Competitive advantages

Primary airport system serving Northern Italy

The airports managed by SEA rely on a particularly advantageous geographical location in terms of user base, featuring a significant presence of industrial and advanced service sector enterprises and served by logistical infrastructure which facilitates the pursuit of economic activities.

Distribution of air passenger traffic – Italy 2014 (%)

Northem Italy  42%
Central Italy  34%
Southem Italy  24%
Total Italian passengers (000's)  150,254

Source: SEA, Assaeroporti

The natural “catchment area” of the Milan airports comprises a major economic and industrial hub in Europe, including - among others - the Lombardy Region. The positioning of the Milan airports is further enhanced by its location on a number of the major trans-European transport routes. As a result, the Milan airport system in 2013 handled nearly 19% of Italian passenger traffic and 44% of that concerning Northern Italy.

Distribution of air passenger traffic – Northern Italy 2014 (%)

Milan  44%
Rest of Lombardy  14%
Rest of Northen Italy  42%
Total Northern Italy passengers (000’s) 62,577

Source: SEA, Assaeroporti

Diversified and extensive airport systems

The Milan airport system is significant both within the Italian and European contexts, second in Italy and tenth in Europe for passenger traffic volumes, and first in Italy and fifth in Europe for volumes of cargo transported (not considering courier terminals). 

Italian airport rankings by passenger traffic* 2014 (thousands)

Italian airport rankings by passenger traffic

*Including direct transits
Source: SEA, Assaeroporti

Italian airport rankings by cargo traffic 201* (tonnes)

Italian airport rankings by cargo traffic 2014

*Excluding postal traffic and transits
Source: SEA, Assaeroporti

Balanced portfolio of airlines and destinations served

SEA benefits from a diversified and balanced mix of airlines operating from the terminals managed, none of which in 2014 representing more than 30% of overall traffic.

Passenger market share in the Milan airport system 2014 (%)

easyJet 25.13
Alitalia 23.03
Lufthansa  5.32
Meridiana fly  4.40
Emirates 2.59

Source: SEA

The portfolio of destinations served and frequencies is wide and varied: at December 31, 2014, 212 destinations operated out of Malpensa and 41 out of Linate.  The portfolio of destinations is continually expanding, in particular on routes to and from the Middle and Far East, which are considered areas of high development potential for passenger and cargo traffic.

Development of airline numbers/destinations of the Milan airports

Development of airline numbers/destinations of the Milan airports

Development of airline numbers/destinations of the Milan airports

Source: SEA

Diversified mix of revenues and with margin for development

The SEA Group's operating revenues is equally divided between the various businesses it runs: in 2014, the Aviation, Non Aviation, Handling (the general aviation business connected to the operations of Prime AviationServices) and Energy businesses accounted for 63.3%, 34.0%, 0.3% and 2.4%, respectively, in terms of operating revenues (totalling Euro 621.6 million).

Growth was sustained in the Aviation and Non Aviation business segments, whose operating revenues from third parties in 2014 increased by 8.1% and 9.3%, respectively, compared to the restated 2013 figures.

The Group's Ebitda in 2014 stood at Euro 205.9 million, reporting a growth (12.6%) compared to the restated 2013 figures (Euro 182.9 million ).

Operating revenues of the Business Units (% of total)

Operating revenues of the Business Units

Note: the percentage on revenues does not include the IFRIC effect. In 2014 the Handling, amount, totalling 0.3% refers to Prime AviationServices' general aviation business.
Source: SEA

The Group's Ebitda in 2014 stood at Euro 205.9 million, reporting a growth (12.6%) compared to the restated 2013 figures (Euro 182.9 million).

Operating excellence and modern infrastructure

The Milan airports rely on a system of runways and associated specialised airport infrastructure considered cutting edge and with a capacity to accept all types of aircraft currently in use. 

The current infrastructural configuration of the Milan airports, and in particularly Malpensa, is structured to handle in the short-term the expected growth in air traffic volumes. 

The infrastructural investments underway and forecast for the coming years will allow Malpensa to further increase its capacity to manage traffic, within a European market featuring airports with lesser potential to develop capacity.

The high degree of operational reliability of the Milan airports and the high service quality standards offered are recognised by the international certifications achieved by SEA and by the Group companies (ISO 9001, ISO 14001, ISO 50001, OHSAS 18001 and ISAGO).

Certified Quality–Environment–Safety management systems

SEA SpA  Airport Carbon Accreditation
- Neutrality Level 1
ISO 14001 7
ISO 500015
OHSAS 18001 Dasa Register 3
EN 45011 4
SEA Energia  EMAS Registration6
ISO 14001
OHSAS 18001 2  

  1. ACI (Airport Council International) Europe Certification to incentivise the contribution by airports to the fight against climate change. A series of actions for the control and reduction of direct and indirect emissions of CO2 are scheduled. In June 2010 SEA reached level 3+, with Linate and Malpensa classified among the leading airports in Italy (and among the leading in Europe) for achieving carbon “neutrality”.
  2. Voluntary application, within the organisation, of a system which guarantees adequate control regarding the Safety and Health of Workers, as well as compliance with the regulations in force.
  3. Concerns the changes to the airport infrastructure at Linate and Malpensa to ensure their usage by persons with reduced mobility, in order to guarantee equality of opportunity.
  4. Concerns the passenger assistance service to those with reduced mobility at airports.
  5. International standard for the managements of energy, which focuses attention on the energy yields of the organisation and requires that the promotion of energy efficiency is considered throughout the organisation’s distribution chain, as a requirement to be sought from suppliers.
  6. Enterprises and organisations wishing to voluntarily commit to the evaluation and improvement of their environmental efficiency may adhere to the Eco-management and audit scheme (EMAS). EMAS principally provides stakeholders with an instrument through which the environmental attributes of an organisation may be attained.
  7. Concerns the provision of an Environmental Management System which identifies, controls and monitors the performance of the organisation.

Solid economic and financial performance

Revenues, EBITDA and Net Result (in thousands of Euro)

Revenues, EBITDA and Net Result

Note: EBITDA was defined as the difference between total revenues and total operating costs, including provisions and write-downs and excluding the restoration and replacement provision.

SEA over the last three years has sustained significant profit levels and a strong value generation at operating level despite the impacts of the de-hubbing of Alitalia and the global economic and financial crisis, demonstrating its capacity to react to extraordinary events through strategic flexibility and to attract new airlines and develop businesses outside of the Aviation business.

The SEA Group benefits in addition from a solid financial structure, despite the significant investment commitments related to the infrastructural development in progress.

Infrastructural investments (millions of Euro)

Infrastructural investments

Source: SEA