General aviation traffic in Europe recorded 3.9% growth in 2017 over the previous year. Milan Linate Airport confirmed its sixth-place standing in Europe in terms of average daily takeoffs (29 departures), after the airports of Paris Le Bourget, Geneva, Nice, London Luton and Zurich.
General aviation traffic at Milan Linate grew 2.7% in 2017 on the previous year. The slight fall off in the first half of 2017 (-1.0%), attributable to the Champions League final in May 2016, was offset by a decisively positive performance in the second half of the year (+6.0%). The average size of aircraft transiting at the airport increased from 15 to 16 tons, resulting in a total +2.8% tonnage increase.
General aviation business results are not comparable, due, on April 1, 2016, to the group’s loss of control of business handling and refueling activities with the transfer of 60% of the shares of Signature Flight Support Italy Srl (formerly Prime Aviation Services SpA) to the Signature Group. The company was fully deconsolidated from April 1, 2016. In order to better illustrate the industrial trend, results are commented on without the cost and revenue components of discontinued operations and non-recurring items.
General Aviation business revenues amounted to Euro 12,124 thousand, an increase of Euro 374 thousand (+3.2%) compared to Euro 11,750 thousand in the previous year.
On a like-for-like basis (thus excluding the 2016 revenues of Signature Flight Support Italy Srl - formerly First Aviation Services, which is excluded from the Group’s consolidation scope, and the portion of the Anti-trust Authority repayment in 2017 of Euro 23 thousand), revenues are up Euro 1,626 thousand (from Euro 10,475 thousand in 2016 to Euro 12,101 thousand in 2017).
This mainly follows higher commercial revenues, including the leasing of the new hangar in Linate, the start of operations of the parking system in front of the Linate terminal, and increased “follow-me” and aircraft towing activities. These have more than compensated for lower revenues from regulated activities caused by the decline in traffic.
In 2017, operating costs fell Euro 765 thousand (-15.2%) while, net of non-recurring activities, increasing Euro 204 thousand (+5.3%) compared to 2016.
Non-recurring items in 2017 are attributable to mobility incentives for Euro 186 thousand, while in 2016, they were due to Prime Aviation Services activities for Euro 1,137 thousand and legal fees for Euro 18 thousand.
EBITDA and EBIT
EBITDA amounted to Euro 7,867 thousand, up Euro 1,140 thousand (+16.9%) over the previous year (+Euro 1,422 thousand, +21.5% on a like-for-like basis and excluding non-recurring items).
EBIT is up by Euro 574 thousand (+11.7%) due to the developments described above.
Net of non-recurring activities and on a like-for-like basis, the 2017 EBIT stood at Euro 5,644 thousand, with an increase of Euro 855 thousand over 2016 (+17.9%) where it amounted to Euro 4,788 thousand.