Enav limits the damage in a year, that of 2020, dramatically marked by the pandemic and the consequent reduction in air traffic. Despite a 60% drop in traffic (it got off to a great start with +10% in January-February, then -90% from Covid onwards), the company that manages civil air traffic in Italy, guaranteeing around 2 million flights he year (under normal conditions), closed the financial statements with consolidated revenues of 771,3 million euros down by only -14,6% compared to 2019, thanks to the protection provided by the European regulation and the cost containment actions put in place by the company. The collapse in operating revenues was much heavier: -63% to 352,2 million, also affected by the 15,3% reduction in the route fare compared to 2019.
Consolidated EBITDA amounted to 210,8 million euros, limiting the decline to 30,4% compared to 2019, with consolidated net profit at 54 million euros, down by 54,4% compared to the year previous. In consideration of the uncertainty of the expected traffic volumes, the Board of Enav proposed not to distribute the dividend relating to 2020, confirming the previous dividend policy for the years to come, starting from 2021. Revenues from the non-regulated market amounted to 26,9 million euros with an increase of 40,3% compared to 2019, mainly due to the revenues of the subsidiary IDS AirNav impacting the entire 2020 financial year, compared to 2019 in which it was present for approximately six months.
From March 2020 onwards, a series of cost efficiency initiativesi, which brought total operating costs to 560,5 million euros, down by 6,6% compared to 2019. External operating costs show a decrease of 5,1% compared to 2019, settling at 127,3 million euros, mainly thanks to the decrease in expenses for utilities and telecommunications, which decreased by 13,9%, in those for the purchase of goods and services, and in expenses relating to travel and transfers, against higher costs for the purchase of protection from the virus and for the extraordinary sanitisation carried out on all Enav sites to protect personnel.
“Due to the pandemic 2020 – he commented CEO Paolo Simioni – it's arguably the worst year ever for aviation. Indeed, ENAV recorded significant drops in air traffic with monthly peaks of even more than 90%, closing the year with a 63% reduction in operating revenues. However, the partial protection provided by the regulatory system and the cost containment actions implemented by the company made it possible to limit the negative economic effects, reaching a Group Ebitda of 210,8 million euros and a result for the year of 54 million euros. In such a complex scenario, aware of the strategic role that ENAV plays for the country, we have continued to guarantee the service with efficiency, regularity, safety and protection of the health of our people, using all the levers necessary to continue investing in the professionalization of resources , on the digitization of systems and on sustainability. ENAV is a smart company that has many challenges to face, from integrating Artificial Intelligence into the new air traffic management operating model, to developing the so-called U-Space, the airspace dedicated to drones. When approving the 2020 results, the Board of Directors also confirmed the dividend policy for the years to come, while at the same time proposing not to distribute the dividend for this year. Given the current context, I believe it is an appropriate choice and I am convinced that our stakeholders will support us, aware of the capacity and solidity that the company can guarantee in the long term".
