This is Swedavia. The Group has revenue of almost SEK 4.7 billion and some 2,500 employees.

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Kiruna Airport Luleå Airport Åre Östersund Airport Umeå Airport Sundsvall Härnösand Airport

Bromma Stockholm Airport

Ronneby Airport

Airports operated by Swedavia (of these Luleå Airport and Ronneby Airport are owned by the Swedish Armed Forces)

Airports operated by Swedavia but to be sold

Airports partly owned by Swedavia Malmö Airport

Göteborg Landvetter Airport Göteborg City Airport

Visby Airport Stockholm Arlanda Airport CONTENTS

Statement of the CEO ...4

The market and the world ...6

Strategy, objectives and targets ...10

Operations ...14

Swedavia’s responsibilities ...26

Report of the Directors ...47

Group financial reports ...55

Parent Company financial reports ...61

Notes ...67

Audit report ...89

Corporate Governance report ...90

Board of Directors ...98

Executive management ...100

GRI index ...101

Statement of Compliance ...105

Definitions ...106

Swedavia is a State-owned group that owns, operates and develops eleven airports across Sweden. Swedavia also owns Göteborg City Airport and is a minority owner in the company that operates the airport. Our role is to create the access Sweden needs to facilitate travel, busi- ness and meetings – in Sweden, in Europe and around the world. Safe, satisfied passengers are the foundation of our business. Swedavia is a world leader in developing airports with the least possible environmental impact.

The Group has revenue of almost SEK 4.7 billion and some 2,500 employees.

• We think beyond airports and want to make it easier for people to meet

• We are part of both national and international mass transit

• We carry out business development based on the needs of our passengers and other customers

This is Swedavia

SWEDAVIA 2011

This is a translated version of the official Annual Report in Swedish which was communicated 2012-03-30.

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Kiruna Airport Luleå Airport Åre Östersund Airport Umeå Airport Sundsvall Härnösand Airport

Bromma Stockholm Airport

Ronneby Airport

Airports operated by Swedavia (of these Luleå Airport and Ronneby Airport are owned by the Swedish Armed Forces)

Airports operated by Swedavia but to be sold

Airports partly owned by Swedavia Malmö Airport

Göteborg Landvetter Airport Göteborg City Airport

Visby Airport Stockholm Arlanda Airport

SWEDAVIA 2011 3

Passenger growth3) Carbon dioxide emissions per passenger from Swedavia’s operations3) Group highlights, SEK M (unless otherwise indicated) 2011

2010 pro forma1) 2010 Apr-Dec2) Net revenue 4,693 4,312 3,277 Operating profit 737 400 420 Operating margin, % 15.7 9.3 12.8

Profit before tax 482 135 192

Profit after tax 375 - 45 15

Earnings per share, SEK 0.26 - 0.03 0.01

Return on equity, % 9.4 -1.2 0.4

Return on capital employed, % 6.9 3.8 3.9

Equity/assets ratio, % 32.9 30.4 30.4

Cash flow from operating activities 1,270 NA 746

Capital spending 1,057 608 520

Average number of employees 2,516 2,506 2,496

Carbon dioxide emissions, tonnes 4,600 8,200 NA

• A total of 31.5 million passengers travelled via one of Swedavia’s airports during the year, which is an increase of 13 per cent

• Net revenue was SEK 4,693 M (4,312)

• Operating profit was SEK 737 M (400), and profit after tax was SEK 375 M (-45)

• Swedavia sold off Ängelholm Helsingborg Airport and Örn-sköldsvik Airport. Extraordinary income of SEK 56.8 M (0) from the sale of airports and the sale of land at Göteborg Landvetter Airport was recognised during the year

• During the second quarter, the decision was made to form the property development company Swedavia Real Estate AB • In May Swedavia submitted an application for a new environ-

mental permit for Stockholm Arlanda Airport. In December the Swedish Government reached a decision which, in Swedavia’s interpretation, means that the application will be considered without any conditions in accordance with the Swedish Environmental Code

The year in brief

Million 20 25 30 15 10 5

International Domestic Total 2003 2002 2004 2005 2006 2007 2008 2009 2010 2011 2007 0 0.05 2008 2009 2010 2011 0.10 0.15 0.20 0.25 0.30 Kg 1) Comparative figures for the period January-March 2010 are pro forma, based on operations previously carried out under LFV. Read more about the balance sheets and income statements as well as the assumptions in the 2011 Report of the Directors.

2) The Swedavia Group’s first financial year ran from April 1, 2010, to December 31, 2010; see Note 1.

3) All comparative figures for the time prior to April 2010 are pro forma, based on operations previously carried out under LFV.

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SWEDAVIA 2011

4

StAtEMENt Of tHE CEO

We are now laying the foundation

for tomorrow’s airports

Our endeavour to create a sustainable airport group with environmental work that leads the world continued during the year. In a short time, we have accomplished a great deal to enhance our long-term competitiveness, and with 2011 now behind us, I can say that we had a very good first full financial year.

Our new organisation has brought increased flexibi-lity and rapid decision-making. The pace of our change processes has been swift, and we have been implemen-ting a number of measures adopted to provide more attractive, efficient and passenger-friendly airports. This is necessary to meet the challenges we face while at the same time taking advantage of the opportunities that projected passenger growth entails. We will continue to give priority to efficiency projects so as to be well prepared for any changes in the economy and in travel alongside the continued development of operations to realise our full potential and create good long-term profitability.

Attractive airports ensure access

During the second half of the year, there was increased concern about global economic growth. Historically, air travel has a direct correlation with the state of the economy, but the consequences for aviation were limited in 2011, with activity at our airports remaining at a very high level. Swedavia’s revenue increased by 9 per cent to SEK 4,693 M, and operating profit was SEK 737 M. During the year, we initiated key investments to increase capacity and quality at our airports. This exten-sive capital spending is the foundation that will enable us to enhance Sweden’s competitiveness and growth in the long term. The investments increase our attractiveness and are a prerequisite for continuing to attract airlines and tenants and better meet our passengers’ needs and aspirations for modern, efficient airports.

More and more travellers choosing to fly Aviation has a strong position, and air travel to and from Sweden is on the rise. The number of passengers conti-nued to increase at Swedavia’s eleven airports. A total of 31.5 million passengers flew to or from one of our

airports, which is a 13 per cent increase over 2010. A number of airlines chose to establish or expand direct connections to our airports during the year. New charter arrangements were set up from our regional airports while a large number of non-stop routes were launched at our larger airports to destinations mainly in Europe. We will continue to focus on continually improving satisfaction and value for all our customers – our common end-customer, the passenger, as well as airlines and tenants – through large-scale as well as more modest efforts. Sustainable airport group with world-class climate-smart airports

Swedavia’s leading environmental work continues on a broad front so that we can achieve Swedavia’s ambitious goal to be completely free from CO2 emissions by 2020. With a 44 per cent reduction in emissions, this year we already met our target for 2015. During the year Stock-holm Arlanda’s initiative to only allow ecotaxis as of July 1 attracted considerable attention, and we took part in the VINGA project at Göteborg Landvetter in collaboration with other stakeholders to reduce aviation emissions. A number of our airports have already been ISO 14001- certified, and all our climate accreditations under the highest level of the Airport Carbon Accreditation pro-gramme were renewed. At year-end 2011, Swedavia thus had four of the total of eight airports in Europe with the highest accreditation. In February 2012, Malmö Airport was also accredited at the same level.

We are now taking further steps and advancing our positions by drafting a Group-wide strategy in which sust-ainability aspects are integral to all our operations. Along with the financial targets adopted during the year, more non-financial targets are being introduced to drive opera-tions. We have made considerable progress in achieving these although some work remains. Cooperation on various levels is an important driving force here, and as a cohesive airport group we give priority to working actively together, with the focus always on our customer.

Our employees account for much of our success during the year, and it is vital that every employee is in-volved in our endeavour to change in order to succeed in

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SWEDAVIA 2011 5 StAtEMENt Of tHE CEO

“Extensive investments is the foundation that will enable us to enhance Sweden’s competitiveness and growth in the long term”

We are now laying the foundation

for tomorrow’s airports

being a sustainable, value-driven service company. Since 2011, we have standard ethical conduct guidelines and principles for managers and employees. We have carried out a number of measures in talent development, inclu-ding training programmes for employees and managers, to increase commitment and collaboration. Satisfied, committed employees are a prerequisite for producing more satisfied passengers.

Stockholm Arlanda Airport – critical for Sweden’s growth

Stockholm Arlanda is the hub of both domestic and international air travel in Sweden. The airport thus plays a decisive role for Sweden’s access and international competitiveness. During the year Stockholm Arlanda solidified its position as one of the most important major airports in the Nordic countries by showing the largest increase in passenger numbers.

Nevertheless, the access that Stockholm Arlanda provides is in jeopardy. The current environmental per-mit includes two conditions which make it impossible for one of the world’s most environmentally efficient air-ports to meet the demand for air travel in Sweden within a few years. Swedavia therefore submitted an applica-tion in May to the Land and Environment Court for a new environmental permit for Stockholm Arlanda. Since then we have also had a strong response from all across Sweden supporting the airport’s potential to develop in order to meet the growing demand for transport. The Government also issued a decision in December, which we interpret to mean that the Government shares our view that the application should be considered without any conditions based on current environmental legisla-tion - that is, without taking into account the condilegisla-tions now in effect.

Preparing for long-term growth

Given the state of the global economy, 2012 is expected to be a challenging year. As part of our work to increase efficiency, we continue to focus on the integrated deve-lopment of services and businesses, and our profitability

going forward depends on our ability to capitalise on operations around the airports. An important step here is the formation of a property development company. With the introduction of uniform work methods, we are increasing the potential for improved cost-effectiveness. We are also continuing to prioritise collaboration with our partners to simplify the passenger experience. One such area is our security work, which has received international recognition. Based on inspections by the Swedish Transport Agency, which were entirely positive during the year, security at our airports will continue to be the ultimate focus of everything we do.

In 2011, we laid the foundation for good long-term profitability that can sustain the investments needed to develop attractive, competitive airports.

torborg Chetkovich

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6 SWEDAVIA 2011

Record passenger

growth

The aviation market performed well in 2011 despite growing concern about the global economy. The number of pas-sengers who flew via Swedavia’s airports increased by 13 per cent. A number of factors suggest continued passenger growth in the coming years, although there is some uncertainty about 2012.

Swedavia’s airports all play a significant role in providing access to and from their region. During the year, most of our airports reported record passenger numbers, which is good evidence of their importance. The rate of growth in passenger numbers matches the increases posted in the record years of the 1980s. Traf-fic at Stockholm Arlanda Airport grew sharply, and the increase in passenger numbers is greater than those of our closest competitors.

Drivers affecting Swedavia’s market

Air traffic is the basis of Swedavia’s entire operations, and continued growth in aviation is expected over the coming years. Below are the drivers, both national and international, with the greatest impact on Swedavia’s business.

thE mARkEt AnD thE WoRlD

the economic and political situation

•TheEuropeanfinancialcrisisduringtheautumnof2011 hascreatedconcernabouthowitwillaffecttheaviation industryintheshortterm.Swedisheconomicgrowth isexpectedtobehigherthaninmostofEurope,which willhaveapositiveimpactontheaviationindustryin Sweden

Internationalisation and international trade

•TheaccessSwedenneedstostrengthenandenhance itsinternationalcompetitivenessiscreatedthrough aviation •Continuedglobalisationcombinedwitheconomic growthandpopulationincreaseswillleadinthelong termtogreatermobilityandhaveapositiveimpacton theSwedishaviationmarket •MostinvestmentsinAsiaandtheMiddleEastcould bolstertheirinfluenceoninternationaltrafficflows tourism industry •IncreasingSweden’sattractivenessasadestination hasamajorimpactongrowthintheSwedishaviation market •GoodairtraveloptionstoandfromSwedenarecriticalfor thecontinuedexpansionofSweden’stourismindustry •Newroutesattractmainlyleisuretravellers,andairline capacityexpansionenablesgrowingnumberstotravel •InSwedavia’sview,theinflowofforeignvisitorswill furtherincreaseinthefuture Consumers aware •Greaterprosperityandhigherdisposableincomehave createdmoreopportunitiesfortravel •Consumersincreasinglygiveprioritytotraveloverother kindsofconsumption •Digitalisationprovidespotentialformoreinvolvementfrom consumersthroughoutthetravelprocess •Priorityisgiventotime-savingsolutions,andtravellers arespendinglessandlesstimeatairports •Today’sconsumertrendsentailgreaterdemandfor smoothtravel,on-timeperformanceandreliabilityat andinconnectionwithSwedavia’sairports •Growingenvironmentalawarenessplacesdemandson Swedaviaandothercompaniesandorganisationsinthe aviationindustrycontinuingtheirworktominimisethe environmentalimpactofaviation

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1) All comparative figures for the time prior to April 2010 are pro forma, based on operations previously carried out under lFV. 7 SWEDAVIA 2011 Swedavia’s 11 airports 2011 Swedavia’s 11 airports1) 2010

Passengers number Growth,% number Growth,%

International 19,117,000 12.3 17,025,000 8.4

Domestic 12,403,000 14.1 10,866,000 2.7

Total 31,520,000 13.0 27,891,000 6.1

MoST iMporTAnT TrenDS in The AviATion MArkeT

• European and holiday destinations continue to attract sizeable passenger flows

• Domestic traffic is regaining market share • Leisure travel is growing faster than business

travel

• The trend is toward larger and more environmen-tally friendly aircraft with a higher cabin factor, which means lower per passenger emissions

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8 SWEDAVIA 2011

Trends in the aviation market

The growth in passenger numbers at Swedavia’s airports is strong. The number of landings increased during the year by ten per cent compared to 2011 while the number of passengers increased by 13 per cent. Leisure travel is growing faster than business travel, a trend that is expec-ted to continue in the long term.

International traffic – Ever longer journeys

The number of passengers flying to international destina-tions from Swedavia’s airports increased in 2011 by 12 per cent. During the year flights within Europe grew faster than flights to other continents, but the long-term trend is that flights to other continents are growing faster than flights within Europe.

The number of international passengers flying to Sweden has continue for the past seven years. Greater intra-European travel and growing middle classes around the world are affecting the Swedish aviation market and will also do so going forward. A large share of the growth in intercontinental traffic is driven by airlines from the Middle East and Asia.

Domestic traffic – Increased travel

Domestic traffic grew sharply in 2011, with passenger numbers up 14 per cent at Swedavia’s airports. The critical factors for growth were strong macroeconomic growth, an increased range of routes available within Sweden and reliable airport operations.

Air cargo

The trend toward globalisation continues, and global trade is expected to keep expanding over time. Tech-nological development and competition place high demands on the degree of specialisation, and products often consist of components from different parts of the world. The economic development of a country or re-gion requires a transport sector that is developed, speedy and functional in order to withstand the competition. Air cargo represents more than 20 per cent of Swedish exports, calculated in Swedish kronor, and is thus vital to the Swedish economy.

Heavy air cargo departs mainly from Stockholm Arlanda and Göteborg Landvetter and flies mostly interconti-nentally. Express cargo departs daily from a number of Swedish airports to European reloading points. Air cargo is an important source of revenue for air-lines since about half of air cargo is flown in the hold of passenger aircraft in scheduled service. Air cargo is thus a key issue when decisions about destinations are being made.

Cargo volume was down during the year. Still, in our view, air cargo will develop favourably in the long term.

Top Ten DeSTinATionS, ForeiGn 1. London 1,540,000 2. Copenhagen 1,520,000 3. Oslo 1,230,000 4. Helsinki 1,150,000 5. Frankfurt 910,000 6. Amsterdam 840,000 7. Antalaya 620,000 8. Paris 620,000 9. Munich 560,000 10. Berlin 470,000

Avser resande från Swedavias flygplatser

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SWEDAVIA 2011 Domestic

Passenger growth at the main Nordic airports, 2011

International Total Stockholm Arlanda Airport 1.25 1.00 0.75 0.50 0.25 2.50 2.25 2.00 1.75 1.50 Oslo

Airport Vantaa AirportHelsinki CopenhagenAirport Million

Aviation – an important component of national and international mass transit

Aviation is an important complement to other modes of transport such as trains, buses and cars as well as a means to increase access for companies and residents.

In recent years, domestic air travel has been concen-trated among ever fewer airlines. For shorter distances, passengers today are choosing alternative ways of travel. Meanwhile air traffic between major cities like Stock-holm, Malmö and Gothenburg has increased. Stockholm Arlanda is a transport hub for Sweden, for both domestic and international travel, as well as an essential prerequisite for linking the Nordic countries with the rest of the world. Stockholm Arlanda has solidified its position as one of the major, most important airports in the Nordic countries. In 2011, Stockholm Arlanda had the largest increase in passenger numbers in the Nordic countries, equivalent to 12 per cent, for a total of 19.1 mil-lion passengers, compared to average growth in Europe of 7 per cent and global growth of 5 per cent.

The total number of airlines at our airports continued to grow in 2011. During the year, a number of direct routes to European destinations were established from Malmö Airport and Göteborg Landvetter Airport, among others. More charter flights from the regional airports were also added.

AirporTS in SweDen

• 40 airports with scheduled and/or charter traffic • 11 State-owned airports, 10 of which are

inclu-ded in the national basic airport infrastructure* • 29 private, jointly owner or municipal airports * Swedavia owns and operates the national basic

infrastructure, which includes Bromma Stock-holm Airport, Göteborg Landvetter Airport, Kiruna Airport, Luleå Airport, Malmö Airport, Ron-neby Airport, Stockholm Arlanda Airport, Umeå Airport, Visby Airport and Åre Östersund Airport. Sundsvall Härnösand Airport will be sold in 2012. Swedavia is also a part-owner of Göteborg City Airport.

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10 SWEDAVIA 2011

A sustainable

airport group

StrAtEgy, objEctIVES AnD tArgEtS

The main thrust of Swedavia’s strategy is customer focus and sustainable develop-ment. The two most important tools for achieving this are carrying out high-quality business development and developing Swedavia as an integrated airport group.

Swedavia’s task

Operations are carried out with the task being to own, ope-rate and develop airports while working actively based on sound business practices to develop the transport sector and help achieve the transport policy goals set by the Swedish Parliament. As a State-owned company, Swedavia shall also be a role model in sustainable development. An overall objective is to create long-term profitability in order to meet Sweden’s needs for air access.

Focus on customers

Our values shall be integral to everything we do, with a fo-cus on the best service imaginable. Obviously, we want our customers to enjoy themselves at our airports, but satisfied customers are also the foundation of our business and thus the underlying basis for everything we do.

Economic objective

Swedavia develops airports with a long-term perspective based on sound business practices. As a result, we create room to invest in capacity expansions that ensure conti-nued access for all of Sweden.

Environmental concern

Swedavia is an international role model on climate change issues. We shall continue to minimise the impact generated by our operations and enhance the competi-tiveness of our airports through resource-efficient ope-rations. In this way, we make environmentally efficient transport hubs possible.

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Social development

Swedavia helps provide access to, from and within Sweden. As a result, we ensure continued economic, intellectual and cultural exchanges, which constitute the basis for growth and prosperity in Sweden. Our re-sponsibility as an employer is predicated on developing our employees and a good workplace environment.

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SWEDAVIA 2011

ViSion

“Together we bring the world closer”

Swedavia’s operations make Sweden accessible and enable people who live in Sweden to experience the world. Together with our partners and employees, we want to create an experience that makes passengers want to return time and time again. The more Swedavia develops operations, the closer the world gets.

MiSSion

We at Swedavia create added value for our customers through attractive airports and access. Together with our partners, we continuously develop our business.

TaSk

Swedavia’s task is to own, develop and operate the national basic infrastructure of airports – a system of airports that connects all of Sweden with the rest of the world.

ValuES

Together we create a culture with reliability, commit-ment, innovativeness and a warm welcome for our passengers and other customers.

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12 SWEDAVIA 2011

High-quality business development

Satisfied customers are the focus of everything Swedavia does and are also the basis of our business development. Together with airline customers, we develop attractive airports that support their business, and therefore our own. Our airports shall also be attractive venues that encourage corporate customers to set up commercial operations. Swedavia works to achieve traffic growth by stimula-ting the development of direct destinations and increased departures. Regional cooperation is an important ingre-dient in this work. Swedavia shall also facilitate efficient transfer traffic in cooperation with our airline customers. We shall develop our portfolio of profitable services based on our passengers’ needs, from the time they arrive at the airport until their aircraft takes off. The focus is on developing attractive, integrated product concepts, while customising them to local market conditions. To increase the attractiveness of airports and improve the atmosphere, investments will be made in most of our terminals. Another important development area is realising the potential of Swedavia’s land and other property assets to a greater extent. an integrated airport group

Swedavia’s operations shall be characterised by economic efficiency, environmental concern and social development. In this way, our long-term competitiveness and profitability increase while our ability to cope in periods of lower traffic growth is strengthened. By working as an integrated airport group, we actively benefit from our shared strengths and economies of scale.

One of the most important tools for increasing effi-ciency and enabling us to achieve operative excellence in the long term is the development of an approach in which both our governance and organisation are following the main processes implemented throughout the Group. With clear models for cooperation and governance, we ensure a solid grounding and uniformity while creating conditions for increased customer value.

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SWEDAVIA 2011 Financial and non-financial targets

Swedavia’s operations are governed by a balance of financial and non-financial indicators and targets, the purpose of which is to ensure we are an attractive, sustainable company for owners, customers, society, employees and other stakeholders.

Financial targets

Swedavia’s financial targets were adopted at the 2011 Annual General Meeting. The financial targets are a 9 per cent return on equity over a business cycle and an equity/assets ratio of at least 35 per cent. When the equity/assets ratio is reached, an annual dividend of 30-50 per cent of the profit after tax shall be issued, after adding back value changes for the year and related tax.

non-financial targets

Swedavia shall create added value for passengers and other customers. Passenger opinions about our opera-tions are monitored through regular measurements of customer satisfaction. Our target for 2014 is to increase passenger satisfaction from 68 to 80 per cent.

Air traffic is the foundation of Swedavia’s business, and growth in both domestic and international traffic is

an important target. Our target for 2015 is to increase the number of passengers to 33.6 million, which cor-responds to growth of 6.7 per cent from 2011.

Swedavia shall continuously develop a broad portfo-lio of profitable services based on air travel. Safety and security, efficiency and environmental concern should be integral to our operations. We have a vision zero target for the number of accidents and serious incidents. In 2011 there were two serious incidents at Swedavia’s airports, one of which is currently being investigated by the Swedish Accident Investigation Authority.

Swedavia shall reduce its carbon dioxide emissions into the atmosphere. There shall be no emissions at all from the Group’s own operations by 2020, and the target for 2015 is 4,600 tonnes per year. To view Swedavia’s environmental targets in their entirety, see page 38. All employees shall feel involved in the work to develop Swedavia’s corporate culture and thereby create pride and a sense of ownership that every employee needs to have. Swedavia’s corporate culture is based pri-marily on our values: Reliability, Commitment, Innova-tion and Customer Care as well as all the activities that derive from these.

Financial targets Target Result 2011 Result 2010

return on equity, % 9.0 9.4 0.4

Equity/assets ratio, % >35 32.9 30.4

Non-financial target

customer satisfaction based on ASQ measurement1), % 80 68 69

number of passengers, million2) 33.6 31.5 27.9

number of accidents and serious incidents 0 2 0

co2, emissions, tonnes 2) 4,600 4,600 8,200

Employee index (ESI)2), % 81 64 nA

1)by 2014. only göteborg Landvetter Airport and Stockholm Arlanda Airport were included in the results for 2011 and 2010, since the 2011 results for the other airports were not available at the time of publication.

2)by 2015.

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14 SWEDAVIA 2011

With the focus

on customers

opErAtIonS

Our business is based on the growing need of passengers to travel efficiently in Swe-den as well as to and from Europe and the rest of the world. Operations are focused on providing our customers attractive, ef-ficient and climate-smart airports. The bulk of our services on offer are aimed at pas-sengers, airlines and tenants.

Swedavia’s airports have an important function in creating the access Sweden needs and linking regional, national and international mass transit. Satisfied customers are the foundation of Swedavia’s business, so customers are the underlying basis for everything Swedavia does. The most important customers are passengers, airlines and tenants. Customer focus, sound business principles and responsible sustainability work shall be integral to all operations.

Breakdown of revenue SEK M 2011 20101) Aviation Business passenger-related revenue 1,778 1,638 operations-related revenue 591 550 other aviation 8 9 2,376 2,196 Commercial Services Car parking 604 539

retail, food & beverage 585 506

other property revenue 399 398

Ground handling & aircraft parking 274 283

Advertising 69 64

other commercial services 313 276

2,244 2,064

other operating revenue 72 52

Total 4,693 4,312

Aviation Business 51% Breakdown of revenue by source

Commercial Services 48% Other 1%

Aviation Business

Aviation Business accounts for 51 per cent of Swedavia’s revenue, and the three largest airline customers are Scan-dinavian Airlines System (SAS), Norwegian Air Shuttle (Norwegian) and Braathens Aviation. A total of some 140 carriers serve our airports. In 2011, 69 new routes were launched at Swedavia’s airports; there were also a large number of capacity increases on existing routes. Growth in service, for both charter and scheduled operations, was mainly to destinations in Europe. The airlines that started up the most new routes at Swedavia’s airports, measured in passenger numbers, were Norwegian, followed by Luft-hansa, SAS and British Airways. There was an increase in capacity, which consists of greater frequency between destinations, in both domestic and international travel. The most increases were at Stockholm Arlanda Airport and Göteborg Landvetter Airport, while growth was posted at every airport. Among international destinations with the greatest passenger growth, London, Antalya, Oslo, Helsinki and Berlin were particularly popular.

1) All comparative figures for January-March 2010 are pro forma, based on operations carried out previously under LFV.

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SWEDAVIA 2011

opErAtIonS

• Swedavia is investing one billion Swedish kro-nor in developing the terminals at Stockholm Arlanda Airport. Over the next few years, we are investing in measures to increase capacity and quality, and the first phase of this long-term project is the renewal of Terminal 2. The focus is on making all processes at Stockholm Arlanda smoother for our customers, from the time the passenger steps out of a car to the time the aircraft takes off, as well as improving the products and services on offer and the passenger experience. Increased capacity at Stockholm Arlanda is of utmost importance for all our airports, since Stockholm Arlanda serves as a hub for both domestic and interna-tional air traffic.

• Göteborg Landvetter Airport is improving its terminal through a refurbishment of the secu-rity checkpoint and commercial space in the international departure hall. At Göteborg Land-vetter we are also investing in a new baggage facility and in noise insulation for neighbouring properties. In all, the investments at Göteborg Landvetter total SEK 240 M.

BilliOn-krOnA invESTmEnT fOr mOrE SATiSfiEd cuSTOmErS

Swedavia’s overall objective for investments in its terminals is to create welcoming airports that put an even clearer focus on passengers and other customers. As with all our investments, we have conducted an environmental feasibility study and taken into consideration environmental targets and local environ-mental requirements as well as conditions in our airports’ environenviron-mental permits.

• At Luleå Airport we are investing SEK 105 M over three years together with co-financers. The aim is to modernise the airport and provide greater capacity and quality for national and internatio-nal air connections. There is great understanding about how important the airport is for regional development, which has meant strong regional involvement. The objective is to great a welco-ming airport that puts the focus on passengers. • At Kiruna Airport another investment project is in the start-up phase. During the year Swedavia linked co-financers to investments to improve the terminals. For instance, we are renovating parts of the airport to make the lounge area larger and at the same time improve parts of the passenger process, primarily at the security screening checkpoint. There is also an under-standing in Kiruna about the importance of the airport for regional development.

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SWEDAVIA 2011

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SWEDAVIA 2011 commercial Services

Our airports are transport hubs and therefore attractive commercial venues. Commercial Services (formerly Non-aviation Business) works primarily with offering the right range of services since that means increased customer value and increased revenue. In Commercial Services Swedavia provides rental of space for retail and restaurant activities, offices, hotels, storage and logis-tics as well as leaseholds. The airports also provide car parking, space and capacity for air cargo as well as for optic fibre, telephone and computer installations. There are some 760 tenants in our terminals and at our airports. The three largest are the airline SAS, The Nuance Group, which operates retail shops in the terminals, and Rezidor Blu, which manages hotel operations. Com-mercial Services accounts for 48 per cent of Swedavia’s revenue.

By working with a focus on target groups, Swedavia shall improve its long-term profitability in Commercial Services. This is to be achieved by tailoring commercial efforts and allocating resources to initiatives that appeal to the target group in the form of shops and restaurants available, more attractive settings, smoother flows and services that give added value.

In 2011 Swedavia decided on and implemented a number of measures aimed at enhancing the range of services available in Commercial Services. In addi-tion to the new restaurants and shops that have set up operations at the airports, initiatives have been taken to, among other things, create better conditions for increased advertising and parking revenue. A number of initiatives have also been carried out aimed at making check-in easier and improving information and services for passengers.

The conditions for Commercial Services vary from airport to airport. The greatest development potential is at Stockholm Arlanda, which accounts for Swedavia’s largest share of passenger volume. The regional airports also work to develop Commercial Services based on local conditions.

SwEdAviA rEAl ESTATE AB

During the second quarter of 2011, Swedavia de-cided to form a property management company, Swedavia Real Estate AB, which will own properties and usable land at and around our airports. During the year the focus was on project work, and one pro-ject underway is the major new hotel at Stockholm Arlanda Airport, which is expected to be completed in late 2012.

The hotel, which will have a capacity of 400 rooms and modern conference facilities, will be closely linked to Sky City as well as the regional and international mass transit the airport can offer. The investment constitutes the first phase of the airport’s involvement in Stockholm Airport City, which entails the build-up of the area around the airport and is part of regional development plans.

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Stockholm Arlanda Airport Göteborg landvetter Airport Bromma Stockholm Airport malmö Airport luleå Airport

• Submission of the application for an environmental permit on May 2, 2011 • A number of new domestic and international routes as well as capacity

increases for existing destinations

• Billion-krona investment in terminal development

• Measures to improve the atmosphere and the handling of customers to increase customer satisfaction

• New record in passenger numbers • ISO 14001 certification

• Renewed climate accreditation at the highest level

• Substantial passenger growth and subsequent capacity challenges at gates • Norwegian Air Shuttle (Norwegian) establishes operations at the airport with

the most destinations

• Refurbishment and expansion of security facilities for international passengers • New record in passenger numbers

• Renewed climate accreditation at the highest level

• Conditions established for noise insulation of properties near the airport • Measures to improve the passenger experience

• Reconstruction of take-off and landing runway • Renewed climate accreditation at the highest level

• Inauguration of the Malmö Airport Visitor Center, which provides passengers and visitors with information about the airport and tourist destinations

• Ryanair re-established operations

• Sharp growth in traffic for domestic destinations with Norwegian’s set-up of operations

• Application for climate accreditation at the highest level (ACA) • Renewed ISO 14001 certificate

• Passenger growth of nine per cent, which produced a record number of pas-sengers

• Increased customer satisfaction according to the most recent survey • Achieved goals of reduced carbon dioxide emissions

• Increase in non-stop charter flights with the majority new destinations

flygplats important events during the yearväsentliga händelser 2011 Andel av Swedavias resenärer 2011Share of Swedavia’s passengers 2011

18 SWEDAVIA 2011 90% 355 90% 355 90% 355 60.5% 15.6% 6.9% 6.2% 3.4% opErAtIonS

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Andel av Swedavias resenärer 2011

2011

Landings 105,401

-of which internation 68,971 passengers 19,069,065 Employees, full-time equivalent 886

2011

Landings 34,376

-of which internation 24,465 passengers 4,906,556 Employees, full-time equivalent 560

2011

Landings 22,675

-of which internation 3,207 passengers 2,184,209 Employees, full-time equivalent 218

2011

Landings 13,823

-of which internation 5,370 passengers 1,946,234 Employees, full-time equivalent 104

2011

Landings 6,788

-of which internation 272 passengers 1,066,839 Employees, full-time equivalent 110

• Consideration of application for a new environmental permit • Increase customer satisfaction

• Clarion Hotel Stockholm Arlanda inaugurated

• The newly formed property management company further develops Airport City

• Continued development of terminals

• Application for new environmental permit • Capacity expansion for gates

• Refurbishment of international departure hall • Maintain customer satisfaction during reconstruction

and offer new products

• Expand possibilities for a modernisation of the airport and thus ensure that Sweden’s need for access to and from Stockholm is met

• Identify and implement noise insulation measures based on conditions established

• Ensure business air travel for Stockholm

• Increase customer satisfaction

• Report on mass transit has gotten underway as a result of the new Public Transport Act that entered into force on January 1, 2012 • Intensify marketing efforts and position Malmö Airport as an

attractive airport in the Öresund region • Application for new environmental permit

• Climate accreditation according to ACA (achieved in February 2012)

• Investment programme with a focus on improvements to terminal and efficient processes

• Develop more non-stop charter destinations • Climate accreditation according to ACA

Kjell-Åke Westin

Olle Sundin

Agnetha Marcks von Wurtemberg temporarily until Dec 31, 2011 - replaced by Olle Sundin Jan 1, 2012

Peter Weinhandl

Ann-Christin Viklund

ratio focus area 2012 Airport director

Share of Swedavia’s passengers 2011

19

SWEDAVIA 2011

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umeå Airport Åre Östersund Airport visby Airport ronneby Airport kiruna Airport

• Inventory in connection with noise insulation project completed • Audits for ISO 14001 completed

• Establishment of new destinations • New record for passenger numbers

• Renewed climate accreditation at the highest level

• New environmental permit beginning in January

• Destination Östersund AB has further strengthened its collaboration with the destination companies in the region

• Instituted an export prize to stimulate development of products that are ready for export and can attract more visitors to the region

• Construction and opening of tax-free shop

• Swedish Gotland, a collaboration with Visit Sweden and the regional tourism industry, launched

• Mapping of energy-saving measures

• Refurbishment of security checkpoint, which improved passenger flows in the terminal

• Increase in charter traffic to different destinations in Europe • Improved atmosphere in the departure and arrival hall • Investment in rolling stairs with a wheelchair lift

• Norwegian withdrew from the airport in January • Expansion of SAS at the airport last quarter of 2011 • Focus on customer satisfaction, now measured twice a year

flygplats väsentliga händelser 2011 Andel av Swedavias resenärer 2011

90% 355

important events during the year Share of Swedavia’s passengers 2011

20 SWEDAVIA 2011 3.0% 1.2% 1.1% 0.7% 0.5% opErAtIonS

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Andel av Swedavias resenärer 2011

2011

Landings 7,508

-of which internation 411 passengers 955,132 Employees, full-time equivalent 114

2011

Landings 2,794

-of which internation 137 passengers 377,750 Employees, full-time equivalent 58

2011

Landings 5,961

-of which internation 151 passengers 340,393 Employees, full-time equivalent 47

2011

Landings 2,009

-of which internation 38 passengers 226,948 Employees, full-time equivalent 25

2011

Landings 1,047

-of which internation 30 passengers 164,103 Employees, full-time equivalent 48

• Implement measures to improve handling of customers and the customer experience

• Preparations in advance of Europe’s capital of culture 2014

• Actively work up airlines to strengthen capacity • Develop our commercial business

• Achieve carbon dioxide emission target by identifying kinds of renewable fuels that work in northern Sweden

• Climate accreditation according to ACA

• Application for a new environmental permit

• Complete expansion of aircraft parking stands, which ena-bles increased traffic

• Complete refurbishment of parking facilities, including new system for parking and taxis

• Climate accreditation according to ACA

• Replacement of vehicles that have heavy impact on the environment

• Develop and expand retail shops connected to the airport • Create expanded range of charter flights with more even

allocation throughout the year

• Continue work to decrease carbon dioxide emissions and reduce electricity use

• Climate accreditation according to ACA

• Work with the Municipality of Kiruna and the business com-munity to establish a travel centre connected to the airport • Replace airport vehicles with more environmentally-friendly

alternatives • Develop new routes

• Climate accreditation according to ACA

• Refurbishment of the lounge area and security checkpoint

Bengt-Ove Lindgren

Susanne Norman

Gunnar Jonasson

Mona Grönqvist

Peter Salomonsson

ratio focus area 2012 Airport director

Share of Swedavia’s passengers 2011

21

SWEDAVIA 2011

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ARRIVALS A6 PARIS 421 AMSTERDAM 422 BERLIN 64A STOCKHOLM DEPARTURES C43 NEW YORK 211 PARIS 321 FRANKFURT 643 BERLIN 22 SWEDAVIA 2011

An easier journey

1. THE WAy TO AND FROM THE AIRPORT

The increase in passengers requires expan-ded capacity for public transport to and from our airports. the option of checking in before reaching the airport has been developed. We have also introduced 100 per cent ecotaxis at Stockholm Arlanda Airport.

2. A WIDER VARIETy OF DESTINATIONS

A number of new destinations were launched at our airports. As a result, more people have an opportunity to fly non-stop to their destination.

3. MorE pEopLE VISItInG our rEGIonS

A large share of the increase in passengers are foreign visitors to Sweden. The tourism industry is one of the largest industries in the country, and the growth is expected to continue. our ambition is to help launch more destinations ready for export, which can generate further job opportunities.

4. EFFICIEnt FLoWS

Extensive capital spending at our airports will ensure capacity and continued access. We also enhance the competitiveness of aviation by making it easier and faster for passengers to fly. New security checkpoints, expansions and measures to improve the atmosphere at our airports are a few examples.

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23

SWEDAVIA 2011

5. SHOP, EAT, ExCHANGE MONEy AND MorE.

An attractive commercial service reinforces the airport’s role as a meeting place. During the year, we carried out an expansion of services and tax-free shops. In addition, a new hotel at Stockholm Arlanda Airport will be completed in 2012.

6.MORE INFORMATION AVAIlABlE

Passengers should be able to relax. So we are developing how we reach passengers and are working with others to provide information and options throughout their journey.

7. RElIABlE OPERATIONS

Well-established operations have resulted in international visitors coming to see how we work under challenging conditions. We continue to invest to ensure the quality and environmental sustainability of our main task.

8.SAtISFIED pASSEnGErS

Swedavia’s target is to increase customer satisfaction to 80 per cent. We are imple-menting the measures we decided quickly and efficiently. passengers should expe-rience clean, attractive environments. We should also offer high-quality service along with services and products that make pas-sengers’ everyday life easier.

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Stockholm Arlanda Airports

environmental permit

24 SWEDAVIA 2011

Stockholm Arlanda Airport today is the hub of air traffic in Sweden and our most important airport for interna-tional traffic. The airport is also one of Sweden’s largest workplaces, with a total of about 16,000 employees in different companies. The access that Stockholm Arlanda provides Sweden is now in jeopardy.

The reason for this is an environmental permit that is based on a twenty-year old decision and which may re-sult in one of the most environmentally efficient airports in the world not being able to meet demand for domestic and international connections in the next few years. The cause is mainly two conditions in the permit that make it impossible for Stockholm Arlanda to meet air traffic demand in Sweden. Swedavia therefore submitted an application to the Swedish Land and Environment Court in May 2011 for a new environmental permit.

The only airport in the world with a carbon dioxide emissions cap

One of the problematic conditions in the current environmental permit is the emissions cap for carbon dioxide and nitrogen oxide. The emissions cap is unique in the world since it regulates not only the airport’s own operations but also ground transport, regardless of the point of origin and destination, and all air traffic below 915 metres altitude.

We soon face a situation in which Stockholm Arlanda will not be able to expand its operations and grow in line with demand without exceeding the emissions cap. That is the case despite a 70 per cent reduction in the airport’s own carbon dioxide emissions since 1990.

Ban on approaches over upplands väsby The environmental permit also includes a ban on

ap-proaches over the built-up portion of Upplands Väsby beginning January 1, 2018. It is probably not feasible to implement by that time the navigation method that allows the avoidance of overflights of a given area, “curved approaches”, except for limited approaches. At present it is not possible to say how much time it will be before the regulations and methods required for air traf-fic management are set in place. The consequence of the ban on overflights of the built-up portion of Upplands Väsby is that Stockholm

Arlanda’s capacity in a worst case scenario will be reduced by half during peak traffic.

Proactive

environmental work based on a new environmental permit

We would like our new application for a new environmental

permit to enable

a consideration of Stockholm Arlanda’s entire operations without any conditions in accordance with the

Swedish Environmental Code.

On December 22, the Swedish Government decided not to carry out what is known as a permissibility assessment of airport operations at Stockholm Arlanda. At the same time, it was announced that the application permit would be considered under legislation now in effect, which in Swedavia’s interpretation means that this consideration will not be subject to conditions previously set. Stockholm Arlanda’s strong environmental efforts, which are widely recognised, will continue alongside the application process. Our objective is to create as much access as possible with as little environmental impact as possible.

Aviation plays a critical role for Sweden’s ac-cess and growth. It is also a prerequisite for functioning international trade, a flourishing tourism industry and our country’s internatio-nal competitiveness.

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25

responsible

sustainability work

The annual sustainability report is aimed at anyone who wants an overview of Swedavia and our sustainability work over the past year as well as our ambitions going forward. The report covers the entire Group and includes the airports owned at the time, unless otherwise indicated.

For the second time, Swedavia is reporting the company’s sustainability work based on the guide-lines of the Global Reporting Initiatives (GRI), G3.0.

The sustainability report uses the same reporting cycle as the annual report, that is, the calendar year. The indicators have been selected in partnership with our stakeholders. We have identified the indicators that best reflect the view of our stakeholders and of Sweda-via as to what is important for our work. Ernst & Young have reviewed Swedavia’s sustainability report for 2011 and confirmed that it was prepared in accordance with the GRI’s C-Level application criteria.

SwEdAviA’S SuSTAinABiliTy rEPOrT

Aviation is the most efficient transport mode for long journeys. Thanks to the speed that flying allows, distan-ces can be reduced both nationally and internationally. As a result, people can meet and exchange knowledge, services and experiences, which leads to intellectual as well as social and economic growth. Like many other operations, there are also environmental consequences from operations. Swedavia’s task is to enable access in Sweden and reduce the environmental consequences ari-sing from travel that stems from increased globalisation.

Sustainable development for Swedavia Sustainable development for Swedavia involves working to bring the world closer and in that way contribute to in-tegration and cultural understanding in a globalised world. We are an important part of the infrastructure that makes Sweden and the world accessible, no matter people’s natio-nality, sex, age or physical ability. There is always a focus

on work with safety and security at Swedavia’s airports so that travellers, customers and employees will feel safe and secure at the airport.

Swedavia distinguishes between security and safety in this work. Security involves aviation protection, including security screening of passengers and baggage while safety involves the safety of aircraft and airport operations. Swedavia’s work with safety and security is largely regulated by EU laws which are translated by the Swedish Transport Agency into a set of statutes (TSFS). The Swedish Transport Agency oversees the airports’ work with security and safety. In addition, Swedavia carries out regular self-inspections and quality controls.

During the year we worked to clarify our sustainability work with the objective of fully integrating sustainability aspects in operations where the focus is on the customer. We are doing this to best take advantage of the effects of a Group-wide approach with clear objectives, targets and strategies. The work has begun and will continue over the coming years. With innovativeness and a responsible approach, this will also result in minimising our environ-mental impact.

One prerequisite for reaching our objectives and targets is satisfied, healthy employees who are given the opportunity to develop. We are therefore working with training programmes on our corporate values and what they entail in everyday activities as well as talent develop-ment aimed at adapting operations to new knowledge and methods.

As one of the leading airport groups in Europe, Swedavia has an impact on the so-ciety we operate in. The focus is always on the environmental impact of aviation, and we will continue to take broad responsibi-lity and give specific priority to maintaining our world-leading position in environmental work.

SWEDAVIA’S RESPONSIBIlITES

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26

SWEDAVIA’S RESPONSIBIlITES

Customer satisfaction index Target2015 Result 2011

passengers 80 68

Airlines 70 57

tenants 75 66

Dialogue with stakeholders

Swedavia carries out a number of dialogues with va-rious stakeholder groups. The work is conducted on a regular basis and is a critical success factor for our continued development and profitability. The ambi-tion is to continuously develop this dialogue with the aim of increasing knowledge about how stakeholders view Swedavia’s operations and sustainability work. This knowledge is then used to adapt our range of services and communication to stakeholders’ dif-ferent needs as much as possible.

Swedavia’s main stakeholders

Swedavia’s most important stakeholders are the Group’s owner, employees, local communities, partners and customers. This selection is determined by which stake-holders are critical to operations and which ones have a major interest and potential to impact and be impacted from a sustainability perspective. Below is a brief des-cription of Swedavia’s main stakeholder groups.

Owner

The Swedish Government has been given the task by Parliament of managing the Swedish State’s assets for the best possible long-term value growth and imple-menting specially adopted social measures. Employees

Committed employees with the right skills are critical to Swedavia’s success. We conduct an employee survey each year in which the majority of questions concern aspects of Swedavia’s corporate social responsibility that have a direct impact on our employees. We also have dialogues with employees through staff meetings, in-house training and employee performance reviews. local communities

Local communities constitute a broad group which includes municipalities, businesses, people living in the vicinity, the general public, the media and potential fu-ture employees. The dialogues we conduct with various groups in local communities are concentrated on our environmental responsibility. Many of the dialogues have a strong local focus.

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27 SWEDAVIA’S RESPONSIBIlITES

Partners

Swedavia spends sizeable sums each year on the procurement of, among other things, goods, air traffic services and contract work. The dialogue with suppliers is carried out including in conjunction with tenders and in workshops. This ongoing dialogue is allocated to the relevant parts of the Group’s operations.

customers

The needs and aspirations of customers serve as the basis for Swedavia’s development of new services. Every initiative in the past year was taken with the purpose of increasing customer satisfaction. We regularly measure satisfaction among passengers, airlines customers and tenants at the airports.

passengers

Swedavia carries out a number of different passenger surveys each year. Since 2010 the passenger experience is measured at every Swedavia airports based on an inter-national standard, ASQ. The dialogue between Swedavia and our passengers is also conducted through our terminal hosts at the airports as well as by telephone and online.

Airlines

The dialogue with airlines is carried out in various com-mittees and forums, customer meetings and trade fairs around the world. Since 2011, the survey aimed at airline customers is focused on the range of services available and customer satisfaction.

tenants

Our tenants consist of airlines, ground handling com-panies, restaurants and retail shops. Our main dialogue with tenants is carried out in regular customer meetings but also via newsletters. The views of our tenants are monitored in annual surveys that focus on our being a stable, serious, customer-oriented landlord.

EXAmPlES Of cOllABOrATiOn

• VINGA and Green Connection are two projects run in collaboration with a number of partners aimed at reducing emissions in the vicinity of the airport with the best technology available and making departure and arrival routes more efficient • Swedavia works actively to increase tourism

together with local destination companies and marketing firms to generate data to promote new routes

• During the year Swedavia launched a col-laborative effort with ECPAT which provides greater opportunity to disseminate information to customers and employees about child sex tourism and the trafficking of children • Swedavia collaborates with Diversity Group in

the hiring of new employees to ensure that we maintain diversity in the Group

• Swedavia works in close collaboration with our main tenants and construction companies that help to develop Swedavia’s property develop-ment business

• Swedavia works together with companies to develop new technology solutions, like snow removal equipment that runs on biofuel • During the year Swedavia acted as a partner in

the Stockholm Dialogue on Global Sustainability

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A sample of stakeholder surveys

Employees Airlines General public tenants Suppliers passengers Stakeholder

Satisfied employees are a prerequisite for satisfied passengers, customers and partners. So each year an employee survey is carried out aimed at measuring the effect of measures implemented. the 2011 survey was conducted in March; the response rate was 81 per cent and the employee index was 64 per cent. The target for the 2012 index is 70 per cent.

During the autumn, a survey was conducted on the importance of airports for sustainable develop-ment. A total of 2,200 telephone interviews were carried out with residents in the regions Swedavia operates in. Results showed that 89 per cent think the airport is open and trustworthy and 92 per cent think it is important for their region’s development.

Swedavia takes part in the ASQ Programme, a passenger survey administered by Airport Council Interna-tional which includes almost 230 airports across the world. The survey measures departing passengers’ attitudes to the airport by surveying departing passengers. Measurement continuously provides information about how customer satisfaction is changing and what areas the airports should give priority to for greater customer satisfaction. The result for 2011 was an SCI of 68. The 2015 target for ASQ is an SCI of 80. Once a year, a survey of airline customers is carried out which measures among other things how satisfied they are with the airports. Important priority areas in the dialogue with airline customers include a good understanding of their needs as well as an ability to find solutions and provide relevant informa-tion and speed in implementing decisions. The result for 2011 was an SCI of 57. The 2015 target for airlines is an SCI of 70.

The Property Barometer presents the overall results as an SCI for Swedavia, Stockholm Arlanda Airport and Göteborg landvetter Airport and also provides an industry index, which allows for benchmarking. Priority analyses are also generated which show what Swedavia and the airports should invest in to increase satisfaction among their tenants. The result for 2011 was an SCI of 66. the 2015 target is an SCI of 75.

Survey

During the year Swedavia conducted a survey of 15 suppliers aimed at gaining a better under-standing of the amount of carbon dioxide emissions generated in conjunction with the transport of products purchased by Swedavia. Emissions from the transport of products used in large quantities in airport operations and maintenance were estimated to be 170 tonnes in 2011.

SWEDAVIA’S RESPONSIBIlITES

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29 Economic rEsponsibility

long-term economic

value creation

With long-term, profitable operations we cre-ate the potential to meet increased demand for domestic and international air connec-tions. Through initiatives that reduce our en-vironmental impact or strengthen Swedavia’s corporate social responsibility, we develop our competitiveness.

Air trAnsport industry shoulders its own costs

Swedavia funds its own operations, infrastructure and investments. All revenue comes directly or indirectly from air traffic. Unlike road and railway networks, which have their infrastructure funded by public grants, financed in part by taxes, the air transport industry pays for the costs of its infrastructure through revenue that comes from customers. So it is air passengers who pay for the Swedish air transport system. The situation is si-milar in many countries. Each transport mode has its own financing structure, and for aviation cur-rent costs and long-term investments are funded through collaborative projects, which in 2012 will include development projects at Luleå Airport.

Swedavia’s success as a business demands a responsible approach to our stakeholders. By working for growth and profitability, we ensure efficient, sustainable operations that create value for many of our stakeholders. Our task – “to work actively based on sound business practices to develop the transport sector and help achieve the transport policy goals set by the Swedish Parliament” – makes it even more important to run our operations in an efficient, sustainable manner.

For long-term sustainable growth

Swedavia’s overall strategy is to create a sustainable airport group. Many of our objectives, such as increasing customer and employee satisfaction and remaining a leader in climate control work, produce economic benefits as well as environ-mental and social benefits. Similarly, high customer satisfac-tion, safety and security, and environmental awareness are all critical to our ability to maintain good profitability. Our operations are thus run in part based on these parameters. The transformation we have undergone to become an integrated airport group has been and will continue to be cha-racterised by long-term thinking and a concern for safety and security, the environment and corporate social responsibility. To meet passenger growth and achieve the environmental targets established by the Group, in 2011 we initiated a major capital spending programme at a number of our airports. The investments we make in new technology are consid-ered financial savings for Swedavia as well as benefits to the environment and to society.

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30

Economic rEsponsibility

market and earnings trend, 2011

The aviation market performed well in 2011 despite growing concern about the global economy. Some 31.5 million passengers flew via Swedavia’s airports, an increase of 13 per cent. A number of factors point to continued growth in passengers over the coming years, although there is some uncertainty about 2012. In 2011 consolidated revenue was up 8.8 per cent to SEK 4,693 M compared to 2010. At the same time, operating profit improved to SEK 737 M (400), which is largely attributable to increased revenue related to pas-senger growth.

Economic value created and delivered

In 2011 Swedavia AB created total economic value of SEK 4,729 M. Total value delivered was SEK 1,297 M. Of the investments made by Swedavia in 2011, 24 per cent are estimated to be for the benefit of the general

Economic value created and delivered Swedavia AB

SEK M Comment Stakeholder

2011-01-01 2011-12-31

1) 2010-04-01 2010-12-31 Economic value created directly

revenue net sales plus revenue from financial investments and sale of assets

customers 4,729 3,333

Shared economic value

operating expenses suppliers suppliers -1,857 -1,466

salaries and remuneration to employees total payments to employees

(current payments, not future obligations)

Employees -1,277 -938

payments to creditors All financial payments made to those providing

capital to the organisation creditors -255 -192

payments to the public sector taxes – gross owner -43 0

Economic value delivered

remaining in the company investments, repayment of capital etc 1,297 737

Gri indicators:

Ec1 Economic value generated and distributed Ec4 significant financial assistance received from the

government

Ec8 Development and impact of infrastructure investments

public. These investments are driven by specific reasons, such as improving the workplace environment and reducing our environmental impact, or maintaining our capacity in aviation.

targets for economic responsibility

The targets adopted for Swedavia AB’s economic responsibility are the same as a number of the Group’s targets in other areas. These include financial targets as well as targets for customer and employee satisfaction. For further information about Swedavia’s targets, see page 13.

1) Annual report including sustainability report for 2010 published march 31, 2011.

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An important part

of society’s infrastructure

Swedavia’s airports across Sweden provide passengers with access to important destinations in their work and private lives. We create the access Sweden needs and which is a prerequisite for functioning international trade and for international competitiveness. Stockholm Arlanda Airport also serves as a hub of Swedish do-mestic traffic, which creates a larger basis for non-stop routes to the rest of the world and also opens up the international market to regional business operations. The access we provide helps generate a valuable exchange of culture and knowledge which strengthen international understanding and cooperation.

Because we run airport operations in various parts of the country, we play an important regional role. We assume our responsibility by contributing to regional development in various ways, including through focused efforts to maintain and expand the number of national routes. Through close collaboration with a number of regional stakeholders, we also work together to develop local tourism and business operations.

sustainable procurement

Swedavia purchases goods, services and contract work worth billions of Swedish kronor and is estimated to have some 4,600 suppliers. In the procurement of goods and services, we shall ensure that human rights, laws and other requirements are respected. The Swedish Act on Public Procurement in the Fields of Water, Energy,

Transport and Postal Services constitutes the framework for Swedavia’s purchasing. Swedavia sets environmental and social requirements for all procurement where relevant. Orderers, purchasers and environmental advisors together develop the requirements.

Swedavia’s own operations are already climate-neutral, and the overall objective is to have certain services paid for by Swedavia, such as the transport of products procured through tender by Swedavia, also be climate-neutral. A modified version of Swedavia’s Code of Conduct was de-veloped for suppliers in 2011, which will be implemented in 2012.

Swedavia’s most important contribution to society is to support Sweden’s economic and social development through increased ac-cess. We also contribute many job opportuni-ties, with 44,000 people in Sweden employed across the entire air transport sector. As part of our corporate social responsibility, we maintain a continuous dialogue with our suppliers and partners at the local, regional and national level to develop long-term ope-rations and a sustainable society.

sociAl rEsponsibility

Economic value created and delivered Swedavia AB

SEK M Comment Stakeholder

2011-01-01 2011-12-31

1) 2010-04-01 2010-12-31 Economic value created directly

revenue net sales plus revenue from financial investments and sale of assets

customers 4,729 3,333

Shared economic value

operating expenses suppliers suppliers -1,857 -1,466

salaries and remuneration to employees total payments to employees

(current payments, not future obligations)

Employees -1,277 -938

payments to creditors All financial payments made to those providing

capital to the organisation creditors -255 -192

payments to the public sector taxes – gross owner -43 0

Economic value delivered

remaining in the company investments, repayment of capital etc 1,297 737

Figure

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References

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