Annual Reports

daa’s principal activities include the operation and management of Dublin and Cork airports, global airport retailing through our subsidiary ARI, and international aviation consultancy with daa International. The company is State-owned and headquartered at Dublin Airport.
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daa Annual Report 21


daa Debt Information

As at 31 December 2021

Instrument Maturity Current Outstanding
Eurobond June 2028 €400m
Eurobond November 2032 €550m
Various EIB Facilities Amortising to 2040 €627m
Revolving Credit Facility (RCF) (€450m) March 2027 €NIL (Undrawn)

daa Debt Maturity

As at 31 December 2021

daa Debt Liquidity

As at 31 December 2021

Bond Documentation



Bond 2028 Tap 2028 Bond 2032
Trust Deed Click Here Click Here Click Here
Prospectus Click Here Click Here Click Here
Paying Agency Agreement Click Here Click Here Click Here

daa plc (Guarantor) daa finance plc (Issuer)
Constitution Click Here Click Here

Debt Investor Presentations

Month Presentation
July 2022 Open Presentation
September 2021 Open Presentation
May 2021 Open Presentation
October 2020 Open Presentation

Credit Rating

Long-term RatingShort-term RatingOutlook
S&P Global Ratings A- A-2Negative

Analyst Information

Annabelle Teo
Associate Director Infrastructure Ratings, EMEA
+39 342 9565744

Interim Accounts




A more than 1,000 per cent increase in passenger numbers using Dublin and Cork airports was a key driver of an increase in turnover from €77.1 million in H1 2021 to €295.6 million in the six months to June 30, 2022. This improvement saw a €140 million turnaround in profitability, to €23.6 million from a loss of €116.1 million in the comparable prior year period.

Significant pent-up demand for travel following the easing of global COVID-19 restrictions saw passenger numbers across both Dublin and Cork airports increase by almost 12 million to 13 million, from just 1.1 million in H1 2021. This recovery in activity provided a welcome boost to leisure and business travel but also presented significant challenges as the sector sought to rebuild capacity following two years of capacity tightening during the COVID pandemic.

2022 2021 CHANGE
PASSENGERS 13.0m 1.1m 1082%
TURNOVER (m) €295.6 €77.1 283%
GROUP EBITDA (m) €97.7 (€39.4) 348%
GROUP PROFIT/(LOSS) AFTER TAX (m) €23.6 (€116.1) 120%


Commenting, Interim CEO, Catherine Gubbins said:


“Through the phenomenal efforts of our staff, daa, in partnership with our airline and aviation partners, has successfully introduced measures to address operational issues which arose as a result of the strong return in activity. This was without having to resort to significant cuts in flights and capacity at Dublin and Cork airports this summer.”



“We are pleased that security screening through the peak holiday months of June, July and August saw ongoing improvement and our key focus now is on restoring the overall passenger experience and progressing the capital investment required to meet Ireland’s connectivity and sustainability needs out to 2030.”


Performance and outlook:

Passenger numbers in the second quarter of the year (April to June 2022) were just 13% lower than the same period in 2019, versus 36% lower in the first quarter (January to March 2022) compared with 2019. The current outlook for quarter three, which represents our peak traffic period, is strong with expected passenger numbers nearing 2019 pre-COVID levels.

Domestic airport related turnover increased by 374% in the period to €214.2 million compared to €45.2 million in H1 2021. While the rate of recovery varied across our international locations, overall international turnover increased by 155% to €81.4 million from €31.9 million in the comparative period in 2021. The Group invested €68.4 million in infrastructure projects during the period January to June 2022 and post June 30, 2022, final works were completed on the construction of the North Runway with the first flight taking off on August 24, 2022.

Catherinee Gubbins

Catherine Gubbins


Interim CEO



The independent Commission for Aviation Regulation (CAR) is responsible for the regulation of airport charges at Irish airports. Dublin Airport is the only airport currently subject to economic regulation by CAR. Determining airport charges on the basis of independent, objective and transparent criteria, as well as sound economic principles is an important principle. The regulator sets charges at Dublin Airport following submissions from daa, airlines and other interested parties. The legislation also provides that CAR assumes responsibility for the regulation of charges for terminal services provided by the Irish Aviation Authority and for a number of other aviation functions that were previously the responsibility of the Minister for Public Enterprise. Details of the regulator’s decisions in relation to airport charges at Dublin Airport can be found on the CAR website.


Catherine Gubbins
Group Chief Financial Officer
+353 1 944 2205
Andrew Glover
Group Treasury Manager
+353 1 944 2203