7/18/2014

Mukul Jain | BBA Aviation |500022054

LANDRUM & BROWN WORLDWIDE SERVICES LANDRUM & BROWN WORLDWIDE SERVICES

AERONAUTICAL & NON – AERONAUTICAL REVENUE OF

AIRPORTS

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University of Petroleum & Energy Studies

SIP Report

on

Aeronautical and Non–Aeronautical Revenues of Airports

Under the Guidance

Of

Dr. Prasoom Dwivedi

Senior Lecturer

The report is submitted as partial fulfilment of the requirement of the award of the degree of

BBA Program of UPES

August, 2014

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Authorization

The report is submitted as partial fulfilment of the requirement of the

award of the degree of

BBA Program of UPES

Under the Valuable Guidance of

Dr. Prasoom Dwivedi

Senior Lecturer

UPES

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Acknowledgement

This is to acknowledge with sincere thanks for the assistance, guidance

and support that I have received while preparing this report. I place on

record my deep sense of gratitude to Dr. Prasoom Dwivedi for giving me

valuable guidance and advice and helped throughout in in conducting

the study on this topic. This project would not have been without his

deep involvement and support.

My very special thanks to Prof. Manish Yadav and Dr. Rajesh Tripathi

for their constant advice and support.

Valuable suggestion and direction given by experienced staff of Delhi

International Airport including Customer service coordinators, Terminal

Duty officers are of immense help. They are working at the airport from

a long time and their thoughts helped me a lot in this project report.

This report will definitely give me new insight about what facilities can

be a fruitful investments towards a better growth of Indian Airports and

this project report is only successful because of the support and

suggestion of these people; I really want to thank them all.

Mukul Jain - 500022054

BBA – Aviation Operations

University of Petroleum & Energy Studies

Dehradun (Uttarakhand)

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Abstract

The objective of this report is to study the various revenue streams for

airports and growing importance of Non-Aeronautical Revenue.

Traditionally, airports focused only upon aeronautical revenue for its

survival but lately they are thriving upon improving non-aeronautical

revenue. This is happening because need for revenue generating space is

growing. Airlines are putting more pressure on airports to contain or

reduce aeronautical charges as a part of the industry’s increasing cost

consciousness.

World scenario says that an average of 60 percent revenue for airport is

generated from non-aeronautical sources.

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Literature Review

This study although is not a quantitative one and does not include any data and regressive calculations,

but it is very important and significant topic, especially in the Indian context where airport is going

through infrastructure upliftment and improvement in all over India. All over the world many different

studies have been done and all those literature have been reviewed before working on this project. Here

is a list of those literature:

How India’s Airport Body Earns 20% Of Revenues for Doing Nothing – By Souriya Bhownick [2014]

o It shows the details / review of AAI of last 10 Years

City airport earns more from non-flying sources

o It shows a review of Mumbai Airport and it's comparison with to Singapore's Changi,

London's Heathrow and Sydney Airport

Money from Delhi, Mumbai fuelling govt's airport modernization plan – By Gupta, Phadnis &

Mukherjee | New Delhi/Mumbai January 13, 2014

o The article refers to the Hybrid Till Model

Indian PPP airports – By CAPA [Feb 9, 2012]

o The Article gives a brief of Indian PPP Airports growth

Airport Retail – By Arpita Mukherjee [March 30, 2014]

o It shows, why retailers love airport outlets.

Airport Incomes - Enhancement of Non Aeronautical Revenues - V1.1

o By – Ineco, Prointec, ERMC (P) Ltd. – June 2013

o It Shows a Capacity Development of Civil Aviation Authority

Single Till Model – By - Mihir Mishra - September 4, 2011

o The Article concludes that AERA supports Single Till Model

Hybrid Model – By - Sanjay Jog & Aneesh Phadnis | Mumbai - November 13, 2013

o The Article shows the benefits of Hybrid Till Model

Airports in North America – By – ACI – November, 2013

o The report shows how American Airports are far better

And many more…

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Table of Contents

Authorization………………………………………………………........ i

Acknowledgement…………………………………………………....... ii

Abstract.……………………………………………………………….. iii

Literature Survey……………………………………………………… iv

1. Introduction………………………………………………………..1

2. Research Framework……………………………………….......…2

2.1 Research Objective

2.2 Research Methodology

2.3 Limitations of the Study

3. Airport Incomes…………………………………………………...3

3.1 Aeronautical Revenue……………………………………4

3.2 Non – Aeronautical Revenue…………………………….5

4. Airport Authority of India…………………………………………9

5. Indian Airports Source of Revenue…………………………........11

6. How the Airport’s charge it’s Passengers? ..................................12

1. Single Till Model…………………………………….12

2. Dual Till Model………………………………………13

3. Hybrid Till Model……………………………………13

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Table of Contents

7. What Officials Accepted? .............................................................13

8. Airport Retail………………………………………………….…15

9. Airports in North America…………………………………….…17

10. Airport of Thailand…………………………………….…..18

11. Indian PPP Airports…………………………………….….19

12. Data Analysis………………………………………….…...20

13. Conclusion…………………………………………………22

14. References……………………………………………23 & 24

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1. Introduction

India’s aviation sector has undergone rapid transformation since the

liberalization drive that began in 2003. The country has one state-

owned airline, Air India, and six private airline groups, which between

them carried just over 45 million domestic and 11 million international

passengers in 2009/10.

Indira Gandhi International Airport, at Delhi is the largest airport in

India and South Asia. It has been ranked 9th among airports handling

20 to 30 million passengers annually.

The last decades saw a period of huge transformations in the airport

industry. Changes in the ownership structure, the understanding of an

airport’s mission, the influence of new market players such a low cost

companies etc. changed the focus of airport management and lead to

an increased focus on non-aeronautical revenue.

Airports need to be attractive and effective to survive. Thus while

management has to pay attention to all the activities of an airport, non-

aviation activities have become extremely important for airports to

remain profitable and competitive.

Non-aeronautical revenues have become increasingly important for

airports, as the growth of non-aviation revenues enables airports to

generate funds for investment in infrastructure and development.

Non-aeronautical revenues are a vital component in the economics of

airports. Besides, having a high non-aviation revenue share is a key

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component for airports as it makes them more attractive for managers

and investors, private or public. [1]

2. Research Framework

2.1 Research Objective

To Acknowledge the various sources of Airport revenues

Difference between Aeronautical and Non-Aeronautical

Revenue

2.2 Research Methodology

It’s an explanatory research where secondary source of data have

like web, journals, newspapers, etc. have been used for the study.

2.3 Limitations of the Study

Unavailability of the data for the research.

The research is explanatory in nature and cannot be

considered exhaustive.

Data is fragmented.

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3. AIRPORT INCOMES

According to the Airport Economics Survey 2011 conducted by ACI

(Airports Council International) worldwide total airport income in 2010

reached US $ 101.8 billion, including an estimated US $ 4.6 billion for

the Middle East region. Hence, compared to 2009 survey results,

industry revenue was roughly 7 per cent up in 2010 which is broadly in

line with industry growth. The global airport industry generated US $

54.5 billion in aeronautical revenues in 2010 (including ground

handling). [2]

Commercial airports derive revenues from aeronautical and non-

aeronautical sources:

Aeronautical revenue from passenger and airline user charges accounted for 53.5 percent of industry-wide income, a similar proportion to 2009.

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Non-aeronautical revenues worldwide made up 46.5 percent of industry revenue in 2010; however this category includes non-operating income of USD 6.9 billion.

3.1 Aeronautical Revenues

Aviation incomes are derived from airport fees corresponding to activities involved in aircraft operations

The aeronautical activities identified can be :

LANDING AND AERODROME TRAFFIC SERVICES

These activities concern the use of runways by aircrafts and the services required for such use, other than aircraft ground handling, passenger and freight, and air traffic services provided by the airport manager.

PASSENGERS, PRM AND SECURITY Airport security fee applies to passenger and luggage inspection and

control services inside airport premises. Departure passenger fee applies to the use by passengers of airport

terminal areas which are not accessible to meeters & greeters, and so complementary airport facilities.

Airport security fee applies to passenger and luggage inspection and control services inside airport premises.

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AIRCRAFT PARKING Aircraft parking fee applies to the use of authorized aircraft parking areas at airports.

FIRE SERVICE PRESENCE

There is a fee for the presence of firefighting service with their crew and equipment. This presence might be requested by airlines or by the necessity of cleaning the aircraft parking platform due to fuel or carburant leak, during the provision of fuel to aircraft, or by expansion and spillage of fuel in tanks, or for any other reason requiring the platform to be cleaned for safety reasons.

CARGO This fee refers to the use of airport premises during freight load and unload operations.

3.2 Non Aeronautical Revenue Non-aeronautical revenues are those generated from commercial activities in the terminal and on airport land, which are not directly related to air transport operation. The relationship between the airport and the airline has changed dramatically, in that the airport can’t just put its costs on the airlines, by increasing landing/parking fees and has to be be self-sustaining. Non Aeronautical Revenue have become a valuable source of revenue. The retail push has been welcome by most airports as they try to build revenue not dependent on airlines. Revenues from non-aeronautical activities are a key factor for the profitability and sustainable growth of Airports

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In order to moderate the cost of flying, airports need to develop other revenue sources to ensure continued revenue growth and to maintain or increase profitability. A report by Airports Council International released on Monday says that airports are making more money than ever before, mostly from non-aeronautical revenue.

Source: ACI Report 2013

The majority of the revenue came from parking and ground transportation, which clocked in at $3.1 billion, or 41.2 percent of the total, with rental cars and retail and duty-free making up $1.5 billion and $630 million, respectively.

Source: International Business Times (nid:1474986)

According to the report, 70 percent of airports are now focusing on increasing non-aviation revenue as a way to cope with the volatility of the airlines business cycle, including selling to non-flying passengers, which is a big change from 1990 when only a third of airports were trying to tap the wallets of those customers.

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One of the biggest growth markets in airports is automated retail units selling products from everything from hair care products (in FDA-friendly 3-oz. units) to the latest technology.

According to the report, non-aeronautical revenue accounted for 44.8 percent of total operating revenue, or $7.56 billion compared with $9.31 billion, or 55.2 percent in regular aeronautical revenues. Non-Aeronautical Revenues is a key source to the financial success of airports. In times of economic crisis that decrease airport revenues from the aviation business, it is important to maximize existing, and access new non-aeronautical revenues. This interactive course has been designed to introduce airports and business partners to fresh and new successfully applied approaches in the field of generating non-aeronautical revenues.

Source: aci.aero

Benefits

Knowledge of Industry best practices in the field of non-aeronautical reverences

Learn how to optimize and modernize your approach to existing sources of non-aeronautical revenues

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Identify new sources of non-aeronautical revues at your airport Analyze your market and client base in order to be able to adjust

your offerings to that market Make efficient use of modern technologies in the field of non-

aeronautical revenues

Who should under see?

Business Development Managers; Commercial Managers; Airport Planning Managers; Airport Business Partners (Shops, rental, service providers, etc.); Airport Staff working in the field of non-aeronautical revenues.

Source: aci.aero

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4. Airport Authority of India Around Rs 13,087 Crore has been budgeted in the last five years while the revised estimates had been Rs 9,134 Crore (revised of 2013-14 excluded). The revised estimates have gone down from the Budget estimates for almost every year barring 2012-13.

Budget of AAI over last 5 Years

Note: figures in ( ) are Increase of Decrease in Revised Estimates, NA: Not Applicable, Figures in Crore Source: Union Budget

The airports run by leading private operators GMR and GVK, especially those in Delhi and Mumbai, are turning out to be cash cows for the government. The hefty revenues the Airports Authority of India (AAI) earns from these companies is helping the government fund its ambitious plan of modernizing airports across the country.

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In 2012-13, as its revenue share from GMR-led Delhi International Airport Ltd, which runs the capital's airport, and the GVK group, the operator of the Mumbai airport, AAI received a little over Rs 2,100 Crore - the most in a financial year since these airports were privatized. [3] There are total 449 airports in India, among which 6 are privatized and 125 are handling by AAI (Airport Authority of India) including 11 International Airports, 8 customs airport, 81 Domestic Airports and 25 Civil enclaves at Military Airfields.

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5. Indian Airports Source of Revenue

City airport earns more from non-flying sources

MUMBAI: The city airport has just joined the ranks of international majors like Singapore's Changi, London's Heathrow and Sydney Airport. Reason: a change in revenue model. Share of Non – Aeronautical Revenue as a percentage of total revenue (percent)

For the first time since it began operations, Mumbai Airport has recorded a higher percentage of revenue from non-aviation sources like car parking, shop rentals and advertisements than from aeronautical ones like aircraft landing, parking charges and check-in counter rentals. [4]

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6. How the Airport’s charge it’s Passengers? Calculations can be done through three models

Single Till Model Dual Till Model

Hybrid Till Model

1. Single Till Model

Single Till leads to least burden on Passengers and will be beneficial for them too and is also preferred by a senior AERA official, as in the single-till model, both aeronautical and non-aeronautical charges are taken into account to calculate the airport charges. For Ex: Calculating the user development fee (UDF) for international passengers at the Hyderabad airport on the hybrid till, it would have been Rs 2,400. It is Rs 1,700 on the basis of single till.

IATA’s Approach to Single Till Pricing: Recognizing that the airport is an indivisible enterprise, a common sense approach to pricing aeronautical services with analytical merit is the single till approach. Under the single till approach, aeronautical charges are effectively set to recover the costs of providing aeronautical services less any excess profits the airport operator achieves from non-aeronautical services. In this way, it treats the airport business as an indivisible enterprise and recognizes the interrelationships between aeronautical and non-aeronautical investments, operating costs and revenues. [8]

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2. Dual Till Model In the double-till model, aeronautical charges are calculated on the basis of revenues from aeronautical and non-aeronautical charges on the basis of collections from non-aeronautical.

3. Hybrid Till Model

In the Hybrid model, the charges are calculated by taking all the aeronautical and 30 percent of the non-aeronautical revenue into account. At the Delhi and Mumbai airports charges are calculated on the basis of hybrid model. “The airport sector in India has still not picked up and needs support from the government. Hybrid model provides good returns and would renew interest of private operators,” said a GMR spokesperson. Flying out of all six airports that are in the process of being privatized — Chennai, Kolkata, Jaipur, Lucknow, Guwahati and Ahmedabad — is likely to get expensive once the privatization process is through as the civil aviation ministry has decided to follow the 'hybrid till' model and set aside a portion of non-aeronautical revenues for the airport operator.

7. What Officials Accepted?

According to Amber Dubey, partner and head (aerospace and defence) at global consultancy KPMG, the agreement between the government and PAPs is a great achievement. The Airport Economic Regulatory Authority (Aera) had in 2011 adopted the single-till model for rate calculation and private developers

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challenged the regulator’s order before the Aera Appellate Tribunal. Cidco will pitch its case to Aera to get the hybrid-till model approved for the Navi Mumbai airport. Developers favour this model over the single-till model, which uses the entire non-aeronautical revenue to offset aeronautical charges.

[5] The civil aviation ministry has decided to follow the 'hybrid till' model and set aside a portion of non-aeronautical revenues for the airport operator. Not all revenues — aeronautical and non-aeronautical — collected at these airports will be accounted for during the calculation of charges by the airport regulator under the 'hybrid model' than under the 'single till' model followed currently, where collection from both streams are taken into account. By apportioning a part of the revenue stream to the operator under the 'hybrid till' model, the user charges would consequently go up. The civil aviation ministry has finalised the model concession agreement (MCA), which is to be cleared by the new aviation secretary Ashok Lavasa. The ministry, in its MCA, has also decided that the charges at these airports will be calculated by the Airports Economic Regulatory Authority. The ministry feels that the hybrid model will incentivize the operator of these airports.

[6]

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8. Airport Retail Airport retailing is a popular concept globally but is still in its infancy in India. The non-aeronautical revenue (largely from retail) is more than double the aeronautical revenue at most airports abroad, but in India it is the opposite. Singapore's Changi International Airport's revenues from retail operations - with more than 350 stores - were over S$1.9 billion (US$1.5 billion at current exchange rates) in 2012/13. Apart from Croma, prominent brands with a presence at Indian airports are Shoppers Stop, Hidesign, William Penn, Pavers England, WH Smith, among a

host of

others. Delhi's Indira

Gandhi International Airport, for instance, (terminals T1 and T3 combined) has close to 500 brands spread over 323,000 sq ft. Most of these retailers plan to scale up and are upbeat about the future. [9]

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It is a similar story for pens and accessories retailer William Penn. "The highest selling products are writing instruments," says the company's CEO, Nikhil Ranjan. The company gets about 10 per cent of its total revenue from its airport stores, three in Delhi and one in Mumbai. It is now actively looking at setting up shop at most of the newly developed airports across the country. The recently opened T2 terminal at Mumbai's Chhatrapati Shivaji International Airport for instance, has about 700,000 sq ft area - the size of over 10 soccer fields - dedicated to retail, food and beverage, lounge and travel services. Similarly, the retail space in Delhi's T3 terminal is spread over 290,000 sq ft. The returns per square foot are much higher at airports than at other stores. For Croma. Airport retailing then appears poised to take root in India.

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9. Airports in North America

Airports in North America see an opportunity to make money

not just on aviation, but they are increasingly focusing on non-

aeronautical revenue, including from people who aren’t flying

that day, as a way to cope with the volatility of the airline

business cycle.

More than 70% of airports in North America in 2013 were

focusing on increasing non-aviation revenue.

In 2012, according to the FAA, U.S. airports generated $9.31

billion in aeronautical revenue, and that was 55.2% of total

operating revenue. Non-aeronautical revenue wasn’t too far

behind, amounting to $7.56 billion, or 44.8% of total operating

revenue. [10]

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10. Airports of Thailand

Airports of Thailand (AoT) has reported a +10.63% leap in non-aeronautical revenues in the three months ended 31 December 2013 (its first financial quarter), generated by higher concession income. Non-aeronautical revenues hit Bt 3,871 million (US$120 million) in the period.

Concession revenues account for 61% of AoT's non-aeronautical income

Source: ©The Moodie Report

Within this, concession revenues climbed by +10.3% to Bt 2,386 million (US$74 million), with duty free the biggest contributor. Concession revenues from shops operated by King Power Duty Free (part of King

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Power International Group of Companies) grew by Bt156 million (US$4.8 million) in the quarter.

The revenue growth was driven mainly by increasing passenger volumes, said AoT, with international and domestic growth combined at +10.37 year-on-year. This remains below the growth rates of +17-18% noted last year.

Source: ©The Moodie Report

11. Indian PPP Airports

Indian PPP airports drive 340% growth in retail and other non-aero revenues over 5 years

India embarked upon a multi-billion dollar airport modernization program in 2005. One of the key pillars of this program was the introduction of the public-private partnership (PPP) model to upgrade and develop the two primary gateways at Delhi and Mumbai, and to construct green field facilities in Bangalore and Hyderabad. Prior to this, all airports in the country, with the exception of Cochin Airport, were operated by the state-owned Airports Authority of India (AAI).

Private capital was attracted to the Indian airport opportunity from two perspectives. Firstly, fast growing passenger and freight traffic, and secondly, there was seen to be significant upside potential in non-aeronautical revenue. In FY2006, the last year in which all metro airports were operated by the AAI, non-aeronautical activities generated just 15.1% of total revenue, compared with around 50% or more being achieved by commercially driven airports in other parts of the world.

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12. Data Analysis The results since then indicate that the optimism about the revenue growth potential was well-placed. In the last five years, total non-aeronautical revenue generated across all airports in the country (excluding Cochin) has grown by more than 340% from INR 4.9 billion to INR 21.6 billion. The vast majority of this growth (91%) has been driven by the four metro PPP airports at Delhi, Mumbai, Bangalore and Hyderabad.

Indian airports annual non-aeronautical revenue: FY2003 to FY2011

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The difference in the commercial approaches of the AAI and the four PPP airports is starkly visible from an analysis of the non-aeronautical share of total revenue. All of the PPP airports have grown their non-aeronautical revenues to at least 35% of total revenue, and more than 45% in the case of Delhi and Hyderabad airports. However, in the case of the AAI it has risen by less than a couple of percentage points over the last five years to reach just 17%.

Indian Airport operator’s non-aeronautical share of total revenue (%): FY2011

Source: CAPA

NEW DELHI: The non-aeronautical revenue of GMR-led joint venture Delhi International Airport Limited (DIAL) has increased 300 times in the last five years, and so has the revenue of Airports Authority of India (AAI).

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For an airport operator, the financially healthier option is to depend more on the steady non-aeronautical revenue and less on the fickle aeronautical one which falls in times of economic crisis, said the analyst, adding that "mature airports'' the world over had a higher percentage of non-aeronautical revenue. Last year, Sydney Airport, for instance earned 71% of its revenue from non-aeronautical sources, while Houston earned 81%, Changi earned 58 percent. [4] A decision has been taken that the private airport operators will pay lease rental to the Airports Authority of India (AAI) for using assets created by them. "Leaving 40 per cent of the revenues to the airport operator will act as an incentive for the operator. The airport operator will now innovate to get maximum revenues from non-aeronautical side, hence, increasing the revenue share to

the government," said the ministry official. [7]

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13. Conclusion

According to analyst estimates, if the concession fees paid by the two other new and privately-run Greenfield airports - GMR-run Hyderabad airport and the Bangalore airport, in which GVK has a strategic stake - are also taken into account, AAI could have made a bonanza of Rs 2,150 Crore in the year.

The biggest source of Non-Aeronautical Revenue, the Concept of Retailing Should be implemented largely. Due to a large amount of Domestic Transportation, Airports are now focusing onto expanding of Retail in Domestic Terminals. International airports like Changi, Sydney, Amsterdam and Heathrow, are making 60-70% of their revenue from non-aeronautical sources, whereas most Indian airports were making only 30% - 35% of their money from non-aeronautical sources. Using Single Till approach tends to be lower than they would under a dual till because of the sharing of profits generated by commercial activities. IATA also prefers the Single Till Model PPP Airports generate their most of the revenues from Non-Aeronautical revenue as compared to Airports operated by AAI generate their most of the revenue from Aeronautical revenues. In other findings, the Airport Council International survey found that just 39% of airports in North America have a mobile app, and that 78% of these apps use them to promote concessions.

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14. References

[1] … … the preferences of the Introduction (Ineco, Prointec, & ERMC (P)Ltd, 2013, p. 8) Enhancement of Non-Aeronautical Revenue. p. 8) [2] … … the preferences of the Airport Incomes (Ineco, Prointec, & ERMC (P)Ltd, 2013, p. 9)

[3] … … the preferences of the AAI

(Gupta, Phadnis , & Mukherjee, 2014) =>… … the preferences of the Budget of AAI over last 5 Years (Bhowmick, 2013) [4] Indian Airport’s Source of Revenue (V, 2009) … … the preferences of the, What Official Accepted? [5] (Jog & Phadnis, 2013) [6] (Mishra, Mihir;, 2014) [7] (Mishra, 2014) [8] (MOCA) [9] (Mukherjee, 2014) [10] (ACI, 2013)

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ever-on-non-aeronautical-revenue/

Bhowmick, S. (2013, June 4). How India’s Airport Body Earns 20% Of Revenues For Doing Nothing.

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earns-20-of-revenues-for-doing-nothing-26520

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Mishra, M. (Ed.). (2014, January 03). Govt plans to tweak revenue model in private airports. Retrieved

from Journalism of Courage Archieve: http://archive.indianexpress.com/news/govt-plans-to-

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Mukherjee, A. (2014, March 30). Flying Visits Welcome. Retrieved from Business Today:

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airports/1/204082.html

V, M. (2009, September 1). City airport earns more from non-flying sources. (M. V, Ed.) Retrieved from

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from-non-flying-sources/articleshow/4957029.cms