MACQUARIE AIRPORTS
CPH Delivers Pleasing Operating Performance in Q2 of 2008
MAp - First Half 2008 Results for Copenhagen Airports - Ms Kerrie Mather, CEO
Tue, 5 Aug 2008 10:45AM
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Ms Kerrie Mather
Tue, 5 Aug 2008
10:45AM Australia/NSW
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MACQUARIE AIRPORTS (MAP)
ASX code: MAP
Website: http://www.macquarie.com.au/map
Industry: Transportation
Principal Activities:
Airport Investment Fund
Address:
1 Martin Place, Level 11
SYDNEY
NSW
Phone: +61 2 8232 9634
Fax: +61 2 8232 4713
Executives & Directors
Mr Max Moore-Wilton , Director, Non Exec. Chairman
Ms Kerrie Mather , CEO
Mr Michael Carapiet , Executive Director
Ms Sharon Beesley , Non Exec. Director
Mr Trevor Gerber , Independent Director
The Hon Michael Lee , Independent Director
Mr Bob Morris , Independent Director
Mr Jeffrey Conyers , Independent Director
Mr Stephen Ward , Independent Director
Mr John Roberts , Alternate Director
Mr Graeme Johnson , CFO
Mr Keith Irving , Investor Relations
Ms Sally Webb , Company Secretary
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MACQUARIE AIRPORTS (MAP) Events
Australia/NSW
MACQUARIE AIRPORTS (MAP)
| Appendix 3E | Thu, 4 Dec 2008 |
| Maquarie Airports Foreign Ownership | Mon, 1 Dec 2008 |
| Appendix 3E | Mon, 1 Dec 2008 |
| Appendix 3E | Fri, 28 Nov 2008 |
| SAK: Capital Expenditure Funding | Wed, 26 Nov 2008 |
| Sydney Airport Capital Expenditure Funding | Wed, 26 Nov 2008 |
| MAp Traffic - October 2008 | Thu, 20 Nov 2008 |
| MAp Portfolio and Capital Review Update | Wed, 12 Nov 2008 |
| Financial Close - Disposal of Partial Interests | Thu, 6 Nov 2008 |
| Macquarie Airports Foreign Ownership Level | Mon, 3 Nov 2008 |
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INTERVIEW WITH KERRIE MATHER, CEO OF MACQUARIE AIRPORTS (MAP)
“CPH Delivers Pleasing Operating Performance in Q2 of 2008”
http://www.brr.com.au/event/40911
TUESDAY, AUGUST 5 2008, 10:45 AM.
BRR Joining us today is Kerrie Mather, CEO of Macquarie Airports to talk about the recently released 2008 first half results for Copenhagen Airports. Kerrie, the 10.3% growth in the first half seems to represent a solid performance
10 versus last year.
MAP Yeah. We’re certainly pleased with Copenhagen’s operating performance particularly in the second quarter of 2008, which has led to 10.3% growth in EBITDA for the first half of 2008. The result clearly demonstrates two things, firstly, the benefits of the substantial investment that’s been made in the
15 airport for the benefit of airport stakeholders. Increased passenger satisfaction has been reflected by Copenhagen’s recent recognition as one of the world’s top ten airports by Skytrax. Secondly, it demonstrates the resilience of the airport operating model, although we are cognisant of the challenges which the current operating environment presents for our major
20 airline customers.
BRR Does the duty free contract continue to perform above minimum since second quarter?
MAP Yes. The second…the significant improvements delivered by the centralised
25 security checkpoint and the associated changes to the duty free offering have been especially pleasing, with concession revenue up 11.7% versus the first half of 2007. While the prior period was impacted by the disruption associated with the delivery of this project, it’s still a very welcome performance. In fact, duty free sales per passenger are up around 25% in the first half of 2008
30 compared to last year.
BRR Operating costs increased significantly in the first half. Were there any particular causes for this substantial increase?
MAP As we flagged in January, Copenhagen announced plans to increase in staff
35 …….to increase staff in 2008 of which a significant number would be security-related. One hundred eleven additional security staff were recruited by the airport, and this has contributed significantly to the increase in operating costs. The substantial investment in security to ensure a high level of service means that security costs continue to exceed the level which is recoverable
40 under the current airline charging agreement. However, the management team is investigating all areas of the cost base from operational processes to administration, and we expect to see efficiency and productivity improvements following this review.
45 BRR And finally, Kerrie, FAS have recently announced capacity reductions in the credit rating agency. Standard & Poor’s has downgraded FAS’ credit rating. Are you concerned about the airlines’ financial health?
MAP Well, in relation to the capacity cut announced by FAS, there will clearly be some impact, but it should be relatively modest. FAS are grounding eleven aircraft; only two of those will affect Copenhagen. In fact, we may potentially see a benefit to transfer traffic from Oslo and Stockholm as FAS appear to have focused on their major hub at Copenhagen. Management has maintained their expectation of 2% to 4% traffic growth for the year. In
5 relation to the downgrading of FAS, obviously, we closely monitor all of our airline partners, particularly in the current environment. It’s important to note that FAS is effectively the national airline of three countries, and, importantly, Copenhagen is an attractive destination for the airlines. We expect to be able to continue to attract new reach and services overtime and if the Copenhagen
10 is currently serviced by four of Europe’s fall….four of Europe’s five largest base cost carriers, three of whom have already announced additional services.
BRR Thank you very much, Kerrie, for speaking to us.
15 MAP Thanks, Bill.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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