The number of passengers is reflected in the economic results of the Airport
Year 2017 was an extraordinary one for Tallinn Airport, both due to the extensive construction work, a record-breaking number of passengers and the Estonian Presidency of the Council of the European Union. According to Piret Mürk-Dubout, the Chairman of the Board of Tallinn Airport, the record-breaking number of passengers last year was also clearly reflected in the economic results of the company. “The growth in the number of passengers at Tallinn Airport in year 2017 exceeded our expectations, increasing by 19 per cent and reaching 2.65 million passengers. That means the number of passengers increased last year as much as during the past 10 years in total,” Mürk-Dubout explained.
“The good results of year 2017 give confidence to the Tallinn Airport Group and add ambition to welcome the development opportunities in the next years with positive attitude, and exceed the threshold of three million passengers already in the nearest future. A challenge for us, however, is to be able to handle the quick growth and not just handle it but also ensure the highest safety level and service quality,” Mürk-Dubout stated. Read the annual report of Tallinn Airport in the website of the company – https://www.tallinn-airport.ee/ettevottest/aastaaruanded/
According to approved and audited information, the business income of Tallinn Airport Group reached 49.9 million euros last year, the turnover of the Group was 40.3 million euros and the net profit 6.5 million euros. The sales income increased by 9 per cent and the profit of the Group by 5 per cent.
The total income of the group was 49.9 million euros, increasing by 3.2 million euros during the year, i.e. 7 per cent compared to the previous year. 81 per cent of the income was sales turnover and 19 per cent other business income
36 per cent of the turnover was aviation income and 64 per cent non-aviation income. The aviation incomes totalled 14.7 million euros and non-aviation incomes 25.6 million euros. The aviation incomes of the Group increased by 11 per cent, and the non-aviation incomes by 8 per cent.
The expenses of the Group totalled 43.3 million euros, increasing by 6.9 per cent during the year. The increase in labour expenses was 1.6 million euros (9.8 per cent).
In order to improve the connectivity of the country with Europe and increase air tourism into Estonia, the state is covering the passenger- and airline-based security and rescue expenses in the amount of 4.1 million euros per year. The actual expenses are 6.1 million euros. In 2017, the security and rescue expenses increased by 0.4 million euros, i.e. 6.9%.
In 2017, regional airports served 60.9 thousand passengers, i.e. 14.1% more than in 2016. The targeted financing of regional airports for covering operational expenses was 1.6 million euros. Targeted financing has remained at the same level since year 2014. The loss of regional airports is 0.5 million euros, and the loss increased by 8.7%.
Business profit before the depreciation of fixed assets and financial incomes (EBITDA) was 13.9 million euros, increasing by 0.2 million euros during the year.
The balance sheet total of the Group as of the end of year 2017 was 181.4 million euros, growth 26 million euros, i.e. 16.7 per cent. Last year, the Group paid loans in total of 4.55 million euros. As of the end of year 2017, the loan balance was 32.2 million euros.
Last year, Tallinn Airport Group invested 32.8 million euros, including investments of 31.6 million Euros by Tallinn Airport with regional airports (regional airports 0.2 million euros) and 1.3 million euros by Tallinn Airport GH.
The most important project of Tallinn Airport was the expansion of the air traffic area towards east and south, which was started in year 2016, with 15.3 million euros invested into the project in 2017. The targeted financing of the project by the Cohesion Fund was 8.5 million euros. Other major investments were the extension of the passenger terminal (4.8 million euros), acquisition of land for the construction of cargo terminals (3 million), hangar for painting of aircrafts (2.4 million euros), preparations for the construction of a parking garage (1.7 million euros), and 5 new inspection lines for security (1.1 million euros).
Tallinn Airport Group runs Lennart Meri Tallinn Airport, Kärdla Airport, Kuressaare Airport, Tartu Airport, Pärnu Airport, Ruhnu Airfield and Kihnu Airfield. Tallinn Airport Group includes a daughter company Tallinn Airport GH providing ground handling services to airlines.