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FCC completes acquisition of Aeroporti di Roma Handling (ADRH), the leading independent handling operator at Rome's airports


FCC completes acquisition of Aeroporti di Roma Handling (ADRH), the leading independent handling operator at Rome's airports

   Flightcare, a company in the FCC group, today completed the acquisition of ADRH from its parent company, Aeroporti di Roma, for an equity value of 72.5 million euro.

   The sale agreement was signed in Madrid on 4 August 2006 and it has been completed following approval by the Italian authorities and the successful conclusion of intense negotiations with the trade unions.

   The acquisition is Flightcare's first incursion into the Italian market, where it is now the leading independent handling operator at Rome's airports (Leonardo da Vinci - Fiumicino and Giovanni Battista Pastine - Ciampino).

   At these airports, ADRH provides passenger and ramp handling services to close to 100 airlines, handling over 150,000 aircraft movements per year, and it has an 85% share of deregulated handling at Fiumicino (excluding self-handling by Alitalia and AirOne). ADRH also has a dominant position at Ciampino (around 95% of the total market). Overall, ADRH has close to 35% of the total market at Rome's two airports, making it the main independent handling operator in Rome and one of the biggest in Italy.

   ADRH projects 85 million euro in revenues and 9.6 million euro in EBITDA in 2006.

   This investment strengthens Flightcare's network in Europe and substantially increases its presence in the Mediterranean region; as a result, the company is now one of Europe's leading independent handling operators, providing ramp, passenger and cargo handling services at fifteen airports in Spain, Belgium and Italy.

   The operation is part of FCC's Strategic Plan, supported by its leading shareholder, Esther Koplowitz, to increase growth and returns in the company's strategic areas through organic growth and acquisitions in Spain and other countries.


   Flightcare, FCC's handling subsidiary, has over 10 years' experience in the sector. Flightcare currently provides ramp, passenger and cargo handling, directly and indirectly, at ten airports in Spain and three in Belgium, where it acquired Sabena's handling business in October 2002. In 2005, Flightcare handled over 32 million passengers and 200,000 tonnes of cargo with its network of over 4,000 employees. Flightcare is a founding member of Aviance, the international alliance of airport services providers.

   In July 2006, AENA (the Spanish airports authority) granted Flightcare seven new 7-year licences to operate at Barcelona, Málaga, Alicante, Valencia, Fuerteventura, Jerez and Almería airports. Additionally, Flightcare provides cargo handling services in Madrid, Barcelona, Bilbao and Valencia. Flightcare already provided passenger, ramp and cargo handling services at Brussels, Ostende-Bruges and Liège airports in Belgium.

   Flightcare is expected to attain 165 million euro in revenues in 2006, rising to 300 million euro in 2007 due to the contribution by ADRH and the new concessions in Spain.