Year-end report January–December 2012 Year-end report January–December 2012
Fourth quarter October–December 2012
Swedavia’s airports had 7.9 million passengers during the fourth quarter, which is a decrease of 1.1 per cent1 Net revenue increased to SEK 1,333 M (1,202) Operating profit was SEK 168 M (116) and profit for the period was SEK 79 M (68)
Full year January–December 2012
Swedavia’s airports had 32.4 million passengers for the full year, which is an increase of 2.7 per cent1 Net revenue increased to SEK 4,965 M (4,693) Operating profit was SEK 831 M (781) and profit for the period was SEK 447 M (438) On June 29 Swedavia acquired buildings from SAS for SEK 1,775 M All ten airports in Sweden’s national basic infrastructure are certified by Airport Carbon Accreditation at the highest standard for climate work. Now ten of the total fourteen certified airports in Europe are operated by Swedavia
Key financial data, Group
2012 2011 2012 2011 SEK M Oct–Dec Oct–Dec Jan–Dec Jan–Dec Net revenue 1,333 1,202 4,965 4,693
Operating profit 168 116 831 781
Operating margin, % 12.6 9.7 16.7 16.6
Profit before tax 82 65 554 556
Profit for the period 79 68 447 438
Earnings per share, SEK 0.06 0.05 0.31 0.30
Return on equity 2, % 10.3 11.0 10.3 11.0
Return on capital employed 3, % 6.4 7.4 6.4 7.4
Equity/assets ratio, % 29.1 32.7 29.1 32.7
Cash flow from operating activities 434 197 1,493 1,178
Capital spending 523 358 3,418 1,057
Average number of employees 2,679 2,580 2,624 2,516
1 Compared to the same period in 2011. 2 Return on equity: Profit after tax for a rolling twelve-month period as a percentage of equity on the balance sheet date for the period. 3 Return on capital employed: Profit after financial income for a rolling twelve-month period as a percentage of capital employed on the balance sheet date for the period.
Key financial data and financial reports for comparative periods for 2011 have been restated to conform with IFRS. For information about IFRS see note 8.
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 2
Sustainable development and a focus on passenger In 2012, 32.4 completed at Stockholm Arlanda Airport, Göteborg million Landvetter Airport, Bromma Stockholm Airport, Umeå passengers Airport, Luleå Airport and Kiruna Airport. The aim is travelled to or even more efficient, sustainable, attractive and from one of passenger-friendly airports with a stronger commercial Swedavia’s offering. eleven airports, In 2012, a number of properties were brought an increase of together in the company Swedavia Real Estate to almost three per develop property business and land around the cent compared terminals. In June buildings were acquired from SAS, to the previous which allows Swedavia to more effectively shape the record year, airport areas based on our partners’ needs. Swedavia’s 2011. property Clarion Hotel Arlanda Airport was completed Meanwhile, the number of landings in in late October and illustrates our ambition to continue scheduled and charter operations fell by three developing the airport area into a hub for business and per cent. meetings. Fewer aircraft movements and more well-filled To ensure a long-term stable financial basis and good aircraft mean that the aviation industry has balance in our financial structure, at the end of the year been able to combine increasing travel and we established a programme for bond and commercial reduced greenhouse gas emissions. The long- paper, each with a SEK 5 billion cap. term growth in the need for air travel to and from Sweden strengthens our ability to A more efficient Swedavia meets the compete for new direct routes and thus challenges develop the access Sweden needs. According to a survey commissioned by Swedavia, air travel was considered to be by far the most reliable Continued competitiveness method of mass transit, and a full 83 per cent of Our employees are the face of our company to respondents think airports are important for Sweden’s passengers and are vital to Swedavia’s ability to development and as a meeting place. The passenger increase passenger satisfaction. Employee satisfaction experience is key, and passengers’ views of our increased significantly in 2012, paving the way for our operations are monitored in regular surveys. Swedavia is other successes. Swedavia’s revenue increased 10.9 per working actively to raise passenger satisfaction to 80 per cent to SEK 1,333 M for the fourth quarter, while cent by 2014. operating profit was SEK 168 M. For the financial year One of our most critical issues for 2013 is ensuring 2012, revenue increased 5.8 per cent to SEK 4,965 M that Stockholm Arlanda Airport has a modern and operating profit was SEK 831 M. environmental permit that does not sharply restrict access to, from and within Sweden. Our application was Sustainability – our strategy and future submitted in 2011 to the Swedish Land and Economic, social and environmental sustainability Environmental Court, with additional material and constitute the basis of our operations and strategy opinions from consultative bodies provided in 2012. The because sustainable actions enhance our long-term main hearing is expected to be held in spring 2013. competitiveness and are an essential requirement for the In 2012 we developed the company’s efficiency and future of aviation. As a result of dedicated organisation in order to better realise Swedavia’s full environmental work, all ten of Swedavia’s airports in potential and create long-term sustainable development Sweden’s national basic infrastructure are accredited at and good profitability going forward. the highest level of the Airport Carbon Accreditation We now begin 2013 as a strong company with good (ACA) programme, which demonstrates Swedavia’s fundamentals. We will persevere in our work with role as a world leader in running climate-smart airports. sustainability, efficiency, attractiveness and access for During the year, Swedavia was environmentally our passengers. In light of a challenging global certified under ISO 14001 and made good progress economy, challenges to profitability in the aviation towards our goal of zero carbon dioxide emissions from industry and decelerating passenger growth in the fourth our own operations by 2020. quarter, Swedavia’s efforts to increase efficiency and provide an even more attractive airport offering are even more important. Investments in airports and properties Swedavia invests in order to meet long-term growth in Torborg Chetkovich passenger demand for air travel capacity. During the President and CEO year, refurbishment projects were begun, continued or SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 3
Important events
October–December subsidiary Swedavia Real Estate AB. This is in line with During the quarter, conference operations at Stockholm Swedavia’s ambition to develop the areas around its Arlanda Airport were sold to Radisson Blu Sky City airports in order to enhance its competitiveness. The Hotels and Clarion Hotel Arlanda Airport. The sale acquisition consisted of a large hangar facility and two resulted in non-recurring income of SEK 48 M. office buildings at Stockholm Arlanda Airport, a hangar building and a cargo terminal at Göteborg Landvetter Construction of the new hotel at Stockholm Arlanda Airport, and a cargo building at Malmö Airport. The Airport was completed during the quarter, and Clarion investment totalled SEK 1,775 M. Swedavia already Hotel Arlanda Airport opened on November 1, 2012. owns the land the buildings are on. The hotel has 414 rooms, 44 meeting venues and three restaurants. A proposed agreement between Swedavia and the Municipalities of Sundsvall, Timrå and Härnösand has Beginning in December, commuter trains stop at been negotiated concerning the municipalities’ take-over Arlanda Central Station. The new service is a of Sundsvall Härnösand Airport as of June 17, 2013. collaboration between SL and UL, two regional public Before a binding agreement can be reached, the transport authorities, aimed at improving mass transit proposed agreement must be approved by the local and increasing travel across county borders. This is an councils in these municipalities. important development for Stockholm Arlanda, which is now easier to access by commuter train. As a result of dedicated environmental work, Swedavia’s ten airports in Sweden’s national basic To finance the company’s long-term business infrastructure were environmentally certified at the objectives, in December Swedavia established a bond highest level of ACA, which demonstrates Swedavia’s and commercial paper programme. The Swedish role as a world leader in running climate-smart airports. Financial Supervisory Authority has allowed Swedavia to issue bonds totalling SEK 5 billion, while the In June, Swedavia was environmentally certified under company’s commercial paper, also capped at SEK 5 ISO 14001. This certification is further evidence of billion, will be traded on the NASDAQ OMX Swedavia’s strong commitment to continue reducing the Stockholm exchange. environmental impact of its operations.
Events after the balance sheet date An extraordinary general meeting (EGM) was held on December 20 to elect a new Board member. Jenny Karl Wistrand, deputy CEO and CFO of Swedavia, Lahrin replaced former member Magnus Skåninger. No assumed the position of CEO of Swedavia Real Estate other items were taken up at the EGM. on February 4, 2013. In conjunction, Mr Wistrand stepped down from his duties as CFO. He retains the January–December position of Deputy CEO and remains in charge of the As of January 1, 2012, Swedavia applies IFRS. Reports Group’s overall business strategy and pricing strategy published in 2012 are prepared to conform with IFRS, issues. The change occurred after Jan Egenäs left the and key financial data and reports for comparative company and his position as CEO of Swedavia Real periods have been restated to conform with IFRS; Estate. information about this can be found in note 8. The new CFO after Karl Wistrand will be Lars As of July 1, 2012, Swedavia’s operations are reported Johansson, who worked most recently at TV4 AB. He divided into two segments. Information about this can will take over on March 18. Until Lars Johansson be found in note 3. assumes the position, Ove Johansson, Head of Finance and Accounting, will be the interim CFO of Swedavia. During the first quarter, Swedavia acquired leasehold rights on land adjacent to Bromma Stockholm Airport. On January 29, 2013, Swedavia floated a five-year bond The acquisition cost was SEK 26 M. issue totalling SEK 1,500 M through its Swedish medium-term note programme. The total issue amount Several airlines filed for bankruptcy, mostly during the is divided into one tranche of SEK 1,000 M with a fixed first half of the year, which affected routes at most of coupon of 2.5 per cent and one tranche of SEK 500 M Swedavia’s airports. In many cases, the routes lost were with a variable coupon equal to 3-month STIBOR + 0.7 taken over by other carriers who chose to expand their per cent. The bond is listed on the NASDAQ OMX operations. The overall impact on Swedavia has thus Stockholm exchange. The proceeds will be used to been fairly limited although some routes have not yet repay outstanding loans. been taken over. Beginning in 2013, Swedavia will report properties On June 29, Swedavia acquired a corporate entity classified as investment property at fair value. including six separate buildings from SAS through its
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 4 Passenger growth
October–December January–December During the last quarter of the year, 7.9 million During the full year 2012, 32.4 million passengers flew passengers flew to or from one of Swedavia’s airports. to or from one of Swedavia’s airports, which is the That is a 1.1 per cent decrease compared to the same highest passenger volume ever. Overall, the increase in period in 2011. passengers at Swedavia’s airports was 2.7 per cent.
The number of international passengers increased 0.9 The number of international passengers increased by 3.6 per cent, while the number of domestic passengers fell per cent, and the number of domestic passengers 3.8 per cent. increased by 1.4 per cent. However, the rate of growth shows a clearly decelerating trend, and during the last The deceleration in passenger growth, which started as quarter of the year the number of passengers even fell early as last summer, continued during the year, and the slightly, compared to the same period in 2011. last quarter showed a decline in the number of passengers compared to 2011. All in all, demand for air travel remained high in 2012 despite the economic concerns that have mainly Passenger volume in the final month of the year was dominated Europe but also other parts of the world. adversely affected by difficult weather conditions, which caused traffic disruptions in large parts of the A relatively favourable economic trend for Swedish country. Moreover, because of the way the 2012 year- households and the strong krona contributed to end holidays fell on the calendar, this had an continued increases in Swedish leisure travel to unfavourable impact on business and domestic travel. international destinations, whereas growth in the number The trend in international leisure travel remained good, of visiting tourists and international business travellers especially in scheduled operations. appears to have stalled.
Intercontinental traffic fell during the year, largely as a result of reduced travel to countries like Iraq, Morocco and Syria, but so did long-haul travel to and from countries like China, Thailand and the US.
Passenger volumes – Swedavia’s 11 airports, fourth quarter and full year 2012 4
Number of passengers, fourth quarter Oct–Dec Number of passengers, Jan–Dec Percentage Percentage Passengers 2012 2011 2012 2011 change change International 4,623,000 4,582,000 0.9 19,803,000 19,117,000 3.6 Domestic 3,278,000 3,409,000 -3.8 12,575,000 12,403,000 1.4 Total 7,901,000 7,991,000 -1.1 32,378,000 31,520,000 2.7 4 Compared Compared to the same period in 2011.
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 5
Economic overview
Consolidated net revenue and profit Capital spending Key financial data and financial reports for comparative During the fourth quarter, capital spending totalled SEK periods are restated to conform with IFRS; see note 8 523 M (358). below for details. Cash flow October–December 2012 Cash flow during the fourth quarter was a positive SEK Consolidated net revenue for the fourth quarter totalled 13 M (-121). Operating activities contributed SEK 434 SEK 1,333 M (1,202), an increase of 10.9 per cent. M (197), investing activities used cash of SEK 470 M Operating profit was SEK 168 M (116), an increase of (-338) and financing activities generated cash of SEK 49 44.8 per cent. The operating margin was 12.6 per cent M (20). (9.7). Profit before tax was SEK 82 M (65). Profit for the period totalled SEK 79 M (68). Employees Net revenue was up SEK 131 M compared to 2011. The average number of employees during the fourth Adjusted for non-recurring income of SEK 48 M from quarter was 2,679 (2,580). the divestment of conference operations at Stockholm Arlanda Airport during the period, the underlying January–December 2012 increase in revenue was SEK 83 M. Of this increase, Consolidated net revenue for the full year totalled SEK SEK 49 M was rental income from the new buildings 4,965 M (4,693), an increase of 5.8 per cent. Operating acquired from SAS. profit was SEK 831 M (781), an increase of 6.4 per cent. That means the increase in revenue from comparable The operating margin was 16.7 per cent (16.6). Profit operations was SEK 34 M, which consists of a SEK 19 before tax was SEK 554 M (556). Profit for the period M increase from Aviation Business and a SEK 15 M totalled SEK 447 M (438). increase from Commercial Services. This increase was Net revenue was up SEK 272 M compared to 2011. largely driven by higher sales of de-icing services in Adjusted for non-recurring items in 2011 of SEK 56 M December and higher rental income from other and non-recurring items in 2012 of SEK 48 M, the operations. underlying increase was SEK 280 M. Of this increase, Operating expenses were up SEK 79 M compared to SEK 98 M consists of rental income from the new the same period in 2011, with SEK 26 M of this arising buildings acquired form SAS. from the acquisition of buildings from SAS. Non- That means the increase in revenue from comparable recurring losses totalling SEK 43 M were charged as operations was SEK 182 M, which consists of SEK 99 operating expenses for efficiency improvement projects, M from Aviation Business and SEK 82 M from expenses for pension liability provisions and IFRS Commercial Services, both driven by passenger growth effects. and weather effects, which generated higher sales of de- The increase in operating expenses from comparable icing services. operations totalled SEK 10 M and consists of higher Operating expenses were SEK 223 M higher external expenses and impairment losses. However, compared to the same period in, with SEK 50 M of this comparable staff expenses excluding pension effects and arising from the acquisition of buildings from SAS. non-recurring expenses were unchanged in the fourth Non-recurring losses totalling SEK 64 M were also quarter. Operating profit was SEK 52 M higher than in charged as operating expenses for efficiency 2011, and adjusted for non-recurring items and pension improvement projects, expenses for pension liability liability adjustments the underlying operating profit provisions and IFRS effects. The increase in operating from comparable operations was SEK 24 M higher than expenses from comparable operations totalled SEK 110 in 2011. M and consists of higher external expenses driven by Interest expenses increased SEK 47 M during the increased passenger volume and higher staff expenses as period. Adjusted for the effects of an upward revision of a result of the average number of employees increasing pension liabilities and IFRS effects totalling SEK 24 M, by 108. the underlying increase is SEK 23 M, SEK 12 M of Operating profit was SEK 50 M higher than in 2011, which is from the acquisition of buildings from SAS. and adjusted for non-recurring items and pension That means that the interest expense for comparable liability adjustments the underlying operating profit operations increased SEK 11 M as a result of increased from comparable operations was SEK 72 M higher than borrowing to fund a higher investment level in the in 2011. Interest expenses increased during the period fourth quarter compared to 2011. by SEK 52 M. Adjusted for the effects of an upward The effect on total profit for the year as a result of the revision of pension liabilities and IFRS effects totalling reduction in the Swedish corporate tax rate to 22 per SEK 29 M, the underlying increase is SEK 23 M, SEK cent for deferred taxes reduced total tax expense by 26 M of which is from the acquisition of buildings from about SEK 47 M. SAS. That means the interest expense for comparable operations decreased SEK 3 M, which is due to lower interest rates for external capital borrowings.
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 6 The effect on total profit for the year as a result of the A proposed agreement between Swedavia and the reduction in the Swedish corporate tax rate to 22 per Municipalities of Sundsvall, Timrå and Härnösand has cent for deferred taxes reduced total tax expense by been negotiated concerning the municipalities’ take-over about SEK 47 M. of Sundsvall Härnösand Airport as of June 17, 2013. As of July 1, 2012, the Swedavia Group reports two Before a binding agreement can be reached, the operating segments, Aviation Business and Real Estate. proposed agreement must be approved by the local The segment report can be found in note 3. councils in these municipalities During the quarter, conference operations at Capital spending Stockholm Arlanda Airport were sold to Radisson Blu For January–December capital spending totalled SEK Sky City Hotels and Clarion Hotel Arlanda Airport. The 3,418 M (1,057). The single largest investment during sale resulted in non-recurring income of SEK 48 M the period, SEK 1,775 M, is the acquisition of six separate buildings from SAS, which was completed on Risks and uncertainty factors June 29. Risk is defined here as an event that affects the Group’s prospects of achieving its operational goals and Cash flow implementing its strategies. Swedavia works Cash flow for the full year was negative and totalled continuously to map, monitor and manage risks in its SEK -12 M (-155). Operating activities generated SEK operations. Swedavia’s significant risks are described in 1,493 M (1,178), investing activities used cash of SEK the Annual Report 2011 on pages 49-50 and in note 26 -3,341 M (-1,018) and financing activities contributed on page 84. Swedavia performs risk analyses regularly cash of SEK 1,836 M (-314). which are reported to the Board of Directors on a quarterly basis. The greatest risk for Swedavia concerns Employees the environmental permit for Stockholm Arlanda The average number of employees for the full year was Airport. 2,624 (2,516). The period January–December was dominated by growing economic concerns and decelerating passenger Liquidity and financial position growth for many of the airlines operating at Swedavia’s Consolidated equity at year-end was SEK 4,284 M airports. This has resulted in a number of carriers filing (3,989), and the consolidated equity/assets ratio was for bankruptcy, mostly in the first half of the year, 29.1 per cent (32.7). The consolidated equity/assets ratio which caused credit losses for Swedavia. In Swedavia’s fell by 3.6 percentage points compared to the same view, there is still a risk of economic problems for many period in 2011 since the acquisition of buildings from airlines going forward, which is why Swedavia is taking SAS was largely funded by external borrowings. At measures in credit management to minimise any further year-end, Swedavia had unutilised credit facilities credit losses. totalling SEK 632 M, divided into loan commitments of Swedavia also believes that the general economic SEK 500 M and an unutilised overdraft facility of SEK trend remains uncertain, which could have an adverse 132 M. The current portion of external borrowings effect on Swedavia in the form of reduced demand for increased since large loans from the Swedish National air travel and thus lower revenue. In order to offset a Debt Office and others will mature within a year. potential decline, Swedavia worked during the year to During the year, Swedavia launched a commercial make operations more efficient. paper programme with total borrowings of SEK 750 M at year-end. The Group’s trade receivables increased, Ongoing litigation and disputes which is largely explained by increased activity in the Swedavia is a party to ongoing litigation and disputes. Real Estate segment. The disputes have arisen as part of the day-to-day operations Swedavia carries out. Legal proceedings and disputes are unpredictable by Acquisitions and divestments nature, and the actual outcome may differ from the Swedavia acquired the leasehold on land adjacent to assessments that Swedavia has made. Bromma Stockholm Airport during the first quarter. The acquisition cost was SEK 26 M. Events after the balance sheet date On June 29, Swedavia acquired a corporate entity Karl Wistrand, deputy CEO and CFO of Swedavia, including six separate buildings from SAS through its assumed the position of CEO of Swedavia Real Estate subsidiary Swedavia Real Estate AB. The acquisition on February 4, 2013. In conjunction, Mr Wistrand consists of a large hangar facility and two office stepped down from his duties as CFO. He retains the buildings at Stockholm Arlanda Airport, a hangar position of Deputy CEO and remains in charge of the building and a cargo terminal at Göteborg Landvetter Group’s overall business strategy and pricing strategy Airport and a cargo building at Malmö Airport. The issues. The change occurred after Jan Egenäs left the buildings are fully leased. Possession was taken on June company and his position as CEO of Swedavia Real 29, and the settlement date was June 30. The acquisition Estate. cost was SEK 1,775 M. Swedavia already owns the land The new CFO after Karl Wistrand will be Lars the buildings are on. The acquisition was made by the Johansson, who worked most recently at TV4 AB. He subsidiary Swedavia Real Estate AB buying all shares in will take over on March 18. Until Lars Johansson the Parent Company of the group acquired.
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 7 assumes the position, Ove Johansson, Head of Finance Parent Company net revenue and profit and Accounting, will be the interim CFO of Swedavia On January 29. 2013, Swedavia floated a five-year October–December 2012 bond issue totalling SEK 1,500 M through its Swedish The Parent Company’s net revenue for the fourth medium-term note programme. The total issue amount quarter totalled SEK 1,287 M (1,203). Operating profit is divided into one tranche of SEK 1,000 M with a fixed was SEK 89 M (93). The operating margin was 6.9 per coupon of 2.5 per cent and one tranche of SEK 500 M cent (7.7). Profit before tax was SEK -329 M (-267). with a variable coupon equal to 3-month STIBOR + 0.7 Profit for the period was SEK -304 M (-176).
per cent. The bond is listed on the NASDAQ OMX Stockholm exchange. The proceeds will be used to repay outstanding loans. January–December 2012 Beginning in 2013, Swedavia will report properties The Parent Company’s net revenue for the full year classified as investment property at fair value. totalled SEK 4,868 M (4,687). Operating profit was SEK 685 M (714). The operating margin was 14.1 per cent (15.2). Profit before tax was SEK 108 M (191). Profit for the period was SEK 44 M (178).
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 8 Financial data for Swedavia Consolidated income statement
2012 2011 2012 2011 Amounts in SEK M Note Oct–Dec Oct–Dec Jan–Dec Jan–Dec Net revenue 3,9 1,333 1,202 4,965 4,693
Operating expenses
Other external expenses -549 -538 -1,890 -1,821
Staff expenses -380 -338 -1,394 -1,259 Depreciation/amortisation and impairment losses -236 -210 -850 -831 on tangible and intangible non-current assets Operating profit 3 168 116 831 781
Income from financial investments
Profit on holdings in associated companies 6 1 19 14
Interest income and similar items 8 1 3 8
Interest expenses and similar items -100 -53 -299 -247
Profit after financial items 3 82 65 554 556
Tax 2 -4 2 -108 -118
Profit for the period 79 68 447 438
Attributable to non-controlling interests 2 2 10 9
Earnings per share Earnings per share before and after dilution, 0,06 0,05 0,31 0,30 SEK Number of shares 1,441,403,026 1,441,403,026 1,441,403,026 1,441,403,026
Consolidated statement of comprehensive income
2012 2011 2012 2011
Oct–Dec Oct–Dec Jan–Dec Jan–Dec Profit for the period 79 68 447 438
Other comprehensive income:
Change in cash flow hedges -3 -322 -62 -332
Actuarial losses -32 -25 -81 -25
Tax -10 92 17 94
Total other comprehensive income, net after tax -45 -255 -126 -263
Total profit for the period 34 -187 320 175
Attributable to non-controlling interests 2 2 10 9
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 9 Consolidated balance sheet
Amounts in SEK M Note 2012-12-31 2011-12-31 2011-01-01 ASSETS NON-CURRENT ASSETS
Intangible non-current assets
Goodwill 352 352 352
Other intangible non-current assets 105 87 79
Total Intangible non-current assets 457 439 431
Tangible fixed assets
Buildings and land 4 7,585 4,972 5,157
Field structures 2,412 2,437 2,473
Biological assets, standing timber 91 88 85
Electrical installations, vehicles and equipment 1,999 2,009 2,163
New construction in progress related to tangible fixed assets 953 981 381
Total tangible fixed assets 13,040 10,487 10,259
Financial non-current assets
Holdings in associated companies 79 121 106
Other non-current receivables 132 94 76
Derivative instruments 6 0 0 143
Deferred tax credit 0 57 28
Total financial non-current assets 211 272 353
Total non-current assets 13,708 11,198 11,043
CURRENT ASSETS
Materials and stocks 38 36 34
Current receivables
Trade receivables 555 424 461
Receivables from associated companies 10 10 7
Tax assets 56 63 0
Other receivables 40 141 106
Prepaid expenses and accrued income 252 201 142
Derivative instruments 6 0 0 19
Cash and bank holdings 129 141 295
Total current assets 1,080 1,014 1,066
TOTAL ASSETS 14,788 12,212 12,109
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 10 Consolidated balance sheet, cont.
Amounts in SEK M Note 2012-12-31 2011-12-31 2011-01-01 EQUITY AND LIABILITIES Equity
Share capital (1,441,403,026 shares) 1,441 1,441 1,441 Other paid-in capital 2,162 2,162 2,162 Hedge reserve -170 -115 119 Retained earnings 857 492 92 Total equity attributable to the Parent Company’s shareholders 4,290 3,980 3,815
Non-controlling interest 10 9 9 Total equity 4,300 3,989 3,824
Non-current liabilities
Provisions for pensions and similar obligations 784 734 706 Provisions for deferred tax 242 271 270 Other provisions 133 198 200 Liabilities to credit institutions 3,000 3,518 4,023 Derivative instruments 6 218 134 - Liabilities to leasing companies 13 14 6 Other non-current liabilities 22 22 0
Total non-current liabilities 4,413 4,891 5,205
Short-term liabilities
Interest-bearing liabilities Liabilities to credit institutions 4,653 2,290 2,105 Liabilities to leasing companies 8 8 23 Non-interest-bearing liabilities Derivative instruments 6 13 22 - Trade liabilities 606 368 327 Liabilities to associated companies 4 3 2 Current tax liabilities 0 2 1 Other liabilities 157 78 145 Accrued expenses and prepaid income 634 561 478
Total short-term liabilities 6,075 3,332 3,080
TOTAL EQUITY AND LIABILITIES 14,788 12,212 12,109
Assets pledged and contingent liabilities
Amounts in SEK M 2012-12-31 2011-12-31 2011-01-01 Assets pledged 0 0 –
Contingent liabilities 7 6 5 1
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 11 Changes in equity
Other Non- paid-in Hedge Retained controlling Total Amounts in SEK M Share capital capital reserve earnings interest capital GROUP Equity, opening balance 1,441 2,162 -115 492 9 3,989
Dividend paid - - - - -9 -9
Total profit for the period - - -55 365 10 320
Equity, closing balance 2012-12-31 1,441 2,162 -170 857 10 4,300
Consolidated cash flow statement
Amounts in SEK M 2012 2011 2012 2011 Note Oct–Dec Oct–Dec Jan–Dec Jan–Dec Operating activities
Profit after financial items 82 65 554 556 Adjustments for items not included 153 122 634 552 in cash flow etc.
Cash flow from operating activities 235 187 1,188 1,108 before changes in working capital Cash flow from changes in working capital
Increase(–)/Decrease(+) in inventories -1 -4 -2 -2
Increase(–)/Decrease(+) in operating receivables -84 -141 -83 11
Increase(+)/Decrease(–) in operating liabilities 284 155 390 61
Cash flow from operating activities 434 197 1,493 1,178
Investing activities Acquisition/divestment of intangible non-current -38 - -38 -21 assets Acquisition/divestment of tangible fixed assets 4 -488 -374 -3,383 -1,042
Acquisition/divestment of financial assets 56 36 80 45
Cash flow from investing activities -470 -338 -3,341 -1,018
Financing activities
Borrowings repaid/raised 49 20 1,845 -305
Dividend paid - 0 -9 -9
Cash flow from financing activities 49 20 1,836 -314
Cash flow for the period 13 -121 -12 -155
Liquid assets at the beginning of the period 116 262 141 295
Liquid assets at the end of the period 129 141 129 141
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 12 Parent Company income statement
2012 2011 2012 2011 Amounts in SEK M Note Oct–Dec Oct–Dec Jan–Dec Jan–Dec Net revenue 1,287 1,203 4,868 4,687
Operating expenses Other external expenses -554 -548 -1,909 -1,857 Staff expenses -410 -348 -1,418 -1,264 Depreciation/amortisation and impairment losses on -234 -214 -856 -852 tangible and intangible non-current assets Operating profit 89 93 685 714
Income from financial investments Profit on holdings in Group companies - - 13 13 Profit on holdings in associated companies 6 2 20 17 Interest income and similar items 18 6 34 12 Interest expenses and similar items -166 -88 -366 -285 Profit after financial items -52 13 385 471
Appropriations Accelerated depreciation -212 -280 -212 -280 Change in tax allocation reserve -49 - -49 - Group contribution -16 - -16 - Profit before tax -329 -267 108 191
Tax 2 26 91 -63 -14 Profit for the period -304 -176 44 178
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 13 Parent Company balance sheet
Amounts in SEK M Note 2012-12-31 2011-12-31 ASSETS NON-CURRENT ASSETS Intangible non-current assets Goodwill 426 450 Other intangible non-current assets 105 87 Total intangible non-current assets 531 537
Tangible fixed assets Buildings and land 5,162 4 903 Field structures 2,412 2 437 Electrical installations, vehicles and equipment 1,999 2 009 New construction in progress related to tangible fixed assets 953 981 Total tangible fixed assets 10,526 10,330
Financial non-current assets Holdings in Group companies 5 882 161 Receivables from Group companies 5 1,947 50 Holdings in associated companies 87 127 Other non-current receivables 65 30 Deferred tax credit 34 57 Total financial non-current assets 3,015 425
Total non-current assets 14,072 11,293
CURRENT ASSETS Materials and stocks 35 36
Current receivables Trade receivables 470 421 Receivables from Group companies 5 705 29 Receivables from associated companies 10 10 Tax assets 68 62 Other receivables 36 139 Prepaid expenses and accrued income 241 195 Cash and bank holdings 102 117 Total current assets 1,667 1,008
TOTAL ASSETS 15,739 12,301
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 14 Parent Company balance sheet, cont.
Amounts in SEK M Note 2012-12-31 2011-12-31 EQUITY AND LIABILITIES Equity Share capital (1,441,403,026 shares) 1,441 1,441 Retained earnings/Share premium 1,829 1,648 Profit for the period 44 178 Total equity 3,314 3,267
Untaxed reserves Accumulated accelerated depreciation 1,152 940 Tax allocation reserve 49 0 Total untaxed reserves 1,201 940
Provisions Provisions for pensions and similar obligations 1,085 1,021 Other provisions 191 182 Total provisions 1,276 1,204
Non-current liabilities Interest-bearing liabilities Liabilities to credit institutions 3,000 3,518 Liabilities to leasing companies 13 14 Other non-current liabilities 22 21 Total non-current liabilities 3,035 3,554
Short-term liabilities Interest-bearing liabilities Liabilities to credit institutions 4,653 2,290 Liabilities to leasing companies 8 8 Non-interest-bearing liabilities Trade liabilities 596 366 Liabilities to Group companies 1,011 39 Liabilities to associated companies 4 3 Current tax liabilities 0 – Other liabilities 60 69 Accrued expenses and prepaid income 581 563 Total short-term liabilities 6,913 3,337
TOTAL EQUITY AND LIABILITIES 15,739 12,301 Assets pledged and contingent liabilities Amounts in SEK M 2012-12-31 2011-12-31 Assets pledged 0 0
Contingent liabilities 7 6 5
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 15 Changes in equity
Retained Total Amounts in SEK M Share capital Share premium earnings capital PARENT COMPANY
Equity, opening balance 1,441 2,162 -336 3,267
Profit on merger - - 3 3
Profit for the period - - 44 44
Equity, closing balance 2012-12-31 1,441 2,162 -289 3,314
Parent Company cash flow statement
2012 2011 2012 2011 Amounts in SEK M Oct–Dec Oct–Dec Jan–Dec Jan–Dec Operating activities
Profit after financial items -52 13 385 471
Adjustments for items not included in cash flow etc. 364 182 882 728
Cash flow from operating activities before changes in working capital 311 195 1,267 1,199
Cash flow from changes in working capital
Increase(–)/Decrease(+) in inventories -2 -3 0 -1
Increase(–)/Decrease(+) in operating receivables -751 -93 -692 -55
Increase(+)/Decrease(–) in operating liabilities 617 164 1,197 132 Cash flow from operating activities 176 263 1,772 1,274
Investing activities
Paid-in shareholder contribution -248 - -785 -
Non-current receivables, subsidiaries -114 - -1,897 -
Acquisition of intangible non-current assets -38 - -38 -21
Acquisition of tangible fixed assets 0 -373 -1,006 -1,041
Divestment of tangible fixed assets 113 0 - -
Acquisition of financial assets 70 -30 93 -67 Cash flow from investing activities -217 -403 -3,634 -1,129
Financing activities
Profit on merger 3 - 3 -
Borrowings repaid/raised 49 20 1,845 -305 Cash flow from financing activities 52 20 1,848 -305
Cash flow for the period 11 -120 -14 -160
Liquid assets at the beginning of the period 91 237 117 277 Liquid assets at the end of the period 102 117 102 117
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 16 Notes
Beginning in 2013, Swedavia will report properties Note 1 Corporate information classified as investment property at fair value. Swedavia AB (publ.), Swedish corporate identity All amounts in the Group’s financial reports are in number 556797-0818, has its registered office in the Swedish kronor (SEK M) unless otherwise noted. Municipality of Sigtuna, Sweden. The address of the Rounding differences may occur. company’s head office is: 190 45 Stockholm-Arlanda, Sweden. The company is wholly owned by the Swedish Parent Company State and was formerly part of LFV until April 1, 2010, The Parent Company applies Sweden’s Annual when LFV’s airport operations were converted into a Accounts Act and the Swedish Financial Accounting limited liability company. The company is entrusted Standards Council’s recommendation RR 2 Financial with the task of owning, operating and developing reporting for legal entities. The differences arising airports in Sweden’s national basic infrastructure as between the accounting principles of the Parent determined by the Government. As of December 31, Company and the Group are caused by the limited 2012, there were eleven such airports. The number of ability to apply IFRS in the Parent Company as a result airports included in Sweden’s national basic of Sweden’s Annual Accounts Act and the Swedish infrastructure as determined by the Government will be Pension Obligations Vesting Act as well as in some reduced to ten: Bromma Stockholm Airport, Göteborg cases by the relationship between financial reporting and Landvetter Airport, Kiruna Airport, Luleå Airport, taxation. Malmö Airport, Ronneby Airport, Stockholm Arlanda The accounting principles can be found on Airport, Umeå Airport, Visby Airport and Åre Swedavia’s website, www.swedavia.se, where they are Östersund Airport. Swedavia also owns the property described in more detail. Göteborg City Airport and is a minority shareholder in the company that operates the airport. Related party transactions The Group has transactions with related State-owned Note 2 Accounting principles companies and enterprises. Revenue consists of remuneration for Aviation Business and Commercial General Services. Costs consist mostly of meteorological The year-end report was prepared in conformity with services, fees to government authorities and air IAS 34 and Sweden’s Annual Accounts Act. The year- navigation services. end report is prepared in conformity with the International Financial Reporting Standards (IFRS) Note 3 Segment reporting issued by the International Accounting Standards Board An operating segment is defined as a component of an (IASB), to the extent these have been adopted by the entity that engages in business activities from which it EU, as well as interpretations of standards in effect may earn revenues and incur expenses, whose operating issued by the IFRS Interpretations Committee (IFRIC) results are reviewed regularly by the entity’s chief that have been adopted by the EU. operating decision-maker and for which discrete IFRS is applied as of January 1, 2012. The effective financial information is available. As of July 1, 2012, date of transition to IFRS was January 1, 2011. the Swedavia Group is organised and managed as two Accounting principles in conformity with IFRS can be business activities and operating segments, which are found on Swedavia’s website, www.swedavia.se. The Aviation Business and Real Estate. Until July 1, 2012 Group previously applied the Swedish Financial Swedavia’s operations consisted solely of Aviation Accounting Standards Council’s recommendations and Business, which then constituted the Group’s only statements. IFRS 1 First time adoption of International operating segment. The acquisition of buildings from financial reporting standards was applied in the SAS has entailed a change in the management of the transition to IFRS. A description of the transition to Group; see note 4 on asset acquisition. IFRS and its effects on Swedavia’s financial position The basis of segment reporting is the Group’s and profit is presented in note 8. internal reporting. The Board of Directors and executive As of July 1, 2012, Swedavia’s operations are management mainly use operating profit by segment for reported divided into two segments. No comparative monitoring. Financial expenses, financial income and information can be provided since the Real Estate income tax are handled at the Group level. The operating segment did not exist for previous report accounting principles conform with those applied in dates. consolidated financial reporting, with the exception of Tax on profit in the year-end report was calculated goodwill impairment, unrealised fair value changes using the tax rate that was expected to apply for the full which are not covered by hedge accounting, actuarial year with respect to appropriations. Deferred tax assets gains and losses on pensions and fair value changes in and liabilities are calculated using the tax rate of 22 per standing timber. The Swedavia Group is managed and cent in effect beginning in 2013. reported in two operating segments:
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 17 Aviation Business owns, operates and Real Estate owns, develops and develops Swedavia’s airports administers properties and developable land at and in the vicinity of Swedavia’s airports
Segment report Income statement, Oct–Dec Total Amounts in SEK M Aviation Business Real Estate Eliminations Swedavia 2012 2011 * 2012 2011 * 2012 2011 * 2012 2011 * Revenue from external customers 1,280 1,202 53 - 0 - 1,333 1,202 Revenue from other segments 7 - 0 - -7 - 0 - Total revenue 1,287 1,202 53 - -7 - 1,333 1,202
Operating expenses -958 -889 -11 - 40 13 -929 -876 Depreciation/amortisation and -234 -217 -10 - 8 7 -236 -210 impairment losses Operating profit 95 96 32 - 41 20 168 116
Profit from holdings in associated 6 2 0 - 0 - 6 2 companies Financial items -116 -72 -10 - 34 20 -92 -52 Profit for the period after financial -15 26 22 - 75 40 82 65 items
Segment report Income statement, Jul–Dec Total Amounts in SEK M Aviation Business Real Estate Eliminations Swedavia 2012 2011 * 2012 2011 * 2012 2011 * 2012 2011 * Revenue from external customers 2,452 2,346 103 - 0 - 2,555 2,346 Revenue from other segments 9 - 0 - -9 - 0 -
Total revenue 2,461 2,346 103 - -9 - 2,555 2,346
Operating expenses -1,655 -1,564 -27 - 42 13 -1,640 -1,551 Depreciation/amortisation and -446 -432 -19 - 16 7 -449 -425 impairment losses Operating profit 360 351 57 - 49 20 467 371
Profit from holdings in associated 9 6 0 - 0 - 9 6 companies Financial items -172 -127 -28 - 34 20 -166 -107 Profit for the period after financial 197 229 29 - 83 40 310 269 items
* As of July 1, 2012, Swedavia’s operations are organised and managed under two operating segments. Prior to this, Swedavia’s operations consisted solely of Aviation Business, which then constituted the Group’s only operating segment.
Note 4 Asset acquisition On June 29, Swedavia acquired a corporate entity with a Airport. Swedavia already owns the land the buildings total of ten companies including six separate buildings are on. from SAS through its subsidiary Swedavia Real Estate The acquisition was made by the subsidiary AB. The acquisition consists of a large hangar facility Swedavia Real Estate AB buying all shares in the Parent and two office buildings at Stockholm Arlanda Airport, Company, Tor Viking Real Estate Holding AB, of the a hangar building and a cargo terminal at Göteborg group acquired. Landvetter Airport and a cargo building at Malmö
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 18 The share purchase price was SEK 274 M. However, the standard permits a number of exceptions Possession was taken on June 29, and the settlement to the retrospective application. Swedavia has decided to date was June 30. The purchase is an asset acquisition. apply the following: Swedavia’s acquisition cost for the purchase was SEK 1,775 M and is reported in Swedavia as tangible - Acquisition of airport operations from LFV as fixed assets, mostly buildings. Deferred tax is not of April 1, 2010, and acquisition of reported since the acquisition is the result of a subsidiaries in 2010 have not been restated. transaction that constitutes a first report made of an asset that is not a business combination and that does not Below is an overview of the most important effects the affect reported or taxable profit at the time of the transition to IFRS has given rise to. In a number of cases transaction. The asset acquisition was funded by the changes below have consequences for deferred tax; external borrowings. this is specified in the bridges to IFRS below. Properties classified as investment property will be reported at fair value beginning in 2013. IAS 1 Presentation of financial statements Some financial instruments are reported at fair value; Note 5 Holdings in and receivables from Group see IAS 39 below. Unrealised fair value changes are companies reported in a statement of comprehensive income During the year, Swedavia AB paid in an unconditional immediately after the income statement. Unrealised fair shareholders’ contribution to Swedavia Real Estate AB value changes which are not covered by hedge totalling SEK 785 M. A merger of subsidiaries took accounting are reported in financial items. place in the fourth quarter, which reduced holdings in Swedavia reports changes in fair value for cash flow Group companies by SEK 64 M. hedges in a statement of comprehensive income. In the Receivables, non-current and current, from Group statement of changes in equity, the items under companies pertain to loans funding the Swedavia Real comprehensive income are separated from transactions Estate group. with the owners. Under IFRS, profit for the period and equity also Note 6 Financial instruments include the minority shareholder’s share of this. Derivative instruments are used to manage interest risk Provisions are also divided into non-current and current exposure, currency risk and commodity risk exposure portions. for electricity. Derivative instruments are only used to hedge the underlying exposure. IAS 12 Income taxes The Parent Company’s goodwill is tax deductible and Note 7 Contingent liabilities gives rise to a temporary difference that was not Swedavia has a loss guarantee for the associated reported under previous principles but is reported under company Cityflygplatsen i Göteborg AB. IFRS. Since the Parent Company’s goodwill exceeds Swedavia also has contingent liabilities in the form of that of the Group, a deferred tax credit has been reported pension obligations in endowment insurance owned by in the adjusted opening balance for the Group on the company. January 1, 2011. The deferred tax credit will decrease as the Parent Company reports goodwill impairment. Note 8 Transition to financial reporting in conformity with IFRS IAS 19 Employee benefits Swedavia previously applied Sweden’s Annual Following the EU’s endorsement of the revised IAS 19, Accounts Act, the Swedish Financial Accounting Swedavia has decided on early adoption of the standard Standards Council’s recommendations and its in its annual financial statements, which entails a change Emergency Issues Task Force’s statements. The in accounting principles compared to financial reports Swedish Accounting Standards Board’s published earlier in 2012. Actuarial gains and losses as a recommendation BFN R 7 has been used for currency result of changes in actuarial assumptions are now hedging. reported in other comprehensive income in the period As of January 1, 2012, Swedavia prepares its they arise. consolidated accounts using the International Financial Actuarial gains and losses have been broken down by Reporting Standards (IFRS) issued by the International quarter based on interest rate trends over the years. Accounting Standards Board (IASB) and interpretation Breakdown, 2012 statements from the IFRS Interpretations Committee (IFRIC), as they have been endorsed by the EU for Jan– Apr– Jul– Oct– Jan– adoption in the EU. SEK M Mar Jun Sep Dec Dec Actuarial The effective date of transition to IFRS was January -10 -11 -28 -32 -81 1, 2011. The transition to IFRS is reported in conformity change with IFRS 1 First time adoption of international financial reporting standards. The main rule in IFRS 1 IAS 38 Intangible assets requires companies to apply all IFRS standards Under previous accounting principles, goodwill is to be retrospectively in preparing the opening balance to amortised over its expected useful life. Under IFRS, conform with IFRS. goodwill is not to be amortised but instead tested for impairment in the transition to IFRS as well as annually
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 19 or when there are indicators of impairment. IAS 41 Agriculture Amortisation of SEK 31 M reported in 2011 was Under IAS 41, standing timber is to be measured and reversed in the transition to IFRS. recognised at fair value. In cases where no market-based price is available, the present value of expected future IAS 39 Financial instruments cash flows from the standing timber may be used. The general principle for recognising and measuring Calculation of Swedavia’s fair value of standing timber financial instruments under IAS 39 is that some and forestland was performed by the Swedish Forest financial assets and all derivative instruments are to be Society Foundation. reported at fair value while other financial assets and For forest holdings and the value of biological assets, liabilities are to be reported at amortised cost. Reporting that is, existing trees but not the land the trees grow on, of value changes in the financial instruments is IAS 41 is to be used for forest assets in the valuation. determined by the initial classification of the different The land the trees grow on is to be reported at cost financial instruments. Under Swedavia’s previous under IAS 16 Property, plant and equipment. accounting principles, all financial instruments were reported at cost. After the transition to IFRS, all financial instruments, including derivative instruments, are reported on the balance sheet.
Consolidated statement of financial position, 2011-01-01
IFRS adjustments
Under previous Opening balance accounting principles IAS IAS IAS IAS IAS Net change in under IFRS Amounts in SEK M 2010-12-31 12 19 38 39 41 deferred tax 2011-01-01 ASSETS Intangible non-current assets - Goodwill 352 352 Other intangible assets 79 79 Tangible fixed assets 10,224 -50 10,174 Biological assets - 85 85 Financial non-current assets 182 143 325 Deferred tax assets 28 52 -52 28 CURRENT ASSETS 1,047 19 1,066 Total assets 11,912 52 0 0 162 35 -52 12,109
EQUITY AND LIABILITIES Equity 3,627 52 119 26 3,824 Deferred tax liabilities 270 43 9 -52 270 Other non-current liabilities 4,935 4,935 Short-term liabilities 3,080 3,080
Total equity and liabilities 11,912 52 0 0 162 35 -52 12,109
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 20 Consolidated statement of financial position, 2011-12-31
IFRS adjustments Under previous Closing balance accounting principles IAS IAS IAS IAS IAS Net change in under IFRS Amounts in SEK M 2011-12-31 12 19 38 39 41 deferred tax 2011-12-31 ASSETS Intangible non-current assets - Goodwill 321 31 352 Other intangible assets 87 87 Tangible fixed assets 10,449 -50 10,399 Biological assets 0 88 88 Financial non-current assets 215 215 Deferred tax assets 57 52 -8 41 -85 57 CURRENT ASSETS 1,014 1,014 Total assets 12,143 52 0 23 41 38 -85 12,212
EQUITY AND LIABILITIES Equity 4,001 52 23 -115 28 3,989 Deferred tax liabilities 346 10 -85 271 Other non-current liabilities 4,486 134 4,620 Short-term liabilities 3,310 22 3,332 Total equity and liabilities 12,143 52 0 23 41 38 -85 12,212
Consolidated statement of comprehensive income 2011, Oct–Dec
IFRS adjustments Profit under Under previous IFRS accounting principles IAS IAS IAS IAS IAS Net change in 2011 Oct– Amounts in SEK M 2011 Oct–Dec 12 19 38 39 41 deferred tax Dec Net revenue 1,202 0 0 0 0 0 1,202 Other external expenses -541 0 0 0 3 0 -538 Staff expenses -348 0 10 0 0 0 0 -338 Depreciation/amortisation and impairment losses on tangible -217 0 7 0 0 0 -210 and intangible non-current assets Operating profit 96 0 10 7 0 3 0 116 Financial items -71 0 15 0 5 0 0 -51 Profit before tax 26 0 25 7 5 3 0 65 Tax 13 0 -7 -2 -1 -1 0 2 Profit for the period 39 0 18 5 4 2 0 68
Consolidated statement of comprehensive income Profit under Under previous IFRS accounting principles IAS IAS IAS IAS IAS Net change in 2011 Oct– Amounts in SEK M 2011 Oct–Dec 12 19 38 39 41 deferred tax Dec Profit for the period 39 0 18 5 4 2 0 68 Other comprehensive income Change in cash flow hedges 0 -322 -322 Actuarial losses 0 -25 -25 Tax 0 7 85 92 Total other comprehensive 0 0 -18 0 -237 0 0 -255 income, after tax Total profit for the period 39 0 0 5 -234 2 0 -187
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 21 Consolidated statement of comprehensive income 2011, Jan–Dec
IFRS adjustments Profit under Under previous IFRS accounting principles IAS IAS IAS IAS IAS Net change in 2011 Jan– Amounts in SEK M 2011 Jan–Dec 12 19 38 39 41 deferred tax Dec Net revenue 4,693 4,693
Other external expenses -1,824 3 -1,821 Staff expenses -1,269 10 -1,259 Depreciation/amortisation and impairment losses on tangible -862 31 -831 and intangible non-current assets Operating profit 737 0 10 31 0 3 0 781
Financial items -255 15 15 -225 Profit before tax 482 0 25 31 15 3 0 556 Tax -99 -7 -8 -4 -1 -118 Profit for the period 384 0 18 23 11 2 0 438
Consolidated statement of comprehensive income Profit under Under previous IFRS accounting principles IAS IAS IAS IAS IAS Net change in 2011 Jan– Amounts in SEK M 2011 Jan–Dec 12 19 38 39 41 deferred tax Dec Profit for the period 384 0 18 23 11 2 0 438 Other comprehensive income: Change in cash flow hedges 0 -332 -332 Actuarial losses 0 -25 -25 Tax 0 7 87 94 Total other comprehensive 0 0 -18 0 -245 0 0 -263 income, after tax Total profit for the period 384 0 0 23 -234 2 0 175
Note 9 Net revenue 2012 2011 2012 2011 Consolidated, amounts in SEK M Oct–Dec Oct–Dec Jan–Dec Jan–Dec Breakdown of revenue Aviation Business Passenger-related revenue 450 449 1,849 1,778 Operations-related revenue 149 148 593 591 Ground handling & aircraft parking 91 76 296 274 Other aviation 3 1 11 8 693 674 2,749 2,650
Commercial Services Car parking 158 157 621 604 Retail, food & beverage 146 148 601 585 Other property revenue 174 105 535 399 Advertising 16 20 69 69 Other commercial services 4 115 72 307 313 609 502 2,134 1,970
Other revenue 30 26 81 72 Total 1,333 1,202 4,965 4,693
4 In the fourth quarter of 2011, non-recurring income of SEK 40 M from the divestment of Ängelholm Helsingborg Airport was reported. In the second quarter of 2011, non-recurring income of SEK 16 M from the sale of land at Göteborg Landvetter Airport was reported. In the second quarter of 2012, non-recurring income of SEK 7 M from the sale of land at Göteborg Landvetter Airport was reported. In the fourth quarter of 2012, non-recurring income of SEK 48 M from the sale of conference operations at Stockholm Arlanda Airport was reported.
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 22 Note 10 Definitions
ACA Earnings per share Airport Carbon Accreditation is a climate assessment Profit for the period divided by the average number of programme that complies with international standards. shares.
ACI Equity/assets ratio Airports Council International is a worldwide Adjusted equity as a percentage of total assets on the association for airports and airport groups. balance sheet date.
Aviation Business Operating margin Infrastructure services aimed at airlines and ground Operating profit as a percentage of net revenue. handling companies, such as take-off and landing services and security screening. Profit for the period Profit after tax. Balance sheet total Total assets. Return on capital employed Operating profit plus financial revenue for a rolling 12- Capital employed month period as a percentage of capital employed. Total assets minus non-interest-bearing liabilities (including deferred tax liability). Return on equity Profit for the period for a rolling 12-month period as a Commercial Services percentage of equity on the balance sheet date. Services connected to the airports such as rental of premises for commercial activities, offices, hotels, storage and logistics as well as leaseholds, parking operations and rental of advertising space.
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 23
Financial reports
Calendar Contact people Annual Report 2012 2013-03-28 Questions may be addressed to: Annual General Meeting 2013-04-26 Interim report, Jan–Mar 2013 2013-04-26 Torborg Chetkovich Interim report, Jan–Jun 2013 2013-08-14 President and CEO Interim report, Jan–Sep 2013 2013-10-28 Karl Wistrand Swedavia’s financial reports are published on Deputy CEO Swedavia’s website www.swedavia.com. Telephone, +46 (0)10-109 00 51 This year-end report has not been subject to a review by Swedavia’s auditors.
This is a translation of the Swedish language original. In event of any differences between this translation and the original, the Swedish version shall prevail.
The CEO hereby submits the year-end report for 2012 on behalf of Swedavia’s Board of Directors.
Stockholm-Arlanda February 15, 2013
Torborg Chetkovich President and CEO
SWEDAVIA YEAR-END REPORT JANUARY–DECEMBER 2012 24