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A Year Like No Other

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A Year Like No Other daa plc | daa cpt Annual Report 2020 A year like no other Overview 2 2020 performance Who we are 3 Achievements 4 About our business 6 Our business at a glance We are a global airports and travel retail Strategic report Group that has businesses in 16 countries. 8 Chairman’s statement 10 Chief Executive’s review We are owned by the Irish State and 26 Chief Financial Officer’s review headquartered at Dublin Airport. 32 Our strategy 39 Risk report 46 Environmental, Social and Governance (ESG) Our vision is to be airport industry leaders. Governance 62 Board of Directors Our purpose is to connect Ireland with the world. 64 Executive management team 66 Our Governance structure 67 Governance report 75 Report of the Directors 77 Directors’ responsibilities statement Financial statements 78 Independent auditor’s report 80 Group profit and loss account 81 Group statement of comprehensive income 82 Group balance sheet 83 Company balance sheet 84 Group statement of cash flows 85 Group statement of changes in equity 86 Company statement of changes in equity 87 Notes on and forming part of the Financial Statements 120 Five-year summaries 124 Aeronautical information 125 General business information page 10 A recovery will come We will create a new daa and rebuild our business, both at home and abroad. page 32 Our strategy A new strategic plan called ‘Rebuilding Our Group Together’ will shape the pathway forward for our business. Overview Strategic report Governance Financial statements Last year was a year like no other for daa. The economic fallout from the COVID-19 pandemic had a profoundly negative impact on our business internationally and at home in Ireland. Passenger traffic slumped in all of our markets, and all of our airport retail businesses were closed for part of the year. In Ireland, our airports remained open throughout the crisis in line with Government policy and played a vital role by enabling the importation of critical medical equipment. The health and welfare of our employees and our customers was central to everything that we did during the year, and we made significant operational changes to ensure they were always protected. The financial impact of the pandemic meant we had to take some difficult decisions in 2020, and we did so in the best interests of the Group. We strengthened our liquidity, reduced our cost base, and made our businesses more efficient. These prudent actions have left the Group well positioned to enable it to maximise the return to widespread international travel and rebuild the business. page 26 Chief Financial Officer’s review The Group’s focus is on being ready post COVID-19 for the recovery opportunity, to be resized and reshaped with the financial flexibility to be able to respond effectively. page 46 Our ESG strategy daa is committed to being a responsible and sustainable organisation and has supported the delivery of a range of ESG initiatives and activities at home and abroad for many years. daa plc Annual Report and Financial Statements 2020 | 1 2020 Performance Passengers at our Irish airports 7.9m 22% of 2019 Levels See more on pages 16 and 19 Turnover €291m -69% See more on page 26 Operating costs 1 €260m -42% See more on page 26 Net debt €783m +82% See more on page 26 1. Operating costs include payroll and related costs, materials and services and other income – government support. 2 | daa plc Annual Report and Financial Statements 2020 Overview Strategic report Governance Financial statements Achievements Dublin Airport designated as carbon neutral by the Dublin and Cork airports’ COVID-19 health and Airport Carbon Accreditation programme. safety measures are accredited by Airports Council International (ACI) World and ACI EUROPE as part of their Airport Health Accreditation programme. ARI North America (ARINA) named Americas Travel Retailer of the Year and Airport Travel Retailer of the Year at the DFNI-Frontier Americas Awards. daa International wins contract to operate new airport at The Red Sea Development Project in Saudi Arabia. daa included in Fast Company’s 100 Best Workplaces for Innovators list for 2020 due to the Future Factory at Cork Airport Highly Commended in the ACI Europe Best Dublin Airport. Airport Awards in the under 5 million passengers per year category. Dublin Airport’s Platinum Services team won Silver awards at the International Customer Experience Dublin Airport Occupational Health and Safety team Awards (ICXA) in the Customer Services Team of the named the 2020 Health Safety Team of the Year in the Year – Customers at the Heart of Everything category, Health Safety Excellence Awards. and also in the Business Change and Transformation – SME category. ARI Ireland won the Speciality Concept Of The Year award at the 2020 Frontier Awards for the confectionery daa and Trinity College Dublin’s Business School concept at The Loop in Terminal 2 at Dublin Airport. won a Silver award in the Organisational Development category at the Global 2020 EFMD Excellence in Practice Awards for a bespoke leadership programme developed ARI’s global marketing campaign for Black Friday won for Dublin Airport’s Future Factory. the Best Tactical Advertising Campaign category at the Moodie awards. daa plc Annual Report and Financial Statements 2020 | 3 About our business What we do We are a global airports and travel retail Group with operations in 16 countries around the world. Group turnover by class of business 2020 16% 31% 26% 27% 01 We manage We own and manage Dublin and Cork airports in Ireland, and manage Terminal 5 at King Khalid International Airport Aeronautical turnover in Riyadh, Saudi Arabia. We also own a 20% stake in International retail and other activities Düsseldorf Airport and an 11% stake in Hermes Airports, Other commercial activities Direct retailing and retail/catering activities which operates Larnaca and Paphos airports in Cyprus. We also own and operate travel retail operations globally. Group turnover by region 2020 International airport retailing Aer Rianta International (ARI), our international airport retail business, has travel retail operations at Dublin and Cork in 4% Ireland, Montréal, Winnipeg, Halifax and Québec City in Canada, 7% Bridgetown in Barbados, Larnaca and Paphos in Cyprus, Beirut 8% in Lebanon, Riyadh in Saudi Arabia, Muscat in Oman, Manama in Bahrain, Doha in Qatar, Delhi in India, Jakarta in Indonesia, Auckland in New Zealand and most recently, Podgorica and Tivat in Montenegro. 81% Europe Middle East Australasia North America 4 | daa plc Annual Report and Financial Statements 2020 Overview Strategic report Governance Financial statements 02 03 We invest We advise Through ARI, we own a 20% stake in Düsseldorf Airport daa International has clients in Australia, Singapore, and an 11% stake in Hermes Airports, which owns and the Philippines, Saudi Arabia and the UK and provides operates Larnaca and Paphos airports in Cyprus. airport management, operations and maintenance consultancy to them. “At year-end, daa International won a contract with the Red Sea Development Company to become the airport operator for the Red Sea Airport project.” See more on page 59 daa plc Annual Report and Financial Statements 2020 | 5 Our business at a glance Where we operate Dublin Airport, Ireland ARI – Tivat, ARI – Dublin, Montenegro ARI – Québec Ireland City, Canada ARI – Halifax, Canada Cork Airport, Ireland ARI – ARI – Cork, Winnipeg, Ireland Canada ARI – Montréal, Canada ARI – Düsseldorf, Germany daa Group is headquartered in Dublin with operations in 16 countries. It has airport operations at Dublin and Cork airports in Ireland and Terminal 5 at King Khalid International Airport in Riyadh, Saudi Arabia, and airport investments in Düsseldorf, Larnaca and Paphos airports. ARI – ARI, daa’s travel retail subsidiary, has Bridgetown, Barbados operations in 14 countries and holds the Group’s shareholding in Düsseldorf Airport and Hermes Airports. daa International offers advisory and management services internationally, leveraging the experience and expertise of daa Group. Dublin Airport Cork Airport During 2020, Dublin Airport Cork Airport was highly was a key player in Ireland’s commended in the ACI Europe global supply chain and Best Airport Awards in the under was the main hub for the 5 million passengers per year import of essential PPE category. Cork Airport won this and medical equipment. award in 2019. See more on page 16 See more on page 19 6 | daa plc Annual Report and Financial Statements 2020 Overview Strategic report Governance Financial statements ARI – Larnaca and Paphos, Cyprus ARI – ARI – Beirut, Manama, Lebanon Bahrain ARI – Muscat, Oman ARI – Delhi, ARI – India ARI – Dubai, ARI – Jakarta, Doha, UAE Indonesia Qatar Terminal 5, King Khalid International Airport, Riyadh, Saudi Arabia ARI Riyadh, ARI – Saudi Arabia Auckland, New Zealand ARI daa International ARI is the Group’s travel retail daa International offers advisory, subsidiary with operations management and investment in 14 countries. It manages its services to clients globally. own outlets in Dublin and Cork The flagship contract for the airports, and has interests in business is the management retail operations in 13 other contract for Terminal 5 at King countries. ARI also holds Khalid International Airport the Group’s shareholding in in Riyadh, Saudi Arabia. Düsseldorf Airport and Hermes Airports, which operates Larnaca See more on page 24 and Paphos airports in Cyprus. See more on page 22 daa plc Annual Report and Financial Statements 2020 | 7 Chairman’s statement A year when old certainties evaporated We are now firmly focused on rebuilding our business to help Ireland reconnect with the world, and to continue to provide a world-class experience at our airports and travel retail outlets.” Basil Geoghegan Chairman As daa Chairman I would like to present the Travel restrictions and lockdowns meant that While it faced unprecedented difficulties during Group’s Annual Report for 2020.
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