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2017 HALF-YEAR REPORT at JUNE 30, 2017 the SEA Group’S Focus on Environmental Protection, Through the Adoption of Targeted Initiatives, Has Significantly

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2017 HALF-YEAR REPORT at JUNE 30, 2017 the SEA Group’S Focus on Environmental Protection, Through the Adoption of Targeted Initiatives, Has Significantly HALF-YEAR REPORT AT JUNE 30, 2017 HALF-YEAR REPORT AT JUNE 30, 2017 The SEA Group’s focus on environmental protection, through the adoption of targeted initiatives, has significantly reduced CO2 emissions. Malpensa and Linate confirm their exceptional record at European level, achieving “Neutrality” under the Airport Carbon Accreditation Initiative. SEA Group – Half-Year Report at June 30, 2017 contents GENERAL INFORMATION 4 Structure of the SEA Group and investments in other companies 5 Corporate Boards 6 SEA Group numbers 7 DIRECTORS’ REPORT 10 H1 2017: significant events 11 Economic overview and 2017 forecast 12 Regulatory framework 14 Performance of the SEA Group 17 Significant events after June 30, 2017 24 Outlook 25 Operating performance - Segment analyses 26 Risk Management Framework 36 Main disputes pending at June 30, 2017 42 Other information 45 Corporate Governance System 53 SEA GROUP – CONSOLIDATED FINANCIAL STATEMENTS 57 Consolidated Financial Statements 58 Notes to the Condensed Consolidated Half-Year Financial Statements 63 Auditors' Report 107 GENERAL INFORMATION GENERAL INFORMATION STRUCTURE OF THE SEA GROUP AND INVESTMENTS IN OTHER COMPANIES SEA SpA direct and indirect investments in other companies at June 30, 2017 SEA SpA Airport Commercial Other management Utilities activities activities Handling S.A.C.B.O. SpA SEA Energia SpA Dufrital SpA Consorzio Signature Flight Società per 100% 40% Malpensa Support Italy Srl l’aeroporto civile Construction** 39.34% di Bergamo - 51% Orio al Serio 30.98% Aeropuertos Disma SpA SEA Romairport Srl*** Malpensa Logistica Argentina 2000 SA* 18.75% Services Srl 0.23% Europa SpA 8.5% 40% 25% SEA Prime SpA SITA Società 98.34% Cooperativa arl 6 shares Controlling (*) In terms of the investment of SEA in AA2000 see note 9.5 of the Condensed Consolidated Half Year Financial Statements. shareholding (**) On February 22, 2017 the Board of Directors of SEA SpA voted to authorise the winding up and liquidation of the Malpensa Associated Construction Consortium. On March 15, 2017 the Consortium's Board of Directors voted in the same manner, approving the company winding up and liquidation of the Consortium. Investments in (***) The Extraordinary Shareholders' Meeting of Romairport of February 23, 2017 voted to transform the Company from an other companies SpA to an Srl. The SEA Group at June 30, 2017 includes the following companies in liquidation: • SEA Handling SpA in liquidation (100% SEA SpA). On July 10, 2017 the Shareholders' Meeting appro- ved the final liquidation financial statements and re- lative distribution plan. • Consorzio Milano Sistema in liquidation (10% SEA SpA). 5 SEA Group – Half-Year Report at June 30, 2017 GENERAL INFORMATION CORPORATE BOARDS Chairman Pietro Vitale Antonio Modiano BOARD Directors OF DIRECTORS Armando Brunini (1) (2) Salvatore Bragantini (2) (4) for the three- year period Michaela Castelli(3) (5) 2016/2018, Stefano Mion (3) appointed by the (3) Shareholders’ Susanna Stefani Meeting of Susanna Zucchelli (2) May 4, 2016 Chairman Rosalba Cotroneo Standing members Rosalba Casiraghi Andrea Galli Paolo Giovanelli BOARD OF STATUTORY Giacinto Gaetano Sarrubbi AUDITORS for the three- Alternate members year period Anna Maria Allievi 2016/2018, appointed by Andrea Cioccarelli the Shareholders’ Meeting of May 4, 2016 INDEPENDENT AUDIT Deloitte & Touche SpA (1) Vice Chairman (2) Member of the Control and Risks Committee (3) Member of the Remuneration and Appointments Committee (4) Member of the Ethics Committee (5) Member of the Supervisory Body Note: the Shareholders' Meeting held May 3, 2017 appointed Michaela Castelli as Director replacing Arabella Caporello, who had handed in her resignation on September 15, 2016. 6 SEA Group – Half-Year Report at June 30, 2017 GENERAL INFORMATION SEA GROUP NUMBERS Introduction The present Half-Year Report at June 30, 2017 compris- The Half-Year Report at June 30, 2017 was prepared in es the Directors’ Report and the Condensed Consolidat- accordance with International Accounting Standards ed Half-Year Financial Statements at June 30, 2017; the (“IFRS”), issued by the International Accounting Standards Condensed Consolidated Half-Year Financial Statements, Board (“IASB”), approved by the European Union and prepared in thousands of Euro, is compared with the Con- in particular according to IAS 34 – Interim Financial Re- densed Consolidated Half-Year Financial Statements of porting; in accordance with paragraphs 15 and 16 of this the previous year and Consolidated Annual Accounts of standard, such Condensed Consolidated Half-Year Finan- the previous year and comprises the Financial Statements cial Statements do not require the extent of disclosure nec- (Consolidated Statement of Financial Position, Consolidat- essary for the Annual Financial Statements and must be ed Income Statement, the Consolidated Comprehensive read together with the 2016 Annual Financial Statements. Income Statement, the Statement of changes in Share- In their preparation, the same accounting principles were holders’ Equity and the Consolidated Cash Flow State- adopted as in the preparation of the Consolidated Finan- ment) and the Explanatory Notes. cial Statements at December 31, 2016. 7 SEA Group – Half-Year Report at June 30, 2017 GENERAL INFORMATION CONSOLIDATED FINANCIAL HIGHLIGHTS The consolidated financial highlights are described be- low, taken from the financial statements. Profit and Loss Figures (in thousands of Euro) H1 2017 H1 2016 Change Revenue 343,534 333,737 9,797 EBITDA (1) 118,752 104,872 13,880 EBIT 76,075 69,258 6,817 Pre-tax profit 71,370 65,342 6,028 Discontinued Operations profit/(loss) (2) 1,556 (8) 1,564 Group Net Profit 52,638 44,173 8,465 (1) EBITDA is calculated as the difference between total revenues and total costs, excluding provisions and write-downs. (2) The "Discontinued operations" line shows the net result of the company SEA Handling SpA in liquidation as required by IFRS 5. Financial Figures (in thousands of Euro) At June 30, At December 31, 2017 2016 Change Fixed assets (A) 1,304,904 1,317,157 (12,253) Working capital (B) (123,298) (188,683) 65,385 Provision for risks and charges (C) (172,098) (174,061) 1,963 Employee benefit provisions (D) (46,606) (49,220) 2,614 Net capital employed (A+B+C+D) 962,902 905,193 57,709 Group Shareholders' equity 359,821 375,264 (15,443) Minority interests 584 566 18 Net Debt 602,497 529,363 73,134 Total sources of financing 962,902 905,193 57,709 (in thousands of Euro) At June 30, At December 31, 2017 2016 Change Investments in tangible and intangible assets 22,180 69,487 (47,307) 8 SEA Group – Half-Year Report at June 30, 2017 GENERAL INFORMATION Other indicators At June 30, 2017 At December 31, 2016 Employees HDC (at period end) 2,805 2,866 Traffic figures of the first half of 2017 versus the first half of 2016 (Commercial Aviation and General Aviation) Passengers (000.000) Movements (000) Cargo (000 tons) Malpensa Linate 1.3 5.3 34.1 (+9.7%) (+3.9%) (+12.9%) 14.8 141.0 13.5 135.7 298.6 264.5 < 6.5 6.2 > 4.6 58.1 4.6 58.4 258.3 292.0 10.2 82.9 8.9 77.3 2016 2017 2016 2017 2016 2017 The 2016 values do not include Malpensa's General Aviation, but only the traffic of Linate's SEA Prime. 9 SEA Group – Half-Year Report at June 30, 2017 GENERAL INFORMATION DIRECTORS’ REPORT DIRECTORS’ REPORT H1 2017: SIGNIFICANT EVENTS Alitalia in Extraordinary Administration Malpensa Masterplan With a Decree of the Ministry for Economic Develop- On April 20, 2017 the last progress meeting of the ment of May 2, 2017 an Extraordinary Administration stakeholder engagement was held and the reference Procedure was declared open for Alitalia SAI SpA pur- technical documentation was officially submitted to suant to article 2, paragraph 2 of Italian Decree-Law ENAC. Work to complete the Environmental Impact no. 347/2003 and Mr. Luigi Gubitosi, Mr. Enrico Laghi Study (EIS) continued at the same time in order to start and Mr. Stefano Paleari were appointed as Extraordi- the Environmental Impact Assessment once technical nary Receivers. approval is received from ENAC. With the decree no. 55 of May 2, 2017, containing urgent measures to ensure continuation of the service Recognition for services to Chinese performed by Alitalia S.p.A. an interest-bearing loan passengers awarded to SEA was granted for Euro 600 million, with a six-month du- In compliance with the assessment parameters defined ration, to pay out within five days from opening of the by the QSC Program (China Outbound Tourism Qual- Alitalia Extraordinary Administration Procedure. ity Service Certification), the airports managed by the The loan must be repaid within six months from its pay- SEA Group received the Quality Service Certification out, with priority payment compared to all other debts award, a quality certification for the services offered to of the procedure. passengers from China. This QSC certification follows A first tranche of the granted temporary loan of Euro the "China Award", awarded to SEA in 2014 and the 600 million was already paid out to the Alitalia Extraor- “CTW Award”, awarded in 2015: recognitions award- dinary Administration Procedure. ing the program long undertaken to make the airports The Court of Civitavecchia, with its May 11, 2017 increasingly welcoming and "Chinese Friendly". judgment, declared the insolvency of 2017 Alitalia in Extraordinary Administration and set the deadline for filing petitions for proof of bankruptcy. 11 SEA Group – Half-Year Report at June 30, 2017 DIRECTORS’ REPORT ECONOMIC OVERVIEW AND 2017 FORECAST The worldwide economic recovery underway in 2017 is passengers served. on the path to strengthening and medium term growth Europe registered the greatest growth (+9.1%), fol- prospects are favourable for the most part, even if sig- lowed by the Middle East (+8.9%), Asia (+8.3%), Cen- nificant risks of a downturn remain, tied to uncertain- tral/South America (+4.7%), North America (+3.4%) ties about economic policies and continued geopolitical and Africa (+1.9%).
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