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33 In addition to these cost-containment measures, there are also States that have postponed the collection of a part
of the 2009 and 2010 charges to future years. These will translate into under-recoveries to be borne by airspace
users in future years.
PRR 2009 91 Chapter 8: Cost-effectiveness
8.2.12 On 1 January 2009, there were thirty-six States in the Route Charges System. Out of
these, 23 States provided information on cost containment measures to be implemented in
2009 and 2010. No information was provided during the June and November 2009
sessions of the Enlarged Committee for Bosnia Herzegovina, Greece, Hungary, Malta,
Moldova, Serbia, Montenegro, Slovak Republic, Slovenia and Armenia (which was
technically integrated on 1 March 2009 in the Route Charges System).
8.2.13 There is a wide difference in the quantity and in the quality of the information provided.
As a result, at this stage it is not possible to precisely identify the total amounts of actual
savings that can be expected at European system level during the coming years. On the
basis of the data in Figure 105 the downwards cost revision of -1.1% for 2009 and -3.6%
for 2010 can be valued at some €80M for 2009 and €245M in 2010 for the European
system. Further details for the five largest States/ANSPs are discussed in § 8.4.12-8.4.18.
8.2.14 It is important that, due to the uncertainty surrounding the duration of the economic
downturn, these measures are effectively implemented and that the planned cost savings
really materialise and result into actual 2009 and 2010 costs lower than planned. It is also
important that these measures do not compromise the provision of future ATC capacity.
The decrease in traffic offers some breathing space for ANSPs to prioritise the projects
with the most promising capacity outcomes, taking into account trade-offs, so that there is
a better match between capacity and demand when traffic growth will bounce back.
8.2.15 One of the measures identified in
the left-hand of Figure 106
relates to the use of reserves to
smooth unit rates fluctuations.
This can be done when an ANSP
is sufficiently capitalised. Figure
107 shows the breakdown of the
balance sheet for European ANS
at the end of 2008. A feature of
the balance sheet is that ANSPs’
equity (48%) substantially
exceeds their long-term debt
(35%).
ANSPs asset structure ANSPs liability structure
Current
assets
33%
Long-term
financial
assets
6%
NBV fixed
assets under
construction
12%
NBV fixed
assets in
operation
49% Current
liabilities
17%
Longterm
liabilities
35%
Capital
and
reserves
48%
Figure 107: ANSPs balance sheet structure, 2008
8.2.16 Another feature is a 2.5 ratio of current assets to current liabilities (i.e. the “current ratio”,
an indicator of liquidity). Even when using a more stringent measure of liquidity, such as
the “quick ratio” (retaining only debtors and cash assets instead of all current assets) the
ratio is 1.8. It indicates that, on average, ANSPs would be able to pay 180% of their
current debt by only using their most liquid assets.
PRR 2009 92 Chapter 8: Cost-effectiveness
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Aena (SP)
ANS CR (CZ)
ATSA Bulgaria (BG)
Austro Control (AT)
Belgocontrol (BE)
Croatia Control (HR)
DFS (DE)
DHMI (TR)
DSNA (FR)
EANS (EE)
ENAV (IT)
HungaroControl (HU)
IAA (IE)
LFV/ANS Sweden (SE)
LGS (LV)
LPS (SK)
LVNL (NL)
MATS (MT)
MK CAA (MK)
MoldATSA (MD)
NATA Albania (AL)
NATS (UK)
NAV Portugal (FIR Lisboa) (PT)
NAVIAIR (DK)
Oro Navigacija (LT)
PANSA (PL)
ROMATSA (RO)
Skyguide (CH)
Slovenia Control (SI)
SMATSA (RS)
UkSATSE (UA)
MUAC
Avinor (NO)
DCAC Cyprus (CY)
Finavia (FI)
HCAA (GR)
Current Assets / Current liabilities
0
3
6
9
12
15
18
21
24
27
30
Months of revenues
Debtors and cash at bank Stock and other current assets Ratio quick assets to total revenues
Figure 108: Liquidity ratios per ANSP, 2008
8.2.17 Figure 108 shows liquidity ratios for each ANSP in 2008 according to the balance-sheet
data that was provided in the Specification for Information Disclosure34. There are
significant differences in the financial situation of ANSPs and some might be due to
different accounting policy. In several cases the “quick ratio” (see the blue part of the bar)
　
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