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Strategy and execution

Maximise financial performance Maximise financial performance

Despite the fact that the Bologna Airport system suffered a marked slowdown owing to the pandemic, the impact on jobs and the GDP generated in the region in 2022 are already reflecting a rapid recovery in traffic, defined by a recovering demand driven by a strong passenger propensity to travel. Once again, in 2023, there was continued recovery in all indicators, despite major downside risks such as the uncertain climate, geopolitical tensions and economic-financial strain linked to the major rise in inflation.

A consolidated profit of Euro 16.7 million was reported for 2023, against Euro 31.1 million for 2022. This figure, however, included recognition of the contribution of Euro 21.1 million in COVID-19 compensation pursuant to Law no. 178, of December 30, 2020, (2021 Budget Law). 2023 EBITDA was Euro 44.1 million, compared to Euro 54.8 million in 2022. Net of certain factors related to airport infrastructure improvements undertaken during the period and the COVID contribution for the period, adjusted EBITDA amounted to Euro 42.7 million, compared to Euro 32.9 million in 2022 (+29%) confirming the positive trend generated by the recovery in air traffic.

Performing corporation Performing and sustainable corporation

Bologna Airport strongly believes in using the values of Sustainability to facilitate the progress of the Airport System.

Bologna Airport strongly believes in using the values of sustainability to facilitate the responsible development of the Airport System. The Sustainability Plan (SP) comprises all initiatives to improve the Group’s ESG performance, dividing projects into three pillars: PLANET, PEOPLE, and PROSPERITY. The initiatives (see the paragraph on Sustainability Governance) seek to achieve environmental and social sustainability goals in relation to the Group’s positive and negative impacts on the environment and the socio-economic landscape in which it operates. In addition, the Plan includes specific actions taken to consolidate a business model and supply chain with an increasing focus on ESG topics, placing greater emphasis on governance aspects, the prevention of fraud and corruption, and a respect for human rights. The Plan is monitored annually by means of Key Performance Indicators so that the achievement of goals can be reported on with a view to refining and improving them over time.

In addition to the Sustainability Plan there is the Innovation Plan, which includes several initiatives assigned to different cross-functional working groups such as: Big Data & BI, Communication, Customer Service, Cyber Security, Technological infrastructure, Internal Systems, Development of airport/territory relationship with local community and Operating technologies.

Connect Connect

In its capacity as Bologna Airport Manager, AdB provides people and businesses with ample national and international connectivity. The Group’s relationship with the local area is both reciprocal and principled. The Airport plays a dual role in promoting local economic and social development. Firstly, by providing convenient access to a wide range of destinations and superior service quality, the Airport facilitates global competition, work opportunities, and training. Secondly, the Airport itself benefits from the growth and progress of the region in which it operates, creating value in the process.

2023 stood out owing to the following factors:

  • a continuation of the positive trend seen in H2 2022;
  • a substantial decline in the consequences of the pandemic, with a general recovery in the demand for air transport;
  • the ongoing conflict in Ukraine and the resulting repercussions on the air transport market: closure of flights to/from Ukraine, the blockade of Russian companies (which are banned from flying in many European countries), closure of air space with the resulting need for longer and more costly routes to reach destinations in the Far East;
  • resumption of the Arab-Israeli conflict in October, with resulting suspension of the Ryanair route to Tel Aviv.

During 2023, AdB’s efforts to maintain a good level of accessibility to facilities continued, in cooperation with local authorities and transportation operators. In this respect, some of the most relevant AdB’s initiatives are related to (i) the fast elevated monorail “Marconi Express - People Mover” (fully operating in 2022), (ii) the 944 shuttle service, (iii) sharing services (such as “Corrente”), (iv) BLQ Bike Station realization, (v) PRECINCT, CONCILIA and SIGN-AIR projects participation and (v) a 5% share in UrbanV, incorporated in 2022 by Aeroporti di Roma, Aeroporto di Venezia and Aeroports de la Cote d’Azur to develop Urban Air Mobility internationally.

Develop Develop

The investments outlined in the Master Plan and Regulatory Agreement are fundamental to the development of the Company's business. The strategy in question calls for expansion of the existing infrastructure through short/medium term initiatives aimed at increasing capacity and improving service levels by means of internal retrofits and limited expansion, as well as medium/long-term initiatives that involve substantial extensions next to existing buildings, which will remain in full use.

The infrastructure currently available to Aeroporto di Bologna has a capacity of approximately 9.5 million passengers per year and was fully used in 2023. It is managed using a variety of planning tools, including the airport utilisation plan, the extraordinary maintenance plan for the short term, and the master plan for the medium and long term. Specifically, measures focusing on sustainability include: (i) almost completed environmental compensation (i.e. the creation of a wooded strip along the northern perimeter of the airport site, in order to comply with the requirements of the EIA Decree Masterplan and the Regional Implementing Agreement for the Decarbonisation of the airport); (ii) realization and beginning fo activities related to the new photovoltaic systems, (iii) the new laminating plant installation and (iv) other efficiency upgrades and renovations.

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 parking as a result of the review of commercial strategies and by retail, with a strong duty-free performance.

Experience Experience

Inspired by customer-centricity, the value of its people and foresight, Bologna Airport is working to be among the most modern and efficient in Italy, capable of offering passengers an accommodating, well-connected facility that improves their travelling experience while also creating value for the local area. The strong recovery over the last year has made the execution of short-term infrastructural work more complex for AdB. Despite this, AdB’s objective remains the timely execution of the planned works, endeavouring to mitigate as far as possible the impact the impact of the work on operations. 2023 was the first entirely normal year, after the Covid period, in terms of quality of service and traffic.

2023 was the first entirely normal year, after the Covid period, in terms of quality of service and traffic. The main health and safety measures introduced during the two-year period of the pandemic were maintained and, based on the critical issues and solutions previously encountered, the workforce and organisation, infrastructures and guarantee of the service. Bologna Airport launched and monitored various projects with significant effects on quality of service, the positive effects of which continued to be felt in 2023, mitigating potential critical issues linked to traffic volumes. The work on external roads was fundamental in easing traffic and thus significantly mitigating the problems that arose in the previous summer season. AdB also airconditioned the boarding bridges, refurbished the main bathroom blocks and improved the signage inside the terminal in addition to increase operational staff to ensure the continuous improvement of service levels.

Care Care

Environmental protection and the pursuit of decarbonisation targets are of special importance as part of the sustainable development strategy followed through the introduction of the Sustainability Plan. Environmental impact management, in particular, takes the shape of (i) specific actions and programmes to minimise noise, specifically with the introduction of further restrictions on city-side movement between the hours of 11pm and 6am (already applied starting from June 2023), (ii) safeguard natural resources (air, water), and biodiversity, and (iii) reduce direct and indirect CO2 emissions. With regard to the latter, during 2022 AdB made a formal commitment to attain Net Zero carbon by 2030, i.e. zero absolute direct and indirect CO2 emissions.

The Decarbonisation Plan, which contains specific initiatives targeted at eliminating fossil fuels, meeting all electricity demands with renewable sources, constructing a wooded strip to absorb leftover CO2, and electrifying the business vehicle fleet, is the approved deployment mechanism. Our commitment to climate action and energy efficiency has so far earned us Airport Carbon Accreditation Level 3+ Neutrality, under ACI-Europe’s programme for airport operators pursuing carbon neutrality targets. In addition, AdB has also signed a new ESG KPI-Linked Loan with an Italian banking institution for Euro 15 million with a term of 60 months. This provides a bonus according to a contractually defined spread on the achievement of certain ESG KPIs. Specifically, commitments were shared to gradually reduce the intensity of climate gas emissions. Between cogeneration, photovoltaics and high-efficiency LED lighting, it is estimated there will be savings of approximately 1,500,000 kWh, equivalent to 700 tonnes of CO2.

In addition, in terms of social sustainability, in 2023 AdB was Italy’s leading airport management company to attain ISO 30415:2021 “Human Resources Management Diversity and Inclusion” certification as part of its Sustainability Plan initiatives in the social sphere. This certification is geared towards fostering a genuinely inclusive system that respects differences in gender, nationality, language, culture, sexual orientation, religion, abilities, and disabilities in the workplace, based on measurable data and objectives.

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