BAA, AdP, Schiphol Group & Fraport financial results and airport charges scrutinised

Four of the major European airport operators released their 2009 results at the end of February or beginning of March – BAA, Fraport, AdP and Schiphol Group. Amid all the intrigue over enforced airport sales (at BAA), the other talking point right now is the differing ways these operators are handling their charging mechanisms, in terms of both the level of charges and the way in which they are applied. [3515 words]

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This report contains the following subheadings:

• Airline charges held at less than 4% of total costs - ACI
• AdP leading the way
• BAA adjusted EBITDA up 17.1%
• Schiphol EBITDA down 17.9%
• AdP EBITDA up 4.1%
• Frankfurt EBITDA down 8%

This report contains the following charts and tables:

• Basic earnings comparisons between the four airports (groups): 2009
• BAA, AdP, Schiphol & Fraport revenue growth and EBITDA growth: 2009
• BAA, AdP, Schiphol and Fraport EBITDA margin: 2009
• Charges increases 2010-2015 averaged per year, sample group airport where appropriate
• Passenger numbers growth at selected European airports: 2009
• Schiphol Group financial/traffic highlights: 12 months ended 31-Dec-2009 (all financial figures EUR million)
• AdP financial/traffic highlights: 12 months ended 31-Dec-2009 (all financial figures EUR million)
• Fraport financial/traffic highlights for the 12 months ended 31-Dec-2009 (all financial figures EUR million)