Annual Report 2015 Key Operating Indicators of Tallinn Airport in 2015 Compared to the Year 2014
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Annual report 2015 Key operating indicators of Tallinn Airport in 2015 compared to the year 2014 Passengers at Lennart Meri Tallinn Airport 2 166 820 (+7%) Passengers at regional airports 48 098 (+15%) Revenue EUR 33.8 million (+6%) Total income EUR 43.6 million (+3%) Net profit EUR 5.2 million (+6%) Total assets EUR 142.6 million (–2%) Capital expenditures EUR 2.6 million (–56%) AS Tallinna Lennujaam operates and develops airport. The main objective is to ensure the provision of ground handling services for aircraft , passengers and cargo in the airports of Tallinn, Tartu, Pärnu, Kuressaare, Kärdla, Kihnu and Ruhnu. Shares of AS Tallinna Lennujaam are owned by the Republic of Estonia. The company belongs to the administrative field of the Ministry of Economic Affairs and Communications. The Group’s busiest international airport is the Lennart Meri Tallinn Airport - in the year 2015 it served 2 166 820 passengers. Regional airports served 48 098 passengers. AS Tallinna Lennujaam together with its subsidiary AS Tallinn Airport GH form the Tallinn Airport group. In the year 2015, group companies employed close to 590 people. Sisukord 10 Events in 2015 11 Strategy and values 15 Company management 22 Company’s activity 41 Employees and work environment 45 Overview of the environment 51 A look into the future 54 About the report 61 Consolidated financial statements 62 CONtact Data 63 GENERAL INFORMatION 63 Consolidated statement of financial position 64 Consolidated statement of comprehensive income 65 Consolidated statement of cash flows 66 Consolidated statement of changes in equity 67 Notes to the consolidated financial statements 67 Note 1. General information 67 Note 2. Overview of key accounting and reporting policies 79 Note 3. Management of financial risks 4 82 Note 4. Key accounting estimates 83 Note 5. Property, plant and equipment 84 Note 6. Intangible assets 85 Note 7. Investment property 86 Note 8. Operating lease 87 Note 9. Inventories 87 Note 10. Receivables and prepayments 88 Note 11. Financial instruments 89 Note 12. Cash and cash equivalents 89 Note 13. Borrowings 90 Note 14. Loan collateral and pledged assets 91 Note 15. Government grants 92 Note 16. Derivative instruments 92 Note 17. Trade payables and prepayments 93 Note 18. Tax liabilities 93 Note 19. Accrued expenses to employees 93 Note 20. Equity 94 Note 21. Revenue 95 Note 22. Other income 95 Note 23. Goods, materials and services 95 Note 24. Other operating expenses 96 Note 25. Staff costs 96 Note 26. Financial income and costs 96 Note 27. Contingent liabilities and commitments 97 Note 28. Related party transactions 97 Note 29. Subsequent events 98 Note 30. Financial information on the parent company 98 Separate statement of financial position 99 Separate statement of comprehensive income 100 Separate statement of cash flows 101 Separate statement of changes in equity 102 Restated statement of equity of as tallinna lennujaam (parent company) 103 INDEPENDENT AUDITOR’S REPORT 104 Profit allocation proposal 105 SIGNatURES TO THE ANNUAL REPORT 106 Revenue of as tallinna lennujaam according to emtak 2008 5 Tallinn Airport’s project „Best Together“ was awarded the recognition of Estonian Association for Quality 2015 for Quality Deed of the Year. For the second year in a row, Tallinn Airport was awarded a silver award for responsible business practices. 2014 For the first time in history, the number of annual passengers at Tallinn Airport exceeded two million. Tallinn Airport was awarded a silver award for re- Tallinn Airport organised a conference Routes Eu- sponsible business practices. Turkish Airlines started rope, bringing to Tallinn 900 European and Asian its flights from Tallinn to Istanbul. aviation decision-makers from 40 different countries. 2013 2012 The visual identity of Tallinn Airport is updated. Ry- First cruise ship turnaround took place. 7,100 passen- anair starts flying to Tallinn Airport. gers were served with 5 turnarounds. 2010 2 011 AS Pärnu Lennujaam, AS Tartu Lennujaam, AS Kures- Tallinn Airport’s air traffic area and passenger termi- saare Lennujaam and AS Kärdla Lennujaam are nal are renovated. merged with AS Tallinna Lennujaam. For the first 2008 time in history, the number of annual passengers at Tallinn Airport exceeded one million. The subsidiary AS Tallinn Airport GH was formed. The airport joined the European Union Open Skies 2005 Treaty, which provided an opportunity for a signifi- cant expansion of flight operations. The first low-cost airline, EasyJet, starts its flights to Tallinn. President Lennart Meri formally opened the reconstructed passenger terminal of Tallinn Airport. 2004 1999 The following companies are formed: AS Tallinna A cargo terminal and a contemporary airport rescue Lennujaam, AS Tartu Lennujaam, AS Kuressaare Len- service buildings are completed in Tallinn Airport. nujaam, AS Kärdla Lennujaam and AS Pärnu Lennu- jaam. 1998 1997 The runway is completely reconstructed. The new length of the runway is 3,070 metres. A state-owned enterprise, Eesti Lennujaamad, is formed. 1995 1992 The first international route is re-opened. SAS starts operating the Tallinn-Stockholm route. In the follow- In preparation of the Tallinn Olympic Regatta of the ing years Finnair, Lufthansa and LOT Polish Airlines Moscow Olympic Games, the Tallinn Airport runway start operations. is extended and a new passenger terminal is built. 1989 1980 Passenger terminal was completed. Tallinn Airport is used exclusively by Aeroflot. All flights are within the Soviet Union. 1954 1945 – 1989 Ülemiste Airport was opened. Runways 40 metres in width and 300 metres in length enabled aircraft to Construction of the airport begins at its current lo- take off and land in six directions. cation 1936 1932 Statement of the management board Thinking back to 2015, one must start with the Tallinn airport prove that we have succeeded in events in November that influenced the oper- our efforts to become the cosiest airport. The ations of AS Tallinna Lennujaam more than the main objective of an airport is not only to cre- developments in the whole year together. Only ate a cosy environment, but to make sure that in a few weeks, the airport had to manage several passengers and their baggage move to the right events that had a profound impact on aviation place at the right time. Tallinn Airport GH that – the liquidation of the flagship carrier Estonian organises ground handling in the Tallinn airport Air, the launch of the new carrier Nordic Aviation was recognised by Lufthansa for the world’s most Group and the prolonged strike of Lufthansa. accurate handling of passengers and aircraft also Yet in 2005 the number of passengers in Tallinn last year. Airport was even more affected by an event that As compared to the year before, the revenue of took place much further away. The disaster with the Tallinn Airport Group increased 6 percent the Metrojet aircraft in Egypt in November ended to EUR 33.8 million and the net profit was also charter flights from Tallinn, reduced the number up 6 percent to EUR 5.2 million. In the next few of passengers in the Tallinn airport for the year years, we expect the number of passengers and and continues to affect us. Inspite of all these our revenue to increase in proportion with the challenges, we ended 2015 with the second-best Bank of Estonia’s economic growth forecast, i.e. result of all times and served a total of 2,166,820 2 percent in 2016. Our focus in the nearest future passengers, i.e. 7 percent more than a year earlier. will be on completing several major construction The exit of Estonian Air from the Estonian avia- projects. In 2016-2022 Tallinn Airport plans to in- tion market was a significant event with an un- vest a total of EUR 127.4 million, of which EUR 40.8 doubtedly sad undertone. On a positive note, we million will be invested in 2016. One of the largest welcomed the arrival of several strong airlines projects in the nearest few years will be the ex- – in November, in addition to Nordic Aviation pansion of Tallinn airport’s air traffic area in coop- Group and its cooperation partner Adria Airways, eration with the Cohesion Fund, construction of also Scandinavian Airlines SAS relaunched routes a parking building for 1,200 cars and expansion to Tallinn. For the Estonian economy, the arrival of the passenger terminal for increasing the han- of a new airline is always very good news and dling capacity of the security area. the stable operation of six airlines with roughly Tallinn Airport bears much wider responsibility similar market share creates confidence for the than is visible at first. In addition to supporting airport and its passengers. For the airport, one the growth of the Estonian economy, we take major challenge is the harmonization of winter care of the surrounding environment, the com- and summer connections – while today there are munity and our employees. In recognition for more than 20 destinations in the winter and over these achievements, Tallinn Airport has received 30 destinations in the summer, we wish to offer the golden award for enterprise responsibility. Estonians and tourists interested in Estonia good air connections all year round. Satisfaction of passengers with Tallinn airport is high. According to an annual passenger ques- tionnaire, airport services and the environment were rated at 4.3 in a scale of one to five. In ad- dition, ACI Europe, the European airport associ- ation, named Tallinn Airport one of the five best regional airports. This is how our passengers see Anneli Turkin, Member of Einari Bambus, Member of us - the postcards that passengers have sent to the Management Board the Management Board 7 Company overview AS Tallinna Lennujaam operates and develops Estonian airports.