Gate Gourmet to acquire majority interest in Skygourmet; Abertis reports 6% revenue increase
Spain’s Abertis (-1.4%) revenue was up 6% in financial highlights reported for the nine months ended 30-Sep-2010:
- Revenue: EUR3097 million, +5.5% year-on-year;
- Airports: EUR211 million, +3%;
- EBITDA: EUR1916 million, +4.6%;
- Airports: EUR664 million, +1%;
- Cash flow: EUR1205 million, +7.4%;
- Net profit: EUR561 million, +4.2%;
- Total assets: EUR2,5035 million, +0.7% when compared with the period ended 31-Dec-2009;
- Total liabilities: EUR1,9619 million, +0.4% when compared with the period ended 31-Dec-2009.
- Commercial revenue^: EUR31.8 million, +6.3% year-on-year;
- Airside: +1.7%;
- Landside: +11.9%;
- Revenue per departing passenger: EUR28.4, -1.8%;
- Airside: -6%;
- Landside: +3.4%.
*Based on the conversion rate at EUR1 = CHF1.33
^Retail, duty free and F&B
See related CAPA profile: Financial results
Selected airport operators/investors daily share price movements (% change): 11-Nov-2010
GateGroup shares gained 4.3% on Thursday (11-Nov-2010) on the same day that its Gate Gourmet subsidiary announced a JV agreement with India Hospitality Corp. (IHC) to acquire a majority interest in Skygourmet, an airline caterer in India with a presence in seven major cities. For gategroup, this transaction is a major move into the Asian market and a strategic breakthrough into the world’s second-fastest growing economy where airline traffic recently has been increasing at an average of about 20% p/a.
The transaction closed on 11-Nov-2010 and is not subject to any further regulatory or shareholder approvals. gategroup has acquired a 74% interest in Skygourmet and the consideration is a combination of cash and assumption of debt. IHC, the parent company of Skygourmet, will retain a 26% interest. Further details remain confidential.
Selected airport supplier’s daily share price movements (% change): 11-Nov-2010