A good 2018 for Enav which closes the year with financial parameters on the rise and traffic in strong growth.
The Italian civil air navigation service provider closed the year with 889,7 million in consolidated revenues (+0,9%) and 924,6 million in revenues from operating activities, up 7,1% offset by the balance mechanism.
The consolidated gross operating margin increased by 4,9% compared to the previous year, while the consolidated net profit rose by 12,7% to 114,4 million euros.
In the note, ENAV puts the spotlight above all on the strong growth in traffic. In detail, en route and terminal traffic recorded an increase of 9,3% and 5,1% respectively in terms of service units compared to 2017.
Based on the results achieved, the board will propose to the shareholders' meeting the distribution of a dividend of 0,1998 per share (+7%), in line with the dividend policy.
As regards the guidance for the current year, ENAV expects stable net revenues or low single-digit growth due to the reduction in the regulated rate in a context of traffic growth, and an Ebitda margin of around 32%, slightly down compared to 2018 due to some costs relating to the implementation of the Business Plan.
Investments in 2019 will undergo an acceleration linked to the launch of the main initiatives of the 2018-2022 business plan and will be in the order of 125 million, compared to 117 million euros in 2018. The company therefore expects to be able to indicate a dividend for 2020, relating to the 2019 financial year, up by 4% compared to that confirmed today for the 2018 financial year, in line with the approved dividend policy and communicated to the market.
The Chief Executive Officer Roberta Neri declared: “2018 was characterized by a strong increase in traffic to Italy that went well beyond expectations. Thanks to the quality and professionalism of Enav's people and the continuous investments in innovation and training, we have managed to manage the high traffic flows guaranteeing an excellent service in terms of safety and punctuality"
At the same time, the CEO announces the launch of "a recruitment program for young people with highly qualified profiles who, together with the growing resources that we will allocate to new technologies, will guarantee the success and sustainability of our company in the long term".
In Piazza Affari, the Enav share dropped by 0,36% to 4,484 euros.
