Società per Azioni Esercizi Aeroportuali SEA is a limited liability company, incorporated and domiciled in Italy according to Italian Law (the “Company”).
The Company’s headquarters are located at Milan Linate Airport in Segrate (Milan).
The Company and its subsidiaries (jointly the “Group” or the “SEA Group”) manage Milan Malpensa Airport and Milan Linate Airport under the 2001 Agreement signed between SEA and ENAC with a forty-year duration (renewing the previous agreement of May 7, 1962).
SEA and the Group companies, in the running of the airports, are involved in the management, development and maintenance of the infrastructure and plant at the airports and offer customers all flight related services and activities, such as the landing and departure of aircraft and the airport security services (Aviation business); these companies in addition provide a wide and specialised range of commercial services for passengers, operators and visitors, both managed directly and outsourced (non-Aviation business).
The SEA Group, through the company SEA Energia, produces electric and thermal energy both to serve the requirements of its airports and for sale on the external market.
Through SEA Handling SpA, a subsidiary of SEA and liquidated in 2017, the SEA Group provided also land-side assistance services for aircraft, passengers, baggage, cargo and mail (commercial aviation handling business) until August 31, 2014. In particular, as described in the Directors’ Report in relation to the negotiations with the European Union in the section “Risk Management Framework”, SEA took the decision in 2014 to dispose of the commercial aviation Handling business, proceeding on the one hand with the liquidation of SEA Handling SpA - on July 1, 2014 (with provisional operations until August 31, 2014) - and on the other assigning on August 27, 2014 the investment in Airport Handling Srl to the Milan Airport Handling Trust. The above-mentioned decisions therefore resulted in the exit from the consolidation scope of Airport Handling, as the assignment to the Trust resulted in the loss of control of SEA on the company and, pursuant to IFRS 5, the inclusion of the commercial aviation handling sector under discontinued operations, as illustrated in the comparative figures for 2016. On July 10, 2017, the Shareholders' Meeting of SEA Handling approved the final liquidation financial statements at June 30, 2017 and the relative distribution plan.
Consequently, in 2016 and 2017 the Handling business only concerned the general aviation handling of the associated company Signature Flight Support Italy Srl (held indirectly 39.96% by SEA) and of the associated company Malpensa Logistica Europa SpA (held 25%), which operates outside of the commercial aviation handling business.
On February 22, 2017, the Board of Directors of SEA SpA resolved to authorise the dissolution and liquidation of the Malpensa Construction Consortium, in which SEA held 51% of the share capital. On March 15, 2017, the Consortium’s Board of Directors passed a resolution approving dissolution and liquidation. The liquidation of Malpensa Construction Consortium was concluded on October 31, 2017 with the presentation and approval of the liquidator's final statement of accounts and shareholders’ distribution plan.
The Group also holds the following investments in associates and measured under the equity method: (i) Dufrital (held 40%) which undertakes commercial activities at other Italian airports, including Bergamo, Florence, Genoa and Verona; (ii) Malpensa Logistica Europa (held 25%) which undertakes integrated logistics activities; (iii) SEA Services (held 40%) which operates in the catering sector for the Milan airports and (iv) Disma (held 18.75%) which manages a plant for the storage and distribution of aviation fuel at Milan Malpensa Airport.
The Company has a shareholding of 30.98% in SACBO, which manages the Bergamo airport, Orio al Serio.
The activities carried out by the SEA Group, as outlined above, are therefore structured into the business units Commercial Aviation, General Aviation and Energy, with the Group sourcing revenues as illustrated in paragraph 7 “Operating segments”.