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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Aeroporto Guglielmo Marconi di Bologna S.p.A.    ADB   IT0001006128

AEROPORTO GUGLIELMO MARCONI DI BOLOGNA S.P.A.

(ADB)
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Aeroporto Guglielmo Marconi di Bologna S p A : STAR Conference 2020, Milano

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05/25/2020 | 09:13pm EDT

COMPANY PRESENTATION

STAR CONFERENCE - MAY 27TH 2020

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

2

2019

Q1 2020

Q2 2020

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

3

GROUP HIGHLIGHTS

  • STRATEGY

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

4

BOLOGNA'S AIRPORT MAIN CHARACTERISTICS

9.4 MILLION PAX IN 2019 - 79.2% INTERNATIONAL PAX

ITALY'S FORTH AIRPORT FOR GLOBAL CONNECTIVITY

ICCSAI - Fact Book 2019

CENTRAL GEOGRAPHICAL LOCATION

HIGH STANDARD OF LIVING

STRONG ENTREPRENEURIAL SPIRIT

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

GROWTH OUTPACING ITALIAN AND EU AVERAGE

2009 - 2019

+7.0%

CAGR

(1)

+4.3%

HIGHLIGHTS

+4.0%

(1)

(2)

& STRATGEY

Q1 2020

Italy

EU

RESULTS

2020

KEY UPDATES

15.3%

13.3%

11.5%

10.6%

7.0%

6.8%

6.4%

6.2%

6.7%

6.4%

5.9%

4.0%

4.5%

4.7% 4.5%

4.6%

3.8%

4.0%

1.2%

(2.3%)

(1.3%)

(1.9%)

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

5

BLQ

Italian Average

1

Assaeroporti - including charter, general aviation and interlining: years 2009-2019

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

2

EU figures refer to western European Airports. Data, ACI Europe - Airport Traffic Reports

EBITDA AND NET PROFIT TREND 2014-2019

€ 55.000.000,0

4.7

€ 5,0

4.5

€ 4,5

4.1

HIGHLIGHTS

44.1

€ 45.000.000,0

& STRATGEY

3.6

€ 4,0

38.0

Q1 2020

3.4

€ 3,5

3.2

RESULTS

33.9

€ 35.000.000,0

2020

27.9

€ 3,0

KEY UPDATES

23.7

€ 25.000.000,0

€ 2,5

21.1

20.9

16.2

17.9

€ 2,0

€ 15.000.000,0

11.4

€ 1,5

7.0

7.1

€ 1,0

€ 5.000.000,0

€ 0,5

2014

2015

2016

2017

2018

2019

-€ 5.000.000,0

€ 0,0

EBITDA conso adj (€M)

Net Profit (€M)

EBITDA conso adj/Pax (€)

6

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

NETWORK: WELL BALANCED MIX OF NETWORK,

REGIONAL AND LOW COST CARRIERS

WORLD AND REGIONAL, BUSINESS AND LEISURE DESTINATIONS AT HAND

NETWORK CARRIERS

LOW COST AND REGIONAL CARRIERS

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

7

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

CATCHMENT AREA: BOLOGNA AIRPORT DEMAND ATTRACTS PASSENGERS FROM 20 ITALIAN PROVINCES

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

8

20

ITALIAN PROVINCES

10.9

MILLION RESIDENTS

18%

OF TOTAL ITALIAN POPULATION

HIGH SPEED

RAIL NETWORKS

BOLOGNA-FLORENCE

35 minutes

68 trains/day

BOLOGNA-VERONA

49 minutes

7 trains/day

BOLOGNA-MILAN

60 minutes

40 trains/day

BOLOGNA-VENICE

1 h 25 minutes

24 trains/day

BOLOGNA-ROME

1 h 54 minutes

65 trains/day

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

9

CATCHMENT AREA: HIGHER GDP AND WELL-KNOWN BRANDS

BOLOGNA HAS

MAIN EUROPEAN FAIR CENTRES:

HIGHER GDP

2nd HANNOVER

THAN ITALIAN AND

500,000 sqm

EUROPEAN

COMPARABLE

3rd FRANKFURT

CITIES

475,000 sqm

1st MILAN

753,000 sqm

6th MADRID

4th BOLOGNA

102,600 sqm

375,000 sqm

COMPANIES OPERATING IN KEY SECTORS

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

CATCHMENT AREA: BOLOGNA AIRPORT COMPETITIVE POSITIONING IN 2019

Catchment area traffic increased by 4.5% (+1.6 ml passengers) vs 2018

Growth driven by both domestic (+1.0%) and international traffic (+5.5%)

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

BLQ market share in the catchment area*: 25.4%

BOLOGNA CATCHMENT AREA:

VAR. % PASSENGERS FY 2019 vs FY 2018**

TREVISO

VERONA

VENICE

Rimini

28,3%

PARMA

Bologna

10,6%

BOLOGNA

Ancona

8,2%

Florence

5,7%

FLORENCE

RIMINI

Verona

5,2%

PISA

ANCONA

Venice

3,4%

Pisa

-1,4%

Treviso

-1,6%

Parma

-5,1%

10

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

*

BLQ passengers/Catchment area airports passengers. BLQ catchment includes airports within

200 Km ca. maximum distance: Ancona, Florence, Rimini, Parma, Pisa, Treviso, Venice and Verona airports ** Assaeroporti data

OUR STRATEGIC AMBITION AND LONG TERM APPROACH

TO BE THE IDEAL GATEWAY FOR ITALY

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

TO ENHANCE CONNECTIVITY AND CARE FOR A UNIQUE PASSENGER EXPERIENCE

The route development opportunities together

Bologna Airport to be recognized by

with the ground transport network expansion

passengers as an ideal gateway thanks to

could make Bologna Airport an ideal air to

its rich destination network, the ease of

ground gateway not only for outgoing but

access from the wider region and the high

also for incoming passengers and

quality of its facilities and services

accessibility

11

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

CLEAR AND WELL-DEFINED STRATEGY

MAXIMISE FINANCIAL PERFORMANCE

PERFORMING AND SUSTAINABLE CORPORATION

12

CONNECT

DEVELOP

1.

Remove capacity

1.

Expand destination

constraints

2.

Optimise existing

network and frequency

infrastructures

2.

Increase long haul route

3.

Expand passenger

3.

Expand catchment area

terminal

4.

Improve accessibility

4.

Develop competitive car

parking

5.

Maximise commercial

opportunities

EXPERIENCE

  1. Innovative and customer oriented airport
  2. Pleasant and stress free passenger processes
  3. Best in class commercial offer
  4. Strong corporate image

CARE

  1. People and organization development
  2. Engaged airport community

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

FY 2019: STRATEGY AND EXECUTION

MAXIMISE FINANCIAL PERFORMANCE

Excellent adj revenue (+10.4%) and adj EBITDA (+16.1%) growth in 2019 vs 2018

Net profit €20.9 ml in 2019 (+16.3% vs 2018)

Ongoing focus on cost control

PERFORMING AND SUSTAINABLE CORPORATION

In 2019 Bologna airport, together with other members of ACI EUROPE, committed to net zero carbon emissions from airport operations fully within their own control by 2050 at the latest.

13

CONNECT

Passengers (+10.6%) and tons (+8.4%) increase.

Legacy traffic growth +4.9% and low cost traffic growth +14.7% vs FY 2018.

Load factor growth in FY 2019 81.5% (81.3% in FY 2018).

DEVELOP

In January 2020 the "Conferenza dei servizi" gave the green light to Bologna Airport Masterplan.

Terminal extension final design activities completed. New multilevel car parking final design under approval by ENAC.

19.4 ml € for investments in

infrastructure maintenance and development.

+4.3 ml € in 2019 Non-Aviation Revenues vs 2018 (Parking +5.5%, Retail & Adv. +6.8%, Passenger Services +10.6%, Real Estate + 2.4%).

EXPERIENCE

Improvement of capacity utilization (off-peak traffic growth).

Investments to improve passenger experience:

  • restyling of Marconi Business Lounge;
  • 3 new ABC gates to speed up passport control;
  • installation of recharge points.

Customer Satisfaction Index remains substantially stable at high values (98.3% in 2019 vs. 98.5% in 2018).

CARE

Construction of BLQ Fitness Lounge, a 700 sqm gym for the airport community and the customers of the Marconi Business Lounge. It is the first gym in an

European airport, developed partnering with Technogym.

Sustainable mobility plan aimed at supporting employees in making sustainable choices regarding the daily home-work commute.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

14

FIRST STEPS TOWARDS FUTURE DEVELOPMENT:

STRENGHTENING ACCESSIBILITY

Monorail connection

to Central Railway Station

Expected to Start in 2020

Running time: 7 minutes

Bus connection

City Centre - Central Railway Station

Every 15 minutes

Running time: 15/20 minutes

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

FIRST STEPS TOWARDS FUTURE DEVELOPMENT:

TERMINAL EXPANSION PROJECT

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

Departure area expansion on the 1st floor (+24,000 sqm) to:

EXPANSION

improve passengers flow

increase commercial area and offer

enhance customer experience

Update: formal verification of terminal

expansion final design completed in January

2020. Final design waiting for ENAC's

approval.

15

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

FIRST STEPS TOWARDS FUTURE DEVELOPMENT: NEW MULTILEVEL PARKING

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

New multilevel parking construction to increase on site parking spaces

and meet passenger growth

Update: final design approved by ENAC

16

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

PROFITABILITY TREND

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

Consolidated revenues (€/ml)

ADJ EBITDA* and ADJ EBITDA margin* (€/ml, %)

15.7

16.4

50,00

39%

41%

40%

37%

6.7

40,00

35%

Rev. ex constr.

30,00

CAGR 8.4%

98.4

108.6

20,00

44.1

30%

92.4

33.9

38.0

10,00

25%

,00

20%

F Y 2 0 1 7

F Y 2 0 1 8

F Y 2 0 1 9

FY 2017

FY 2018

FY 2019

Revenue ex constr

Construction rev

ADJ EBITDA

ADJ EBITDA %

Consolidated net income (€/ml)

Net Financial Position and Capex

20.9

25

€ 24.0 ml

€ 19.4 ml

25,0

17.9

20

4.5

2.0

20,0

16.2

€ 15.5 ml

15

3.1

10.5

15,0

8.0

10

10.1

10,0

5

12.4

19.5

17.4

5,0

0

0,0

FY 2017

FY 2018

FY 2019

F Y 2 0 1 7

F Y 2 0 1 8

F Y 2 0 1 9

Capex

Airport Infrastructure Provision

Net financial position

Healthy growth, improving margins and solid capital

17

structure

* Net of construction services margin (IFRIC 12) and one-off energy costs

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

MAIN INVESTMENTS IN INFRASTRUCTURE MAINTENANCE AND DEVELOPMENT

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

INVESTMENTS IN INFRASTRUCTURE MAINTENANCE AND DEVELOPMENT

€ 24.0 ml

4.5 ml

€ 19.4 ml

€ 15.5 ml

2.0 ml

3.1 ml

19.5 ml

17.4 ml

12.4 ml

FY 2017

FY 2018

FY 2019

Capex

Airport Infrastructure Provision

TERMINAL EXPANSION AND NEW MULTILEVEL CAR PARKING

FORMAL VERIFICATION OF THE

TERMINAL EXPANSION FINAL DESIGN

20,0

COMPLETED IN JANUARY 2020.

MULTILEVEL CAR PARKING FINAL DESIGN

15,0

APPROVED BY ENAC

CARGO BUILDING

5,0

0,0

WORK IN PROGRESS

18

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

SOLID FINANCIAL AND CAPITAL STRUCTURE

2017 - 2019 CONSOLIDATED ASSET & FINANCIAL SITUATION ('000 €)

Liquidity

29.253

HIGHLIGHTS

& STRATGEY

16.209

15.762

Q1 2020

RESULTS

2020

KEY UPDATES

FY 2017

FY 2018

FY 2019

Gross Debt (*)

26.776

21.216

19.253

FY 2017

FY 2018

FY 2019

19

(*) Current and non current financial liabilities

NFP

10.050

10.501

7.995

FY 2017

FY 2018

FY 2019

Equity

178.175

173.710

172.322

FY 2017

FY 2018

FY 2019

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

MONITORING OF QUALITY SERVICES AND

PASSENGER EXPERIENCE

SERVICE QUALITY

CUSTOMER SATISFACTION INDEX

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

Customer Satisfaction Index:

ENAC (Italian Civil Aviation Authority) indicators (Carta dei Servizi)

comparison with Italian regional airports focus on airport services performance

Airport Service Quality:

ACI World Airport Council International

panel includes more than 250 airports worldwide focus on airport passenger experience

98.5%98.3%

97.0%

FY 2017

FY 2018

FY 2019

AIRPORT SERVICE QUALITY

3.82

3.79

3.77

FY 2017

FY 2018

FY 2019

20

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

21

Q1 2020 RESULTS

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

TRAFFIC TREND IN EUROPE AND IN ITALY IN MARCH 2020

Trend March 2020 vs March 2019

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

22

Source: ACI Europe. The sample considered represents 83% of European traffic as a whole.

The number of confirmed cases of people infected with COVID-19 relates to data reported by John Hopkins University.

Despite a slightly positive trend in the first 2 months of the year (January + 2.2% and February + 0.9%), European traffic dropped by 21% during the first quarter of 2020 due to the effect of the drastic reduction experienced in March (-97% vs 2019).

According to ACI Europe, the development of the Covid-19pandemic resulted, only in March, in a loss of 106 million passengers in European continent (-59.5% vs 2019).

Overall in Italy traffic decreased by 78.3% between the last week of February and the end of March, with almost 12 million passengers less than in 2019.

Already at the beginning of March Italy air traffic reported a drop of about 50% compared to the same period of 2019, about 10 days earlier than the other European airports, which suffered the same reduction only starting from March 12th.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

TRAFFIC TREND OF MAIN ITALIAN AIRPORTS IN Q1 2020

Top 10 Italian Airports per number of passengers in Q1 2020

7.000.000

5.8M Pax

3.9M Pax

2.1M Pax

1.4M Pax

1.4M Pax

1.3M Pax

1.3M Pax

1.3M Pax

1.0M Pax

0.9M Pax

-25%

6.000.000

(28,2%)

(28,9%)

(27,9%)

(28,1%)

(28,1%)

(28,7%)

-27%

(31,3%)

-29%

5.000.000

TRAFFIC IN ITALY:

-31%

(34,1%)

-31.8% vs. Q1 2019

4.000.000

-33%

(35,5%)

-35%

3.000.000

(37,8%)

-37%

2.000.000

-39%

-41%

1.000.000

-43%

0

-45%

Rome FCO Milan MXP

Bergamo

Bologna

Naples

Venice

Catania

Milan LIN

Rome CIA

Palermo

Domestic Pax

International Pax

Var% 2020-2019

Total

In Q1 2020 Italian traffic decreased by almost a third (-31.8%) compared to the same period of 2019, reporting a loss of around 12 million passengers, entirely attributable to the month of March.

Passengers of the top 10 airports made up almost 80% of total Q1 2020 traffic, also as a consequence of the closure of many airports between February and March due to the health emergency.

Bologna was the fourth Italian airport in terms of traffic during the period, accounting for about 5.5% of total passengers, after Rome FCO (22.6% of total passengers), Milan MXP (14.9%) and Bergamo (8.1%).

23

Source: Assaeroporti.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

BLQ TRAFFIC PERFORMANCE DURING Q1 2020

Bologna Airport is open - in compliance with Infrastructure and Transportation Ministry Decree n. 112 dated 12th March - but, in consideration of the cancellations made by the airlines in recent weeks, as of 31st March 2020 only 1 flight per day was operated (Alitalia to Rome FCO).

As a result, in Q1 2020 passengers decreased by 28.9% and movements dropped by 21.1% compared to the same period of 2019.

-28.9%

vs 1Q 2019

+9.9%

+0.3%

-86.3%

vs January 2019

vs February 2019

vs March 2019

30.000

25.000

(*)

20.000

15.000

Issue of the first

10.000decree containing restrictive measures

5.000

0

01/01/2020

03/01/2020

05/01/2020

07/01/2020

09/01/2020

11/01/2020

13/01/2020

15/01/2020

17/01/2020

19/01/2020

21/01/2020

23/01/2020

25/01/2020

27/01/2020

29/01/2020

31/01/2020

02/02/2020

04/02/2020

06/02/2020

08/02/2020

10/02/2020

12/02/2020

14/02/2020

16/02/2020

18/02/2020

20/02/2020

22/02/2020

24/02/2020

26/02/2020

28/02/2020

01/03/2020

03/03/2020

05/03/2020

07/03/2020

09/03/2020

11/03/2020

13/03/2020

15/03/2020

17/03/2020

19/03/2020

21/03/2020

23/03/2020

25/03/2020

27/03/2020

29/03/2020

31/03/2020

Pax 2019 (**)

Pax 2020 (**)

(*) Leap year in 2020.

24

(**) Figures include interlining passengers and exclude general aviation traffic.

NOTE: Please note that the day following the issue of the Prime Minister's Decree on 23rd February 2020 is considered as the beginning of COVID-19

health emergency in Italy.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

Q1 2020 KEY FIGURES

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

PASSENGERS

REVENUES

EBITDA

NET PROFIT

€20.8 mln

€4.2 mln

€0.6 mln

1,395,671 PAX

-28.9% vs Q1 2019

-24.3% vs Q1 2019

-49.7% vs Q1 2019

-82.5% vs Q1 2019

25

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

26

Q1 2020 KEY HIGHLIGHTS

In Q1 2020 passengers decreased by 28.9% and movements dropped by

21.1% compared to the same period of 2019.

Both legacy traffic and low cost traffic suffered from the health emergency

effects, respectively decreasing by 33.9% and by 25.4%.

Aeronautical revenues fell by 26.1% due to the contraction of traffic, the reduction of charges from January 1st, 2020 and the discounts granted in March to handlers for the use of operating spaces and check-in counters. Traffic incentives resulted in line with the existing contracts.

Non Aeronautical revenues were down by 18.0% due to the reduction in traffic, directly impacting some business areas (i.e. parking lots and MBL), and the discounts applied to customers on sub-concession contracts for the month of March.

A comprehensive efficiency plan was implemented to contain costs and mitigate the negative impact of the drop in traffic on profitability. With the aim of reducing labour costs, an extraordinary redundancy fund for all its employees was launched. Also, traffic-relatedservices and utility costs were reduced and some

service contracts have been revised.

Investments in infrastructure maintenance and development amounted to €3.1M.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

27

Q1 2020 TOTAL REVENUES

EURO THOUSANDS

Q1 2020

Q1 2019

VAR % Q1

20/19

Aeronautical Revenues

9,906

13,400

(26.1%)

Non Aeronautical Revenues

8,029

9,794

(18.0%)

Revenues for Construction Services*

2,757

4,104

(32.8%)

Other Revenues

119

191

(37.7%)

Revenues

20,811

27,489

(24.3%)

Revenues adj

18,054

23,385

(22.8%)

AERONAUTICAL REVENUES: revenues in line with 2019 during the first two months of 2020. In March revenues decreased due to:

  • contraction in traffic figures,
  • reduction of charges,
  • discounts granted to handlers for the use of operating spaces and check-in counters.

NON AERONAUTICAL REVENUES: figures exceeding 2019 revenues in the first two months of 2020.

The traffic decrease in March highly affected the business areas directly related to passenger numbers (i.e. parking, MBL, variable component of sub-concession contracts).

Also, discounts were applied to customers on fixed fees.

* IFRIC 12

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

OPERATING COSTS: COMPREHENSIVE EFFICIENCY PLAN IMPLEMENTED TO CONTAIN COSTS

OPERATING COSTS BREAKDOWN ('000 €)

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

Total costs

19,141

Total costs

16,612

Net of constr. costs

15,233

Net of constr. costs

13,987

3.075

2.720

5.013

4.730

7.145

6.537

1Q 2019

1Q 2020

Personnel

Services Costs (1)

Other (3)

Constructions costs (2)

OPERATING COSTS -13.2%

NET OF CONSTRUCTION COSTS -8.2%

Personnel costs down by 8.5% thanks to:

  1. decrease in headcount employed in airport operations (less staff in security and terminal activities);
  2. cost reduction initiatives to mitigate the effects of the drop in traffic.

Services costs (-5.6%) decrease due to:

  1. Lower utility costs;
  2. Lower costs directly related to traffic figures (e.g. business lounge, PRM);
  3. Renegotiation of some major service contracts.

Construction costs (-32.8%) due to lower investments related to concession rights.

1

Services: includes outsourced services, maintenance, utilities costs and G&A

28

2

IFRIC 12

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

3

Other: includes consumables and goods, rental fees and other operating expenses

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

29

AVIATION AND NON-AVIATION BUSINESS

REVENUES BREAKDOWN (%)

EBITDA BREAKDOWN (%)

7%

44%

Q1 2020

56%

93%

37%

35%

63%

Q1 2019

65%

AVIATION

NON AVIATION

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

30

AVIATION AND NON-AVIATION BUSINESS

REVENUES SEGMENT SHARE

AVIATION & NON-AVIATION EBITDA

Q1 2020

Q1 2020/2019 ('000€)

5,438

-28.1%

44%

3,908

2,910

56%

-90.0%

291

1Q 2019

1Q 2020

AVIATION

NON AVIATION

BUSINESS UNIT AVIATION

Q1

Q1

VAR %

BUSINESS UNIT

Q1

Q1

VAR %

('000 €)

2020

2019

Q1 20/19

NON-AVIATION ('000 €)

2020

2019

Q1 20/19

Passengers

8,243

12,455

(33.8%)

Retail and Advertising

2,755

3,378

(18.4%)

Parking

2,658

3,663

(27.4%)

Airlines

4,821

5,805

(17.0%)

Real estate

605

602

0.5%

Airport operators

508

728

(30.2%)

Passenger services

1,118

1,413

(20.9%)

Traffic incentives

(3,750)

(5,698)

(34.2%)

Constructions revenues*

1,442

3,735

(61.4%)

Constructions revenues*

1,314

369

256.1%

Other aviation revenues

352

352

0.0%

Other non aviation revenues

762

687

10.9%

Fees reduction for doubtful

(17)

0

n.m.

Fees reduction for doubtful

0

0

receivables**

receivables**

Total Revenues AVIATION

11,599

17,377

(33.3%)

Total Revenues NON-AVIATION

9,212

10,112

(8.9%)

EBITDA AVIATION

291

2,910

(90.0%)

EBITDA NON-AVIATION

3,908

5,438

(28.1%)

* IFRIC 12

** IFRS 15

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

EBITDA

Q1 2020 GROUP EBITDA ('000 €)

8,348

HIGHLIGHTS

& STRATGEY

Q1 2020

RESULTS

(3,494)

1,283

4,199

2020

(1,765)

283

355

KEY UPDATES

608

(1,347)

(72)

EBITDA 1Q 2019 Aeronautical

Non Aeronautical

Construction

Other Revenues

Personnel

Services costs Other costs (3)

Constructions EBITDA 1Q 2020

Revenues

Revenues

Revenues (1)

(2)

Costs (1)

Revenues -6.7 ml €

Opex -2.5 ml €

Net of construction services revenues -5.3 mln €

Net of construction services costs -1.2 ml €

EBITDA Q1 2020 -49.7% VS Q1 2019 (-4.1 ML €)

EBITDA NET OF CONSTRUCTION COSTS -50.1% VS Q1 2019 (-4.1 ML €)

1 IFRIC 12

31 2 Services: includes outsourced services, maintenance, utilities costs and G&A.AEROPORTO G. MARCONI DI BOLOGNA S.p.A. 3 Other: includes consumables and goods, rental fees and other operating expenses.

CONSOLIDATED PROFIT & LOSS

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

32

EURO THOUSANDS

Q1 2020

Q1 2019

VAR

VAR %

Q1 20/19

Q1 20/19

Revenues

1

20,811

27,489

(6,678)

(24.3%)

Operating Costs

(16,612)

(19,141)

2,529

(13.2%)

EBITDA

2

4,199

8,348

(4,149)

(49.7%)

EBITDA Adjusted*

4,067

8,152

(4,085)

(50.1%)

Concession Rights Amortization

(1,643)

(1,500)

(143)

9.5%

Amortization & Depreciation

(950)

(970)

20

(2.1%)

Amortization and Depreciation

3

(2,593)

(2,470)

(123)

5.0%

Provision for Doubtful Accounts

(225)

(25)

(200)

800.0%

Airport Infrastructure Provision

(478)

(475)

(3)

0.6%

Other Accruals

(4)

(94)

90

(95.7%)

Provisions

3

(707)

(594)

(113)

19.0%

Total Costs

(19,912)

(22,205)

2,293

(10.3%)

EBIT

899

5,284

(4,385)

(83.0%)

Financial Income

4

94

39

55

141.0%

Financial Expenses

(101)

(299)

198

(66.2%)

EBT

892

5,024

(4,132)

(82.2%)

Taxes

5

(273)

(1,477)

1,204

(81.5%)

Net Profit (loss)

6

619

3,547

(2,928)

(82.5%)

Minority Interest

0

0

0

0.0%

Group Net Profit

619

3,547

(2,928)

(82.5%)

* Net of construction works

  1. REVENUES
    (-24.3%) traffic decrease, charges update, discounts granted to aviation and non-aviation customers
  2. EBITDA
    ▼ (-49.7%) operating leverage highly affected by the sharp contraction in revenues, only partially compensated by results of the comprehensive cost optimization plan implemented at the beginning of the emergency

3 AMORTIZATION, DEPRECIATION AND PROVISIONS

+7.7% (▲ +5.0% amortization and depreciation and ▼ +19.0% provisions)

  1. FINANCIAL AND EXPENSES
    • main effect coming from discounting provisions
  2. TAXES
    • due to lower EBT
  3. NET PROFIT
    • -2.9M vs Q1 2019

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

NET FINANCIAL POSITION

Q1 2020 NET FINANCIAL POSITION ('000 €)

10,501

HIGHLIGHTS

1,347

240

9,652

& STRATGEY

Q1 2020

0

RESULTS

(2,436)

2020

KEY UPDATES

Net financial

Liquidity

Current

Current

Non-current

Net financial

position

financial

financial debt

financial debt

position

31/12/2019

receivables

31/03/2020

EURO THOUSANDS

31 Mar

31 Dec

Change

2020

2019

Liquidity

26,817

29,253

(2,436)

Current financial receivables

501

501

0

Current bank debt

(115)

(28)

(87)

Current portion of non-current debt

(3,194)

(3,059)

(135)

Other current financial debt

(1,517)

(3,086)

1,569

Current financial debt

(4,826)

(6,173)

1,347

Net current financial position

22,492

23,581

(1,089)

Non current financial debt

(12,840)

(13,080)

240

Net Financial Position

9,652

10,501

(849)

Financial instruments with a

1,355

1,349

6

maturity of over 12 months

Q1 2020 Net Financial Position of € 9.7 mln

Not including financial instruments with a maturity of over 12 months as per IFRS 7

33

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

34

2020

KEY UPDATES

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

35

FY 2020 UPDATE (1)

In April traffic dropped by around 99.8% compared to the same month of 2019, considering that only one flight was operated (Alitalia from/to Rome FCO), with a daily frequency in the first half of the month, down to every two days in the second half of the month. Overall, in the first four months of 2020 the airport registered 1,396,034 passengers (approx. -49% vs the same period of 2019).

The high level of uncertainty related to the duration of the health emergency and its future developments makes it difficult to make reliable estimations regarding both the Company's traffic trend and economic and financial situation for the coming months. However, given a substantial absence of traffic for both April and May and a still in progress flight schedule for the month of June, the Company reasonably forecasts a

further overall worsening of Q2 2020 economic and financial results.

Ryanair announced that it will restore part of its flight operations during the 3rd quarter of 2020: consistently, tickets from/to Bologna Airport are currently on sale for flights that will be operated starting from the end of June. Volotea announced a new flight to Olbia starting from the 3rd of July. Wizz Air is expected to operate some flights already in the second half of May, Air France, Lufthansa and British Airways starting in June, and some more airlines flying again from August. However, airlines schedules remain subject to potential adjustments in light of all possible developments of the overall situation.

The performance of the non-aviation business is as well likely to be materially impacted by the risks related to the pandemic effects and evolution. Not only business areas directly related to traffic volumes (i.e. parking lots and MBL) will suffer a drastic reduction: also revenues related to sub-concession contracts (both aviation and non-aviation) will drop as a result of the extension of payments and discounts granted to support customers in facing the current crisis. The Company intends to engage in further negotiations with customers aimed at finding a common ground in sharing the pandemic effects and risks, considering a future, although gradual, recovery. Before engaging in such negotiations, the Company will accurately assess the measures that the Italian government is expected to approve.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

36

FY 2020 UPDATE (2)

On the other side, starting from Q2 2020 AdB will benefit from the positive effects of cost containment measures implemented since the start of the emergency, although resulting savings will not be directly

proportional to the decrease in sales volumes, given the high fixed cost structure typical of airports.

In order to support the financial sustainability and contain the future economic and financial impact of the Covid- 19 health emergency, AdB is reviewing its investment plan, postponing non-time critical investments, as well as negotiating with some financial institutions to obtain additional financial resources. Also, during the Ordinary Shareholders' Meeting, the proposal of the Board of Directors to allocate 2019 Parent Company's profit to reserve was approved.

AdB believes that the overall impacts resulting from the health emergency will be material for the Group, especially with reference to the first half of the current year.

AdB constantly addresses its attention and efforts to ensure the safety of passengers and employees and to maintain the current employment levels and the infrastructure development plan commitment, in order to overcoming this emergency and starting a new development phase.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

AIR TRAFFIC EVOLUTION SCENARIOS - IATA1

According to IATA, international

air travel may not recover 2019

levels until 2023-2024,much longer after domestic traffic, expected to recover already between 2021 and 2022.

In general, after COVID-19 shock, global air travel will return to growth, though at a lower rate.

IATA forecasts global RPKs to be between 32% and 41% below expected levels in 2021.

37

1 Report "COVID-19 Outlook for air travel in the next 5 years" published on 13rd May 2020

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

HIGHLIGHTS & STRATGEY

Q1 2020

RESULTS

2020 KEY UPDATES

38

AIR TRAFFIC EVOLUTION SCENARIOS - ACI EUROPE1

ACI EUROPE updated economic impacts analysis on civil aviation, hypothesizing 2 different scenarios:

Estimated Impact on 2020

Scenario A

Scenario B

Full Year lost Passenger vs B.A.U.

-1.4 B pax

-1.7 B pax

-57%

-67%

The updated scenarios take account of (i) national and regional plans for a gradual end to travel restrictions, (ii) supply-sideissues in returning to air transport operations, (iii) demand-sideslack for tourism and leisure travel, and (iv) the likely contraction in overall economic demand

2020 Traffic Scenarios

Delta pax vs same months of 2019)

0,00%

-20,00%

-40,00%

-60,00%

-80,00%

-100,00%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Scenario A

Scenario B

Actual

1 Report "COVID-19 & AIRPORTS Passenger traffic & revenue impact" published on 27th April 2020

(*) B.A.U., i.e. 'Business As Usual', situation that foresees a 2.3% passenger traffic growth

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

DISCLAIMER

This document has been prepared by Aeroporto G. Marconi di Bologna S.p.A. (AdB) solely for use at the presentation to potential institutional investors it is not to be reproduced or circulated and is not to be used in the United States, Canada, Australia or Japan.

The information contained in this document has not been independently verified. No representation or warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of AdB or any of their representatives shall have any liability whatsoever (in negligence or otherwise) for any loss arising from any use of this document or its contents or otherwise arising in connection with this document.

This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose.

Neither this document nor any part or copy of it may be taken or transmitted into the United States or distributed, directly or indirectly, in the United States, or to any "U.S. Person" as that term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Neither this document nor any part or copy of it may be taken or transmitted into or distributed directly or indirectly in Australia (other than to persons in Australia to whom an offer of securities may be made without a disclosure document in accordance with Chapter 6D of the Corporations Act 2001 (Cth.), or taken or transmitted into Canada or Japan, or distributed directly or indirectly in Canada or distributed or redistributed in Japan or to any resident thereof. Any failure to comply with this restriction may constitute a violation of U.S., Australian, Canadian or Japanese securities laws, as applicable. The distribution of this document in other jurisdictions may also be restricted by law, and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. In this case no reliance will be placed on AdB.

The statements contained in this document that are not historical facts are "forward-looking" statements (as such term is defined in the United States Private Securities Litigation Reform Act of 1995), which can be identified by the use of forward-looking terminology such as "believes", "expects", "may", "will", "should" or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties.

These forward-looking statements, such as the statements regarding AdB' s ability to develop and expand its business, the effects of regulation, changes in overall economic conditions, capital spending and financial resources and other statements contained in this document regarding matters that are not historical facts involve predictions. No assurance can be given that the anticipated results will be achieved. Actual events or results may differ materially as a result of risks and uncertainties facing AdB and its subsidiaries. Such risks and uncertainties include, but are not limited to, increased competition and regulatory, legislative and judicial developments that could cause actual results to vary materially from future results indicated, expressed or implied in such forward- looking statements.

39

By viewing the material in this document, you agree to the foregoing.

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

THANK YOU FOR YOUR ATTENTION!

For additional information:

investor.relations@bologna-airport.it

Tel: +39 051/6479680

STAR Conference, May 27th 2020

40

AEROPORTO G. MARCONI DI BOLOGNA S.p.A.

Disclaimer

Aeroporto Guglielmo Marconi di Bologna S.p.A. published this content on 27 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2020 00:12:01 UTC


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Financials
Sales 2020 67,8 M 79,7 M 79,7 M
Net income 2020 -12,7 M -14,9 M -14,9 M
Net Debt 2020 30,9 M 36,3 M 36,3 M
P/E ratio 2020 -16,2x
Yield 2020 -
Capitalization 206 M 242 M 242 M
EV / Sales 2020 3,49x
EV / Sales 2021 3,08x
Nbr of Employees 473
Free-Float 57,0%
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Technical analysis trends AEROPORTO GUGLIELMO MARCONI DI BOLOGNA S.P.A.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 1
Average target price 6,10 €
Last Close Price 5,70 €
Spread / Highest target 7,02%
Spread / Average Target 7,02%
Spread / Lowest Target 7,02%
EPS Revisions
Managers
NameTitle
Nazareno Ventola Chief Executive Officer, Executive Director & GM
Enrico Postacchini Chairman
Patrizia Muffato Head-Administration, Finance, Control & IR
Silvia Lombardi Head-Innovation, ICT & Quality
Giada Grandi Non-Executive Director