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
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Turnover €291m -69%
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Operating costs 1 €260m -42%
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Net debt €783m +82%
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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