Board of Directors approves the first nine months 2018 results
- En-route and terminal traffic grow 9.2% and 4.2% YoY respectively, in terms of service units1
- Consolidated net revenue of 675.6 million euro (+0.4% YoY).
Revenues from operations up 6.8% partly offset by negative balance2
- Consolidated EBITDA at 234.9 million euro (+1.9% YoY)
- Consolidated net profit of 98.8 million euro, up 10.2% YoY.
The ENAV Group continued to deliver on its cost-efficiency path, through actions on specific expenditure items and on the optimization of processes among the Group companies.
Personnel costs stood at 358 million euro, up 1.1% compared with the same period last year, as a result of an increase in variable remuneration of 2.7 million euro, due to the higher overtime paid to operating staff and related to the growth in air traffic volumes handled in the period, and a result of the labor contract renewal. In the first nine months of 2018 the Company saw higher capitalized internal works, related to investment projects carried out by the subsidiary Techno Sky for the adjustment of airport weather systems, the consolidation of certain approach control services and the development of platforms for air traffic management with a positive impact of 22.9 million euro.
External costs recorded a reduction of 2.9% compared to September 30, 2017, reaching 105.5 million euro, thanks to a decrease in utilities and telecommunications expenses, and to a reduction of external consultancies and professional services through a greater use of insourcing.
For 2018 the Company confirms the guidance communicated to the market in March with net revenue growth expected to be “flat to low single digit”, as a result of the decrease in the performance scheme tariff of 2018 compensated by growth in traffic.
The solid operating performance combined with the effectiveness of cost efficiency initiatives, allow the Company to revise upwards the EBITDA margin guidance from "in line with 2017, around 32%" to "around 33%".
In terms of Capex, the Company confirms its guidance to invest approximately 125 million euro in 2018 in compliance with the programs set out in the 2018-2022 business plan. ENAV also confirms its guidance on the dividend for 2019 which is expected to increase by 4% over the dividend of 2018 approved by the AGM held on April 27, 2018, in line with the dividend policy.
As already communicated to the market, with the last transactions carried out on October 12, 2018, ENAV has completed the purchase of treasury shares, pursuant to the authorization granted by the Shareholders' Meeting held in April 2018, to be allocated to service the remuneration policies adopted by the Company. ENAV holds in portfolio 1,200,000 treasury shares, equal to 0.22151% of its share capital.
By the resolutions of the Board of Directors held on 8 November 2018, and following the appointment of the Board member Mr. Nicola Maione as Chairman of the Board of Directors of ENAV, the new composition of the board committees are as follows:
- Control, Risks and Related Parties Committee: Antonio Santi (Chairman), Mario Vinzia and Fabiola Mascardi.
- Remuneration and Appointments Committee: Carlo Paris (Chairman), Giuseppe Acierno and Maria Teresa Di Matteo.
- Sustainability Committee: Giuseppe Acierno (Chairman), Fabiola Mascardi and Carlo Paris.
ENAV informs that preliminary results at 30 September 2018, as per art. 154-ter, par. 2, of leg. Decree no. 58 of 24 February 1998 – and the independent auditor’s report – will be available for public consultation at the company’s registered office, via Salaria 716, Rome, on the company’s website www.enav.it, and on the website of the “1info” authorized storage system www.1info.it in accordance with the applicable legislation.