Growing results for Enav in 2023. The Italian air traffic management company ended the year with a Net income consolidated amount of 112,7 million euros, an increase of 7,9% compared to 2022. I total revenue consolidated sales reached 1 billion euros, +5,9%, for the first time in the company's history. L'Ebitda stands at 300,1 million euros, almost reaching the record value of 2019 and showing an increase of 10,2% compared to 2022, with an Ebitda margin of 30%. L'Consolidated EBIT was 172,7 million euros, up 16,4% compared to the previous year.
Revenues from operating activities were 990,9 million euros, up 7,6% compared to the previous year, while revenues from the unregulated market rose to 43,1 million euros, with an increase of 7,9%. ,28,1%. However, the balance component, part of the revenues from operating activities, had a negative impact of 2020 million euros, mainly due to the recovery of the first portion of the balances recorded in the combined period 2021-31. Net financial debt at 2023 December 322,3 was 85,6 million euros, an improvement of 31 million compared to 2022 December XNUMX.
Enav: dividend proposed at 0,23 euros per share
The Board of Directors proposed to the Shareholders' Meeting, scheduled for 10 May 2024, to distribute a record dividend for 2023, equal to 124,5 million euros, equivalent to € 0,23 per share (+17%). Payment is scheduled for May 29, 2024, with a coupon ex-dividend date of May 27, 2024 and a record date of May 28, 2024.
Air traffic is increasing
Driving the accounts was a significant increase in air traffic with en-route traffic growing by 11% compared to 2022, while terminal traffic recorded an increase of 10,9% across the entire Italian territory.
“2023 was a record year for the number of flights over Italy”, acknowledged the CEO Pasqualino Monti. “The quality of the service positions Enav among the top service providers in the world thanks to the strong acceleration of investments in core activities. Our ability to manage significant traffic volumes, combined with foreign orders, has allowed us to reach one billion in revenues for the first time. All this, together with prudent financial management, allows us to distribute the highest dividend ever."
The predictions for 2024
The Outlook for 2024 foresees a traffic level aligned with Eurocontrol projections for Italy, with 11,3 million en route service units, representing a increase of +6,7% compared to 2023. It is expected that i total revenues will increase of a mid-single digit, while revenues from the unregulated market will record double-digit growth compared to 2023. Ebitda is expected to grow in mid-single digits compared to the previous year. Investments in 2024 are estimated at around 120 million euros.
“For 2024 a further increase in traffic by around 7% and Enav will be ready to manage this possible new record of flights with even higher operational performances. We are working to make ENAV a leading company also in non-regulated activities for the benefit of the Italian system and our shareholders" commented CEO Monti.
Enav: the plan for the next three years
Enav has outlined its market expansion strategies unregulated for the next three years, either through organic and inorganic growth, with the aim of creating value for society and shareholders. Organic growth focuses on maximizing the potential in current core third market areas and optimizing and developing other existing sectors, such as drone services and training. This strategy is expected to generate strong increase in revenues up to approximately 70 million euros by 2026, compared to 43,1 million euros in 2023.
Furthermore, Enav aims for targeted acquisitions (M&A) to strengthen its position in the software licensing and services sectors, with a particular focus on cyber security, and in technical and engineering services. These M&A operations, which will involve a financial investment of up to 250 million euros by 2026, are expected to lead to additional revenues exceeding approximately 100 million euros.
" Our strategy focuses on growth, innovation and sustainability. The regulated market represents the core business of the Enav Group, both in terms of revenues and resources used, and we will therefore continue to strengthen it. However, we want to capitalize on the skills and reputation gained, leveraging commercial activities that allow us to accelerate the development and margins of the Group in the short-medium term, enhancing Enav's distinctive skills, responding to the demands of the aviation services market and going to compete with the major European service providers who have already undertaken this path" declared Pasqualino Monti, CEO of Enav.
“I am convinced – concludes the CEO – that by putting people and the ability to innovate at the centre, without distorting the identity of our company, we will be ready to seize new opportunities for growth and development”.
After the accounts, Enav flies to the stock exchange
The 2023 results were well received in Piazza Affari with the Enav title which earns more than 6%. At 11,30 am, Enav shares rose by 6,34%.
