Investor Day
FY 2023 results and New opportunities in non-regulated markets
Milan, 21 March 2024
FY 2023 results
Full Year 2023 Highlights
REGULATED
BUSINESS
NON-REGULATED
BUSINESS
ESG
STRATEGIC
CAPEX
FINANCE
- FY2023 en-route traffic volume up 11% vs. FY2022 and above 5.7% of the pre-pandemic level
- Italian RP4 (2025-2029) Performance Plan will be likely approved by European Commission by the end of December 2024
- Confirmed to be the 4th largest ANSP amongst Member State subject to EU Performance Scheme
- One of the best performer for quality and safety of service, reached 2023 performance on punctuality
- Non-regulatedrevenue high-single digit growth driven by activity in international markets
- Group Sustainability Policy approved
- Reduction of Scope 1 and 2 emissions by more than 85% and "A-" score from CDP - Climate Change
- First ANSP to achieve Carbon Neutrality
- Turin and Venice APPs1 integration at ACCs1 completed
- AMAN1 implementation in Milan ACC1 completed
- TCT-A1 in 4 ACCs1 completed
- FY2023 results in line or above guidance
- Total revenus at record level of €1b (up 5.9% YoY) supported by core business and non-regulated market
- EBITDA at €300.1m (up 10.2% YoY) with EBITDA margin of 30.0%
- Net Profit at €112.7m (up 7.9% YoY)
- Strong balance sheet with both Gross Debt and Net Debt reduction
- Dividend proposal: €124.5m to be distributed on May 29th, 2024, equivalent to 0.23 euro per share
1. APP: Approach Unit - ACC: Area Control Center - AMAN: Arrival Management - TCT-A: Tactical Control Tool Automatic
2
Full Year 2023 Results
En-route traffic
10.6m SUs1
+11.0% vs. FY 2022
Terminal traffic
999.2k Sus1
+10.9% vs. FY 2022
EBITDA
€300.1m
+10.2% vs. FY 2022
EBITDA margin
30.0%
Average Minutes
En-route Delay per
flight2
0.01 vs. 0.04
Net Result
€112.7m
+7.9% vs. FY 2022
Total Revenue
€1,000.0m
+5.9% vs. FY 2022
CAPEX
€110.5m
+13.0% vs. FY 2022
Non-Reg. Revenue
€43.1m
+7.9% vs. FY 2022
Net Financial Debt3
€322.3m
vs. €407.8m in FY 2022
2
Net Debt/FY 2023 EBITDA
1.07x
1. | Excluding exempt flights not communicated to Eurocontrol (for En-route 3,254 SUs and for Terminal 906 SUs) | 3 |
2. | Related to ENAV causes (CRSMTP) | |
3. Net Financial Debt includes Trade Payable, as per Consob indication n. 5/21 issued in May 2021, of €19.1m in FY 2023
Sustainability Performance in 2023
ENAV's Sustainability Plan 2021-2024
The Sustainability Plan, based on 6 main Assets, defines a series of actions, based on the United Nations 17 Sustainable Development Goals (SDGs),
on which the ENAV Group will be committed in the period and that pursue the full integration of ESG elements in all Group's activities
2021 - 2024 Sustainability Plan
PURPOSE | STATUS | 2023 GOALS |
2023 Achievements | |
Over 229 million | CDP Climate Change |
Strategy and Governance
Policies
Technological Innovation
Reporting and Communication
Corporate
Culture
Climate Change
5 objective (12 target)
8 objective (9 target)
7 objective (14 target)
7 objective (8 target)
11
objective
(14 target)
12
objective
(16 target)
All targets
were
achieved
All targets
were
achieved
10 out of
14 targets achieved
3 out of
8 targets achieved
All targets
were
achieved
13 out of
16 targets achieved
100% of core suppliers assessed
against ESG criteria
Maintenance of certifications
ISO 37001 and ISO 45001
AMAN implemented also in
Milano ACC to manage arrivals in Malpensa, Linate, and Bergamo
Improve internal and external communication on sustainability
New recruiting tool to assess ESG
sensitivity of new hires
Increase in self-generated energy
from renewable sources with
photovoltaic systems
kg of CO₂ avoided | score «A-» ESG Rating |
Free Route Project Impact | |
(range from D to A) | |
Reduction of Scope 1 and 2 | More than 230,000 hours |
emissions by more than 85% | of classroom and e-learning |
compared to 2019 | training |
73% of company car fleet | Group Sustainability |
replaced with electric, hybrid, | |
Policy approved | |
plug-in cars |
Scope 1 and 2 emissions Market Based (ton CO₂e)
34,500 | 31,064 | Scope 1 | |||||
23,891 | Scope 2 | ||||||
4,316 | 3,537 | 4,781 | 4,300 | 3,005 | 3,783 | 1,373 | |
2019 | 2020 | 2021 | 2022 | 2023 |
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FY 2023 Main Traffic Trends - En-route
Traffic breakdown by service units | Quarterly service units trend1 | |||||||||||||
FY 2023: 10,618,354 1 ➔ +11.0% YoY | ('000/%) | |||||||||||||
3,314 | 3,477 | |||||||||||||
2,574 | 2,825 | |||||||||||||
National | 2,384 | 2,424 | ||||||||||||
2,181 | ||||||||||||||
17% | 1,827 | 1,893 | ||||||||||||
1,493 | ||||||||||||||
1,016 | ||||||||||||||
Overflight | 556 | |||||||||||||
44% | ||||||||||||||
International | ||||||||||||||
39% | En-Route 2021 | En-Route 2022 | En-Route 2023 | |||||||||||
1Q | 2Q | 3Q | 4Q | |||||||||||
- FY 2023 En-route service units up 11.0%1 YoY as a combined result of:
- International service units up 17.4% YoY
- Overflight service units up 12.3% YoY
- National service units slightly decrease of 2.4% YoY, having already recovered pre-pandemic volumes in 2022
- FY 2023 En-routeservice units grew 5.7%1 compared to the pre-pandemic 2019, which was a record year for air traffic volume in Italy
- 4Q 2023 traffic1 shows a strong YoY growth at 11.2% also supported by an extended summer season
1. Excluding exempt flights not communicated to Eurocontrol (3,254 SUs)
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FY 2023 Main Traffic Trends - Terminal
Traffic breakdown by service units | Quarterly service units trend1 | ||||||||
FY 2023: 999.1921 ➔ +10.9% YoY | ('000/%) | ||||||||
International | 285 | 303 | |||||||
267 | |||||||||
66% | |||||||||
Zone 1 | 247 | ||||||||
218 | 212 | 237 | |||||||
21% | |||||||||
192 | |||||||||
Zone 3 | 181 | ||||||||
156 | |||||||||
45% | 98 | ||||||||
54 | |||||||||
National | Zone 2 | ||||||||
34% | |||||||||
34% | Terminal 2021 | Terminal 2022 | Terminal 2023 | ||||||
1Q | 2Q | 3Q | 4Q |
- FY 2023 Terminal service units up 10.9%1 YoY driven by :
- Traffic increase in all three charging zones
- International traffic up 18.0% YoY
- National traffic stable YoY, having already recovered pre-pandemic volumes in 2022
- FY 2023 Terminal service units reached 98.2%1 of the volume recorded in the year 2019
- 4Q 2023 Terminal traffic1 is up 11.5% vs 4Q 2022
1. | Excluding exempt flights not communicated to Eurocontrol (906 SUs) | 6 |
FY 2023
Financial Overview
Total Revenue Performance
Total Revenue Breakdown | Non-Regulated Revenue | |||||||||||||||||
€m | +5.9% | 1,000.0 | €m | |||||||||||||||
944.3 | 92.2 | +1.8% | ||||||||||||||||
90.5 | +7.9% | 43.1 | ||||||||||||||||
241.0 | 39.9 | |||||||||||||||||
220.5 | +9.3% | |||||||||||||||||
648.2 | 695.0 | +7.2% | ||||||||||||||||
-14.8 | -28.1 | |||||||||||||||||
FY 2022 | FY 2023 | |||||||||||||||||
FY 2022 | FY 2023 | |||||||||||||||||
Balance | En-route | Terminal | Other 1 | |||||||||||||||
FY 2023 total revenue increased 5.9% YoY (+€55.7m) mainly driven by a solid growth in the core business and non-regulated market
- En-routerevenue up 7.2% YoY (+€46.8m) owing to increased air traffic volume, despite the YoY tariff reduction
- Terminal revenue up 9.3% YoY (+€20.5m) driven by increased air traffic volume, coupled with almost stable YoY tariff
- Non-regulatedrevenue up 7.9% YoY (+€3.2m), mainly thanks to activities performed abroad
- FY 2023 negative balance contribution for €28.1m mostly due to:
- €77.7m of positive balance accrued in the period mainly coming from the combined effect of the following balances:
- positive inflation balance related to the year 2022 and 2023
- positive balance as a consequence of the increased interest rate
- positive balance from the achieved bonus on performance
- negative balances linked to depreciation and EU grants
- € 2.9m of negative balance actualization
• €100.4m of negative balance mainly coming from 2020/2021 traffic balance reversal | 8 |
1. "Other" includes non-regulated revenue, revenue from En-route and Terminal exemptions, opex contributions and other operating income
Cost Evolution
Total operating costs
€m
+4.1% | 700.0 | ||||
672.1 | |||||
155.7 | 160.6 | +3.1% | |||
544.0 | 568.3 | +4.5% | |||
-27.6 | -28.9 | +5.0% | |||
FY 2022 | FY 2023 | ||||
Capitalized internal works Personnel costs Other operating expenses
Focus on personnel cost
€m
+4.5% | |||
544.0 | 568.3 | ||
156.4 | 165.1 | ||
80.9 | 94.0 | +16.2% | |
306.7 | 309.1 | +0.8% | |
FY 2022 | FY 2023 |
Fixed remuneration Variable remuneration Social security contributions & Other Costs
FY 2023 total cost increased 4.1% YoY (+€27.8m) as a consequence of:
- Personnel cost growth of 4.5% YoY (+€24.3m) mainly due to:
- variable remuneration increase (+€13.1m), as a response of the considerable growth of air traffic volume
- fixed remuneration increase (+€2.4m) mainly due to the operative headcount growth
- social security contributions rise (+€3.8m) due to fixed and variable components increase
- other personnel expenses increase (+€3.1m) mainly due to redundancy incentive and higher health personnel insurance costs
- Other operating expenses increased 3.1% YoY (+€4.9m) mainly due to higher Eurocontrol contribution and other costs, partially offset by a reduction in energy costs
- Capitalized internal works increased 5.0% YoY (+€1.4m) mainly related to Group personnel activities in investment projects
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1. ATC: Air Traffic Controller
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ENAV S.p.A. published this content on 21 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 13:03:05 UTC.