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Key Financial Highlights & other indicators

The key consolidated highlights from the financial statements are illustrated below.

The standard IFRS 15, which provides for the combined recognition of revenues from contracts with a single commercial objective, entered into effect from January 1, 2018. Application of this Standard entails that commercial incentives for airlines aimed at traffic development, previously classified as "other operating costs”, are now classified as a reduction in revenues. For comparability purposes, the 2017 figures have been restated accordingly.

Operating results

(Euro thousands)20182017 restatedChange
Revenues 713,145 676,541 36,604
EBITDA (1) 281,851 243,006 38,845
Operating Profit 189,469 127,890 61,579
Profit before taxes 187,396 118,116 69,280
Discontinued Operations profit/(loss) (2) 0 1,556 (1,556)
Group Net Profit 136,076 84,070 52,006

(1) EBITDA is calculated as the difference between total revenues and total costs, excluding provisions and write-downs.
(2) The line “Discontinued operations net result” from 2017 includes the net result of the company SEA Handling SpA in liquidation, as per IFRS 5.

Financial Data

(Euro thousands)December 31, 2018 December 31, 2017 Change
Fixed assets (A) 1,317,673 1,319,249 (1,576)
Net Working Capital (B) (230,897) (183,837) (47,060)
Provisions for risks and charges (C) (167,861) (169,935) 2,074
Employee provisions (D) (46,214) (47,834) 1,620
Other non-current payables (E) (13,964) (17,588) 3,624
Net capital employed (A+B+C+D+E) 858,737 900,055 (41,318)
Group Net Equity 459,101 391,154 67,947
Minority interest net equity 25 23 2
Net financial debt 399,611 508,878 (109,267)
Total sources of financing 858,737 900,055 (41,318)

(A) Fixed assets, including those falling under IFRIC 12, are expressed net of State and European Union contributions. At December 31, 2018, they amounted to Euro 505,226 thousand and Euro 7,019 thousand respectively (Euro 504,383 thousand and Euro 7,019 thousand respectively at December 31, 2017).

INVESTMENTS

 (Euro thousands) December 31, 2018December 31, 2017Change
Tangible and intangible asset investments   63,980 72,140 (8,160)

Other Indicators

December 31, 2018December 31, 2017
PFN/EBITDA 1.42  2.09
Employees at December 31 (HDC) 2,847 2,837

Traffic data (COMMERCIAL AND GENERAL AVIATION)

 MovementsPassengers (1)Cargo (2)
 2018% vs 20172018% vs 20172018% vs 2017
Malpensa 189,910 8.7% 24,561.7 11.5% 558,218 -3.2%
Linate 93,987 -2.6% 9,187.1 -3.3% 10,827 -9.3%
Total commercial traffic 283,897 4.7% 33,748.8 7.0% 569,045 -3.3%
General Aviation (3) 25,920 2.5% 54.3 2.7%  
SEA Group Airport System 309,817 4.5% 33,803.1 7.0% 569,045 -3.3%

(1) Arriving+departing passengers (‘000)
(2) Arriving+departing cargo in tonnes
(3) General Aviation Source: SEA Prime