Finance
For airports and air traffic, 2011 was a good year, especially in Switzerland. Genève Aéroport was no exception, its annual passenger numbers passing the 13 million mark for the first time. The airport’s new passenger traffic record logically had a positive impact on its results, particularly given its business model (a low proportion of variable costs and strong profit growth after passing its breakeven point).
However, it would be simplistic to attribute Genève Aéroport’s strong financial performance solely to growth. The airport continually adapts and refines its commercial services – which includes its significant and still-growing retail offer – to increase and diversify revenues. In addition, the airport’s management discipline ensured continued rigorous cost control (operating costs were below initial budget). These various elements combined to give Genève Aéroport a record net profit of CHF 64.6 million. This result was up 32.1% on 2010, and is the best in the airport’s history. Its turnover also hit a new peak of over CHF 345 million.
Beyond these annual figures, Genève Aéroport’s good structural financial health was reaffirmed. Revenues are increasing steadily thanks to a strong and diverse local market, debt remains relatively low and aeronautical fees are moderate. These elements are favourable assets for the stability and ongoing success of its business model.
lion in 2011, a rise of CHF 11.2 million or 9.2% on the year before. The PMR (reduced-mobility passengers) charge, levied on each ticket from Geneva to cover the costs of assistance, also increased income linearly to raise an additional CHF 0.5 million. It is worth noting that the PMR charge was fully offset by assistance costs of the same amount. Landing fee income increased by CHF 3.3 million (+11.2%) to CHF 33.2 million. And lastly, the airport’s considerable and once again expanding freight activity raised associated fee revenues by 2.9%. Despite the strong franc which adversely affected Swiss trade, Genève Aéroport managed to generate non-aeronautical revenues of CHF 170.5 million in
2011, a rise of CHF 7.5 million (+4.6%). All elements in this category are in the black, thanks particularly to retail and the opening of the airport’s arrivals-area duty-free store in June 2011. This enables arriving passengers to make last-minute duty-free purchases and has proved a great success. Parking revenues rose by 3.6% to CHF 37 million. This smaller increase can be explained mainly by the reduced use of car parks in April 2010 due to the volcanic eruption in Iceland.
Revenues from the airport’s centralised facilities grew by 9.2%, increasing in line with the growth in passenger traffic. These revenues come from services such as baggage handling, the core Airport Information Management System and multi-airline Common Use Terminal Equipment.
Revenue growth In line with increased passenger numbers and aircraft movements at Genève Aéroport, aeronautical revenues jumped by 9.1% (+ CHF 14.6 million) to reach CHF 174.3 million. This growth is explained by the automatic and direct correlation with increased traffic, Genève Aéroport having not raised its aeronautical charges. For the ninth consecutive year, its Passenger Service Charge (the fee covering airport facilities costs) remained unchanged. Levied on passengers flying from Genève Aéroport, passenger charges totalled more than CHF 133 mil-
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Breakdown of the 2011 airport’s revenues 9.6% Landing charges
16.0% Other operating revenues
10.7% Car parks
22.7% Commercial revenues
Aeronautical revenues
10.7% Car parks
38.7% Passenger charges 22.7% Commercial revenues
2.2% Other charges 50.5%
9.6% Landing
16.0% Other operating revenues
Aeronautical revenues
2.2% Other charges 50.5%
Non-aeronautical revenues 49.5%