daa To Pay €31 Million Dividend With Profitability On A Recovery Path Post COVID

The Board of daa, (the operator of Dublin and Cork airports, ARI – the Group’s retailing subsidiary, and daa International) has published its 2023 Annual Report and Accounts in which it has recommended a €31 million shareholder dividend to the State. Due to the impacts of the COVID pandemic on the aviation sector, this is the first dividend since 2019. Additionally, €153 million was paid in various taxes by daa to the State last year. Turnover in the period was €1,018 million in the year, which represented an increase of 35% on 2022 and the first time in its history daa has earned in excess of €1 billion in revenue. This increase in revenue has resulted in the daa Group recording a profit after tax and exceptional items of €176 million for 2023. Although State owned, daa receives no funding from the Exchequer and operates as a fully standalone commercial business.

daa’s Chief Financial Officer, Peter Dunne, pointed out:

“Whilst our business performed strongly in the period and had cash balances of €805 million at the end of the year, the Group also had debt totalling €1.6 billion which is over twice the pre-pandemic levels with the majority of it falling due between 2028 and 2032. In addition to refinancing the existing facilities over the coming years, additional debt funding will be required to support the significant investment in sustainable infrastructure needed to provide passenger capacity at Ireland’s two busiest airports in Dublin and Cork. Notwithstanding having some of the lowest airport charges in Europe, our strong commercial performance in this inflationary environment and disciplined approach to capital has resulted in the daa Group maintaining its investment grade status of A-/A-2 with S&P Global Ratings.”

Following a recovery in the Group’s financial position post COVID, daa Chair, Basil Geoghegan, said:

“daa’s focus is to continue investing in connectivity and services for the benefit of passengers and Ireland Inc., but that requires delivering returns on capital consistent with other European airports. Our aim is to place daa on a more sustainable and robust financial footing to support our planned €2bn capital investment required to meet Ireland’s future connectivity requirements. Progress to date reflects revenue growth and strong improvements in efficiency and innovation, but achieving parity of returns with competing international airports remains challenging given our airport charges are now a fraction of the levels of other capital city airports in Europe. I want to express my thanks and appreciation and that of the Board to all our employees across the Group for their immense hard work and continued dedication, commitment and professionalism to ensure better and more resilient airport and retailing experiences for our passengers in Ireland and in 15 countries across the world in 2023.”

Dublin and Cork airports, Ireland’s two busiest international gateways, welcomed 36.3 million passengers in total in 2023. A total of 31.9 million passengers passed through the two terminals at Dublin Airport in 2023, in compliance with the 32 million terminal cap as adjusted for transfer and transit passengers. Dublin Airport ensured a better experience for passengers from May onwards, with 97% of passengers passing through security screening in less than 20 minutes, exceeding daa’s own target of 90%. Passenger satisfaction scores at Dublin Airport improved 37% in 2023 over 2022.

Kenny Jacob’s daa’s CEO said: “2023 was a very solid year for daa, as our teams delivered a much-improved airport experience for our passengers. We also delivered for our business partners at all the airports we operate at home and abroad. I am proud of the progress that I see across the daa Group. As a team, we are moving quicker, getting the basics right for passengers and we are bringing more innovation on airports, commercial (lounges, Food & Beverage, retail, fast track, Airport Club, drop & go parking) digital and sustainability. We are concerned about cost headwinds in Ireland while the regulated charges at Dublin are less than half the average of EU capitals and we are not able to respond to the airline demand to add more routes because of the cap at Dublin Airport. Some essential connectivity will be lost as airlines are already prioritising growth at hubs outside Ireland.”

On the current stalled growth being experienced at Dublin Airport due to a terminals cap, Kenny Jacobs had this to say: “It is a sign of Ireland’s success that Dublin Airport catered for almost 32 million terminal passengers in 2023 and that there is significant demand from airlines and passengers for additional connectivity. daa has sought planning permission to cater for up to 40 million passengers per year so Dublin Airport can continue to be an engine for Ireland’s growth, bringing jobs, investment and tourism. We are a small, open, island economy and stalled growth at our national airport sends a negative signal about investment in Ireland. While we await the outcome of the planning process, daa is making every effort to restrict growth to stay within the cap and continues to work with the IAA as slots regulator and our airline customers with a view to managing capacity at Dublin Airport.”

Cork Airport enjoyed the busiest year in its 62-year history for international passenger traffic, with 2.8 million passengers travelling through in 2023, a 25% increase on 2022 levels (2.24 million). daa has invested c. €40 million in Cork Airport since 2018 on the reconstruction of the main runway, a new hold baggage screening system and the opening of a new electrical substation to future-proof the airport. daa will continue to invest further at Cork Airport in 2024, with C3 security screening equipment on a new mezzanine floor to be constructed to improve the overall passenger experience.

ARI, daa’s global airport retail business achieved significant growth last year, with each of the 27 airports in which it operates demonstrating a strong performance compared to the previous year and many achieving historically high sales turnover underpinned by strong passenger volumes and increases in passengers spend. ARI’s joint venture with ANA, at Portugal Duty Free exceeded expectations with the business trading ahead of plan, with an ongoing focus on delivering an extensive capital refurbishment programme to improve the retail experience in our airport shops.

daa International facilitated the global connectivity travel needs of 65 million passengers in 2023 through the three airports in Saudi Arabia Jeddah, Riyadh and Red Sea where we are providing airport management, operations and maintenance consultancy services to our client. daaI is contracted to support, manage and advise not only on operations but also aviation business development, non-aeronautical commercial revenue and facilities management at locations in the Middle East and across the globe.

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Tá daa chun Díbhinn €31 Milliún a Íoc agus Brabúsacht Ar Chonair Téarnaimh i ndiaidh COVID

D’fhoilsigh Bord daa, (oibreoir aerfoirt Bhaile Átha Cliath agus Chorcaí, ARI – fochuideachta miondíola an Ghrúpa, agus daa International) a Thuarascáil Bhliantúil agus a Chuntais 2023 inar mhol sé díbhinn scairshealbhóra de €31 milliún don Stát. Mar gheall ar thionchar phaindéim COVID ar earnáil na heitlíochta, is é seo an chéad díbhinn ó 2019. Anuas air sin, d’íoc daa €153 milliún i gcánacha éagsúla leis an Stát anuraidh. Ba é an láimhdeachas sa tréimhse ná €1,018 milliún sa bhliain, arb ionann é sin agus méadú 35% ar 2022 agus den chéad uair riamh thuill daa breis agus €1 billiún ó thaobh ioncaim de. Is é an toradh a bhí ar an méadú seo ar ioncam ná gur thaifead Grúpa daa brabús tar éis cánach agus míreanna eisceachtúla de €176 milliún i gcomhair 2023. Cé go bhfuil sé faoi úinéireacht an stáit, ní fhaigheann an daa aon mhaoiniú ón Státchiste agus feidhmíonn sé mar chuideachta tráchtála neamhspleách.

Thug Príomhoifigeach Airgeadais an daa, Peter Dunne, an méid seo le fios:

“Cé gur éirigh go maith lenár ngnó sa tréimhse agus go raibh iarmhéideanna airgid de €805 milliún aige ag deireadh na bliana, bhí fiachas iomlán de €1.6 billiún ag an nGrúpa freisin, rud atá breis agus dhá oiread níos mó ná na leibhéil roimh an bpaindéim agus tá an chuid is mó de dlite idir 2028 agus 2032. Chomh maith leis na háiseanna atá ann cheana féin a athmhaoiniú sna blianta atá romhainn, beidh gá le maoiniú fiachais breise chun tacú leis an infheistíocht shuntasach sa bhonneagar inbhuanaithe atá de dhíth chun an líon áiteanna is airde agus is féidir a sholáthar do phaisinéirí sa dá aerfort is mó in Éirinn i mBaile Átha Cliath agus i gCorcaigh. D’ainneoin cuid de na táillí aerfoirt is ísle san Eoraip a bheith ann, chiallaigh a láidre agus a bhí ár bhfeidhmíocht láidir tráchtála sa timpeallacht bhoilscithe seo agus ár gcur chuige eagraithe i leith caipitil gur choinnigh Grúpa daa a stádas i leith grád infheistíochta A-/A-2 le S&P Global Ratings.”

Tar éis téarnamh ar staid airgeadais an Ghrúpa tar éis COVID, dúirt Cathaoirleach an daa, Basil Geoghegan, an méid seo:

“Is é fócas daa leanúint ar aghaidh le hinfheistiú a dhéanamh i nascacht agus seirbhísí ar mhaithe le paisinéirí agus le hÉirinn Inc., ach ní mór torthaí a sheachadadh ar chaipiteal atá comhsheasmhach le haerfoirt eile de chuid na hEorpa. Tá sé d’aidhm againn daa a chur ar bhonn airgeadais níos inbhuanaithe agus níos láidre chun tacú lenár n-infheistíocht chaipitil €2bn atá beartaithe chun freastal ar riachtanais nascachta na hÉireann amach anseo. Léiríonn an dul chun cinn go dtí seo fás ioncaim agus feabhas láidir ó thaobh éifeachtúlachta agus nuálaíochta de, ach tá sé dúshlánach i gcónaí cothromaíocht torthaí a bhaint amach le haerfoirt idirnáisiúnta iomaíocha ós rud é gur sciar de leibhéil na n-aerfort eile i bpríomhchathracha na hEorpa anois iad ár gcuid táillí aerfoirt. Ba mhaith liom mo bhuíochas agus buíochas an Bhoird a chur in iúl dár bhfostaithe go léir ar fud an Ghrúpa as a sáróbair dhian, a dtiomantas, a ndíograis agus a ngairmiúlacht leanúnach chun eispéireas aerfoirt agus miondíola níos fearr agus níos athléimní a chinntiú dár bpaisinéirí in Éirinn agus i 15 thír ar fud an domhain in 2023.

Chuir aerfoirt Bhaile Átha Cliath agus Chorcaí, an dá thairseach idirnáisiúnta is gnóthaí in Éirinn, fáilte roimh os cionn 36.3 milliún paisinéir ar an iomlán in 2023. Chuaigh 31.9 milliún paisinéir ar an iomlán trí chríochfoirt Aerfort Bhaile Átha Cliath in 2023, i gcomhréir leis an uasteorainn críochfoirt de 32 milliún arna choigeartú do phaisinéirí aistrithe agus iompair. Chinntigh Aerfort Bhaile Átha Cliath eispéireas níos fearr dár bpaisinéirí ó mhí na Bealtaine ar aghaidh, agus chuaigh 97% de na paisinéirí tríd an scagadh slándála i níos lú ná 20 nóiméad, rud a sháraigh sprioc daa féin, is é sin, 90%. Tháinig feabhas 37% ar scóir sástachta paisinéirí ag Aerfort Bhaile Átha Cliath in 2023 i gcomparáid le 2022.

Dúirt Kenny Jacobs, POF daa: “Ba bhliain an-láidir í 2023 don daa, de bharr gur chuir ár bhfoirne eispéireas aerfoirt i bhfad níos fearr ar fáil dár bpaisinéirí. Rinneamar seachadadh freisin ar son ár gcomhpháirtithe gnó ag gach aerfort a oibrímid sa bhaile agus thar lear. Táim bródúil as an dul chun cinn a fheicim ar fud Ghrúpa daa. Mar fhoireann, táimid ag neartú ar na maidí, ag cinntiú go bhfuil na bunrudaí i gceart do phaisinéirí agus táimid i mbun níos mó nuálaíochta a fhí isteach ó thaobh na n-aerfort, cúrsaí tráchtála (tolglanna, Bia & Deoch, miondíol, rian mear, Airport Club, páirceáil caitheamh uait & imeachta) cúrsaí digiteacha agus cúrsaí inbhuanaitheachta. Is cúis imní dúinn go bhfuil tionchair chostais in Éirinn cé go bhfuil na táillí rialaithe i mBaile Átha Cliath níos lú ná leath den mheán i gcás phríomhchathracha an AE agus nílimid in ann freagairt don éileamh aerlíne chun níos mó bealaí a chur leis mar gheall ar an uasteorainn atá i bhfeidhm in Aerfort Bhaile Átha Cliath. Caillfear roinnt nascacht riachtanach de bharr go bhfuil tús áite á thabhairt ag aerlínte d’fhás i moil lasmuigh d’Éirinn cheana féin.”

Maidir leis an mbac atá le sárú ag Aerfort Bhaile Átha Cliath faoi láthair de bharr uasteorainn críochfort, bhí an méid seo le rá ag Kenny Jacobs: “Is comhartha é ar rath na hÉireann gur fhreastail Aerfort Bhaile Átha Cliath ar bheagnach 32 milliún paisinéir in 2023 agus go bhfuil éileamh suntasach ó aerlínte agus ó phaisinéirí ar nascacht bhreise. Tá cead pleanála á lorg ag an daa chun freastal ar suas le 40 milliún paisinéir in aghaidh na bliana ionas gur féidir le hAerfort Bhaile Átha Cliath leanúint d’fhás na hÉireann a bhrú chun cinn, ag mealladh post, infheistíochta agus turasóireachta. Is geilleagar beag, oscailte ar oileán muid agus cuireann an bac ar fhás inár n-aerfort náisiúnta comhartha diúltach amach faoi infheistíocht in Éirinn. Agus muid ag fanacht le toradh an phróisis phleanála, tá an daa ag déanamh gach iarracht chun srian a chur ar fhás le fanacht laistigh den uasteorainn agus leanfaidh sé ar aghaidh leis an obair leis an Údarás Eitlíochta na hÉireann mar rialtóir sliotán agus lenár gcustaiméirí aerlíne d’fhonn líon na bpaisinéirí in Aerfort Bhaile Átha Cliath a bhainistiú.

Bhí an bhliain ba ghnóthaí ag Aerfort Chorcaí ina stair 62 bliain maidir le trácht paisinéirí idirnáisiúnta, le 2.8 milliún paisinéir ag taisteal tríd in 2023, méadú 25% ar leibhéil 2022 (2.24 milliún). Rinne daa infheistíocht c. €40 milliún in Aerfort Chorcaí ó 2018 ar atógáil an phríomh-rúidbhealaigh, ar chóras nua scagthástála bagáiste boilg agus ar oscailt fostáisiún leictreachais nua chun go seasfaidh an t-aerfort an aimsir. Leanfaidh an daa le tuilleadh infheistíochta a dhéanamh in Aerfort Chorcaí in 2024, agus tá trealamh scagthástála slándála C3 ar urlár nua mezzanine le tógáil chun eispéireas iomlán na bpaisinéirí a fheabhsú.

Tháinig fás suntasach ar ARI, gnó miondíola aerfoirt an daa anuraidh, bhí feidhmíocht láidir léirithe i ngach ceann de na 27 aerfort gcomparáid leis an mbliain roimhe sin agus bhain a lán dóibh an láimhdeachas díolacháin ba mhó riamh amach, a raibh líon mór paisinéirí agus méaduithe ar chaiteachas paisinéirí mar bhonn faoi. Sháraigh comhfhiontar ARI le ANA, ag Saor ó Dhleacht na Portaingéile a rabhthas ag súil leis agus an chuideachta ag trádáil chun tosaigh ar an bplean, agus béim leanúnach á cur ar chlár fairsing athchóirithe caipitil a sholáthar chun feabhas a chur leis an eispéireas miondíola inár siopaí aerfoirt.

D’éascaigh daaI riachtanais taistil nascachta domhanda 65 milliún paisinéir in 2023 trí na trí aerfort san Araib Shádach, Jeddah, Riyadh agus sa Mhuir Rua, áit a bhfuilimid ag soláthar seirbhísí sainchomhairleoireachta bainistíochta, oibríochtaí agus cothabhála aerfoirt dár gcliant. Tá daaI ar conradh chun tacú, ní hamháin le hoibríochtaí ach freisin le forbairt gnó eitlíochta, ioncam tráchtála neamh-aerloingseoireachta agus bainistíocht saoráidí in áiteanna sa Mheánoirthear agus ar fud an domhain.