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“Specialty retail and food & beverage have been impacted by the combination of traffic decline, restaurant closures for refurbishment and negotiation of contracts with luxury retailers.“ |
Kerrie Mather CEO MAp Airports |
DENMARK. Copenhagen Airports’ Shopping Centre revenue hit DKK404.9 million (US$80.5 million) in the first nine months of 2009, down by just -0.9% on the same period in 2008, the company reported today. Third-quarter Shopping Centre revenue fell by -10% to DKK142.6 million (US$28.3 million).
Total concession revenue dipped by -6.3% to DKK567.6 million (US$112.9 million) year-on-year in the January-September period, while Q3 concession revenue fell by -9.8% to DKK201.6 million (US$40.1 million).
Total revenues for the company in the nine months were DKK2.2 billion (US$437.9 million), -6.6% lower than a year earlier, while in Q3, revenues slipped -5.9% to DKK791.9 million (US$157.6 million). EBITDA (before specific items) in the nine months was DKK1,202.3 million (US$239.3 million), down by -11%, while in Q3 the figure was DKK446.6 million (US$88.9 million), down -10.6%. Passenger numbers fell by -10.9% in the first nine months and by -7.1% in Q3.
Crucially, even against the backdrop of lower revenues, the performance of Gebr Heinemann’s Tax Free Shop operations has been encouraging, notably in the third quarter.
MAp Airports CEO Kerrie Mather said: “The duty free business is performing well with revenue per passenger +3.3% ahead of the previous corresponding period (pcp). Specialty retail and food & beverage have been impacted by the combination of traffic decline, restaurant closures for refurbishment and negotiation of contracts with luxury retailers.
“Car parking [revenues fell by -12.1% in the quarter -Ed] has been affected by the decline in business traffic and the large fixed cost base of the existing concession. We are starting to see improvements in penetration of the economy and business light products. In terms of other service revenues, Hilton Hotel performance has been affected by the decline in business traffic and conferences.
“We are encouraged by the improving traffic performance for the third quarter, down 7.1% on the pcp, relative to the -13.0% for the first half, moderating the trend seen over the first six months. In particular, origin and destination traffic has benefited from both the resilience of summer holiday travel and low-cost carrier (LCC) competition and is only down -3.3% on the pcp for the three months to September 2009, a significant improvement over the preceding quarter.
“Copenhagen Airport continues to attract new carriers and increased frequencies. For example Germanwings, a new LCC to Copenhagen, has recently announced that it will commence a daily service to Cologne from March 2010. In addition, Delta Air Lines announced that it plans to open a route to JFK in May next year, flying seven services per week.”
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