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Consolidated Non-Financial Statement 2017 Pursuant to Italian Legislative Decree 254/2016 Contents 2 Letter to stakeholders 4 Methodological note 7 Who we are and what we do 20 Market overview 39 Our Governance 48 Integrating sustainability into the business 73 Our socio-economic impact 88 Management and development of infrastructure 113 Value generated by the Aviation Business 134 Value generated by the Non-Aviation Business 149 Management efficiency and productivity 174 Future objectives 181 Other Sustainability performances 200 Analysis of the Boundary of the material topics and reconciliation with GRI Standards 203 GRI Content Index 214 Independent Auditors’ Report Consolidated Non-Financial Statement 2017 • 1 Letter to Stakeholders Our company enjoyed an excel- above the low of 2009. (while posting a 1.4% decline in lent year in 2017, in terms of both passengers tied to the transfer traffic volumes - up by 9.0% for The process took a decade to com- of several Continental routes to passengers and by 7.1% for cargo plete and was not an easy one. Malpensa). It remains essential to (compared to the Italian national business traffic and continues to averages of +6.4% and +9.2% re- It was supported by efforts to rank among the best-connected spectively) - and of operating re- promote Milan from 2015 and city airports in Europe located in a sults, with an increase in EBITDA was also made possible by SEA's major metropolitan center. from Euro 239.8 million to Euro commitment to revamping its in- 264.0 million (net of non-recurring frastructure - beginning with the SEA is committed to building on revenues and costs). radical restyling of Terminal 1 - by its current success in pursuit of boosting operating efficiency and sustainable, high-quality develop- The results for the year are also by cultivating relationships with ment. significant as marking a fundamen- new carriers and routes. tal shift, the effects of which will The aspects of sustainability con- persist for some time: the end of Today Malpensa is well positioned sidered extend to all of the crucial a long period of difficulty that be- to lay claim to being one of Eu- dimensions of an airport's exist- gan in 2008 with the de-hubbing rope's foremost “point-to-point” ence, starting with the fundamen- by Alitalia and the dawn of a new intercontinental airports. Its com- tal value of security. era in which the Milan airport sys- petitive strengths include the tem and its management company number of airlines serving it, the The company remains committed can legitimately aim to compete lower level of concentration of to refining its methods of measur- with Europe's foremost airports, these airlines than at most com- ing the actual and perceived quali- in keeping with the renewed am- peting airports (the main airline ty of our infrastructure and the re- bitions of the local community and carries approximately one-third of lated services, while continuing to its metropolitan center. its passengers), its extensive cata- improve them. In 2017 progress logue of routes and destinations was made on almost all indicators, Malpensa began a new chapter and its significant potential for but there is always room for fur- in its history in 2017, ending its additional development before ther improvement. traditional dualistic relationship reaching the levels of saturation with Linate and returning to its typical of many other large and Collaborative, concerted and mo- originally intended role as a cru- mid-size European airports, which tivated shareholders are also es- cial component of northern Italy's not infrequently prove highly con- sential to sustainable growth. The infrastructure serving both short straining for growth. company has set itself challenging and long-haul passengers and car- organizational goals, based on in- go routes. Malpensa reported for Malpensa is Europe's fifth-largest vesting in individual responsibil- 2017 passenger number growth cargo airport and in 2017 it ac- ity in view of trust, proactive col- of 14.1%, a gain of more than counted for 52% of the total vol- laboration and a result-oriented twice the Italian national average ume of goods handled by Italian approach, which are expected to and outperforming the European airports. yield measurable results in terms average by 7.9 percentage points, of the quality of the overall per- finally approaching the previous As Malpensa grows, Linate is formance and the sustainability of high reached in 2007 and 27% consolidating its traffic volumes results over the medium term. Consolidated Non-Financial Statement 2017 • 2 METHODOLOGICAL NOTE Within the framework of con- The topics discussed in this doc- stant, transparent dialogue with ument have been classified by trade unions, SEA remains com- stakeholder (environment, per- mitted to training (dedicating sonnel, passengers, suppliers, over 57,000 hours, equivalent to etc.), but have been rearranged training for 33 people every day), into four sections, each of which improving working conditions and represents a pillar of our business safeguarding company welfare. plan (management and devel- The many facets of this commit- opment of infrastructure, traf- ment include measures aimed at fic growth, development of the meeting old and new needs and non-aviation business, and effi- initiatives that seek to set a better ciency and productivity). It is our work-life balance. view that environmental, social and stakeholder relations issues As part of this same process, dia- are not an extraneous addition to logue with local communities con- the business process but the nat- tinues, in constant pursuit of the ural next step in this process, in steps taken thus far to lend sub- best possible balance between which to invest to facilitate - or at stance and concreteness to our opportunities for airport growth least to avoid undermining or de- commitment to assume responsi- - a valuable means of connecting laying - pursuit of the goals which bility for the consequences of our communities and providing em- we have set for ourselves. actions - emphatically includes the ployment - and strict compliance perspectives of our stakeholders. with environmental restrictions. Our policies, which describe how we approach our stakeholders' in- In conclusion, the efforts made by The process of drafting and ap- terests and the prerogatives they SEA - even in difficult years - to pro- proving the Malpensa Master Plan express in their relations with us, tect and develop a harmonious air- is based on a transparent, partici- are not mere impromptu reflec- port system with the capacity for patory process that is destined to tions, but rather organic compo- sustainable growth, capable of liv- yield positive results. nents of a governance model in ing up to the ambitious goals and support of our sustainability strat- potential of its community, bore The quality of growth is particular- egy - described in a specific sec- fruit in 2017 - in terms of both op- ly focused on, as required by law, in tion of this document - designed erating results and traffic growth. this Non-Financial Statement dedi- to ensure consistency and depth cated to social, environmental and for our fundamental vision. Now the challenge is to ensure governance sustainability, along- excellence, to promote the devel- side the Financial Statements. We have provided a thorough ac- opment of the Milan metropolitan count of our airports' competitive area and to provide Lombardy with SEA regards non-financial report- performance, in which we seek to increasingly efficient, accessible ing as a challenge with deep roots combine a representation of the and well-connected airports, to in its business, in view of the need financial side of our business with help meet the challenges posed by seen in recent years for an increas- a discussion of the actual quality globalization and boost the region's ingly clear and measurable ac- of the aviation and non-aviation attractiveness and hospitality. count of that intensive process of services provided, from the per- exchanges of value with our stake- spective of their users. SEA has prepared itself for this holders that serves as a founda- challenge above all through the tion for our resilience in the face The gradual refinement of methods dedication of its workers, who of adversity, as well as for our as- of estimating the direct and indi- deserve the company's gratitude pirations to excellence. rect socio-economic effects of our for the results that have been airports' operations for the benefit achieved thus far and that will cer- The strategic key to interpreting of the local community allows us to tainly continue into the future. this document has been clear- provide an extensive, effective ac- ly provided in the form of the count of our overall impact. Pietro Modiano arrangement of the topics dis- Chairperson cussed. Our performance in environmen- tal and social terms - reflecting the Consolidated Non-Financial Statement 2017 • 3 Methodological note METHODOLOGICAL NOTE Methodological note The SEA Group (hereinafter also In contrast with previous years, out in Art. 3 of Legislative Decree the “Group”) has been publishing the 2017 Sustainability Report 254/2016. an annual Sustainability Report was drafted according to the GRI according to the GRI Guidelines Sustainability Reporting Stand- The non-financial disclosures con- since 2010. ards (2016) and the Airport Op- tained in the NFS reflect the prin- erators Sector Disclosures (2014), ciple of materiality or relevance, a Starting this year, the 2017 CSR both published by the Global Re- key characteristic of the GRI Stand- Report (hereinafter the “Sustain- porting Initiative (GRI), according ards that is also defined in the ref- ability Report”) represents the to the core option. The GRI Con- erence legislation: the materiality Group's first Consolidated Non-Fi- tent Index has been included at analysis process is described in the nancial Statement (“NFS”), con- the end of the document, with the section “Prioritizing our commit- cerning the Group's performance aim of providing a full account of ments: the materiality matrix”.

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