Enav's accounts for the first quarter of 2022 they benefit from the recovery of air traffic as the travel restrictions imposed during the pandemic gradually fade away. The company that manages civil air traffic in Italy has communicated the financial and operating results for the first quarter of 2022, which, however, are not entirely comparable with those of the first quarter of 2021 due to the different mechanism for determining the balance. This year, in fact, the balance was determined according to the traditional mechanism of traffic risk sharing and is therefore affected by the typical seasonality of air traffic which sees its minimum in winter and its maximum during the summer. THE air traffic volumes over Italy, in the first three months of 2022, they recorded a marked increase, with a number of flights, for the route component measured in service units, which reached 82,2% of those managed in 2019. Against an average air traffic growth in Europe of 119,2% compared to the first quarter of 2021, Italy records a +168,5%, which confirms that the country is one of those with the highest recovery rate . Meanwhile, the stock slips in Piazza Affari with a clear disadvantage of 3,83%.
"The data from the first quarter indicate how 2022 could really be the year of the restart - said the CEO Paolo Simioni -. We are working and investing to face the future with a stronger and more innovative Group in its strategic assets: people and technology. Our airspace will no longer see only traditional aircraft, but also remotely piloted ones, drones, with completely different needs. ENAV must be able to accommodate this new traffic demand while guaranteeing the same levels of safety and quality that have allowed the Company to be a model at an international level".
Results for the first quarter of 2022
Enav closes the first quarter of 2022 with revenues totals for 168,07 million euro, down by 11,2% compared to the 189,04 million obtained in the first three months of the previous year, due to the effect of the different mechanism for valuing the balance for the period introduced by the recent temporary the two-year period 2020-2021, to European regulation.
Also in sharp decline gross operating margin (-66%), which went from 44,68 million euros to 15,17 million; as a result, the margin stood at 9%. ENAV ended the quarter with a one net loss of 15,21 million euros, compared to the profit of 11,91 million recorded in the first three months of 2021.
At the end of March 2022 thenet borrowing it had fallen to 478,53 million euro, compared to 483,53 million at the beginning of the year, following the effect of the trend in collections and payments associated with ordinary operations which produced a positive cash flow in the quarter.
ENAV approves the Industrial Plan and launches "Future Sky 2031"
The Future Sky Strategic Plan envisages total investments, by 2031, for over one billion euros, of which more than 80% in technology that ensures the sustainable success of the Group, and outlines a strategy to modernize the operating and maintenance model, digitizing the systems and renewing the air traffic management platforms.
The first phase, a fundamental part that triggers the Future Sky 2031 transformation, is the 2022-2024 Business Plan, which envisages investments of approximately 350 million euros over the three-year period, and is oriented towards achieving sustainable success, maintaining safety as a priority element and embarking on a transformation path aimed at technological innovation and digitalisation.
The Plan develops on six pillars. The three awards (directly linked to ENAV operations) focus on technological and operational excellence, digital transformation and commercial repositioning. The other three pillars represent a series of transversal actions that intersect the first three and focus on the centrality of people, which will allow ENAV to generate long-term value for all stakeholders with positive impacts for the sector and all related industries to the benefit of the territories and the economy of the country.
In the period under review, net revenues are expected to increase "mid single-digit" (approximately 5%) with the component of revenues from non-regulated activities which will amount, in 2024, to approximately 50 million euro. The company expects to record high-single-digit EBITDA growth and achieve a 2024 EBIT margin of approximately 17%.
