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) | 2018 | 2017 restated | Change |
|---|---|---|---|
| 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, 2018 | December 31, 2017 | Change |
|---|---|---|---|
| Tangible and intangible asset investments | 63,980 | 72,140 | (8,160) |
Other Indicators
| December 31, 2018 | December 31, 2017 | |
|---|---|---|
| PFN/EBITDA | 1.42 | 2.09 |
| Employees at December 31 (HDC) | 2,847 | 2,837 |
Traffic data (COMMERCIAL AND GENERAL AVIATION)
| Movements | Passengers (1) | Cargo (2) | ||||
|---|---|---|---|---|---|---|
| 2018 | % vs 2017 | 2018 | % vs 2017 | 2018 | % 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