FY 2023 RESULTS
BOLOGNA, MARCH 14TH 2024
HIGHLIGHTS
FY 2023
FINANCIALS
2024 KEY UPDATES
GROUP HIGHLIGHTS
2 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS
FY 2023 FINANCIALS
2024 KEY UPDATES
EUROPEAN TRAFFIC TREND IN FY 2023
Dic23 vs | YTD Dic23 vs | Q4 2023 vs | H2 2023 vs | ||||||||
European Traffic | YTD | YTD | |||||||||
trend | Dic22 | Dic19 | Dic22 | Dic19 | Q3 2022 Q3 2019 | H2 2022 H2 2019 | |||||
Total passengers | 14,0% | (3,2%) | 18,8% | (5,4%) | 11,9% | (3,4%) | 12,0% | (3,2%) | |||
EU airports | 11,9% | (3,5%) | 18,4% | (6,0%) | 12,2% | (3,2%) | 11,8% | (3,8%) | |||
EU+ airports | 16,0% | (3,4%) | 19,3% | (6,1%) | 13,4% | (3,2%) | 12,6% | (3,8%) | |||
Non EU+ airports | 3,9% | (1,7%) | 16,2% | (1,4%) | 4,3% | (4,1%) | 9,4% | (0,1%) | |||
International pax | 14,2% | (1,0%) | 21,0% | (4,5%) | 13,0% | (1,5%) | 13,3% | (2,4%) | |||
Domestic pax | 13,3% | (9,1%) | 11,7% | (8,4%) | 8,3% | (8,4%) | 7,6% | (5,4%) | |||
Freight | 11,9% | (4,9%) | (2,1%) | (10,0%) | 6,2% | (7,5%) | 2,2% | (8,4%) | |||
Movements | 12,5% | (6,9%) | 11,8% | (8,1%) | 9,3% | (6,3%) | 8,8% | (5,9%) |
ACI Europe highlights that, after the post-Covid-19 pandemic increasing trend, traffic growth shows a steady path in recovery despite the Summer Season 2023 peaks' beneficial effect, with a demand that is being eroded by travel disruption and
inflation concerns. However, the capacity recovery benefits from the resilient demand.
The gradual recovery is the result of most Asian/Pacific countries easing restrictions for external travel on the back of strong pent-updemand. The best performing markets in the EU+ area in FY 2023 were Albania (+117%), Uzbekistan (+110%) and Armenia (+66%). Worst performing were Monaco (-39%), Montenegro (-38%) and Finland (-30%).
In the rest of Europe, despite the Russian war against Ukraine continuation, the area recovered from -20%in FY 2022 to -5%in FY 2023. In addition, despite the Covid-19 restrictions easing, especially in the Asia/Pacific region, the
macroeconomic and geopolitical disruptions occurred in the last months mildly acted as deterrent to travel movements.
3 | Source: ACI Europe. | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
TRAFFIC TREND OF MAIN ITALIAN AIRPORTS IN FY 2023
HIGHLIGHTS
FY 2023
FINANCIALS
2024 KEY UPDATES
TRAFFIC IN ITALY: +2.1% vs FY 2019
Italian airports recorded 197 million passengers in FY 2023, an increase compared to 2022 (+32.6 million pax,
+19.8%) and surpassing the 2019 volumes (+4.1 million pax, +2.1%), showing a fast pace increase.
Strong recovery in traffic volumes by the airports of southern Italy, the islands (in particular Naples, Palermo and Bari) and Bergamo.
In FY 2023, Bologna is the seventh Italian airport with a market share of 5.1%.
4 | Source: Assaeroporti, Aeroporti2030. | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS
FY 2023 FINANCIALS
2024 KEY UPDATES
5
BLQ TRAFFIC PERFORMANCE IN FY 2023
In FY 2023 total passengers were 9,970,284, +17.4% vs 2022, with 78,658
movements (+11% vs 2022).
If compared to 2019, FY 2023 passengers increased by 6.0%, and movements
were 2.0% higher.
+17.4% vs FY 2022
+6.0% vs FY 2019
+42.0% vs Q1 2022 | +15.5% vs Q2 2022 | +11.0% vs Q3 2022 | +12.8% vs Q4 2022 |
-8.1% vs Q1 2019 | +12.0% vs Q2 2019 | +14.8% vs Q3 2019 | +1.0% vs Q4 2019 |
AEROPORTO G. MARCONI DI BOLOGNA S.p.A.
HIGHLIGHTS
FY 2023
FINANCIALS
2024 KEY UPDATES
FY 2023
FINANCIALS
6 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS
FY 2023 FINANCIALS
2024 KEY UPDATES
7
FY 2023 KEY HIGHLIGHTS
In FY 2023 passengers increased by 17.4% vs 2022 (+6.0% vs 2019) and movements increased by 11% compared to 2022 (+2.0% vs 2019).
Low cost traffic shows a strong increase compared to 2019 (+23.6%), while legacy traffic shows a slower recovery (-17.2%) due to lower movements despite an increased load factor. These different trends changed the traffic mix, resulting in an increase in the low cost traffic share from 58.4% in FY 2019 to 68.1% in FY 2023, with lower profitability.
FY 2023 revenues increased by 7.8% vs FY 2022, considering the contribution from the Compensation Fund for 21,137 thousand euros (of which 20,903 thousand euros relating to the Parent Company and 234 thousand euros to the subsidiary TAG Bologna S.r.l) registered in the first months of 2022. Adj. revenues (*) rose by 19.5% vs 2022 and by 7.2% vs 2019 due to higher traffic (+6.0%).
Aeronautical adj. revenues increased by 17.8% when compared to 2022 due to the traffic growth, and are in line with 2019 due to lower tariffs and a different traffic mix.
Non Aeronautical adj. revenues increased by 22.6% vs 2022 and +17.0% vs 2019, due to a good performance of all sectors. In particular, good results were registered by the real estate thanks to a new courier agreement, by car rentals with more companies operating at the airport, by parkings as a result of the review of commercial strategies and by retail, with a strong duty free performance.
In FY 2023 adj operating costs increased by 14.5% vs 2022 and vs 2019 due to the inflationary effect and higher traffic volumes, affecting all kinds of operating costs (personnel, services, etc.).
Investments in infrastructure maintenance and development amounted to €32.9M.
(*) Adjusted revenues do not include extraordinary items and revenues from construction services. | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
FY 2023 KEY FIGURES | ||||
9,970,284 PAX | ||||
PASSENGER | 9,405,920 PAX | +17.4% | ||
TRAFFIC | 8,496,000 PAX | |||
FY 2019 | FY 2022 | FY 2023 | ||
HIGHLIGHTS | ||||
€ 108.6 M | € 116.5 M | |||
FY 2023 | € 97.4 M | +19.0M € | ||
FINANCIALS | ||||
ADJ REVENUES | ||||
2024 | ||||
KEY UPDATES | ||||
FY 2019 | FY 2022 | FY 2023 | ||
€ 44.1 M | € 32.9 M | +9.7M € € 42.6 M | ||
ADJ EBITDA | ||||
FY 2019 | FY 2022 | FY 2023 | ||
€ 31.1 M | -14.4M € | |||
€ 20.9 M | € 16.7 M | |||
NET RESULT* | ||||
FY 2019 | FY 2022 | FY 2023 |
8 | * FY 2022 net result includes 21 mln € Covid-19 Compensation Fund | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
HIGHLIGHTS
FY 2023 FINANCIALS
2024 KEY UPDATES
FY 2023 TRAFFIC INSIGHT
FY 2023 | FY 2022 | Var % 23/22 | FY 2019 | Var % 23/19 | |
Passengers | 9,970,284 | 8,496,000 | 17.4% | 9,405,920 | 6.0% |
ATM* | 78,658 | 70,871 | 11.0% | 77,126 | 2.0% |
MTOW | 5,480,246 | 4,854,383 | 12.9% | 5,086,505 | 7.7% |
Cargo | 50,994,486 | 55,194,607 | (7.6%) | 48,832,550 | 4.4% |
PASSENGER BREAKDOWN BY CARRIER | AVIATION KEY METRICS | |
9 | * Air Traffic Movements | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
** Other includes charter, general aviation and interlining |
HIGHLIGHTS
FY 2023 FINANCIALS
2024 KEY UPDATES
FY 2023 TOTAL REVENUES
EURO THOUSANDS | FY 2023 | FY 2022 | VAR % | FY 2019 | VAR % |
FY 23/22 | FY 23/19 | ||||
Aeronautical Revenues | 63,325 | 53,754 | 17.8% | 63,274 | 0.1% |
Non Aeronautical Revenues | 51,811 | 42,257 | 22.6% | 44,295 | 17.0% |
Revenues for Construction Services* | 28,414 | 15,952 | 78.1% | 16,420 | 73.0% |
Other Revenues | 1,514 | 22,592 | (93.3%) | 1,146 | 32.1% |
Revenues | 145,064 | 134,555 | 7.8% | 125,135 | 15.9% |
Revenues adj | 116,477 | 97,432 | 19.5% | 108,634 | 7.2% |
AERONAUTICAL REVENUES: increase compared to 2022 due to a positive effect of higher traffic volumes. Achievement of 2019 levels related to higher traffic volumes with a change in traffic mix, as well as lower aeronautical charges.
NON AERONAUTICAL REVENUES:
+22.6% vs 2022 and +17.0% vs 2019, due to a good performance of all sectors. In particular registered good results the real estate thanks to a new courier agreement, car rentals with more companies operating at the airport, parkings as a result of the review of commercial strategies and retail, with a strong duty free performance.
OTHER REVENUES: FY 2022 results include € 21.1 million of Compensation Fund.
10 | * IFRIC 12 | AEROPORTO G. MARCONI DI BOLOGNA S.p.A. |
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Aeroporto Guglielmo Marconi di Bologna S.p.A. published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 17:06:01 UTC.