Directors' Report and Financial Statements
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DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 2019 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS SAGAT AS AT 31 DECEMBER 2019 1. MEETING OF SHAREHOLDERS FIRST CALL 11/05/2020 SECOND CALL 15/05/2020 2. AGENDA FINANCIAL STATEMENTS AS AT 31/12/2019 SAGAT S.p.A. Società Azionaria Gestione Aeroporto Torino Strada San Maurizio, 12 10072 Caselle Torinese (TO) www.torinoairport.com Share capital € 12,911,481 fully paid in Company subject to the management and coordination of the company 2i Aeroporti S.p.A. Economic Administrative Register (R.E.A.) no. 270127 Register of Companies of Turin, Tax ID and VAT no. 00505180018 3 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 General contents Contents Shareholding structure as at 31/12/2019 9 Governance bodies as at 31/12/2019 9 1 1 Directors’ report for the Company as at 31/12/2019 pag. 10 Directors’ report for the Company 10 SAGAT S.p.A. Highlights 2019 12 1.1 Events of note in the year 2019 14 2 1.2 The shareholding structure 28 Financial statements of the Company as at 31/12/2019 pag. 104 1.3 The regulatory framework 29 1.4 Traffic 31 1.5 Analysis of the income statement 42 1.6 Analysis of the balance sheet 47 3 1.7 Analysis of cash flow 50 Directors’ report for the group as at 31/12/2019 pag. 184 1.8 Trends of main financial ratios 51 1.9 Digital Innovation and IT Systems 56 1.10 Retail activities 58 1.11 Quality 60 4 1.12 Public Relations and Communication 67 Consolidated financial statements as at 31/12/2019 pag. 224 1.13 The environment 72 1.14 Staff and organisation 77 1.15 Investments 85 1.16 Litigation 86 5 1.17 Privacy 92 Annexes pag. 282 1.18 Risk factors 92 1.19 Financial instruments 92 1.20 Equity investments 94 1.21 Information on the management and coordination of the Company 98 1.22 Relations with subsidiaries, associated enterprises, parent companies and other enterprises subject to the control of the parent companies 99 1.23 Own shares and shares of the parent company 100 1.24 Research and development activities 100 1.25 Secondary offices 100 1.26 Foreseeable developments for 2020 101 1.27 Proposals on the allocation of the year-end results 103 4 5 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 2 3.9 Staff and organisation 205 3.10 Investments 213 Financial statements of the Company as at 31/12/2019 104 3.11 Equity investments 213 2.1 Balance sheet and income statement of SAGAT S.p.A. 106 3.12 Litigation 213 2.1.1 Balance sheet of assets 106 3.13 Privacy 214 2.1.2 Balance sheet of liabilities 110 3.14 Risk factors 214 2.1.3 Income statement 113 3.15 Own shares and shares of the parent company 220 2.1.4 Statement of cash flow of SAGAT S.p.A. 116 3.16 Research and development activities 220 2.2 Notes to the financial statements of SAGAT S.p.A. 118 3.17 Financial instruments 220 2.2.1 Introduction 118 3.18 Foreseeable developments for 2020 222 2.2.2 General principles 118 2.2.3 Drafting principles 119 2.2.4 Criteria followed in item valuation, value adjustment 4 and foreign currency translation 120 Consolidated Financial Statements as at 31/12/2019 224 2.2.5 Balance sheet details 128 Balance sheet – Assets 128 4.1 Consolidated balance sheet and income statement 226 Balance sheet – Liabilities and equity 148 4.1.1 Consolidated balance sheet: Assets 226 2.2.6 Information on the income statement 161 4.1.2 Consolidated balance sheet: Liabilities 230 2.2.7 Other information 169 4.1.3 Consolidated income statement 233 2.3 Report of the statutory auditors on the Financial Statements of SAGAT S.p.A. 174 4.1.4 Statement of cash flow of SAGAT Group 236 2.4 Report of the independent auditors on the Financial Statements of SAGAT S.p.A. 180 4.2 Notes to the consolidated financial statements 238 4.2.1 General principles and drafting principles for the consolidated financial statements 238 4.2.2 Criteria applied in item valuation, value adjustment and foreign 3 currency translations in the Consolidated financial statement 242 Directors’ report for the Group as at 31/12/2019 184 4.2.3 Details of the most significant items of the Consolidated financial statements 250 4.2.4 Other information 276 SAGAT Group Highlights 2019 186 4.3 Report of the Independent Auditors on the Consolidated Financial Statements 278 3.1 Summary and general information about the Group 188 3.2 Traffic 188 3.3 Analysis of the income statement 190 3.4 Analysis of the balance sheet 194 5 3.5 Analysis of cash flow 198 ANNEXES 282 3.6 Trends of main financial ratios 199 3.7 Retail activities 204 Balance Sheet and income Statement of SAGAT Handling S.p.A. 284 3.8 Quality 204 Balance Sheet and income Statement of Aeroporti Holding S.p.A. 289 6 7 SAGAT - RELAZIONE E BILANCIO 2019 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 Shareholding Structure as at 31/12/2019 2i Aeroporti S.p.A. 90.28% Tecno Holding S.p.A. 6.76% Own shares 2.96% TOTAL 100% Governance Bodies as at 31/12/2019 BOARD OF DIRECTORS Elisabetta OLIVERI Chairwoman Andrea ANDORNO Chief Executive Officer Rita CICCONE Director Jean Jacques DAYRIES Director Antonio LUBRANO LAVADERA Director Paolo MIGNONE Director Laura PASCOTTO Director Daniele RIZZOLINI Director BOARD OF AUDITORS AL 31/12/2019 Roberto NICOLÒ Chiarman of the Board of Auditors Piera BRAJA Standing Auditor Ernesto CARRERA Standing Auditor Lorenzo GINISIO Standing Auditor Egidio RANGONE Standing Auditor Edoardo ASCHIERI Alternate Auditor Maddalena COSTA Alternate Auditor SECRETARY Pietro Paolo PAPALE 8 9 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 1 Directors’ report for the company as at 31/12/2019 10 11 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 SAGAT S.p.A. Highlights 2019 TRAFFIC SIGNIFICANT EVENTS OCCURRED In 2019 the Turin Airport served 3,952,158 AFTER 31 DECEMBER 2019 passengers, with a traffic reduction by 132,765 passengers, 3.3% less than in 2018. 3,952,158 PASSENGERS IN 2019 On 30 January 2020 the Transport Authority validated the rates for the period 2020-2023. The new rates became effective on a temporary basis from 1 January 2020, and have become final with the enforcement of the corrections provided for in Resolution 20/2020, effective from 29 March 2020. MAIN INCOME AND FINANCIAL INFORMATION As of the closing date of this annual report there is a major health emergency under way, due to the spread The most relevant income components for the year 2019 are shown below, of the Covid-19 pandemic, as a consequence of which many competent authorities worldwide have imposed compared with the figures from the preceding year. specific and strict limitations to passenger flights. The Italian authorities in particular have issued a number of rules imposing, inter alia, strong limitations to people 66,12 circulation and ultimately banned prohibited the continuation of business activities until April 13. +13% 58,596 The Turin Airport was asked to continue to provide its operative services under the Decree issued by the Ministry +21.7% of Infrastructures and Transport on 12 March 2020. The earnings The EBITDA +35.9% amount to €66,212 amount to €18,725 The EBT thousand, thousand, amount to €13,867 13% more than 21.7% more than thousand, 18,725 the €58,596 15,382 the €15,382 35.9% more than INCREASED REDUNDANCY INVESTMENTS ACTIVATION 13,867 thousand recorded thousand recorded the €10,207 thousand EFFICIENCY FUND POSTPONEMENT OF CREDIT LINES 10,207 in the 2018 in the 2017 recorded in the 2018 annual report. annual report. annual report. PREDICTABLE DEVELOPMENTS Investments About €10,796 thousand on Notwithstanding a generally uncertain scenario, the development, impact and duration of which cannot be aggregate were The net predicted, SAGAT will continue to implement its intervention plan, aimed, on one hand, at protecting the invested during financial +62.6% health of its employees and passengers and the entire airport community, abiding by the rules imposed the year in position by the competent authorities and, on the other hand, at coping with the heavy drop in corporate earnings. +27.9% infrastructures -29.3% is positive by €8,104 and systems that thousand and has In the awareness that the potential economic and financial effects of the COVID-19 emergency cannot be allowed the company decreased by €3,355 estimated for the time being, the Company will focus on monitoring the progress of the phenomenon in to improve order to guarantee economic stability and preservation of occupational levels, by implementing all the The profit 10,796 the quality of the thousand compared mounts to €9,552 6,640 to the €11,458 services provided and 11,458 actions needed to secure business continuity and the return to previous profitability levels if and when the 9,552 8,104 7,470 thousand (€7,470 maintain high airport thousand recorded as air transportation demand recovers. thousand in 2018). safety standards. at 31 December 2018. 2018 2019 Euro thousand 12 13 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 SAGAT - REPORT AND FINANCIAL STATEMENTS 2019 1.1 Events of note in the year 2019 Company Report Dear Sirs, In 2019, the Turin Airport serviced 3,952,158 and the added feature of a tourist information in emissions, compared to the benchmark important events that occurred during the year passengers, recording decreased traffic of 132,765 point.