Annual Report 2018 CONTENTS
Total Page：16
File Type：pdf, Size：1020Kb
Annual Report 2018 CONTENTS CEO’S REVIEW OPERATING 3 KEY FIGURES 7 10 ENVIRONMENT 14 STRATEGY AND MEGATRENDS 17 AIRPORTS 23 VALUE CREATION 18 HELSINKI AIRPORT 21 AIRPORT NETWORK ANNUAL REPORT 2018 2 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation Key figures ANNUAL REPORT 2018 3 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation Revenue by business area 2017–2018 (MEUR) Group’s key indicators 2018 2017 2016 280 2018 Revenue, EUR million 377.3 373.6 380.9 2017 Ivalo Operating profit without extraordinary items, EUR million 61.4 60.0 55.7 Enontekiö 242,457 26,063 15.1% 210 2.1% Kittilä 354,561 Operating profit without extraordinary items, % 16.3 16.1 14.5 9.1% Rovaniemi 140 Profit for the period, EUR million*** 45.3 37.7 28.3 644,144 11.2% Cash flow from operations, EUR million 99.3 105.7 97.7 Kemi-Tornio 66,800 70 -36.1% Cash flow-based investments, EUR million 239.5 181.8 182.8 Kuusamo Oulu 113,569 1,096,917 29.4% 18.8% Kajaani 0 Return on equity, %*** 7.0 6.2 4.8 88,815 Kokkola-Pietarsaari 1.6% 1. 2. 3. 4. 68,636 Return on investment, %*** 6.9 6.1 5.0 -14.0% Kuopio 245,682 Vaasa 4.4% 1. 2. 315,900 Jyväskylä Helsinki Airport Equity ratio, %*** 58.7 58.4 58.9 5.3% 72,083 Joensuu Airport Network 6.1% 121,554 Halli Savonlinna 1.5% Pori Tampere-Pirkkala 15 259.1 MEUR 66.6 MEUR Net debt, EUR million, %*** 300.3 295.7 228.2 10,757 17,625 228,096 -40% Change +9.50% Change +16.30% -13.3% -24.0% -0.8% Utti Total passenger volume, million 25.0 22.7 20.8 7 3. 4. +16.7% Turku Airpro Real estate Helsinki Airport Mariehamn 369,432 business* operations** Personnel average (full-time equivalent) 2,186 2,172 2,394 20,848,749 54,640 10.7% -11.3% 10.4% 75.5 MEUR 3.9 MEUR Finavia’s airports and their Change +9.50% Change -83.60% Salaries and fees, EUR million 96.9 99.9 122.2 passenger volumes (Change since 2017) * Finavia’s subsidiary *** The comparison information for 2016 is in accordance with the opinion on the recording of derivatives ** Lentoasemakiinteistöt (subsidiary) issued by the Accounting Board in December 2016 to companies compiling their reports on the basis of and LAK Real Estate Oy (associated company) Finnish accounting practices. ANNUAL REPORT 2018 4 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation Total passenger volumes Passenger volumes at Finavia’s Customer satisfaction was an at Finavia’s airports in 2018 airports 2014-2018 excellent level in an international survey 20 Million passengers (4.13) 15 4.17 Customer satisfaction at network million 10 25 airports was at an excellent level 5 4.26 (4.29) 0 +10.1% 2014 2015 2016 2017 2018 International Domestic Scale 1-5. Customer satisfaction at Helsinki Airport and the network airports is measured with different methods. 1.9% 0.3% Africa North America From Helsinki Airport 2.1% 0.2% South America Middle East 11.5% Rest of Europe International 162 14.6% 69.5% direct international destinations traffic at Asia EU countries Helsinki Airport, % of all passengers 22 direct flights to Asia ANNUAL REPORT 2018 5 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation TOTAL INVESTMENTS Revenue and operating profit without Investments at Helsinki and extraordinary items, % Lapland airports 2013-2022 % MEUR 20 400 350 EUR 1.2 239.5 15 300 billion MEUR 250 10 200 Finavia’s investments accounted for 150 16,600 5 100 person-years 50 5.9% 0 0 of all fixed investments in Finland’s 2014 2015 2016 2017 2018 manufacturing industries. Operating profit margin without 5,500 Revenue extraordinary items permanent jobs The Helsinki Airport development Environmental investments Our employees are even programme has already created happier at their work. employment amounting to The People Power job satisfaction 6,600 index for Finavia was at person-years. AA+ At the end of 2018, level, a new record, which also put us on the list Finavia Corporation had 10 of Finland’s Most Inspiring Workplaces 2019. MEUR 1,240 69.5 employees (1,176). index (67.5) ANNUAL REPORT 2018 6 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation CEO’s review ANNUAL REPORT 2018 7 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation Record high customer and personnel satisfaction For Finavia, the year 2018 was another successful year. Helsinki Airport’s customer satisfaction rate reached a record high level and the satisfaction rate of our personnel continued to grow. Finavia became one of the most inspiring places to work in Finland. A global economic upswing and other favourable trends helped to boost our revenue and passenger numbers at our airports. Almost 25 million passengers passed through our airports, worked to improve its operational efficiency and to keep which was a new record. The figure for Helsinki Airport was costs under control. The efforts have produced results: nearly 21 million, which means that we achieved the 20 our adjusted operating profit increased by 2.3%, totalling million passenger mark two years earlier than predicted. EUR 61.4 million. Finavia’s investment programme at Helsinki Airport, As the volume of Finavia’s operations is expanding, we totalling one billion euros, proceeded as planned. must also maintain the capacity to react quickly to future Lapland remained an attractive tourist destination in changes. In 2018 we managed this successfully. 2018. Passenger volumes at airports in Lapland increased Customer satisfaction was on an excellent level by nearly nine per cent. By launching a EUR 55 million throughout 2018, and every Finavia employee can be airport development programme for Lapland in 2018, proud of this. The extensive Helsinki Airport development Finavia demonstrated its commitment to supporting programme is constantly bringing something new and tourism growth in northern parts of Finland. attractive for passengers and airlines alike, but the construction sites also present practical challenges. Our Another year of strong financial performance customer experience will be put to the test in 2019 as the Growth in air traffic boosted Finavia’s financial work to expand Terminal 2 kicks off at the beginning of the performance. Our revenue increased, totalling EUR 377.3 year. million. The year of strong growth was also one of strong operational performance: Finavia has systematically ANNUAL REPORT 2018 8 Key figures CEO’s review Operating environment Strategy Airports 2018 Value creation A new strategy and responsible manner. Cooperating with our airline We updated our strategy in a situation where air traffic Climate change is a challenge to air traffic customers, we are promoting more environmentally is growing and Finavia is building new airport capacity. In operators friendly aviation fuels and electrically powered aviation. the strategy work, we identified a number of key issues Air traffic accounts for two to three per cent of the world’s greenhouse gas emissions. The debate on the relationship to which Finavia must give high priority in the next few Towards another year of development between aviation and climate change heated up during years. The strategy takes a long-term view as it extends This has been my first year as Finavia’s CEO. I have been 2018. to the 2030s. This is because today’s choices will shape The fact is that in the future, the environmental highly impressed by the commitment shown by Finavia developments in the coming decades. responsibility of aviation must be examined from a wider employees as they are working to ensure positive travel Best flight connections in the Nordic area, unique perspective. This means that every air traffic operator experiences and smooth air traffic. There is clearly a strong customer experience and profitable and responsible must be prepared to cooperate more extensively in culture of cooperation between Finavia, the airlines, and growth as a basis for further development are our key environmental matters. This allows us to find ways to the other companies and authorities operating at the goals. We will also complete our billion-scale Helsinki encourage all actors in the sector to take a responsible airports. Commitment and motivation will also be the Airport investment programme efficiently and as planned. approach to the issue. guarantee for our success in the future. The first results of these strategic priorities are expected Priority should be given to international solutions that Finavia has many years of good financial performance in 2019. have a major impact on the emissions generated by behind it. The company has successfully expanded its the sector as a whole. The challenges posed by climate operations and we are determined to continue on this Finland needs good flight connections change should be tackled as a joint effort, without path in 2019. Completing our development programmes For all practical purposes, Finland is an island, resorting to taxation or other national-level solutions that as planned will be our priority while at the same time, we and air traffic is important to the functioning and may interfere with the sensitive dynamics of the sector. If will also work to improve the already high level of customer competitiveness of Finnish society every day of the year. steering mechanisms are introduced, they should provide satisfaction. From the perspective of connectivity, tourism and Finnish encouragement for operators that act in a responsible industries, it is essential that Finland remains an attractive and environmentally efficient manner.