Annual Report

ANNUAL REPORT Constant commitment to connecting Italy to the World Traffic growth continues and consolidates, with special focus on international flows. Fiumicino is one of the European airports most connected to China I Working to build the future The works to remake the third runway were completed; the actions taken to develop capacity are continuing II We believe quality is behind everything Initiatives are being continued to improve passenger satisfaction levels III One hundred years of history, a significant contribution to the Roman airport system Ciampino celebrated its first one hundred years of business: a gateway to Italy that in 2015 connected Rome to 66 destinations VI A driving force behind growth for all the stakeholders Consolidated economic and financial soundness supports the growth potential with a view to accountability and sustainability V Annual Report 2015 !Contents SYNTHETIC DATA AND GENERAL INFORMATION 3 MANAGEMENT REPORT ON OPERATIONS 11 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015 113 SEPARATE FINANCIAL STATEMENTS AS OF DECEMBER 31, 2015 201 RESOLUTIONS OF THE ORDINARY GENERAL MEETING OF APRIL 20, 2016 305 1 2 Annual Report 2015 !Synthetic Data and general information SYNTHETIC DATA AND GENERAL INFORMATION 3 Annual Report 2015 !Synthetic Data and general information MESSAGE TO THE SHAREHOLDERS The ADR Group achieved positive results in 2015, which within the Atlantia Group, and the actions continued to was a year when many events took place that caused finish the front building of Terminal 3 by 2016: this new considerable uncertainty, such as the turbulence in fi- infrastructure, together with departure area F, will allow a nancial markets, the widespread geopolitical instability, considerable increase in airport capacity, offering pas- serious terrorist attacks also in nearby countries. Moreo- sengers and airlines the best service levels. ver, on the night between May 6 and 7 a fire hit Fium- icino airport that made a significant part of the airport in- These development objectives pose an important chal- frastructure inaccessible, leading to a limited capacity lenge for ADR, to be faced by favoring the modernization until July 18 and to some operating repercussions still and expansion of the airport infrastructures that are al- underway. ready operational and avoiding building new areas from scratch until the traffic volumes that require it are The Group's performance, which is satisfactory as a reached. In this context, also in order to minimize the whole, is thus mainly due to the effective and efficient impact of construction sites on airport operations and on management of the infrastructure, with considerable the travel experience of passengers, focusing on service human and professional commitment from the employ- quality will remain at the core of the Group's strategy: in ees, which has allowed ADR to pursue its growth path the first part of the year, Fiumicino airport confirmed its despite the limiting operating conditions. position above the average of its European peers in 2 Traffic developed significantly in 2015, with more than 46 terms of perceived quality . million passengers using Rome's airports, up 6.1% com- pared to the previous year. Despite the mentioned oper- Actions continued in 2015 also to improve, among other ating limits affecting Fiumicino airport, the airport record- things, the quality of the infrastructure and the efficiency ed a 4.8% growth in volume, while traffic at Ciampino – of pre and post flight operations for passengers at Ro- which managed the flights diverted from Fiumicino in the man airports: all the departure bridges were replaced at period May 7 to July 18 – grew by 16.1%. The Group al- areas D and G; all the security check-points in the so continued its strategy aimed at the constant devel- Schengen area were modernized with the inclusion of opment of new partnerships with carriers not present at modern automatic lines to manage carry-on baggage; the airport and, more generally, at the increase in routes other innovative actions were also taken to improve the to connect the city with the main global destinations. airport experience such as, for example, the four pianos From Fiumicino in particular, direct flights were operated made available to passengers in the departure areas 1 towards nine destinations in China , making it one of the and in the baggage reclaim area at Terminal 3. European airports most directly connected with the Asian country. Ciampino celebrated one hundred years The positive results recorded in terms of traffic develop- of business, playing an increasingly pivotal role in the ment and financial and economic performance, com- history of Italian aviation. bined with retaining the position of solid Investment Grade, made the ADR Group a leading player in the na- The works to modernize and develop Fiumicino airport tional air transport scenario and a high profile operator in continued at operating speed, fully on schedule with the the global scene. Development plan. In 2015 the Group made investments The Group, despite an international macroeconomic – for more than 335 million euros, almost twice as much as and particularly Italian – context of persistently cautious in 2014. In particular, the works to upgrade Runway 3 improvement, intends to continue along its growth path, were completed, also by benefitting from the expertise maintaining valuable communications with the stake- 1 Including the flights to Hong Kong and Taipei. 2 Source: Airport Service Quality - Airports Council International 4 Annual Report 2015 !Synthetic Data and general information holders and the territory while guaranteeing efficient cor- commitment, passionate professionalism and recognized porate management to the market and contributing to sensitivity displayed by Mr. Lorenzo Lo Presti, who, until developing Italy's economy. his final days, headed this Group towards realizing its potential and the objectives that are properly described In submitting this document to the corporate bodies in in this Report. charge, we would like to remind them of the incessant The Chairman The Managing Director 5 Annual Report 2015 !Synthetic Data and general information FINANCIAL HIGHLIGHTS OF THE GROUP 2015 2014 CONSOLIDATED ECONOMIC-FINANCIAL RESULTS (€/000) Revenues from airport management 772,032 726,039 Gross operating income (EBITDA) 445,405 460,033 EBITDA % 57.7% 63.4% Operating income (EBIT) 268,118 271,001 EBIT % 34.7% 37.3% Net income (loss) 136,575 136,340 Group net income (loss) 136,575 136,509 Investments 335,330 172,325 12.31.2015 12.31.2014 Net invested capital 1,855,467 1,710,620 Shareholders' Equity (including minority interests) 1,090,681 1,085,176 Group Shareholders’ Equity 1,090,681 1,085,176 Net debt 764,786 625,444 Net debt/Shareholders' equity 0.7 0.6 CONSOLIDATED ECONOMIC-FINANCIAL RESULTS (€/000) 2015 2014 Net debt/EBITDA 1.7 1.4 R.O.I. (Operating income/Net invested capital) 14.5% 15.8% RATING 12.31.2015 12.31.2014 Standard & Poor’s BBB+ BBB+ Moody’s Baa2/Baa1 * Baa2/Baa1 * Fitch Rating BBB+ BBB+ * on Romulus “secured” issue. 6 Annual Report 2015 !Synthetic Data and general information OPERATING HIGHLIGHTS OF THE GROUP 2015 2014 TRAFFIC VOLUMES Movements (no./000) 368 362 Total passengers (no./000) 46,297 43,648 Total cargo (tons) 153,883 150,297 GROUP'S HUMAN RESOURCES Average headcount (no. of people) 2,808 2,365 Headcount at year end (no. of people) 3,260 2,733 Average hours of training per employee 16 12 Number of accidents (no.) 561 202 Accident severity index 6.1% 3.1% SERVICE QUALITY AND CUSTOMER SATISFACTION - FIUMICINO (%) Waiting time for baggage security checks* 95.6 93.9 Waiting time for last baggage claim* 79.6 86.7 Waiting time at domestic check-in desk* 95.9 96.5 ENVIRONMENT Electricity consumption (kWh) 163,320,314 161,833,662 Water withdrawal (m3) 2,047,000 2,185,571 Waste produced (tons) 10,877 11,176 *by the terms set by the Service Charter. ** on a 100 scale. 7 Annual Report 2015 !Synthetic Data and general information CORPORATE BODIES Board Board of Directors of Statutory Auditors (in offce until the Meeting to approve (in offce until the Meeting to approve the Financial Statements 2015) the Financial Statements 2015) CHAIRMAN CHAIRMAN Fabrizio Palenzona Maria Laura Prislei MANAGING DIRECTOR STATUTORY AUDITOR Lorenzo Lo Presti (1) Mauro Romano Andrea Carlo Tavecchio MANAGING DIRECTOR Mario Tonucci Pier Vittorio Vietti Giancarlo Guenzi (2) ALTERNATE AUDITOR DIRECTORS Fabio Margara Giuseppe Angiolini Massimiliano Troiani Luigi Barone Stefano Cao (3) Giovanni Castellucci Pier Luigi Celli Michelangelo Damasco (4) Marco Pace (5) Independent Auditor Gennarino Tozzi (years 2013-2021) SECRETARY Reconta Ernst & Young S.p.A. Michelangelo Damasco GENERAL MANAGER Gian Luca Littarru (1) Until January 30, 2016. (2) Powers attributed by the Board of Directors on February 18, 2016. (3) Resigned from April 29, 2015. (4) Co-opted, pursuant to Art. 2386 of the Italian Civil Code, on May 14, 2015; resigned from September 1, 2015. (5) Co-opted, pursuant to Art. 2386 of the Italian Civil Code, on February 4, 2015 and appointed by the Shareholders’ Meeting of April 22, 2015. 8 Annual Report 2015 !Synthetic Data and general information THE GROUP’S STRUCTURE (as of December 31, 2015) Local authorities - Latium Regional Board 1.3% - Municipality of Rome 1.3% - Rome Chamber of Commerce 0.8% - Provincial Board of Rome 0.3% - Municipality of Fiumicino 0.1% Others 0.3% 95.9% (*) Subsidiaries undertakings Investments in other companies ADR Assistance Srl Pavimental SpA 100% 20% ADR Security Srl Spea Engineering SpA 100% 20% ADR Mobility Srl S.A.CAL. SpA 100% 16.57% Airport Cleaning Srl Aeroporto di Genova SpA 100% 15% ADR Sviluppo Srl Leonardo Energia Scarl 100% 10% 1% ADR Tel SpA 99% (*) ADR SpA also holds a 25% interest in Consorzio E.T.L.

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