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Challenges of airport economics for financial management

机译：机场经济学对财务管理的挑战

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This paper discusses the fundamentals of airport economics, governing the business in general. Based on representative ACI data, the structure of airport finances and resulting profitability will be exemplified from a global and regional perspective. The major characteristics will be identified from this, impacting on revenue and cost levels, capital productivity and structure, as well as capital spending. Due to their relationship with airline customers as well as travellers, airports are two-sided businesses. Moreover, infrastructure costs do not vary in direct proportion to traffic throughput This makes airports fixed cost businesses in nature, continuously searching for new airlines, passengers and cargo in order to achieve economies of scale and increase commercial revenue at the same time. In combination with the investment cycle, this poses unique challenges for financial management in the sector beyond the typical activities of working capital management and investment funding. Airports and airlines are intrinsically linked and rely on one another to operate efficiently. Nevertheless, they are based on considerably different business models. While airlines are able to flexibly respond to changes in traffic flows by adjusting capacity, airports have to commit to long-term planning decisions to safeguard capacity many years ahead. Operating efficiency, capital productivity and cost of capital as well as an appropriate capital structure are essential for financial success.
机译：本文讨论了机场经济学的基本原理，该理论指导了整个业务的发展。基于代表性的ACI数据，将从全球和区域的角度来举例说明机场财务的结构和由此产生的盈利能力。由此可以确定主要特征，从而影响收入和成本水平，资本生产率和结构以及资本支出。由于他们与航空公司客户以及旅客的关系，所以机场是两方面的业务。此外，基础设施成本不会与交通吞吐量成正比变化。这使得机场本质上成为固定成本企业，不断寻找新的航空公司，旅客和货运，以实现规模经济并同时增加商业收入。结合投资周期，这给该部门的财务管理带来了独特的挑战，超出了营运资金管理和投资资金的典型活动。机场和航空公司之间有着内在的联系，彼此依赖才能有效运营。但是，它们基于截然不同的业务模型。航空公司可以通过调整运力来灵活地响应交通流量的变化，而机场必须做出长期的规划决策，以保护运力在未来很多年。运营效率，资本生产率和资本成本以及适当的资本结构对于财务成功至关重要。

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