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In its meeting of 2 March, the Board of Directors of Aeroporti di Roma S.p.A., approved the Annual Integrated Report, including the Draft Individual Financial Statements and Consolidated Financial Statements of 31 December 2022.
By issuing the Integrated Report, the ADR intends to provide complete, exhaustive information, in a single document, on the value generated through financial, environmental, social and governance performance. This confirms the importance that the Group attaches to an integrated management approach as an inseparable part of its strategy that underpins the path towards sustainable development and innovation in the coming years.
2022 RESULTS
There was a significant increase in traffic, which closed the year with approximately 33 million passengers, compared with 2021 (+134.7%), owing to factors both outside and inside Europe (+262.8% and 138.0%). Over the course of the year, there was a 66.5% recovery of passenger flows compared with 2019, owing to a combination of a beginning of the year still seriously impacted by the effects of the pandemic, and a final period that marked a recovery of over 80%.
The financial year closed with a positive consolidated operating result of 131.9 million euros (-45.9 million euros in the previous year) and a net profit of 45.1 million euros, as compared with a net loss of 38.0 million euros in 2021.
Following the financial transactions implemented during 2021, the ADR 2022 financial structure saw a further evolution towards its solidity and sustainability objectives, combined with an improvement in credit ratings. In this respect, it is worth noting the new 350 million euro revolving credit line, also in an innovative sustainability-linked format and with a 5-year duration (extendable up to 7), which was signed in October 2022 to replace the previous contract for 250 million euros (expiring in 2023).
Investments amounted to over 214 million euros, an increase of 21% compared with 2021, for the expansion and upgrading of the Rome airport system. More specifically, the investments made during the year included the construction works for the new boarding area A in Terminal 1, inaugurated on 18 May in the presence of the President of the Republic, Sergio Mattarella.
CATEGORY | UdM | INDICATORS | 2022 | 2021 | Δ% vs 2021 | Δ% vs 2019 |
BUSINESS | No. | Total passengers | 32836515 | 13988955 | 134.7% | -33.5% |
No. | Total flights | 254820 | 151191 | 68.5% | -29.6% | |
Score | Customer satisfaction (ACI) | 4.55 | 4.59 | -0.8% | 1.8% | |
ECONOMIC | €/mln | Revenues from airport management | 643.7 | 296.9 | 116.8% | -31.6% |
Net operating costs | 508.2 | 372.2 | 36.5% | -5.0% | ||
EBITDA | 299.6 | 261.3 | 14.7% | -49.6% | ||
Profit (Loss) for the year attributable to the Group | +45.1 | -38 | -218.7% | -81.6% | ||
Investments | 214.2 | 177.3 | 20.8% | -16.0% | ||
Cash and cash equivalents | 1025.0 | 661.6 | 54.9% | 104.6% | ||
ENVIRONMENT | tCO2 | Total CO2 emissions (Scopes 1 and 2) | 56,386 | 51,680 | 9.1% | -10.5% |
tCO2 | Total CO2 emissions (Scope 3) | 889,396 | 375,496 | 136.8% | -26.4% | |
GJ | Energy consumption | 822,419 | 719,195.17 | 14% | -9% | |
% | Percentage waste sent for recovery (FCO) | 99.98% | 99% | 1 p.p. | 2 p.p. | |
SOCIAL | i | Occupational accident rates | 18.18 | 32.7 | -44.4% | -52.5% |
No. | Total number of employees | 3767 | 3345 | 12.6% | 5.8% | |
% | Percentage of female employees | 38% | 37% | 1% | -2% | |
€/mln | Distributed economic value | 432,895 | 264,810 | 63% | - |
DISTINCTIVE ELEMENTS OF FINANCIAL YEAR 2022
Sustainability and Innovation
Sustainability and Innovation remain the central drivers of the ADR development strategy, fully integrated into the Group's business. The Sustainability Plan consists of a structured series of objectives and programs, divided into three priority areas of intervention: People, Environment and Development. Reduced energy consumption, photovoltaic systems, decarbonisation, sustainable intermodality, and open innovation are the main areas of commitment on the ADR roadmap that guides the path towards energy and digital transition. A growing commitment to a responsible business model, which is also ensured by support for the Ten Principles of the United Nations Global Compact in matters of human rights, labour, the environment and anti-corruption.
2022 also witnessed the strong commitment of the Group to the fight against climate change. Aeroporti di Roma has worked alongside a group of industrial players, institutional stakeholders and associations, and experts from the academic world, to promote the Pact for the Decarbonisation of Air Transport, created with the aim of identifying available technological solutions and defining the steps to be taken, supported by realistic policy proposals, to achieve the challenging objectives defined by Europe for the reduction of CO2 emissions.
In parallel with its commitment to sustainable issues, Aeroporti di Roma has perfected a strategy directed towards an increasingly cutting edge future based on the use of digitisation and open innovation. Last October, the Innovation Hub was inaugurated in the presence of the president of Edizione, Alessandro Benetton, a business accelerator dedicated to the development of innovative solutions in the airport industry. Following the success of the first "Call for Ideas", the second edition was launched in December for the selection of other startups.
Still on the subject of Innovation, ADR's pioneering approach to the new frontier of sustainable mobility has led to the creation of UrbanV, to encourage and accelerate the development of urban air mobility infrastructure internationally, beginning with vertiports, infrastructures designed for vertical take-off. Aeroporti di Roma, Atlantia, UrbanV and Volocopter have successfully completed a test flight on a fitted eVTOL. This is the first time that this kind of test has been carried out in Italian air space. The start of operations of the first Italian vertiport is a fundamental step towards the opening up of Advanced Air Mobility (AAM) services to the public in Rome by 2024.
Risk management
The ADR Group is exposed to strategic, operational, financial and compliance risks typical of the sector. The Enterprise Risk Management process involves the constant updating of the Risk Appetite Framework, the Risk Catalogue and the related measurement and the identification and monitoring of any corrective actions.
During 2022, environmental, social and governance ("ESG") issues were increasingly integrated into business risk management, which included dedicated risk assessments. The risks associated with climate change were also subject to specific detailed analysis.
Subsequent events
• On 26 January 2023, Fiumicino airport, rated the best European airport in terms of quality for 5 years, obtained the 5-star Skytrax, the highest award presented by the international air transport rating organisation. The 5-star rating, obtained on completion of a detailed analysis of the services and facilities in the terminals conducted during 2022, recognises the "Leonardo da Vinci" excellent standards in the quality of the service provided to passengers and the work of the staff.
• On 3 February 2023, the company ADR Ventures S.r.l. was established, with a capital endowment of 2 million euros (including 10 thousand euros as share capital), fully subscribed by the sole shareholder ADR. The purpose of the new corporate vehicle is Corporate Venture Capital work aimed at funding innovative travel solutions.
• On 16 February 2023, in response to the Master Plan, the ENAC sent ADR further planning details, while also stating that "it believes it will be able to proceed with appraisal of the new master plan by 2046, including the construction of a new runway". ADR is studying these directions in order to prepare a reply to the requests of the Organisation.
• With reference to the Resolution of the Transport Regulation Authority (ART) relating to the public consultation for revision of the airport fee regulation models, the hearing relating to ADR's appeal against the refusal to launch the user consultation announced by ART on 16.12.2021, again pushed back in the calendar - by independent decision of the Lazio TAR - on 22 February 2023, was discussed and the appeal was sent for decision.
• On 24 February 2023, the Transport Regulation Authority postponed the issue of the new regulatory models to 20 March, due to the need to discuss the matter with the competent Ministries.
OUTLOOK 2023
The evolution of the market scenario highlights an essentially positive outlook for 2023, with a business trend that is gradually approaching pre-pandemic levels. It should be emphasised that there remain variables that may impact the actual rate of recovery/growth of traffic, both positively, with reference to a possible acceleration in the reopening of the Chinese market, and negatively, in relation to the effects of a potential development of the Russian-Ukrainian conflict.
This growth scenario, where confirmed during the year, hints at an expected improvement in operating margins compared with the previous year. This could, however, be seriously affected by macroeconomic trends and recent inflation, which could impact the inclination to consume, in addition to the dynamics of operating costs, with particular reference to energy prices, which are still decidedly dilated.
Throughout 2023, the Group will continue to work towards consolidation, in accordance with the granting and regulatory authorities, of key prerequisites for the long-term sustainable development of the capital's airport system, based on shared value involving employees, local communities and, more generally, all our stakeholders.