ANNUAL REPORT 2018 CONTENTS 6 14 22 Chairperson’s Company Events statement overview in 2018 28 42 The objectives of the owner and Management of the strategy of the company the company 64 78 138 Financial Tallinn Airport Our results of 2018 Group’s operations team 154 182 208 Overview of the A look into 2018. Consolidated environment the future financial statements INTRODUCTION Chairperson's statement CHAIRPERSON’S developing better connections with Europe which will remain our priority going forward, and in 2019 we will also focus on STATEMENT connections with the Middle East. PIRET MÜRK-DUBOUT JUHATUSE ESIME- There are 16 airlines operating at Tallinn Airport. Of these, the newest provider of regular flights is Wizzair that began to HE fly from Tallinn to Kiev and London in 2018. While this year brought new destinations to Tallinn Airport, in 2019 our focus PÖÖRDUMINE will be on increasing the frequency of existing routes to make Dear reader! the lines more suitable for business travellers. Estonia is a small country with wonderful nature and smart The total number of passengers also increased at regional air- people. Our location in Europe is both our opportunity and ports, and the demand in both Kuressaare and Tartu airports is challenge. Air connections are the key to the countries’ eco- expected to go up in the near future. nomic development. Direct flights have a major impact on foreign investment, on trade and export of services, on tour- In the last two years, the total number of passengers has in- ism and productivity. Air transport provides access to new creased more than 30% (19% in 2017 and 13.6% in 2018). markets, enables to more efficiently use economies of scale We had a record number of passengers again in 2018. On the and recruit the most qualified workforce. last day of the year, we reached a major landmark of 3 million passengers that equals an average of 8,200 passengers and 60 We create opportunities to travel from Tallinn Airport to flights a day. By 2019, we expect the number of passengers to main European destinations with reasonable frequency increase by about 7%. and traveltime. In an era of rapid growth in the number of passengers, we also In the summer of 2018, the number of our direct desti- consider it important to maintain high service quality, safety nations increased to a record 41, in addition to more and security levels, avoid serious incidents, and ensure custom- than 90 charter destinations. Year-round scheduled flights er and partner satisfaction. Tallinn Airport Ltd also wants to be were launched to Malta, Cyprus and Edinburgh, and there a modern and flexible business development environment for were a total of 27 year-round destinations. We have been customers and partners operating in our territory. 6 7 Chairperson's statement OUR GOAL IS TO BE THE WORLD’S COSIEST AIRPORT. At the end of 2018, we raised the passenger parking service to In 2018, we were proud to have been named “Best Airport a whole new level - we opened the largest parking house in Es- in Europe 2018” in the category of airports with less than 5 tonia with over 1,200 parking spaces and expanded the volume million passengers. Namely, on 20 June 2018, the Airports of long-term parking. Council International Europe (ACI Europe) announced the winners of the Best Airport Awards 2018. This recognition In addition, we renovated the air traffic area at Kärdla airport was due to our professional and dedicated team and to our and started a reconstruction project at Pärnu airport. good partners who have been able to create a comfortable Tallinn airport passenger terminal has the capacity of 2.6 mil- and convenient environment for travellers. lion passengers a year, but the actual number of passengers in In addition to such high recognition, we also examined pas- 2018 exceeded that by 13%. Therefore, in 2019, we will start senger satisfaction on the basis of the quality of service pa- planning an airport passenger terminal expansion to be ready to rameters of the global airport service quality (ASQ) survey serve 5 to 6 million passengers a year in the future. conducted by the ACI. The results of 2018 give cause to EVERYTHING DEPENDS ON THE TEAM COMMITMENT. rejoice, since we were ranked third in Europe among 111 It is a great honour for our team to work for Estonia and we comparable airports. believe that our professional and dedicated staff will ensure our PROFIT ALLOWS YOU TO INVEST IN A BETTER SER- success. Equally important is taking systematic care of staff suc- VICE NOW AND IN THE FUTURE. cession and training. Last year was extremely successful for Tallinn Airport Ltd: In 2018, in cooperation with Kantar Emor, we carried out a revenue increased to EUR 43.8 million (9%) and EBITDA worklife survey among the employees of the Tallinn Airport amounted to EUR 15.1 million (8%) as compared to the year Group to find out the aggregate commitment indicator, the before. The Company’s net profit increased by almost 16% internationally used TRI*M Index. The results of the survey as compared to the previous year, reaching EUR 7.5 million. showed that the average commitment index of the Group’s em- The Tallinn Airport Group invested EUR 22.7 million, of ployees as a whole was well above the Estonian average. which Tallinn Airport invested EUR 19.3 million, regional air- On the basis of the 2018 study by Instar, Tallinn Airport Ltd was ports EUR 2.3 million and Tallinn Airport GH EUR 1.1 mil- ranked fifth according to the index of employer attractiveness lion. Compared to 2017, investments were 31% lower. ranking among 189 companies. 8 9 Chairperson's statement Behind such recognition is the contribution of every employee to his or her work and the creation an excellent atmosphere at work. In business, we are guided by the principles of sustainability. We have committed ourselves to complying with the UN Sustain- able Development Goals, the compliance of which is presented in this report for the first time. In 2018, Tallinn Airport Ltd received a gold label for responsible business. This shows that the Company manages the impact of its activities on the natural and economic environment and on stakeholders based on the principles of responsible entrepre- neurship. This year, we joined a coalition of sustainable devel- opment aimed at raising awareness of global sustainable devel- opment and development goals. Our goal is to connect Estonia with Europe by developing Estonia’s main airgate: our goal is to reach five million pas- sengers in the next ten years! Have a successful year! 10 COMPANY Company overview COMPANY OVERVIEW Tallinn Airport Ltd is an operator and a developer of airports in Estonia Tallinn Airport Ltd together with its subsidiary Tallinn Airport GH Ltd form the Tallinn Airport Group. The shares in Tallinn Airport Ltd are held by the Republic of Estonia; the company operates within the jurisdiction of the Ministry of Economic Af- fairs and Communication and is headquartered in Tallinn. The objective of the operations of Tallinn Airport Ltd is to pro- vide international air links that contribute to the development of entrepreneurship and tourism in the country and, thereby, to an increase in the country’s competitiveness. We wish to become the most attractive airport in Europe, and our focus is on customer-centric functioning. At the regional airports, we wish to provide functioning regional air links, with a focus on efficient operation in this segment. We are active in the areas of operating airfield infrastructure and providing ground handling for passengers, cargo and air- craft used for international and domestic scheduled flights and general aviation. The company operates and develops airports in Tallinn, Kuressaare, Kärdla, Pärnu and Tartu and airfields on Kihnu and Ruhnu. 14 15 Company overview KEY OPERATING INDICATORS OF 2018 AND 2017 2018 +14% 3,007,644 2,648,361 Number of passengers in Tallinn Airport Key operating indicators of 2018 and 2017 2018 2018 +9% +1% 43.8 mln € 40.3 mln € 61,507 60,878 In 2018 Tallinn Airport Revenue Number of passengers in regional airports • handled 48,568 flight operations (2017: 45,325) and • served 3,007,644 passengers (2017: 2,648,361). • 1,518 tonnes of cargo was carried (2017: 11,345). 2018 2018 Regional airports +8% +5% • handled 10,099 flight operations (2017: 10,451) and 53.9 mln € 49.9 mln € 189.7 mln € 181.4 mln € • served 61,894 passengers (2017: 60,878). Operating income Total assets Main business activities of the Tallinn Airport Group 2018 2018 +16% –31% • airfield service, including air navigation service 7.5 mln € 6.5 mln € 22.7 mln € 32.8 mln € • handling of passengers Net profit Investments • sales and development 16 17 Company overview The Tallinn Airport Group employed 680 people as at the end of last financial year (2017: 632). Tallinn Airport is the busiest international aerial gateway in Estonia. Key indicators of Tallinn Airport infrastructure • The administrative area of 371.5 ha • 3,480 metres in length and 45 metres in width the east-west runway • Total floor area of buildings 101,400 m² • Commercial space of 33 buildings • Passenger terminal 34,367 m², capacity of 2.6 million passengers annually • 4 cargo terminals with total area of 11,600 m² • 4 aircraft maintenance hangars with a total area of 22,200 m² and 4 tents with a total area of 4,000 m² • Apron M 34 standing positions (C-rating) • Apron Y3 2 standing positions • Apron Y5 • Apron K 2 standing positions (C-rating) • Rescue service level CAT VIII (incl.
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