Year-End Report January–December 2012 Year-End Report January–December 2012
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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.