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Business plan introduced: Airport company requires no additional money until the opening of BER in October 2020

March 10, 2018 Airport No Comments Email Email

In their meeting today, the supervisory board of the airport company has extended the business plan for the years 2018 to 2037 to take notice of a hire purchase variation. For the report period, the business plan establishes around €770 million for additional financial requirements for the period after the opening of BER in October 2020. In addition to the postponed opening date and additional construction costs, the lack of revenue from the unfinished passenger terminal is also one of the main reasons for the increased financial requirements.

The supervisory board discussed the various possibilities for covering the financial requirements. The airport company’s financial requirements could be substantially reduced through a hire purchase model, but at the expense of longer-term income.

Aside from this, the following weeks will involve all parties coordinating an extensive financial package, including liabilities and stockholders’ equity, cost-cutting measures and the usability of the existing consortium agreement, prior to the commissioning of the BER in October 2020.

The new business plan is based on the opening date of October 2020 and takes into account both the financial consequences of the postponed opening, as well as the expectation of a largely increased income. The latter is assumed on the basis of 2021’s increased flight guest figures and improved income opportunities in the non-aviation sector. Thus, the business plan is also the foundation for the upcoming management meeting with the banks, concerning the cover for the current financial shortfall. The airport company is aiming to procure €400 million of the required financial resources from the capital market.

The regular progress report on the construction completion of the flight guest terminals was discussed intensively by the supervisory board and taken note of. In some trades, the final reviews will drag into the first quarter of 2019. The remedy of defects, especially regarding the cable trade, and the further on-going fire safety and fire alarm checks are within the expected time frame. Sufficient safety buffers are still available for commissioning in October 2020.

State Secretary Rainer Bretschneider, Head of the supervisory board: “It’s good that solid figures can now be announced. This is a good basis, upon which the shareholders can agree a common approach and the management can go into discussions with the banks. It is also positive that the actual financial requirements are significantly less than the initial estimates.”

Prof. Dr.-Ing Engelbert Lütke Daldrup, Chief Executive Officer of Berlin Brandenburg GmbH:“Today’s business plan is an important milestone on the road to the opening in October 2020. The business plan describes the entrepreneurial opportunities and risks for the airport company. These range from the current phase of remedying the issue with the passenger terminal and the opening of the BER, with its positive economic effects, to the point at which the airport earns money. On this basis, the management can draw up a complete overall financing plan with the backing of the supervisory board and shareholders, and the talks with banks and financing partners can begin.”

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