The one that Enav published on Monday evening is a growing six-monthly, the first important appointment with investors after the recently completed IPO and the entry on the Stock Exchange. Revenues and Ebitda are up, the consolidated net result jumps by 41% to 22,2 million but above all en route and terminal traffic is improving, with growth - the company's press release states - of 0,7% and 3,1 respectively .30% in terms of service units compared to 2015 June XNUMX, driven by international traffic.
“The results for the first half – commented the CEO Roberta Neri – confirm the positive trend and Enav's ability to have growth margins. We continued to work on operational performance, service quality and cost optimisation. Furthermore, the data recorded in the summer period show a strong increase in traffic which, in addition to being an excellent basis for ENAV, also represents a positive indicator for the entire sector. Even in the non-regulated business we are respecting development forecasts and we are continuing to work towards the achievement of growth objectives".
ENAV recorded an excellent performance due to the increase in service units (a conventional weighted measure that takes into account the weight of the aircraft at take-off and, in the case of route traffic, also the distance traveled by it) and the containment of net operating costs, continues the note.
ECONOMIC-FINANCIAL PERFORMANCE
I total net revenue consolidated at 30 June 2016 reached 408,9 million euros, up 4,3% compared to 392,1 million euros in the first half of 2015.
The good performance was driven by revenues from operating activities which reached 370,5 million euro, recording an increase, compared to the first half of 2015, of 4,9 million euro, equal to +1,3%. The result was positively affected by the growth in service units for en route and terminal traffic which, in fact, led to an increase of 5,4 million euro and 7,6 million euro respectively.
I revenues from third market, in the first half of 2016, amounted to 6,6 million euros compared to 4,5 million euros in the first half of 2015. The performance is mainly due to the services performed on foreign markets, in particular for technical-operational consultancy activities in Saudi Arabia and Malaysia.
Total revenues for the first half were also positively influenced by the so-called Libra, (the mechanism which envisages for ENAV the recovery or restitution to the carriers of the effects deriving from the difference between the air traffic envisaged in the tariff plan and the actual traffic as well as the total recovery of the costs for the services provided at minor airports), for 21,4, 12,3 million euros, an increase of 2015 million euros compared to the first half of XNUMX.
In the first half of 2016 the Gross Operating Margin Consolidated (Ebitda) increased by 14% to 103,4 million euros compared to 90,6 in the first half of 2015. The Ebtda margin, as at 30 June 2016, shows an increase of 2.2 percentage points compared to the same period of the year previous settling at 25,3%. The result is mainly due to the good growth in revenues combined with the strong focus, in particular, on external costs, down by 0,9% despite containing 2,8 million euros linked to the listing process, net of which costs decrease by 4,4%. Personnel costs recorded an increase of 1,6% mainly attributable to the physiological increase in fixed remuneration and the increase in the variable portion for coinciding holidays. Personnel costs were also influenced by the increase in the workforce of 12 units dedicated to technical-operational activities, against a reduction in the managerial workforce from 79 units in the first half of 2015 to the current 68 units.
Il Operating income Consolidated (EBIT) in the first half of 2016 grew by 90,1% reaching 34,6 million euros compared to 18,2 million euros in the first half of 2015.
THEconsolidated net profit of the first half of 2016 shows a increase of 41.1% compared to the previous year settling at 22,2 million euro.
La net financial position as at 30 June 2016 it was negative by 236,4 million euro, up by 31 million euro compared to 2015 December 47,9. This change is mainly attributable to the payment of the dividend relating to the 2015 financial year and to the payment of the balance and first advance of the IRES tax.
SIGNIFICANT EVENTS OCCURRING AFTER THE END OF THE PERIOD
On 26 July 2016, trading of Enav SpA shares began on the Milan stock market. The Public Offering concluded with the placement of an initial 230 million shares equal to approximately 42,5% of the share capital, of which 207 million shares, equal to 90% of the Global Offering, reserved for Institutional Investors in Italy and abroad and 23 million shares, equal to 10% of the global sale offer, addressed to the general public in Italy and to employees.
On 2 August 2016, the greenshoe option was exercised on a package of 22,6 million shares corresponding to 4,172% of Enav's share capital, bringing the share capital present on the market to 46,627%. 53,373% of the share capital equal to 289.144.385 euro is held by the Ministry of Economy and Finance.
FORESEEABLE EVOLUTION OF THE MANAGEMENT
The months of the summer period are recording a growth in traffic volumes managed which, if confirmed also in the next few months, would lead to a higher percentage increase in service units at the end of the year than that recorded in the six months. As far as costs are concerned, a higher incidence is expected in the second half of the year, compared to the first half, of the costs related to the privatization process of the Company, in consideration of the listing of Enav on 26 July last.
