A new way of travelling, combining comfort, technology and security.
Travellers through Malpensa and Linate airports are already familiar with it.
SEA is not waiting for the future, it is building it with innovation.
The record results in 2015 and Malpensa judged as the best airport in Europe are the first step towards tomorrow.
Letter to shareholders
"The year 2015 was a very positive one for the Group and this is confirmed by the figures shown in the income statement and the statement of assets and liabilities, with the highest ever operating margin, a record 219.8 million Euros"
- Pietro Modiano, Chairman of SEA -
2015 was a positive year for the Group. Backing up that statement are the income statement and balance sheet figures, with an operating margin that reached its historic high by arriving at Euro 219.8 million, up 6.8% compared to 2014. By reaching Euro 83.8 million, consolidated net profit recorded a 52.8% increase, which is another historic record.
The net financial position also improved by Euro 32.9 million, rising from Euro 571.2 million as at December 31, 2014 to Euro 538.3 million as at December 31, 2015.
The passenger traffic figures are satisfactory and show 3.3% growth in passengers excluding transfer of the traffic coming from the Bergamo airport after the runway was resurfaced in May 2014. Malpensa's cargo traffic posted an 8.8% increase, which confirms the positive trend that started in the year before (with +9.1% compared to 2013) and places the airport at the top of the European results. This trend will certainly strengthen with the arrival of some of the world's leading operators in the logistics sector at Cargo City, with whom SEA has concluded important collaboration agreements.
The increase in passenger traffic was significant above all in its higher value component, i.e. the one regarding intercontinental traffic which represents the heart and very reason for existing of the activity of the Malpensa airport, and which surpassed the value of 5.6 million passengers, with a 4.8% increase compared to 2014, the year that posted an 11.8% over the previous year. The number of intercontinental passengers rose by 816 thousand units during the two-year period. In 2015 alone, the increase was recorded at 254 thousand units. Net of the decrease in traffic to and from the African continent, which was affected by the events occurring in the southern Mediterranean countries, the increase was 12.4%. The Milan Malpensa airport is one of the most dynamic in Europe in terms of growth in international traffic, which indicates the commencement of a marked recovery of the airport's strength in the international competitive context following the difficult years following Alitalia's dehubbing. Structural contribution to Malpensa's recover was given by the completion of the North satellite used precisely for the intercontinental flights, and by the restyling of Terminal 1 that was followed by a sharp increase in quality of service provided to passengers and of the retail offering.
The recognition that the association of European airports gave to Milan Malpensa by naming it Europe's best airport in its category (from 10 to 25 million passengers) in 2015 certifies the projects fulfilled.
The year in brief
A year full of satisfactions and important achievements: 2015 was a year of decisive changes for Milan's airports.
While Expo was being staged in Milan, a restyled Malpensa airport chalked up an increase in intercontinental passengers exceeding the results attained before Alitalia de-hubbed it, confirming it as the major non-hub airport in Europe and winning the ACI award as the continent's best airport.
Working towards constant improvement and innovation of the services offered to build airports in step with the times: this is what SEA does.
20 April 2015, the new Malpensa was inaugurated, delivering a modern, advanced, functional and secure airport to travellers.
A shopping mall covering 13 thousand square metres, the largest duty free shop in Europe, new areas for security checks, the possibility of accommodating 2 Airbus A380s at the same time: the Malpensa restyling project makes a new mode of travel possible.
Go to gallery
Milan is the capital of fashion and luxury shopping: with the brand new Piazza del Lusso, the showcase of Italian excellence shines in the eyes of the world already at Malpensa.
A space where you can buy the most important luxury brands in the world, inspired by the Galleria Vittorio Emanuele, in the centre of Milan.
Rapidity and practicality: with these goals firmly in mind, the security check areas of Terminal 1 at Malpensa have been reorganised and expanded. 21 check-in points with direct access to the boarding area through the new duty free shop and areas for passport control tripled: this is how we have increased security and convenience for travellers.
With a wingspan of 80 metres and a tail assembly 25 metres in height, the Airbus A380 is the giant of the skies. Malpensa can accommodate it due to the major investments made to adapt its infrastructures to more advanced technological standards.
After its restyling, Malpensa is the first and only airport in Italy to be equipped to accommodate two A380 aircraft at the same time, boarding passengers through 3 bridges.
The prestigious ACI EUROPE Best Airport Awards lands at Malpensa, judged as the best European airport in the segment for airports handling from 10 to 25 million passengers per year. The excellent performances in all operating areas - but above all the excellent quality of the services and the high standards observed in customer service, security, shopping and welcoming of international passengers - won the airport run by SEA the eleventh edition of the award. An award that recognised innovation.
In 2015, Milan hosted the most exceptional international event: EXPO 2015. Milan airports were the gateways for visitors arriving in the city for the universal exposition.
On 18 September, great music entered a restyled Terminal 1 at Malpensa with an avant-garde experiment: the choir and orchestra of Milan's La Scala Opera House staged Donizetti's operaElisir d'amore.
The airport can be a place to be enjoyed, the stage of the best of Italy, a theatre of surprises: amid the trolleys and departing aircraft - in collaboration with the Scala theatre - it was a thrill that no one present will be able to forget.
SEA has decided to develop the infrastructures connecting with Malpensa by building a modern railway station in Terminal 2, connecting with Terminal 1 and Milan. The building work will be completed by the end of the summer 2016, marking a further step towards improving service.
Malpensa confirms its leadership in Italy in the Cargo sector, with 55% of the freight handled on the national market, but setting its sights even higher. During 2015, SEA reached agreements with DHL and FedEX to create two new hubs inside Cargo City for the world leaders in express delivery. Agreements that plan a future in which Malpensa will handle around 1 million tons of air freight a year!
The number of companies flying to Malpensa has increased: even the Irish low-cost airline Ryanair has chosen the Milanese airport for its flights
Revenues that reached 694.8 million Euro; the best ever operating margin at 219.8 million Euro and group net profit that reached 83.8 million Euro: the tangible value of innovation.
Behind the growth of Milan's airports is SEA's firm commitment to improvement.
Here are the figures that tell of a record year.
In 2015 SEA recorded its highest profit ever.
Solid balance sheet and substantial dividends distributed to shareholders.
Increasing profitability and exceeding that reached before the de-hubbing of Alitalia.
* Values excl. IFRIC and Provisions
** Since 2013 data with Airport Handing not consolidated
*** Since 2009 data with Malpensa Logistica Europea not consolidated
**** Since 2014 EBITDA Discontinued activities reclassified within EBITDA
SEA margins are above the average of point to point airports (comparable).
(Margins for airports with air carrier to develop interconnecting traffic are different).
Both aviation and non-aviation revenue has contributed to the increase in profitability.
The choice of investing in the quality of services and infrastructures has paid off also from the economic point of view.
After Alitalia de-hubbing, there has been a significant transformation of the type of traffic.
The decrease in domestic traffic has been more than offset by the increase in European and intercontinental traffic.
Even without a carrier to develop interconnecting traffic, intercontinental passengers traffic reached record levels in 2015.
Malpensa is the airport in Europe with the larger increase in intercontinental traffic.
* Excluding traffic from/to North Africa, the 2015 vs. 2014 increase at Malpensa was +12.4%.
Milano Malpensa is the first non-hub airport in Europe for intercontinental accessibility.
Extraordinary increase in cargo traffic to an all-time record.
The perceived quality gap between Terminal 1 and the other European airports has been significantly reduced.
SEA has continued to invest in quality.
See the chart