Toscana Aeroporti : The Board of Directors approves the Half-Year Financial Report at June 30, 2019

PRESS RELEASE

THE BOARD OF DIRECTORS APPROVES THE HALF-YEAR FINANCIAL

REPORT AT JUNE 30, 2019

• 3.8 million passengers for the first six months of the year (+0.6% compared to the same period of 2018).

 Operating revenues amounted to	million, up 6.8% compared to H1 2018. Aviation
and Non-Aviation revenues increased by +3.3% and +10.7%, respectively.
 EBITDA amounted to	million, up 1.8%. Net of the non-recurring events recorded in
H1 2018 and H1 2019, EBITDA grew by 19.2%.
 The	net profit for the period was	million compared to	million in H1

2018. Net of the non-recurring events recorded in H1 2018 and H1 2019, and the related tax burden, net profit for the period rose by 20.6%.

 Net Financial Debt1 amounted to	million, increasing compared to	million at
December 31, 2018 and	million at June 30, 2018, due to both the seasonal nature of

the business and the recognition of financial liabilities following the application of IFRS16.

Consolidated figures	H1 2019	% on	H1 2018	% on
revenues	revenues
Total revenues	58.4	100%	61.0	100%	(2.7)	(4.4%)
Operating revenues	54.1	92.6%	50.6	82.9%	3.5	+6.8%
EBITDA	15.6	26.8%	15.4	25.1%	0.3	+1.8%
Adjusted EBITDA	13.6 2	23.3%	11.4 3	18.7%	2.2	+19.2%
EBIT	8.9	15.2%	9.4	15.5%	(0.6)	(6.3%)
PBT	8.1	13.9%	8.9	14.6%	(0.8)	(9.5%)
for the period	5.3	9.0%	5.9	9.6%	(0.6)	(10.2%)
Adjusted net profit (loss) for the period	4.0 4	6.8%	3.3 5	5.3%	0.7	+20.6%

Florence, August 6, 2019 The Board of Directors of Toscana Aeroporti S.p.A. Toscana Aeroportithe Companyor TAan Italian company listed on the electronic share market (MTA) of Borsa Italiana S.p.A. which manages the Florence and Pisa airports met today to examine and approve the Half-year Financial Report at June 30, 2019.

Aeroporti continued to grow in the first half of 2019, confirming the validity of the business model, with a further increase in the passenger traffic handled by the Tuscan Airport System and a rise in Aviation and Non-Aviation revenues.This growth would

have been even more substantial without the over 400 cancelled and re-routed flights at the Florence airport a figure that once again emphasises the inadequacy of

stated Toscana Aeroporti Chairman Marco Carrai.

1	-current
	Leases as of January 1, 2019.

2 Adjust

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4 Adjusted net profit at June 30, 2019, net of the amount	-mentioned favourable judgement
on the Fire Protection Fund and the related tax burden.

5 Adjusted net profit for the period at June 30, 2018, net of the above-mentioned proceed recognised following the favourable judgement

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PASSENGER AND CARGO TRAFFIC RESULTS FOR H1 2019

In the first six months of 2019, the Tuscan Airport System handled 3,788,920 passengers, marking an overall increase of +0.6% in the passenger component, of +1.9% in the flight component, and of +1.9% in the tonnage component.

In H1 2019, the Florence and Pisa airports served 91 destinations, of which 11 domestic and 80 international (20 covered by both airports), through 33 airlines (8 operating at both airports), of which 17 legacy airlines and 16 low-cost airlines.

At June 30, 2019, cargo traffic grew by 12.9% with 6,495 tons of carried goods and mail.

Pisa Galileo Galilei airport

andled) declined by 1.0% compared to the same period of 2018. This result was mainly attributable to the

performance of commercial flights (- besides the domestic one (28%) were the UK (20.1% of the total), Spain (10.3% of the total), and Germany (6.8% of the total). Cargo traffic increased by 13.5% compared to the same period of 2018, carrying 6,377 tons of goods and mail.

Florence Amerigo Vespucci airport

In the first six months of the year, passengers handled by the Florence airport were 1,339,356, up 3.7% over the same period of the 2018. This result was achieved despite the estimated loss of about 40,000 passengers in H1 2019 due to the over 400 re- routed/cancelled flights. Among these flights, more than 200 were re-routed/cancelled due to adverse weather conditions, confirming the inadequate infrastructure of the

have grown by +6.8%. Only part of said traffic was re-routed to the Pisa airport. International scheduled traffic, which accounted for 86.2% of total scheduled traffic, rose

(18.8% of the total), and the domestic market (13.8% the total).

CONSOLIDATED RESULTS

Total revenues million for the same period of 2018. This result was attributable to the increase in operating

ser

ordinary income following the favourable judgement concerning the adjustment for inflation of the

Operating revenues are broken down as follows. Aviation revenues at June 30, 2019 amounted to

43.4 million for the same period of 2018. Revenues generated by airport rights, charges

In H1 2019, Non-Aviationrevenues increase than seen in passenger traffic during the reporting period (+0.6%), confirming the efficacy of the non-aviation strategies implemented by the Group. Noteworthy are, in

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particular, the positive revenue performances related to: Car rentals

.
Network development expenses	by
Total costs	-

the same period of 2018, due to a decline in operating costs (- costs for construction services (-

operating costs was attributable above all to the reduction in airport fees (-66.9%) as a

judgement on the Fire Protection Fund.

EBITDA

at June 30, 2018. A comparison of adjusted EBITDA figures for H1 2018 and H1 2019

calculated by adjusting H1 2018 EBITDA for	in item
		shows
2018.
EBIT		at June 30, 2018.
PBT
same period of 2018.
The	net profit for the period declined by 10.2%	million at June 30, 2019
compared to	million for the same period of 2018). Net of the aforementioned non-

recurring events recorded in H1 2018 and H1 2019, and the related tax burden, the

net profit for the period rose by	676 thousand (+20.6%).
Net Financial Debt6 was	million, compared to	million at December 31, 2018
and	million at June 30, 2018. This change was mainly attributable to the short-term
loans taken out to cover the liquidity needs associated with the	seasonal nature.

The Gr total investments at June 30, 2019 amounted to million, of which

million regarding intangible assets mainly due to the development of the Florence

airport Master Plan and the continuation of the Pisa	expansion works and
million in property, plant and equipment.

Significant events occurred in H1 2019

• On May 8, 2019, the Transportation Regulation Authority (ART) issued Resolution No. 50/5019 confirming the compliance of the 2019-2022 charges scheme proposed by the Pisa airport.
• On May 27, 2019, the Regional Administrative Court (TAR) of the Region of Tuscany rendered a judgement granting the petitions lodged by the committees and the municipalities located in the "Piana del Castello" area, near Florence, and quashing the

6-current Leases as of January 1, 2019.

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Decree-Law relating to the approval of the Environmental Impact Assessment for the -2029 Master Plan.

Significant events occurred after June 30, 2019

• On July 25, 2019, Toscana Aeroporti S.p.A. lodged an appeal with the Council of State against judgement No. 793 rendered on May 27, 2019 by the Regional Administrative Court of Tuscany, Section I, quashing the favourable Environmental Impact Assessment
  (VIA) decree for the project outlined in Florence new 2014-2029 Master Plan.
• On July 31, 2019, the Transportation Regulation Authority (ART) issued Resolution No.

-2022

charges schemes.

• Main news on the operations Pisa airport
• • WizzAir: a new flight to Kutaisi (Georgia) will be operated twice a week starting on December 18;
  • Ryanair: a new flight to Bucharest Otopeni (twice a week) will be launched in the 2019 winter season.

Florence airport

• Vueling: in September, the Spanish airline will assign a third aircraft to the Florence
  Amerigo Vespucci airport, therefore adding the following destinations: Bilbao (twice a week), Munich (five times a week), Prague (four flights a week) and Vienna (daily service). In addition, this will increase service on routes already served such as Barcelona, Amsterdam and Palermo.
• Eurowings: flights from/to Düsseldorf will continue in the winter season (twice a week);
• Iberia: increase in the number of weekly flights to Madrid in the 2019 winter season (from 7 flights a week in 2018/2019 to 11 in 2019/2020).

OUTLOOK

In the first seven months of 2019, the Tuscan Airport System reported total passenger traffic of 4,680,626, in line (-0.3% on) with the same period of 2018. The current flight schedule for the summer and winter seasons is expected to lead the Toscana Aeroporti Group to report a positive growth rate in 2019 compared with 2018, despite the continuing critical situation of Alitalia which is currently under extraordinary administration and the developments of the Brexit effects.

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The Income Statement, the Statement of Financial Position, the Statement of Net Financial Position and the Statement of Cash Flows of the Half-year Financial Report at June 30, 2019, are attached hereto.

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The Director responsible for financial reporting, Marco Gialletti, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the documentary results, books and accounting records.

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The Consolidated Half-year Financial Report at June 30, 2019, subject to a limited review by PricewaterhouseCoopers S.p.A., will be made available to the public at the Company's registered office and through the authorized storage mechanism 1INFO. It will also be published on the

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corporate website www.toscana-	. The
Independ
established by applicable laws and regulations.

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-EU accounting standards, the meaning and content of which are described below, in line with Recommendation CESR/05-178b published on November 3, 2005:

EBITDA: defined as the difference between revenues (Aviation, Non-Aviation, Final difference in inventories, other revenues and income) and operating costs (raw materials, services, personnel, fees, sundry operating expenses). This is the margin earned before determining amortization/depreciation and write-downs, allocations to provisions for risks and charges and the bad debt reserve, financial operations and taxes.

EBIT: defined as the difference between the Gross Operating Profit and the value of amortization/depreciation, provisions for risks and liabilities, and the bad debt reserve. This is the margin earned before financial operations and taxes.

Net Financial Debt: defined as the algebraic sum of cash and cash equivalents, current and non- current financial receivables and payables.

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This press release contains forward-lookingforward-looking statements are based on the present expectations and projections of the Toscana Aeroporti Group concerning future events, and they are, by their very nature, intrinsically risky and uncertain. Actual results may differ significantly from those contained in said forward-looking statements due to multiple factors, including changes in macroeconomic conditions and in the economic growth, as well as other changes in business conditions, a continuous volatility and a further deterioration of capital and financial markets, and many other factors, the majority of which are not under the control of the Group.

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This press release is also available on the corporate website at the following address www.toscana-

Contacts:
Investor Relations:	Media Relations:
Toscana Aeroporti S.p.A.	Barabino & Partners
Gabriele Paoli	Giovanni Vantaggi
Investor Relations Manager	Tel. [phone]
Tel. [phone]	[e-mail]
[e-mail]	Mobile [phone]

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