One airport to another observed imbalances

With an average increase of 4 of air traffic, major European airports are facing new investments to ensure their development. Paris airports thus programmed 2.7 billion euros of investments over the period 2006-2010. Until today, airports revenue came especially from airport charges, but this is not enough, go seek new sources of income such as commercial galleries, business centres and real estate in the broad sense. One airport to another, observed imbalances. Thus, the aeronautical so-called revenues represent 30 of the total of sales at Gatwick and more than 70 on the platform of Southampton. Heathrow is located at the same level as Zurich (35), Copenhagen (33) and Frankfurt (50), according to JP Morgan Securities. After strongly declined in the wake of the abolition of the trade between the members of the European Union duty-free, in 1999, the European airport trade operated a rebound that should continue, but at a slower pace, reflecting new ways of life, which negate traditional products (tobacco, alcohol...). Whereas the duty-free represented 64 of non-aeronautical revenues of BAA in 1995, this share fell from 22 in 2001. This movement is accompanied by a diversification towards the most profitable activities: during the same period, the BAA parking revenue has doubled from 12 to 24.

Investment brakes

However, a few brakes remain in private investment in European airports which he might miss one of the four keys to success (catchment area, role of portal of a region, a company hub and diversity of traffic flow). Zurich and Brussels have learned it costs: the collapse of Swissair and Sabena has affected their activity. In addition, the slump recorded by some airports or the will to develop quickly particular, to allow low-cost companies. "A dangerous drug!", recently warned JP Morgan. Consultants recalled, in effect, discount bitterly negotiated on different charges, the volatility of these companies that close a line reaching not the goals, or even low income real estate that they generate on an airport, since they open offices or rooms in the destinations they serve.

JP Morgan Securities considers that the airport industry relatively low financial risk. The growth of air transport is maintained in two or three points above the GDP. In Europe, after September 11, the profits of the airports not declined, on average, 15 in 2001 compared to 2000. And the risk, when it exists, would be rather "exotic", as pointed out the experience of Fraport (Frankfurt Manager) Manila or that of SEA Milan Argentina. Several major European platforms should gradually move towards private management. Today, with 25 private airports, the United Kingdom is of exception in Europe, far ahead of the Germany with 15 platforms. Other Western Europe countries begin evolution towards privatization and the countries of Eastern Europe also adopt this mode of management.

Fragile air clients

This commercial development must be done while the market of airports is rather contrasting. The profits of the managers of airports increased by 15 on average, according to JP Morgan, but European airports faced a hectic environment: most of airline companies, their customers, are in red, the resumption of air traffic is far from uniform in Europe - it varies according to destination and... one carrier to another. Indeed, if some European such as Lufthansa, British Airways or Air France majors display excellent financial health, otherwise just for their competing European and foreign. This is the case of Alitalia... As to the regional companies, they suffer from competition from companies to lower costs on some lines.