Airport User Charges and Financing (2)

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1 Airport User Charges and Financing (2) Amedeo R. Odoni November 7, 2002 Non-Aeronautical Charges Statements by the Council: Should be developed to the maximum possible (!) Concession fees for aviation fuel and oil Concessionaire or airport itself Council: treat as non-discriminatory aeronautical charge Concession fees from commercial activities Fixed amount or percentage of gross sales (20-60% with guaranteed minimum) Revenues from car parking and car rentals Operator itself; third-party operator; BOT agreements On-premises vs. off-premises car rental facilities Fast growing!

2 Non-Aeronautical Charges [2] Rentals for airport land, space in buildings (including advertising space) and equipment Fees charged for tours, admissions, etc. Fees derived from provision of engineering services, utilities, etc., by airport operator Off-airport revenues Consulting services Education and training services Management contracts at other airports Management contracts for other activities Equity investments in travel-related or other ventures Equity investments in other airports Sources of Revenue: Boston Logan International Airport (1998) Source $ % (million) Aeronautical Revenues Landing fees Terminal rentals (passenger and cargo airlines) Non-aeronautical revenues Concessions (shops, restaurants, duty-free, etc.) Automobile parking and rental car fees Engineering and utilities (e.g., resale of electricity) Tax revenues Passenger facility charge Total airport revenue

3 Operating Revenues: 30 Busiest Airports in US [Rivas, 2002; FAA Form , 2001] Aeronautical $ (m) % % of total Landing fees 1, Buildings (passenger 1, cargo airlines) Apron Fuel Utilities Cargo Miscellaneous Total 3, Operating Revenues: 30 Busiest Airports in US (2) [Rivas, 2002] Non-aeronautical Rentals of land and nonterminal facilities Concessions (retail, etc) Automobile parking 1, Rental cars Catering Interest Miscellaneous Total 3, Total airport revenue 7,

4 Operating Expenses: 30 Busiest Airports in US [Rivas, 2002] Personnel (Compensation + Benefits) Outsourced Services Supplies, Materials, Repairs, Maintenance Communications and Utilities Other Total Operating Expenses $ (million) 1, ,220 % Observations on Economics of 30 Busiest US airports (Rivas, 2002) Main operating revenue sources include: terminal building revenues (24%), landing fees (20%), parking (16%), and concessions (12%) Operating revenues outpaced operating expenses during late 1990s, resulting in increasing net operating income Average operating margins of 41% (average ) make revenue bonds the backbone of financing of airport capital programs

5 Concession Revenue Per Enplanement (FY 2000) Concession Revenues Per Enplanement (in Dollars) PHX SLC EWR LGA CVG MSP STL CLT PIT DCA DTW PHL TPA ATL BWI DFW DEN SEA IAH ORD BOS IAD FLL SAN JFK LAX MCO SFO LAS MIA HNL Airports Revenue distribution at some major European Airports: 1997 or 1998 Aeronautical Commercial Other Aircraft Handl g Retail Other com l Aer Rianta (Dublin) AENA (Spain) ANA (Portugal) Amsterdam BAA Copenhagen Dusseldorf Frankfurt Hamburg Manchester Milan Munich Paris Rome Vienna (Source: Deutsche Bank, European Airports, November 1999)

6 A Preview? There is something structurally wrong with our partnership between airlines and airports. If one of the partners is losing his shirt, while the other is counting his money, it is no longer a partnership. Giovanni Bisignani IATA Director General October 9, 2002 Desirable Attributes of an Airport s System of User Charges Defensibility legal, political, logical Adequate cost recovery Reasonableness as % of user cost; in comparison to others; distribution of burden among airport users Promotion of Efficiency in use of facilities; by A/C operators Flexibility Simplicity

7 Steps in a Normative Procedure 1. Specify general policy guidelines 2. Develop detailed cost database for each cost center ( cost accounting ) 3. Assign costs to revenue centers for costrecovery purposes ( cost allocation ) 4. Compute unit charges, possibly for each category of user, at each revenue center ( pricing ) 5. Establish a framework for interacting with users (Iterative Process) Considerations When Comparing Airport Charges Direct or indirect government subsidies direct grants; special- and general-fund taxes, etc. Coverage and quality of services offered ATC services, comfort, delays, reliability, etc. Volume of traffic some economies of scale (ex: handling services) reduced average costs when marginal costs are small Characteristics of traffic domestic vs. int l, originating vs. transfer, etc. General cost environment labor, construction, systems, technology costs Accounting practices e.g., historical-cost vs. current-cost depreciation

8 Average Cost Pricing Outline A revenue target (X) is set for a given time period (e.g., the next fiscal year) Forecast of demand (Y) is prepared for same The charge (Z) for the period is determined by dividing X by Y (Z = X / Y).» This approach may be applied to each individual revenue center of an airport (e.g., airfield)» Target revenue may, but need not, cover all costs» Demand (Y) is measured in appropriate units # flights, # passengers, kg of MTOW Landing Fee Example AP is a major, state-owned airport in the United States Landing charge covers airside facilities only In the beginning of fiscal year (FY): The remaining (net) capital cost of airside public aircraft facilities was $185,518,266. This amount does not include costs covered by (AIP) grants from the Federal Government. Outstanding debt from borrowing to finance airport development was $133,580,617. The average interest rate on these loans was 6%. The corresponding amounts for equipment (primarily fire-fighting) were $2,394,830 (net capital costs), $2,881,050 (outstanding debt), and 6%. Traffic forecasts estimated the total weight of scheduled air carrier aircraft to land at AP during upcoming FY as 22,600,000,000 lbs.

9 Computation of Landing Fee at a Major US Airport Item Amount A. Capital cost of public part of airfield at beginning of FY $185,518,266 B. Depreciation of public aircraft facilities $7, 420,731 C. Interest on public aircraft facilities $8,014,837 D. Depreciation of equipment $239,483 E. Interest on equipment $172,863 F. Snow removal services $1,330,000 G. Maintenance and operations $14,779,532 H. Administration $8,728,346 I. Allocated portion of estimated tax liability $1,873,675 J. Prior year adjustment to projection ($2,390,776) K. Annual cost of airfield facilities in FY (= B through J) $40,168,691 L. Projection of scheduled air carrier weight (000 lbs.) 22,600,000 M. Landing fee per 1,000 lbs for FY (= K / L) $1.78 Comments Separate accounts are used for airside and landside facilities at most US airports A is the cumulative net capital (historical) cost of facilities, not adjusted for inflation H includes personnel costs of AP, plus admin n, maint ce, & operations costs I shows the amount of AP s voluntary contributions to neighboring communities which is allocated to airside facilities L is uncertain element, based on forecast AP uses 25-year linear depreciation for airside facilities, and 10-year for equipment

10 Comments [2] Easy to update every year Example: Assume capital costs for facilities in new FY were $10,000,000. Then for next FY, A = $128,518,266-5,140, ,000,000 = $133,377,536 Errors in demand forecasts can be adjusted through item J in the following year I represents, in a sense, the airfield s fair return on investment A committee, representing the principal airlines at AP, reviews the computation of the landing charge with AP officials annually Marginal Cost Pricing Economic Principle: Efficient use of a facility is achieved when each user pays a charge exactly equal to the additional (marginal) cost of his use Short run marginal costs of an airport movement marginal costs of the movement congestion costs caused by the movement Long run marginal costs of airport operation cost to expand current facilities or to build new facilities to increase capacity Note: Long run marginal costs cannot be determined until a plan (perhaps approximate) for future facilities has been developed.

11 Slots plus Congestion Pricing: Brussels (1998) Landing fee = T P K W T = unit rate (139 Bf) P = peak-period multiplier (1.5 between 8:00 and 11:00 and 17:00 and 20:00 local time) K = noise-related multiplier (ranges from 0.85 to 2.0 depending on noise category of aircraft -- 5 categories-- and time of day) W = MTOW of aircraft in metric tons Financing Airport Capital Investments Outright Government Grants Special-Purpose Taxes Government or Development Bank Loans Self-generated Operating Surpluses Commercial Bank Loans Tax-exempt, General Obligation Bonds Tax-exempt Revenue Bonds On earnings of whole airport authority Against airline leases Private financing against specified rights to airport revenues

12 Capital financing: 30 busiest US airports [Rivas, 2002] Capital Programs Raised ~$18 billion in financing between 1996 and % revenue bonds, 30% PFC, 8% AIP grants, 2% state + local Planned to spend $24 billion in Credit-rating companies such as Standard & Poor s, Fitch ICBA, and Moody s play an important role in determining cost of airport borrowing Airport revenue bonds have proved to be a very safe investment: no defaults in past 50 years Financing of New Athens International Airport European Investment Bank $1,128 million 47% Consortium of commercial banks $ % Airport development fund (Greece) $ % European Union grants $ % Greek State grants $ 168 7% Share capital $ 144 6% (55% Greece, 45% German group) Secondary debt (commercial rates) $ 48 2% taken on by shareholders Total $ 2,400 million

13 Historical-Cost vs. Current-Cost Accounting Due to inflation, the current cost of replacing airport facilities is generally much greater than the amount originally paid for them. Using a depreciation schedule based on historical cost (the amount originally paid for the facility) may lead to under-recovery of the cost of replacement. Current-cost accounting involves the periodic (usually annual) revaluation of remaining assets according to their replacement costs. In practice, the book value of remaining assets is often simply increased by the rate of inflation. Historical-cost vs. current-cost depreciation schedules Age of asset (yrs) Historical-cost accounting Remaining value of asset Deprec n for the year Current-cost accounting* Remaining value of asset Deprec n for the year 0 $100 $0 $100 $0 1 $90 $10 $97.2 $10 2 $80 $10 $93.3 $ $70 $10 $88.2 $ $60 $10 $81.6 $ $50 $10 $73.5 $ $40 $10 $63.5 $ $30 $10 $51.4 $ $20 $10 $37.0 $ $10 $10 $20.0 $ $0 $10 $0 $20.0 * Revaluation of remaining value of asset by 8%/year at end of year

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