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Significant events in 2017

Alitalia in Extraordinary Administration

The decree of the Minister of Economic Development of May 2, 2017 declared the opening of the Extraordinary Administration Procedure of Alitalia SAI SpA pursuant to Art. 2, paragraph 2 of Decree-Law No. 347/2003. Mr. Luigi Gubitosi, Prof. Enrico Laghi and Prof. Stefano Paleari were appointed as Extraordinary Administrators. A first interest-bearing loan of Euro 600 million and a second loan of Euro 300 million were granted with Decree No. 55 of May 2, 2017 laying down urgent measures to ensure the continuity of the service provided by Alitalia SpA. The full amount of sums lent must be repaid by September 30, 2018 in pre-deduction with priority over any other debt in the procedure as envisaged by the Decree-Law on tax approved in October 2017. SEA filed an application for admittance to liabilities within the deadlines set by the Court of Civitavecchia which, with the ruling of May 11, 2017, declared Alitalia in Extraordinary Administration’s insolvency status.

Liquidation of Malpensa Construction Consortium

On February 22, 2017, the Board of Directors of SEA SpA resolved to authorise the dissolution and liquidation of the Malpensa Construction Consortium. On March 15, 2017, the Consortium’s Board of Directors passed a resolution approving dissolution and liquidation. The liquidation of Consorzio Malpensa Construction was concluded on October 31, 2017 with the presentation and approval of the liquidator's final statement of accounts and shareholders’ distribution plan.

Liquidation of SEA Handling SpA

With the Shareholders’ Meeting of July 10, 2017, the liquidation of SEA Handling SpA, which started on July 1, 2014, was completed following the decision taken by the Extraordinary Shareholders’ Meeting of SEA Handling held on June 9, 2014. The decision to liquidate the company was the alternative execution plan of the European Commission’s Decision of December 19, 2012 concerning the alleged State aid granted to SEA Handling. The company’s Shareholders’ Meeting approved the liquidation financial statements at June 30, 2017 and the associated distribution plan, authorising the Liquidator to request that SEA Handling SpA in liquidation is removed from the competent Companies Register. The Liquidator was also given a mandate to sign all the necessary and resultant documents. The liquidator has arranged to pay the sole shareholder SEA SpA the sum of Euro 8,376,054 resulting from the distribution plan.

Acquisition of SEA Prime SpA shares

On September 7, 2017, SEA SpA acquired an additional 150,431 shares of SEA Prime SpA, which it already controlled, increasing its stake to 99.91%.

SEA’s acquisition of the Sheraton Malpensa property

The transaction through which SEA acquired ownership of the Sheraton Malpensa building was finalised on December 18, 2017.

The property acquired by SEA was simultaneously leased to the company that manages the hotel, which was in turn acquired by a new entity in full operational continuity. With the proceeds of the sale and SEA’s waiver of existing receivables amounting to Euro 6,287 thousand, together with other financial transactions, the management company was therefore able to pay (with the write-off of part of the initial debt) the four banks which had financed the construction of the building in 2007. For the transaction’s conclusion, it was necessary to reach an agreement between all the numerous actors involved in the hotel’s management, namely, the banks - which had financed the construction and accepted the  writing off of the loan, the Proceedings in the Court of Bari - being the management company owned by an Apulian group that entered into an arrangement with creditors in 2010, the new operator which acquired the management company freed from the debt relating to the property’s construction and which signed the lease contract with SEA, and Marriott/Starwood, the holder of the brand’s contract of use and the associated hotel management contract signed with the Sheraton Malpensa’s management company.

Restyling of Milan Linate Airport

Restyling works on the Milan Linate Airport commenced in July 2017. The project, which will be completed in 2022, envisages a diluted investment plan over the years for a total amount of Euro 60.3 million. The first phase was launched in the first half of the year and involved the redesign of the facade as the main intervention. Completion is scheduled for April 2018. The first phase also includes the complete renovation of the arrivals area and the baggage claim area through the installation of new false ceilings and stoneware lined walls to improve the perception of the air terminal’s height and width. Works are carried out through micro-construction sites, with day and night activities for minimum impact on airport operations.

"Project of the Year" Award at the Global AirRail Awards 2017

SEA and Ferrovienord were awarded the Project of the Year Award in the "Travelport Project of the Year" category for the link between Terminal 1 and Terminal 2 and the railway station. The project, designed to improve Malpensa Terminal 2’s connectivity with the centre of Milan saw the development of the Terminal station by SEA and the railway connection constructed by Ferrovienord. The T1-T2 railway link represents the project’s first phase and connects Malpensa airport to the main railway network.