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2020 DIAL Annual Report with AR

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2020 DIAL Annual Report with AR ANNUAL REPORT 2020 SECTION 1. PAGE 1 SECTION 1 2 3 4 10 11 COMPANY AIRLINES OUR YEAR AT CHAIRMAN PARTICULARS PLACE A GLANCE AND CEO’S REPORT SECTION 2 2 14 15 16 17 STATEMENT TREND STATEMENT OF BALANCE STATEMENT OF OF SERVICE STATEMENT COMPREHENSIVE SHEET CASH FLOWS PERFORMANCE INCOME & STATEMENT OF CHANGES IN EQUITY 18 32 35 NOTES TO THE SHAREHOLDER AUDIT FINANCIAL INFORMATION REPORT STATEMENTS SECTION 1. PAGE 2 OUR COMPANY PARTICULARS DIRECTORS CHIEF EXECUTIVE REGISTERED OFFICE Terminal Building Tony Allison Richard Roberts (Chairman – appointed Dunedin International Airport Private Bag 1922 1 November 2018) GENERAL MANAGER DUNEDIN COMMERCIAL Jonathan G S Cameron Phone 03 486 2879 Chris Cope (Appointed 1 November 2018) E-mail [email protected] Patricia (Trish) A Oakley Website www.dunedinairport.co.nz GENERAL MANAGER (Resigned 31 October 2019) INFRASTRUCTURE AND BANKER Mark F Rogers OPERATIONS Westpac (Resigned 31 October 2019) Glen Pleasants 101 George Street Darin Cusack DUNEDIN (Appointed 1 November 2019) GENERAL MANAGER BUSINESS DEVELOPMENT SOLICITORS Darin Cusack (Appointed 1 November 2019) Megan Crawford Gallaway Cook Allan 123 Vogel Street Christine McNamara DUNEDIN (Intern) AUDITOR COMMITTEES Rudie Tomlinson of Audit NZ Audit Committee On behalf of the Auditor-General Chairperson – Jonathan Cameron, Tony Allison Remuneration Committee Chairperson – Rachel Brooking, Tony Allison Health and Safety Committee Chairperson – Darin Cusack, Tony Allison, Jonathan Cameron, Rachel Brooking SECTION 1. PAGE 3 AIRLINES FOR THE YEAR ENDED 30 JUNE 2020 AIRLINE AIRCRAFT TYPE DOMESTIC Air New Zealand Airbus 320CEO, A320NEO, A321NEO Mount Cook Airline ATR 72 Air Nelson Dash 8-300 Jetstar Airbus 320-200 INTERNATIONAL Virgin Australia Boeing 737-800 CHARTER, FLIGHT TRAINING AND COMMUTERS Mainland Air Services Cessna 152 Piper PA31-350 Chieftain Piper PA34-200 Seneca Socata TB10 Tobago SECTION 1. PAGE 4 OUR PLACE DUNEDIN, NEW ZEALAND It’s hard to imagine that one Dunedin, New Zealand’s first city, destination can have some of the is set amidst a magical landscape best and most unique wildlife viewing edged by the sea. Here the streets in the world, an impressive array of hum vibrantly with colour and culture, heritage architecture, and be home and the beauty of nature can still be to world class fashion designers. But found everywhere. It is a thriving city there is such a destination, Dunedin. of rare charm. SECTION 1. PAGE 5 Once in a while you may come across a place where everything seems as close to perfection as you will ever need. And striving to be faultless the air on its knees holds the trees apart, yet nothing is categorically thus, or that, and before the dusk mellows and fails the light is like honey on the stems of tussock grass, and the shadows are mauve birthmarks on the hills. BRIAN TURNER SECTION 1. PAGE 6 SECTION 1. PAGE 7 OUR BOARD Darin Cusack Tony Allison - Chairman Jonathon Cameron Christine McNamara Rachel Brooking (absent) SECTION 1. PAGE 8 OUR EXECUTIVE LEADERSHIP TEAM SECTION 1. PAGE 9 GENERAL MANAGER GENERAL MANAGER GENERAL MANAGER CHIEF EXECUTIVE COMMERCIAL INFRASTRUCTURE & BUSINESS Richard Roberts OPERATIONS DEVELOPMENT Chris Cope Glen Pleasants Megan Crawford SECTION 1. PAGE 10 THE YEAR AT A GLANCE TOTAL PASSENGERS INTERNATIONAL DOMESTIC DOWN DOWN 19.01% 26.7% DOWN 793,556 26.4% 34,232 759,324 INTERNATIONAL DOMESTIC BUSIEST MONTH CAPACITY CAPACITY JULY 2019 DOWN DOWN 27.1% 25.5% 91,977 FINANCIAL SUMMARY OPERATING SURPLUS AERO This summary should be read in conjunction with the full financial AFTER TAX REVENUE statements in section 2 or online at www.dunedinairport.co.nz DOWN UP OPERATING REVENUE DOWN 1.4% 20.2% $15.2M 13.8% $3.6M $6.0M TOTAL DECLARED SHAREHOLDERS NON AERO +Others DIVIDEND FUNDS REVENUE FOR THE YEAR UP DOWN 8.6% $2.4M $69.2M $9.2M 9.01% SECTION 1. PAGE 11 CHAIRMAN AND CEO’S REPORT SECTION 1. PAGE 12 The Directors and Jetstar’s numbers were down On 23rd March 2020 Prime Minister against the previous year due to the Jacinda Ardern announced that on Management are pleased cancellation of the three - four day the 26th March 2020, New Zealand to present this year’s a week Wellington services in the would be going into lock down Annual Report. previous year. and the world we knew, was going to change forever. We were living Virgin Australia were turning through history and this virus around their fortunes, with a greater would leave no one on the planet As they say in sporting circles, this presence in the New Zealand unaffected by its presence. year has most definitely been “a market since their split with Air game of two halves”. Here’s where New Zealand and work we had With New Zealand borders closed we were at the end of February been doing across the region with and airplanes grounded, the effect 2020 prior to the outbreak of the Lower South and strong outbound on our business was profound. By COVID-19 pandemic in New Zealand: marketing campaigns. the end of April passenger numbers for the month were down over 99% Our retail revenue performance was compared to April in the prior year. up 9% on previous year. AIR NEW ZEALAND We had never seen this before. It The Terminal Expansion Project was all new and we were thinking on was progressing well, and we were our feet. We were a team of 5 million looking forward to opening much and we had made a brave decision. UP better spacious and fit for purpose facilities for our growing numbers of 5% passengers. PASSENGER NUMBERS 2020 Over the first week of February COMPARED WITH VIRGIN AUSTRALIA Dunedin was rocked at the Forsyth PREVIOUS YEAR Barr Stadium, first by Sir Elton John and then, 6 days later by Queen. 20% UP Things were looking and generally 0% feeling good, other than news -20% 15% that some type of communicable -40% disease, known as a Novel -60% Coronavirus which started out JETSTAR in December 2019, had started -80% to spread across the world from -100% DOWN January 2020. The spread of the -120% disease continued and has now Jan Feb Mar Apr May Jun affected nearly 18 million people 27% worldwide and caused over 685,000 deaths. SECTION 1. PAGE 13 Overnight our business came “We are preparing for a This decision is a hard one to take to a halt and we were sent into at any time. But in this case, no one COVID mode. The priority was scenario in which the airline had done anything wrong, yet the our people and ensuring they is still 30 percent smaller consequences were significant. Our were all sorted at home. ZOOM than pre-Covid levels in two whole team must be acknowledged became the normal channel for for the way they continued to communication, with calls every years’ time.” operate throughout and beyond the morning with our Executive team “lock down” period and continue to followed by our Senior Leadership JEFF MCDOWALL do so after a very testing time both team and Airport Emergency Air New Zealand operationally and emotionally. Service (AES) Crew Chiefs. We Chief Financial Officer Of the reductions we implemented, ensured we communicated to staff we reduced our senior leadership with COVID-19 Updates and what team by one position, reduced our Based on these forecasts, the was happening at the airport. Only AES team from 19 crew down to 15, company had to make the decision two staff were present on airport we closed our petrol station which to look at the size of the team, and each day to provide both security had a team of 4 staff and finally, reset, to a team that was required and a point of contact for the odd reduced our Customer Service to keep a significantly reduced delivery etc. The terminal building Team by 3½ team members. I operation safe for all involved and had to be locked down and all appreciate all that these people did yet ensure we were ready to work lighting and heating reduced to an for us during a very testing time for hard during the upturn to get the absolute minimum for health, safety us all. and wellbeing reasons, but to also best we could from a bad situation. ensure any expenditure was under Airports are a high fixed cost control as far as it could be. business and as such there are roles particularly around infrastructure, The forecasts for air travel into safety and business development, the future were looking very grim, that are somewhat irrelevant to with Air New Zealand and many the volumes of passengers going other airlines forecasting serious through the airport. At the start reductions for years to come, post of this crisis we applied for the COVID. wage subsidy and for the first period everyone involved in the business took a 20% pay reduction. It became evident over this period that things just weren’t going to improve quickly and as such we then had to implement a team resize, which saw us reduce staff numbers by approximately 25%. SECTION 1. PAGE 14 COMMERCIAL OPERATIONS CUSTOMER CONNECTING OUR PLACE, TO MORE PEOPLE, IN THE BEST WAY EVERYDAY OUR BRAND VALUES OF BE YOU BETTER TOGETHER CAN DO MAKE IT EASY WE CARE MAKE IT HAPPEN OUR STRATEGIC GOALS TO MAKE SAFETY & TO BE TO OPTIMISE THE INCREASE PASSENGER SECURITY OUR FIRST ENVIRONMENTALLY COMMERCIAL NUMBERS PRIORITY RESPONSIBLE RETURN TO OUR SHAREHOLDERS TO DEVELOP & PROVIDE THE TO BE A GREAT PLACE TO CONNECT & STRENGTHEN OUR BEST CUSTOMER TO WORK ENGAGE WITH PARTNERSHIPS EXPERIENCE OUR PLACE SECTION 1. PAGE 15 Not surprisingly, the COVID-19 Dunedin Airport’s total revenue, These decreases are further pandemic materially influenced the including interest income, dividends, compounded by a decrease in 2020-year passenger numbers.
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