MBA Presentation MBA in International Management: ESCP Europe Business School Group Presentation: Company Consulting Project Final presentation of a Fall 2018 consulting engagement with the Tours, France Airport "The ESCP Europe MBA in IM is, in a way, an evolution from ESCP Europe’s previous Masters in European Business program and provides young professionals with 3-10 years of work experience with the necessary knowledge, skills, and mindset to succeed in an international management career. As members of this inaugural class, we have welcomed with excitement the Company Consultancy Project module. The Company Consultancy Project has enabled us to select and work with the Tours Val de Loire Airport (TVDL) at a critical time in the airport’s history. From September 2017 through January 2018, we have worked hand-in-hand with a representative from the TVDL, ecosystem partners, third party consultants, local officials, ESCP Europe tutors, and our professor to establish multi-scenario financial projections for the airport. Multiple work phases ensured results. Client and tutor kickoff meetings, followed by the utilization of business model canvas and fishbone analysis tools enabled us to understand TVDL and the industry overall, to deliver an exhaustive engagement proposal, which would govern our working relationship. As we began to dive deeper, we analyzed 70+ client-provided documents, amounting to 2,000+ pages and researched benchmark data through databases such as Amadeus, Orbis. Additional client interviews supplemented this research, and all sufficiently prepared us to begin our data analysis. For this analysis, we created 3 scenarios of 10-year financial projection. Rigorous excel work, and constant iterative verification with TVDL and third party consultants ensured the reasonability of our results. These final results, summarized through this presentation, will next be utilized by TVDL to persuade further subsidization by the elected officials of the Tours Val de Loire region."

1. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 1
Tours Val de Loire Airport
Gateway to an innovative metropolis

2. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 2
The ESCP Europe MBA in IM is, in a way, an
evolution from ESCP Europe’s previous Masters in
European Business program and provides young
professionals with 3-10 years of work experience
with the necessary knowledge, skills, and mindset
to succeed in an international management career.
As members of this inaugural class, we have
welcomed with excitement the Company
Consultancy Project module.
The Company Consultancy Project has enabled
us to select and work with the Tours Val de Loire
Airport (TVDL) at a critical time in the airport’s
history.
From September 2017 through January 2018, we
have worked hand-in-hand with a representative
from the TVDL, ecosystem partners, third party
consultants, local officials, ESCP Europe tutors, and
our professor to establish multi-scenario financial
projections for the airport.
Multiple work phases ensured results
Client and tutor kickoff meetings, followed by the
utilization of business model canvas and fishbone
analysis tools enabled us to understand TVDL and
the industry overall, to deliver an exhaustive
engagement proposal, which would govern our
working relationship.
As we began to dive deeper, we analyzed 70+
client-provided documents, amounting to 2,000+
pages and researched benchmark data through
databases such as Amadeus, Orbis. Additional
client interviews supplemented this research, and
all sufficiently prepared us to begin our data
analysis.
For this analysis, we created 3 scenarios of 10-year
financial projection. Rigorous excel work, and
constant iterative verification with TVDL and third
party consultants ensured the reasonability of our
results.
These final results, summarized through this
presentation, will next be utilized by TVDL to
persuade further subsidization by the elected
officials of the Tours Val de Loire region.
Foreword
- ESCP Europe, MBA in IM, TVDL Team
January 18, 2018

3. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 3
A quick introduction of our team to begin:
Oscar Aparici BALLESTER
Spanish, 26
Financial Expertise
Filippo BOSCHERO
Italian, 28
Financial Expertise
Oliver MADDEN
American, 26
Communications
Madhumitha MURALI
Indian, 23
Planning and Coordination
Amina NDICHI
Moroccan, 27
Financial Expertise
Jyh Shin SHI
Taiwanese/Japanese/American, 30
Quality Control

4. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 4
Tours is the largest city in the Centre-Val de Loire region of
France

5. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 5
Late Middle Ages
De facto capital of
France: Treaty of
Tours
Antiquity
Settled by the
Turones, Romans
as Civitas
Turonorum
And it serves as a metropolitan gateway to the region’s
rich cultural history
Early Middle Ages
Defender of
Western Europe:
Battle of Tours
Renaissance
Birthplace of the
French Renaissance

6. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 6
From a pre-Roman settlement…

7. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 7
…to defense of Western Europe against the Moors

8. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 8
Tours even served as the de facto capital of
France for 150 years…

9. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 9
…before giving birth to the French Renaissance

10. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 10
1970’s
Experienced a
”Golden
Commercial Age”
WWI
Established as
French Air Force
training center
1950’s
Served as a flight
school
1990’s
Depression and
recovery
The Tours Val de Loire Airport (TVDL) has a rich history
as well

11. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 11
From a WWI Air Force training center…

12. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 12
…to a 1950’s flight school

13. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 13
TVDL experienced a “Golden Commercial Age” in
the 1970’s, but then it fell into depression…

14. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 14
…until the government subsidized recovery in the
1990’s, which continues today

15. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 15
Future
Aspirations as a
tourist destination
2017
Métropole formed
to increase region’s
power
At present, Tours has very positive outlook

16. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 16
On March 22, 2017 – 22 communes joined together
to form the Tours Métropole Val de Loire

17. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 17
And the Métropole has big plans for itself as a
tourist destination
Heritage
Green Spaces
Cycling
Contemporary Art

18. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 18
But the Air Force will vacate the airport by 2021
To keep the
airport running:
• The Tours
Metropole
must be
persuaded to
invest
subsidies
• The French
Ministry of
transport must
take over the
air traffic
control
Reconsider
management
• Current
management
concession with
EDEIS expires
Gain further
subsidization
• Local
government
must be
persuaded to
continue
subsidies
• A new
development
plan for the
airport must be
presented
Manage Air
Force transition
• The French Air
Force will leave
• More than 200
ha are to be
transferred to
the commercial
airport
• Military air
traffic control
will cease
2018 2021 2022

19. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 19
How much should
the Tours
Métropole invest
in TVDL?

20. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 20
It depends…

21. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 21
Source: ACI Traffic Data
European air network chart European rail network chart
Vs
First of all, increased connectivity makes airports
worthwhile

22. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 22
Regional airports in particular are advancing this strategy
Source: ACI Traffic Data
Direct connectivity at European hubs
and regional airports from 2005 to
2017
Direct connectivity at small European
regional airports (below 5mpaa) from
2005 to 2017

23. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 23
Source: ACI Traffic Data
Share of direct connectivity at
European regional airports in 2017
Share of direct connectivity at small
European regional airports (below
5mpaa) by traffic in 2017
Tours and the smallest regional airports contribute most to
this trend

24. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 24
Within France, usage and performance vary widely…

25. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 25
…but there are 3 reasonable benchmarks for Tours

26. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 26
0
100000
200000
300000
400000
500000
600000
700000
2012 2013 2014 2015 2016
Total passengers per year in Tours,
Dijon, Nimes, and Rennes
Aéroport Rennes - Saint-Jacques
Aéroport de Dijon - Bourgogne
Aéroport de Nîmes-Alès-Camargue-Cévennes
Aéroport de Tours - Val-de-Loire
0
10000
20000
30000
40000
50000
60000
70000
2012 2013 2014 2015 2016
Total movements per year in Tours,
Dijon, Nimes, and Rennes
Aéroport Rennes - Saint-Jacques
Aéroport de Dijon - Bourgogne
Aéroport de Nîmes-Alès-Camargue-Cévennes
Aéroport de Tours - Val-de-Loire
Dijon, Nîmes and Rennes offer 3 future development
options

27. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 27
Tours
2017
Today, Tours is fairly comparable to Nîmes
Dijon
2017
Nîmes
2017
Rennes
2017
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
2010 2011 2012 2013 2014 2015 2016 Now
Increase in revenue of TVDL from 2010 to
2016
Fall Rise
18%
7%
5%
48%
12%
4%6%
Revenue break up for TVDL 2016
Assistance aeroporture
Reventes
Redevances dominales
Tax d'aeroport
Redevance passager
Redevance d'atterissage
Autres

28. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 28
Tours
2017
Today, Tours is fairly comparable to Nîmes
Dijon
2017
Nîmes
2017
Rennes
2017
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
2010 2011 2012 2013 2014 2015 2016 Now
Progression of overall costs of TVDL from 2010 to
2016
Fall Rise
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
2010 2011 2012 2013 2014 2015 2016
Segregation of total cost of TVDL from 2010 to 2016
Achats Charges externes Charges de personnel Marketing

29. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 29
1. Scale back to a general
aviation airport
2. Build the gateway to an
innovative metropolis
3. Create the airport of
tomorrow
It depends... What
would they like to
accomplish?
How much should the Tours Métropole invest in TVDL?

30. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 30
1
Scale back to a
general aviation
airport
0 €
Scaling back to a general aviation airport requires no
investment
Tours
2017
Dijon
2017
Nîmes
2017
Rennes
2017

31. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 31
Dijon
2017
Rennes
2017
1
Scale back to a
general aviation
airport
0 €
2
Build the gateway
to an innovative
metropolis
Building the gateway to an innovative metropolis maintains
Tours’ growth with minimal investment
Tours
2017
Nîmes
2017
6.5M €

32. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 32
Dijon
2017
Rennes
2017
3
Create the airport
of tomorrow
35M €
TBC
1
Scale back to a
general aviation
airport
0 €
2
Build the gateway to
an innovative
metropolis
6.5M
Tours
2017
Nîmes
2017
Creating the airport of tomorrow requires heavy investment

33. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 33
Parking
Rentals
Village
Advertising
Shuttle
1 Current 2 3
Commercial Aviation
Business Aviation
Aeroclub
Training School
Hospital Aviation
The amount of subsidy received will drastically change the
future of TVDL

34. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 34
Parking
Rentals
Village
Advertising
Shuttle
1 Current 2 3
Commercial Aviation
Business Aviation
Aeroclub
Training School
Hospital Aviation
The current situation is unsustainable, due to Air Force
departure

35. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 35
Optimizing a regional hub is our most reasonable option
Parking
Rentals
Village
Advertising
Shuttle
1 Current 2 3
Commercial Aviation
Business Aviation
Aeroclub
Training School
Hospital Aviation

36. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 36
It depends... What
would they like to
accomplish?
How much should the Tours Métropole invest in TVDL?
1. Scale back to a general
aviation airport
2. Build the gateway to
innovative metropolis
3. Create the airport of
tomorrow
a. Summary of financials
b. Upside/downside risks

37. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 37
It depends... What
would they like to
accomplish?
How much should the Tours Métropole invest in TVDL?
1. Scale back to a general
aviation airport
2. Build the gateway to
innovative metropolis
3. Create the airport of
tomorrow
a. Summary of financials
b. Upside/downside risks

38. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 38
We can analyze projected financials in 2 segments
Consolidated P&L
Aero P&L Non Aero
2015 2016 2018 2019 … 2021 2022 … 2027
Revenue 5.118 4.163 3.845 4.154 4.900 5.368 8.350d
Costs 4.751 4.983 4.266 4.319 4.581 4.803 6.342
EBITDA (924) (2.370) (422) (165) 318 565 2.008
Net Profit (2.625) (1.940) (725) (469) 5 86 582
Forecast
2018 2019 … 2021 2022 … 2027
Revenue 3.281 3.558 4.232 4.592 7.169
Costs 3.987 4.034 4.275 4.478 5.882
EBITDA (706) (477) (42) 113 1.287
Net Profit (948) (718) (284) (129) 741
Forecast
2018 2019 … 2021 2022 … 2027
Revenue 564 596 668 776 1.180
Costs 280 285 307 324 460
EBITDA 284 311 361 452 720
Net Profit 74 82 99 129 217
Forecast

39. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 39
Consolidated P&L
2015 2016 2018 2019 … 2021 2022 … 2027
Revenue 5.118 4.163 3.845 4.154 4.900 5.368 8.350
Costs 4.751 4.983 4.266 4.319 4.581 4.803 6.342
EBITDA (924) (2.370) (422) (165) 318 565 2.008
Net Profit (2.625) (1.940) (725) (469) 5 86 582
Forecast
The consolidated P&L projection shows an overall
improvement
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues

40. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 40
Consolidated P&L
2015 2016 2018 2019 … 2021 2022 … 2027
Revenue 5.118 4.163 3.845 4.154 4.900 5.368 8.350
Costs 4.751 4.983 4.266 4.319 4.581 4.803 6.342
EBITDA (924) (2.370) (422) (165) 318 565 2.008
Net Profit (2.625) (1.940) (725) (469) 5 86 582
Forecast
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues
The consolidated P&L projection shows an overall
improvement

41. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 41
Tours can move to a positive EBITDA in less
than 10 years
• The EBITDA
from the aero
activities is
highly
impacted by
the incentives
paid to the
low-cost
airlines
• The EBITDA
from non aero
activities is
positive due to
low expenses
-1000000
0
1000000
2000000
3000000
4000000
Aero revenue Marketing expenses Other expenses Non aero revenue Total expenses Final EBITDA
Consolidated TVDL P&L 2018
0
2000000
4000000
6000000
8000000
Aero revenue Marketing expenses Other expenses Non aero revenue Total expenses Final EBITDA
Consolidated TVDL P&L 2027

42. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 42
Consolidated P&L
2015 2016 2018 2019 … 2021 2022 … 2027
Revenue 5.118 4.163 3.845 4.154 4.900 5.368 8.350
Costs 4.751 4.983 4.266 4.319 4.581 4.803 6.342
EBITDA (924) (2.370) (422) (165) 318 565 2.008
Net Profit (2.625) (1.940) (725) (469) 5 86 582
Forecast
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues
The consolidated P&L projection shows an overall
improvement

43. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 43
Aero activities represent nearly 80% of the
total revenue of the airport
• Commercial
aviation is the
main
contributor the
airport revenue
• Parking
represents 9%
of the airport
revenue with a
low level of
investment
Commercial aviation, 80%
Business aviation, 3%
Parking, 8%
Main contributors of TVDL revenue 2018
Commercial aviation Business aviation Parking Others
Business aviation, 3%
Parking, 9%
Main contributors to TVDL revenue 2027
Commercial aviation Business aviation Parking Others

44. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 44
Our aeronautical projections are conservative
2018 2019 … 2021 2022 … 2027
Revenue 3.281 3.558 4.232 4.592 7.169
Costs 3.987 4.034 4.275 4.478 5.882
Including : marketing fees 2.383 2.352 2.403 2.453 3.215
EBITDA (706) (477) (42) 113 1.287
Net Profit (948) (718) (284) (129) 741
Forecast
Aero activities P&L
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues
• Optimization of
the marketing
incentives

45. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 45
2018 2019 … 2021 2022 … 2027
Revenue 3.281 3.558 4.232 4.592 7.169
Costs 3.987 4.034 4.275 4.478 5.882
Including : marketing fees 2.383 2.352 2.403 2.453 3.215
EBITDA (706) (477) (42) 113 1.287
Net Profit (948) (718) (284) (129) 741
Forecast
Aero activities P&L
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues
• Optimization of
the marketing
incentives
Marketing incentives per passenger bring the
EBITDA down

46. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 46
Aero activities EBITDA breaks even in 5 years
• Revenue from
aero activities
is built around
conservative
assumptions
(maximum 15
flights per
week in 10
years)
• The marketing
incentives paid
to the low-cost
airlines are
negotiated on a
digressive
basis
(2,000,000.00)
-
2,000,000.00
4,000,000.00
6,000,000.00
8,000,000.00
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Evolution of Revenue vs Operating Costs of aero activities
EBITDA Revenue Operating Costs Marketing fees
Military leaving

47. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 47
2018 2019 … 2021 2022 … 2027
Revenue 3.281 3.558 4.232 4.592 7.169
Costs 3.987 4.034 4.275 4.478 5.882
Including : marketing fees 2.383 2.352 2.403 2.453 3.215
EBITDA (706) (477) (42) 113 1.287
Net Profit (948) (718) (284) (129) 741
Commercial aviation is the main contributor in
the airport revenue
Forecast
Aero activities P&L
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues
• Optimization of
the marketing
incentives

48. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 48
Commercial aviation is the main contributor in
the airport revenue
• The Aeroclub is
the main
contributor to
the airport
movements but
poor
contributor to
revenue
• Passengers are
mainly driven
through the
commercial
aviation which
constitute
(80%) of
activity
198,897 201,873 208,475 221,631 238,818 259,111
280,609
319,151
361,596
407,788
457,761
2016 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Total passengers (PAX)
6,199 7,099 8,536 10,210 12,111 13,662 14,963 16,537 18,304 20,291 22,529
0
5,000
10,000
15,000
20,000
25,000
2016 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Total Movements
B.U. 1 : Commercial Aviation B.U. 2 : Business Aviation + Privatejets B.U. 3 : Aeroclub
B.U. 4 : Training School B.U. 5 : Hospital aviation B.U. 6 : Heritageaviation

49. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 49
2018 2019 … 2021 2022 … 2027
Revenue 3.281 3.558 4.232 4.592 7.169
Costs 3.987 4.034 4.275 4.478 5.882
Including : marketing fees 2.383 2.352 2.403 2.453 3.215
EBITDA (706) (477) (42) 113 1.287
Net Profit (948) (718) (284) (129) 741
Commercial aviation is the main contributor in
the airport revenue
Forecast
Aero activities P&L
• Progressive
improvement
of the EBITDA
• Conservative
projection of
revenues
• Optimization of
the marketing
incentives

50. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 50
Tours can decrease marketing fees from
15€/passenger to 7€/passenger for new airlines
• Historically
Ryanair
represented
95% of total
movements
charging the
airport
15€/passenger
• Diversification
of client
portfolio and
better
negotiation of
the marketing
fee.
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
-
500,000.00
1,000,000.00
1,500,000.00
2,000,000.00
2,500,000.00
3,000,000.00
3,500,000.00
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Evolution of the marketing incentives
Marketing fees Marketing fee/passenger

51. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 51
Non aero revenue is lower than aero activities
but with a 50% net profit margin
• Non aero
activities break
even at year 1
2018 2019 … 2021 2022 … 2027
Revenue 564 596 668 776 1.180
Costs 280 285 307 324 460
EBITDA 284 311 361 452 720
Net Profit 74 82 99 129 217
Forecast
Non Aero activities P&L

52. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 52
Low investment for parking and same historical level of
other activities revenue contribution
2018 2019 … 2021 2022 … 2027
Revenue 564 596 668 776 1.180
Costs 280 285 307 324 460
EBITDA 284 311 361 452 720
Net Profit 74 82 99 129 217
Forecast
Non Aero activities P&L
• Non aero
activities break
even at year 1

53. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 53
Non Aero EBITDA breaks even starting from year 1
• Parking
represents 9%
of the airport
revenue with a
low level of
investment.
• Rental revenue
is also a good
revenue
contributor
with low
related
expenses.
0
500000
1000000
1500000
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Evolution of Revenue vs Operating Costs of Non aero activities
Revenue Operating Costs

54. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 54
6.5M €
0
1000000
2000000
3000000
4000000
5000000
6000000
7000000
8000000
Aero
revenue
Marketing
expenses
Other
expenses
Non aero
revenue
Total
expenses
Final
EBITDA
Consolidated TVDL P&L 2027
Parking
Rentals
Village
Advertising
Shuttle
2
Commercial Aviation
Business Aviation
Aeroclub
Training School
Hospital Aviation
To summarize, a 6.5M € will bring TVDL to operational
profitability in 2023

55. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 55
It depends... What
would they like to
accomplish?
How much should the Tours Métropole invest in TVDL?
1. Scale back to a general
aviation airport
2. Build the gateway to
innovative metropolis
3. Create the airport of
tomorrow
a. Summary of financials
b. Upside/downside risks

56. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 56
5 key risks may affect our projections
• Passengers congestion (A):
• Low (3)
• Dependence on subsidies (B):
• Very High (5)
• Political party orientation (C):
• High (4)
• Tourism fluctuations (D):
• High (4)
• Low-cost airline companies’
fees per passengers (E):
• Very High (5)
EVALUATION PHASE:
Assessment of the risks based on their
probability of occurrence and their impact
MATRIX PHASE
The final step was to create the matrix risk/probabilities

57. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 57
Tours is a French city with a rich history, a vibrant presence, and ambitious
tourism plans for the future. The TVDL airport has long existed through Tours’
subsidies and served primarily as an Air Force base, but the military will soon
leave.
What can Tours expect if it continues to subsidize TVDL?
It depends on the value of subsidies provided: we suggest 6.5M €
With this, Tours Val de Loire Airport could:
• Achieve operational profitability in 2023
• Rely on a relatively low (and short-term) investment
• Grow commercial aviation, to assist the métropole in its tourism strategy
TVDL could become the gateway to an innovative
metropolis with a little help from the métropole

58. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 58
We have been one of many contributing teams to the 2021 redevelopment of
the Tours Val de Loire Airport. Through our inter-related work, a full strategy,
financial analysis, and regional economic impact assessment have been
presented to the airport.
So what’s next?
And that’s the plan: TVDL is beginning its rebirth
Combine
• ENAC, Airport creators, Tours Tourism and all other
contributing teams will have completed their work
Convince
• TVDL will meet the elected officials in March and
present new development plans for subsidies
Collect
• The subsidies determined and provided will dictate
which scenario TVDL will follow
Our financial model
will be used to show
the employment of the
subsidies, if received,
and illustrate the
future financial and
economic performance
of TVDL

59. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 59
Excel Business Plan
• Input-driven
• 10-year
• 3-scenario
We’ve also left behind our tool to be further utilized by
client

60. ESCP Europe MBA in International Management | Class of 2018 | Company Consultancy Project | Tours Val de Loire Airport 60
Thank you for coming!