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Auckland Airport completes USD105 million refinancing, BAA parent, Ferrovial, continues to rise

Analysis

Shares in Auckland International Airport rose 2.3% in trading yesterday, following the completion of a NZD150 million (USD105 million) refinancing of maturing standby facility.

The airport also welcomed a ruling by the Court of Appeal today, dismissing an appeal by the Craigie Trust against a High Court judgment in Jun-2008 over land acquired by the airport from the Trust.

Shares in airports worldwide were mixed yesterday with Chinese airports leading the declines, while Mexico's GAP and BAA parent, Ferrovial, rose 2.5% and 2.3%, respectively.

Airports Council International (ACI) released its annual Airport Economics Report 2009, which showed airports worldwide reporting a revenue of USD96 billion, on the back of USD55 billion in operating costs in 2008. Capital expenditure by airports fell 1.5% in 2008 but is expected to increase 6% to USD42 billion in 2009 as airports expect traffic to begin to pick up. According to ACI, traffic is expected to "rebound and may well exceed moderate predictions of +2% p/a next year".

Meanwhile, Brussels Airport reported a 1.5% decline in passenger numbers to 1.2 million in Nov-2009.

Selected airports daily share price movements (% change): 22-Dec-09

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