The board of directors of ENAV, the joint-stock company that operates as the exclusive supplier of civil air navigation services in the area under Italian jurisdiction, has approved the financial report which reports the company's accounts up to 30 June 2018.
As regards total consolidated revenues in the first half of 1, the half-year report shows a value of 2018 million euros, up by 411% compared to the first half of 0,2. Instead, external operating costs amounted to 2017 million euros, -71,5% compared to the first half of 3,1 thanks to a general decrease in utilities and telecommunications costs, the optimization of workplaces and the lesser use of external professional services and supports. All these values which contributed to the 1% increase in Ebitda, compared to the first half of 2017.
Ebit rose to 48,3 million euros, up by 21,3% compared to the first six months of 2017, also thanks to the positive conclusion of some disputes and as a result of the one-off write-down, which took place in the first half of 2017, of receivables from Alitalia carried out following the carrier's entry into the extraordinary administration procedure.
Consolidated net income for the first half of 2018 was also up by 22,2% to 33 million euros compared to the first half of 2017.
The first six months of this year were characterized by a marked increase in en route traffic which stood at +8,7% compared to the same period last year. Its increase over Italian skies concerned both national traffic, increased by +2,6% and international traffic at +7,6%, but above all overflights - i.e. only crossing aircraft, which do not take off or land at Italian airports -, which shows an increase of 14,5% in terms of service units. In addition to the good punctuality results, this performance can also be attributed to the implementation of the Free Route procedure which allows all aircraft above 9.000 meters to cross the national airspace with a direct route which allows the airlines to plan, without constraints, the shortest trajectories saving fuel, running costs and reducing CO2 emissions.
After several years, Italy is the one that has recorded the highest growth rate among the main European countries: France +2,3%, Germany +3,3%, Great Britain +3,3%, Spain +5,1%. In terms of service quality, the Company also recorded the best operating performance among the main European countries with an average delay per flight assisted in the half year of 0,069 minutes compared to the assigned target of 0,11 minutes.
Terminal traffic (which concerns take-off and landing activities within a radius of approximately 20 km from the runway) in the first half of 2018 increased by 4,4%, in terms of service units, compared to the corresponding period of 2017. The growth is due to the good performance of international traffic which shows an increase of 5,5%. The main Italian airports recorded an increase, again in terms of service units, in line with the national average: Fiumicino +4,6%, Malpensa +6,6%, Venice +3,8%, Bergamo +6%. The Milan Linate airport is the only one of the major airports that recorded a drop of 3,3%, due to the discontinuation of Air Berlin and the reduction in flights by Air Italy. The airports in the south also showed marked growth: Naples +15,8%, Catania +8,3%, Palermo +13,2%, Bari +2,3%.
For the 2018 financial year, ENAV confirms the guidance provided to the market last March: stable net revenues or low single-digit growth due to the reduction in the regulated rate in a context of traffic growth, and Ebitda margin in line with the 2017, around 32%. The guidance on total investments for 2018 is confirmed at 125 million euros, up on the 115 million euros of 2017, due to the launch of the main initiatives of the 2018-2022 business plan.
On 30 May 2018, the Board of Directors, in implementation of the shareholders' resolution, granted the Chief Executive Officer the power to proceed with the purchase of treasury shares up to a maximum of 1.200.000 shares until 15 April 2019 to implement the Company remuneration policies. According to the half-yearly data, as at 30 June ENAV had 206.955 treasury shares in its portfolio for a counter value of 850.700 euro corresponding to 0,0382% of the share capital.
The CEO Roberta Neri is satisfied both for the growth trend of air traffic and for having “recorded increases higher than the other major European countries, with one of the best operating performances. The professional quality of our people and investments in technology have allowed us to implement, in advance of the other main European providers, the Free Route procedure, which allows airlines to save time, fuel and CO2 emissions, making the our airspace. The signing of the agreement on the new employment contract represents an important milestone and allows us to embark on a path of sharing the Company's positive prospects”.
