text: ORT L IMITED P DE AIR DELAI EPORT A ANN UAL R " Welcome to Adelaide Airport Danielle Baker Receptionist / Administration Assistant " our vision Adelaide Airport will be a successful, modern, vibrant Centre and Gateway, promoting the economic benefits and cultural experience of South Australia. Customer service, critical to our success, will be provided at the highest levels to our community and stakeholders. Our people will be continuously developed to provide them with the requisite skills and experience to perform their duties efficiently. The environment, safety and security remain paramount. our mission adelaide airport limited develops and operates Adelaide and Parafield Airports as a business enterprise. We deliver safe and efficient facilities for passengers, aircraft, freight and property services for tenants and retailers, alongside general commercial developments. our values We will: conduct ourselves with integrity in a responsible manner, be efficient and practical, remain open and friendly, be responsive and respectful and consistently behaving in a positive manner. our edge We will thrive: by making timely and effective decisions, by developing innovative solutions, and through clear AND consistent communication with all stakeholders. the company Adelaide Airport Limited ( AAL ) purchased the operating lease for Adelaide and Parafield Airports in May 1998, to operate the airports for the next 50 years with an option for a further 49 years. Adelaide Airport is the sixth largest international and fourth Largest domestic airport in Australia. It is the aviation gateway to South Australia and handled 6.936 million passengers in the 2008/2009 financial year. Parafield Airport is South Australia's premier general aviation airport and is a major international training airport. " It's great to help travellers Marie Abbott Airport Ambassador " CONTENTS 02 Chairman's report 15 Financial performance 05 Year in brief 19 Parafield Airport CHAIRMAN David Munt MANAGING D IRE C TO R Phil Baker 07 Managing Director's report 20 Sustainability DIRE C TORS John McDonald, Alan Mulgrew, James Tolhurst, John Ward and Jay Hogan SOLICITORS Thomson Playford Cutlers AUD ITO RS PricewaterhouseCoopers 08 Board of Directors 23 Our people SHARE HOLDE RS UniSuper Ltd - 38.51%, Local Government Superannuation Board - 16.15%, Motor Traders Association of Australia Superannuation Fund Pty Ltd - 28.35%, Others - 16.99% 09 Executives 24 Our community SUB SIDIARIE S 100% Parafield Airport Limited, 100% Adelaide Airport Management Limited, 100% New Terminal Financing Company Pty Limited ,100% New Terminal Construction Company Pty Limited 10 Operations 26 Corporate governance RE GIST E RE D OFFICE 1 James Schofield Drive, Adelaide Airport, South Australia 5950 Phone: +61 8 8308 9211 Fax: +61 8 8308 9311 Email: email@example.com Website: www.aal.com.au 12 Property development 31 The future chairman's report Adelaide Airport Ltd (AAL) has proven itself to be resilient in the face of perhaps the most turbulent period Activities associated with the airport now contribute to 2.3 per cent of South Australia's Gross State Product, " Diversification has provided a buffer against difficult times David Munt Chairman " in aviation history. compared with 1 per cent in 1998. Last year I referred to considerable uncertainty in the ability AAL continues to play a major role in the local community of the aviation sector to continue its recent growth due to by supporting charities, community organisations and a faltering international economy. However, very few people sporting clubs. We have also supported larger organisations could have predicted the extent of the economic collapse such as Adelaide Zoo through its 'Pandas on Parade' and the subsequent Global Financial Crisis. corporate partnership program, ahead of the arrival of two pandas at the zoo later this year. The days of double digit growth in air traffic may have come to a sudden halt, but it is pleasing to report that for the Our commitment to the environment continues, with 2008/09 financial year, Adelaide Airport still recorded growth AAL and SA Water jointly funding a feasibility study into in aviation traffic in 11 of the 12 monthly reporting periods. an Aquifer Storage and Recovery (ASR) scheme for the harvesting of stormwater on the southern boundary It is clear that the foundations put in place in recent of Adelaide Airport. Both parties have contributed years by AAL through significant investment, prudent significantly to this initial study. decision making and attraction of both aeronautical and non-aeronautical business has provided a buffer On a sad note, we mourned the passing in December 2008 against difficult economic times. of board member Graham Scott. Graham was a foundation board member and AAL's inaugural Chairman when the Some planned infrastructure work, including a major hotel company was formed in 1998, and also was a Member development, multi-level car park and terminal expansion of AAL's Audit & Compliance Committee and Property has been deferred, but we stand ready to commence Development & Building Committee. He will be sadly missed. these projects as economic conditions improve. Meanwhile, Adelaide has been selected to host the Routes Asia 2010 event from April 18-20. AAL, in a collaborative effort with the Adelaide Convention & Tourism Authority and the State Government, attracted the event despite stiff competition from other Australian regions. This will provide David Munt - Chairman a wonderful opportunity to showcase our airport and the State in front of key international airline decision makers. AAL's strong emphasis on non-aeronautical activities, to balance the risks associated with operating a sustainable aviation business, has resulted in continued growth within the airport precinct. The Harbour Town expansion was completed and opened in December 2008, construction has continued in Burbridge Business Park and work on a major engineering facility in the Morphett Road precinct is now well under way. An assessment of Adelaide Airport's socio-economic drivers on the community by Hudson Howells has confirmed Adelaide Airport's standing as the largest single site employment precinct in South Australia. More than 8000 people are directly employed as a result of Adelaide Airport activities, of which approximately 5,200 work within the airport precinct. 02 annual report 08 - 09 03 " I enjoy working behind the scenes Tony Lennell Airside Team Leader " year in brief Financial results Property Development • Revenue - $143.7 million (last year $140.5 million ) • Agreement with SA Water and City of West Torrens • Earnings before interest, tax, depreciation and amortisation reached on shared use pathway alongside Glenelg and fair value adjustment of investment properties - to Adelaide recycled water pipeline $87.1 million (last year $83.2 million) an increase of 4.7% • Burbridge Business Park Stage 2A commenced - • Net loss before tax of $4.3 million (last year net profit before new left-in/left-out access commissioned and tax of $25.7 million). Excluding the fair value adjustment for pedestrian bridge over stormwater drain erected investment properties the net profit • Hotel Major Development Plan (MDP) approved by Minister before tax this year is $5.8 million (last year $4.6 million) • Woolworths Supermarket opened with Harbour Town • Dividends on redeemable preference shares $28.3 million extension (last year $28.4 million) • New Concept Master Plan and Sustainability Plan • Decrease in fair value of investment properties prepared as part of the five yearly review of $10.0 million (last year increase of $ 21.1 million) • Credit Rating - Moody's maintained at Baa2 / stable; Other Notable Events S&P maintained at BBB / stable • Memorandum of Understanding signed with City of West Torrens Statutory Compliance • Growth in aviation traffic continues (highest passenger • Safety and Security regulatory audit compliance movements per month experienced during the year) satisfactorily maintained • Shared bicycle and walking paths extended on southern • Equal Opportunity for Women in the Workplace boundary of airport - circuit of the whole of airport compliance satisfactorily maintained is drawing near • DITRDLG lease review assessment satisfactory report • Memorandum of Understanding with SA Water developed • Health Safety and Environment Policy and Procedures • Adelaide Airport awarded the Routes Asia 2010 aviation review well advanced networking forum - to be held in April 2010 • Come Out Youth Festival events held at both Airport Operations Adelaide and Parafield airports. • Former domestic terminal building demolished • Taxi Concierge program and uniform updated • Additional expansion to the long term car park • Tiger Airways second base established in Adelaide • Pacific Blue commenced services to Bali and Fiji • Qantas Link commenced services to Kalgoorlie • Sharp Airlines re-established services to Mildura and added Prominent Hill • Qantas A380 pilot training program to and from Adelaide • Participation in the Office of Transport Security advanced passenger screening technology trials 04 annual report 08 - 09 05 mD's report The 2008/09 financial year has been well documented Parafield Airport's local flight training establishments, for the difficult trading conditions worldwide as a result buoyed by a significant number of students from several of the Global Financial Crisis (GFC). foreign airlines, also continued to do well despite the current global situation. Whilst not immune from these negative influences, which saw our annual rate of growth in passengers slow markedly, Our Master Plans and Environment Strategies for both overall traffic still grew by 2.3 per cent compared with the airports are due for formal Ministerial review by late 2009. previous year - the second best result of all Australian This process has required a great deal of attention from capital city airports. Our total traffic set a new record members of our executive management group, particularly in of close to 6.9 million passengers for the year. terms of consultation with our many and varied stakeholders. The slowdown in growth, which was most noticeable from On this occasion, with permission from the Federal November 2008, has caused us to defer the start date of Government, we have combined both documents into additional facilities, such as the multi-level car park, hotel a single volume to eradicate repetition and improve and terminal expansion. However, detailed planning and readability and understanding. As always, the documents some enabling work have continued, notably with the have been prepared in-house. demolition of the former domestic terminal building. The environment has perhaps generally taken a back seat We anticipate this prudent deferment will be short-lived to the GFC nationally and internationally over the past year, and we expect to commence work on the car park and but not so at AAL. As well as working closely with SA Water " associated internal road re-alignments by the end of the to study Aquifer Storage and Recovery, significant research Our 08/09 growth is the 2nd best current financial year. In the meantime, a new control funds have been set aside to investigate the best way for " of all capital city airports tower will be constructed by Airservices Australia, as the airport to offset its carbon footprint, which is now Phil Baker will a new office building for the Australian Federal Police. accurately measured and continually monitored. Managing Director In terms of the individual passenger markets, results Looking ahead, with global influences still prevalent were very mixed. and wide ranging views on the timing and nature of a permanent recovery, exchange rates not beneficial In the domestic arena, expansion of trunk routes, particularly to inbound tourism or exports (but favouring outbound from low cost carriers Tiger and Jetstar, plus new twice tourism and imports), and low but possibly unsustainable weekly QantasLink services to Kalgoorlie, underpinned airfares, we are projecting only moderate growth during the overall result. Our highest ever domestic passenger the next 12 months. total for a single month was achieved in March 2009. Our focus during this period will be to prepare International traffic was boosted by the re-introduction for the anticipated recovery and upturn in demand of services to Bali from December 2008 and a new service (following the pattern in aviation over the past several to Fiji, both by Pacific Blue in its first year of operations decades) and to take advantage of the continued relative originating in Adelaide. strength of South Australia's economy and in particular Unfortunately, regional traffic U-turned from double digit growth sectors such as defence and mining. growth to a similar percentage of negative growth from In closing, I would like to thank all our staff and consultants November onwards, and ended the year down on the for their continued hard work in maintaining our positive previous period. This was predominantly due to a significant position in what have been unprecedented tough trading reduction in charter activity connected with exploration conditions, and their readiness to face the challenges ahead. in the mineral resources sector. The international air freight market continued the trend of previous years with the tonnage and percentage of direct exports from the airport reaching record levels. Overall air freight volumes produced in South Australia grew for the first time in 5 years with Adelaide Airport's market share ballooning to 58 per cent (from 49 per cent) despite a cutback in the 06 07 Phil Baker - Managing Director number of Boeing 747 freighter aircraft operations. annual report 08 - 09 board of directors executives David munt ll.b(hons) phil baker - managing director john m cardle - general manager corporate affairs Non-executive Director and Chairman, appointed 30 June 2004 Executive Team leader and full Board member responsible Manages, interprets and facilitates the community Chairman Remuneration Committee for implementing group strategies and policies. consultation, communication, regulatory and statutory Chairman Property Development and Building Committee responsibilities. Facilitates corporate risk policy, mark young - chief financial officer business continuity and review. Responsible for the sound financial position and phil baker fcilt, faicd commercially prudent conduct of the business including ken may - general manager property development Managing Director, appointed 24 April 1998 effective reporting and information management systems Responsible for the management and enhancement Member Property Development and Building Committee and stakeholder communications. of the property portfolio including retail, leasing, property development and tenancy management. Sue doyle - manager executive services Responsible for managing support services to the Board vince scanlon - general manager airport operations of Directors, the Managing Director and Executive, including Responsible for aviation safety, security and regulatory james tolhurst b.comms, mba, fcpa, fcis, faicd the recruitment, induction and development of staff, compliance, terminals and car-park operations, Non-executive Director, appointed 29 September 2004 human resource policies and service levels to customers. infrastructure and facility management, project Chairman Audit and Compliance Committee management and engineering of both aviation Member Remuneration Committee malcolm andrews - general manager business development and commercial developments. Member Property Development and Building Committee Responsible for route marketing and development, airline liaison, customer relations, facilitation, product len goff - company secretary alan mulgrew b.a(mgmt), dip corp fin, j.p, graicd enhancement and ground transportation. Responsible for corporate administration, accounting, Non-executive Director, appointed 6 September 2006 statutory and regulatory financial reporting. Member Property Development and Building Committee john m cdonald dip tech, fca, fasa, cpa, fiaa Non-executive Director, appointed 29 July 1998 Member Property Development and Building Committee Member Audit and Compliance Committee john ward bsc, faicd, faim, fami, fcilt Non-executive Director, appointed 28 August 2002 Member Remuneration Committee Member Property Development and Building Committee *graham scott Non Executive Director appointed 24 April 1998 Inaugural Chairman 24 April 1998 - 30 June 2004 *Passed away late December 2008. May he Rest in Peace. jaY hogan mba, afami, jp 08 Non-executive Director, appointed 29 July 2009 Member Property Development and Building Committee John McArdle Ken May Sue Doyle Mal Andrews Phil Baker Len Goff Vince Scanlon Mark Young operations aeronautical traffic performance Financial Financial Financial Financial Change Change last " Long term parking has grown significantly Cory Harrington " Customer Service (Car Park Team Leader) Year Year Year Year this Year 11 Years 1997/98 2006/07 2007/08 2008/09 % % Passengers Domestic* 3,379,118 5,331,421 5,694,184 5,861,220 2.9% 73.5% International** 258,488 495,663 541,856 543,222 0.3% 110.2% Regional 366,325 473,409 546,177 531,461 - 2.7% 45.1% Total PAX 4,003,931 6,300,493 6,782,217 6,935,903 2.3% 73.2% Aircraft Movements Regular Public Transport 70,204 72,228 76,176 75,353 - 1.1% 7.3% General Aviation 35,076 29,838 27,009 24,651 - 8.7% - 29.7% Total Aircraft Movements 105,280 102,066 103,185 100,004 - 3.1% - 5.0% Landed Tonnes Total Landed Tonnes 1,622,681 2,142,489 2,276,273 2,282,576 0.3% 40.6% *Includes Domestic On Carriage ** Includes Transits freight In our last report we identified concerns at the adverse With returns to the resource industry already evident, significant Export Tonnes Import Tonnes impacts affecting all facets of the aviation industry, defence activity and a general feeling that the worst of the GFC Jan - Dec 05 7,818 = 8.3% 9,075 = 15.1 in particular the record oil prices, and we alluded to the has now passed, the indications are positive for the year ahead. Jan - Dec 06 9,379 = 19.9% 10,039 = 0.6% faltering worldwide economy. Few would have predicted Jan - Dec 07 8,582 = -8.5% 9,090 = -9.4% the impact the crash in New York on 14 September 2008 Jan - Dec 08 10,113 = 17.8% 9,340 = 2.7% would have on the Global Financial markets. 7.8% 84.5% 7.7% Whilst not immune to the devastating effects the crisis had on many industries, AAL has managed better than adelaide airport passenger movements most due to a combination of a strong State economy and because we serve a predominantly domestic market. 8,000,000 Actual Passengers Trend Oil Price Increase International Markets 7,000,000 The international market enjoyed a modest growth rate of Gulf War - Part 2 Regional International Domestic 0.3 per cent, assisted in no small way by the introduction 6,000,000 of twice weekly services to Bali and Fiji. New York World Trade USA World Centre Attack Economic Crisis 5,000,000 Domestic Market Quality of Service Glasgow Airport Attempted Bombing The domestic market was influenced by Tiger opening its Adelaide Airport has maintained its strong position with 4,000,000 Pilot Dispute second base in Adelaide and offering services to Gold Coast, the Australian Competition & Consumer Commission Perth, Hobart and Alice Springs. The ups and downs of services recognising us equal best airport in Australia. 3,000,000 SARS over the year resulted in this segment gaining a 2.9 per cent increase on last year. We also continue to be measured independently Asian Economic by the Airports Council International passenger quality 2,000,000 Bali Bombing Crisis Regional Market of service survey program where we remain at the top in Australia and New Zealand, in the top 10 of our category 1,000,000 Gulf War - Part 1 Ansett Collapse The regional market suffered a significant downturn as the worldwide and in the top 5 for a significant number of mining exploration and resource businesses felt the full impact the 34 category measures undertaken. Passengers of the Global Financial Crisis (GFC). A 2.7 per cent reduction on 1989 1993 1997 2001 2005 2009 2013 the back of last year's double digit growth was the major cause of the slowdown in our growth this year. 10 annual report 08 - 09 11 PROPERTY development Terminal 1 Retailing and Concessions Burbridge Precinct Terminal 1 Retailing continued to pick up momentum in Within the Burbridge Precinct, a new valet car storage terms of trading activity. This is partly the result of concerted compound was completed and occupied in April 2009 after marketing through advertising in aviation publications, relocating from a temporary site in the Terminals Precinct. encouraging a sense of theatre through events such as At the Burbridge Business Park, a multi unit office/warehouse the Emma Hack art exhibition, musical recitals and seasonal complex was completed in July 2008, with new occupants festivities. These are all directed towards our overall aim being Herbalife, Marmota Energy Ltd (Groundhog) of increasing passenger dwell time. and Hills Industries. 'T1 Shopping' achieved a further Property Council A new 11,000m2 twin office/warehouse development also of Australia Marketing Award in November 2008 for commenced site works in February 2009 for part occupancy its 'SA's Best Experience' campaign, which included by Agility Logistics. This facility, which was due for completion a competition directed at SA Tourism experiences. in August 2009, employed substantial ESD attributes such as New retailing ventures included the enhanced operations water re-use, lateral and vertical sun shading to northern facing of the Rip Curl Shop, completed earlier in 2008, and the office windows, use of translucent sheeting for natural light implementation of a Villa & Hut coffee kiosk along within the warehouse, and energy savings lighting systems. the southern concourse. A pedestrian bridge was also constructed linking bus services on Sir Donald Bradman Drive with the shared use pedestrian Terminals Precinct " and bicycle path running through the linear park and buffer The former domestic terminal building was demolished zone under the care, control and management of the Travellers have enjoyed " between December 2008 and June 2009 to make way for City of West Torrens. the varied events further long term car parking and the future development Kyra Gustavsson of new terminal facilities. Torrens Precinct Terminal Property and Retail Manager A site lease was committed to Airservices Australia to enable After obtaining further bed licensing from the Commonwealth, its development of a new 48-metre high Air Traffic Control Southern Cross Care completed expansion of its aged care Tower, with construction expected to commence in 2010. facility on Burbridge Road at West Beach in mid 2009. This has increased the overall capacity from 60 beds to 80 beds. Regional Express completed the construction of a new hangar complex located on James Schofield Drive. The hangar Tapleys Precinct is of a sufficient size to accommodate three SAAB aircraft Practical completion and opening of a new Woolworths or one Boeing 737. supermarket, fresh food market café and pharmacy store The State Retrieval Service "MedStar" has commenced along with more than 20 additional brand direct retailing operations from the former helicopter facilities in outlets occurred on 8 December, 2008. The expansion James Schofield Drive, and was also joined by the was officially opened by the State Minister for Transport, SA Ambulance Service. This is intended to be an interim Energy and Infrastructure, the Hon Pat Conlon MP. arrangement pending the development of new dedicated Associated with this expansion, ETSA Utilities completed emergency services facilities adjacent to Australian Helicopters the installation of a new dedicated electricity feeder that on Sir Reginald Ansett Drive in the Tapleys Precinct. will allow further retailing development of up to 20,000m2 The specialist cold storage facility adjacent to Export Park, within the northern segment of this Precinct Zone. under partial operation by Australian Air Express for Air Freight The State Government also completed the removal of stored Services, was acquired in February 2009 by AAL with the aim silt from some 10 hectares of land to the west of the existing of increasing the dedicated refrigerated air freight business Mobil petrol station on Tapleys Hill Road, allowing the site to into and out of Adelaide, as opposed to its previous primary be remediated for future development. This site borders on usage as general warehousing. to an expanded tree planting zone around the nearby remnant Patawalonga Creek. 12 annual report 08 - 09 13 PROPERTY " Non-aeronautical FINAnCIAL PERFORMANCE " business has grown Tony Francis Leasing Manager Financial Performance Report 2006 2007 2008 2009 Income Statement $'000 $'000 $'000 $'000 Revenue Aeronautical 46,369 69,570 75,431 79,209 Commercial trading revenue 17,643 23,876 27,504 28,124 Property Revenue 24,437 24,556 27,442 30,835 Other Revenue 5,718 1,393 3,515 1,676 Other Income 829 874 734 2,504 Total Revenue #1 94,996 120,269 134,626 142,348 Increments/(decrements) in fair value of investment properties (2,278) 7,803 21,100 (10,039) Operating Expenses 36,357 45,521 51,465 55,267 EBITDA 56,361 82,551 104,261 77,042 EBITDA (Adj) #2 58,639 74,748 83,161 87,081 Margin 61.7% 62.2% 61.8% 61.2% Depreciation and amortisation 15,211 17,825 18,015 19,263 EBIT 41,150 64,726 86,246 57,779 Borrowing Costs Interest on senior debt 26,900 31,601 32,212 33,781 Interest on Airport Notes/Dividends on RPS 26,214 28,285 28,362 28,284 Net Profit/(Loss) Before Tax (11,964) 4,840 25,672 (4,286) Income Tax (Expense) Benefit 897 (4,383) (12,328) 45 Net Profit/(Loss) After Tax (11,067) 457 13,344 (4,241) Holdfast Precinct Morphett Precinct #1 Revenue presented above excludes interest revenue #2 excludes adjustment in fair value of investment properties Agreement was finalised with SA Water for a new recycled In the Morphett Precinct, site works commenced toward water pipeline to run alongside the Brownhill Creek the Manuele Engineering 16,000m2 steel fabrication facility easement so that it could be extended from the nearby over a 4.5 hectare site fronting James Melrose Road Some noteworthy aspects are:• Cash Flow Glenelg Treatment Works to the Adelaide Parklands, as and Morphett Road, with construction due to be • Revenue - $142.3 million (last year $134.6 million) After funding interest on borrowings and dividends part of a State Government water conservation initiative. completed by mid 2010. • Earnings before interest, tax, depreciation and on RPS, cash flow from operating activities was a positive AAL obtained water extraction rights at three locations, amortisation and fair value adjustment of investment $13.4 million (last year $19.9 million). with works on airport completed in 2008/09. Airport East properties - $87.1 million (last year $83.2 million) Approval of the final Stage 3 of the Adelaide Airport Access After funding capital expenditure a net decrease of Associated with the recycled water mains, joint an increase of 4.7% Study was given by the State Minister for Transport, Energy $2.2 million resulted in cash balances at year end arrangements were made with SA Water, the City of • Net loss before tax of $4.3 million (last year net profit and Infrastructure in late October 2008, enabling planning of $49.4 million (last year $51.6m). Of this balance West Torrens and the Department of Transport, Energy before tax of $25.7 million). Excluding the fair value for future development of industrial land. This site is $11.1 million (last year $10.5 million) is quarantined and Infrastructure to construct a shared use bicycle and adjustment for investment properties the net profit included on the State Government Metropolitan Adelaide in a debt service reserve account. pedestrian pathway extending from Watson Avenue, before tax this year is $5.8 million (last year $4.6 million) Industrial Land Strategy (2007) as part of a development-ready Netley to Tapleys Hill Road and linking to the industrial land bank. • Dividends on redeemable preference shares $28.3 million Reece Jennings Bikeway. (last year $28.4 million) Closure of the former Airservices Australia A Memorandum of Understanding was also completed • Decrease in fair value of investment properties Non Directional Beacon occurred in November 2008. with SA Water to investigate implementation of water of $10.0 million (last year increase of $21.1 million) Cabling re-arrangements associated with integrated harvesting on Adelaide Airport land to the southern side • Credit Rating - Moody's maintained at Baa2 / stable; aeronautical equipment will occur progressively in 2009. of the Brown Hill Creek easement, with an application S&P maintained at BBB / stable submitted on 30 June, 2009 for $9.7 million Federal Government funding towards a potential 1 gigalitre Aquifer Storage and Recovery (ASR) project. 14 annual report 08 - 09 15 FINAnCIAL PERFORMANCE CONT Balance Sheet Issue Amount ($million) Term Year ended 30 June Cash Total Assets 2008 ($million) 51.6 911.3 2009 ($million) 49.4 871.0 Medium Term Note Medium Term Note ($100m fixed interest) Working Capital Facility ($20.0m available at year end) $264.0 $265.0 $20.0 Dec 2010 Sep 2016 Dec 2010 " We are holding our OWN in tough times Shane Flowers Finance Manager " Interest Bearing Liabilities 522.5 524.5 RPS $188.6 Jun 2014 (excl stapled securities) Total Liabilities 644.3 635.3 (excl stapled securities) Interest Rate Management Total Equity 266.9 235.7 (plus stapled securities) The Group manages its exposure to interest rate fluctuations using interest rate swaps. There has been a net decrease in Total Assets resulting from: The Group has effectively fixed the interest rate on • a decrease in cash as outlined above; approximately 91% of outstanding debt (exposed to variable interest rates) to December 2015 (assuming the existing • a decrease in the fair value of Investment Property $264.0m note is refinanced in Dec '10) with approximately 40% of $10.039 million; fixed thereafter to September 2016. • a decrease in Property, Plant and Equipment being the net impact of asset additions / disposals and depreciation; and Average fixed interest rate paid was 6.5% (last year 6.5%). • a decrease in the mark to market value of interest rate hedges. Ratings With respect to the decrease in the fair value of investment The long term finance strategy of the Group continues properties and the decrease in the mark to market value to be reviewed by the rating agencies, Standard & Poor's of interest rate hedges it is important to note that: and Moody's. The BBB / stable and Baa2 / stable ratings have • there are no cash flow implications associated with these been maintained, which is a pleasing endorsement of the accounting adjustments; company's long term plan in the context of the current global economic volatility. • investment properties are held for the full term of the Airport Lease and are not stock held for resale; and Annual Report for the 12 Months to 30 June 2009 • the interest rate hedges are hold to maturity instruments The Annual Report for the 12 months to 30 June 2009 and at maturity will not require any mark to market adjustment. comprising: The Group's total of equity and RPS (being stapled securities) • director's report stands at $235.7 million at the end of the year • auditors independence declaration (last year $266.9 million). • financial report • director's declaration • independent auditors report to members is available on the company's website www.aal.com.au . Alternatively a copy may be obtained from the Company Secretary. 16 annual report 08 - 09 17 parafield airport Flying training at Parafield has continued its steady Airservices Australia commissioned its new NDB navigation growth with 242,384 aircraft movements (a 4.7 per cent aid following the relocation and upgrading of the existing increase) recorded in 2008/09 during airport control tower NDB from the south-western corner of Parafield airport hours of 0800 to 1800 each day. 231,430 aircraft movements to a location between the runway systems. were recorded in 2007/08. Retail development within 'Airport City - Parafield' saw The Parafield Airport Ltd Preliminary Draft Master Plan the opening of a kitchenware store 'Creative Cooks' was released for public consultation in May 2009. This plan and introduction of new retailers, Fitness Warehouse, is the airport's primary planning document, setting the Mayne Rugs and Beds-r-Us in this centre. framework for the ongoing development of the airport Bunnings undertook a substantial redevelopment of its over the next 5 years in accordance with the requirements site including alterations to the internal warehouse layout, of the Airports Act 1996. new garden area and installation of an additional truck McDermott Aviation set up its fire season Operations Base loading and unloading area at the rear of their site for at Parafield having won the South Australian Country Fire the garden centre. Service contract for the next 3 years. This involved 3 Bell The City of Salisbury has recently completed works to divert helicopters being based at Parafield and on-call 24/7 " water from the Cobbler Creek into the Parafield Catchment, to respond to any CFS emergency. Foreign airline student which will increase the water yield in the Parafield Airport " numbers are increasing The Rescue Salvage Bureau of China and Flight Training Harvesting scheme by 30 to 40 per cent, or 300 to 400 Noel Wellman Adelaide (FTA) signed an agreement with FTA becoming mega litres per annum. Manager Parafield Airport the bureau's helicopter training provider, starting with A licence agreement was also executed between the 9 cadets being trained to CPL standard during the year. City of Salisbury and Parafield Airport Ltd to permit the FTA also completed instructor rating courses for further extension of recycled stormwater supply south and the Hong Kong Government Flying Service. east of the airport. The City of Salisbury is working on the Civil works were completed for an extension to the commissioning of this new feeder line to supply various FTA apron, doubling its size and accommodating customers as far away as Ingle Farm and Valley View, 8 additional parking bays for fixed wing training aircraft as well as providing take-off points within the airport. and 4 for the new Schweizer 300 CBi piston helicopters. Cadets from Cathay Pacific Long Course 1 graduated as part of a new joint initiative by Cathay Pacific and FTA that will see them remain at FTA for a further 3½ years as trained instructors, before joining Cathay Pacific in Hong Kong. This scholarship scheme was introduced to assist both parties in alleviating the intermittent supply of qualified flying instructors sought by airlines whenever pilots are in short supply. A new corporate and aircraft charter business, Renaissance Air, has commenced operations from the former fire station building on Kings Road, while Aeropower has taken over occupancy of Hangar 50 on Anderson Drive. Aeropower currently holds many of the major contracts for power-line inspection and maintenance around Australia. 18 annual report 08 - 09 19 sustainability During the past several years Adelaide Airport Ltd's Strengthening the HSEMS has been the development of an (AAL) approach to environmental management has evolved intranet-based document management system and database to encapsulate the dimensions of sustainable business platform that has enabled AAL to create a number of online practice underpinned by a commitment to regulatory data collection and reporting tools that result in improved compliance. Substantial research, planning, consultation productivity and record keeping. and review over this period into areas such as sustainable development principles, water conservation, stormwater Carbon reuse, energy efficiency, carbon management, waste This year is the first in which companies that trigger the management, noise and air quality provided the foundation thresholds set in the National Greenhouse and Energy for the 2009 Preliminary Draft Master Plan, and in particular Reporting Regulations 2008 must report greenhouse Volume 3 - Sustainability Plan Adelaide and Parafield Airports. gas emissions to the Commonwealth Government. A cornerstone of the 2009 Master Plan is AAL's Sustainability AAL has for the third consecutive year measured its carbon Policy, signed by Phil Baker in October 2008. As described footprint and determined it does not exceed the threshold in the Policy, AAL's corporate vision and ongoing success " for mandatory greenhouse reporting under the regulations. is founded on building and maintaining the three pillars Nonetheless, carbon accounting will be continually of responsible business practice - sustainable financial, Stormwater harvesting " undertaken to support benchmarking and performance environmental and social management. To ensure that tracking in the area of energy consumption. is on the horizon our business thrives and is managed today in a manner that Stephanie Bolt The 114 kilowatt photovoltaic solar panel array on the Terminal 1 Environment Manager promises to meet the needs of future generations, AAL must respond positively to today's local and global challenges roof has performed to specification since its commissioning as outlined in each chapter of the Sustainability Plan. in June 2008. AAL is seeking to register the system as a power station that will allow entry into the Renewable Energy A number of key achievements from AAL's Sustainability AAL developed and implemented an integrated Health, Safety and State regulatory requirements, most importantly the Certificate market. From next year, income generated from Program in the 2008/09 financial year are worth highlighting, and Environmental Management System in conformance with Airports (Environment Protection) Regulations 1997, regulated the system will be redirected into a funding program for specifically: the requirements of WorkCover SA's Safety Achiever Business by the Department of Infrastructure, Transport, Regional additional renewable energy facilities. System and ISO 14001 international environment standards. Development and Local Government. • the development of planning and data management tools for wildlife hazard management; Water The drug and alcohol management program was further Crucial to maintaining AAL's legal compliance record is • completion of a concept plan for a large-scale stormwater The Water Strategy developed in 2007/08 came to fruition strengthened and revised to comply with the requirements setting the same expectations of our tenants who we routinely harvesting and aquifer storage scheme; this year in the joint development of a concept plan with the of the new Civil Aviation Safety Regulations Part 99 Drug monitor. Our aviation and non-aviation tenants continue to South Australian Government for a 1 gigalitre airport stormwater and Alcohol Management Plan. demonstrate a duty of care towards the environment, meeting • development of wind models and planning for mini-wind harvesting and aquifer storage scheme, underpinned by a and in many cases exceeding their regulatory requirements. turbine field trials; Memorandum of Understanding with South Australia's peak Regulatory Performance • completion of a comprehensive waste audit of Terminal 1; AAL's performance in health and safety is due to our water utility, SA Water. The scheme, valued at approximately Whilst striving to maintain a robust sustainability program, • commencement of a rehabilitation program for the strong safety culture and ongoing compliance with the $10 million, was subsequently given priority in the South AAL maintains a rigorous environmental compliance program extended Patawalonga Creek Conservation Zone; and South Australian Occupational Health, Safety and Welfare Australian Government's bid to the Commonwealth for funding that ensures we perform against all relevant Commonwealth Regulations 1995. • drafting of a heritage management strategy. support, which is expected to be announced by late 2009. Growth Management Health and Safety Claims AAL/PAL Transport Industry We continue to improve the systems and processes we have AAL's enviable health and safety record has continued into No. of Incidents (resulting in claims) 6 - in place to understand and manage our environmental and 2008/09 supported by a continuous improvement approach Incidence Rate (no. claims / 1,000 employees) 4 33 (1) social footprints. In 2009, we completed the rollout of an to OHS management. Frequency Rate (no. claims / million hours worked) 1 17 (2) integrated Health, Safety and Environmental Management Workplace incidents resulted in only 6 claims this year, System (HSEMS) that conforms to the requirements of both Lost Time Injuries ISO 14001 and WorkCover SA's Safety Achiever Business of which 2 were classified as Lost Time Injuries. The injury No. of Incidents (resulting in LTIs) 2 System. The system provides an improved risk management rates were commensurate with those recorded for 2007/08 - well below the national transport industry benchmarks - No. LTIs (total hours) 130 framework and will be third party audited this coming year. and total hours of lost time almost halved from the 1. Incidence Rate - NOHSC Statistics 2001/02 - Transport Industry (no. claims per 1,000 employees) previous year. (Refer table opposite). 2. Frequency Rate - NOHSC Statistics 2001/02 - Transport Industry (no. claims per million hours worked) 20 annual report 08 - 09 21 our people " The intranet is improving staff communication Kristy Van Dyke IT Support Officer " From Our Vision "… Our people will be continuously developed to provide them with the requisite skills and experience to perform their duties efficiently…" AAL openly encourages, promotes and strongly supports all staff in furthering their education, particularly where the studies are supportive of their current or potential roles; where the course is relevant to AAL's requirements; Adelaide Airport Ltd's (AAL) commitment to the or where studies meet legislative obligations such as fire principles and practices of Equal Opportunity evacuations, health, safety and equal opportunity. encourages a culture of inclusion. These study programs are not restricted to within In meeting the Statutory compliance of the Equal Australia. Many staff have undertaken international Opportunity for Women in the Workplace Act, AAL studies in Europe and America with more staff re-appointed Converge International as the independent committed to overseas programs in 2009/10. agency to update and review an Equal Opportunity AAL currently has more than 50 per cent of its staff Survey to identify any internal issues of concern undertaking advanced study programs including and to obtain a measure of our internal 'culture'. leadership development courses such as the Governor's Through the Sharepoint program we have advanced Leadership Foundation, Masters in Business and in our intranet services in 2008/09. AAL has also developed Airport Sustainability. a more user friendly, thorough and consistent induction Our staff benefits program continues to expand procedure. This procedure includes all essential first-hand with opportunities such as gymnasium subsidies, knowledge required of employees to meet our 24/7 staff counselling service, vision assessments, flu shot Corporate Responsibilities. reimbursements, and sponsorships in fun runs and charity Independent online external exit interviews with all walk-a-thons. It also includes a staff benefit program terminating employees continue to provide AAL with entitling staff to discounted privileges and insurance insights to the work environment and management including income protection, life and property solutions. to assist the company in appreciating the reasons why people choose to leave, identifying areas for improvement within the company and discussion on remedies to improve the workplace culture. The intranet-based questionnaire enables staff to openly express their thoughts on various issues without feeling confronted. The questionnaire is more comprehensive than our previous short Q&A process. It provides us consistency in information collected, clear interpretation and centralised reporting every six months. The Communications Audit commenced last year and is constantly monitored to ensure that a consistent and accurate message is conveyed both internally and externally to all our stakeholders, not the least of which is our staff. 22 annual report 08 - 09 23 our community " " Sorry ref, didn't hear the whistle! Kiki Courtidis, AAL Women's Premier Division Adelaide Airport Ltd's (AAL) commitment to the community We also support many other charities through the donation is directed at keeping our neighbours, stakeholders and of items of interest for auctions at various fund raising customers informed, and helping young South Australians to events. A particularly popular item is an introductory flying reach their potential through support of the arts, educational training flight that we supply through our valued tenant initiatives and community-based sporting participation. It is Flight Training Adelaide. also aimed at giving young South Australians opportunities Consultation and communication are an integral platform to build community diversity, creativity and self esteem. of AAL's community relationships. They do not rely on the AAL employees are encouraged and supported in five yearly planning process as our door is always open. volunteering their time and expertise to organisations in Our communication program is planned to formally advise the communities in which they live and work. Key to this community representatives through the following forums: activity is the centralisation of managing and capturing • Adelaide Airport Consultative Committee (AACC) - which the effort across our company, and ensuring it meets the meets four times a year; broader objectives of the organisation, while managing the • Consultative Committee Planning Sub Group - which work loads of the individuals and departments involved. meets four times a year and reports to the AACC; We keep our communities informed of developments and • Western Adelaide Consultative Group (WACG) which changes to the airports through a comprehensive speaking meets no less than three times per year; circuit program, newsletters, website and active participation • Formal presentations to council meetings; in electronic media such as through radio talk back segments. • Open invitations for briefing sessions either on airport AAL has also provided the City of West Torrens with large or in a stake-holders environment; and tracts of land on the eastern and southern boundaries • Public meetings. of the Airport for the establishment of linear parks In addition, we also utilise the public media and our own for community cycling and walking paths. newsletters and web site. In regard to the web site we are We have continued our long term association with major currently reviewing the whole program to ensure that tertiary institutions in South Australia, Queensland and New the finished product delivers what our customers and South Wales through various initiatives. Our regular Quality stakeholders require. of Service surveys are undertaken by the graduating class of AAL also hits above its weight in national and State the Tourism and International Studies School of the Adelaide representation as evidenced by the following random selection: TAFE and we are the major sponsor of the Graduation Ceremony for those students. Our longitudinal study into • National Chair, Australia Airports Association bird and wildlife management continues with the University • National Chair, Transport Infrastructure Aviation of Adelaide Zoology Discipline, and through the University of Assurance Advisory Group New South Wales and the Queensland University of Technology • Australian representative on Airports Council we are active participants in the Aero-tropolis phenomenon. International Security Committee Future generations of potential aviation industry • Chairman, Adelaide Convention and Tourism Authority participants are being encouraged through our major • Chairman, Chartered Institute of Logistics and Transport sponsorship of the western districts "Adopt a School" (SA Division) program, which facilitates the awareness by students • Member of the Executive Committee of the SA Freight Council from surrounding colleges and high schools of the career • Member of the National Tourism and Aviation Advisory opportunities that exist within an airport environment. Committee A particularly rewarding association has been maintained through the Training Awards sponsorship with the • Member of the National Passenger Processing and indigenous Tauondi College at Port Adelaide. Facilitation Task Force • Chairman, National Bird and Wildlife Hazard Management AAL is the naming sponsor of the Taxi Driver of the Year Working Group Awards. In addition we continue to provide and maintain a dedicated taxi driver rest room and amenity building. 24 annual report 08 - 09 25 CORPORATE GOVERNANCE Adelaide Airport Ltd and the Board are committed to • Reviewing and approving business plans, the annual Term of office Directors (i.e. who do not have a conflict or material interest achieving and demonstrating the highest standards of budget and financial plans including available resources in the matter) shall be at liberty, subject to proper disclosure Nominee Directors hold office at the discretion of the corporate governance. and major capital expenditure initiatives within the financial having been made, to resolve to permit the Director with appointing shareholder. Other Directors are appointed limits set in the Shareholders Agreement the potential or actual conflict of interest to participate in The relationship between the Board and senior management on a term of three years. • Overseeing and monitoring: discussions and voting on the matter giving rise to the conflict. is critical to the Group's long term success. The Directors are It is recognised that lengthy service on the Board may impact In general terms the Directors shall deal with each matter responsible for the performance of the company in both the - Organisational performance and the achievement on a Director's independence and therefore non-nominee of conflict on its merits. short and the longer term and seek to balance sometimes of the Group's strategic goals and objectives Directors must retire from office no later than completion competing objectives in the best interests of the Group as - Compliance with the company's Code of Conduct of four terms of office (12 years). Independent Professional Advice a whole. Their focus is to enhance the interests of shareholders - Progress of major capital expenditures and other The Directors, both individually or as a group, in furtherance and other key stakeholders and to ensure the Group is significant corporate projects including any acquisitions Chairman of their duties, may seek and obtain independent legal and properly managed. or divestments The Chairman is responsible for leading the Board, ensuring professional advice from external sources at the expense of Day to day management of the Group's affairs and the • Monitoring financial performance including approval Directors are properly briefed in all matters relevant to their role the Company. Prior to seeking such advice Directors will seek implementation of the corporate strategy and policy initiatives of the annual and half-year financial reports and liaison and responsibilities, facilitating Board discussions and managing the approval of the Chair, such approval not to be unreasonably are formally delegated by the Board to the Managing Director with the company's auditors the Board's relationship with the company's senior executives. withheld. Each Director has the right of access to all relevant and senior executives as set out in the Group's delegations • Appointment, performance assessment and, if necessary Company information. A Director also has the right to have policy. These delegations are reviewed on an annual basis. removal of the Managing Director Managing Director access to all documents which have been presented to meetings • Ensuring there are effective management processes in place The Managing Director is responsible for implementing Group of the Board whilst in office, or made available in relation A description of the company's main corporate governance and approving major corporate initiatives strategies and policies. to their position as Director after ceasing to be a Director. practices is set out below. All these practices, unless otherwise stated, were in place for the entire year. • Enhancing and protecting the reputation of the organisation Commitment Performance Assessment • Overseeing the operation of the Group's system for Board composition compliance and risk management reporting to shareholders. The Shareholders Agreement requires that the Board meets The Board undertakes an annual assessment of its at least once in each quarter of the financial year. collective performance, the performance of the Chairman In accordance with the Shareholders Agreement the Board and of its committees. comprises of a minimum of 4 and a maximum of 9 Directors Board members The Board held 11 Board meetings during the year. (inclusive of the Managing Director). Details of members of the Board, their experience, expertise, The Chairman undertakes an annual assessment of the The number of meetings of the company's Board of Directors performance of individual Directors and meets privately qualifications, term of office and independent status are set Each shareholder holding not less than 15 per cent of the and of each Board committee held during each financial year with each Director to discuss his assessment. out in the Directors' report under the heading "Information on issued shares of the company is entitled to nominate one or and the number of meetings attended by each Director are Directors". There are six non-executive Directors, one executive more Directors depending on the total proportion of shares held to the shares on issue. Director and one alternate non-executive Director. set out in the Directors' report under the heading "Directors' Corporate Reporting Meetings" in the annual statutory accounts for the Group. The Managing Director and CFO have made the following The Directors may appoint one of their number as Chairman Directors independence certifications to the Board: or an independent Chairman who would become a Director Conflicts of Interests Directors are appointed in accordance with the Shareholders • That the company's financial reports are complete if so appointed. The Chairman is required to meet regularly Mr D C Munt was a partner of Thomson Playford, solicitors who Agreement by nomination of the shareholders, and provision and present a true and fair view, in all material respects, with the Managing Director. have provided legal services to Adelaide Airport Limited and has been made in that agreement for the Directors to appoint of the financial condition and operational results of certain of its controlled entities as described under note 35 The Board has the right to appoint Directors under the a Chairman who is not one of their number who would as a the company and Group and are in accordance with to the financial statements. In accordance with his obligations Company's Constitution. consequence of that appointment become and be a Director. the relevant accounting standards. under the Corporations Act Mr Munt has given a standing The Board has opted to appoint a chairman with effect • That the above statement is founded on a sound system The Board is required to undertake an annual Board notice about his interest and has, in compliance with the Board 30 June 2004 who is independent from the shareholders of risk management and internal compliance and control performance review and consider the appropriate mix of Charter, taken no part in either discussions or decisions relating of the Company. and which implements the policies adopted by the Board skills required by the Board to maximise its effectiveness to the provision of legal services. Further Mr Munt has, and that the company's risk management and internal and its contribution to the Group. Non-executive Directors in accordance with his undertakings to the Board, not been compliance and control is operating efficiently and personally involved in the provision of any legal services by The non-executive Directors are able to meet in scheduled effectively in all material respects. Board responsibilities sessions without the presence of management, to discuss Thomson Playford to AAL or any of its subsidiaries. Mr Munt The responsibilities of the Board include: ceased his partnership with Thomson Playford on 30 June 2007. the operation of the Board and a range of matters. Relevant Board Committees • Providing strategic guidance to the company including matters arising from these meetings are to be shared with The Directors shall comply with all of their obligations either The Board has established a number of committees to assist in contributing to the development of and approving the full Board. at law or under the Corporations Act in relation to potential the execution of its duties and to allow detailed consideration the corporate strategy or actual conflicts of interest provided always that the other 26 27 of complex issues. annual report 08 - 09 CORPORATE GOVERNANCE CONT Current committees of the Board are the remuneration, Adherence to the company Code of Conduct is required audit and compliance, property development and building at all times and the Board actively promotes a culture committees. The committee structure and membership of quality and integrity. is reviewed on an annual basis. A policy of rotation of The company risk management policy and the operation of committee members applies. the risk management and compliance system are managed Each committee has its own written charter setting out its role by a risk management group comprising senior executives. and responsibilities, composition and structure, membership The Board receives regular reports from this group. requirements and the manner in which the committee is to Detailed control procedures cover management accounting, operate. All of these charters are reviewed on an annual basis. financial reporting, project appraisal, environment health All matters determined by committees are submitted to and safety, IT security, compliance and other risk management the full Board as recommendations for Board decision. issues. Internal audit carry out regular systematic monitoring of Minutes of committee meetings once signed by the Chair control activities and report to both relevant business unit and of the committee are tabled at the immediately subsequent the audit and compliance committee. In addition each business Board meeting. unit reports on the key business risks in their area to the Risk Management Group. The basis for this report is an annual review Details of the meetings of committees and attendance of the past performance of their area of responsibility, and the of committee members are set out in the Directors' report current and future risks they face. Results of internal audit work under the heading "Directors' Meetings" in the annual are incorporated into this review if applicable. statutory accounts for the Group. The Risk Management Group consolidates the business unit External Auditors reports for an annual corporate strategy workshop attended The company and audit and compliance committee policy by the Board and senior management. This reviews the Group's is to appoint external auditors who clearly demonstrate quality strategic direction in detail and includes specific focus on the and independence. The performance of the external auditor identification of the key business and financial risks which could is reviewed annually and applications for tender of external prevent the company from achieving its objectives. The Risk audit services are requested as deemed appropriate, taking Management Group is required to ensure that appropriate into consideration assessment of performance, existing value controls are in place to effectively manage those risks. and tender costs. In addition the Board requires that each major proposal It is a requirement that the external auditor ensure that the submitted to the Board for decision is accompanied by lead engagement partner is rotated at least every five years. a comprehensive risk assessment and, where required, management's proposed mitigation strategies. The external auditor is expected to attend the annual general " Code of Conduct meeting and be available to answer shareholder questions New airlines into Adelaide " about the conduct of the audit and the preparation and The Board is committed to the continuing development have boosted growth content of the audit report. of the code of conduct for the guidance of Directors, officers Kim Bernhardt Aviation Accounts Administrator and other key executives. The code is to be regularly reviewed Risk assessment and management and updated as necessary to ensure that it reflects the highest The Board through the audit and compliance committee is standards of behaviour and professionalism and the practices responsible for ensuring there are adequate policies in relation necessary to maintain confidence in the Group's integrity. to risk management, compliance and internal control systems. In summary, the company policies are designed to ensure Shareholder communication strategic, operational, legal, reputation and financial risks All shareholders receive a copy of the company's annual and are identified, assessed, effectively managed and monitored half-yearly reports. In addition those reports are accompanied to enable achievement of the Group's business objectives. by a detailed report on the performance of the Group and Considerable importance is placed on maintaining a strong other material issues prepared by the managing Director. control environment. There is an organisation structure with Detailed briefings and site tours are available to shareholders 28 clearly drawn lines of accountability and delegation of authority. attending the AGM. annual report 08 - 09 29 the future Adelaide Airport's Master Plan review, which commenced Within the Terminals Precinct, a new Site Lease in 2008/09, has detailed many of the planned development was committed to Airservices Australia to allow the programs to meet expected future forecasts for both construction throughout 2010 of a new 48-metre high passengers and aircraft. Aviation Control Tower. Action was also re-activated on the design of dedicated offices for the Australian Federal Police South Australia has continued to be somewhat immune in Export Park to coincide with an associated specialist AFP to the full impacts of the Global Financial Crisis and, kennel management facility within the Tapleys Precinct. with a predominant domestic market, continues to succeed where other states have faltered. The prospect of new retailing premises in the northern section of the Tapleys Precinct also shows promise, noting A comprehensive events and meetings program combined all necessary electricity infrastructure was connected to with an unprecedented military interest and relocation of the Precinct in late 2008. significant resources to the State has been complemented by early mining development following a successful While some development initiatives slowed in early 2009, exploration program. interest in industrial premises has continued with the expected completion of new offices and warehousing in These initiatives are showing every indication of expanding Burbridge Business Park by Australand/CIP in August 2010 in the years to come, and Adelaide Airport is cognizant of against a pre-commitment lease over some 5,500m2 to this demand and of meeting the respective challenges. Agility Logistics. A similar size facility will be available The first of the proposed new facilities, a 200-room hotel, for lease from September 2010. Interest is also evident was approved by the Federal Minister for Infrastructure in smaller offices and warehousing, with the expected Transport Regional Development and Local Government. development of a new seven-unit office/warehousing The start of construction has been deferred due to the complex of 11,000m2 in 2010. lack of available development capital, however re-vitalised At Parafield Airport, after focusing on aviation infrastructure interest is becoming evident. such as aircraft parking and new aeronautical services such AAL has completed the necessary major infrastructure as a re-sited Non-Directional Beacon (NDB) in 2008/09, changes to accommodate the increased passenger, vehicle a new Aircraft Monitoring System using infra-red and aircraft traffic without significant degradation and photography will be erected in 2010. This ABASS System impact on service levels. The changes will include a will provide an accurate record of all flights into and out multi-level car park, re-alignment of the road system, of Parafield, including outside aircraft control tower hours. segregation of pedestrian and vehicle traffic, improved safety and security outside Terminal 1, and the establishment of a pedestrian plaza. This work is scheduled to commence during 2009/10 following a comprehensive consultation program associated with the Major Development Planning process. Consistent with strong retail performance over 3 years, new leasing interest in retailing has become evident within Terminal 1, with arrangements made to subdivide some " tenancies to create further shops along the main concourse Our aim is to be as at Level 02 and the International Departures area leading " efficient as possible into 2010. A commitment has also been given for a new Chris Griffiths donut kiosk and internet facilities. Airport Duty Manager 30 annual report 08 - 09 31 " we're off to see the world " Martina and Medyan, International Travellers 1 James Schofield Drive Adelaide Airport, South Australia 5950 Phone: +61 8 8308 9211 Fax: +61 8 8308 9311 Email: email@example.com Web: www.aal.com.au


text:
artsEXPO promotes creative networking
Date: May 12, 2010
by: Heidi Kurpiela | A&E Editor
There were several buzzwords circulating through the crowd at last spring's artsEXPO at the Beatrice Friedman Symphony Center. It seemed "collaboration" was on the tip of everybody's tongue, and the concept was reiterated by keynote speaker Bob Devin Jones, artistic director and co-founder of The Studio@620, in St. Petersburg.
Jones' high-energy speech on the importance of forming symbiotic relationships resonated with Sarasota's arts leaders and kicked off what seemed like a yearlong dialogue on the importance of networking and arts advocacy in Sarasota.
Not long after the event, which drew nearly 150 people, the Arts Council trimmed its board of directors in half and, three months later, replaced Executive Director Russ Crumley with Jim Shirley, a longtime Sarasota resident and the former director of development at PAL Sailor Circus.
Encouraged by last year's expo success, the council agreed to host a second artsEXPO Tuesday, May 18, this time featuring more workshops, speakers and business exhibits, in addition to a panel discussion on 2010's hottest topic — art festivals.
"We had good feedback last year, people saying it was a venture very much worthwhile," Shirley says. "So, we're sticking to a similar format, which we think worked well for us and helped us reach our goals."
In light of the success of the Ringling International Arts Festival (RIAF) and the earmarking of tourist development tax funds for a future festival, RIAF Director Dwight Currie will host a panel discussion on festival planning with Ilene Denton, managing editor of Sarasota magazine and Robert Warren, associate director of Florida Studio Theatre and chairman of Sarasota County's Festival Steering Committee.
Also appearing are Barbara Glanz, best-selling author, motivational speaker and Siesta Key resident, and Frank Grebowski, former general director at the Opera Company of North Carolina.
"We created this event to provide support and resources for Sarasota's arts-and-cultural community, to help them better do the things they do day-to-day," Shirley says.
If You Go
The artsEXPO runs from 8:30 a.m. to 3:30 p.m. Tuesday, May 18, at the Beatrice Friedman Symphony Center. The event is $15. For more information, call 365-5118 or visit www.sarasotaarts.org.
Contact Heidi Kurpiela at email@example.com.
Currently 0 Responses
- Sep
10 Lend Me a Tenor
7:30 pm - 2:00 pm
- Sep
18 Sarasota Orchestra: Chamber Series
5:30 pm - 7:30 pm
- Sep
18 Chamber Soirees: Flute
5:30 pm
- Oct
12 Chamber Soirees: Clarinet
4:00 pm
Goliath grouper lives up to name
Talk about a real big fish.
Mazel tov to Klauber and Mancini
The West Coast Florida Region of AJC (American Jewish Committee) will honor Michael Klauber and Phil Mancini, of Michael's On East, with its Civic Achievement Award in November.
Bob Havel celebrates 90 years with family members
Bob Havel recently celebrated his 90th birthday on Longboat Key with 24 members of his family.

subset: commoncrawl


text:
Übermacht (BAWSAQ: UMA) is a German automotive company featured in the HD Universe of Grand Theft Auto. It is likely a parody of the German automobiles manufacturer BMW. Ubermacht only has 5 vehicles in the HD Universe of Grand Theft Auto.
Every Übermacht vehicle is derived from BMW designs, usually with different bumpers and grille, as opposed to BMW's trademark "kidney grille". The term "übermacht" is German for "supremacy" or "superior", likely a jab at real-life BMW owners having an aura of superiority over the other marques when driving. Just like Benefactor, the cars have modified versions, in reference to BMW's in-house tuning division, BMW M GmbH. The tuning division is known as "XS". However, like Benefactor, most of the modifications are purely aesthetics. An Oracle ad parodying BMW's ad style is seen on billboards around Liberty City, including one at Star Junction.
|Based on (HD Universse)
|Executive sedan
| 2002-2008 BMW 7 Series
2009-2015 BMW 7 Series
2011-2017 BMW 6 Series
|Includes second generation appearing in Grand Theft Auto V.
|Crossover SUV
|Only in Grand Theft Auto IV.
|Sports coupé
|BMW M3 (2001) (Grand Theft Auto IV) BMW 335i Cabrio (Grand Theft Auto V)
|Sentinel XS
|Sports coupé
|2001-2006 BMW M3 (Grand Theft Auto IV BMW M3 (2007) (Grand Theft Auto V
|Sports coupé
|2003-2010 BMW 650i Coupé
|Grand Theft Auto V exclusive, XS version based on 2005-2011 BMW M6
- Übermacht has a rivalry with Benefactor and Obey, just like how real life BMW competes with Mercedes-Benz and Audi.
- There is an advert for the Zion in Morningwood with the text "DISOBEY", which is a hint of its rivalry with Obey, which may be a parody of a billboard rivalry between BMW and Audi in Los Angeles around 2007.[1] Another one is placed on top of a building in Downtown Vinewood, coincidentally placed in front of an Obey billboard.
- There are various cranes with Übermacht logos.
- In GTA IV, the logo is seen as a diamond, but in GTA V the logo is seen as round on cranes and billboards.
- Examples of competitors of Ubermacht vehicles are The Zion and Feltzer (BMW 6 Series (E63) and Mercedes-Benz SL), the Sentinel XS and the Schwartzer.
- The Zion and the Sentinel appear to be sister vehicles, the Sentinel appears to be a smaller version of the Zion and the vehicles share similar design cues.Similarly to the real life version,the BMW 6 series appears to be a bulkier,more luxurious BMW 3 series convertible.
|Albany • Annis • Benefactor • BF • Bollokan • Bravado • Brute • Buckingham • Canis • Cheval • Classique • Coil • Declasse • Dewbauchee • Dinka • DUDE • Dundreary • Emperor • Enus • Fathom • Gallivanter • Grotti • Hijak • HVY • Imponte • Invetero • Jacksheepe • Jobuilt • Karin • Lampadati • Liberty Chop Shop • Liberty City Cycles • Maibatsu Corporation • Mammoth • MTL • Nagasaki • Obey • Ocelot • Overflod • Pegassi • Pfister • Principe • ProLaps • Schyster • Shitzu • Speedophile • Stanley • Steel Horse • Truffade • Übermacht • Vapid • Weeny • Vulcar • Western Company • Western Motorcycle Company • Willard • Zirconium
Vehicle Brands • Category:Vehicle Brands • Category:Vehicles


text:
A three-year-old girl died Saturday afternoon after she was ejected in a two-car collision on the northbound side of Highway 14 Freeway, said California Highway Patrol officials.
The Student Nutrition and Wellness Advocates at College of the Canyons (SNAC) group will host its first campus-wide Eating Disorder and Body Image Prevention Program during national 'Fat Talk Free Week' Oct. 19-28.
The Child & Family Center will hold its seventh annual Kid Expo on Sunday at Golden Valley High School.
Los Angeles County residents have until Monday to register to vote for the Nov. 3 election.
Two candidates for seats on the William S. Hart Union High School District board are trading accusations of unfair campaigning.
On a recent morning, a group of about 20 seniors mingled and waited in the recreation room of the Canyon Country Senior Apartments.
Detectives are investigating partially decomposed human remains found by a Santa Clarita Valley resident searching for a stray pet on the South Fork bike trail earlier this week, authorities said.
In a move that would have made the CIA green with envy, more than 20 Santa Clarita Valley men descended on Westfield Valencia Town Center Friday night to sing The Drifters' hit song "Under the Boardwalk."
A Canyon Country woman pleaded not guilty to a charge of felony child abuse Friday while a judge dramatically raised the bail on a man she lived with, who is accused of sexually abusing the same girl over several years.
Hello, Santa Clarita Valley! Welcome to The-Signal.com's Daybreak, your point of entry for the day, and a quick journey through the past, present and future. Let the adventure begin:Today is Saturday, October 17, the 290th day of 2009. There are 75 days left in the year.
Detectives released a composite sketch Friday of a man whom they said tried to abduct a woman at a Canyon Country bus stop earlier this week - one of at least four apparently unrelated attempted kidnappings in an eight-day period.
The Automobile Club of Southern California teams with the city of Santa Clarita and numerous local organizations to host a free Teen Driving Safety Fair Saturday from 10 a.m. to 2 p.m. around the site of the Santa Clarita Youth Grove in Central Park.
Detectives are investigating partially decomposed human remains found by a Santa Clarita Valley resident searching for a stray pet on the South Fork bike trail earlier this week, authorities said.
A Canyon Country man is due to appear in Santa Clarita court today after he was arrested Wednesday for allegedly sodomizing a child, authorities said.
Paul Strickland, the only incumbent in the William S. Hart Union High School District election Nov. 3, has received endorsements from Congressman Howard P. "Buck" McKeon, Los Angeles County Supervisor Michael D. Antonovich, Senator Tony Strickland, Senator George Runner, Assemblyman Cameron Smyth and Assemblywoman Audra Strickland.
LOS ANGELES - The Santa Clarita Community College District is working toward a settlement to a lawsuit brought against the district alleging its election system violates minorities' voting rights, an attorney told a judge Wednesday in court.
The Santa Clarita Public Library is trying to keep kids reading over the summer with the "Paws to Read" summer reading program.
CONGRESS 25th District
The city of Santa Clarita is seeking the public's feedback on a grant proposal for the U.S. Department of Justice's Edward Byrne Memorial Justice Assistance Grant Program. Under the JAG program, the city is eligible to receive $26,749.
Regardless of the outcome of November's general election, the Santa Clarita Valley will continue to be represented in Congress by a Republican, after a former state legislator and a current state legislator came out on top of the field in Tuesday's primary election.
BRUSSELS (AP) - U.S. Defense Secretary Chuck Hagel said Wednesday it is unfair to the family of released captive Sgt. Bowe Bergdahl to leap to conclusions about his behavior in uniform.
In a two-hour closed-door session Tuesday, College of the Canyons trustees wrangled over a lawsuit against the Santa Clarita Community College District alleging violations of the California Voting Rights Act.
A joint sweep of Santa Clarita Valley street food vendors last week resulted in inspectors confiscating more than 10 food carts, sheriff's officials said.
Six Flags Magic Mountain's iconic roller coaster Colossus will close Aug. 16 after a 36-year run, officials at the Santa Clarita Valley theme park announced Tuesday.
Voter turnout appeared sluggish today at Santa Clarita Valley polling places as the 2014 primary election got under way.
After a month-long investigation into the stabbing of a father and son outside a Newhall bar, Santa Clarita Valley sheriff's detectives have arrested an affiliate of the outlawed Vagos Motorcycle Club on suspicion of attempted murder, a sheriff's spokesman said Tuesday.
A woman was injured and taken to the hospital Tuesday following a two-car traffic collision on Highway 14 near Golden Valley Road, a spokeswoman for the Los Angeles County Fire Department said.
The first gubernatorial primary under California's new top-two system has evolved into a typical campaign between Republicans hoping to come in second, pitting a state lawmaker who is a tea party favorite against a socially moderate investment banker making his first run for public office.