Key Figures

2022 has been a year severely affected by both a recovery in traffic trend, pushed by a gradual release of movement restrictions and by the echoes of the pandemic that gradually faded as the months passed, and criticalities due to Russia's aggression against Ukraine, which produced a strong impact due to the increase in energy and raw material costs and, consequently, inflation.

In 2022, consolidated revenues stand at 134.6 million euro with a growth of 76 million euro compared to 2021 (+130.1%) and a growth of 7.5% compared to 2019. This strongly positive result is affected by the contribution of 21.1 million euro from the Compensation Fund for damages due to Covid-19 in the period from March 1st to June 30th, 2020, referred to in Law No. 178 of December 30th, 2020 (so-called Legge di Bilancio 2021). Adjusted revenues, net of construction services margin, Terminal Value credit revenues on Renewal Fund and Compensation Fund interventions, are 97.4 million and show a growth of 93.2% compared to 2021 and a decrease of 10.3% compared to 2019. Revenues for aeronautical services grow by 80.3% compared to 2021 and decline by 15% compared to 2019 due to traffic trends and a decline in aviation fares. Revenues for non-aeronautical services grow 112.2% over 2021 and decline 4.6% over 2019. The trend in construction services revenues is affected by the investments made during the period: grow (+98.1%) compared to 2021 due to higher investments in the aviation sector and decrease (-2.9%) compared to 2019 due to lower investments in the non-aviation sector. Finally, about the “other revenues” category, which includes the contribution from the Compensation Fund of 21.1 million; even net of this contribution there is growth compared to both 2021 (+107.6%) and 2019 (+27%).

Overall, operating costs increase by 45.1% over 2021, realigning substantially with those bore in 2019 (-0.6%). In detail, costs of consumables and goods show an increase (+109.2% over 2021 and +79.3% over 2019) mainly due to higher purchase of aircraft fuel and de-icing liquid. Costs for services are higher than 2021 (+37.5%) due to the increase in traffic-related services (such as, for example, security control services), but mainly due to the costs of all other services (utilities, maintenance, cleaning, snow removal). Costs for services also grow slightly compared to 2019 (+2.2%) due to increased cost for utilities, additional security services due to the pandemic, cleaning, and insurance. Costs for fees, rentals, and other costs also grow (+80.8% compared to 2021 and -4.1% compared to 2019) due mainly to the change in traffic volumes based on which concession and security fees are calculated. Finally, other operating expenses are in line with 2019 (-0.1%) but up compared to 2021 (3.8%) due to the growth in tax charges and fire service contribution.

2022 recorded a Gross Operating Margin (EBITDA) of 54.8 million euro, compared to a result of 3.5 million euro in 2021 and 44.9 million euro in 2019 (+22%). This result is strongly affected by the contribution from the Compensation Fund of 21.1 million euro. Net of this Fund, of the margin from construction services and of credit revenues from Terminal Value on the renewal fund interventions, EBITDA stands at 32.9 million euro.

Consolidated net result, which is fully attributable to the Group, is a profit of 31.1 million euro compared to a loss of 6.7 million euro in 2021.

2022 showed a gradual recovery in traffic volumes, reaching 2019 levels in the third quarter. After a January impacted by the Omicron variant, starting in February, thanks to the reduction of restrictions on the entry of passengers from EU countries into Italy, traffic volumes showed a gradual increase. Beginning in June, traffic surpassed pre-pandemic levels and recorded highs in passengers in July and August. However, in the last months of the year, corresponding to the start of the winter season, there was a new slowdown compared to the pre-pandemic values.

In 2022, the airport recorded a total of 8,496,000 passengers, with a strong increase from 2021 (+107.0%), with 70,871 movements (+66.8%) and 55,195 tons of cargo transported (+10.1%). However, compared to 2019 - the last pre-Covid year - passenger traffic in 2022 was 9.7% lower and movements 8.1% lower. Compared to 2019, cargo traffic was 13% higher in 2022.

The average load factor is up from 68.7% in 2021 to 79.2% in 2022.

Low-cost traffic increased compared to 2019 (+10.9%), while legacy traffic showed a slower recovery (-37.6% compared to 2019) as a result of both a greater contraction in movements and a lower load factor.

The two-speed evolution of domestic traffic compared to international traffic is confirmed, penalized by the continuation of partial restrictions on the movement of people between some countries (especially in the first part of the year). Passengers on domestic flights have already largely exceeded pre-pandemic traffic levels (+13.2% compared to 2019), while those on international flights register -15.7% compared to 2019.

In 2022, 127 destinations could be reached directly from Bologna, up 7 compared to 2019 and 14 compared to 2021.

Analyzing the carriers' performance, Ryanair is confirmed to be the first airline on the airport with 56.9% of total traffic. In second place is Wizz Air, with a share that grew from 5.4% in 2019 to 10% percent in 2022. In third place, on the other hand, is Air France.

Bologna Airport is also confirmed as Italy's 3rd airport in the cargo sector in 2022 (it was 5th in 2019). Road cargo shows an increase of 13.3% compared to 2019, compared to a recovery in the air component of 12.9% and an overall increase of 13%, higher than the Italian average growth in 2022 (about 2%).