HOCHTIEF Concessions AG / Airports > Budapest Airport, Hungary

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Established gateway in Central and Eastern Europe: Budapest Airport

Since June 2007, the HOCHTIEF Concession subsidiary HOCHTIEF AirPort, together with its consortium partners, has held a stake of 75 percent minus one vote in Budapest Airport, which is Hungary's most important international airport and the second-biggest center of aviation in the new EU countries.

In 2009, Budapest Airport handled more than eight million passengers. In the next ten years, it is to be developed into one of the most important airports in Central and Eastern Europe in terms of growth, service quality and efficiency.

The basis for this is being created by the modernization program BUD Future. For a total of EUR 261 million, the infrastructure is being thoroughly modernized and new business fields are being opened up. At the core of the program is the new terminal building BUD SkyCourt. Currently under construction, this will in future link the existing Terminals 2A and 2B. The glazed hall promises passengers and visitors a high-quality stay, with interesting views of both the apron and the landside. At the same time, the central security system will streamline control and check-in processes.

Further information

Key project data

Contract for the operation of Budapest Airport
Form of privatization: Partial privatization, public-private partnership, duration until 2080, contract concluded June 6, 2007 (secondary transaction)
Shareholders: HOCHTIEF Concessions via HOCHTIEF AirPort (37.25%), Caisse de dépôt et placement du Québec (13.625%), Malton* (13.625%), Goldman Sachs Infrastructure Partners (7.5%), KfW IPEX-Bank (3%), Hungarian state (25.0% + one vote)
Hungary's largest international airport
Second-biggest airport in the new EU member states

*A subsidiary of GIC

Reasons for investment

Budapest is the second-biggest airport in the new EU countries after Prague and the first large center of aviation in the region to be privatized. The airport has very extensive grounds, which have not yet been tapped for commercial purposes.

Shareholders

Via HOCHTIEF AirPort, HOCHTIEF Concessions holds 37.25 percent of the voting shares in the airport company. Caisse de dépôt et placement du Québec (Canada) and Malton* (Singapore) each hold 13.625 percent, Goldman Sachs Infrastructure Partners** 7.5 percent (USA) and KfW IPEX-Bank (Germany) three percent. The remaining 25 percent is held by the Hungarian state. The HOCHTIEF Concessions stake in the total capital of Budapest Airport Zrt. corresponds to 43.5 percent.

*A subsidiary of GIC
**A group of infrastructure funds sponsored and managed by Goldman Sachs; the investment was effected via their shared subsidiary Aero Investment sarl

Passengers

Year Passengers

2006 8.3 million

2007 8.6 million

2008 8.4 million

2009 8.1 million

Financial Highlights 2009

Revenues (excl. fueling) EUR 154.4 million

of which Aviation EUR 100.3 million

of which Non-Aviation EUR 54.1 million

EBITDA (excl. fueling) EUR 100.4 million

Budapest Airport is the second-largest airport in the new EU member states. Within the next few years it plans to evolve into a top hub of aviation for Central and Eastern Europe.
In 2009, Budapest Airport served more than 8.1 million passengers.	Some parts of the BUD Future investment program have already been completed. These include the conversion of offices, shops and restaurants in Terminal 2.