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Daa Annual Report 2017

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Daa Annual Report 2017 daa plc | daa cpt daa Annual Report 2017 daa plc Annual Report and Financial Statements 2017 Page/Section Title, TBC 109 daa plc Annual Report and Financial Statements 2017 Page/Section Title, TBC 110 daa plc Annual Report and Financial Statements 2017 Contents Where We Operate 4 2017 At a Glance 8 Key Facts and Figures 12 Chief Executive’s Review 19 2017 Financial Review 39 Risk Report 43 Governance Report 48 Report of the Directors 54 Consolidated Financial Statements 2017 55 Directors’ responsibilities statement 56 Independent auditors’ report 57 Group profit and loss account 59 Group statement of comprehensive income 60 Group balance sheet 61 Company balance sheet 62 Group statement of cash flows 63 Group statement of changes in equity 64 Company statement of changes in equity 65 Notes on and forming part of the financial statements 66 Five-year summaries 99 Board of Directors 102 Management Team 104 Aeronautical Information 106 General Business Information 107 daa Where We Operate ARI ARI Dublin Airport, Ireland Montréal, Canada Québec City, Canada ARI Halifax, Canada €247m 2016 +41 million €206m 2015 €181m 2014 €161m 2013 EBITDA* €million M In July 2017, Norwegian Air began transatlantic services from Cork Airport with the start of direct year- round flights to Cork Airport, Ireland Boston Providence. ARI ARI +19% Winnipeg, Canada Düsseldorf, Germany Long-haul passenger numbers increased ARI at Dublin Airport by 19% to 4.3 million. Bridgetown, Barbados daa plc Annual Report and Financial Statements 2017 Page/SectionWhere We Operate Title, TBC 4 daa plc Group Structure ARI Larnaca and Paphos, Cyprus Dublin Airport Cork Airport daa International Terminal 5, King Khaled International Airport ARI (Aer Rianta International) Riyadh, Saudi Arabia daa International ARI Doha, Qatar Airport Operations ARI Ireland Delhi, India Dublin Airport Cork Airport Saudi Arabia Terminal 5, King Khaled International Airport, Riyadh, Saudi Arabia Airport Investments Europe Düsseldorf, Germany Larnaca and Paphos, Cyprus Airport Retailing Europe Dublin Cork Larnaca Paphos Middle East Beirut, Lebanon Doha, Qatar Manama, Bahrain Muscat, Oman North America / Caribbean Bridgetown, Barbados ARI Halifax, Canada Montréal, Canada Muscat, Oman Québec City, Canada Winnipeg, Canada Asia Delhi, India Australasia Auckland, New Zealand ARI Manama, Bahrain ARI ARI Beirut, Lebanon Auckland, New Zealand daa plc Annual Report and Financial Statements 2017 Where We Operate 5 Almost 29.6 million passengers daa 2017 At a Glance travelled through Dublin Airport in 2017, up 6% on the previous year. 6% 27.9m 29.6m 2016 2017 M Passenger numbers at Larnaca and Paphos airports in Cyprus increased by 14% to 10.25 million in 2017. Commercial revenue was up 10% to €301 million. 10% €273m €301m 2016 2017 M ESB International opened its new headquaters at Dublin Airport Central in April. Forty-one scheduled airlines operated flights to 176 scheduled destinations from Dublin Airport in 2017. 41 176 Destinations daa plc Annual Report and Financial Statements 2017 2017 At a Glance 8 M Passenger numbers M European traffic at at Düsseldorf Airport – Dublin Airport increased by which is 20% owned by 7% to 15.2 million in 2017. daa – increased by 5% 2.3m to 24.6 million. Aeronautical income increased by 6% to €307 million. Dublin is now the 11th largest airport 6% in the European Union. More than 2.3 million €289m €307m passengers travelled 11 through Cork Airport in 2017, up 3.5% on 2016. 2016 2017 M Cork Airport had 9 14% airline customers operating scheduled services to 39 M New services from Cork destinations in 2017. Airport in 2017 included Zurich with SWISS, Newquay Dublin Airport invested more than with Aer Lingus Regional, €174 million in 2017 on new and expanded passenger and airfield facilities. and Verona with Volotea. Passenger traffic from Dublin Airport to other daa staff have raised €2.3 million for international destinations, €174m 21 different Irish charities since 2007. including the Middle East and Africa, increased by €2.3m 14% to almost 850,000 in 2017. 2007 2017 13m M ARI opened a new M Revenue at ARI’s departures store at Auckland International joint venture at Delhi Over 13 million passengers International Airport travelled through Terminal 5 at Airport doubling its retail increased by 12% in 2017. King Khaled International Airport in footprint at New Zealand’s Riyadh, Saudi Arabia. The terminal busiest airport. is operated by daa International. daa plc Annual Report and Financial Statements 2017 2017 At a Glance 9 daa 2017 At a Glance Cork Airport was named Airports Council International (ACI) Best Airport in Europe in the category of airports that serve under five million passengers per year. Dublin Airport was named Delhi Duty Free was The Loop at Dublin the joint third best voted the Best Duty Free Airport was Best Travel airport in Europe for Shop by travellers at the Retailer at the Icons of customer service, in the Travel + Leisure India Whisky Awards. global Airports Council & South Asia Awards. International (ACI) It also won the Marketing World Airport Service Concept of the Year Quality (ASQ) Awards. prize at the International Drinks Awards for its Whisky Luxe Festival. daa plc Annual Report and Financial Statements 2017 2017 At a Glance 10 ARI (North America) was In July, Dublin Airport named Best Canadian Duty handled three million Free for the second year in a passengers in a month for row at the Frontier Duty Free the first time and this Association Convention. milestone was repeated the following month. daa secured planning permission for the first In July 2017, Norwegian four new buildings in the Air began transatlantic Dublin Airport Central services from Cork Airport development with with the start of direct construction commencing year-round flights on the first two towards to Boston Providence. year-end. Dublin Airport was ARI won the Partnership daa wins the Finance named Airport of the Initiative of the Year, Dublin Debt Capital Year in its category together with Diageo, at Markets Refinancing at the CAPA Aviation the Frontier Awards and Deal of the Year. Awards for Excellence. Drinks International Travel Retail Awards for the creation of the Guinness Export House in Dublin Airport’s Terminal 2. daa plc Annual Report and Financial Statements 2017 2017 At a Glance 11 daa Key Facts and Figures Operating Profit* €million *Before Exceptional Items €101m €81m 2014 2015 Return on Equity 10.1% 9.1% 5.7% 4.1% 2014 2015 2016 2017 Net Debt €million €600m €616m €572m €541m 2014 2015 2016 2017 daa plc Annual Report and Financial Statements 2017 Key Facts and Figures 12 €158m €139m 2016 2017 Profit After Taxation (pre-exceptional) €million €125m €108m €61m €42m 2014 2015 2016 2017 Net Debt: EBITDA 3.3x 3.0x 2.3x 2.0x 2014 2015 2016 2017 daa plc Annual Report and Financial Statements 2017 Key Facts and Figures 13 daa Key Facts and Figures €855m 2017 +8% €793m 2016 €680m 2015 €564m 2014 Turnover €million daa plc Annual Report and Financial Statements 2017 Key Facts and Figures 14 €271m 2017 +9.5% €247m 2016 €206m 2015 €181m 2014 EBITDA* €million *Pre-Exceptional Items daa plc Annual Report and Financial Statements 2017 Key Facts and Figures 15 daa Key Facts and Figures 31.9m 2017 +6% 30.1m 2016 27.1m 2015 23.8m 2014 Passengers million daa plc Annual Report and Financial Statements 2017 Key Facts and Figures 16 31.9m Total 29.6m Dublin Airport 2.3m Cork Airport Passengers by Airport 2017 daa plc Annual Report and Financial Statements 2017 Key Facts and Figures 17 Chief Executive’s Review Dalton Philips daa had a positive year during 2017 both Earnings before interest, taxation, depreciation at home and abroad. Passenger numbers and amortisation (EBITDA) increased by 9.5% to increased at our Irish airports, sales were up €271 million. at our international retail business, we had a Despite increased profits, cost control is a key successful first full year of trading at our airport focus for the Group and it is essential that we management operation in Saudi Arabia, and our remain vigilant in this area. financial performance further improved. Excluding exceptional items, Group profit after Substantial progress was made at our new tax increased by 16% to €125 million. The office development, Dublin Airport Central. Cork impact of unrealised investment property fair Airport celebrated a major milestone when it value gains of just over €5 million increased welcomed scheduled transatlantic flights for the post exceptional profit after tax to €130 million. first time. We continued to reduce our debt levels during Total passenger numbers increased by 6% to a the year, with net debt 5% lower at €541 million record 31.9 million, as Dublin Airport enjoyed its at December 31. seventh consecutive year of traffic growth and Cork Airport saw increased passenger numbers In May, Standard & Poor’s revised its outlook for the second year in a row. on daa to Positive from Stable and at the same time affirmed its a-/a-2 long and short-term Group turnover was up 8% to €855 million, corporate credit ratings on daa. As we move into with commercial turnover growing faster than another major phase of capital investment with income from aeronautical charges. Aeronautical North Runway and other capacity enhancements income increased by 6% to €307 million, while at Dublin Airport, our objective is to maintain a commercial revenue was up 10% to €301 strong investment grade credit rating. million. Turnover at our international businesses increased by 7% to €247 million. The Board has recommended a dividend of €37.4 million in respect of 2017. A dividend Airport charges and commercial turnover made of €29.1 million in respect of 2016 was paid up about 70% of total turnover – divided equally during 2017.
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