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Report prepared for Air New Zealand
11 July 2010
PO Box 29, Stanley Street Plaza South Bank QLD 4101 Telephone +61 7 3844 0684 Email firstname.lastname@example.org Internet www.sfgconsulting.com.au Level 1, South Bank House Stanley Street Plaza South Bank QLD 4101 AUSTRALIA
........................................................ 11 ......................................................... 2 Instructions ................................................................................................................................................................................................................................................................................................................................................................ 2 BETA ESTIMATES ........................................................... 3 Estimation results ...................................................................................................................Airport beta estimates Contents EXECUTIVE SUMMARY AND CONCLUSIONS...................................................... 7 Conclusion .............................................. 2 Conclusions ........................................................................................... 10 APPENDIX 1: BUSINESS DESCRIPTIONS OF COMPARABLE FIRMS ........................................................................................................................................................................................ 4 Sample selection ............................................................................................................................... 9 REFERENCES ........................................... 3 Estimation methodology ..............................................
the result is re-levered equity beta estimates that are lower than the estimate of 1. 4. 2010 (Draft Reasons).Airport beta estimates Executive summary and conclusions Instructions 1. Our investigation identifies a larger set of potentially comparable firms than the set used by the Commission in its Draft Reasons. Conclusions 3. we use the same approach as the Commission for processing the relevant data to produce beta estimates. Throughout the report. we follow the six-step approach of the New Zealand Commerce Commission (the Commission) set out in its Input Methodologies Airport Services: Draft Reasons Paper of 31 May. 5. flying fields and airport terminal services industry and for which sufficient data is available. In particular. we use ordinary least squares (OLS) estimation applied to monthly returns data. The Strategic Finance Group: SFG Consulting (SFG) has been engaged by Air New Zealand to examine the estimation of equity beta for companies providing airport services.08 adopted by the Commission in its Draft Reasons. 2. Our approach is to begin with all firms that are classified as operating in the airports. Whether we use the entire sample or sub-sets based on the Air New Zealand classification. Our estimates are more comparable with those previously adopted by the Commission and by other regulators. We then apply a classification system provided by Air New Zealand to identify those firms that are most comparable to Auckland International Airport. The Commission’s Draft Reasons provide little information about how its smaller set of comparable firms was identified. and we adopt the Commission’s approach to re-levering equity betas. 2 . we make no Bayesian adjustments. That is.
we use all available data as the basis for our beta estimates. p. also consistent with the approach adopted by the Commission. Our final sample of potentially comparable firms is constructed as follows: a. Faff and Officer (2005) and Hooper. 232-233. 3 Draft Reasons. Consequently. use five years of monthly data to estimate equity betas. stock returns include dividends and capital gains. 227. Brailsford. In all cases we use monthly stock returns and the most recently available data. d. This is due more to convenience than evidence. Draft Reasons. Six firms were then removed from the sample because there were no returns data available from Datastream. We begin by using the Osiris database to identify the set of all firms that are classified as operating in the airports. consistent with the approach adopted by the Commission. Bowman. For each of the 31 firms in the final sample. c. pp. We then obtain monthly stock returns for each of these firms from the Datastream database. we perform a standard ordinary least squares regression using all of the available data. Table 1 also reports the standard error of each beta estimate (Column [J]) and the R-squared statistic (Column [K]) which provide an indication of the statistical significance and informativeness of each regression.Airport beta estimates Beta estimates Estimation methodology 6.g. 2 These equity beta estimates are reported in Column [H] of Table 1 below. flying fields and airport terminal services industry was comprised of 44 firms. For instance. Blume or Vasicek corrections). The initial sample of firms classified as operating in the airports. 1 2 3 . and some commercial data service providers. We note that the Commission. A number of academic papers have considered the appropriate length of data that should be used to estimate equity betas. 3 9. We do not apply any Bayesian adjustment (e. b. SIC refers to the Standard Industry Classification system. One firm was removed from the sample because there were no market returns (for Kuwait) available from Datastream. Our final sample is therefore comprised of 31 firms classified as operating in SIC 458. as is standard. A further six firms were removed from the sample because they are thinly traded on OTC markets. Gray. 10. Ng and Reeves (2005) present evidence to suggest a longer time period should be used than the commercial practice of four or five years of monthly data. In all cases. with academic studies generally suggesting that longer time periods result in more reliable estimates.. 8. Column [L] of Table 1 reports the number of (monthly) observations used in each regression. Hall. e. flying fields and airport terminal services industry (SIC 4581). The Osiris database provides a brief description of the business operations of each of these firms. 7. as set out in the Appendix to this report.
Airport beta estimates 11. and L represents the firm’s leverage (debt financing as a proportion of the market value of the firm). β e represents the equity beta. 4 Draft Reasons. Setting the debt beta to zero (again. 234. 4 . consistent with the approach adopted by the Commission4 ) results in the following formula for unlevering equity betas: β a = β e (1 − L ) where β a represents the unlevered asset beta. Estimation results 12. p. The asset beta estimates for each of the comparable firms is set out in Column [G] of Table 1. We then use the unlevering approach adopted by the Commission to covert the OLS equity beta estimates into asset beta estimates for each firm.
9 0.5 0.7 0.450.7 0.1 0.1 D/V [F] 0% 8% 22% 37% 53% 31% 35% 71% 25% 67% 36% 43% 39% 57% 67% 2% 4% 15% 71% Asset beta [G] 1.2 0.8 0.9 3.499.2 0.5 1.9 3. Airport beta estimates Ticker [A] AELG AFI SAVE ADP 8864 AIA 600463 00694 KBHL DBG DCP FLU FHZN FRA GEM OMAB GAPB 600004 IFT Market [B] Slovenia Italy Italy France Japan New Zealand China China Denmark France USA Austria Switzerland Germany Italy Mexico Mexico China New Zealand Exchange [C] Ljubljana Milan Milan Euronext Paris Tokyo Stock Exchange New Zealand Shanghai Hong Kong Copenhagen Euronext Paris NYSE Vienna Stock Exchange SIX Swiss Frankfurt Milan Mexico Mexico Shanghai New Zealand Market cap* [D] 48.2 0.9 0.2 0.9 2.8 3.954.6 6.7 0.235.1 0.1 0.750.2 0.0 Relevered OLS beta [I] 2.7 0.3 0.0 1.9 800.2 0.0 Standard error [J] 0.5 904.075.5 0.2 0.3 0.2 0.4 8.1 0.6 0.9 0.0 5.0 17.7 10.3 19.460.6 1.3 130.Airport beta estimates Table 1.2 0.7 0.4 1.4 0.6 1.1 2.0 10.241.5 976.6 1.1 4.8 1.0 0.1 0.472.6 Debt* [E] 0.4 0.0 OLS beta [H] 1.565.3 0.1 0.3 0.0 0.0 21.7 10.0 97.1 1.8 1.905.4 108.0 17.7 0.9 0.5 1.0 734.4 0.489.0 0.2 0.4 1.1 1.7 0.076.2 0.5 1.5 0.9 1.2 0.682.3 0.0 2.0 0.2 0.154.020.9 552.1 682.210.379.4 1.0 0.060.1 0.7 0.9 1.7 1.6 1.0 0.7 813. Air NZ observations Classification [L] 130 118 60 47 193 130 73 126 180 167 57 206 251 114 273 42 51 93 176 [M] U C C U C C N C C N N U C C N C C C N 5 .1 0.8 1.6 499.2 0.1 1.0 1.2 1.5 Adj. R2 [K] 55% 17% 38% 46% 15% 31% 16% 31% 10% 26% 11% 16% 17% 18% 48% 39% 27% 1% -1% No.964.1 0.1 0.9 1.5 318.104.22.168 986.
5 1.4 0.8 88.2 0.5 8.8 55.9 0.0 22.4 0.890.1 5.Airport beta estimates 9706 005430 5014 MIA MAP MPLU3 600009 000089 S58 SAT TAVHL 600897 Japan Korea Malaysia Malta Australia Brazil China China Singapore Italy Turkey China Tokyo Stock Exchange Korea Stock Exchange Kuala Lumpur Malta ASX Sao Paulo Shanghai Shenzhen Singapore Milan Istanbul Shanghai 111.6 0.3 0.0 40.7 2.6 0.0 109.7 3.3 0.6 0.6 0.2 0.7 1.0 0.1 6.8 0.9 0.1 3% 14% 34% 33% 24% -7% 4% 1% 42% 18% 24% 2% 226 250 120 89 92 12 137 126 116 33 46 150 U N U C U N C C N U C C Source: Datastream.0 24% 23% 11% 33% 55% 0% 12% 1% 8% 6% 57% 0% 0.2 134.1 0.7 1.500.3 0.7 2.8 2.2 0.6 5.2 0.2 53.614.3 0.1 0.3 0.1 0.112.052.0 3. β a = β e (1 − L ) 6 .3 1.2 0.5 0.2 0.7 17.8 0.7 0.256.113.800. SFG Calculations.006.5 0.4 251.5 0.1 0.5 4.769.3 0.5 0.081.1 0.296.1 0.9 0.5 5.1 0.911.8 0.5 0.2 0.9 0.080.9 707.2 0.935.9 1.7 35.2 0.4 0.
88.g.79. the re-levered equity beta is: βe = 14. the re-geared equity beta estimates are: a.4) The approach adopted by the Commission is obtain an estimate of the asset beta and then relever to obtain an estimate of the appropriate equity beta. Air New Zealand has supplied us with a classification of the 31 firms in the set of potential comparables. The mean of these re-levered equity beta estimates is also 0.” Those that are considered to be less comparable (e.” Those firms for which Air New Zealand is unable to make a categorical classification are signified “U. flying fields and airport terminal services industry. 7 . 226.92. 5 Draft Reasons. of course..Airport beta estimates 13. The estimates thus far are based on all firms that are classified as operating in the airports. which is based on the Commission’s smaller set of comparable firms. In summary. Sample selection 15.. 17. βa (1 − L ) = 0. (1 − 0. those classified as “C”) is 0. 19. based on those firms that are considered to be most comparable to Auckland Airport. The average asset beta of those firms that are classified as being most comparable to Auckland Airport (i. When this is re-levered to 40% debt financing.53.88.08. It is.92. b.55. 18. p. In this regard. and c. 0. This corresponds to a re-levered equity beta (assuming 40% debt financing) of 0. This corresponds to a re-levered equity beta (assuming 40% debt financing) of 0. 16.5 and we follow the Commission’s approach in this regard. to be consistent with the Commission’s assumed gearing level.88 .79. 0. those classified as “C” or “U”) is 0.e.” These classifications are set out in Column [M] of Table 1. 0. we also report the re-levered (to 40% debt financing) equity beta estimates for each firm in Column [I] of Table 1. For completeness. possible that some of these firms are more comparable to Auckland International Airport (in terms of systematic risk. because they involve a substantial amount of activity outside airport terminal services) are signified as “N.e. These estimates can be compared with the Commission’s estimate of 1. Firms that Air New Zealand considers to be closely comparable to Auckland Airport are signified as “C. based on the full sample.53 = 0. The mean asset beta in Table 1 (Column [G]) is 0. based on those firms that are considered to be not uncomparable to Auckland Airport. 232..48. The average asset beta of those firms that are classified as being not uncomparable to Auckland Airport (i. or sensitivity to changes in aggregate wealth) than others.
That is. it is difficult to find a sufficient number of comparable businesses to implement such an approach based solely on domestic data.g. 223. it is likely that the sample of comparable firms will include similar firms from overseas jurisdictions.8 1. Datastream. Table 2 shows that our equity beta estimates are closely comparable to those used by the Commission for all cases but for Flughaven Zurich.0 1. 24. Comparison of airport beta estimates Company Aeroports de Paris Auckland International Airport Flughafen Wien Flughafen Zurich Fraport Grupo Aeroportuario Del Centro Norte Grupo Aeroportuario Del Pacifico MAP Group Market France New Zealand Austria Switzerland Germany Mexico Mexico Australia Exchange Euronext Paris New Zealand Vienna Stock Exchange SIX Swiss Frankfurt Mexico Mexico ASX SFG OLS beta 1. 23.0 0. the entire industry consists of a single natural monopoly supplier. Table 2.9 0. in most New Zealand industries.8 1. In practice.0 1. or other sectors with a comparable risk profile.9 0. As a result. 8 . Given the size of the sample. Finally.7 1. where the Commission’s estimate of 1.25 is 6 Draft Reasons. à priori.6 22. The Commission sets out its process for selecting the set of comparable firms as follows: The first step is to identify relevant comparable firms for inclusion in the sample. the Commission did not consider it necessary to consider asset betas from industries with a similar risk profile.2 Source: Draft Reasons. The Commission therefore included nine international overseas firms that operate airports in its sample of comparable firms. Indeed. have very similar exposure to market risk. p. the Commission provides little detail on the process that it has used to identify its smaller set of comparable firms.Airport beta estimates 20.0 0. ‘comparable’ means firms that.0 0. 21.3 1. electricity transmission). The only New Zealand airport that is listed on a stock exchange is AIAL. This may include firms from the industry in question. Consequently. the selection of which firms are to be included in the set of comparables can have a material effect on the equity beta estimate. Here. we note that there is a high degree of overlap between our sample and the set of firms used by the Commission.1 1. and their OLS equity beta estimates are set out in Table 2 below.9 0. in some cases (e. SFG Calculations.6 1.2 NZCC OLS beta 0. The firms that correspond to both samples.
For all other firms. Our beta estimates for the firms used by the Commission are generally very close to the Commission’s estimates. and that b. The Commission has provided no detail on how it has selected the firms in its set of comparables. 9 . Consequently. flying fields and airport terminal services industry (SIC 458) are used. we note that: a. the resulting equity beta estimate is lower than that adopted by the Commission. In this regard.Airport beta estimates the highest estimate in its sample. our estimates are very close to (or slightly above) those adopted by the Commission. Conclusion 25. any difference in final beta estimates will result only from differences in the set of comparable firms that are used. If a larger set of firms that are classified as operating in the airports. This indicates that our process of estimating beta is commensurate with the process used by the Commission and generally produces closely comparable results.
Ng and J. Officer. V.Airport beta estimates References Gray. K. J.. Bowman. R. Report prepared for the Energy Networks Association (May).. 10 . 31 May. J. Beta forecasting: A two-decade evaluation. S. Faff and R. Hooper. J. Brailsford. Input Methodologies Airport Services: Draft Reasons Paper. The performance of alternative techniques for estimating equity betas of Australian firms. New Zealand Commerce Commission. Working paper. Hall. (2005). Reeves. R. (2010). (2005). University of New South Wales and Stanford University. T.
France) The Company is an airport group.Airport beta estimates Appendix 1: Business descriptions of comparable firms Aerodrom Ljubljana D. Airport Facilities Co Ltd (8864. operation of commercial spaces. parking facilities and other.A SAVE (SAVE.D. refreshment bars and advertising space concessions. Fukuoka and Miyazaki airport. Aeroporto Di Firenze S. such as general aviation. carries out airport services such as receiving and sending off planes and passengers. baggage handling. The operations are carried out through the following divisions: Real estate leasing. The company offers a wide-ranging network of Italian connections.3%): land and commercial real estate property leasing (businesses.D. catering. cargo depot. installation of airport infrastructures. In addition.A manages the Venice Marco Polo airport. etc. Hiroshima-Nishi.Orly.supply of airport services (74.A (AFI. New Zealand) 11 . Nagoya. the Company performs other commercial activities for airport users. and telecommunication spaces. storage and starting assistance. .8%): air traffic management. aircraft management (cleaning. Auckland International Airport Limited (AIA. guidance. Itami Osaka International Airport and other local airports such as Shin-Chitose. preparation of restaurant.. and Paris . Kagoshima. the management of mobility infrastructures and related services. The Real estate leasing relates to leasing of buildings. 10 aerodromes. logistics buildings. The Heat supply division includes air cooling and heating. Italy) SAVE S.Le Bourget). offices. The Company also manages non-aviation activities. Sendai. Aeroporto Di Venezia Marco Polo S. public catering and the management of the travellers' shops (Food & Beverage and Retail) in the mobility infrastructures. Heat supply and Water supply and sewage.). etc.P. etc. Its activities fall under three business areas: airport management. hotels.stopover assistance services (6%): passenger registration and transfer. The water supply and sewerage division provides water supply. and one heliport (Paris Issy-les-Moulineaux).P. Paris . . aircraft loading and unloading). sewerage treatment. intermodal transportation and terminal management. business premises lease. specialized telecommunications services. Italy) The Company's principal activity is the management of Florence Airport for passenger and cargo transportation. aero engineering.real estate management (6. parking. Aeroports De Paris SA (ADP. aircraft and equipment leasing and communication services.Charles de Gaulle. airport engineering services. such as duty-free shops. etc..other (12. . Japan) The Company's principal activity is to manage and lease airport buildings and facilities at Haneda Tokyo International Airport. It specializes in owning and operating 3 Ile-de-France airports (Paris . (AELG. The Company’s sales break down by activity is as follows: . Slovenia) Aerodrom Ljubljana D.9%): including international airport management.P.
non-military United States governmental agencies and foreign governments. aviation services and operations. repair and overhaul (MRO) of aircraft. through its subsidiaries. The Company has two wholly owned subsidiaries. The Company's core businesses involve the operation and expansion of systems related to air traffic operations. 2009 (fiscal 2009). aircraft cleaning. The Company's customers include the United States Department of Defence (DoD). and linguist services. the UK and China. The Company is focused on the maintenance. Other activities include the provision of consultancy services. It is New Zealand's largest and busiest airport both by aircraft and passenger movements and the country's primary gateway. Copenhagen Airport AS (KBHL. is engaged in the operation. coordination and control of stopovers. state and local government departments and agencies. the United States Department of State (DoS). Dynacorp International (DCP. Flughafen Wien AG (FLU. security services. Beijing Capital International Airport Company (00694. foreign governments. Denmark) The Company owns and operates the airports at Kastrup and Roskilde in Denmark. commercial customers and certain other United States federal. The Company is also involved in the management of properties and the construction and building business. France) Derichebourg provides airport services including runway assistance. It operates through three main divisions. China) The Company is primarily engaged in the development and sale of land and leasing of standard factories. base and logistics operations. Norway. Inc is focused on acquiring and developing aviation-related businesses. Copenhagen Airport's Hotel and Real Estate Company A/S and Copenhagen Airports International A/S. It also provides logistics support for all of its services. The Airport division 12 . logistics and baggage handling.Airport beta estimates AIAL is the owner and operator of Auckland International Airport. The Company's expertise is in law enforcement training and support. missioncritical professional and support services outsourced by the United States military. and providing products and services for the general aviation sector. as well as development and building initiatives at the Vienna International Airport in Austria. Avstar Aviation Group Inc (AAVG. passenger assistance. It has international ownership stakes in Mexico. Austria) The Company is an Austrian holding company based in Vienna that. Revenue from the United States government accounted for approximately 96% of total revenue during the fiscal year ended April 3. Derichebourg (DBG. construction management. Beijing Airport High-Tech Park Co Ltd (600463. (DynaCorp International) is a provider of specialized. China) The Company is principally engaged in the ownership and operation of the international airport in Beijing ("Beijing Capital Airport") and the provision of related services. USA) AvStar Aviation Group. USA) DynaCorp International Inc.
operation and maintenance of the airport's operations infrastructure. transportation of passengers and crews and the towing. handling. World Jet is an aircraft parts sales and aircraft parts brokerage facility servicing aircraft operators. HAT is a provider of aircraft maintenance. The Marketing and Real Estate business segment focuses on the development. three tourist destinations (Acapulco. Generale Mobiliare Interessenze Azionarie S. Flughafen Zurich AG (FHZN. the airport's fire department. Torreon and Zacatecas) and border cities 13 . USA) Global Aircraft Solutions. maintain and administer the equity and debt funding of any acquired subsidiaries. The Airport division is also responsible for flight operations. marketing and operation of the commercial infrastructure at the airport. charter and general aviation flights. repair and overhaul (MRO) services to owners and operators of Transport Category commercial jet aircraft. aircraft leasing companies and MRO facilities.A. regional centres (Chihuahua. security. as well as the provision of aircraft energy supply systems. DE C. de C. The Company operates within two main business areas. The Non-Aviation division covers related airport services. This predominantly entails the loading and unloading of aircrafts. Global Aircraft Solutions Inc (GACFQ. Fraport AG (FRA. aprons and all facilities relating to passenger and baggage handling. passenger handling. S. medical facilities and access control and winter services.B. Mexico) Grupo Aeroportuario del Centro Norte. Inc. Colombia. together with its local partners. technical services and real estate activities. Tampico. (OMA.V. in airport operations in India. power generation from renewable sources (Fiumicino Energia). Switzerland) The Company is a Switzerland-based company that is engaged in the operation of Zurich Airport in Switzerland. The Aviation Operations business segment is engaged in the construction. Mazatlan and Zihuatanejo). The Company is also involved. operation of the runway system. Chile. Inc. and real estate and facility management. San Luis Potosí. Honduras and Venezuela. Gemina's businesses are: management of transport infrastructures (Aeroporti di Roma). food. catering and other facilities. as well as maintain the capitalization of any subsidiaries. Germany) The Company provides airport services to domestic and international carriers. security services and airport police activities. fuelling and parking of aircrafts.P (GEM. is a holding company created to establish. Grupo Aeroportuario Del Centro Norte S. Culiacan.A. car parking. freight operations and baggage handling. such as shopping. maintain and develop 13 airports in Mexico. (HAT) and World Jet Corporation (World Jet). ground handling. Italy) The holding company Gemina currently focuses its activities on directing and controlling its subsidiaries. such as shops. (Global).V. audio communication system for aircraft navigation (SITTI). The Handling division covers a range of services for scheduled. all apron zones and passenger zones in the terminals. Durango.B. (OMA) holds concessions to operate.B.Airport beta estimates handles the daily operation and maintenance of the terminal. Global subsidiaries include Hamilton Aerospace Technologies. which serve a major metropolitan area (Monterrey). offering a full range of services including traffic and terminal management.
The Company provides services to customers in more than 150 cities in the United States and the United Kingdom. Aviation services offered by the Company include pre-departure screening. de C.421 square kilometres. Its concessions include the concession for Cancun International Airport. Guangzhou Baiyun International Airport Co Ltd (600004. Hainan Meilan International Airport Company Limited (00357. It also holds concessions to operate the airports in Cozumel. retail trade. de C. acting. leasing business. Merida. The Company holds concessions to operate maintain and develop nine airports in the southeast region of Mexico. Huatulco.A. Airport facility management and Restaurants. Tapachula. skycap.V. International Total Services Inc (ITSW. S. arenas and museums. Japan) The Company's principal activities are to sell merchandise and to operate the airport terminal facilities. The Company's security services extend beyond aviation security. covering a territory of approximately 926.B. La Paz and Manzanillo.A. several tourist destinations. as well as. (GAP. Mexico) Grupo Aeroportuario del Pacífico. parking. DE C. advertising.V. such as Hermosillo. Guanajuato. The operations are carried through the following divisions: Sale of merchandise. The Company also derives rental and other income from commercial activities conducted at its airports. China. Grupo Aeroportuario Del Sureste S. The Sale of merchandise division deals with sale of merchandise within the passenger buildings. hospitals. Veracruz and Villahermosa. and include the provision of commercial security staffing services to government and business clients. DE C.B. which serve two major metropolitan areas (Guadalajara and Tijuana). USA) International Total Services Inc.B.A. and a number of mid-sized cities. baggage handling and aircraft appearance services. is a domestic provider of aviation contract support services and is also a provider of commercial security staffing services. such as the leasing of space to restaurants and retailers. Morelia. Its airports are located in nine of the 31 Mexican states.V. Oaxaca. air 14 . Japan Airport Terminal (9706. As operators of these airports.A.V.Airport beta estimates (Ciudad Juarez and Reynosa). and wheelchair and electric cart operations. Aguascalientes. it charges airlines. holds concessions to operate 12 airports. customer information. S. Mexico) Grupo Aeroportuario del Sureste.B. (ASUR) is a holding company. Grupo Aeroportuario Del Pacifico S. Los Cabos. (ASUR. waste to energy and port investments in New Zealand and Australia. Infratil Limited (IFT. passengers and other users fees for the use of the airports' facilities. The Airport facility management division deals with management and maintenance of airport facilities. Grupo Aeroportuario del Sureste. aircraft maintenance services and other services.B. de C. Minatitlán.A.B. S. Mexicali and Los Mochis. China) The Company is primarily engaged in the operation of the Meilan Airport in Hainan. advertising.V. China) The Company primarily provides ground-handling services to airlines. such as Puerto Vallarta. New Zealand) The Company is listed on the New Zealand Exchange and owns airports in New Zealand and Europe as well as electricity.
inspection and repair of ground support equipment. MAHB has in its corporate structure. Republic of Korea) Korea Airport Service Co. Malaysia) The core activities of the company include the management. commercial. Malaysia Airports Holdings Berhad ( 5014. Ltd.Airport beta estimates ticket sales. An FBO provides ground-based services. (MPLU3.A. Malta International Airport Plc (MIA. Saker Aviation Services Inc (SKAS. operation and management of Malta's airport. ground transportation and the provision of hangar and ramp space. repair of ULD. Inc. USA) River Hawk Aviation. Its services including fuelling. Besides its core business activities. provides ground handling services for flights flying to and from Korea. and raising cattle and selling.V. administration and operation services for customers of its commercial partners. Multiplus S. In addition. aircraft 15 . The company also produces limestone for manufacturing of iron and for desulfurization. other travel services. Korea Airport Service (005430. a few subsidiary companies to offer a range of aviation and non-aviation-related products and services. cargo and aircraft operations. Malta) The principal activities of the Company are the development. Korea Airport Service engages in producing and selling natural mineral water. River Hawk Aviation Group Inc (RHWI. MAP Group (MAP. catering support service. cargo handling. aircraft exterior cleaning. hotel reservations and baggage storage. (River Hawk) is an aviation products and services company with operations in the aircraft charter. through its subsidiaries. lease and management. line services.Sydney. manufacture and repair service of inflight items. Inc. (Saker). such as fuelling and hangaring for general aviation. Australia) MAP is one of the world’s largest private airport owners and operators with a core portfolio of three major airports . and aircraft refuelling. and military aircraft.. in Mexico. travel insurance. Further. USA) Saker Aviation Services.B. manufacturing of ground equipment. and laundry services. Copenhagen and Brussels and a long term strategic investment in Grupo Aeroportuario del Sureste de Mexico S. operation and maintenance as well as development of airports with primary importance being placed on the operational efficiency. fixed base operations and maintenance segments of the general aviation industry. aircraft cabin cleaning. The Restaurants division deals with operation of restaurants and sale of foodstuffs within the passenger buildings. de C. it operates Jeju Folk Village and Touring business. growing and supplying fresh vegetables for catering in the cabin of the aircraft. safety and security of passengers.A. Its aircraft ground handling services include baggage and cargo loading/unloading. operates in the fixed base operation (FBO) segment of the general aviation industry. Brazil) Multiplus provides loyalty program management.
duty free shops and passenger lounges. restaurants and shops. It operates Istanbul Ataturk Airport's international and domestic terminal buildings. cleaning services and catering.Airport beta estimates maintenance. and other miscellaneous services. baggage handling services. (SAT. including Ankara Esenboga Airport and Izmir Adnan Menderes Airport in Turkey. leasing cargo and passenger agency services.P. Shenzhen Airport Co Ltd (000089. cargo services. tourism. construction and management of airports. Its aviation activities include managing and developing of airport infrastructures. leasing out airplanes.C. and apron services. pizzerias. air freight transportation. travel. Kuwait) The main activities of the Company are providing airplane ground. It divides its activities into two sectors: aviation activities.T. Turkey) The Company is engaged in the development. where it operates an FBO. aviation security services. among others. China) The Company's main businesses are investment. and portfolios managed by specialized companies.S (TAVHL. and at the Niagara Falls (New York) International Airport. as well as security controls and police services. passenger services. Singapore Airport Terminal Services Ltd ( S58. Its business activities are carried out at the Wilkes-Barre/Scranton (Pennsylvania) International Airport. the Downtown Manhattan (New York) Heliport. passengers and goods. Tav Havalimanlari Holdings A. Shanghai International Airport Co Ltd (600009. railway station. inflight catering services including aircraft interior cleaning.) is an Italian company engaged in the management of the airport of Pisa in Italy. (UPAC.S. managing projects. The Company also provides consulting services for a non-owned FBO facility and serves as the operator of a heliport. Societa Aeroporto Toscano Galileo Galilei S. and cabin handling services. and nonaviation activities. aviation marketing.C. terminals. The non-aviation activities consist of exploiting the airport's real estate and commercial capacities that offers car rental services. The Company also offers airport ground and passenger services. and ground handling services management. bars. Singapore) The principal activities of the Company are to provide ground handling services including airfreight handling services. import & export services. investing surplus funds investment. dedicated to the growth of passenger and cargo traffic of Pisa airport and network of destinations connected with Pisa airport. which offers services dedicated to ground assistance for aircraft. aircraft sheds. where it operates an FBO. Garden City (Kansas) Regional Airport. as well as other airports. where it provides consulting services to the operator. Italy) Societa Aeroporto Toscano SpA (S. and international airports in Georgia and Tunisia. car parks and general aviation terminal. 16 . and airline laundry services. China) The Group's principal activity is providing services and guaranteeing the airport lounge facilities for aviation enterprises and passengers.A. United Projects Group K.
China) The Company is principally engaged in the provision of ground services for international and civil flights. 17 . property management and the provision of flight information services. It is also involved in the leasing of commercial and office space.Airport beta estimates Xiamen International Airport Group Co Ltd (600897.
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