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RETRI Group
Airport property
• Airport hierarchy• The airport model• Airport property• The next decade
RETRI Group
RETRI Group
RETRI Group
RETRI Group
The top hubs in 2008
0
10
20
30
40
50
60
70
80
Heathrow Charles de Gaulle Frankfurt Barajas Schiphol
pa
ssen
ger
s (m
illio
n)
0
0.5
1
1.5
2
2.5
freigh
t (million
tonn
es)
Passengers Freight
RETRI Group
Passenger traffic
3
3.2
3.4
3.6
3.8
4
4.2
4.4
4.6
4.8
5
2000 2001 2002 2003 2004 2005 2006 2007 2008
RETRI Group
RETRI Group
The airport business model
Airport Income streams
Traffic-basedrevenue
Retail &Concessions
Realestate
Landing fees
storage
Parking
Retailconcessions
management
advertising
rents
sales
RETRI Group
Hub revenues 2008
Real estate6%
Retail23%
Aeronautical59%
Other12%
RETRI Group
Airport property
Airport property
Industrial Office Retail Leisure
Airside logistics
Landside logistics
High value addedmanufacturing
On-site offices
Servicedoffices
Businessparks
In terminal
Peripheral
Duty free
Duty paid
parking
RETRI Group
Offices – airports show reverse premia
-80.00%
-70.00%
-60.00%
-50.00%
-40.00%
-30.00%
-20.00%
-10.00%
0.00%
2004 2005 2006 2007 2008 2009
AmsterdamBarcelonaBrusselsFrankfurtMadridMilanParisHeathrow
RETRI Group
Industrials – airports show premia
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
160.00%
2004 2005 2006 2007 2008 2009
AmsterdamBarcelonaBrusselsFrankfurtMadridMilanParisHeathrow
RETRI Group
Forecast traffic growth
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
an
nu
al
rate
of
cha
ng
e
RETRI Group
The spatial distribution of growth
RETRI Group
The capacity gap
0
50
100
150
200
250
80-120 60-79 40-59 20-39 0-19
number of movements per hour
capacity 2025 capacity gap 2025
45%
32%
23%
24%
15%
RETRI Group
New terminal
New runway
New airport
2010
RETRI Group
2020
New terminal
New runway
New airport
RETRI Group
Flies in the ointment
• Airbus 380 produces 75 grammes of CO2 per passenger kilometer
• 4.1 million jobs in Europe• 25% of trade by value• 8% of global GDP• Heathrow East reduces CO2 by 40%
RETRI Group
Improved high-Speed Train City-Pairs
post 2008 only
RETRI Group
Conclusions
• Demand is expected to recover (along with the global economy)
• Significant capacity shortfalls in the medium-term• Limited growth options at main hubs• Displaced growth at national/ regional level
