Fundamentals for Airport Privatization and Concession Policies. Dr Anne Graham University of Westminster London
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1 Fundamentals for Airport Privatization and Concession Policies Dr Anne Graham University of Westminster London
2 Outline Why airport privatization? The privatization timetable Types of privatization Risks and issues related to privatization Types of investors Examples (the UK, India, USA) Conclusions
3 Why Airport Privatization? Key motives for privatization: To secure financing of airport infrastructure To encourage more efficient and commercial operations This is particularly important with long-term growth and financial pressure on the public sector Other possible reasons: Increased ability to diversify Funds for government Access to international expertise Wider share ownership
4 Privatization Timetable 1987: First privatization BAA (UK) Early 1990s: Not much activity - few UK airports, Vienna and Copenhagen 1996: Turning point privatization in Europe, South America, Asia for next five years : Slow down due to 9/11, traffic growth decline etc : Privatization becomes more popular again 2007-: Impact of the credit crunch, economic recession etc?
5 Privatization of Selected Airports Pre Copenhagen (Denmark) Athens (Greece) ASUR (Mexico) Fraport (Germany) Bangalore (India) Venice (Italy) Pisa (Italy) Vienna (Austria) La Paz + 2 others (Bolivia) Argentina (33 airports) Florence (Italy) Hyderabad (India) Brussels (Belgium) Xi an (China) BAA (UK) Brisbane (Australia) Auckland (New Zealand) Hamburg (Germany) Quito (Ecuador) Budapest (Hungary) Amman (Jordan) Cardiff (UK) Dusseldorf (Germany) Beijing (China) Lima (Peru) Norwich (UK) Larnaca/ Paphos (Cyprus) Antalya (Turkey) East Midlands (UK) Melbourne (Australia) GAP (Mexico) Malta Montego Bay (Jamaica) Delhi (India) Murcia (Spain) Belfast (UK) Santiago (Chile) Malaysia Airports OMA (Mexico) Mumbai (India) Leeds (UK) Bournemouth (UK) Perth (Australia) South Africa Sydney (Australia) Paris (France) Chicago Midway (US) Liverpool (UK) Rome (Italy) Wellington (New Zealand) Zurich (Switzerland) Luebeck (Germany) Skopje/Ohrid (Macedonia)
6 Types of Privatization Involves transfer of operations and maybe ownership (total or partial) to the private sector Share flotation or IPOs Trade sale Concession Project finance/bot Management contract
7 Share Flotation or IPOs Shares sold on stock exchange All risks/control passed to shareholders Airport needs to perform well to be sold in this way Employees/management can have shares Management maintains controls as small/passive investors Examples: BAA (now de-listed) Partial: Vienna, Copenhagen (de-listed), Rome (de-listed) Auckland, Fraport, Zurich, Thailand, Malaysia, Paris, Venice, Pisa, Florence
8 Trade Sale All or some of airport sold to single investors or consortium Usually brings expertise as well as finance Examples: Australia, UK regional airports, Brussels, Dusseldorf, Hamburg, Liege, Budapest, Naples, South Africa, Xi an, Malta
9 Concession Private company/consortium has concession to operate all or some assets for fixed period (usually years) At end of concession in theory airport is handed back to government Annual fee is usually paid to government and there may be a guaranteed level of investment or service quality Favoured by many governments as they keep ownership of the airport Examples: Columbia, Bolivia, Argentina, Mexico, Luton, Peru, Delhi, Mumbai
10 Project Finance/BOT Used when a new airport or new facilities are needed Operator finances, builds and operates new facility then in theory hand back to government Usually years May be a special type of concession agreement with the operator paying an annual fee to the government Examples: Athens, Istanbul, Hyderabad, Bangalore, Antalya, Amman, Cyprus
11 Management Contract More limited privatisation as government maintains ownership, makes strategic decisions, sets aeronautical charges etc Operator runs airport (or part of airport) on a day-to-day basis usually for 5-10 years Government pays a contract fee (or operator pays government a % of revenues) Fees can be incentivised Often used in areas of high risk or where other privatisation models are not possible Examples BAA: Total contract - Indianapolis, Retail contract Boston, Pittsburgh, Baltimore
12 Privatisation Risks Inappropriate contract details (e.g. Argentina) Political or legal problems (e.g. Manila, Berlin) Changes in economic or environmental regulations Airline and competing airport developments General economic factors and industry shocks
13 Privatization Issues Should airports be totally or partially privatized? Should privatised airports be regulated to prevent abuse of market power? Should airports be privatized individually or in groups (e.g. BAA, Australia, Mexico)? Need to consider: Cross-subsidies and investment Competition Economies of scale and sharing of resources/expertise Strategic planning
14 Airport Investors Traditional airport companies (BAA, Schiphol, Fraport, Dublin Airport Authority, Copenhagen, Paris, Vancouver) New airport operators: property (Peel Holdings) utility (Infratil) infrastructure (Abertis, Ferrovial) construction (Hochtief, Vinci) financial (Macquarie)
15 Example 1: The UK Centrally government owned BAA airports privatized in 1987 with price-cap regulation Privatized as a group of seven airports but now BAA has to sell London Gatwick, London Stansted and Glasgow or Edinburgh All other major UK airports under local government ownership (with exception of Manchester) privatized during last 15 years
16 Current Ownership of UK Airports Global Infrastructure Partners Ferrovial Abertis Bridgepoint Macquarie ABN AMBO OWNER Manchester airport Peel Holdings Infratil Local Government London City Airport BAA airports Leeds Bradford Bristol Belfast City Prestwick, Manston AIRPORTS Belfast International, Cardiff, Luton Nottingham, Bournemouth, Humberside Liverpool, Durham Tees Valley, Doncaster Robin Hood Manchester, Newcastle (with Macquarie), Birmingham (with Ontario Teachers Pension/Victorian Funds)
17 Example 2: India Many airports in need of expansion and modernisation Major privatization projects (26% government ownership maintained): Bangalore (2004 BOT): Investors include Zurich airport Hyderabad (2004 BOT): Investors include Malaysia Airports Delhi (2006 Concession): Investors include Fraport/Malaysia Airports Mumbai (2006 Concession): Investors include South Africa Airports)
18 Example 3: The US US Airport are very different: Relationship with airlines (use agreements) Financing (commercial bonds, government taxes) Greater involvement of airlines and other private bodies in providing facilities Raises important issues for privatization (e.g. federal aid for private airports, tax-exempt bonds, airline approval) Very limited full privatization to date (BOT at JFK, management contract at Indianapolis)
19 US Privatisation Pilot Program 1997 A few small airports considered but only one success Stewart (now owned by Port Authority of New York and New Jersey) Most significant development is Chicago Midway airport privatization 2009: 99 year lease Investors include Vancouver airport Airline approval gained
20 Conclusions Airport privatisation is an ongoing international trend which has brought a diverse range of new operators and investors Potential benefits include access to new funding, more efficient and commercial operations But each privatization option has a number of advantages and drawbacks so there is no size fits all!
21 Thank You!
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