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4 the Case 7 Introduction to Copenhagen Airport 8 Business Model and Strategy The Case TABLE OF CONTENTS 4 THE CASE 7 INTRODUCTION TO COPENHAGEN AIRPORT 8 BUSINESS MODEL AND STRATEGY 8 BUSINESS MODEL 10 THE CIRCULAR BUSINESS MODEL OF COPENHAGEN AIRPORT 11 ARCHITECTS OF THE FUTURE AIRPORT 12 FINANCIALS AND SHAREHOLDER STRUCTURE 2018 14 KEY FINANCIAL FIGURES 16 PASSENGERS 16 PASSENGER TRENDS 20 AIRLINES 22 AVIATION TAX 22 TAX ON AIR TRAVEL IN SWEDEN 23 PRICE SENSITIVITY OF AIR TRAVEL DEMAND 26 THE SOCIOECONOMIC IMPACT OF AN AIRPORT 26 SOCIOECONOMIC IMPACT 28 FIGURES RELATED TO AIRPORT ACTIVITY 30 ALTERNATIVE IMPACT: THE AMSTERDAM CASE 32 DATA DESCRIPTION 32 DATA PACKAGE 33 ADDITIONAL DATA SOURCES 35 FINAL REMARKS 4 POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S THE CASE Copenhagen Airport connects Denmark to the world. For many years, routes and connectivity out of Copenhagen Airport have increased significantly, providing passengers greater opportunities in terms of destinations while enabling the exchange of knowledge and expansion of business across borders. In these years, increasing environmental awareness challenges the avi- ation industry to the core of its purpose and value proposition: Demand for air travel is rising, but travelling by air has side effects, notably that flights amplify climate change by releasing CO2. BRINGING AVIATION FORWARD Airports and airlines must adapt to the climate agenda. By 2050, Co- penhagen Airport expects to have zero carbon emissions for all activi- ties, including flights. Airlines and airline manufacturers have started to invest in eco-friendly planes, striving to reach carbon neutrality sooner rather than later. Many call for changes now. THE PROBLEM Political attention to aviation is higher than ever before. Many Euro- pean countries have levied taxes on flight travel. In 2018, our Swedish neighbours introduced a tax on both domestic and international flights departing from Sweden. Senior management in Copenhagen Airport monitors this development closely and are increasingly interested in how political intervention and public sentiment will impact the airport. Copenhagen Airport feels a strong responsibility to contribute to society and are worried that both the public and politicians forget to weigh the negatives against the positives. For the purpose of this case, assume that the Danish Government is expected to pass an aviation tax. Sources in central government have alluded to a tax identical to the Swedish one to be imposed in the spring next year. POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S 5 CASE QUESTIONS Senior management at Copenhagen Airport wants you to investigate the impact of such an aviation tax. Your presentation is expected to answer the following questions: How will an aviation tax affect Copenhagen Airport? What are the societal impacts and trade-offs of a Danish aviation tax? Which considerations and actions should Copenhagen Airport take in the event of an aviation tax? 6 POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S 7 INTRODUCTION TO COPENHAGEN AIRPORT HISTORY Copenhagen Airport has 95 years of history and is one of the earliest commercial airports ever built. Owned and operated by the Danish State, the airport experienced impressive early growth, and in less than ten years, the airport was handling almost 10,000 flights each year. By the mid-1950s, Copenhagen Airport had become a significant part of the local tourism industry, winning awards and serving more than one million passengers while doubling its capacity. At this time a second terminal and new control tower were built, with a third terminal added in 1998. Further improvements have been made in subsequent years, including the arrival of a train line, connecting Copenhagen Airport with the city centre and nearby Malmö, Sweden. Copenhagen Airport: Key Facts • Copenhagen Airport is owned by Copenhagen Airports A/S which also owns Roskilde Airport. • Copenhagen Airport is one of the largest workplaces in Den- mark as more than 22,500 employees work in 1,300 different companies at the airport. • Copenhagen Airport takes up a total area of 12.4 km2, the equiv- alent of 2,000 football fields. • More than 30 million passengers are serviced by Copenhagen Airport per year, which makes the airport among Europe’s bus- iest. • Copenhagen Airport facilitates a daily average of 729 departures and arrivals. • 183 direct routes are connecting Copenhagen Airport to global destinations. 41 of these destinations are outside Europe. • 16.6 million suitcases were handled totally at Copenhagen Air- port in 2018. • On average, passengers spend 98 minutes in the airport before boarding after having completed the security control. • These passengers bought for DKK 1.8 billion in goods and ser- vices in 2018. 8 POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S BUSINESS MODEL AND STRATEGY BUSINESS MODEL Example of Aeronautical Copenhagen Airport has two broad segments of its core business: The Regulatory Framework: aeronautical and non-aeronautical. The Direct Financial Effect The aeronautical segment comprises the activities and services re- of New Routes quired for airlines to operate their flights, e.g. security, baggage and SAS recently moved their direct cargo handling, terminal services, buses, aircraft stands, and runways. Scandinavian routes to Los The airlines pay negotiated per passenger charges to use the aeronau- Angeles and Hong Kong from tical facilities of Copenhagen Airport. The Danish Transport, Building Arlanda, Sweden, to Copenhagen and Housing Authority must approve the framework for these charges. Airport. Due to the fixed per Negotiations between Copenhagen Airport and the government agency passenger charges set by the establish the underlying regulatory structure for the charges through regulations, this is expected to increase aeronautical revenue cost-based fixed-price contracts that typically last 2-5 years. in the short term. However, these new routes will not have The non-aeronautical segment includes all other activities related a significant long term effect on to the operation of an airport, e.g. parking, restaurants, shops, hotel aeronautical revenue when the operation, and leasing of premises and buildings at the airport. The charges are re-negotiated based commercial relations with the customer groups operating within the on cost-based principles. non-aeronautical segment, being passengers, concessionaires in the shopping centre, and tenants, are handled through traditional sales and marketing activities. Copenhagen Airport collaborates closely with all 1,300 companies and 22,800 employees that do business and work at the airport. Composition of Revenue 2018 Aeronautical segment Non-aeronautical segment m DKK Traffic revenue Concession Car Rent Other Total revenue parking services Type of contract – Fixed price 2,574.8 106.4 418.5 181.0 328.3 3,609.0 – Revenue-based contracts - 835.8 - - - 835,8 Total on segments 2,574.8 942.2 418.5 181.0 328.3 4,444.8 Source: Copenhagen Airports A/S Annual Report POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S 9 Maintaining good relations with stakeholders and ensuring the com- bined value creation in the two core business areas are essential. Infrastructural development and marketing of the airport ensure new routes, better connectivity and more departures, and thereby more passengers, all the while ensuring a return for Copenhagen Airport’s shareholders, including the Danish State. Largest Airports in Europe No. Airport m passengers 1 Heathrow Airport, London 80.0 2 Charles De Gaulle Airport, Paris 72.2 3 Schiphol Airport, Amsterdam 71.0 4 Frankfurt Airport 69.4 5 Ataturk Airport, Istanbul 68.4 6 Madrid-Barajas Airport 57.8 7 Barcelona Airport 50.1 8 Munich Airport 46.2 9 Gatwick Airport, London 46.1 10 Fiumicino Airport, Rome 42.9 16 Copenhagen Airport 30.3 Source: OECD – Airline Competition 10 POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S THE CIRCULAR BUSINESS MODEL OF COPENHAGEN AIRPORT CORE BUSINESS Aeronautical usiness Non-aeronautical Business Check-in Security Transfer Baggage Cargo Boarding Restaurants Real estate Shopping Parking Hotel and take-off and cafés INVESTMENTS AND EXPANSION VALUE CREATION Dividend to International shareholders, incl. connectivity 475 m 2.6 bn to the Danish State 183 routes Aeronautical 1.9 bn revenue in 2018 paid in 2018 Non-aeronautical revenue in 2018 “Copenhagen Airport’s new, over- arching climate vision, therefore, is to become a ’zero emission airport’ by 2050, i.e. an airport whose activities are entirely free of carbon emissions.” Source: Copenhagen Airports A/S Annual Report POLIT CASE COMPETITION 2020 – COPENHAGEN AIRPORTS A/S 11 ARCHITECTS OF THE FUTURE AIRPORT Copenhagen Airport aims to lead the way by creating a forward-looking and visionary airport. The new 2019 strategy departs in the airport’s most important societal role: To bring the world closer to Denmark with more direct routes, and sustainably adapt aviation for the future. The strategy is driven by three fundamental principles that aim to give the best possible experience for customers while urging innovation and simplicity in all activities. Expand the Positive Role in Society and Contribute to Sustainable Travel Copenhagen Airport wants to contribute to job and welfare creation while increasing coherence between Denmark and the rest of the world. In 2019, Copenhagen Airport launched a collaboration on sustainable fuel and a shared climate foundation with the rest of the Danish aviation industry. The goal is to create an emis- sion free airport in 2030 and an emission free aviation industry in 2050. Take the Passenger Journey and Retail to the Next Level Copenhagen Airport seeks to continually ensure the best possible passenger experience with improved new services and digital solutions. Travellers expect a smooth, relevant, and personal journey through the airport. Copenhagen Airport won the regional award “Best Food And Beverage offer of the year”, and will further meet these demands by improving security measures, efficiency at the check-in counter, and creating a new family friendly experience in close collaboration with e.g.
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