General Aviation traffic in Europe decreased by 0.3% in 2016 compared to the previous year. Among the top 20 European countries, Italy ranks fourth in terms of managed flights, a 0.2% decrease compared to 2015.Traffic in terms of movements decreased by 8.4% compared to 2015, which was characterised by extraordinary traffic connected to the EXPO event. On a yearly basis, there was a 5.0% decrease in aircraft tonnage, with a 3.6% increase in the average size of aircraft transiting at the airport (the average aircraft was 15.8 tonnes, compared to 15.3 the previous year).The results of the General Aviation business are not comparable due to the fact that on April 1, 2016 the Group lost control over the handling business and refuelling activity, with the transfer on that date of 60% of the shares of Signature Flight Support Italy Srl (previously Prime AviationServices SpA) to the Signature Group; following this transaction the company was fully consolidated in the SEA Group until March 31, 2016, will the 2015 financial statements included 12 months of Signature Flight Support Italy Srl. For the purposes of a better understanding of industrial changes, the results have been commented on removing the cost and revenue components from the sold activity.
The General Aviation business revenues totalled Euro 11,750 thousand compared to Euro 16,179 thousand the previous year. On a like-for-like basis (entirely excluding the 2015 and 2016 revenues of the two aforesaid companies), 2016 revenues totalled Euro 10,475 thousand compared to Euro 9,188 thousand in 2015, with a growth of Euro 1,287 thousand due to the net effect of the following factors:
- start-up of follow-me and aircraft towing activities during the year, which generated revenues for Euro 356 thousand;
- increase in revenues from hangar rentals at Linate for Euro 323 thousand;
- increase of refuelling tank rental to Prime Aviation Services starting in April 2016 for Euro 353 thousand;
- increase in advertising revenues at the Linate terminal, both for more available spaces and more retail activities for Euro 167 thousand;
- increase in revenues for management of carparks outside the Linate terminal, thanks to the new system started July 2016 for Euro 107 thousand;
- decrease in revenues from airport charges for Euro 196 thousand for fewer aircraft movements and lower tonnage.
Operating costs decreased by Euro 5,640 thousand, while on a like-for-like basis, excluding costs related to business handling and refuelling, they drop to Euro 805 thousand.Personnel costs on a like-for-like basis are aligned with those of the previous year, while costs for consumable material dropped, especially to purchase fuel and other operating costs, mainly for savings obtained in commercial costs and professional services.
EBITDA and Ebit
EBITDA amounted to Euro 6,727 thousand, up by Euro 1,210 thousand (22%) over the previous year.On a like-for-like basis EBITDA totalled Euro 6,589 thousand, for an increase of Euro 2,092 thousand (47%). The sharp increase in the profit level of the General Aviation business is due to both the growth in revenues and deconsolidation of the handling businesses.
EBIT rose compared to the previous year by Euro 1,361 thousand (Euro 2,242 thousand on a like-for-like basis) due to the phenomena described above.