subsidy.
(2)
EBITDA normalised for Olympic debt provision.
(3) 2009 Revenue and EBITDA normalised to exclude favourable
one-off impact of Olympic Airlines debt arbitration.
For a copy of the 2011 Annual
Report please click the following link: Athens Airport 2011 Annual Report.
For
historical Athens Airport Annual Reports please click here.
Dusseldorf International Airport
|
AIX indirect
interest in Dusseldorf International Airport:
|
4.0%
|
|
Other HFM indirect interest in
Dusseldorf International Airport:
|
1.0%
|
Overview
Düsseldorf
Airport is Germany’s third busiest airport, after Frankfurt and Munich. The
airport is located in the heart of the densely populated Rhine-Ruhr region, one
of Europe’s largest economic areas, and serves approximately 18.0 million
people. Düsseldorf Airport hosts 73 airlines that fly to 196 destinations
worldwide.
As
at 30 June 2012, Düsseldorf represented 3.0 percent of the AIX portfolio by
value.
Performance
Total
revenue for the year to 31 December 2011, excluding extraordinary income, was
€369.5 million, up 5.4 percent compared to the prior corresponding period.
Growth in both aviation and non-aviation revenue was driven by higher passenger
volumes, with a strong increase in landing fees, up 7.9 percent on the prior
corresponding period, more than offsetting a reduction in ground handling
revenue. Overall EBITDA in 2011 was €140.2 million, up 9.3 percent on the prior
corresponding period.
Düsseldorf
Airport recorded strong traffic growth for the financial year ended 31 December
2011, reaching a record 20.3 million passengers. This was a 7.1 percent
increase on the prior corresponding period and outperformed the average
passenger growth at German airports of 4.8 percent. This growth was partially a
result of weather disruptions that reduced traffic in 2010.
However,
Düsseldorf’s above average growth was also a reflection of its increasing
prominence as Germany’s third major hub airport. Accordingly, intercontinental
traffic was the main driver of Düsseldorf’s traffic growth, up 10.4 percent on
the prior corresponding period. Overall, both domestic and international
traffic saw an increase on the prior corresponding period of 4.4 percent and
7.9 percent respectively.
Outlook
Economic
conditions have remained resilient in Germany, despite the weak macroeconomic
environment that is being experienced across much of the continent of Europe.
Traffic performance for the first six months of 2012 has been positive overall,
with passenger numbers up 4.0 percent compared to the prior corresponding
period. International traffic continues to perform solidly, up 5.2 percent,
while domestic traffic has been relatively fl at.
Düsseldorf
International is expected to continue to grow based on its increasing
importance as a transfer hub for Lufthansa and Air Berlin. In addition, the
airport is benefiting from its large and prosperous catchment area, being the
third largest in Europe (just behind London and Paris). With a market share of
60 percent Düsseldorf International is the most important gateway for North
Rhine-Westphalia.
Financial and operational performance
|
31 December year end
|
2007
|
2008(2)
|
2009(2)
|
2010(2)
|
2011(2)
|
CAGR*
|
|
Passengers
(m)
|
17.8
|
18.2
|
17.8
|
19.0
|
20.3
|
3.3%
|
|
Revenue
(€m)(1)
|
335.4
|
349.8
|
335.3
|
350.6
|
369.5
|
2.4%
|
|
EBITDA
(€m)(1)
|
134.9
|
137.0
|
119.4
|
128.3
|
140.2
|
1.0%
|
*CAGR: Compound Annual Growth Rate
Note: The commentary above, including financial performance, reflects the
airport company accounts rather than the consolidated accounts and therefore
excludes some ancillary businesses. Company EBITDA presented is on average 7.8
percent below consolidated EBITDA for the period 2007 to 2011.
(1) Total income and EBITDA includes net investment income, which is comprised
of investment income and income from profit transfer agreements, net of loss
absorption expenses and other taxes. In 2011, net investment income amounted to
approximately negative €3.6 million (2010: negative €7.5 million).
(2) 2008 total income and EBITDA normalised to
exclude proceeds from sale of assets (€35.9 million); 2009 total income and
EBITDA normalised to exclude income from write-back
of fire claim provisions after settlement with insurer (€20.3 million); 2010
total income and EBITDA normalised to exclude income
from write-back of fire claim provisions after settlement with insurer (€47.5
million); 2010 total expenses and EBITDA normalised
to exclude one off set up of provisions for remaining lost property obligations
(€4.9 million) and to cover the risk of contaminated ground water (€5.1 million);
2011 total income and EBITDA normalised to exclude
income from write-back of fire claim provisions after settlement with insurer
(€3.4 million) and minor extraordinary operating expenses (€0.4 million).
For a copy of the 2011 Annual
Report please click the following link: Dusseldorf Airport 2011 Annual Report.
For
historical Dusseldorf Airport Annual Reports please click here.
Hamburg Airport
|
AIX indirect interest in Hamburg
Airport:
|
5.7%
|
|
Other HFM indirect interest in
Hamburg Airport:
|
1.4%
|
Overview
Hamburg
Airport is Germany’s fifth busiest airport, servicing 60 airlines that operate
direct flights to 115 destinations. The airport is located nine kilometres northwest of Hamburg, Germany’s second largest
city, with 1.7 million residents. The airport has the capacity to process up to
15.0 million passengers per annum. As at 30 June 2012, Hamburg represented 4.1
percent of the AIX portfolio by value.
Performance
Total
revenue for the year to 31 December 2011 was €257.7(1)(2)
million, an increase of 1.1 percent compared to the prior year. Aviation
revenues increased 4.7 percent to €130.7 million, broadly reflecting the growth
in passengers. Ground handling revenues decreased by 11.8
percent to €44.7 million, which was largely a reflection of the high de-icing
revenues earned in late 2010. This decline in revenue was partially
offset by lower maintenance and winter service costs due to the mild winter,
with total operating costs down 5.3 percent to €166.4(1)(2)
million compared to the prior year. Consequently, the growth in total revenue in
conjunction with a reduction in operating costs resulted in EBITDA(1)(2)
increasing by 15.2 percent to €91.3 million compared to 2010.
Hamburg
Airport recorded a total of 13.6 million passengers for the financial year
ended December 2011, a 4.6 percent increase on the prior corresponding period.
This was in line with the average growth rate of German airports of 4.8
percent. Both domestic and international traffic saw an increase on the prior
year of 1.0 percent and 7.3 percent respectively. This reflects the resilience
of Germany as a business location and its strong GDP growth (+3.0 percent in
2011).
Outlook
Economic
conditions have remained resilient in Germany, despite the weak macroeconomic
environment that is being experienced across much of the continent of Europe.
Traffic performance for the first six months of 2012 has been positive overall,
with passenger numbers up 3.3 percent compared to the prior corresponding
period. International traffic continues to perform strongly, up 8.9 percent,
while domestic traffic has contracted, down 3.9 percent, due to the
cancellation of some domestic routes.
While
domestic travel is expected to decline slightly, passenger numbers at Hamburg
Airport are forecast to grow based on strong international traffic originating
and departing outside the EU. Overall Hamburg Airport
is aiming to
strengthen its position as the most important airport in the north of Germany
as well as the fifth largest airport in the country.
Financial and operational performance
|
31 December year end
|
2007
|
2008
|
2009
|
2010(2)
|
2011(2)
|
CAGR*
|
|
Passengers
(m)
|
12.8
|
12.8
|
12.2
|
13.0
|
13.6
|
1.5%
|
|
Revenue
(€m) (1)
|
243.6
|
235.3
|
231.4
|
255.0
|
257.7
|
1.4%
|
|
EBITDA
(€m) (1)
|
81.4
|
71.7
|
64.5
|
79.3
|
91.3
|
2.9%
|
*CAGR: Compound Annual Growth Rate
Note: The commentary above, including
financial performance, reflects the airport company accounts rather than the
consolidated accounts and therefore excludes some ancillary businesses. Company
EBITDA presented is on average 4.9 percent below consolidated EBITDA for the
period 2007 to 2011.
(1) Total income and EBITDA includes
net investment income, which is comprised of income from participatory investments,
and income from profit and loss transfer agreements, net of expenses arising
from transfer of losses and other taxes. In 2011, net investment income
amounted to €0.9 million (2010: €2.7 million).
(2) 2011 total income and EBITDA
normalised to exclude income falling outside the year under review (€8.0
million) and expenditure falling outside of 2011 (€1.3 million). 2010 total
income and EBITDA normalised to exclude income falling outside the year under
review (€24.4 million), expenses related to a provision for noise protection
measures (€15.3 million) and expenditure falling outside of 2010 (€0.8
million).
For a copy
of the 2011 Annual Report please click the following link: Hamburg Airport 2011 Annual Report.
For
historical Hamburg Airport Annual Reports please click here.