ASX-listed Sydney Airport (the Group) consists of Sydney Airport Limited (SAL) and Sydney Airport Trust 1 (SAT1). Shares and units in the Group are stapled, quoted and traded on the Australian Securities Exchange as if they were a single security. They consist of one share in SAL and one unit in SAT1. SAL holds a 100% economic interest in Sydney (Kingsford Smith) Airport at 31 December 2020 (2019: 100%).
Sydney Airport Limited
Profit or Loss
| ($) | 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 |
|---|---|---|---|---|---|---|---|
| Revenue | 799,300,000 | 1,632,400,000 | 1,577,600,000 | 1,475,900,000 | 1,357,400,000 | 1,222,000,000 | 1,157,400,000 |
| Cost of Goods Sold | -39,300,000 | -56,800,000 | -64,600,000 | -57,500,000 | -54,500,000 | -47,200,000 | -46,900,000 |
| Gross Profit | 760,000,000 | 1,575,600,000 | 1,513,000,000 | 1,418,400,000 | 1,302,900,000 | 1,174,800,000 | 1,110,500,000 |
| Operating Costs | -572,600,000 | -868,100,000 | -646,000,000 | -607,700,000 | -573,700,000 | -483,700,000 | -488,600,000 |
| Operating Profit | 187,400,000 | 707,500,000 | 867,000,000 | 810,700,000 | 729,200,000 | 691,100,000 | 621,900,000 |
| Financing Costs | -431,800,000 | -420,900,000 | -433,500,000 | -421,600,000 | -409,000,000 | -405,000,000 | -506,200,000 |
| Profit Before Tax | -244,400,000 | 286,600,000 | 433,500,000 | 389,100,000 | 320,200,000 | 286,100,000 | 115,700,000 |
| Income Tax | 136,900,000 | -71,600,000 | -62,500,000 | -40,500,000 | 319,600,000 | -5,000,000 | -58,500,000 |
| Profit | -107,500,000 | 215,000,000 | 371,000,000 | 348,600,000 | 639,800,000 | 281,100,000 | 57,200,000 |
Balance Sheet
| ($) | 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 |
|---|---|---|---|---|---|---|---|
| Current Assets | 1,598,900,000 | 840,200,000 | 1,111,800,000 | 672,000,000 | 625,700,000 | 505,400,000 | 610,900,000 |
| Non-Current Assets | 11,253,900,000 | 11,792,200,000 | 11,942,400,000 | 11,651,100,000 | 11,700,200,000 | 11,545,600,000 | 10,717,900,000 |
| Total Assets | 12,852,800,000 | 12,632,400,000 | 13,054,200,000 | 12,323,100,000 | 12,325,900,000 | 12,051,000,000 | 11,328,800,000 |
| Current Liabilities | 1,074,800,000 | 1,590,700,000 | 795,700,000 | 1,112,700,000 | 706,200,000 | 625,800,000 | 1,098,200,000 |
| Non-Current Liabilities | 10,740,100,000 | 11,795,300,000 | 12,186,600,000 | 10,576,500,000 | 10,532,900,000 | 10,110,200,000 | 8,715,700,000 |
| Total Liabilities | 11,814,900,000 | 13,386,000,000 | 12,982,300,000 | 11,689,200,000 | 11,239,100,000 | 10,736,000,000 | 9,813,900,000 |
| Total Equity | 1,037,900,000 | -753,600,000 | 71,900,000 | 633,900,000 | 1,086,800,000 | 1,315,000,000 | 1,514,900,000 |
Cash Flow
| ($) | 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 |
|---|---|---|---|---|---|---|---|
| Cash Flow from Operating Activities | 434,300,000 | 1,370,700,000 | 1,232,500,000 | 1,183,200,000 | 1,087,400,000 | 1,005,200,000 | 985,300,000 |
| Cash Flow from Investing Activities | -354,300,000 | -313,500,000 | -402,400,000 | -541,100,000 | -399,500,000 | -863,200,000 | -296,400,000 |
| Cash Flow from Financing Activities | 370,500,000 | -908,400,000 | -837,200,000 | -624,500,000 | -588,900,000 | -222,000,000 | -685,400,000 | Net Change in Cash | 450,500,000 | 148,800,000 | -7,100,000 | 17,600,000 | 99,000,000 | -80,000,000 | 3,500,000 |
| Cash at Beginning | 625,100,000 | 476,300,000 | 483,400,000 | 465,800,000 | 366,800,000 | 446,800,000 | 443,300,000 |
| Exchange Fluctuations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at End of Period | 1,075,600,000 | 625,100,000 | 476,300,000 | 483,400,000 | 465,800,000 | 366,800,000 | 446,800,000 |
Profitability
| 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 | |
|---|---|---|---|---|---|---|---|
| Gross Margin | 95.1% | 96.5% | 95.9% | 96.1% | 96.0% | 96.1% | 95.9% |
| Operating Margin | 23.4% | 43.3% | 55.0% | 54.9% | 53.7% | 56.6% | 53.7% |
| Profit Margin | -13.4% | 13.2% | 23.5% | 23.6% | 47.1% | 23.0% | 4.9% |
Compare with:
Management Effectiveness
| 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 | |
|---|---|---|---|---|---|---|---|
| Return on Assets | -0.8% | 1.7% | 2.8% | 2.8% | 5.2% | 2.3% | 0.5% |
| Return on Equity | -10.4% | -28.5% | 516.0% | 55.0% | 58.9% | 21.4% | 3.8% |
| Current Ratio | 1.49 | 0.53 | 1.40 | 0.60 | 0.89 | 0.81 | 0.56 |
| Debt to Equity Ratio | 11.38 | -17.76 | 180.56 | 18.44 | 10.34 | 8.16 | 6.48 |
Compare with:
Valuation
| 31 Dec 2020 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2017 | 31 Dec 2016 | 31 Dec 2015 | 31 Dec 2014 | |
|---|---|---|---|---|---|---|---|
| Share Price ($) | 6.41 | 8.66 | 6.73 | 7.05 | 5.99 | 6.35 | 4.71 |
| Shares on Issue | 2,698,700,253 | 2,259,826,439 | 2,257,079,385 | 2,253,213,234 | 2,249,825,201 | 2,229,467,259 | 2,216,216,041 |
| Market Capitalisation ($) | 17,298,668,622 | 19,570,096,962 | 15,190,144,261 | 15,885,153,300 | 13,476,452,954 | 14,157,117,095 | 10,438,377,553 |
| Revenue per Share ($) | 0.30 | 0.72 | 0.70 | 0.66 | 0.60 | 0.55 | 0.52 |
| Earnings per Share ($) | -0.04 | 0.10 | 0.16 | 0.15 | 0.28 | 0.13 | 0.03 |
| Dividend per Share ($) | 0.16 | 0.38 | 0.36 | 0.32 | 0.28 | 0.24 | 0.22 |
| Dividend Yield | 2.5% | 4.4% | 5.4% | 4.6% | 4.6% | 3.8% | 4.6% |
| Price to Sales Ratio | 21.6 | 12.0 | 9.6 | 10.8 | 9.9 | 11.6 | 9.0 |
| Price to Earnings Ratio | -160.9 | 91.0 | 40.9 | 45.6 | 21.1 | 50.4 | 182.5 |
| Price to Book Ratio | 16.7 | -26.0 | 211.3 | 25.1 | 12.4 | 10.8 | 6.9 |