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FPAM Reviews Post-acquisition Performance of ATB

2018-01-08 14:21

HONG KONG, Jan. 8, 2018 /PRNewswire/ -- Friedmann Pacific Asset Management Limited ("FPAM" or the "Group"), an experienced investor and operator of aviation ventures around the world, is pleased to announce the outstanding performance and improved infrastructure of The Toulouse-Blagnac Airport ("ATB"), since it, through its airport investment arm China Airport Synergy Investment Limited ("CASIL"), teamed up with Shandong High Speed Group to acquire 49.99% stake of the airport in December 2014.

The Chinese consortium fully paid 308 million euro to French central government in 2015, and sent representatives to the Supervisory Board and had two professionals on the Board of Directors. Together with other three directors, the team has improved the airport management and optimized the development planning, delivering the initial commitment that we made to the airport, including:

Increased routes, airlines and new low-cost-carrier terminal

  • Airport traffic exceeded the threshold of 9 million passengers in 2017 with a year-on-year increase of over 15%, as compared to 7.5 million passengers in 2014
  • Flight portfolio has considerably widened with 36 new routes, increasing the accessibility of Toulouse to the world
  • Reinforced low-cost offering close to 40% of airport traffic thanks to the arrival of a number of main low-cost players including EasyJet, Ryanair and Volotea

Modernised infrastructure with terminal expansion and reconfiguration

  • 30 million euro invested in the extension of Hall D, creating a larger and more welcoming hall that is expected to accommodate a passenger volume of 12 million
  • A jetty for Hall A to keep up with the significant increase in low-cost traffic and meet the expectations of regional airlines
  • Construction of a 4-star hotel directly connected to Hall A to be operated by the branded NH Hotel group in 2018
  • Development of painting hangars for Airbus aircraft supporting local industry
  • More appealing commercial offering and services to passengers supported by a large shopping area and food court
  • Renovation of car park to create an enlarged and premium parking space to increase passenger convenience
  • Rearrangement of security area to reduce passengers' time spent on security check, improving customer satisfaction

Environmentally friendly and socially responsible airport that puts local well-being as top priority

  • From early 2016, the airport's electricity has been supplied by 100% renewable source
  • Building of a solar power plant at the airport site with expected production of 1,100 MWh/year
  • 40 hives set up to help protect local biodiversity
  • Use of higher-capacity aircraft to limit the number of take-offs and landings at the airport

Improved financial performance and optimised dividend policy

  • Consolidated EBITDA and operating income witnessed constant growth in the past 3 years
  • Diversification of operations to add new sources of revenue
  • ATB adopts a market-oriented operations model through which optimal financing is given to full play, so as to ensure an efficient and effective use of shareholders' capital is in best interest of all shareholders
  • Major capital development to be funded by a combination of equity investment and debt financing, with gearing ratio sitting at a comfortable level
  • A dividend policy approved by Supervisory Board

Transparency in corporate governance with full stakeholder engagement

  • The Supervisory Board, comprising representatives from Chinese shareholders, French central government and local public shareholders (Chamber of Commerce, Region of Occitania, City of Toulouse and Local department), oversees the decision making process on all major issues to ensure consensus is reached before execution
  • CASIL and other public shareholders share the common goal of providing best services and infrastructure to the public on a long term basis
  • Appointment of the Chairman of the Board of Directors had been in process with the active participation of all shareholders and assistance of an international recruitment agency. It is now completed and has been reported to the Supervisory Board on 19 December 2017

Mr. Mike Poon, Founder and Chairman of FPAM, commented, "We're very glad to see the outstanding results of ATB after the privatization, which underscores the success of our strategic vision. Such achievement could not have been possible without the professionalism and expertise of the airport employees, management and board.

Our investment in ATB is a long-term commitment. With 160 million euro planned to invest in the airport up till 2021, further and more significant improvement will be apparent in infrastructure and customer services. Safety, environmental protection and passenger satisfaction will not be compromised in the process of improving airport profitability. We orientate our investment with an aim of making ATB a gateway of southwest France, adding value for the region of Toulouse. And I am confident that ATB will be a major infrastructure and economic driver that Toulouse and the local population is proud of."

The ATB acquisition was the first major airport privatization project in France, which also marked the first overseas airport acquisition by a Chinese consortium. The deal was voted "Deal of the Year 2015" at the audience poll at Global Airport Development Conference ("GAD") 2015, the world's leading airport development & finance event. ATB is ranked by Flight-Report as the most efficient airport of France in 2016 with regards to its access, service, cleanliness and fluidity.

Source: Friedmann Pacific Asset Management Limited

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