July 2015 Sarah Whitlam, Head of Network Development. An Introduction to Secondary Slot Trading
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1 July 2015 Sarah Whitlam, Head of Network Development An Introduction to Secondary Slot Trading
2 Introduction to Heathrow World s busiest international airport 73m pax per year 2 runways ATM cap of ATMs p.a. Operate at 98% of capacity Level 3 coordinated airport coordination performed by ACL Slot optimisation is key to delivering growth
3 Heathrow slot acquisition To acquire pool slots, airlines need to be flexible in their times As demand exceeds supply, slot trading is now the principle means of slot acquisition Source: ACL
4 What is slot trading? Slots are permissions to use a runway and airport infrastructure Once a slot has grandfather rights, the airline can trade the slot to another airline 2 years for new entrant slots Operates on principle of willing buyers & willing sellers The Coordinator (ACL) must confirm feasibility Fits within declared terminal & stand capacity Transactions are public but price disclosure is not required Legality clarified by the European Commission in 2008 Secondary slot trading included within recent EC slot regulation review
5 Traded Components Runway slots These can be retimed if the runway slots are available Any retime must also fit the terminal and stand capacity Terminal and Stand Capacity The Buyer purchases the Historic Terminal and Stand Capacity and can operate from the Historic terminal e.g. code D aircraft with 150 seats in T3 A change of terminal can be requested and would be assessed against declared capacity for that terminal An upgrade of aircraft size can be requested and would be assessed against declared capacity for the terminal A new entrant would be assessed against all terminals and allocated to the terminal with the most suitable capacity
6 Benefits & risks: airlines acquiring slots Benefits Risks Enables growth at Heathrow long-term or medium-term Acquire preferred slot times Acquire daily lined-up slot Opportunity to purchase whilst prices are lower Asset on balance sheet likely to increase in value Changes to historic capacity not guaranteed larger aircraft or terminal change 6
7 Benefits & risks: airlines selling slots Benefits Risks Realise benefit of financial asset Support corporate strategy Consolidate operations at an airport which can facilitate better slot times Price likely to be higher if ever wish to replace slot 7
8 Benefits & risks: airlines leasing slots out Benefits Risks Cover short-term strategic/financial concern Historic terminal capacity may be lost Smaller aircraft or terminal change Babysits may be free of charge or at cost to incumbent Bear in mind. the longer the lease, the more attractive it is! leases can often be extended equally, break clauses can protect the incumbent if there is insufficient demand for a slot, it may be better to hand the slot back to the pool 8
9 Any requested change to terminal and/or aircraft size must fit within declared terminal capacity & stand limits 6,000 5,000 Passengers 4,000 3,000 2,000 1, :00 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 Time (GMT) Due to limited terminal capacity at some times of the day, please consult Heathrow prior to any slot trade for a detailed terminal capacity assessment
10 Slot trade prices Supply & Demand Economic cycle highest published prices at height of economic cycle: $207m for four daily pairs Time of day Level of supply Estimated current prices Supply & demand drives a range of prices Standard price sees a 30% drop by midday and a further 50% drop by late afternoon/evening Non-daily slot pairs worth up to 0.5m for a single day Very limited insight into lease prices Asset on balance sheet Commercial terms do not necessarily need to be purely monetary e.g. JV, swap slots at other airports If Heathrow is granted permission to grow, additional capacity would be available from 2025 at the earliest Slot trading will remain at Heathrow for the foreseeable future Prices unlikely to be affected in short-medium term airlines typically depreciate cost over 5-10 years m early a.m. midday evening Recent transactions
11 Spreading the cost of secondary trading over time 14,000 12,000 10,000 Cost per flight 8,000 6,000 4,000 2, Value of slot pair m Years Assumes daily flight
12 How to trade a slot Find partner Heathrow can provide preliminary view of any terminal capacity implications Avoid progressing deal which cannot be completed Negotiate terms Incumbent airline requests change from ACL ACL check terminal & stand constraints not broken ACL process trade from seller to buyer
13 Assistance Alliance partners Most flexible source of slot trades Heathrow Suggest airlines to approach for trading Conduct preliminary terminal impact assessment ACL Attempt to retime slots to enable better turn-around e.g. to enable short-haul to long-haul trade Advertises slots for sale/lease Standard contract available to save legal costs Sarah Whitlam Head of Network Development Ingrid Hainy Heathrow Coordinator
14
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