2020 has been a year characterized almost entirely by the effects generated by the outbreak of Sars-Covid-19 global pandemic, whose consequences have strongly impacted the traffic volumes of Bologna Airport and consequently on the economic and financial results.
Consolidated revenues in 2020 amounted to Euro 67.5 million, down 46.1% from Euro 125.1 million recorded in 2019.
More specifically, revenues from aeronautical services fell by 65.9% mainly due to the contraction in traffic and, residually, due to the tariff update with a decrease in the average amount. Revenues from non-aeronautical services fell by 65.2%, due to the reduction in traffic, the closure of retail outlets and a reduction in fixed fees granted by the Group to sub-concessionaires. Revenues from construction services, on the other hand, rose by 79.1% due to increased investment in both the aviation and non-aviation sectors. Finally, other operating revenues and income are down 3.9% on 2019 mainly due to lower revenues from airport area leasing.
Operating expenses in 2020 amounted to 71.4 million euros, down 11% compared to the previous year, mainly due to a 41% reduction in the cost of consumables and goods, generated by the lower purchase of aircraft fuel and despite the higher purchase of consumables related to the Covid-19 emergency, a 26.4% reduction in the cost of services, such as PRM service, MBL service, utilities and maintenance, an increase in the cost of construction services (up 79.1%) due to greater investment in airport infrastructure, a 60.3% reduction in the item "rentals, leases and other costs" linked to traffic reduction, and a 9.8% decrease in other operating costs, due to lower taxation.
Personnel costs also fell (down 31.1%), due, on the one hand, to the reduction in the workforce (down 48 average full time equivalent staff in 2020 compared with 2019) due to the non-renewal of term contracts in the operating areas and, on the other hand, additional actions to contain payroll costs in light of the drastic reduction in traffic.
2020 shows a negative Gross Operating Margin (EBITDA) of Euro 3.9 million compared to a positive margin of Euro 44.9 million in 2019, due to a contraction in revenues, closely related to traffic trends, against a greater rigidity of costs, also taking into account the high fixed cost structure that characterizes airport operators.
The net result for the year, which is entirely attributable to the Group, therefore amounted to a loss of 13.6 million euros. By contrast, the net income for fiscal year 2019 had amounted to 20.9 million euros, resulting in a total differential of 34.4 million euros.
After an excellent performance recorded in January (+9.9% vs 2019), in February the airport recorded passenger traffic in line with 2019 (+0.3%) due to a good performance in the first three weeks of the month (+5.3% vs 2019) and a sharp reversal of the trend starting on February 22 (-25.1% in the last 8 days of the month) as a result of the outbreak of the health emergency.
Between the end of February and the beginning of March 2020, stringent travel restrictions came into force in order to counter the spread of the pandemic, resulting in the cancellation of most domestic and international flights and the closure of many airports. Bologna airport, on the other hand, remained open and operational throughout the period of the health emergency, in implementation of Ministerial Decree no. 112 of March 12, 2020, and this despite minimal traffic volumes.
During the summer period, there was a gradual, albeit modest, recovery in traffic volumes, which strengthened between July and the first half of August, with particular reference to the domestic component. However, the recovery in traffic slowed down again in the second half of August, with aircraft load factors falling compared with the previous weeks.
The closure of the airport for scheduled works on the runway, from September 11 to 21, and the new increase in contagions with the arrival of autumn, with new restrictions on travel also within Italy, abruptly interrupted the recovery started during the summer period. The fourth quarter therefore saw a reduction in passenger traffic of around 83% compared to the same period in 2019.
Bologna Airport closed 2020 with 2,506,258 passengers, a decrease of 73.4% compared to 2019, thus recording the same traffic levels as in 1997. Movements amounted to 30,139, down 60.9% compared to 2019, with an average load factor down from 81.5% in 2019 to 60.5% in 2020.
Regarding the composition of passenger traffic, while in the first two months of 2020 very different performances were recorded between low-cost traffic, which increased sharply compared to 2019, and scheduled traffic, which instead remained substantially unchanged, the sharp contraction in volumes recorded between March and June and, subsequently, during the last four months of the year affected all traffic components.
Only during the summer period, with the reopening of the borders, was registered a more rapid recovery of the low cost segment compared to scheduled traffic.
Among the 2020 destinations, international traffic has suffered the most from the spread of the pandemic due to the climate of uncertainty also due to the constraints and obligations introduced on free movement for health reasons.
Despite the sharp drop in passengers in all the main destinations connected with Bologna airport, the solidity of the Airport’s traffic mix remains to be underlined, with 107 destinations reachable (vs 120 in 2019) and five foreign cities among the ten main destinations.
Among the carriers, Ryanair is confirmed as the first company on the airport, followed by Wizz Air and Alitalia. This is followed by the airlines Air France, British Airways, KLM and Lufthansa.
Cargo traffic in 2020 amounted to 43,377,968 kg, down 11.2% compared to 2019, largely attributable to the closure of activities during the so-called lockdown, as well as the stagnation of production activities in the following months. Cargo, however, confirmed itself as the traffic component that best reacted to the pandemic crisis, even compared to the overall figure recorded at the national level and recording a limited drop of 23.7%.
|Freight by aircraft service (Tons)||3,529|