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How to anticipate, plan for and manage risks threatening airports
Journal of Airport Management,
12
(4),
339-349
(2018)
Abstract
Airports face various short-term and long-term risks, which can have financial, operational and reputational impacts. A comprehensive risk assessment is the cornerstone of successful asset management. This paper identifies seven factors that can serve as a guideline to a systematic risk assessment: macroeconomic environment, quality of the catchment area, customer mix, depth of the value chain, operational leverage, asset flexibility and financial leverage. The authors explain the interaction between the various factors and illustrate the benefits of a proactive and risk-conscious asset management approach using two examples from their portfolio of airport assets.
Keywords: risk assessment; risk mitigation; asset management; airline bankruptcy; Budapest Airport; Athens Airport
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Author's Biography
Patrick Charbonneau is Managing Director, Infrastructure Investments, at the Public Sector Pension Investment Board (PSP Investments). He has over 15 years of experience in the infrastructure sector and was instrumental in building the organisation’s infrastructure portfolio and team since the inception of PSP Investments’ infrastructure asset class in 2006. Recently relocated to PSP Investments’ London office, Patrick leads the organisation’s expansion efforts in the infrastructure sector in Europe and globally. His responsibilities include managing the portfolio for Europe and Asia. PSP Investments is one of Canada’s largest pension investment managers with CA$153bn of net assets as at 31st March, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of Canada’s federal public service, the Canadian Armed Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, Canada, PSP Investments has its principal business office in Montréal and offices in New York and London, its European hub.
Holger Linkweiler is Managing Director of AviAlliance. As cofounder of the company, Holger Linkweiler assumed responsibility for the company’s business planning and financing activities. He also managed the acquisitions of the stakes in the airports in Sydney and Budapest and the founding of AviAlliance Capital. Within AviAlliance, he oversees the operational departments Mergers and Acquisitions, Investments and Financing, Aviation, Technical Services as well as the Legal department. Furthermore, he heads the Asset Management of the airports in Athens and San Juan (Puerto Rico). AviAlliance is one of the world’s leading private industrial airport investors. The company participates in airport acquisitions worldwide and acquires concessions. Drawing on its long years of experience in financing, developing and operating airports, the company has built up an attractive and well-balanced portfolio of shareholdings. It currently has stakes in the airports of Athens, Budapest, Düsseldorf, Hamburg and San Juan.
