10th ACI Airport Economics & Finance Conference

Transcription

1 London,11th April th ACI Airport Economics & Finance Conference Alexander Zinell, CEO Fraport Greece A Subsidiary of Fraport AG.

2 Context of the Project Preparation Concept Award Project conceptualized Tender preparation Express Of Interest - RfP Signing of - Bids Concession submitted Agreement - Fraport / Slentel bid for both clusters nominated as the preferred one - Ratification Commencement by Parliament of Operations - Parties work to streamline Conditions Precedent to closing 2

3 The Concession Project at a Glance Key features Two 40-year concessions of 14 regional airports (seven in each Cluster) Scope: upgrading, operating and continuously developing all airports. 1,234 billion Upfront Concession Fee Initial capex of at least 415 million until 2021 Annual Fixed Concession fee of 23 million Annual Variable Concession Fee of on average 28.5% of operational profit Annual per-passenger Levy of 1 (approx. 14 million in 2017) Privatization objectives Ensuring adequate service levels in the crucial tourism sector in Greece Maximizing proceeds of transaction Ensuring ongoing contribution to treasury 3

4 Development Works in Numbers 415 mio Capex Programme 5 new terminals Kavala 5 terminals to be refurbished and expanded 4 terminals remodeled Corfu Kefalonia Thessaloniki Aktion Skiathos Lesvos 15 runways refurbished Zakynthos Mykonos Samos Kos Santorini Rhodes Chania 4 10th ACI Airport Economics & Finance Conference & Exhibition

5 The Network aspect of the concession Combined, the 14 Greek regional airports served 27,6 million passengers in 2017 (+10,3%). Cluster A PAX 2017 in k YoY Thessaloniki 6,396 11,5% Chania 3,043 2,6% Kerkira 2,918 5,1% Zakinthos 1,660 16,9% Kefallinia 0,6mn Kerkira 2,9mn Thessaloniki 6,3mn Aktion 0,6mn Zakinthos 1,7mn Kavala 0,3mn Skiathos 0,4mn Chania 3,0min Mitilini 0,4mn Mikonos 1,2mn Santorini 1,9mn Samos 0,4mn Kos 2,3mn Rodos 5,3mn Kefallinia ,1% Aktion ,9% Kavala ,8% Cluster B PAX 2017 in k YoY Rodos 5,302 6,6% Kos 2,321 20,7% Santorini 1,928 13,0% Mikonos 1,207 18,6% Mitilini 436 3,8% Skiathos 425 5,2% Samos ,9% 5

6 Passenger traffic - seasonality pattern Low volumes & evident seasonality of airports <1 mn require the network s support 3,000,000 2,500,000 2,000,000 > 5 mn: 11,7 mn pax 1-3 mn: 13,1 mn pax < 1 mn: 2,8 mn pax Total Passenger Traffic 2017 per airport volume category 1,500,000 1,000, ,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec FG Airports > 5 mn FG Airports 1-3 mn FG Airports < 1 mn *Source: HCAA & FG Traffic Management 6

7 Regulatory Framework- Airport Charges Overview Airport Revenues Aeronautical Revenues Non- Aeronautical Revenues Regulated Charges Non-Regulated Charges For every 12 months the total sum of Regulated Charges divided by the number of departing passengers shall be maximum 13,00 at each airport ( Cap on aeronautical charges) After completion of the imminent construction works at each airport, this maximum amount shall be set to a maximum of 18,50 per departing passenger 7

8 Regulatory Framework - Airport Charges breakdown Regulated Aeronautical Charges 1) Landing charges for large aircraft (>10 tons) 2) Parking charges for short parking time (<5 hours) 3) Lighting charges for large aircraft 4) Passenger Charges per departing passenger (incl. the state tax called ADF imposed at all Greek airports) Subject to the Regulated Cap of 13,00 (later 18,50 ) per departing passenger Non-Regulated Aeronautical Charges 1) Landing charges for small aircraft (< 10 tons) 2) Parking charges for long parking times 3) Lighting charges for small aircraft Common Non-Regulated Charges 1) CUTE Charge 2) PRM Charge 3) Rescue and Fire Fighting charge for refueling with passengers on board Security Charge Set per cluster and re-evaluated every 18 months based on all respective costs on a passthrough basis 8

9 Regulatory Framework - Summary Summary of key features Dual-till approach Price cap per airport Annual, retro-active review of price cap by CAA Annual inflation adjustment of price cap (less a productivity factor) No network specific provisions in the Concession Agreements Consultation for Thessaloniki and Rhodes airports (above 5 million pasengers) Price cap has been determined by the authorities ahead of the tender process by assessing the charges of competing airports in the region No independent regulator established yet 9

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