Annexure II - AERA

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NERA Economic Consulting Table 2.1 Regulatory till and real estate treatment in selected countries Country Airport Regulatory till Australia Adelaide, Brisbane, Ex-post OUT Melbourne, Perth, Sydney Real estate IN/OUT the regulatory till Belgium Bruxelles . Single till OUT Denmark Copenhagen Hybrid till Partially IN * France Charlesde Gaulle, Orly Single till OUT Germany Frankfurt, Harrourg Dualtill OUT Ireland Dublin Single till IN Italy Rome, Milan, Venice Dualtill OUT Italy Other ariports Hybrid till Partially lN/OUT ** New Zealand Auckland, Christchurch, Ex-post OUT Wellington South Africa ACSA airports Single till IN The Netherlands Amsterdam Dual till OUT (but hotelsIN) United Kingdom Heathrow, Gatwick, Single till IN (but hotels OUT) Stansted (*) A percentage of the difference between revenues and costs related 10 real estate is included in the regulatory till (**) Real estate with no monpoly condition or locauonal rent is outside the regulatory till. Otherwise 50%of the comrrercial margin (difference between revenues and cos ts) is included in the till Source: NERA analysis 2.1. Australia: Adelaide, Brisbane, Melbourne, Perth, Sydney In Australia, the formal price regulation was abandoned in 2002 and it was repla ced by an ex post regulation (also known as light handed regulation)". This light handed regul ation is essentially an ex post monitoring of the aeronautical activities and, more recently, also of airport car parking. Mon itored airports (i.e. Adelaide, Brisb ane, Melbourne, Perth and Sydney) are free to set their own charges under competition law. Non-aeronautical activities, including real estate with the exception ofairport car parking, are outside the perimeter of the regulatory till. 2.2. Belgium: Bruxelles The Bruxelles airport is under a single till regulation which will become a dual till regulation by 2025 . 4 Currently, the regulatory till includes the following non aeronautical activities: • Car parks; Productivity Com missio n, Price Regulation of Air Services,Report No. 19, January 2002 The regulation is defined by the Royal decree 21/612004 4 Annexure II-B CP No. 9/2013-14/T-12023(14)/1/2012- Tariff- Vol - III Annexure II-B Page 42 of 51
NERA Economic Con sulting • Advertising; • Retail; • Commercial sub-concession. All other real estate activities are excluded from the regulated till as not directly connected to aeronautical activities. 2.3. Denmark: Copenhagen The airport of Copenhagen is under a hybrid till regulation. 5 Aeronautical charges are calculated on costs of aeronautical services reduced by a percentage of the difference between revenues and costs ofall the non-aeronautical activities." This percentage is in the range 10% -50% and is the result of a negotiation between the airport and the airlines aimed to ensure that tariffs are in line with the average airport charges of a benchmark of airports. Revenues and costs related to real estate activities are partially included in the perimeter of the regulated till as all other non aeronautical activities. 2.4. France: Paris The Paris airports are under a single till regulation, however, not all the nonaeronautical activities are included in the regulatory till. 7 The regulation currently in place provides a list of non-aeronautical activities which are excluded from the regulatory till, such as commercial activities (such as those related to shops, restaurants and bars, in-terminal hotels, car rentals, banking and foreign exchange services and advertising), and the diversification real estate." As a consequence, the only non aeronautical activities included in the till are car parking and aeronautical real estate activities. The airport follows a dual till approach in the official documentation, but on the contrary the regulation substantiates in a hybrid till as a fraction of the margin of the commercial activities contributes to set aeronautical charges. Source: Danish Civil Administration, Regulations on payments for use of airports (airport charges), BL 9-15, December 2008 Article 5.4, Regulatory model for fixing airport charges under the incentive-based model in relation to Copenhagen airports A/S The new French Economic Regulation Agreement (ERA) signed for the period 2011-2015 modifies the previous Economic Regulation Agreement expired in 20 IO. Source: Economic Regulation Agreement between the State and Aeroports de Paris 20I 1-2015, ADP, 20 II Commercial activities and diversification real estate activities were included in the regulatory till in the previous first regulatory period. 5 Annexure II-B CP No. 9/2013-14/T-12023(14)/1/2012- Tariff- Vol - III Annexure II-B Page 43 of 51
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Annexure II - AERA

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