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Vancouver Airport Authority's Subsidiary Exits Investment in UK Airport
April 24, 2014
Vantage Airport Group divests all interest in Liverpool John Lennon Airport
Vancouver Airport Authority (YVR), the parent company of Vantage Airport Group (Vantage), today announced the subsidiary’s exit from Liverpool John Lennon Airport after four years in the UK market. Vantage continues to operate nine airports around the world and remains well-positioned for new acquisitions and future growth.
“Vancouver Airport Authority was faced with a difficult decision: invest further funds in a venture that has already lost a significant amount of equity, or exit the project altogether,” said Craig Richmond, President & CEO Vancouver Airport Authority. “The right business decision for the Airport Authority and Vantage was to exit the investment in Liverpool John Lennon Airport.”
Vantage significantly improved the customer experience and airline operations at Liverpool Airport, however the airport was challenged by the poor economic climate, tough regulatory regime and a highly competitive market.
YVR reported a $49.7 million write-down and loss on this investment in its 2013 consolidated financial statements, which include the results of all of YVR’s subsidiaries. The operational and financial position of YVR remains unaffected. YVR maintains a AA credit rating; this is the second-highest airport rating in the world. Funds for the initial investment in Liverpool came from the 50 per cent sale of YVR’s shares in Vantage Airport Group in 2008 to Citi Infrastructure Investors. Today, YVR retains 50 per cent ownership in Vantage and appoints four of the eight Directors to its Board. Vantage remains a strong investment for Vancouver Airport Authority.
Vancouver Airport Authority created Vantage Airport Group in 1994 to market the expertise, operating philosophies and leading edge systems developed at YVR. This model provides excellent opportunities to learn from other airports, undertake personnel development and showcase the skillsets of British Columbia to the world. During the past 20 years, Vantage has owned and operated more than 25 airports. Its current portfolio includes airports in Cyprus, Jamaica, Chile, The Bahamas and Canadian airports in Fort St John, Kamloops, Hamilton and Moncton. Vantage is actively pursuing new airport opportunities.
About Vancouver Airport Authority
Vancouver Airport Authority is a community-based, not-for-profit organization that manages Vancouver International Airport (YVR). Canada's second busiest airport, YVR served a record 17.97 million passengers in 2013. Fifty-three airlines serve YVR, connecting people and businesses to more than 109 non-stop destinations worldwide. Vancouver Airport Authority is a dedicated community partner and in 2013 donated more than $700,000 to local organizations. YVR was named best airport in North America for the fifth year in a row by Skytrax World Airport Awards, as voted on by over 12 million passengers. We are committed to creating an airport that British Columbia can be proud of: a premier global gateway, local economic generator and community contributor.
For further information:
YVR Media Relations
www.yvr.ca Twitter: @yvrairport