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2016 DIAL Annual Report

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2016 DIAL Annual Report 2016 ANNUAL REPORT 1 SECTION 1. PAGE 1 SECTION 1 2 4 8 9 COMPANY OUR YEAR AT A CHAIRMAN PARTICULARS PLACE GLANCE AND CEO’S REPORT SECTION 2 2 15 16 17 STATEMENT TREND STATEMENT OF BALANCE OF SERVICE STATEMENT COMPREHENSIVE SHEET PERFORMANCE INCOME & STATEMENT OF CHANGES IN EQUITY 18 19 35 38 STATEMENT OF NOTES TO THE SHAREHOLDER AUDIT CASH FLOWS FINANCIAL INFORMATION REPORT STATEMENTS SECTION 1. PAGE 2 OUR COMPANY PARTICULARS DIRECTORS CHIEF EXECUTIVE REGISTERED OFFICE Terminal Building Stuart J McLauchlan R Roberts BCom, FCA(PP), AF Inst D BEng (Hons) Dunedin International Airport (Chairman, Member – Audit Private Bag 1922 DUNEDIN Committee) GENERAL MANAGER FINANCE & BUSINESS Telephone 03 486 2879 Tony Allison PERFORMANCE E-mail [email protected] Bcom, BA, CA, CMinstD Website www.flydunedin.com (Chairperson – Audit Committee). P Ford Appointed 1 November 2015 BCom, CA, M Inst D BANKER Kathy E Grant GENERAL MANAGER Westpac BA, LLB, Dip Law, CF Inst D INFRASTRUCTURE & 101 George Street (Chairperson – Audit Committee) SERVICE DELIVERY DUNEDIN Retired 31 October 2015 D Debono SOLICITORS Patricia (Trish) A Oakley BAvMan BCom, M Inst D Gallaway Cook Allan 276 Princes Street GENERAL MANAGER Mark F Rogers DUNEDIN BA(Hons), M Inst D, MNZIM MARKETING AND COMMUNICATIONS AUDITOR COMMITTEES M Crawford Scott Tobin of Audit NZ Audit Committee BA BCom On behalf of the Auditor-General Chairperson - Tony Allison, Stuart McLauchlan Remuneration Committee Chairperson- Trish Oakley, Mark Rogers SECTION 1. PAGE 3 AIRLINES FOR THE YEAR ENDED 30 JUNE 2016 AIRLINE AIRCRAFT TYPE DOMESTIC Air New Zealand Airbus 320-200 Air New Zealand Boeing 737-300 Mount Cook Airline ATR 72 Air Nelson Dash 8-300 Jetstar Airbus 320-200 Kiwi Regional Airlines SAAB 340 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 SECTION 1. PAGE 5 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 heritage architecture and be home culture, and the beauty of nature to world class fashion designers. But can still be found - everywhere. It is there is such a destination, Dunedin. a thriving city of rare charm. SECTION 1. PAGE 6 HIGHLIGHTS DUNEDIN, NEW ZEALAND 1 2 3 4 5 SECTION 1. PAGE 7 Above: Air New Zealand uniforms modelled at iD Fashion 2016 Opposite page images: 1 Fleetwood Mac Concert Forsyth Barr Stadium, 2 Sean Duffell Street Art at Dunedin Airport, 3 Steve Sanderson (CEO Wellington Airport), Richard Roberts (CEO Dunedin Airport), Grant Kerr (Jetstar Head of New Zealand) – Launch of Jetstar Wellington service, 5 Tunnel Beach Airbridge. SECTION 1. PAGE 8 THE YEAR AT A GLANCE TOTAL PASSENGERS INTERNATIONAL DOMESTIC DOWN UP 5.2% 6.2% 5.5% 909,614 UP 49,964 859,650 INTERNATIONAL DOMESTIC BUSIEST MONTH ON RECORD CAPACITY CAPACITY MARCH 2016 UP UP 1.4% 7.2% 82 ,134 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 1.8% UP OPERATING REVENUE 3.4% 19.2% UP 13.2M UP 2.0M 4.7M TOTAL DECLARED SHAREHOLDERS INCREASED NON AERO +Others DIVIDEND FUNDS FLIGHTS REVENUE FOR THE YEAR NEW DIRECT SERVICES NO CHANGE UP COMMENCED ON 28 UP OCTOBER 2015 TO 1.0% WELLINGTON. 4.3% NEW DIRECT SERVICES TO AUCKLAND ANNOUNCED TO COMMENCE 4TH JULY $1,408,000 46.4M 2016 8.4M SECTION 1. PAGE 9 CHAIRMAN AND CEO’S REPORT The Directors and Management are pleased to present this year’s Annual Report. Dunedin Airport has had a year of growth and development in line with our strategy of focusing on strengthening our existing partnerships and developing new ones. It has been an exciting and rewarding year, one which will provide us with opportunities for further growth in the future. OUR BRAND VALUES OF MAKE IT EASY BE YOU CAN DO BETTER TOGETHER provide us with a foundation about which we feel confident and gives meaning to what we do. SECTION 1. PAGE 10 CHAIRMAN AND CEO’S REPORT CONT... OUR PERFORMANCE The remaining 2.0% of total revenue our airline partners we continue This year was a record year, with is derived by interest, dividends to monitor and proactively seek 909,614 passengers travelling received and gains on investments. opportunities to work together. through Dunedin Airport, an Dunedin Airport shareholders’ funds Over the year we have worked in increase of 5.5% on the previous increased by 1.1% to $46,456,389 partnership with Air New Zealand, year. Domestic capacity and the directors have determined Virgin Australia and Enterprise increased by 7.2% (82,716 seats) to pay a dividend of $1,480,000 to Dunedin, investing and delivering with a corresponding increase shareholders during the 2016/2017 campaigns to generate awareness in passengers of 6.2% to 859,650 year, the same as the current year. of the Dunedin-Brisbane service. compared to the previous year. We have a planned approach to International capacity increased by OUR STRATEGY FOR campaign activity and the results, 1.4% (879 seats) with international GROWTH combined with current market analysis, will guide activity for passenger numbers reducing by We have continued with our the coming year. We will continue -5.2% during this period to 49,964. strategy focused on sustaining and to create awareness of the growing trans-Tasman services There remains strong demand for Dunedin-Brisbane service, not only to and from Dunedin Airport. services through Dunedin Airport. within the Dunedin market but Working with experienced Aviation Last year we reported our busiest throughout the Otago/Southland Consultants, we have developed month on record in March with regions, along with supporting the in-depth market information and 78,167 passengers passing through. Dunedin destination marketing in presented these insights to our This was surpassed in March 2016 Queensland. with 82,134 passengers airline partners. Strengthened relationships has facilitated The company’s strategy for growth Dunedin Airport’s total revenue discussions on current trans- also focused on domestic services. increased by 3.4% to $13,158,581 and Tasman service performance and This year saw an increase in the operating surplus (after tax) potential markets for growth. services and capacity from both was $1,957,712, ahead of last year by Air New Zealand and Jetstar, along In March this year Virgin Australia 14.7%. with Kiwi Regional Airlines who announced a new flight schedule entered the domestic market in Aeronautical revenue which for the services to Brisbane over the October 2015. Dunedin Airport will constituted 35.8% of total revenue winter period, resulting in an early continue to work with all our airline was 1.8% ahead of the previous year morning departure and midnight partners to ensure we sustain and resulted from an increase in arrival. These flight changes allow current services and identify areas domestic services. for greater connections through for growth. Non-aeronautical revenue Brisbane to other Queensland/ decreased by 0.2% to $8,187,696 with Australian ports as well as into In May this year the company a reduction in dairy farm revenue North America. Dunedin Airport supported a submission to the offset by increased car parking and worked closely with Virgin Dunedin City Council for increased property rental income. At 62.2% of Australia and Air New Zealand to funding to be allocated to domestic our total revenue, non-aeronautical, communicate these changes to and trans-Tasman marketing. The in addition to dairy farm, car the market and to demonstrate council committed to increased parking and property rental income, how they benefit the traveller. funding for the next two years. This is also derived from passenger While international numbers have funding is facilitating continued activities. declined this year, together with work in raising awareness of our SECTION 1. PAGE 11 CHAIRMAN AND CEO’S REPORT CONT... region in both New Zealand and the 50 seat Q300’s. Theatre and also the airports popular “Artist in the Terminal” Australian market. This is crucial in October 2015 was another busy initiative which promotes local creating a demand for increased month celebrating the launch of a artists by providing both a platform services. Jetstar service between Dunedin to exhibit and an enjoyable viewing and Wellington, operating three experience for our customers. OUR PARTNERSHIPS times a week. The service has Dunedin Airport continues to work been successful and exceeded This year we were proud to establish closely with Enterprise Dunedin, expectations. Soon after the launch, new relationships with sponsorship airline partners and the region Jetstar announced an increase to partners. One of which is the iconic to identify opportunities for four services per week during the and treasured attraction of the collaboration and growth. One high seasons of 2016. We continue city and region, the Yellow-eyed of the most significant City and to work with Jetstar, looking for Penguin. Air New Zealand collaborations opportunities to engage them with We have also supported the which has evolved over the last our market in order to to sustain Dunedin street art initiative, through two years, has been the domestic and grow services. commissioning street artist, Sean campaign focusing on the Dunedin In October 2015, Kiwi Regional Duffell to create a unique visual – Auckland service. This campaign Airlines commenced services display on an airport building.
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