Annual and Sustainability Report 2018 Description of Operations Swedavia’S Overall Targets
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Annual and Sustainability Report 2018 Description of operations Swedavia’s overall targets The year in brief 4 This is Swedavia 5 Statement of the Chairman of the Board 6 Statement of the President and CEO 8 85% 75% How Swedavia creates value 12 satisfied engaged The aviation market 15 passengers, leaders and Aviation and climate change 18 2025 employees, Materiality analysis 20 2025 Swedavia’s objectives and targets 24 Swedavia’s strategies 26 Operations 28 - Airport Operations 34 6% 0 tonnes - Real Estate operations 46 return on fossil carbon dioxide operating capital emissions from Sustainability annually own operations, 2020 Sustainable development 48 - Economy 50 - Social development 52 - Environmental concern 56 Annual Report 2018 Report of the Directors and Sustainability Report 62 Corporate Government Statement 74 Consolidated financial statements 84 Parent Company financial statements 89 Notes 93 Signatories to the Annual Report 124 Auditor’s Report 125 Statement of Compliance 128 GRI index 129 Key metrics and definitions 134 This is Swedavia’s Annual and Sustainability Report for the financial year 2018. The report is aimed primarily at its owner, customers, credit analysts and partners, but also at other stakeholders, and is focused on the Company’s strategy, objectives, targets and results for the past year. The report concerns the entire Group unless otherwise indicated. Swedavia reports results using the guidelines (standards) of the Global Reporting Initiative (GRI). Reported indicators have been chosen based on Swedavia’s and its stakeholders’ shared view of material issues and what is important for long-term sustainable operations. The report also constitutes Swedavia’s report (Communication on Progress, COP) for the UN Global Compact. The last publication date for the Annual and Sustainability Report was March 29, 2018. This is a translation of the Swedish original. In the event of any discrepancy between the two versions, the Swedish version takes precedence. Read more at: www.swedavia.se Contact person: David Karlsson, communication strategist Tel. +46 (0) 10 109 00 00 • [email protected] The airports of the future Swedavia operates and develops the airports of the future. The access they create enables meetings between people and cultures. It gives Sweden competi- tiveness, which provides the basis for long-term sustainable growth. Detta är Swedavia The year in brief The Group in numbers The Group SEK M, unless otherwise indicated 2018 2017 2016 2015 Net revenue 5,922 5,745 5,546 5,416 SEK 5,922 M Operating profit 682 651 966 1,755 in net revenue Operating margin, %1 11.5 11.3 17.4 32.4 Profit for the year 517 407 717 1,410 Return on operating capital, %2 4.6 5.1 8.5 14.6 Debt/equity ratio, times2 1.1 1.0 0.7 0.6 Investments 3,195 3,866 2,138 1,120 Dividend - 3 122 143 232 42 Average number of employees 3,217 3,074 2,949 2,787 million passengers Number of passengers, million 42.0 41.9 39.5 37.6 Operating costs per departing passenger, SEK4 205.4 197.3 197.3 195.2 Commercial revenue per departing passenger, SEK 75.2 75.7 75.5 76.1 Satisfied passengers, % 74 75 77 76 Engaged leaders and employees, %5 65 67 64 na Fossil carbon dioxide emissions, tonnes 1,305 1,896 2,723 3,066 SEK 3,1 9 5 M For key metrics and definitions, see pages 134–135. in investments 1 Operating margin excluding extraordinary items was 12.0 per cent in 2018, 14.1 per cent in 2017, 13.1 per cent in 2016 and 15.4 per cent in 2015. 2 As of 2017, the Company’s pension provision and receivable for the related employee pension tax are offset. Comparative years have been restated. 3 Dividend proposed to the Annual General Meeting. 4 As of 2017, capitalised work for the Company’s own account has been taken into consideration; comparative years have been restated. For 2016–2017, this metric is calculated based on the business segment Airport Operations, and for 2013–2015 the metric is based on Swedavia AB. 5 Swedavia changed its measurement method in 2016. Performance in 2018 For the full year, Swedavia’s airports had positively affected by an earnout of SEK 55 The Board of Directors proposes that 42.0 million (41.9) passengers, which is a M attributable to the sale of Säve Airport. Swedavia AB brings forward the retained 0.2 per cent increase Excluding these items affecting compara- earnings for 2018 Net revenue increased to SEK 5,922 M (5,745) bility, operating profit was SEK 711 M (811) Operating profit was SEK 682 M (651). The Group’s investments totalled SEK It was negatively affected by SEK 84 M 3,195 M (3,866). The pace of investment (160) attributable to impairment losses and in the Group’s development programmes disposals. The operating profit in 2018 was remains high 4 SWEDAVIA I ANNUAL AND SUSTAINABILITY REPORT 2018 THIS IS SWEDAVIA Swedavia is developing the climate-smart airports of the future and creating sustainable growth for Sweden Swedavia’s mission is to operate and develop the ten airports in- Kiruna Airport cluded in Sweden’s national basic infrastructure and contribute to good access for Sweden and for the country’s different regions. Luleå Airport Purpose Together we enable people to meet. Vision Swedavia develops the airports of the future and cre- Umeå Airport ates sustainable growth for Sweden. Business concept Åre Östersund Together with its partners, Swedavia creates added Airport value for its customers by offering attractive airports and access that provide smooth and inspiring travel experiences. Swedavia’s airports shall be the most important meeting places in Scandinavia, while the Company shall be an international role model in sus- tainability and a growth engine for all of Sweden. International role model Stockholm Swedavia is a world leader in developing airports with Arlanda Airport the least possible climate impact. Swedavia’s objective is to produce zero fossil carbon dioxide emissions from Bromma its own operations by 2020. At year-end, Visby Airport and Luleå Airport had already achieved this target, Stockholm Airport and in 2019 Åre Östersund Airport is also expected to reach this target. Ronneby Airport achieved the target in 2017. Swedavia also contributes to fossil-free air transport by taking a driving role in the industry’s Göteborg large-scale shift to bio fuel, with the target of achieving Landvetter Visby Airport fossil- free Swedish air transport by 2045. Airport Ronneby Airport Malmö Airport SWEDAVIA I ANNUAL AND SUSTAINABILITY REPORT 2018 5 STATEMENT OF THE CHAIRMAN OF THE BOARD Swedavia is important to Sweden so-called master plans, which have a plan- ish air transport industry to achieve fos- ning horizon of several decades. sil-free domestic air transport by 2030. The Swedavia is working to increase capacity transformation of aviation requires effec- at all ten of its airports through extensive tive policy instruments that enable reduced infrastructure projects and process devel- emissions from increased air traffic. opment. The development projects entail challenges in maintaining a high level of The Board’s work in 2018 service and customer satisfaction despite During the year, we maintained a regular extensive construction at and in the vicin- dialogue with our owner concerning the ity of the airport. Company’s operations and long-term development. The Board’s work was largely Top priority is safety and security characterised by the restructuring pro- Swedavia’s first and foremost priority is gramme initiated during the year, which is safety and security. That means aviation aimed at creating better cost-effectiveness safety and security as well as safety in the and a long-term economically sustainable Swedavia has an important and engaging workplace, for customers as well as for part- Swedavia. An important part of this is task – creating the conditions needed to ners and employees. A high level of safety and ensuring efficient implementation of the link Sweden together, and to link Sweden security is an essential requirement to many large development projects now with the rest of the world. In developing the enable operations to be run successfully and being carried out at Swedavia’s airports. airports of the future, the primary task of in a long-term manner. Jonas Abrahamsson, Over the next few years, we will carry out the Board of Directors is to ensure that Swedavia’s president and chief executive investments of about four billion Swedish Swedavia’s operations are run with long- officer, has further highlighted this impor- kronor each year in these development pro- term profitability and a focus on sustaina- tant work, and we are also doing so at the jects. Since Swedavia finances its own bility, which includes operational and eco- Board level. Our Board meetings begin with infrastructure development, this places nomic as well as environmental and social a review of the general situation from an stringent demands on both profitability aspects. In the longer term, it is a matter of occupational safety perspective and a dis- and implementation capability. meeting future social needs and creating cussion of how any incidents have been han- access and favourable conditions for dled so that they can be avoided in the future. A company with strength to Sweden in the decades ahead. develop The essence of Swedavia’s task is indeed Sustainable operations and a In my view, Swedavia is well equipped for to meet airlines’ and travellers’ need for sustainable industry the years ahead. The Company has stable access. Sustainability is more than safety and secu- operations, good cash flow, good funding rity. Swedavia is a world leader today in cli- opportunities and an owner that takes a Investments in measures to mate-smart airports.