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Airport borrows heavy to fund new terminal

Tuesday, 29 April 2008

THE Dublin Airport Authority’s (DAA) debt will rise to over e1.2 billion over the next three years in order to fund a range of developments, it was revealed recently.
The debt will be result from massive developments at the airport which are planned for completion by 2010.
The public will foot some of the bill for the works as passenger charges are expected to rise by e2 per flight in the future.
The figures were revealed at the launch of the DAA’s financial performance report for 2007.
“The group's net borrowing position is expected to rise to approximately e300 million in 2008 and to levels in excess of e1 billion post 2010,” announced DAA chairman Gary McGann.
“In this context, the DAA must continue to increase its underlying profits and cash flows to support the required level of borrowings.”
The DAA’s profits for last year were up by a staggering 56 per cent on the previous year with a share of over e109 million in profits for 2007.
Dublin Airport is now the eighth busiest airport in Europe as passengers numbers increased to 23.2 million last year.
Over 120 separate projects are included in the pre-2010 stage of the e2 billion Transformation Programme of Dublin Airport.
According to the DAA’s chief executive, last year’s opening of Pier D was one such improvement which has already proven a hit with passengers.
“The DAA's key focus in terms of transforming the passenger experience is now at Dublin Airport," Declan Collier said.
“Delivery of Pier D has laid down a clear marker as to the quality of passenger facilities the DAA intends to put in place and very significant progress has already been made towards delivering the centrepiece of the whole Transformation Programme, T2.”
The second stage of the development will run from 2010 to 2015. Among the projects involved in this stage is the controversial new runway.
Mr Collier also revealed that work on T2 is going according to plan and that it will be ready for take off in two years’ time.
“The recent erection of the first steel supports for the new terminal provides passengers and other airport customers with visual confirmation not only of the rapid progress being made, but also of the position of the new terminal relative to existing facilities,” Mr Collier added.
“We are also moving ahead with a range of other significant projects to enhance the overall passenger experience at the airport and close to e450 million, or the equivalent of e1.5 million per working day, will be invested in the airport during 2008.”
The money will be ploughed into proposed projects and improvements such as the extension of Pier D, an extension to the existing terminal, the construction of a new multi-storey car park and four-star hotel.
The DAA will also spend e100 million on new aircraft parking areas, taxi-ways and environmental features for the airfield.

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