Annual Report 2012

Put Rome At the centRe of the woRld Annual Report 2012 our mission Put Rome at the centre of the world The Gemina Group manages the Rome airport system with the aim of supporting the constant expansion of its market by guaranteeing a service that is in line with international top quality standards through the state-of-the-art and constantly maintained infrastructures and systems available. the Group is committed to developing the airport capacity to face the traffic growth expected by 2044 (about 100 million passengers). I figures Infrastructure worthy of a capital city With over 41.5 million passengers a year, the Rome airport system represents the most important transport infrastructure in the whole of Italy. the "leonardo da Vinci" airport alone manages a traffic of 37 million passengers (about 30% of the entire national market), making it the main Italian airport, the sixth hub and the seventh airport in europe in terms of traffic volume. II market More than 200 routes for one destination The Rome airport system enjoys a strategic position due to both the attractiveness of one of the most sought after tourist destinations in the world and its geographic position, which is central with respect to the Italian peninsula and the entire Mediterranean area. the more than 100 airlines that service fiumicino and ciampino airports with about 230 routes can also count on a catchment area that provides a user base of 12 million potential passengers in a radius of only 250 km. III Investments We give value to our future In the last ten years the Gemina Group has invested almost one billion euro in the maintenance and safety of the existing assets, entirely relying on self-financing despite the absence of a reference tariff framework. A significant increase in expenditure for the creation of new structures is expected already this year, thanks to the approval of the new Planning Agreement - 1.2 billion in the first 4 years (2013- 2016) and 3.1 billion in the first 10 years (2013-2022) to progressively reach about 12 billion euro until the end of the concession. IV Quality management A commitment taking us high up Despite the limitations imposed by the infrastructural saturation, the quality of the services offered to carriers and passengers is improving progressively thanks to restructuring and managerial optimization actions. In 2011 IAtA certified such progress by awarding the “leonardo da Vinci” airport the Best Improvement premium for the improvements attained in baggage handling. moreover, in 2012 fiumicino proved to be the european airport with the lowest number of left behind baggage. V People We invest in our most valuable asset To encourage the human and professional growth of our about 2,300 employees, the Group actively promotes the spreading and sharing of knowledge by constantly investing in training programs. 13,000 hours of courses were held last year to develop the key skills of the various professional figures and promote a well-rooted safety culture at all levels, which is an indispensable element to safeguard the well-being of our employees. VI environmental sustainability Aiming for the sky while respecting the earth The Gemina Group works while respecting the environment. thanks to the saving actions implemented in the last three years, in 2012 the energy consumption of the leonardo da Vinci airport decreased by 23,000,000 kwh compared to the trend data, with a 13% saving equivalent to the average consumption of 25,000 inhabitants. this result was possible thanks to some actions taken by the Group: extraordinary maintenance, calibrations and supply adjustments, in addition to an intense awareness-raising campaign addressing the employees and external bodies. fiumicino development will go hand in hand with high environmental sustainability, thanks to the self- production of energy by using renewable sources, the harmonization of the new infrastructures with the local territorial context, the integrated management of the waste cycle and the conduction of advanced environmental mitigation projects. VII Growth prospects Italy restarts from here The Rome airport system significantly contributes to the economic development of the Lazio region and the whole of Italy. A traffic increase of one million passengers a year at both airports corresponds to about 1,000 direct and 4,000 indirect jobs created, in addition to obtaining an added value higher than 400 million euro. moreover, the implementation of the new development plan approved in 2012 will result in 30,000 new employees in the next 10 years to reach about 230,000 in 2044, combined with a rise in GdP equal to 20% on a regional basis and 0.6% on a national scale. VIII contents 2 SYnthetIc dAtA And GeneRAl InfoRmAtIon 10 mAnAGement RePoRt on oPeRAtIonS 85 conSolIdAted fInAncIAl StAtementS 156 GemInA S.P.A. SePARAte fInAncIAl StAtementS SYnthetIc dAtA And GeneRAl InfoRmAtIon letter to shareholders Dear shareholders, the Gemina Group plays a major role in the Italian and international air transport scenario as it manages two airports strategically positioned in the mediterranean basin, which continuously attract passengers from around the globe thanks to the solidity and growing importance of Rome as a tourist destination. the Rome airport system is an essential element of the system of communication and exchanges in Italy and europe, providing indispensable support for Italy's economic and social growth. 2012 was an important year for the Gemina Group as it marked the signing of the Planning Agreement that, after years of waiting, has resulted in a new regulatory framework based on clear, transparent and long-lasting rules until the end of the concession. on december 21, 2012 the Prime minister approved the new Planning Agreement signed on october 25, 2012 between Aeroporti di Roma S.p.A. (“AdR”) and the Italian civil Aviation Authority (enAc). the new tariff plan, which will come into force by the first half of 2013 with an average tariff equal to about 25 euro per outbound passenger, significantly reduces the gap with the european reference tariffs, which remain higher on average. the increases take into account the objectives of productivity, service efficiency and quality as well as the respect for the environment, ensuring the creation of sustainable value for all of our stakeholders. Investments will be considerably boosted in the next four years (2013-2016) and will amount to approximately 1,250 million euro compared to less than 300 million euro worth of investments made in the previous four years. the Group is committed to completing an overall investment plan of about 12 billion euro as of 2044 to enhance the Rome airport system and adjust it to face the growing demand for traffic. the extent and complexity of this development project have no equal in the national and european scenario. this important challenge will fill the growing competitive gap formed in the last ten years and immediately relaunch the current airport in preparation for the development of the new airport of fiumicino nord. By 2022 a modern and efficient infrastructure will manage 55 million passengers, making fiumicino one of the main european hubs; this figure will rise to 100 million in 2044, providing direct access to Italy and a city that has always been one of the most beautiful and sought after by tourists and business people from all over the world. the new tariff regime will encourage the development and growth of the Rome airport system and the new investment plan will be very important for Italy and its economy. the airport is a development engine that may have a significant positive impact on Italian GdP and directly and indirectly employ over 230,000 people. the new regulatory framework will also promote the development of long distance traffic from emerging markets. over the last few years the attractiveness of our offer towards them has been negatively affected also by the current infrastructural deficiency and the saturation in peak hours. 2012 was an important year also in terms of organization. Spin-off transactions and sales of 2 companies and company branches were carried out, which led to greater focus being placed on the airport core business, aligning AdR with international best practices. In particular, the process was completed for the sale of the “duty free core categories” business to the company Aelia, from the lagardere Group, for a total price of about 230 million euro, resulting in considerable multiples when compared with the market average. this confirms our unique growth potential. the companies AdR mobility S.r.l. and AdR Security S.r.l. were established with the aim of improving the level of service to customers, while the vehicle maintenance company branch was transferred to a specialised operator. moreover, despite the uneasy financial market situation, AdR payable of 500 million coming due on 20 february 2013 (line A1 Romulus) was refinanced by a pool of 8 banks, setting the new maturity term to february 2015. the negative economic situation and the difficulties faced by the main carriers, Alitalia in particular, contributed to a traffic reduction of 2.2%; the slight improvement of the economic results was deemed satisfactory in consideration of the scenario described above. An important aspect for the Group management in 2012, and increasingly in the future, is the attention paid to the main stakeholders according to a business model inspired by sustainability. focus on value creation is combined with attention to the main social and environmental issues. An important confirmation comes from this new edition of the financial statements, which is supplemented by the Sustainability Section. Against this backdrop, the Group will continue along its strategic growth path, committed to guaranteeing efficient company management focused on the infrastructural development of the market while communicating constructively with the expanded community of stakeholders to create sustainable value and contribute to improving Italy's economy.

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