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SINGLE-USER LICENSED REPORT

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The buyer of this report—both as an individual and as a company—agrees that no part of the publication may be reproduced by any individual or organisation, stored in a retrieval system or distributed in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers, The Moodie Report and The S-A-P Group.

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TABLE OF CONTENTS

1 INTRODUCTION ................................................................................................................. 1 1.1 The Moodie Report ............................................................................................... 1 1.2 The S-A-P Group .................................................................................................... 2

2 STUDY REPORT .................................................................................................................. 3 2.1 Definitions ............................................................................................................. 3 2.2 Abbreviations ........................................................................................................ 4 2.3 Airports Included ................................................................................................... 5 2.4 Currency Exchange Rates ....................................................................................... 5 2.5 Important Notes .................................................................................................... 7

3 PASSENGER MOVEMENTS ................................................................................................. 8 3.1 Airports Worldwide ............................................................................................... 8

4 AIRPORT FINANCIALS ........................................................................................................ 9 4.1 Non-Aeronautical Revenues as a Share of Total Airport Revenues (%) ................... 9 4.2 Terminal Retail Revenues as a Share of Airport Non-Aeronautical Revenues

(%) ...................................................................................................................... 11 4.3 Terminal Retail Revenues as a Share of Airport Total Revenues (%) ..................... 12 4.4 Average Aeronautical Income per Departing Passenger (US$) ............................. 13 4.5 Average Non-Aeronautical Income per Departing Passenger (US$) ...................... 14

5 DUTY-FREE ACTIVITIES ..................................................................................................... 15 5.1 Duty-Free Sales per Departing International Passenger (US$) ............................... 15 5.2 Change in Duty-Free Sales per Departing International Passenger (US$ and

Local Currency; Change from Prior Year) ............................................................. 17 5.3 Duty-Free Sales per Square Metre of Shop Space (US$ per m2) ........................... 18 5.4 Average Duty-Free Sales per International Departing Passenger, by Product

Category (US$) .................................................................................................... 19

6 DUTY-PAID ACTIVITIES (APPLICABLE EUROPEAN AIRPORTS) ........................................... 20 6.1 Duty-Paid Sales per Departing International (Intra-EU) Passenger (US$) ............... 20 6.2 Change in Duty-Paid Sales per Departing International (Intra-EU) Passenger

(US$ and Local Currency; Change from Prior Year) .............................................. 21 6.3 Duty-Paid Sales per Square Metre of Shop Space (US$ per m2) ............................ 22

7 OTHER DUTY-FREE AND DUTY-PAID ACTIVITY INDICATORS ............................................ 23 7.1 Duty-Free and Duty-Paid Yields (%) ...................................................................... 23 7.2 Duty-Free Pre-Order Services ................................................................................ 24

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TABLE OF CONTENTS--continued

8 FOOD AND BEVERAGE ACTIVITIES .................................................................................. 25 8.1 International Airside Food and Beverage Sales per International Departing

Passenger (US$) .................................................................................................. 25 8.2 Domestic Airside Food and Beverage Sales per Domestic Departing

Passenger (US$) .................................................................................................. 26 8.3 Food and Beverage Sales per Departing Passenger (US$) .................................... 27 8.4 Food and Beverage Sales per Square Metre of Space (in US$) ............................. 28 8.5 Food and Beverage Income per Departing Passenger (US$) ................................ 29 8.6 Food and Beverage Income per Square Metre of Food and Beverage Space

(US$) ................................................................................................................... 30 8.7 Food and Beverage Yield (%) .............................................................................. 31

9 RETAIL SHOP ACTIVITIES (EXCLUDING DUTY-FREE) ......................................................... 32 9.1 Retail Sales per Departing Passenger (US$) .......................................................... 32 9.2 Retail Sales per Square Metre of Retail Space (US$) ............................................ 33

10 CURRENCY EXCHANGE ACTIVITIES ................................................................................. 34 10.1 Currency Exchange Sales per International Departing Passenger (US$) ................ 34 10.2 Currency Exchange Income per International Departing Passenger (US$) ............ 35

11 ADVERTISING ACTIVITIES ................................................................................................ 36 11.1 Advertising Income per Departing Passenger (US$) ............................................. 36

12 TERMINAL SPACE/PROPERTY RENTAL ............................................................................. 37 12.1 Terminal Space/Property Rental Income per Departing Passenger (US$) .............. 37

13 CAR PARKING ACTIVITIES ................................................................................................ 38 13.1 Car Parking Income per Departing Passenger (US$) ............................................. 38

14 CAR RENTAL ACTIVITIES .................................................................................................. 39 14.1 Car Rental Income per Departing Passenger (US$) .............................................. 39

15 DWELL TIMES AND PENETRATION RATE .......................................................................... 40 15.1 Dwell Time by Stage of Airport Processing (Number of Minutes) ......................... 40 15.2 Penetration Rate by Category (%) ....................................................................... 42

16 RETAIL MARKETING ACTIVITIES ....................................................................................... 44 16.1 Marketing: Budget .............................................................................................. 44 16.2 Marketing: Airport Share ..................................................................................... 45 16.3 Marketing: Use of the “Fixed Amount” Approach for Concessionaire

Contributions ....................................................................................................... 46 16.4 Marketing: Use of the “% of Sales” Approach for Concessionaire

Contributions ....................................................................................................... 47 16.5 Marketing: Concessionaire Contributions Using the “% of Sales” Approach,

by Category ......................................................................................................... 48

17 MARKET RESEARCH ......................................................................................................... 49

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TABLE OF CONTENTS--continued

18 MANAGEMENT INDICATORS ........................................................................................... 51 18.1 Management: Reporting Structure ...................................................................... 51 18.2 Management: Number of Staff ........................................................................... 52 18.3 Management: Fastest Growing Retail Segment ................................................... 53 18.4 Management: Level of Private Ownership ........................................................... 54

19 SHOP FIT-OUT COST SHARING ......................................................................................... 55 19.1 Fit-Out Costs Paid by the Airport .......................................................................... 55 19.2 Fit-Out Costs Paid by the Concessionaire ............................................................. 56

20 LCC PASSENGER SPENDING ............................................................................................. 57

21 CONCESSION STRUCTURES ............................................................................................. 59 21.1 Structure: In-House Operations ............................................................................ 59 21.2 Structure: Single/Multiple Concessions ................................................................ 60 21.3 Structure: Guarantee ........................................................................................... 61 21.4 Structure: Revenue Structure ............................................................................... 63 21.5 Structure: Approach ............................................................................................ 65 21.6 Structure: Sales Targets ....................................................................................... 66 21.7 Structure: Term ................................................................................................... 67 21.8 Structure: High Street Comparison ...................................................................... 68 21.9 Structure: High Street Price Comparison .............................................................. 69 21.10 Structure: Lowest Price Guarantee ....................................................................... 70

APPENDICES

APPENDIX A: ASSESSMENT OF PARTICIPATING AIRPORT’S COMMERCIAL PERFORMANCE ................................................................................................... 71

APPENDIX B: STATUS OF MAJOR AIRPORT CONCESSIONS ....................................................... 73

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THE AIRPORT COMMERCIAL REVENUES STUDY (ACRS) 2013

Published September 2013

1 INTRODUCTION

1.1 The Moodie Report

Welcome to the Airport Commercial Revenues Study 2013. We are pleased to introduce the eighth edition of this unique benchmarking study which we believe provides crucial insight into this important revenue stream for airports around the world. Whether your airport serves two million or 90 million passengers a year, the information within this study is valuable and, furthermore, actionable. The Study continues to be based on high quality research and analysis, provided through the pioneering partnership between The Moodie Report—the world’s leading provider of business intelligence on airport commercial revenues—and The S-A-P Group, a highly respected specialist provider of commercial planning assistance for airports worldwide. It’s a strong partnership that has jointly produced three editions of the ACRS now, and we have every reason to believe that the report has gone from strength to strength. The 2013 edition once again includes extensive detail on duty free sales, food and beverage, advertising and car parking revenue and much more besides. It provides historical analysis, which allows users to build an accurate picture of airport commercial performance development. And the “Concession Tracker”, included as a complementary appendix, is provides an overview of the status of airport commercial contracts around the world, as monitored daily by The Moodie Report. We are acutely aware of the sensitivity of the data we receive. We remain committed to ensuring that airports which participate in the ACRS cannot be directly identified alongside commercially sensitive information. Once again, the ACRS 2013 uses descriptor labels, rather than naming airports directly. There is no perfect solution to this issue; however, we have found that the steps taken to protect participants’ identities have helped to allay concerns about privacy. We hope that the ACRS 2013 will once again prove to be a valuable tool for all those with an interest in the airport commercial revenues business: airports, retailers, brand owners, investors and consultants alike. The Moodie Report welcomes feedback that will allow us to make improvements to future editions, and we encourage users to get in touch with any comments. Finally, I would like to express our gratitude to the airport commercial directors and managers who contributed their data. Without your support, the study cannot exist. In an industry as competitive as this, a reluctance to share data persists. We are extremely grateful to the supporters of the ACRS who make it possible to provide a study that we believe is more relevant than ever. Victoria Bowskill Research Manager The Moodie Report Victoria.Bowskill@themoodiereport.com

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1.2 The S-A-P Group

We are pleased to present the results of ACRS 2013, which includes the performance results from large and small commercial airports around the world. We extend our heartfelt thanks to the many airports that supported this important industry resource by providing data on their commercial programs.

The S-A-P Group has produced this report in coordination with The Moodie Report since 2010. The S-A-P Group provides commercial and financial planning assistance for airports worldwide, with particular focus on the assessment and creation of non-aeronautical business strategies. S-A-P incorporates “best-in-class” assessments for the world’s top airports, the result of our consultants’ knowledge of more than 290 domestic and international airports in 88 countries.

As airport commercial planning consultants, we are keenly aware of the types of analysis and benchmarking that are most important to ACRS readers. As such, key items such as sales and income per departing passenger for key product categories (such as duty-free, food and beverage, specialty retail/news/books, advertising) are included. In addition, managers and other stakeholders with interests in airport commercial activities will find various management indicators useful, including the typical business terms (such as length of contract and fee structure) that are employed for commercial contracts at airports.

As you will see, the commercial data in the ACRS has been grouped into categories based on airport location (Europe, Asia-Pacific, the Americas, and the Middle East) and airport size, as measured by the number of passenger movements per annum (fewer than 10 million passengers per annum, 10 million to 30 million passengers per annum, and greater than 30 million passengers per annum.)

The aggregation of data into these groups has allowed participating airports to share their data on an anonymous basis, which has led to the substantial increase in participation rates from prior editions of the study.

We would appreciate any comments or suggestions you may have for use in next year’s edition of the report and look forward to hearing from you.

Bill A. Matz President The S-A-P Group bill.matz@thesapgroup.com

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2 STUDY REPORT

2.1 Definitions

In order to ensure rigour of classifications and explanations, and to enable “like for like” comparisons, a number of definitions have been employed in The Airport Commercial Revenues Study. For consistency, these definitions are similar to those used in previous editions.

The key definitions relating to this year’s edition are set out below.

2.1.1 Airport financials

Aeronautical revenues represent the total amount of money in a year received by the airport owner from aeronautical sources, which include aircraft landing and parking charges and other amounts generated by aeronautical-related sources.

Non-aeronautical revenues represent the total amount of money in a year received by the airport owner from non-aeronautical sources and include in-terminal concessions, car parking, and other activities.

2.1.2 Commercial activities

This is a generic term that encompasses the sales of goods or services to individual passengers, meeters and greeters, farewellers, and the working community at an airport. It includes duty-free/duty paid, non-duty-free/duty paid retail, terminal rental, food and beverage, currency exchange, advertising, car parking, and car rental activities.

2.1.3 Commercial area

Commercial area amounts include shop spaces, food and beverage units, and associated food and beverage/food court seating areas. The amounts include back-of-shop storage areas, but do not include public circulation or storage areas that are not part of shop spaces.

2.1.4 Commercial income (or revenues)

Commercial income (or revenues) represents the fees paid to the airport operator by concessionaires. The fees include rents, minimum guarantee payments, and royalty fee payments (percent-of-sales fees) made to the airport by concessionaires.

2.1.5 Commercial sales

“Sales” refers to the sales turnover by operators of commercial activities at the airport. Sales represent the sum of customer purchases at the airport.

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2.1.6 Passengers

This term refers to the number of passenger movements rather than the number of people. For example, a person passing through an airport once on departure and once on arrival is counted for the purposes of this study as two passenger movements. For the calculation of metrics on a “per departing passenger basis,” total passenger movements are divided by two to determine the number of departing passengers.

2.1.7 Precinct

This term defines areas within the airside and landside portions of an airport and reflects the purpose of the passenger. Most airports typically have precincts that are clearly identifiable such as departures landside, departures airside, arrivals airside, and arrivals landside.

Airside is defined as that part of the passenger terminal after check-in and security in the case of domestic airports and after check-in, security, Customs and passport control in the case of international airports. The airside portion of an airport is accessible only to passengers and airport staff.

Landside refers to the part of the terminal that is typically accessible to all, usually the part of the airport before Customs and/or security.

2.1.8 Square metres

Square metres (m2) are used as the basis of comparisons in this study. For the purposes of conversion one square metre equals 10.764 square feet and one square foot equals 0.0929 square metres.

2.1.9 Yield

Yield is defined as commercial income divided by commercial sales.

2.2 Abbreviations

ACI Airports Council International CY Calendar Year EU European Union FY Financial Year LCC low cost carrier(s) m2 square metre(s) pax passenger(s) YOY year-on-year (change from one 12-month period to the subsequent

12-month period)

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2.3 Airports Included

ACRS 2013 includes data for up to 118 commercial airports around the world. Data comes from a variety of public and private sources, including airports that provided their data to the publishers directly. For reasons of confidentiality, the names of neither participating nor non-participating airports are identified.

Data covers the following airport regions:

• Americas ......................................................................................... 29 airports

• Asia-Pacific ....................................................................................... 26 airports

• Europe ............................................................................................. 49 airports

• Middle East ...................................................................................... 14 airports

Data covers the following airport sizes:

• < 10 million total passenger movements per annum (< 5 million departing passenger movements per annum) ............... 45 airports

• 10~30 million total passenger movements per annum (5 million~15 million departing passenger movements per annum) . 38 airports

• > 30 million total passenger movements per annum (> 15 million departing passenger movements per annum) ............. 35 airports

2.4 Currency Exchange Rates

To ensure compatibility, every effort was made to obtain the most recent data for both participating and non-participating airports. All amounts are converted to US$ based on the average currency exchange rates for the 12-month period covered.

The following table details the exchange rates and typical reporting periods of select participating and non-participating airports by their country and region. The reporting periods shown do not necessarily include or represent all airports whose data is included in ACRS 2013.

Exchange rates in most regions were fairly stable during 2012. However, the Euro depreciated 7.6% relative to the US Dollar in 2012.

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CURRENCY EXCHANGE RATES EMPLOYED ACRS 2013

Region Country / Currency Time Period

Average exchange

rate: US$ value for

one unit of local

currency

Europe Austria / EUR CY12 ending 31Dec12 1.285$

Czech Republic / CZH CY12 ending 31Dec12 0.051$

Denmark / DKK CY12 ending 31Dec12 0.173$

France / EUR CY12 ending 31Dec12 1.285$

Germany / EUR CY12 ending 31Dec12 1.285$

Italy / EUR CY12 ending 31Dec12 1.285$

Netherlands / EUR CY12 ending 31Dec12 1.285$

Poland / PLN CY12 ending 31Dec12 0.308$

Portugal / EUR CY12 ending 31Dec12 1.285$

Spain / EUR CY12 ending 31Dec12 1.285$

Switzerland / CHF CY12 ending 31Dec12 1.066$

United Kingdom / GBP CY12 ending 31Dec12 1.585$

Iceland / ISK CY12 ending 31Dec12 124.6$

Asia-Pacific Australia / AUD CY12 ending 31Dec12 1.036$

China / CNY CY12 ending 31Dec12 0.159$

Hong Kong / HKD CY12 ending 31Dec12 0.129$

India / INR CY12 ending 31Dec12 0.019$

Japan / JPY CY12 ending 31Dec12 0.013$

Macau / MOP CY12 ending 31Dec12 0.128$

Malaysia / MYR CY12 ending 31Dec12 0.325$

New Zealand / NZD CY12 ending 31Dec12 0.810$

Singapore / SGD CY12 ending 31Dec12 0.801$

South Korea / KRW CY12 ending 31Dec12 0.001$

Taiwan / TWD CY12 ending 31Dec12 0.041$

Americas Argentina / ARS CY12 ending 31Dec12 0.221$

Brazil / BRL CY12 ending 31Dec12 0.513$

Canada / CAD CY12 ending 31Dec12 1.000$

Chile / CLP CY12 ending 31Dec12 0.002$

Costa Rica / CRC CY12 ending 31Dec12 0.002$

Mexico / MXN CY12 ending 31Dec12 0.076$

United States / USD CY12 ending 31Dec12 1.000$

Middle East Bahrain / BHD CY12 ending 31Dec12 2.677$

Kuwait / KWD CY12 ending 31Dec12 3.577$

Oman / OMR CY12 ending 31Dec12 2.606$

Qatar / QAR CY12 ending 31Dec12 0.276$

UAE / AED CY12 ending 31Dec12 0.272$

_______________Source: OANDA.

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2.5 Important Notes

This report contains information supplied by and analysis based on public and other sources. For some data, we have developed estimates of performance that are based on what we believe are reasonable assumptions.

While we believe that the information contained in this report is correct and reasonable, the authors cannot guarantee its validity or warrant the information contained herein.

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8.5 Food and Beverage Income per Departing Passenger (US$)

$0.4

6

$0.5

0

$0.9

9

$0.7

7

$0.6

6

$0.6

5

$1.0

8

$0.8

8

$0.8

6

$0.7

6

$0.9

4

$0.8

4

$0.7

8

$0.6

7

$1.0

1

$0.8

5

0.00

0.40

0.80

1.20

Americas Asia-Pacific Europe Global Average

US$

AVERAGE FOOD AND BEVERAGE INCOMEPER DEPARTING AIRPORT PASSENGER (IN US$)

<10m pax

10m~30m pax

>30m pax

Regional Average

• Average food and beverage income per departing passenger at airports was US$0.85

• The highest amount was generated by European airports, with average food and beverage income per departing passenger at US$1.01

− European airports handling 10 million to 30 million passengers a year generated the highest food and beverage income per departing passenger at US$1.08

− European airports generated an average food and beverage income per departing passenger that was higher than the average for all regions

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APPENDIX B:

STATUS OF MAJOR AIRPORT CONCESSIONS

In the pages that follow we present information on the current status of airport commercial concessions across the world, where such information is available. Wherever possible the information has been verified but the authors cannot guarantee the accuracy of every entry. Users of the ACRS are invited to contact the authors should they be in a position to correct or update any of the information presented in these pages.

The information is not designed to offer a fully comprehensive picture of every airport concession worldwide; the authors are aware that not all airports or concessions are covered. We would encourage users of the ACRS to contact us with information that would help provide a more complete picture.

Much of the information in this section has been gathered from public sources, notably TheMoodieReport.com. Where the latter is the source of information, the title and date of the relevant article has been included, allowing users to search www.TheMoodieReport.com easily to access further relevant details.

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Country Afghanistan

Airport Kabul International Airport

Operator Ministry of Transport and Civil Aviation of Afghanistan

Category Duty Free

Business Model Concession

Key Service Provider(s) Afghan Duty Free

Concession Length in No. of Years -

Estimated Start Date / End Date Since 2005

Remarks Afghan Duty Free was appointed by the Afghan government to manage the duty free shops across Afghanistan in early 2005.

The Moodie Report Article

Country Afghanistan

Airport Kabul International Airport

Operator Ministry of Transport and Civil Aviation of Afghanistan

Category Duty Free

Business Model Concession

Key Service Provider(s) Dawi Ariana Duty Free Shop

Concession Length in No. of Years -

Estimated Start Date / End Date Since June 2009

Remarks

Dawi Oil LTD, owner of Dawi Ariana Duty Free Shops, is a branch of aviation fuel distributor Dawi Group of Companies. Dawi Ariana Duty Free Shops is supplied by Gebr Heinemann.

The Moodie Report Article

Country Albania

Airport Tirana International Airport

Operator Tirana Airport SPHK

Category Duty Free

Business Model In-house/ Sub-Concession

Key Service Provider(s) HochTief Airport Retail (Master Concession)/ Gebr Heinemann Albania Duty Free JV (main duty free retailer)

Concession Length in No. of Years 7

Estimated Start Date / End Date March 2007 until February 2014

Remarks -

The Moodie Report Article Albanian travel retail looks to the future with stunning new terminal at Tirana Airport – 02/04/07

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