Bergamo Orio al Serio Airport -Financial Statement 2011
Sacbo’s Board of Directors has approved the draft financial statement for the 2011 financial year.
It will be presented at the next AGM (general shareholder’s meeting), which will be convened first on April 24th 2012 and secondly on 10th May 2012.
Sacbo’s operations generated a turnover of €100,567,000, an increase of €7,671,000 on the previous financial year (+8.26%) which closed with revenues totalling €92,899,000. Both Sacbo’s ordinary aviation management services (+7.08% compared with 2010, totalling €4,796,907) and services relating to non-aviation commercial concerns (+10.2%, totalling €2,873,896) contributed to the increase. Its gross operating margin was €29,804,000 against €27,323,000 in 2010, accounting for 29.63% of total revenues.
Depreciation/Amortisation and provisions increased from €9,691,000 (10.4%) to €13,800,000 (13.7%). Extraordinary and financial items decreased from €1,303,000 to €1,082,000. Earnings before taxes were €17,085,000 against €18,934,000 in 2010.
Operating earnings totalled €16,003,000, equalling 15.91% of revenues, compared with €17,631,000 for the previous financial year.
Net of taxes for the year totalling €6,450,000, in 2011 Sacbo achieved a financial year result of €10,636,000 (down on the previous year’s result of €12,271,000), of which the Board proposes to allocate €2,976,750 in the form of dividends and the remainder in the form of extraordinary reserves, in view of the investments scheduled for 2012 and subsequent years.
In examining the 2011 financial statement, Sacbo’s president, Miro Radici, expressed his satisfaction, together with the Board of Directors, with the results achieved, the value of which is enhanced by the economic context in which they were achieved, characterised by recession.
The figures in the financial statement confirm the airport’s capacity to consolidate the position that it has attained among international-scale airports and the effectiveness of the operations conducted by the airport management company in order to guarantee high service quality levels and operational efficiency, as reflected in the 9.7% year-on-year growth in passenger movements, producing an overall volume of 8,419,948 passengers.
Despite the positive trend recorded in January 2012, which would justify a moderate degree of optimism in view of the signs of an economic slowdown, the overall macroeconomic picture suggests more a cautious, conservative outlook.
With regard to infrastructure, Miro Radici mentioned the recent opening of tender procedures with a view to awarding the contract for rebuilding work on the airport’s runway.