avialliance the airport management company · the public sector pension investment board (psp...

AviAlliance – The Airport Management Company

Corporate Presentation

Q4/2020

2

AviAlliance GmbH page 3

Airport portfolio page 4 – 14

Athens International Airport page 5

Budapest Airport page 7

Düsseldorf Airport page 9

Hamburg Airport page 11

San Juan Airport page 13

The two pillars of our business model page 15 – 17

Key success factors page 18 – 20

PSP Investments page 21

Disclaimer page 22

Contents


Athens

Düsseldorf

Hamburg

Budapest

3

▪ AviAlliance is an independent airport investor which has established itself as one of the leading players in the airport privatization market.

▪ AviAlliance currently holds stakes in the airports of Athens, Budapest, Düsseldorf, Hamburg and San Juan, which in 2019 together handled 94 million passengers.

AviAlliance GmbH


San Juan

AviAlliance share

PAX 2019(in millions)

Athens International Airport 40 % 25.6

Budapest Airport 55 % 16.2

Düsseldorf Airport 30 % 25.5

Hamburg Airport 49 % 17.3

San Juan Airport 40 % 9.4

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Our best reference

The airport portfolio


Athens International Airport

Shareholders

▪ 55 % Greek state

▪ >40 % AviAlliance

▪ <5 % Greek investor

Type of privatization

▪ Public-private partner-ship with BOOT contract

▪ Duration: up to 2046

▪ Entry AviAlliance: 1996

▪ Opening of airport: March 2001

Attractiveness of the asset

▪ Gateway to South-eastern Europe and central transfer point for people traveling to Europe from the Middle East

▪ Unique real estate development concept

Overview

5Corporate Presentation

432 455 496 519

2016 2017 2018 2019

20.0 21.7 24.1 25.6

2016 2017 2018 2019

PAX (in m)

Athens International Airport

Facts and Figures 2019

Passengers in millions 25.6

Aircraft movements 225,628

Cargo in tons 93,998

Sales revenues in EUR million 518.5

− of this non-aviation 37 %

EBITDA in EUR million 348.4

Traffic data and financials

6

Sales revenues (in EUR m)


Budapest Airport

Shareholders

▪ 55.438% AviAlliance

▪ 23.334% Malton (GIC)

▪ 21.228 % Caisse de dépôt et placement de Québec


▪ Privatization 2005

▪ Duration: 75 years from 12/2005 (to 12/2080)



▪ Hungary's largest international airport

▪ First major airport privatization in CEE

Overview


232 258 294 331

2016 2017 2018 2019

11.4 13.1 14.9 16.2

2016 2017 2018 2019

Budapest Airport





Sales revenues in EUR million* 330.7


EBITDA in EUR million* 244.1


8

Sales revenues (in EUR m)*PAX (in m)

Corporate Presentation*Without fuel supply

Düsseldorf Airport

Shareholders

▪ 50 % City of Düsseldorf

▪ 30 % AviAlliance

▪ 20 % Aer Rianta Int. cpt


▪ Partial privatization, public-private partnership

▪ Duration: indefinite



▪ In the heart of Europe’s third-strongest eco-nomic zone and one of the largest metropolitan agglomerations in Europe (Eurostat)

Overview


PAX (in m)

421444 447

474

2016 2017 2018 2019

23.524.6 24.3

25.5

2016 2017 2018 2019

Düsseldorf Airport









10

Sales revenues (in EUR m)


Hamburg Airport

Shareholders

▪ 51 % City of Hamburg



▪ Partial privatization, public-private partnership

▪ Duration: indefinite



▪ Opens up the Hamburg economic region, catchment area of ten million people

▪ Fifth-largest airport in Germany

Overview


244265 269 275

2016 2017 2018 2019

16.217.6 17.2 17.3

2016 2017 2018 2019

Hamburg Airport






− of this non-aviation 33%



12

Sales revenues (in EUR m)PAX (in m)


San Juan Airport

Shareholders

▪ 60 % Grupo Aero-portuario del Sureste (ASUR)



▪ Privatization 2013

▪ Duration: Concession until 2053



▪ Handles over 90 % of Puerto Rico`s air passenger traffic

▪ First successful privatization under the U.S. FAA Airport Privatization Pilot Program

Overview


135 138 140174*

2016 2017 2018 2019

9.08.4 8.4

9.4

2016 2017 2018 2019

San Juan Airport





Sales revenues in USD million 173.7

EBITDA in USD million 79.8


Sales revenues (in USD m)PAX (in m)

* Due to change in accounting principles, comparability with prior-year figures only partially possible.


Acquisitions

▪ Lead investor for new acquisitions

▪ Placing airport competence at the disposal of consortium partners

→ Additions to portfolio

Asset management

▪ Improve operational efficiency and sustainably strengthen the economic potential of existing airport holdings

→ Value appreciation of participations

→ Increased earnings and cash flows from assets

15

The two pillars of our business model

Acquisitions and asset management


AviAlliance as airport investor

▪ Airports which have not yet tapped their potential to the full and thus offer substantial scope for development

▪ Important criteria include:

− Good growth potential

− Attractive catchment area

− Scope for infrastructure expansion and space optimization

− Potential for non-aviation business

− Improvements for operational and business performance possible

Investment criteria


AviAlliance know-how Asset management tasks Lasting value enhancement of each airport holding

▪ Specialized departments

▪ Identifying potential for optimization

▪ Airport expansion in line with demand

▪ Expertise in the airports themselves

▪ Representing the interests of the private shareholders

▪ Increasing efficiency in operation and organization

▪ Working on boards and in committees

▪ Aviation marketing

▪ Advising the respective airport management

▪ Development of non-aviation business

17

AviAlliance as asset manager

Value enhancement through active asset management


Key success factors

AviAlliance optimizes its airports in terms of both operational and commercial performance by:

▪ Promoting passenger growth (wherever this can be influenced)

▪ Efficient planning and application of capital input

▪ Reducing commissioning risks

▪ Boosting non-aviation revenues

▪ Structuring financing

▪ Increasing and stabilizing debt servicing capability

Enhancing value


What sets AviAlliance off from its competitors

AviAlliance is both operator and investor. It combines operational know-how with modern management methods and transaction expertise.

Airport services

Operator and financing know-how

AviAlliance has the requisite know-how in both operations and financing.

Long-term commitmentAviAlliance is primarily interested in a long-term engagement.

Integrative approachAviAlliance is an integrated operator with in-depth expertise in aviation and non-aviation activities, master planning and optimal capital structuring.

Active managementAs shareholder AviAlliance assumes active responsibility for optimization and further development.

Tailor-made solutionsAviAlliance adapts to the specific conditions, circumstances and requirements of each airport.

IndependenceAviAlliance operates independently of the performance of a home airport.


For governments/contract awarding bodies

For investors and third parties

For airports For airlines For passengers

AviAlliance …

▪ invests sustainably and long-term.

▪adopts local culture.

▪drives economic growth in the catchment area.

▪ takes economic and social responsibility for the region.

AviAlliance …

▪ is a committed industrial partner.

▪optimizesoperational profitability.

▪ integrates operation/business plans and project financing.

▪provides state of the art reporting and involvement.

AviAlliance …

▪combines local know-how with international experience.

▪offers development opportunities for management staff.

▪ improves processes via technological and organizational efficiency.

▪provides state of the art investment.

AviAlliance …

▪provides adequate infrastructure.

▪promotes process optimization.

▪supports traffic development.

▪defines products in line with demand of airlines.

AviAlliance …

▪ improves the passenger experience via− intermodal inte-

gration,− simplified

processes,− excellent

facilities,− way-finding

signage and individualized communication,

− attractive retail environment.

20

AviAlliance – a reliable partner for…


The Public Sector Pension Investment Board (PSP Investments)

Corporate Presentation 21

▪ One of Canada’s largest pension investment managers

▪ Incorporated as a Crown Corporation in 1999

▪ PSP Investments' mandate is to invest funds for four pension plans:

- The Federal Public Service

- The Canadian Forces

- The Reserve Force

- The Royal Canadian Mounted Police

▪ CAD 169.8 billion of assets under management as at 31 March 2020

▪ PSP Investments manages a diversified global portfolio composed of investments

in public financial markets, private equity, real estate, infrastructure, natural

resources and private debt.

Overview

Disclaimer

This presentation was prepared in September 2020. No liability can be assumed for the correctness and/or completeness of the presentation. AviAlliance GmbH and the companies referred to in the presentation cannot accept any claims for liability regarding any errors, deficiencies or instances of incompleteness in this presentation or in any information provided in this connection.

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Please address inquiries to:AviAlliance GmbHKlaus-Bungert-Str. 540468 DüsseldorfGermanyTel: +49 211 20540-200Fax: +49 211 [email protected]


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