Investor spotlight
• that have high quality infrastructure with significant surplus capacity;
• with potential for an improved commercial delivery and greater operating efficiency; and
• the ability to influence strategic and commercial decisions.
How do you help drive growth at your airports?
MAp has an active management model. This means we work closely with our airports’ management teams to improve services and facilities for our airline partners and the over 74 million people who use the airports each year. We aim to grow our airports profitably and responsibly for the benefit of passengers, airlines, local communities, employees, governments and our investors. We continue to ensure revenue growth, operating profit and earnings all outperform traffic growth. Growth is driven by capacity increases from new airlines and increased flight frequencies, revenue increases across all major business lines driven by commercial business expansion, and ongoing cost discipline resulting in improved margins.
GLOBAL AIRPORT CITIES
We’ve built a sustainable growth platform to ensure our airports maintain strong long-term earnings growth with a focus on: • ensuring our airports are well positioned to take advantage of the structural changes facing the industry;
• working with our airline partners to agree long-term commercial arrangements that cover facilities, investment and service levels;
• ensuring ongoing certainty of retail returns through long-term contracts with quality operators; and
• delivering investment programmes that meet the needs of passengers and airlines.
Why did you decide to consolidate your shares in Brussels and Copenhagen airports, while selling shares in Bristol International Airport and the ASUR group? We are focussed on airports where our level of influence or control allows us to bring our active management model to bear to drive improved returns. In the case of ASUR, we received an attractive offer for the control rights indirectly held via Copenhagen Airports
and it then made sense to exit the residual direct investment.
Bristol was an excellent investment for us but, as our business expanded, it represented less than 3% and again, we received an attractive offer. This has allowed us to focus our resources on our remaining airports.
Do you have any plans to acquire shares in other airports? Our primary focus remains on our existing airports where we have many important initiatives underway and strong growth prospects. We would assess any new opportunities
on a case by case basis against our strict investment criteria. However, at the current time, there is not an active pipeline of opportunities.
Has your managerial
independence from the Macquarie Group since 2009 been good for the company? Internalisation was an important step in our evolution. At the time MAp was created, the credibility that Macquarie’s infrastructure expertise and track record afforded us was critical to being successful in acquisitions.
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