Annual Report and Accounts 2010-11 - Manchester Airport

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08 Business ReviewThe new departures terminal at Bournemouthopened in June 2010.The Manchester Airport Group PLC Annual Report and Accounts 2010-11
09Such increases have compensated for a decrease inoverall passenger volumes, which were the result of therecession continuing to unwind. In such economicconditions our airline partners have not found it possibleto maintain the winter programme previously experienced.However, towards the end of the year there has been aslight increase in passenger numbers. It is anticipated thistrend will continue into the new year.We continue to develop our relationships with ourbusiness partners, as we recognise the important rolethey play in the customer journey. To this end we haveinvested resource in improving our security facility and carparks.The airport team remain committed and focused ondelivering great customer experiences, growingshareholder value and building on our traditions ofinnovation and willingness to go the extra-mile.Bournemouth AirportOn 9 June 2010 the airport’s redevelopment programmereached a key milestone with the official opening of thenew and vastly improved departures terminal. Otherimprovements have continued to be made across the siteincluding a new road entrance junction and theprocurement of new radars. The year ended with work onthe new low carbon arrivals terminal reaching completionin May 2011.The quality of the new, larger departures terminal hasbeen widely recognised by customers, business partnersand a wide range of regional stakeholders. There aresignificant enhancements to the catering and retail offersboth landside and airside. The airport’s team focus oncustomer service combined with the new facilities havebeen major factors in Bournemouth gaining the accoladeof most improved smaller airport in Europe from AirportsCouncil International in 2010. ACI conductscomprehensive passenger surveys at airports across theworld measuring over 30 elements of the customerexperience.During the winter season, Bournemouth, like many othersmaller airports around the UK, saw a marked downturnin passenger traffic as a result of the ongoing weaknessin the economy. As an overwhelmingly leisure travelfocusedairport, Bournemouth has been susceptible tothe general reduction in discretional spending and macroeconomicfactors such as the weakness of sterling versusthe euro.Bournemouth Airport’s catchment area characteristicsremain strong and there are significant opportunities forfuture commercial airline traffic development once thepace of the recovery in the economy starts to pick up.The future appeal of the airport for passengers andairline/tour operator customers will be greatly enhancedonce the full redevelopment of the facilities is completedlater in 2011.The airport continues to be a significant base for a widerange of other activities such as general and executiveaviation, maintenance, private and commercial pilottraining, military training and specialised freightoperations.Bournemouth passengers (m)2011 0.72010 0.82009 1.1Aviation income – £ per passenger2011 6.42010 5.92009 4.2Commercial income excluding property– £ per passenger2011 7.62010 6.42009 5.7Operating costs – £ per passenger2011 17.72010 13.62009 10.7The Manchester Airport Group PLC Annual Report and Accounts 2010-11
Page 5: 03Chairman’s StatementIt has been
Page 9: 07Manchester Airport was also very
Page 13 and 14: 11PropertyMAG’s investment proper
Page 15 and 16: 13Adjusting for the impact of the v
Page 17: 15Car parking yields have improved
Page 21: Corporate Responsibility19In all ou
Page 24 and 25: 22Corporate ResponsibilityOur commu
Page 26 and 27: 24Corporate ResponsibilityOur desig
Page 28 and 29: 26 Corporate ResponsibilityEast Mid
Page 30 and 31: 28Corporate ResponsibilityServing o
Page 32 and 33: 30Report on Corporate GovernanceThi
Page 34 and 35: 32 Report on Corporate GovernanceTh
Page 36 and 37: 34The Board of DirectorsChairmanMik
Page 38 and 39: 36Directors’ Remuneration ReportE
Page 40 and 41: 38 Directors’ Report for the year
Page 42 and 43: 40 Statement of Directors’ Respon
Page 44 and 45: 42Accounting PoliciesBasis of accou
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Page 52 and 53: Conseil Economique et Social2. Cons
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64Notes to the Consolidated Financi
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66 Notes to the Consolidated Financ
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68 Notes to the Consolidated Financ
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70 72Notes to the Consolidated Fina
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72 74Notes to the Consolidated Fina
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74Independent Auditors’ Report to
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76Company Balance SheetNotes 2011 2
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78Notes to the Financial Statements
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80Principal Subsidiary Undertakings
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The Manchester Airport Group PLCReg
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