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05. Our Business Units
The four Business Units of AIA (Aviation, Consumers, Property grew further from €75.3 million to €78.9 million. This is the
and IT & Telecommunications) have a combined responsibility result of successful efforts for cost reduction and efficient
of operational excellence and business development. The asset utilisation, despite the revenue reduction which was
performance of all units is measured through an established due to less traffic vs. 2008.
Value Based Management (VBM) methodology, which
targets and measures achievements on both financial Chart 5.1
and non-financial metrics and parameters (e.g. quality AIA AVA 2009 vs. 2008
of services, environmental responsibility, public image,
personnel safety, etc.). 100 -0.4 0.5 3.8 -0.2 78.9
80 75.3
The financial performance of each Business Unit is presented
in Charts 5.1 and 5.2 below, in terms of AVA (Added Value € Million 60
on Assets), the main metric that was selected for the
measurement of financial value creation by the Business 40
Units. AVA measures the value created from operating
revenues and expenses, taking also assets and cost of 20
capital into account, since airports are largely capital
intensive business entities. Thus, we have allocated all 0 Aviation Consumers Property IT&T AIA AVA
revenues, costs and assets to the four Business Units and Variance Variance Variance Variance 2009
are able to measure the financial value creation of their AIA AVA
individual business activities, taking also indirect expenses 2008
and asset-related costs into consideration. Excluding the
2009 once-off extraordinary profit, and focusing on the Notes: 1. AVA = Net Operating Profit after Tax – Cost of Capital x Net Assets
performance of the Business Units, the total Company AVA 2. 2009 AVA excluding once-off extraordinary profit
The four Business Units of AIA (Aviation, Consumers, Property grew further from €75.3 million to €78.9 million. This is the
and IT & Telecommunications) have a combined responsibility result of successful efforts for cost reduction and efficient
of operational excellence and business development. The asset utilisation, despite the revenue reduction which was
performance of all units is measured through an established due to less traffic vs. 2008.
Value Based Management (VBM) methodology, which
targets and measures achievements on both financial Chart 5.1
and non-financial metrics and parameters (e.g. quality AIA AVA 2009 vs. 2008
of services, environmental responsibility, public image,
personnel safety, etc.). 100 -0.4 0.5 3.8 -0.2 78.9
80 75.3
The financial performance of each Business Unit is presented
in Charts 5.1 and 5.2 below, in terms of AVA (Added Value € Million 60
on Assets), the main metric that was selected for the
measurement of financial value creation by the Business 40
Units. AVA measures the value created from operating
revenues and expenses, taking also assets and cost of 20
capital into account, since airports are largely capital
intensive business entities. Thus, we have allocated all 0 Aviation Consumers Property IT&T AIA AVA
revenues, costs and assets to the four Business Units and Variance Variance Variance Variance 2009
are able to measure the financial value creation of their AIA AVA
individual business activities, taking also indirect expenses 2008
and asset-related costs into consideration. Excluding the
2009 once-off extraordinary profit, and focusing on the Notes: 1. AVA = Net Operating Profit after Tax – Cost of Capital x Net Assets
performance of the Business Units, the total Company AVA 2. 2009 AVA excluding once-off extraordinary profit
