THE AIRPORT COMMERCIAL SALES BENCHMARKING REPORT (sample document)

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1 TABLE OF CONTENTS

Introduction Disclaimer Methodology and Assumptions Summary of Findings : Duty-Free Summary of Findings : Duty-Free and Duty-Paid Summary of Findings : Food & Beverage Summary Tables: Duty-Free Summary Tables: Duty-Free and Duty-Paid Summary Tables: Food & Beverage Airport Profiles : Argentina – Aeropuertos Argentina 2000 Airport Profiles : Australia – Sydney Airport Airport Profiles : Australia – Melbourne Airport Airport Profiles : Australia – Selected Australian Airports Airport Profiles : Austria – Airport Profiles : Bahrain – Bahrain International Airport Airport Profiles : Belgium – Airport Profiles : – Airport Airport Profiles : Canada – Airports of Canada Airport Profiles : Canada – Ottawa International Airport

The Airport Commercial Sales Benchmarking Report 2 TABLE OF CONTENTS

Airport Profiles : Canada – Toronto Pearson International Airport Airport Profiles : Chile – Arturo Benitez International Airport Airport Profiles : China – Beijing Capital International Airport Airport Profiles : China – Guangzhou Baiyun International Airport Airport Profiles : China – Shenzhen Bao’an International Airport Airport Profiles : China – Shanghai Airports Airport Profiles : Costa Rica – Airports of Costa Rica Airport Profiles : – Airport Airport Profiles : Croatia – Franjo Tuđman Airport Airport Profiles : Czech Republic - Václav Havel Airport Airport Profiles : Denmark – Airport Profiles : Estonia – Airport Profiles : Finland – Airport Profiles : France – Paris Aéroport Airport Profiles : France – Ajaccio Napoleon Bonaparte Airport Airport Profiles : Germany – Airport Airport Profiles : Germany – Düsseldorf Airport Airport Profiles : Germany – am main Airport Airport Profiles : Greece – Airports of Greece Airport Profiles : Hong Kong – Hong Kong International Airport Airport Profiles : Hungary - Budapest Ferenc Liszt International Airport Airport Profiles : Iceland – Keflavik International Airport

The Airport Commercial Sales Benchmarking Report 3 TABLE OF CONTENTS

Airport Profiles : India – Chhatrapati Shivaji Maharaj International Airport Airport Profiles : India – Cochin International Airport Airport Profiles : India – Hyderabad International Airport Airport Profiles : India – Indira Gandhi International Airport Airport Profiles : Indonesia – PT Angkasa Pura 1 Airports Airport Profiles : Indonesia – Soekarno Hatta International Airport Airport Profiles : Iraq – Airports of Iraq Airport Profiles : Ireland – Airport Profiles : Israel – Ben Gurion International Airport Airport Profiles : Italy – Ciampino International Airport Airport Profiles : Italy – Rome Fiumicino International Airport Airport Profiles : Jamaica – Sangster International Airport Airport Profiles : Japan – Centrair Chubu International Airport Airport Profiles : Japan – Fukuoka Airport Airport Profiles : Japan – Kansai Airports Airport Profiles : Japan – Narita International Airport Airport Profiles : Japan – Tokyo International Airport (Haneda) Airport Profiles : Lebanon – Beirut–Rafic Hariri International Airport Airport Profiles : Lithuania – Vilnius International Airport Airport Profiles : Macau – Macau International Airport Airport Profiles : Malaysia – Kuala Lumpur International Airport Airport Profiles : Malaysia – Langkawi International Airport

The Airport Commercial Sales Benchmarking Report 4 TABLE OF CONTENTS

Airport Profiles : Malaysia – Malaysia Airport Holdings Bhd Airport Profiles : Maldives – Velana International Airport Airport Profiles : Mauritius – Airports of Mauritius Airport Profiles : Morocco – Airports of Morocco Airport Profiles : The Netherlands – Airport Schiphol Airport Profiles : Norway – Oslo Airport Airport Profiles : Panama – Tocumen International Airport Airport Profiles : Peru – Jorge Chávez International Airport Airport Profiles : Philippines – Clark International Airport Airport Profiles : Philippines – Davao Airport Airport Profiles : Philippines – Mactan-Cebu International Airport Airport Profiles : Philippines – Manila International Airport Airport Profiles : Poland – Airports of Poland Airport Profiles : – Azores Airport Airport Profiles : Portugal – Airport Profiles : Portugal – Airport Airport Profiles : Portugal – Madeira Airport Airport Profiles : Portugal – Airport Airport Profiles : Romania – Bucharest Henri Coandă International Airport Airport Profiles : Russia – Domodedovo Airport Airport Profiles : Russia – Airport Profiles : Russia – Sheremetyevo Airport

The Airport Commercial Sales Benchmarking Report 5 TABLE OF CONTENTS

Airport Profiles : Russia – Vnukovo Airport Airport Profiles : Saipan – Saipan International Airport Airport Profiles : Singapore – Singapore Changi Airport Airport Profiles : South Korea – Gimpo International Airport Airport Profiles : South Korea – Gimhae International Airport Airport Profiles : South Korea – Incheon International Airport Airport Profiles : South Korea – Jeju International Airport Airport Profiles : – Aena Airport Profiles : Spain – Barcelona El Prat International Airport Airport Profiles : Sri Lanka - Bandaranaike International Airport Airport Profiles : Sweden – Swedavia Airport Profiles : Thailand – Suvarnabhumi International Airport Airport Profiles : Thailand – Hat Yai, Chiangmai and Phuket Airports- Airport Profiles : Turkey – Istanbul Ataturk International Airport Airport Profiles : Turkey – Sabiha Gokcen International Airport Airport Profiles : Uganda – Entebbe International Airport Airport Profiles : United Arab Emirates – Abu Dhabi International Airport Airport Profiles : United Arab Emirates – Dubai Airport Airport Profiles : United Kingdom – Airport Profiles : United Kingdom – Airport Profiles : United Kingdom – London Airport Profiles : United Kingdom –

The Airport Commercial Sales Benchmarking Report 6 TABLE OF CONTENTS

Airport Profiles : United Kingdom – Airport Profiles : United States – Boston Logan Airport Airport Profiles : United States – Charlotte Douglas International Airport Airport Profiles : United States – Dallas Fortworth International Airport Airport Profiles : United States – Dallas Lovefield International Airport Airport Profiles : United States – Denver Airport Airport Profiles : United States – Honolulu International Airport Airport Profiles : United States – Houston George Bush Intercontinental Airport Airport Profiles : United States – Indianapolis International Airport Airport Profiles : United States – JFK International Airport Airport Profiles : United States – JFK International Airport (Terminal 7) Airport Profiles : United States – Los Angeles International Airport Airport Profiles : United States – Minneapolis/St. Paul International Airport Airport Profiles : United States – Oakland International Airport Airport Profiles : United States – Ports of Poland Airport Profiles : United States – Raleigh-Durham Airport Airport Profiles : United States – Ronald Reagan Washington National Airport Airport Profiles : United States – San Antonio International Airport Airport Profiles : United States – San Diego International Airport Airport Profiles : United States – San Francisco International Airport Airport Profiles : United States – San Jose International Airport Airport Profiles : United States – Seattle Tacoma International Airport

The Airport Commercial Sales Benchmarking Report 7 TABLE OF CONTENTS

Airport Profiles : United States – Washington Dulles International Airport Airport Profiles : United States – Washington Metropolitan Airports Airport Profiles : Vietnam – Tân Sơn Nhất International Airport Data Sources About Airport Insights

The Airport Commercial Sales Benchmarking Report 8 << Back to Table of Contents INTRODUCTION

 The Airport Commercial Sales Benchmarking Report assesses the revenue performance of retail (including duty-free and duty-paid) and food & beverage operations at over 140 airports and airport groups in 60 countries around the world based on the benchmarking of specific key performance indicators like spend per passenger and sales per sqm.

 Our information on the commercial business at the various airports and airport groups was collected from various sources in the public domain including government agencies, news articles, press releases, equity research reports, bond statements, annual reports and financial statements. .

 The information presented in this report will be useful to airport concessionaires, airport operators, airport investors, consultants and other organizations which are interested in the benchmarking of commercial operations at airports around the world.

The Airport Commercial Sales Benchmarking Report 9 << Back to Table of Contents DISCLAIMER

 Information in this report has been obtained by desktop research. The information used as well as statements of fact made are not guarantees, warranties or representations as to their completeness or accuracy.

 Airport Insights assumes no liability for any short term or long terms decision made by any clients based on analysis included in our reports

 When purchasing a market research report from Airport Insights, it is intended that the analysis services are meant for customers’ internal use only and not for general publication or disclosure to third parties.

 No part of the report or service may be resold, circulated, lent or disclosed to non-customers without written permission of Airport Insights.

 Furthermore, no part may be reproduced, or transmitted in any form or by any means, electronic, photocopying, mechanical, recording or otherwise without the permission of the publisher, i.e. Airport Insights.

The Airport Commercial Sales Benchmarking Report 10 METHODOLOGY AND ASSUMPTIONS

The Airport Commercial Sales Benchmarking Report 11 << Back to Table of Contents METHODOLOGY AND ASSUMPTIONS

 The Airport Commercial Sales Benchmarking Report assesses the performance of retail (including duty-free and duty-paid) and food & beverage at over 140 airports and airport groups around the world based on the benchmarking of specific key performance indicators like spend per passenger and sales per sqm. .  Some information has been inferred and estimated based on available public data.

 Where possible, data obtained externally has been cross-referenced with that available in our proprietary database to ensure the accuracy of data.

 While we have endeavoured to present a reasonable of consistency and accuracy in terms of our data benchmarking, readers should take note of the varied sources of our information, as well as differences in accounting and language used by the source of information.

 Most of the data obtained for our analysis would be for a specific full-year of operations at each airport between 2015 and 2019.

 For the "duty-free" and "duty-free & duty-paid" classifications, we have largely taken turnover and space operated by the retailer(s) to represent duty-free (or duty-free & duty-paid) turnover and space at the airport. In the majority of cases, the duty-free (or duty-free & duty-paid) retailer would be the sole operator of the duty-free (or duty-free & duty-paid) business at the airport. Where there are dual or multiple of such retailers at airport, this is also indicated.

 We have also taken note of restrictions on duty-free retailing at airports in countries belonging to the (EU) where information on pure duty- free sales is largely unavailable in the public domain. Therefore, in this report, our research for such airports covers the “duty-free & duty-paid” business.

The Airport Commercial Sales Benchmarking Report 12 << Back to Table of Contents METHODOLOGY AND ASSUMPTIONS

 The sample size of this study is shown by category in the table below.

Sample size by category

Category n=

Duty-Free 72 Duty-Free and Duty-Paid 35 Food & Beverage 36

The Airport Commercial Sales Benchmarking Report 13 SUMMARY OF FINDINGS

The Airport Commercial Sales Benchmarking Report 14 DUTY-FREE

The Airport Commercial Sales Benchmarking Report 15 << Back to Table of Contents DUTY-FREE SALES

Duty-Free Spend Per International Passenger

 The regions with the highest average duty-free spend per international passenger at the airports would be East Asia (US$XX.XX) and the Middle East ($XX.XX) while North America is the region with the lowest average duty-free spend per international passenger.

 A large domestic travel market in the United States as well as a focus on other commercial categories such as food & beverage would account for the low duty-free spend per international passenger at North American airports.

Average duty-free spend per international passenger at airports/airport groups by region (2015-2019)

Region n= Duty-Free Turnover (U$) Intl’ Pax Spend Per Int’l Pax (US$)

East Asia 15 x x x Southeast Asia 12 x x x South Asia 6 x x x Oceania 5 x x x Non-EU Europe 4 x x x Middle East 6 x x x Russia CIS 4 x x x Latin America 5 x x x North America 12 x x x Africa 3 x x x

The Airport Commercial Sales Benchmarking Report 16 DUTY-FREE & DUTY-PAID

The Airport Commercial Sales Benchmarking Report 17 FOOD & BEVERAGE

The Airport Commercial Sales Benchmarking Report 18 << Back to Table of Contents FOOD & BEVERAGE SALES

Food & Beverage Spend Per Passenger

 The region with the highest average food & beverage spend per passenger at the airports would be North America (US$X.XX), while airports in Asia have the lowest average food & beverage spend per passenger (US$X.XX).

 The results of this study are in line with similar studies showing that passengers in the United States spend more on average on food & beverage in airports compared to passengers in other parts of the world, where the average spend on duty-free and/or duty-paid retail is much higher.

Average food & beverage spend passenger at airports/airport groups by region (2015-2019)

Region n= F&B Turnover (U$) Pax Spend Per Pax (US$) East Asia + Southeast 7 X X X Asia Europe 9 X X X North America 16 X X X Others 4 X X X

The Airport Commercial Sales Benchmarking Report 19 SUMMARY TABLES

The Airport Commercial Sales Benchmarking Report 20 DUTY-FREE

The Airport Commercial Sales Benchmarking Report 21 << Back to Table of Contents Airports by Duty-Free Spend Per Int’l Pax

Sales per International Country/Territory Airport/Airports Year Key Operator(s) Passenger (US$) China Beijing Capital International Airport Year Ending Dec 2019 CDF-Sunrise Duty Free X China Shanghai Airports (Pudong + Hongqiao) Year Ending Dec 2019 CDF- Sunrise Duty Free X Norway Oslo Airport Year Ending Dec 2017 Travel Retail Norway (Gebr Heinemann subsidiary) X Japan Centrair Chubu International Airport Year Ending March 2019 Centrair Duty Free X South Korea Incheon International Airport Year Ending Dec 2019 Lotte Duty Free/Shilla Duty Free/Shinsagae X South Korea Gimpo International Airport Year Ending Dec 2018 Lotte Duty Free/Shilla Duty Free X Lebanon Beirut–Rafic Hariri International Airport Year Ending Dec 2016 Phoenicia Aer Rianta Company X Macau Macau International Airport Year Ending Dec 2017 King Power (HK) X Japan Tokyo International Airport (Haneda) Year Ending March 2019 Tokyo International Air Terminal Corporation X Japan Kansai Airports Year Ending March 2019 KIX Duty Free/ANA/Lotte X Dubai Dubai Airport Year Ending Dec 2019 Dubai Duty Free X Japan Fukuoka Airport Year Ending March 2019 Fukuoka Airport Building Company X Sir Seewoosagur Ramgoolam International Airport / Mauritius Year Ending Dec 2017 Mauritius Duty Free Paradise X Sir Gaëtan Duval Airport Japan Narita International Airport Year Ending March 2019 Narita Airport Retail/JAL/ANA X Israel Ben Gurion International Airport Year Ending Dec 2018 Gebr Heinemann X Australia Sydney Airport Year Ending Dec 2018 Gebr Heinemann X Saipan Saipan Airport Year Ending Sept 2018 DFS Saipan Ltd X Australia Australian Airports - Perth, Brisbane, Cairns, Darwin Year Ending June 2016 James Richardson X South Korea Gimhae International Airport Year Ending Dec 2016 Dufry Thomas Julie Korea X Iceland Keflavik International Airport Year Ending Dec 2019 Duty Free Stores (owned by Isavia) X China Guangzhou Baiyun International Airport Year Ending Dec 2019 China Duty Free X Singapore Singapore Changi Airport Year Ending Dec 2018 DFS/ The Shilla Duty Free X

The Airport Commercial Sales Benchmarking Report 22 DUTY-FREE & DUTY-PAID

The Airport Commercial Sales Benchmarking Report 23 << Back to Table of Contents Airports by Duty-Free & Duty-Paid Spend Per Pax

Country/Territory Airport/Airports Year Key Operator(s) Sales per Passenger (US$)

Italy Rome Fumicino International Airport Year Ending Dec 2019 LS Travel Retail and others X Belgium Brussels Airport Year Ending Dec 2018 International Duty Free X France Paris Orly and CDG Airports Year Ending Dec 2018 Société de Distribution Aeroportuaire ;Relay@ADP X Netherlands Amsterdam Airport Schiphol - Airside Retail Year Ending Dec 2018 Schiphol Airport Retail, Kappe International and others X United Kingdom London Heathrow Airport Year Ending Dec 2016 World Duty Free (Dufry) X Croatia Dubrovnik Airport Year Ending Dec 2018 Dubrovnik Duty Free X Romania Bucharest Henri Coandă International Airport Year Ending Dec 2018 Millenium Pro Design SRL X Denmark Copenhagen Airport Year Ending Dec 2017 Gebr Heinemann X Portugal Faro Airport Jan-Sept 2017 Lojas Francas de Portugal (Vinci Airports Subsidiary) X Lithuania Vilnius International Airport Year Ending Dec 2019 Travel Retail Vilnius X Portugal Jan-Sept 2017 Lojas Francas de Portugal (Vinci Airports Subsidiary) X Hungary Budapest Ferenc Liszt International Airport Year Ending Dec 2015 Hungarian Duty Free (Gebr Heinemann subsidiary) X Bulgaria Sofia Airport Year Ending Dec 2016 Sofia Airport EAD X Sweden Swedavia-Operated Airports Year Ending Dec 2017 Nuance Group (Sweden) AB X United Kingdom London Gatwick Airport Year Ending Dec 2016 World Duty Free (Dufry) X Germany Year Ending Dec 2015 Eurotrade X

The Airport Commercial Sales Benchmarking Report 24 FOOD & BEVERAGE

The Airport Commercial Sales Benchmarking Report 25 << Back to Table of Contents Airports by Food & Beverage Spend Per Pax

Country/Territory Airport/Airports Year Key Operator(s) Sales per Passenger (US$)

Japan Narita International Airport Year Ending March 2019 Various X

Macau Macau International Airport Year Ending Dec 2018 Various X United States San Antonio International Airport Jan - Nov 2017 HMSHost X Netherlands Amsterdam Airport Schiphol - Airside F&B Year Ending Dec 2018 SSP/HMSHost X United States Charlotte Douglas International Airport Year Ending Dec 2015 HMSHost X Spain Barcelona El-Prat Airport Year Ending Dec 2016 Grupo Areas X Germany Munich Airport Year Ending Dec 2018 Allresto X Italy Rome Ciampino International Airport Year Ending Dec 2019 Autogrill X Germany Year Ending Dec 2018 SSP X Estonia Tallin Airport Year Ending Dec 2019 Various X Saipan Saipan Airport Year Ending Sept 2018 - X Malaysia Kuala Lumpur International Airport Year Ending Dec 2018 HMSHost X Indonesia Angkasa Pura 1 Airports Year Ending Dec 2019 Various X China Beijing Capital International Airport Year Ending Dec 2018 Various X

The Airport Commercial Sales Benchmarking Report 26 AIRPORT PROFILES

The Airport Commercial Sales Benchmarking Report 27 ARGENTINA ARGENTINA

The Airport Commercial Sales Benchmarking Report 28 << Back to Table of Contents Aeropuertos Argentina 2000 Operator of 35 airports in Argentina

Category Duty-Free

Year Year Ending Dec 2017 Duty-Free Spend Per Key Operator(s) Interbaires International Pax (US$) Turnover (ARS Mil) 4,257 US$8.23 Turnover (US$ Mil) 221.36

Total Pax Traffic (Mil) 76.6

Total Intl Pax Traffic (Mil) 26.9

Space (Sqm) N.A

The Airport Commercial Sales Benchmarking Report 29 SOURCES

The Airport Commercial Sales Benchmarking Report 30 << Back to Table of Contents SOURCES

ARGENTINA Corporación América Airports S.A Press Release via NYSE Ranking of Top 1000 Companies in Argentina by Prensa Económica

AUSTRALIA Sydney Airport Release on 2018 traffic performance "Sydney Airport reports 12.7% retail revenue rise last year", TRBusiness, 21 Feb 2018 "Introducing ‘The Analyst’: Australia bucks retailer consolidation trend", The Moodie Davitt Report, 8 June 2016 The Bureau of Infrastructure and Transport Research Economics "Growth mindset: Gebr Heinemann reveals 2018 turnover of €4.6bn", DFNI, 16 April 2019

AUSTRIA Flughafen Wien Press Release on 22 Jan 2019 "Die T0P-200-Unternehmen aus Niederösterreich", Meta Communication International

BAHRAIN Kingdom of Bahrain Ministry of Transport and Telecommunications Bahrain Duty Free Annual Report

BELGIUM "At 60, Brussels Airport turned in an excellent performance in 2018 with 25.7 million passengers and 732,000 tonnes of cargo", Brussels Airport Company Press Release, 11 Jan 2019

The Airport Commercial Sales Benchmarking Report 31 About Airport Insights

 Airport Insights (www.airportinsights.com) is a provider of market research, competitive intelligence and consulting services to the airport world, focusing on

 Market, Financial & Competitive Intelligence for the airport and airport-related sectors  Airport Commercial Revenues and Space Benchmarking  Airport Commercial Space Planning  Airport Commercial Revenues Due Diligence

 We also provide free-of-charge very useful information on the airport industry at www.airportprofiles.com

 For more information about the services that we can provide, please contact us at

[email protected] "65 83059423

The Airport Commercial Sales Benchmarking Report 32