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Toscana Aeroporti Financial Statement 2018

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Toscana Aeroporti Financial Statement 2018 Gruppo Toscana Aeroporti - Toscana Aeroporti Group 2018 FINANCIAL STATEMENT This report is available in the Investor Relations section of Toscana Aeroporti’s website at www.toscana-aeroporti.com Toscana Aeroporti S.p.A. Via del Termine, 11 – 50127 Firenze - www.toscana-aeroporti.com R.E.A. FI-637708 - Fully paid-up Share Capital € 30,709,743.90 VAT Number and Tax Code: 00403110505 Summary 1. COMPOSITION OF THE SHARE CAPITAL OF THE PARENT COMPANY ....................................... 4 2. THE OWNERS OF THE PARENT COMPANY ...................................................................................................... 5 3. CORPORATE GOVERNANCE ......................................................................................................................................... 5 4. STOCK PERFORMANCE .................................................................................................................................................... 6 5. MACROSTRUCTURE OF THE TOSCANA AEROPORTI GROUP .......................................................... 7 6. COMPOSITION OF CORPORATE GOVERNING BODIES .......................................................................... 9 7. HIGHLIGHTS ............................................................................................................................................................................. 10 8. BUSINESS YEAR’S PROFILE .......................................................................................................................................... 11 8.1 THE MACROECONOMIC SCENARIO AND THE AIR TRANSPORT INDUSTRY .................... 11 8.2 TRENDS IN THE TUSCAN AIRPORT SYSTEM’S TRAFFIC .................................................................... 12 • 8.2.1 Traffic trends in the Pisa ”Galileo Galilei” airport ....................................... 15 • 8.2.2 Traffic trends in the Florence ”Amerigo Vespucci” airport .................... 19 9. SIGNIFICANT EVENTS OCCURRED IN 2018 ................................................................................................... 23 10. TOSCANA AEROPORTI GROUP'S OPERATING RESULTS ................................................................. 26 • 10.1 Consolidated Income Statement .................................................................. 26 • 10.2 Consolidated Statement of Financial Position ......................................... 32 • 10.3 Analysis of financial flows ................................................................................ 34 • 10.4 Consolidated Net Financial Position ........................................................... 35 • 10.5 Trends of key consolidated financial ratios ................................................. 36 11. THE GROUP’S INVESTMENTS ................................................................................................................................... 37 12. HUMAN RESOURCES ..................................................................................................................................................... 39 13. OCCUPATIONAL HEALTH & SAFETY .................................................................................................................. 40 14. INFORMATION ON IT SECURITY AND PRIVACY UNDER REGULATION (EU) 2016/679 .................................................................................................................................................................................................................. 43 15. RESEARCH & DEVELOPMENT ................................................................................................................................. 43 16. RELATIONSHIPS WITH THE OTHER ENTITIES OF THE GROUP AND WITH RELATED PARTIES ............................................................................................................................................................................................ 44 17. INFORMATION ON THE PARENT COMPANY, ITS SUBSIDIARIES, AND THEIR RELATIONSHIPS ......................................................................................................................................................................... 46 2 • 17.1 Toscana Aeroporti SpA ........................................................................................ 46 • 17.2 Parcheggi Peretola Srl ........................................................................................ 46 • 17.3 Toscana Aeroporti Engineering Srl ................................................................. 48 • 17.4 Jet Fuel Srl .............................................................................................................. 50 • 17.5 Toscana Aeroporti Handling S.r.l. .................................................................... 52 18. MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED ........................ 54 19. SIGNIFICANT EVENTS OCCURRED AFTER 31 DECEMBER 2018 .................................................. 57 20. DISCLOSURE PURSUANT TO ART. 149-DUODECIES OF CONSOB'S ISSUER REGULATIONS ............................................................................................................................................................................. 58 21. OUTLOOK ................................................................................................................................................................................. 58 22. PROPOSED ALLOCATION OF THE YEAR’S PROFITS ............................................................................ 58 CONSOLIDATED FINANCIAL STATEMENTS – REPORTS AT 31 DEC. 2018 .................................... 59 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 31 DEC. 2018 ...................................................................................................................................................................................................... 66 ANNEXES TO THE 2018 CONSOLIDATED FINANCIAL STATEMENT ................................................ 116 CERTIFICATION OF THE 2017 CONSOLIDATED FINANCIAL STATEMENT ................................. 123 INDEPENDENT AUDITORS’ REPORT ...................................................................................................................... 124 SEPARATE FINANCIAL STATEMENTS – REPORTS AT 31-DEC-2018 ................................................ 130 EXPLANATORY NOTES TO THE FINANCIAL STATEMENTS AT 31-DEC-2018 ........................... 137 ANNEXES TO THE 2018 FINANCIAL STATEMENT .......................................................................................... 181 CERTIFICATION OF THE 2018 ........................................................................................................................................ 187 INDEPENDENT AUDITORS’ REPORT ...................................................................................................................... 188 • BOARD OF AUDITORS’ REPORT ........................................................................... 194 3 Dear Shareholders, the Report on Operations for the Consolidated Financial Statements of Toscana Aeroporti S.p.A. (Hereinafter also briefly referred to as “ TA ” or the “ Holding ”/” Parent Company ”) and its subsidiaries (hereinafter the “TA Group”) and for the Separate Draft Financial Statement at 31 Dec. 2018, approved by the Board of Directors on 14 March 2019, have been prepared in compliance with the provisions of CONSOB Resolution no. 11971 of 14 May 1999 and includes the accounting records and the Directors' comments on management trends and the most significant events that took place in 2018 and after the closing of the year on 31 Dec. 2018. The tables provided and commented below have been prepared based in the Consolidated Financial Statements at 31 Dec. 2018, to which we refer the readers of this document, since, pursuant to the applicable legislation, we considered it more appropriate to prepare a single Report on Operations and provide an analysis of the most significant economic-financial trends, i.e. consolidated data. The Consolidated Financial Statements and Year's Balance Sheet for the year ended 31 Dec. 2018 have been prepared in compliance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standard Board ("IASB") and ratified by the European Union. The acronym “IFRS” also includes the International Accounting Standards (IAS) in force to date, as well as all the interpretation documents issued by the International Financial Reporting Interpretations Committee (“IFRIC”), previously called Standing Interpretations Committee (“SIC”), and in compliance with the measures issued to implement art. 9 of Leg. Dec. no. 38/2005 (CONSOB Resolution no. 15519 of 27 July 2006 concerning “Provisions on financial statements”, CONSOB Resolution no. 15520 of 27 July 2006 concerning “Amendments and additions to the Issuers’ Regulation adopted with Resolution no. 11971/99”, CONSOB Notice no. 6064293 of 28 July 2006 concerning “Company disclosures required by to art. 114, paragraph 5, of Leg. Dec. no. 58/98”). Toscana Aeroporti S.p.A. is a group incorporated to manage and develop the “Galileo Galiliei” airport in Pisa and the “Amerigo Vespucci” airport in Florence in terms of air traffic, infrastructures and passenger services. Accounting information as at 31 December 2018 includes data regarding the Parent Company “Toscana Aeroporti S.p.A.” and its subsidiaries Toscana Aeroporti Engineering S.r.l. (hereinafter “TAE”), “Parcheggi
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