Società per Azioni Esercizi Aeroportuali SEA is a limited liability company, incorporated and domiciled in Italy according to Italian Law (the “Company”).
The Company’s headquarters are located at Milan Linate Airport in Segrate (Milan).
The Company and its subsidiaries (jointly the “Group” or the “SEA Group”) manages Milan Malpensa Airport and Milan Linate Airport under the 2001 Agreement signed between SEA and ENAC with a forty-year duration (renewing the previous agreement of May 7, 1962).
SEA and the Group companies, in the running of the airports, are involved in the management, development and maintenance of the infrastructure and plant at the airports and offer customers all flight related services and activities, such as the landing and departure of aircraft and the airport security services (Aviation business); these companies in addition provide a wide and specialised range of commercial services for passengers, operators and visitors, both managed directly and outsourced (non-Aviation business).
The SEA Group, through the company SEA Energia SpA, produces electric and thermal energy both to serve the requirements of its airports and for sale on the external market.
The SEA Group, through the company SEA Prime SpA, manages the general aviation activities, offering high added value services and facilities.
Through SEA Handling SpA, a subsidiary of SEA and liquidated in 2017, the SEA Group provided also land-side assistance services for aircraft, passengers, baggage, cargo and mail (commercial aviation handling business) until August 31, 2014.
At December 31, 2018 the general aviation handling activities concerned the operations of the associates Signature Flight Support Italy Srl (held indirectly 39.96% by SEA) and Malpensa Logistica Europa SpA (held 25%), which therefore operates outside of the commercial aviation handling business.
The Group holds the following investments in associates and measured under the equity method: (i) Dufrital (held 40%) which undertakes commercial activities at other Italian airports, including Bergamo, Florence, Genoa and Verona; (ii) Malpensa Logistica Europa (held 25%) which undertakes integrated logistic activities; (iii) SEA Services (held 40%) which operates in the catering sector for the Milan airports; (iv) Disma (held 18.75%) which manages a plant for the storage and distribution of aviation fuel at Milan Malpensa Airport; (v) Signature Flight Support Italy Srl (indirectly held 39.96%) which provides general aviation services and (vi) SACBO (held 30.98%) which manages the airport of Bergamo, Orio al Serio.
We report, finally, that since July 2018, following the sale of the 40% holding in Airport Handling SpA and a corresponding share of the Financial Instruments of Participation to dnata and the resulting dissolution of the Milan Airport Handling Trust, having exhausted its corporate scope, SEA reclassified its 30% stake in Airport Handling as an associated company measured according to the equity method in the consolidated financial statements.
The activities carried out by the SEA Group, as outlined above, are therefore structured into the business units Commercial Aviation, General Aviation and Energy, with the Group sourcing revenues as illustrated in Note 7 “Operating segments”.