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MAp - Rome Airport Fourth Quarter and Full Year 2005 Results


Aeroporti di Roma (AdR) announced its results for the 12 months to 31 December 2005 on 13 March 2006.

AdR reported Group EBITDA (earnings before interest, tax, depreciation and amortisation) for the twelve months to 31 December 2005 of €261.1million, a 4.3% increase on the previous corresponding period (pcp). EBITDA for the quarter to 31 December 2005 was up 1.6% on the pcp at €63.6million. Net profit after tax (NPAT) was €79.7m in 2005 compared to €3.9m in the pcp, including €68.5m net gain on the sale of Airports Company South Africa (ACSA) and €16.2m extraordinary costs for the staff restructuring plan.

Macquarie Airports (MAp) CEO, Ms Kerrie Mather said, “Full year EBITDA growth was slightly below passenger growth due to the stronger traffic growth at Ciampino (up 65.7% on pcp) on lower yields. An excellent retailing result (up 10.2% on pcp) and improved operational efficiency resulting from continued cost control helped to mitigate the revenue impact of continued Alitalia industrial action at Fiumicino.

“Airport retailing initiatives, including new store openings which added 13% additional retail space, refurbishments and customer promotions, have been successful in driving direct retail revenues, up 21.5% on the pcp. Car parking revenues, driven primarily by domestic passengers, were adversely affected by the Alitalia strikes in the second half of the year (Fiumicino domestic traffic down 3.6% in 2005) and are expected to recover in 2006 when domestic traffic returns and new management initiatives take effect.

“Operational efficiencies and cost savings continued with total costs per passenger 2.4% lower than pcp. Excluding the increased cost of goods sold (reflecting strong growth in direct retail revenue and significant promotional activities), total costs per passenger were below pcp by 4.0%.” Ms Mather said.

AdR Group NPAT was €79.7 million for the full year (€3.9 million in the pcp). This significant increase reflects the growth in EBITDA, the capital gain booked on the sale of the investment in ACSA (€68.5m) and incorporates the extraordinary costs related to the staff restructuring plan (€16.2m).

AdR is experiencing solid traffic growth (passengers for the month of February increased by 6.1% on pcp) and the outlook remains positive with domestic traffic recovering, up 8.0% on pcp in February 2006. The Intra-EU sector is expected to continue to grow strongly due to the expansion of low-fare traffic. This traffic growth, combined with staff cost control and the strong performance of commercial revenues, will drive future growth.
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