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2018 Annual Report and Accounts

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2018 Annual Report and Accounts 2018 ANNUAL REPORT AND ACCOUNTS MOVING FORWARD shannongroup.ie Annual Report and Accounts I 2018 1 CONTENTS 2 About Shannon Group plc DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 3 Shannon Group’s Economic Impact 34 Directors’ Report 5 Chairman’s Statement and Chief Executive Officer’s Review 36 Risk and Governance report 13 Shannon Group’s 2018 Financial Overview 45 Statement of directors’ responsibilities in respect of the Annual Report and the Financial Statements 14 Shannon Group’s Achievements - 2018 46 Independent Auditor’s Report to the Members of 16 Moving Forward – Investment and Growth Shannon Group plc 19 Shannon Group Businesses 47 Consolidated Statement of Profit or Loss 20 Shannon Group – A Flavour of 2018 48 Consolidated Statement of Other Comprehensive Income 22 Board of Directors 49 Consolidated Statement of Financial Position 24 Shannon Group Executive Team 50 Company Statement of Financial Position 27 Corporate Social Responsibility 51 Consolidated Statement of Changes in Equity 52 Company Statement of Changes in Equity 53 Consolidated Cash Flow Statement 54 Company Cash Flow Statement 55 Notes to the Financial Statements FURTHER INFORMATION 97 General Business Information 98 Shannon Group Awards 99 Shannon to UK flights 100 Shannon to Europe flights 101 Shannon to U.S.A / Canada flights 2 Annual Report and Accounts I 2018 ABOUT SHANNON GROUP PLC SHANNON GROUP’S ECONOMIC IMPACT Shannon Group plc is a commercial semi-state company employing more than 600 people. The Group was formally established on the 5th September 2014 following the enactment of the State Airports (Shannon Group) Act, 2014. Our Mission is to manage and develop our aviation, tourism and property assets, to generate a sustainable commercial return, to drive excellence in safety standards and service to customers €3.6 BILLION 46,516 and to make a difference to the communities we serve. Annual contribution to Jobs supported in the the Irish Economy Mid-West SHANNON GROUP COMPRISES: SHANNON AIRPORT: SHANNON HERITAGE: provides connectivity for the largest commercial our community to the world, operator and developer of offering direct services to tourist attractions in Ireland, destinations across Europe Shannon Heritage plays a vital and North America. role driving growth in tourism into our region. €1.15 BILLION Annual tax revenue to the Exchequer Through the SHANNON INTERNATIONAL COMMERCIAL AVIATION SERVICES PROPERTIES: CENTRE (IASC), the a developer of commercial Group also supports the property, which manages development of a cluster one of the largest property of over eighty aviation portfolios in Ireland, and companies based in the provides property solutions Shannon Free Zone. that enable FDI and indigenous businesses to develop in our region. Find out more about us at www.shannongroup.ie Source - The Shannon Group Economic Impact Report by W2 Consulting 4 Annual Report and Accounts I 2018 Annual Report and Accounts I 2018 5 CHAIRMAN’S STATEMENT AND CHIEF EXECUTIVE OFFICER’S REVIEW 6 Annual Report and Accounts I 2018 Annual Report and Accounts I 2018 7 CHAIRMAN’S GOVERNMENT SUPPORT During the year we received encouragement and As a very significant business in the regional We welcome the commitment of Government in support from our shareholder, the Department and national economy, we are committed to its Project Ireland 2040 plan to put measures in of Transport, Tourism and Sport. I would like working in partnership with all our stakeholders STATEMENT place to ensure that regions outside of Dublin to sincerely thank Minister Shane Ross and his to ensure a very vibrant future for Shannon can reach their full potential. We are confident department team for their continued support. Group and our region. We are privileged to have Moving Forward that with the right supports and policies, we a wonderful network of loyal customers which will play an important role in the successful On the 28th August last year Tom Coughlan and we greatly appreciate. We are determined to implementation of the Project Ireland 2040. Joe Buckley retired from Shannon Group Board, build on our successes to date and to maximise having served their full term. I would like to the opportunities in each of our businesses. investment projects to help enhance and drive CONTINUING TO DELIVER Investment in the Atlantic corridor from Galway thank them for their contribution and support Shannon Group plc is a dynamic commercial We are pleased with Shannon Airport’s traffic its business operations. This investment is part through Shannon, Limerick and onto Cork is during their time on the Board and wish them semi-state company with a very significant growth of 6.5%, to 1.86 million passengers of the first phase Group investment strategy hugely important to stimulate strategic and every success in the future. Rose Hynes role in stimulating growth both regionally and compared to 2017. Shannon Airport has been which saw almost €85 million invested since focused regional development. Such investment Chairman nationally. 2018 was yet another very successful the fastest growing airport outside Dublin and 2014. This, along with other regional stakeholder will be critical to creating a counter-balance to I would like to welcome Linda Tynne, who year for the Group with each of its businesses, has enjoyed its sixth consecutive year of growth. investment strategies, has undoubtedly the growth in the Dublin region. Strong regions joined the Board on 1st December 2018 Shannon Airport, Shannon Heritage and Shannon strengthened the region’s attractiveness as a and regional cities make for a strong national and to congratulate Kevin McCarthy on his Commercial Properties, performing strongly. It is encouraging to see that Shannon’s location to live, work and play. economy. reappointment to the Board on the same reputation as a centre for aviation is recognised date. I look forward to working with them globally. Our International Aviation Services It is wonderful to see the positive impact our We continued to deliver on our commercial and all Shannon Group Board members as we Centre (IASC) is focused on expanding the cluster investment programme is having in providing mandate, improve our profitability and ACKNOWLEDGEMENTS enter the next phase in the development of of aerospace companies in Shannon with the property solutions and enhancing our customer sustainability, grow passenger and visitor On behalf of the Board, I would like to thank Shannon Group. numbers, and develop enticing property cluster growing from 45 to over 80 companies experience. Matthew Thomas, CEO, Shannon Group, for in the past five years. solutions for Foreign Direct Investment and his vital contribution to the growth of Shannon I would like to thank the Shannon Group Board Our investment programme is clearly creating indigenous companies. We achieved all of this Group. The Group is now on a very positive for the commitment they have demonstrated Shannon Heritage delivered a 4.3% increase in the environment for a high-tech eco-system in while completing the first phase of our major footing, primed for growth. We are sorry to see time and time again during the year. Their visitor numbers with almost 925,000 people the Mid-West that is already reaping dividends Group-wide investment strategy and putting Matthew depart Shannon Group in June and contribution has been invaluable. plans in place to move forward with the next enjoying its sites during 2018. Our visitor for the region. It is heartening to see that our we wish him and his family all the best for the phase. attractions generate 253,000 bed nights, attractive business property solutions have led future. support direct and indirect jobs and generate a to new Foreign Direct Investment at Shannon significant economic value to the Irish economy Free Zone, with high-calibre companies such We are fortunate to have a talented and A STRONG FINANCIAL each year. as Jaguar Land Rover and Edward Lifesciences passionate Executive Team and employees at PERFORMANCE locating here. Shannon Group. Without their commitment I am pleased with the strong financial we could not have made such great progress performance in 2018. This, the fourth MOVING FORWARD WITH OUR As we move forward into the next phase of our towards achieving our goals during the year. consecutive year of growth since the Group’s INVESTMENT PLANS Group investment strategy, we have ambitious Their hard work is very much valued and establishment in 2014, is very encouraging and Shannon Group provides critical aviation, plans and are putting the building blocks in place appreciated. creates a solid foundation for our future plans. tourism and real estate infrastructure. We now to ensure continued growth in the years know that our improved business performance ahead. We are firmly focused on the future and The Group’s 2018 turnover of €77.8 million is an and investment strategy stimulates economic already exploring new opportunities to stimulate 8% increase on 2017. The Group also enjoyed benefits both regionally and nationally. economic growth. growth in its EBITDA which at €12.7 million, is 37% ahead of 2017. With this improving financial The Group’s economic impact report issued last We have committed to delivering a diverse range performance we are on a firm financial footing year illustrated this. The report gives valuable of new capital projects by 2022 to provide the to embark on the next phase of our ambitious insights into the catalytic impact of Shannon critical infrastructure that will enable our region capital investment plan. Group and its critical role in enabling trade and to grow. investment. The Group’s impact is substantial, supporting 46,000 jobs, generating an economic However, with so much global turbulence, this GROWTH IN ALL BUSINESS AREAS impact of €3.6 billion per year and contributing is not a time to be complacent. We are ever In 2018 Shannon Commercial Properties €1.15 billion in Exchequer returns.
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