2013 results confirm Genève Aéroport’s financial model is sound


During the 2013 financial year, Genève Aéroport had a turnover of 376.3 million francs, thanks to which it posted a net operating profit of 72.3 million francs, not including one-time income of 19 million francs related to the introduction of the new pension fund. Genève Aéroport will therefore be able to sustain its investments, which amounted to 121 million francs, on the basis of a tried and tested financial model.

During 2013, Genève Aéroport had revenues of 376.3 million francs. The aeronautical sector (passenger fees, landing fees) accounted for 51.37% of revenues, which were overall 3.3% higher than in 2012. The remaining revenues, or 48.3% of total income, came from the non-aeronautical sector (commercial fees, parking fees, rent, etc.), which generated revenues 2.5% higher than in 2012. The balance between aeronautical and non-aeronautical revenues, which has remained relatively stable in recent years, is the product of a well-balanced management approach that shields the airport from cyclical fluctuations in the various sectors in which it is active.

Thanks to its revenues, Genève Aéroport posted a net operating profit of 72.3 million francs.

According to Robert Deillon, General Director of Genève Aéroport, “The rise in revenues is the product of an increase in traffic and reflects satisfactory organic growth. The good net results, for their part, are due to sound control of operating expenditure. We have invested 121 million francs to update our infrastructure. The various projects we’re financing have improved the quality of our services to passengers, and the fact that work has been awarded to various local companies has boosted the region’s economic development.”

Approved in a canton-wide referendum, the creation of the Caisse de prévoyance du canton de Genève (CPCG, Geneva Cantonal Pension Fund) enshrined the principle of the merger of the Caisse de prévoyance de l’instruction publique et des fonctionnaires de l’administration cantonale (CIA, Pension Fund of the Department of Education and Public Servants of the Cantonal Administration) and the Caisse de prévoyance du personnel des établissements publics médicaux du canton de Genève (CEH, Pension Fund of the Personnel of Public Medical Facilities in the Canton of Geneva). That change in the pension scheme was implemented, under the International Financial Reporting Standards (IFRS), using a complex accounting procedure that resulted in one-time “virtual” non-operating revenues of 19 million francs.

Ultimately, Genève Aéroport, an independent public establishment, will reimburse 45.8 million francs to the State of Geneva, the owner.

“This year these exceptional results comprise a major artificial component, but they nevertheless reflect sound management of a healthy financial undertaking. Given the major investments that will still have to be made to enable the airport to discharge its missions, care will have to be taken to perpetuate these good results”, says Pierre Maudet, Chairman of the Board of Directors of Genève Aéroport.

In 2013, Genève Aéroport handled 14.4 million passengers (3.9% more than in 2012).
Flights operated by 57 airlines are available to 132 destinations.
Approximately 75,000 tonnes of merchandise transited through the airport cargo sector throughout the year.

easyJet remains the biggest airline in Geneva in terms of market share, accounting for 41.5% of passengers carried, followed by SWISS (14.5%), Lufthansa (5.2%), Air France (4.8%) and British Airways (4.8%).

The five most-frequented destinations in 2013 were London (2,193,418 passengers), Paris (939,179), Amsterdam (624,617), Madrid (571,595) and Brussels (532,385).

An electronic version of the complete annual report is available at: www.gva.ch/RA.