Gruppo Toscana Aeroporti
INTERIM FINANCIAL REPORT
AT 30 JUNE 2015
This report is available in the Investor Relations section of Toscana Aeroporti’s website at www.toscanaaeroporti.com
Toscana Aeroporti S.p.a.
Via del Termine, 11 – 50127 Firenze - www.toscana-aeroporti.com
R.E.A. FI-637708 - Fully paid-up Share Capital € 30,709,743.90
VAT Number and Tax Code: 00403110505
1
CONTENTS
1. COMPOSITION OF THE PARENT COMPANY’S SHARE CAPITAL ............................................................5
2. THE PARENT COMPANY’S SHAREHOLDERS ..........................................................................................5
3. MERGER BY INCORPORATION OF AEROPORTO DI FIRENZE S.P.A. ...................................................... 7
4. PRO-FORMA FINANCIAL STATEMENT OF THE SURVIVING ENTITY AT 31 DECEMBER 2014 AND AT 30
JUNE 2014.................................................................................................................................................... 7
5. STOCK PERFORMANCE ......................................................................................................................... 11
6. MACROSTRUCTURE OF THE TOSCANA AEROPORTI GROUP.............................................................. 12
7. COMPOSITION OF CORPORATE GOVERNING BODIES ........................................................................ 13
8. HIGHLIGHTS .......................................................................................................................................... 14
9. TRENDS IN THE TUSCAN AIRPORT SYSTEM’S TRAFFIC ...................................................................... 16

9.1. Traffic trends in the Pisa “Galileo Galilei” airport ................................................................. 19

9.2 Traffic trends in the Florence “Amerigo Vespucci”
airport ...................................................................................................................................... 24
10. SIGNIFICANT EVENTS THAT TOOK PLACE DURING THE FIRST 6 MONTHS OF THE YEAR .............. 26
11. RESULTS OF OPERATIONS FOR GRUPPO TOSCANA AEROPORTI.................................................... 28

11.1 Consolidated Income Statement ....................................................................................... 28

11.2 Consolidated Statement of Financial Position .................................................................... 33

11.3 Analysis of Cash Flows ........................................................................................................36

11.4 Consolidated Net Financial Position ................................................................................... 38
12. THE GROUP’S INVESTMENTS ............................................................................................................ 40
13. HUMAN RESOURCES .......................................................................................................................... 42
14. RELATIONSHIPS WITH THE OTHER ENTITIES OF THE GROUP AND WITH
RELATED PARTIES .................................................................................................................................... 43
15. MAIN INFORMATION ON SUBSIDIARIES/CONTROLLED ENTITIES ....................................................45

15.1 Parcheggi Peretola .............................................................................................................45

15.2 Toscana Aeroporti Engineering .......................................................................................... 47

15.3 Jet Fuel ............................................................................................................................... 47
16. MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED ......................................... 49
17. SIGNIFICANT EVENTS OCCURRED AFTER THE CLOSING OF THE PERIOD
AT 30 JUNE 2015 ........................................................................................................................................52
2
18. OUTLOOK ............................................................................................................................................52
CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT AT 30 JUNE 2015 .....................................54
EXPLANATORY NOTES TO THE MAIN ITEMS OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL
REPORT: INCOME STATEMENT ................................................................................................................ 61
ANNEXES TO THE 2015 CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT ........................104
CERTIFICATION OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT ....................... 108
3
Dear Shareholders,
The Consolidated Interim Financial Report at 30 June 2015, approved by the Board of Directors of
28 August 2015, has been prepared in compliance with Legislative Decree no. 58/1998 and
subsequent amendments, as well as with CONSOB Issuers’ Regulation.
This Consolidated Interim Financial Report includes the Report on Operations, which contains the
Directors’ comments on operations and management trends for 2015, and the Condensed
Consolidated Interim Financial Report.
The valuation and measurement criteria adopted for the preparation of the Condensed
Consolidated Interim Financial Report included in the Consolidated Interim Financial Report at 30
June 2015 are those required by the International Financial Reporting Standard (IFRS) issued by the
International Accounting Standard Board (IASB) and adopted by the European Commission
according to the procedure described in art.16 of European Regulation no. 1606/2002 of the
European Parliament and of the Council of 19 July 2002, with particular reference to IAS 34
concerning interim financial reporting. These accounting standards are the same that have been
used for the preparation of the Consolidated Financial Statement at 31 December 2014.
The limited auditing activity for the Condensed Consolidated Interim Financial Report at 30 June
2015 has been carried out by the auditor PricewaterhouseCoopers S.p.A.
Accounting data at 30 June 2015 include, with the full consolidation method, the data of the parent
company “Toscana Aeroporti S.p.A.” and those of the subsidiaries “Parcheggi Peretola S.r.l.” and
“Jet Fuel Co. S.r.l.” (hereinafter “Jet Fuel”).
“Toscana Aeroporti Engineering S.r.l.”, a 100% controlled entity, has not been consolidated
because not yet operating at 30 June 2015.
4
1. COMPOSITION OF THE PARENT COMPANY’S SHARE CAPITAL
We are providing below a list of the names of the parties which, at 28 August 2015, held, directly
and indirectly, a portion of more than 5% of the subscribed share capital of the parent company
Toscana Aeroporti S.p.a. (hereinafter also briefly referred to as “TA” or the “Parent Company”),
consisting of shares with voting rights, according to the Shareholders’ Register, as integrated by
the notices served pursuant to art. 120 of Legislative Decree no. 58/1998.
*Declarant, i.e. person positioned at the top of the control chain: Southern Cone Foundation
The share capital of Toscana Aeroporti S.p.a. consists of €30,709.743,90, subscribed and fully paidup, and consisting of 18,611,966 ordinary shares with a nominal value of €1.65 each.
We remind the reader that, after signing the merger by incorporation of Aeroporto di Firenze
S.p.a. (hereinafter “AdF”) on 11 May 2015 - operation described below - TA (former Società
Aeroporto Toscano Galileo Galilei S.p.a. – briefly “SAT”) increased its share capital for an
aggregate nominal amount of €14,440,743.90 by issuing 8,751,966 shares for the purposes of the
exchange.
We point out that the whole of TA’s shares owned by Corporación America Italia S.p.a. have been
pledged until December 2019 as guarantee of the debenture loan issued by the shareholder in
question.
2. THE PARENT COMPANY’S SHAREHOLDERS
Corporate Boards
On 15 July 2015, the Shareholders’ Meeting of Toscana Aeroporti S.p.a. appointed the Board of
Directors, whose fifteen members shall remain in office for three financial years (until the approval
of the financial statement as at 31 December 2017). Furthermore, the Meeting appointed Marco
Carrai as Chair of the Board of Directors.
On the same date, the Board of Directors, chaired by newly-appointed Chairman Marco Carrai,
appointed Gina Giani as CEO, and Roberto Naldi and Pierfrancesco Pacini as Deputy-Chairs of the
Company.
5
Deputy-Chair Roberto Naldi was vested with authorities, powers of attorney and responsibilities
regarding the definition of the Company’s policies and strategic plans. By virtue of said authorities,
Deputy-Chair, Mr. Naldi, shall be considered as an executive.
Board Member Vittorio Fanti was vested with authorities, powers of attorney and responsibilities
regarding the special projects identified by the Board, including the project for the construction of
the new runway and the new Florence airport. By virtue of said authorities, Board Member Vittorio
Fanti shall be considered as an executive.
The Board of Directors then created the Executive Committee with the following persons: Mr.
Marco Carrai (Chair of the Committee), CEO Ms. Gina Giani, Deputy-Chairs Roberto Naldi and
Pierfrancesco Pacini, Board Member/Director Vittorio Fanti and Board Members Martin Francisco
Antranik Eurnekian Bonnarens and Iacopo Mazzei.
Then the Board of Directors created the following Committees:
- Control and Risk Committee, consisting of Board Members Stefano Bottai, Anna Girello, and
Iacopo Mazzei;
- Appointments and Remuneration Committee, consisting of Board Members Stefano Bottai,
Elisabetta Fabri, and Pierfrancesco Pacini.
Always on 15 July 2015, the Board of Directors also identified the Chair, Mr. Marco Carrai, as
Director in charge of the Internal Control and Risk Management System.
Then the Board of Directors, after receiving the favorable opinion of the Board of Auditors,
deliberated on appointing Mr. Marco Gialletti as Executive in charge of corporate reporting.
For the composition of corporate boards, please refer to section 7 of this Report.
Shareholder Agreements
On 16 April 2014, Corporación America Italia S.r.l. and SO.G.IM. S.p.a. (which preventively
exercised its right to withdraw from the Shareholder Agreement with “Regione Toscana”) signed a
shareholder agreement in virtue of which Corporación America Italia S.r.l. would be able to
exercise a dominating influence over AdF(today incorporated into Toscana Aeroporti S.p.a.). Said
agreement has a term of three years, renewable upon expiry.
On 13 May 2015, an Addendum was added to the original Shareholder Agreement existing
between Corporación America Italia S.p.a. and SO.G.IM. S.p.a. to update its contents after the
merger signed on 11 May 2015 and effective from 1 June 2015.
Finally, we inform the reader that, after the appointment of the BoD of Toscana Aeroporti S.p.a.
during the Shareholders’ Meeting held on 15 July 2015, the Shareholder Agreement signed on 23
June 2015 between bank “Ente Cassa di Risparmio di Firenze”, Regione Toscana (the Regional
Government of Tuscany), Provincia di Pisa (the Provincial Government of Pisa), Fondazione Pisa
(Pisa Foundation), C.C.I.A.A. di Firenze (Chamber of Commerce of Florence), Comune di Pisa
(Municipality of Pisa), and C.C.I.A.A. di Pisa (Chamber of Commerce of Pisa) has automatically
ceased to apply.
Further details and contents are available on the official website of the company: www.toscanaaeroporti.com.
6
3. MERGER BY INCORPORATION OF AEROPORTO DI FIRENZE S.P.A.
The Merger is part of the industrial and strategic plan already disclosed to the market with the joint
press release published by SAT and AdF on 16 October 2014 with the aim of combining SAT and
AdF in compliance with the requirements of the National Airport Plan for a single management of
the Florence and Pisa airports, to be qualified as "airports of national strategic interest".
The strategic objective is to create a best-in-class Tuscan airport system, due to become one of the
main Italian airport hubs. The merger project aims at maximizing the coordinated development of
the Galilei Pisa airport and the Vespucci Florence airport by expanding the offer of destinations
reached by the two airports, increasing the number of seats offered on each route, increasing the
number of airlines operating in the system by improving the airport infrastructures to meet the
traffic volumes expected in the two airports based on their Airport Development Plans (ADP).
At the effective date of the merger (1 June 2015), SAT will changed its company name into
“Toscana Aeroporti S.p.a.”, a listed company based in Florence, with 51.13% of its share capital
owned by Corporación América Italia S.p.a.
For more details regarding the merger by incorporation of AdF, see the section “Merger by
incorporation of Aeroporto di Firenze S.p.a.” of the Explanatory Notes.
4. PRO-FORMA FINANCIAL STATEMENT OF THE SURVIVING ENTITY AT 31 DECEMBER 2014
AND AT 30 JUNE 2014
For a better disclosure of the TA Group’s management trends, we are showing below the proforma information regarding the Surviving Entity at 31 December 2014 (included in the Equivalent
Disclosure Document of 22 May 2015) and at 30 June 2014 (included in the Equivalent Disclosure
Document of 23 December 2014).
Pro-forma information has been prepared with the purpose of disclosing the effects of the merger
on equity, operations and financial position of the SAT Group (today “Toscana Aeroporti”, TA) as if
the transaction had taken place in the period to which said pro-forma information refers, according
to the criteria and methods set forth in Consob’s Recommendation no. DEM 1052803 of July 5,
2001 and related technical document (the so-called “Equivalent Disclosure Document”).
Therefore:
a) as regards the financial position, pro-forma adjustments have been made based on the
assumption that the merger has been finalized on 31 December 2014;
b) as regards the income statement, adjustments have been made based on the assumption
that the merger has been finalized at the start of the period to which that income statement
refers (1 January 2014);
c) as regards the cash flow statement, pro-forma adjustments have been made based on the
assumption that the merger has been finalized at the start of the period to which that cash
flow statement refers (1 January 2014);
d) as a consequence, in consideration of the different purposes of pro-forma information with
respect to an Condensed Consolidated Interim Financial Report, and having regard to the fact
that the effects are considered with respect to a different time period when reporting on the
financial position, income statement and cash flows, it must be pointed out that the financial
position, the pro-forma consolidated income statement and the pro-forma cash flow
statement should be read and interpreted separately, without looking for connections or any
7
matching between the different bookkeeping records;
e) pro-forma adjustments have been made by taking into consideration and reflecting
significant equity, operations and financial effects, directly correlated to the transaction for
which pro-forma information has been requested;
f) pro-forma adjustments made are supported by objective and independently verifiable
evidence;
g) pro-forma adjustments have been made in compliance with valuation criteria and
international accounting standards (IAS/IFRS) approved by the European Commission;
h) pro-forma adjustments have been determined, as much as possible, by using methods and
criteria substantially in line with those adopted for the preparation of the first financial
statement after the merger, which reflects the effects of the merger.
As a consequence, while complying with the general criteria specified above, some intrinsic limits
remain, due to the very nature of pro-forma information, which is just based on assumptions. For
this reason, this should not be considered as a complete representation of the results that would
have been obtained if the transactions considered in the preparation of pro-forma information had
actually taken place at the date considered. Pro-forma information reflects an assumption and does
not truly represent the real operations and financial or perspective situation of Toscana Aeroporti.
Consolidated pro-forma statements include:
A) historical data regarding the Condensed Consolidated Interim Financial Report of the SAT
Group at 30 June 2014 and those regarding the Annual Consolidated Report of the SAT Group
at 31 December 2014, prepared according to international accounting standards (IAS/IFRS);
B) historical data regarding the Condensed Consolidated Interim Financial Report of the AdF
Group at 30 June 2014 and those regarding the Annual Consolidated Report of the AdF Group
at 31 December 2014, prepared according to international accounting standards (IAS/IFRS);
C) the aggregation (sum) of data regarding the SAT Group and the AdF Group at 30 June 2014
and at 31 December 2014;
D) pro-forma adjustments to reflect the merger transaction;
E) consolidated pro-forma information of the SAT Group at 30 June 2014 and at 31 December
2014, obtained by summing up aggregated data and pro-forma adjustments.
The Pro-Forma Consolidated Income Statement at 30 June 2014 and the Pro-Forma Consolidated
Statement of Financial Position of the Issuer for the year ended 31 December 2014 are provided
below.
8
(Amounts in €K)
PRO-FORMA CONSOLIDATED INCOME
STATEMENT AT JUNE 30, 2014
Aviation operating revenues
Non-Aviation operating revenues
Revenues from construction services
Other operating revenues
TOTAL REVENUES (A)
SAT Group
AdF
Group
(A)
(B)
21.597
7.488
1.563
788
31.437
Costs for raw and ancillary materials,
consumables and goods
Personnel costs
Costs for services
Costs for construction services
Other operating expenses
TOTAL COSTS (B)
Proforma
SAT Group
Aggregate
adjust- Pro-forma
ments
(C) =
(A)+(B)
14.052
5.004
2.146
493
21.695
(538) (1.180)
(10.980) (7.496)
(11.907) (5.996)
(1.488) (2.044)
(2.021)
(739)
(26.935) (17.455)
GROSS OPERATING MARGIN (A-B)
-
35.649
12.492
3.709
1.281
53.132
(1.718)
(18.476)
(17.903)
(3.532)
(2.760)
(44.390)
-
(1.718)
(18.476)
(17.903)
(3.532)
(2.760)
(44.390)
4.502
4.240
(1.722)
(963)
(29)
OPERATING EARNINGS
1.629
1.526
Financial income
Financial expenses
TOTAL ASSET MANAGEMENT
110
(430)
(319)
838
(511)
327
PROFIT (LOSS) BEFORE TAX
1.310
1.853
3.163
Taxes for the period
(647)
(655)
(1.302)
663
1.198
1.861
(19)
0
644
1.198
PROFIT/(LOSS) FOR THE PERIOD
Minority Interest’s loss (profit) for the period
GROUP’S PROFIT/(LOSS) FOR THE PERIOD
9
(E) = ( C)
+ (D)
35.649
12.492
3.709
1.281
53.132
(2.041)
(773)
(58)
Depreciation
Provision for liabilities and charges
Provisions and write-downs
(D)
8.742
-
8.742
(3.763)
(1.736)
(87)
-
(3.763)
(1.736)
(87)
-
3.155
3.155
948
(941)
8
(19)
1.842
(830)
(830)
118
(941)
(822)
(830)
2.333
11
(819)
(819)
(1.291)
1.042
(19)
1.023
(Amounts in €K)
PRO-FORMA CONSOLIDATED STATEMENT OF FINANCIAL
POSITION AT DECEMBER 31, 2014
SAT
Group
AdF
Group
Aggregate
(C) =
(A)+(B)
Pro-forma
SAT
adjustGroup’s
ments
pro-forma
(E) = ( C)
+ (D)
(A)
(B)
Concession rights
Patents and work in progress
Total intangible assets
67.695
8.165
75.860
65.245
197
65.442
132.940
8.362
141.302
0
0
0
132.940
8.362
141.302
0
Land and buildings, plant and machinery
Total tangible assets
21.064
21.064
5.490
5.490
26.554
26.554
0
0
26.554
26.554
1.791
482
2.273
3.488
3.488
102.685
87
0
87
298
298
71.317
1.878
482
2.360
3.786
3.786
174.002
(1.723)
0
(1.723)
315
315
(1.408)
155
482
637
4.101
4.101
172.594
0
13.727
3.683
25.091
42.501
0
6.548
7.759
11.754
26.061
0
20.275
11.442
36.845
68.562
0
0
(789)
0
(789)
0
20.275
10.653
36.845
67.773
145.185
97.378
242.563
(2.197)
240.367
66.598
138
66.736
44.210
0
44.210
110.808
138
110.946
(2.375)
0
(2.375)
108.434
138
108.571
4.207
2.962
0
7.169
Provisions for liabilities and charges
(including repair and replacement)
Deferred tax liabilities
Non-current financial liabilities
Other payables due beyond the year
Total medium-long term liabilities
10.554
0
24.700
1.839
41.300
8.758
476
10.623
0
22.819
476
35.323
1.839
64.119
0
0
0
0
0
19.312
476
35.323
1.839
64.119
Bank and financial overdrafts
Payables to suppliers
Provision for repair and replacement
Other payables
Total current liabilities
2.068
17.142
1.758
16.182
37.150
11.908
6.628
1.188
10.625
30.349
13.976
23.770
2.946
26.807
67.499
0
0
0
178
178
13.976
23.770
2.946
26.985
67.677
TOTAL LIABILITIES
78.450
53.168
131.618
178
131.796
145.185
97.378
242.563
(2.197)
240.367
Equity investments in other entities
Investments in associated companies
Total Equity Investments
Sundry loans and other non-current assets
Total other non-current assets
Total non-current assets
Inventories
Receivables from customers
Other accounts receivable
Cash and cash equivalents
Total current assets
TOTAL ASSETS
Group Shareholders' Equity
Minority interest
TOTAL SHAREHOLDERS' EQUITY
Termination benefits and other personnelrelated provisions (24)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
7.169
19.312
(D)
The pro-forma adjustments shown in the pro-forma reports provided above concern:
 the elimination of intragroup relationships between the SAT Group and the AdF Group
concerning dividends distributed and mutually received during 2014 by the Absorbed
Entity and by the Surviving Entity;
 the elimination from the income statement of the capital gain realized by AdF after the
sale of the stake held in SAT, because it has been simulated as transaction on treasury
stock, with consequent direct booking in the in the Shareholders’ Equity in compliance
with IAS 32;
10
the elimination of the stake held by SAT in AdF, as a contra-entry in the Shareholders’
Equity after the merger by incorporation of AdF in SAT;
 capital increase costs connected with the merger transaction, consisting in fees paid to the
consultants that assisted the Absorbed Entity and the Surviving Entity in making the
transaction after the related taxation1.
For further details, see the Equivalent Disclosure Document published in the Company’ website.

5. STOCK PERFORMANCE
Toscana Aeroporti’s shares have been listed since 1 June 2015 in the Mercato Telematico Azionario
organized and managed by Borsa Italiana S.p.A.
At 30 June 2015, the share was listed for € 15.90 in the Standard segment (Class 1).
1
This is the total estimated amount at the date of preparation of pro-forma statements. The final amount, after
taxation, is €738K.
11
6. MACROSTRUCTURE OF THE TOSCANA AEROPORTI GROUP
Legal details of the Parent Company
Company name: “Toscana Aeroporti S.p.a., briefly “TA”.
Registered office of the company: Firenze, Via del Termine n. 11 - Tax Code: 00403110505. Registration
number with the Company Register of Florence - Economic and Administrative index: n. 366022 FI no. 637708
- Fully paid-up share capital: Euro 30,709,743.90.
TOSCANA AEROPORTIS.P.A.
Jet Fuel Co. S.r.l.
Alatoscana S.p.a.
Immobili A.O.U. Careggi
51,00%
13.27%
S.p.a. 25%
Consorzio Pisa
Consorzio per l’Aeroporto
Parcheggi
Energia S.c.r.l.
di Siena (*) 0.11%
Peretola. S.r.l.
5.8%
100.00%
Tirreno Brennero
Consorzio Turistico Area
Pisana S.c.r.l.(*) 2.37%
S.r.l.0.27%
Toscana
Montecatini
ScuolaAeroportualeItaliana
Aeroporti
Congressi S.c.r.l.(*)
Associazione
Engineering
5.0%
52.67%
S.r.l.
Interporto Toscano
Firenze Convention Bureau
100.00%
A. Vespucci S.p.a.
S.c.r.l. 0.97%
0.22%
SeamS.p.a.
Firenze Mobilità S.p.a.
0.39%
3.98%
Parent Company- Toscana Aeroporti (hereinafter "TA").
Subsidiaries- Jet Fuel Co, S.r.l. (hereinafter Jet Fuel), Parcheggi Peretola S.r.l., Toscana Aeroporti Engineering
S.r.l. For consolidation purposes, we point out that Toscana Aeroporti owns 33.33% of property and dividend
rights and 51% of voting rights. For further details, see section on controlled companies. Toscana Aeroporti
Engineering S.r.l. was not an operating entity at 30 June 2015. For more considerations on the consolidation
area, see specific section in the Explanatory Notes.
Related Parties - (*) Entities currently being wound up.
12
Full Consolidation
Entity
Based in
Share Capital (€)
Toscana Aeroporti S.p.a.
Florence
30,709,743.90
Shareholders’
Equity (€K)
105,412
Parcheggi Peretola S.r.l.
Jet Fuel Co. S.r.l.
Florence
Pisa
50,000.00
150,000.00
2,238
213
Share Capital (€)
Shareholders’
Equity (€K)
463
2,839
%
Parent
Comp.
100.00
51.00
Full Consolidation with the Equity Method
Entity
Immobile A.O.U. Careggi S.p.a.
Alatoscana S.p.a.
Based in
Florence
M. di Campo (LI)
200,000.00
2,910,366.20
7. COMPOSITION OF CORPORATE GOVERNING BODIES
Board of Directors
Marco CARRAI
Gina GIANI2
Roberto NALDI
Pierfrancesco PACINI
Vittorio FANTI
Leonardo BASSILICHI
Chair
Chief Executive Officer
Executive Deputy-Chair
Deputy-Chair
Delegated Board Member
Board Member
Giovanni Battista BONADIO
Board Member
Stefano BOTTAI
Board Member
Martin Francisco Antranik EURNEKIAN BONNARENS
Board Member
Elisabetta FABRI
Board Member
Anna GIRELLO
Board Member
Iacopo MAZZEI
Angela NOBILE
Saverio PANERAI
Ana Cristina SCHIRINIAN
Board Member
Board Member
Board Member
Board Member
Board of Statutory Auditors
Chair3
Loredana DURANO
2
Corporate Manager qualified as Managing Director.
3
Resigned on 30 July 2015.
13
%
25.00
13.27
Silvia BRESCIANI
Tania FROSALI
Roberto GIACINTI
Antonio MARTINI
Statutory Auditor
Statutory Auditor
Statutory Auditor
Statutory Auditor
Secretary of the Board of Directors
Nico ILLIBERI
Financial Reporting Manager pursuant to Law 262/05
Marco GIALLETTI
Independent Auditor
PricewaterhouseCoopers S.p.a.
8. HIGHLIGHTS
Merger by
Incorporation
Consolidated
Operating Results
at 30 June 2015
Investments
at 30 June 2015
Traffic
With the merger by incorporation of Aeroporto di Firenze S.p.a. into SAT
S.p.A., the operations of the incorporated (or absorbed) entity have been
recognized in SAT’s balance sheet for accounting and tax purposes effective
from 1 January 2015. So, we point out that any difference between the book
values of the two Interim Reports of Gruppo Toscana Aeroporti at 30 June 2015
and of the SAT Group at 31 December 2014 does not quite reflect the real
situation because they are affected by the transaction described.
Revenues totaled €63,242K, up by €31,805K from €31,437K of the SAT Group
at 30 June 2014
GOM/EBITDA was €10,005K, up by €5,503K from the result of €4,502K of the
SAT Group at 30 June 2014.
Operating Result was €4,152K, up by €2,523K from the result of €1,629K of
the SAT Group at 30 June 2014.
Operating Result before tax was €4,980K, up by €3,671K compared to the
result of €1,310K of the SAT Group at 30 June 2014.
Group’s profit for the period, consisting of €3,368K after taxation against
SAT Group's profits for the period of €644K at 30 June 2014 - have increased
by €2,725K.
Net indebtedness totaled €32,523K at 30 June 2015, compared to €1,677K for
the SAT Group at 31 December 2014.
Investments for an overall amount of € 11,947 K have been made at 30 June
2015, of which € 9,403 K to improve and enhance flight infrastructures in the
Pisa airport.
During the 6-month period examined, the Tuscan Airport System carried 3.3
million passengers, with an aggregate growth of 7.3% for the Passengers
component and of 2.9% for the Flights component compared to the
aggregate passengers of both Pisa and Florence airports in the first 6 months
of 2014.
During the first 6-month period 2015, the Tuscan Airport System was
confirmed at the 4th position in the Italian Airport System for number of
passengers.
14
Shareholders of
the Parent
Company
Corporate Boards
Outlook
On 13 May 2015, an addendum was added to the original shareholder
agreement existing between Corporación America Italia S.p.a. and SO.G.IM.
S.p.a. to update its contents after the merger signed on 11 May 2015 and
effective from 1 June 2015.
Finally, we inform the reader that, after the appointment of the BoD of
Toscana Aeroporti S.p.a. by the Shareholders’ Meeting held on 15 July 2015,
the Shareholder Agreement signed on 23 June 2015 between the bank “Ente
Cassa di Risparmio di Firenze”, Regione Toscana (the Regional Government
of Tuscany), Provincia di Pisa (the Provincial Government of Pisa),
Fondazione Pisa (Pisa Foundation), C.C.I.A.A. di Firenze (the Chamber of
Commerce of Florence), Comune di Pisa (the Municipality of Pisa), and
C.C.I.A.A. di Pisa (the Chamber of Commerce of Pisa) has automatically
ceased to apply.
On 15 July 2015, the Shareholders’ Meeting of Toscana Aeroporti S.p.a.
appointed the Board of Directors. Furthermore, the Meeting appointed
Marco Carrai as Chair of the Board of Directors. On the same date, the Board
of Directors appointed Gina Giani as CEO, Roberto Naldi and Pierfrancesco
Pacini as Deputy-Chairs of the Board of Directors, Vittorio Fanti as Delegated
Board Member for Special Projects.
On the same date, the Board of Directors created the Executive Committee.
On 30 July 2015, the Chair of the Board of Auditors, Durano Loredana,
resigned.
During the 6-month period examined, the Tuscan Airport System carried 3.3
million passengers, for an aggregate growth of 7.3% for the Passengers
component against an annual average of 3.7%.
Year-to-date traffic at 31 July 2015, compared to the same period of the
previous year, is up by 6% for the Passengers component.
Based on the aforesaid, considering that the first 6-month period is usually
negatively affected by the low seasonal nature of the business, Gruppo
Toscana Aeroporti is likely to have a second 6-month period characterized by
positive growth rates and results in line with traffic trends.
15
9. TRENDS IN THE TUSCAN AIRPORT SYSTEM’S TRAFFIC
During the 6-month period considered, the Tuscan Airport System carried 3.3 million passengers,
with an aggregate growth of 7.3%, corresponding to + 225,955 passengers carried.
The table below provides details of the different traffic components for the January-June period:
TOSCANA AEROPORTI TRAFFIC
30/06/2015
3.307.774
869.627
2.438.147
30/06/2014
3.081.792
815.188
2.266.604
2015/14 Diff.
225.982
54.439
171.543
% 2015/14 Diff.
7,3%
6,7%
7,6%
8.753
3.316.527
30/06/2015
29.978
7.615
21.890
473
8.780
3.090.572
30/06/2014
28.771
7.343
21.093
335
-27
225.955
2015/14 Diff.
1.207
272
797
138
-0,3%
7,3%
% 2015/14 Diff.
4,2%
3,7%
3,8%
41,2%
4.712
34.690
30/06/2015
1.752.661
432.925
1.280.764
38.972
4.956
33.727
30/06/2014
1.688.526
454.882
1.211.332
22.312
-244
963
2015/14 Diff.
64.135
-21.957
69.432
16.660
-4,9%
2,9%
% 2015/14 Diff.
3,8%
-4,8%
5,7%
74,7%
62.418
1.815.079
30/06/2015
4.303.469
254.392
44.048
60.501
1.749.027
30/06/2014
2.567.823
294.654
49.081
1.917
66.052
2015/14 Diff.
1.735.646
-40.262
-5.033
3,2%
3,78%
% 2015/14 Diff.
67,6%
-13,7%
-10,3%
TOTAL CARGO AND MAIL
4.601.909
30/06/2015
2.911.558
30/06/2014
1.690.351
2015/14 Diff.
58,1%
% 2015/14 Diff.
TOTAL TRAFFIC UNITS
3.362.546
3.119.688
242.859
7,8%
Commercial passengers
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
General Flight Passengers
TOTAL PASSENGERS
Commercial Flights
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
Cargo
General Flights
TOTAL FLIGHTS
Commercial tonnage
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
Cargo
General Aviation Tonnage
TOTAL TONNAGE
Air cargo (kg)
Ground cargo (kg)
Mail (kg)
Final data exceed the balance of the national airport system*, which is + 4.9%, as shown in the
subsequent table.
16
N o.
A irport
Passengers
%
R om e (System )
21.401.592
7,5
M ilan (System )
18.192.454
4,4
Venice
3.941.031
1,3
2
Catania
3.272.192
-1,5
3
Bologna
3.171.039
2,3
4
N aples
2.821.433
6,1
5
Pisa
2.169.082
6,8
6
Palerm o
2.136.959
4,7
7
Bari
1.846.462
10,3
1
8
Turin
1.814.733
7,1
9
Cagliari
1.583.890
3,0
10
Florence
1.147.445
8,3
11
Treviso
1.146.333
10,2
12
Verona
1.134.826
-8,9
13
Brindisi
1.046.060
4,7
14
Lam ezia Term e
1.034.055
-1,6
15
Alghero
737.893
9,3
Italian A irport System
72.206.770
4,9
Tuscan A irport System
(FLR /PSA )
3.316.527
7,3
During the first 6-month period 2015, the Tuscan Airport System was confirmed at the 4th position
in the Italian Airport System for number of passengers.
During the same period, Tuscan airports have been connected with 94 destinations, of which 13
domestic and 81 international (18 operated in both airports) and have been served by 36 airlines (of
which 6 operating in both airports), 21 IATA and 15 Low-Cost.
The table below provides details on these destinations and airlines.
17
No. of destinations served January-June 2015 - Tuscan Airport System
Domestic destinations:
Alghero
1
Bari
Brindisi
3
Cagliari
4
Catania
5
Comiso
6
Crotone
7
Lamezia T.
8
9 Elba Island (M. Campo)
Olbia
10
Palermo
11
2
Rome FCO
Trapani
12
13
23
24
25
26
27
28
29
30
31
32
33
34
35
36
International destinations:37
Hamburg
14
38
Amsterdam
15
39
Athens
16
40
Barcelona
Barcelona GRO
Belfast
Berlin SXF
Berlin TXL
Billund
17
18
19
20
21
22
41
42
43
44
45
46
Birmingham
Bordeaux
47
Bristol
Brussels
Brussels CRL
Bucharest
Budapest
Chania
Cologne/Bonn
Copenhagen
Cork
Cracovia
49
Gdańsk
Dublin
Düsseldorf
Dusseldorf NRN
East Midlands
Edinburgh
59
Eindovhen
Fez
Frankfurt
Frankfurt HHN
Fuerteventura
Geneva
65
48
Glasgow PIK
Goteborg
71
Helsinki
Ibiza
Istanbul
73
Cephalonia
Kos
Las Palmas
Leeds-Bradford
Lyon
Lisbon
Liverpool
76
London LCY
London LGW
London LHR
London LTN
London STN
Madrid
83
Malta
Manchester
Marrakesh
Mikonos
Monaco
Moscow
89
50
51
52
53
54
55
56
57
58
60
61
62
63
64
66
67
68
69
70
72
74
75
77
78
79
80
81
82
84
85
86
87
88
90
91
92
93
94
Airlines that operated from January to June 2015
Tuscan Airport System**
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Aegean Airlines
Air Baltic
Air Berlin
Air Dolomiti
Air France
Alitalia
Arkia Airlines
Austrian Airlines
Blue Panorama
BlueAir
British Airways
Brussels Airlines
City Jet
Delta Air Lines
easyJet
Etihad Regional
Finnair
Flybe
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Germanwings
Hop!
Iberia
Jet2.com
KLM
Meridiana
Lufthansa
Niki
Norwegian Air S.
Ryanair
SAS
Silver Air
Swiss
Transavia
Turkish Airline
Volotea
Vueling Airline
Wizz Air
* The airline FlyBe operated the Florence- Birmingham flight until 28 March 2015 with 6 flights a week.
** Airlines are listed alphabetically.
18
Nantes
New Castle
New York JFK
Oslo
Paris CDG
Paris CDG
Paris ORY
Prague
Riga
Rhodes
Thessaloniki
Santorini
Seville
Split
Stuttgart
Stockholm ARN
Stockholm NYO
Tel Aviv
Tenerife
Tirana
Valencia
Warsaw
Vienna
Zurich
9.1. Traffic trends in the Pisa “Galileo Galilei” airport
The table below compares traffic trends of the first 6 months of 2015 and 2014, broken down into
its different components:
PISA AIRPORT TRAFFIC
Commercial passengers
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
General Flight Passengers
TOTAL PASSENGERS
Commercial Flights
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
Cargo
General Flights
Total Flights
Commercial Tonnage
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
Cargo
General Aviation Tonnage
Total Tonnage
Air cargo (kg)
Ground cargo (kg)
Mail (kg)
TOTAL CARGO AND MAIL
TOTAL TRAFFIC UNITS
30/06/2015
2.165.958
693.722
1.472.236
3.124
2.169.082
30.06.15
16.574
5.725
10.376
473
30/06/2014
2.028.420
620.550
1.407.870
3.086
2.031.506
30.06.14
15.977
5.216
10.426
335
2015/14 Diff. % 2015/14 Diff.
137.538
6,8%
73.172
11,8%
64.366
4,6%
38
1,2%
137.576
6,8%
2015/14 Diff. % 2015/14 Diff.
597
3,7%
509
9,8%
-50
-0,5%
138
41,2%
1.480
18.054
30.06.15
1.074.587
328.558
707.057
38.972
1.509
17.486
30.06.14
1.042.412
325.970
694.130
22.312
-29
-1,9%
568
3,2%
2015/14 Diff. % 2015/14 Diff.
32.175
3,1%
2.588
0,8%
12.927
1,9%
16.660
74,7%
24.419
1.099.006
30.06.15
4.264.561
167.076
44.048
4.475.685
30.06.15
23.213
1.065.625
30.06.14
2.501.012
201.507
49.081
2.751.600
30.06.14
1.206
5,2%
33.381
3,13%
2015/14 Diff. % 2015/14 Diff.
1.763.549
70,5%
-34.431
-17,1%
-5.033
-10,3%
1.724.085
62,7%
2015/14 Diff. % 2015/14 Diff.
2.213.839
2.059.022
154.817
7,5%
A total number of 2,169,082 passengers passed through the Pisa airport during the first six
months of 2015, up by 6.8% compared to the same period of the previous year. So, Pisa is ranked
as the 10th (tenth) Italian airport for number of passengers.
These results have been essentially supported by the positive trend of the Load Factor of
scheduled flights, which improved compared to each month of the first 6 months of 2014 (see
following table). At the end of the first six months of 2015, the Load Factor was 80.12%, up by 3.3
percentage points compared to the first 6 months of 2014 (76.84%). A +2.9% growth in the
number of seats offered (capacity) corresponds to a more than proportional +7.3% growth in seats
sold (carried passengers).
Scheduled traffic has globally increased by 7.2% (+144,938 passengers) compared to the same
period of 2014. This is due to the increase both in scheduled domestic traffic (+12.3%, with +75,851
passengers) and scheduled international traffic (+5.0%, with +69,087 passengers).
19
The number of passengers on rerouted flights, included in commercial traffic, is 0.7% of the total
traffic (with 15,106 passengers, +1% compared to the same period of 2014). The portion coming
from Florence is approx. 73%.
Compared to the first 6 months of 2014, charter traffic had a 38.0% decrease (-7,400 passengers)
mainly due to the suspension of outgoing flights towards Egypt and Tunisia and incoming flights
from Russia due to social-political unrest in said Countries. General Aviation flights has remained
substantially in the first 6 months of 2015, in line with the figures recorded in the same period of
2014.
The table below shows the main factors that characterized scheduled passengers’ traffic trends in
the Pisa Galilei airport in the first 6 months of 2015:

Ryanair - Full operation of the main weekly flights for Comiso and Crotone, of the flight to
Lisbon (not operated in the first quarter of 2014), which passed from 2 to 3 frequencies in the
summer season, and increase in weekly flights for Palermo (from 11 to 14), Tenerife (passed
from 1 to 3) and Madrid (from 6 to 7). During the summer 2015, 4Ryanair connected the Pisa
airport with 46 destinations, operating on average over 30 flights a day.

Turkish Airlines - Full operation of the direct Pisa-Istanbul connection starting from 26 June
2014, which increased operations passing from 4 to 5 weekly flights since April.

Transavia France - Full operation of the flight operated on Paris Orly (with 178-seat AB320 or
189-seat B737) starting from 13 April 2014, which partially offsets AirFrance operations on Paris
Charles de Gaulle (2 daily flights operated with a 72-seat CRJ-700) that continued until 29
March 2014.

Alitalia - This carrier increased weekly flights to Rome Fiumicino (which passed from 21 to 24),
operated with 68-seat ATR-72 aircraft, and continued with its own brand connections to
Catania, Prague and Tirana, operated by Air One until 30 September 2014. In April, the
seasonal connection for Berlin Tegel was resumed (3 weekly flights), while connections to
Olbia (4 weekly flights) and Moscow Sheremetyevo (2 weekly flights) restarted during high
season.

Volotea - The Spanish carrier operates flights to Bordeaux, Nantes (2 weekly flights) and
Athens (2 weekly flights from the end of May to the end of September).
 easyJet - The British carrier has operated 2 weekly flights to Hamburg starting from April and
2 weekly flights to Manchester starting from May 23. The two new destinations were added to
those operated by the airline on Pisa (Paris Orly, London Gatwick, Bristol, Berlin Schoenefeld
and London Luton).
 Delta Air Lines - This airline confirmed the direct flight to New York since June 16 (with 4
flights per week throughout June and from 1 to 7 September and 6 flights per week in July and
August).
 Air Baltic - This airline has operated a new flight to Riga (2 flights per week from June 13 to
September 13).
 Aegean Airlines - The Greek airline has operated 2 weekly flights to Athens starting from June
26 and until September 28.
4
The Summer 2015 season corresponds to the period between 29 March 2015 and 24 October 2015.
20
 We also remind the reader that seasonal flights were resumed operated by: Finnair (Helsinki,
up to 2 flights per week), SAS (Stockholm, Copenhagen, Oslo, up to 2 flights per week),
Norwegian Air Shuttle (Stockholm, Copenhagen, Oslo, up to 3 flights per week),
Germanwings (Cologne/Bonn, 5 flights per week) and Jet2.com (Manchester up to 6 flights
per week; Belfast, East Midland and Leeds-Bradford 1 flights per week and New Castle 2 flights
per week)
During the first 6 months of 2015, the Pisa airport has been connected with 79 destinations
operated by 20 airlines, of which 10 IATA and 10 LC.
No. of destinations served January-June 2015 - Pisa Airport
Domestic destinations:
Alghero
1
Bari
2
3
4
5
Brindisi
Cagliari
Catania
Belfast
39
Fez
59
Manchester
20
Berlin TXL
Berlin TXL
Billund
Bordeaux
Bristol
40
Frankfurt HHN
Fuerteventura
60
Marrakesh
Monaco
Glasgow PIK
Goteborg
Helsinki
62
Ibiza
Istanbul
65
Cephalonia
Kos
67
Las Palmas
Leeds-Bradford
69
Lisbon
Liverpool
71
London LGW
London LHR
73
London LTN
London STN
75
Madrid
Malta
77
21
22
23
24
41
42
43
44
Brussels CRL
Bucharest
45
Budapest
Chania
47
Cologne/Bonn
Copenhagen
49
Cork
Krakow
51
32
International destinations: 33
Hamburg
14
34
Gdańsk
Dublin
53
Dusseldorf NRN
East Midlands
55
Edinburgh
Eindovhen
57
6
7
Comiso
Crotone
19
25
26
Lamezia T.
27
Elba
Island
(M.
Campo)
9
28
Olbia
10
29
Palermo
11
30
8
12
13
15
16
17
18
Rome FCO
Trapani
31
Amsterdam
Athens
35
Barcelona
Barcelona GRO
37
36
38
46
48
50
52
54
56
58
61
63
64
66
68
70
72
74
76
78
79
Airlines that operated from January to June 2015
Pisa Airport*
1
Aegean Airlines
11
Lufthansa
2
3
4
Air Baltic
Alitalia
Blue Panorama
12
13
14
Norwegian Air S.
Ryanair
SAS
5
6
British Airways
Delta Air Lines
15
16
Silver Air
Transavia
7
8
9
easyJet
Finnair
Germanwings
17
18
19
Turkish Airline
Volotea
Vueling
10
Jet2.com
20
Wizz air
* Airlines are listed alphabetically.
21
Moscow
Nantes
New Castle
New York JFK
Oslo
Paris CDG
Paris ORY
Prague
Riga
Rhodes
Thessaloniki
Seville
Stockholm ARN
Stockholm NYO
Tenerife
Tirana
Valencia
Warsaw
Scheduled passenger traffic by Country
A total of 25 markets have been regularly connected with the Pisa airport with scheduled flights in
the first 6 months of 2015.
The international market accounts for 67.8% of the total scheduled passenger traffic of the Galilei
airport, while the domestic traffic accounts for 32.2%.
The table below shows the percentage incidence of each European country over the total number
of scheduled traffic passengers recorded by the Galilei airport in the first 6 months of 2015 and
the difference, both in absolute and percentage terms, compared to the same period of 2014:
Passenger line traffic
Italy
United Kingdom
Spain
France
Germany
The Netherlands
Belgium
Albania
Morocco
Poland
Romania
Ireland
Portugal
Sweden
Malta
Hungary
Turkey
Denmark
Greece
Czech Republic
Norway
Russian Fed.
U.S.A.
Finland
Latvia
Others
TOTAL
2015
693.269
390.945
253.970
161.551
124.719
104.456
75.668
63.663
38.653
25.682
25.529
25.061
24.770
24.002
21.561
19.867
18.870
18.227
15.449
9.783
8.729
3.083
2.764
646
575
2.373
2014
617.418
404.663
228.986
164.317
122.255
91.446
72.062
59.883
39.280
23.070
23.845
21.734
7.672
21.212
16.977
15.888
633
15.429
16.241
15.691
17.906
4.239
4.284
603
0
3.193
2.153.865 2.008.927
Diff.
75.851
-13.718
24.984
-2.766
2.464
13.010
3.606
3.780
-627
2.612
1.684
3.327
17.098
2.790
4.584
3.979
18.237
2.798
-792
-5.908
-9.177
-1.156
-1.520
43
575
-820
144.938
% Diff. % on TOT
12,3%
32,2%
-3,4%
18,2%
10,9%
11,8%
-1,7%
7,5%
2,0%
5,8%
14,2%
4,8%
5,0%
3,5%
6,3%
3,0%
-1,6%
1,8%
11,3%
1,2%
7,1%
1,2%
15,3%
1,2%
222,9%
1,2%
13,2%
1,1%
27,0%
1,0%
25,0%
0,9%
2881,0%
0,9%
18,1%
0,8%
-4,9%
0,7%
-37,7%
0,5%
-51,3%
0,4%
-27,3%
0,1%
-35,5%
0,1%
7,1%
0,0%
0,0%
-25,7%
0,1%
7,2%
100,0%
During the first 6 months of 2015, domestic traffic grew by 12.3% compared to the same period of
2014. This result is mainly due to the full operation of Ryanair flights to Comiso and Crotone (not
operated in the first quarter 2014) and to the above-mentioned increase in weekly flights for
Palermo.
The British market, which was confirmed to be the first of foreign markets (with 390,945
passengers; 18.2% of total markets) had a 3.4% decrease compared to the same period of 2014.
This decrease is the effect of the reduction of British Airways flights to London Gatwick (8 weekly
flights against 2 daily flights of the previous year) and of the cancellation of flights to/for
Bournemouth and Leeds-Bradford by Ryanair.
The Spanish market grew by 11.8% (with 253,970 passengers carried during the period). This result
is due to the above-mentioned increases in weekly flights to Madrid and Tenerife.
22
The French market is substantially in line with the first 6 months of 2014 (-1.7%) with the new
operations on Nantes and Bordeaux being added to Transavia France operations on Paris Orly, to
partly offset the cancellation of Air France operations on Paris Charles De Gaulle.
Thanks to Ryanair’s connection with Lisbon and to Turkish Airlines’ connection with Istanbul, the
Portuguese (+17,978 passengers) and Turkish markets also grew (+18,237 passengers). We remind
the reader that these flights started to be operated in April 2014 and June 2014, respectively.
Cargo & Mail Traffic
Cargo traffic data recorded in the first 6 months of 2015 in the Pisa airport show a growth of
+62.7% (with 1,724,085 kg of cargo and mail carried). This result is mainly due to:
- Resumption of DHL operations on Pisa Since 2 April 2014, the courier restarted operating in
the Pisa airport by connecting it directly with its Leipzig hub.
- Operation of 9 “all cargo” charter flights with Boeing 747 aircraft in the 6-month period
(against the 3 flights operated in the same period of 2014) with destination Jeddah used to export
over 900,000 kg of marble to Saudi Arabia.
23
9.2 Traffic trends in the Florence “Amerigo Vespucci” airport
FLORENCE AIRPORT TRAFFIC
Commercial passengers
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
General Flight Passengers
TOTAL PASSENGERS
Commercial Flights
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
General Flights
TOTAL FLIGHTS
Commercial tonnage
Domestic (Scheduled + Charter)
International (Scheduled + Charter)
General Aviation Tonnage
TOTAL TONNAGE
Air cargo (kg)
Ground cargo (kg)
TOTAL CARGO AND MAIL
TOTAL TRAFFIC UNITS
30/06/2015
1.141.816
175.905
965.911
5.629
1.147.445
30.06.15
13.404
1.890
11.514
3.232
30/06/2014
1.053.372
194.638
858.734
5.694
1.059.066
30.06.14
12.794
2.127
10.667
3.447
2015/14 Diff.
88.444
-18.733
107.177
-65
88.379
2015/14 Diff.
610
-237
847
-215
16.636
30.06.15
678.074
104.367
573.707
16.241
30.06.14
646.114
128.912
517.202
395
2015/14 Diff.
31.960
-24.545
56.505
% 2015/14 Diff.
8,4%
-9,6%
12,5%
-1,1%
8,3%
% 2015/14 Diff.
4,8%
-11,1%
7,9%
-6,2%
2,4%
% 2015/14 Diff.
4,9%
-19,0%
10,9%
37.999
716.073
30.06.15
38.908
87.316
37.288
683.402
30.06.14
66.811
93.147
711
32.671
2015/14 Diff.
-27.903
-5.831
1,9%
4,78%
% 2015/14 Diff.
-41,8%
-6,3%
126.224
30.06.15
159.958
30.06.14
-33.734
2015/14 Diff.
-21,1%
% 2015/14 Diff.
1.148.707
1.060.666
88.042
8,3%
During the first 6 months of 2015, the Florence airport recorded 1,147,445 passengers, with an
increase of 8.3% (+88,379 passengers) compared to the same period of 2014. Passenger traffic
for each of the months considered reached record levels for the airport.
These results have been the result of an increase in the number of scheduled flights (+4.7%) and
scheduled seats offered (+4.2%), with a more than proportional increase in passengers also
thanks to the increase in the load factor (+3.0%), which passed from 74.5% of 2014 to 77.5% of
2015.
The main factors that determined this traffic record at 30 June 2015 are described below:
 Iberia - Starting from 1 April 2015, this carrier operated a flight to Madrid with 6 weekly
flights operated with 141-seat A319 aircraft.
 Arkia Airlines - The Israeli airline opened on 29 March 2015 with 2 weekly flights flight to Tel
Aviv operated with 110-seat E190 aircraft.
 Alitalia - Starting from June, this carrier increased its capacity in the airport by reintroducing
138-seat AB319 aircraft to replace 88-seat E175.




Blue Air - On 20 March 2015, the Romanian carrier opened a connection with Bucharest with
3 weekly flights on 141-seat B737-500 aircraft.
Blue Panorama - This airline opened a rout to Tirana on 29 March 2015 with 4 weekly flights
operated with 64-seat ATR 72 aircraft.
Swiss Airlines - Starting from 30 March 2015, this airline activated a 4-weekly flight to
Geneva with 76-seat DashQ-400 aircraft;
Vueling - Full operation of the second A319 based in Florence, which offers 16 destinations,
24




including Olbia, opened on 22 June 2015 with 2 weekly flights.
KLM - Starting from 29 March 2015, KLM increased the frequency of its flights to Amsterdam
passing from 3 to 4 daily flights operated with 100-seat E190 aircraft.
British Airways Cityflyer - Full operation of its connection to London City, opened on 27
March 2014, passing from 4 to 6 weekly flights.
Brussels Airlines - Starting from the summer, this carrier increased its flights to Brussels,
passing from 10 to 11 flights weekly operated with 97-seat RJ100 aircraft.
Air France - Full operation of the 131-seat A318 for the 5 daily flights for Paris CDG during the
winter and 6 during the summer.
Connection with scheduled flights during the first six months of 2015 have been 33, operated by 22
airlines:
N. destinations served 2015 - Florence Airport
Domestic destinations:
Bari
1
Cagliari
2
16
17
18
Catania
Elba Island (M. Campo)
19
21
6
Olbia
Palermo
7
Rome FCO
23
3
4
5
20
22
International destinations:
Amsterdam
8
24
25
9
Barcelona
26
10
Berlin TXL
Birmingham
Brussels
Bucharest
27
Copenhagen
Düsseldorf
31
11
12
13
14
15
28
29
30
Frankfurt
Geneva
Ibiza
Lyon
London LCY
London LGW
Madrid
Monaco
Mykonos
Paris CDG
Paris ORY
Santorini
Split
Stuttgart
Tel Aviv
32
Tirana
Vienna
33
Zurich
Airlines that operated from January to June 2015
Florence Airport*
1
2
3
4
5
6
7
8
9
10
11
Air Berlin
Air Dolomiti
Air France
Alitalia
Arkia
Austrian Airlines
Blue Air
Blue Panorama
British Airways
Brussels Airlines
Cityjet
12
13
14
15
16
17
18
19
20
21
22
Etihad Regional
Flybe
Hop!
Iberia
KLM
Lufthansa
Meridiana
Niki
Silver Air
Swiss Airlines
Vueling
* Airlines are listed alphabetically.
** The airline FlyBe operated the Florence- Birmingham flight until 28 March 2015 with 6 flights a week.
25
Scheduled passenger traffic by Country
During the first 6 months of 2015, international traffic accounted for 84.6% of the total passenger
traffic. The Florence airport is connected with 14 countries.
Passenger line traffic
2015
2014
Germany
272.541
271.145
France
268.340
236.050
Italy
175.173
194.174
Switzerland
94.187
87.025
United Kingdom
91.368
77.617
The Netherlands
87.756
69.404
Spain
82.688
62.201
Austria
22.535
25.469
Belgium
21.196
20.072
Denmark
7.751
7.111
Romania
7.451
Albania
3.742
Israel
2.204
Greece
1.228
1.058
Other
394
Croatia
306
TOTAL
1.138.860 1.051.326
Diff.
1.396
32.290
-19.001
7.162
13.751
18.352
20.487
-2.934
1.124
640
7.451
3.742
2.204
170
394
306
87.534
% Diff. % on TOT
0,5%
23,9%
13,7%
23,6%
-9,8%
15,4%
8,2%
8,3%
17,7%
8,0%
26,4%
7,7%
32,9%
7,3%
-11,5%
2,0%
5,6%
1,9%
9,0%
0,7%
0,7%
0,3%
0,2%
16,1%
0,1%
0,0%
0,0%
8,3%
100,0%
As shown in the table above, the German market was confirmed to be the main market, with
272,541 passengers, substantially in line with data recorded in the first 6 months of 2014.
The French market grew by 13.7% thanks to the greater capacity offered by Air France (with the
introduction of the 138-seat AB318 aircraft) and to a higher number of flights for Paris Orly by
Vueling.
The Italian market (with 175,173 passengers) had a 9.8% decrease compared to the same period of
the previous year due to the cancellation of flights for Palermo and Catania by Volotea.
The UK market grew by 17.7% (with 91,368 passengers) with the full operation of flights operated
by British Airways Cityflyer for London City starting from the summer 2014 and a growth of the
load factor of flights operated by Cityjet.
It is worthwhile mentioning the growth of the Dutch and Spanish markets thanks to the increases
in flights operated by KLM on Amsterdam and to the start of Iberia operations on Madrid.
10. SIGNIFICANT EVENTS THAT TOOK PLACE DURING THE FIRST 6 MONTHS OF THE YEAR
Infrastructural development of the Florence airport
The 2014-2029 Master Plan, prepared consistently with the Domestic Airport Plan approved by the
Council of Ministers after the 30 September 2014 meeting to add the Florence airport to the
strategic airports of the European core network, was approved from a technical perspective by
ENAC on 3 November 2014. The 2014-2029 Master Plan is subject to the Environmental Impact
26
Assessment procedure (in It. “Valutazione di Impatto Ambientale” or “VIA”) required by Legislative
Decree no. 152/2006 and to the requirement of issuing a “Conformità Urbanistica” (document
providing evidence of compliance with town planning schemes) pursuant to art. 81 of DPR 616/1977.
The Environmental Impact Assessment procedure of the Plan concerned has been started by ENAC
on 24 March 2015 at the Ministry of the Environment, Protection of the Territory and the Sea.
The 2014-2029 Master Plan contemplates the requalification of the present Florence airport with
the development of a new runway for flights, related connections and aircraft apron areas, the
development of a new passenger terminal, the related access road network and parking lots, the
development of a logistic area in the west area of the airport, and the necessary preliminary works
for the development of the new airport system.
The Master Plan and the related project insights, accompanied by the Environmental Impact
Study, Incidence Report, Landscaping Report, Assessment of Impact on Health and Non-Technical
Summary are presently available for free consultation in the website of environmental
assessments of the Ministry of the Environment, Protection of the Territory and the Sea (Ministero
dell’Ambiente e della Tutela del Territorio e del Mare).
Pursuant to the applicable legislation, the term for the submission of observations was 23 May
2015.
The Technical Commission of the Ministry of the Environment prepares the preliminary technical
document, examines the observations received from the public and the opinions of the other
administrations and parties involved.
Subsequently, based on the opinion expressed by the Technical Commission, by the Ministry for
the Assets and Cultural Heritage of the Region, and the determinations of the other
administrations and competent parties in environmental issues, as well as based on the public’s
observations, the office in charge with environmental assessments will prepare the draft of the VIA
(Environmental Impact Assessment).
The office for environmental assessments, based on the specific indications of the Technical
Commission that reviews the VIA, on 21 July 2015 asked ENAC to prepare some additional
documents to the records to be submitted within 45 days. In this regard, the Provided, on behalf of
ENAC, is about to complete the preparation of the additional documents that will be transmitted in
the first days of September 2015, as requested.
Starting from the date when this additional documentation is submitted to all the Administrations
and parties involved, 60 days will be allowed for consultations and for the Public to submit any
observation. The VIA is issued within 90 days after the expiry of the term established for the
submission of observations.
Works planned to improve and enhance flight infrastructures (runways and connections)
in the airport and to mitigate the noise impact on the city of Pisa
The main runway of the Pisa Galileo Galilei airport was reopened on 27 March 2015. The works
completed at the date of this document consisted in requalifying the floor of the main runway and
developing a new connection between the main and the secondary runways. The run for departure
has been advanced with this change, with the consequence of reducing the noise impact on the
city of Pisa. The action plan also concerned the improvement of the runway systems and lighting
27
(AVL) to improve airport operations in low visibility conditions and the upgrade of the operating
category of the main runway from CAT I to CAT II. The works did not affect the continuity of the
airport operations, which have been ensured with the use of the secondary runway. The total
completion of the project with the improvement of the carrying capacity of the safety surfaces
(strip and R.E.S.A.) is scheduled before the end of 2015, the objective is to reach the “III B”
category. The global investment has been of approximately €19M.
2015-2018 Rate Levels for the Galilei airport – Approval by ART - Autorità di Regolazione
dei Trasporti (Transport Regulation Authority)
With resolution no. 22 of 12 March 2015, the Transport Regulation Authority (ART) authorized the
Pisa airport to apply the new fees regulated for 2015 starting from 16 April 2015. The 2016-2018
scheme contemplates the update, with annual consultations with airport users, of the fees
determined on the basis of the final traffic data of each year, investments and quality and
environment indicators.
2015-2018 Rate Levels for the Vespucci airport – Approval by ART - Autorità di
Regolazione dei Trasporti (Transport Regulation Authority)
With resolution no. 35 of 7 March 2015, the Transport Regulation Authority (ART) authorized the
Florence airport to apply the new fees regulated for 2015 starting from 26 May 2015. As for the Pisa
airport, the 2016-2018 scheme contemplates the update, with annual consultations with airport
users, of the fees determined on the basis of the final traffic data of each year, investments and
quality and environment indicators.
11.RESULTS OF OPERATIONS FOR GRUPPO TOSCANA AEROPORTI
INTRODUCTION
As better described in the section called “Merger by Incorporation of Aeroporto di Firenze S.p.a.”
provided hereinafter, after the merger the operations of the incorporated (or absorbed) entity have
been recognized in TA’s balance sheet for accounting and tax purposes effective from 1 January
2015. So, we point out that any difference in the book values of the two interim reports of Gruppo
Toscana Aeroporti at 30 June 2015 and of the TA Group (former-SAT Group) at 30 June 2014 does
not quite reflect the real situation because they are affected by the transaction described.
For details on the income statement items, see the Explanatory Notes.
11.1 Consolidated Income Statement
The table below compares the data of the Consolidated Income Statement of the first 6 months of
2015 with those of the first 6 months of 2014.
28
GRUPPO TOSCANA AEROPORTI
-
CONSOLIDATED INCOME STATEMENT
Amounts in €K
INTERIM 2015
INTERIM 2014
Abs. Diff.
2015/2014
REVENUES
Aviation revenues
Non-Aviation revenues
Revenues from construction services
Other revenue and income
TOTAL REVENUES (A)
38.182
11.454
10.724
2.882
63.242
21.581
7.488
1.563
804
31.437
16.601
3.966
9.161
2.078
31.805
COSTS
Consumables
Personnel costs
Costs for services
Sundry operating expenses
Airport leases
Costs for construction services
TOTAL COSTS (B)
610
19.374
20.000
919
2.122
10.213
53.237
381
10.976
12.038
379
1.673
1.488
26.935
228
8.398
7.962
539
449
8.725
26.302
GROSS OPERATING MARGIN (A-B)
10.005
4.502
5.503
15,8%
14,3%
Amortization and write-downs
Provision for risks and repairs
Bad debt reserve
4.000
1.774
79
2.041
773
58
1.958
1.001
22
OPERATING EARNINGS
4.152
1.629
2.523
6,6%
5,2%
1.695
-878
10
828
110
-430
0
-319
1.585
-448
10
1.148
4.980
-1.605
3.375
-7
3.368
1.310
-647
663
-19
644
0,298
0,065
3.671
-958
2.712
13
2.725
0,232
% over total revenue
% over total revenue
ASSET MANAGEMENT
Financial income
Financial expenses
Profit (loss) from equity investments
TOTAL ASSET MANAGEMENT
PROFIT (LOSS) BEFORE TAX
Taxes for the period
PROFIT/(LOSS) FOR THE PERIOD
Minority Interest’s loss (profit) for the period
GROUP’S PROFIT/(LOSS) FOR THE PERIOD
Earnings per share (€)
Notes:
(*) Please note that, in order to offer the reader a greater comparability of the information disclosed in the consolidated financial statement of
Toscana Aeroporti at 30 June 2015, some data regarding 30 June 2014 have been altered. The changes made are explained in a specific
summarized table in the Explanatory Notes, to which we refer the reader. These changes have been considered as non-significant by the
Company.
Pursuant to the recommendations set forth in Consob’s Notice DEM/6064293 of 28 July 2006, we
specify that the summarized income statement data shown can be easily reconciled with those
indicated in the financial statements.
In compliance with CESR Recommendation 05-178b regarding alternative performance indicators,
TA, in the Interim Financial Report on Operations, in addition to the financial indicators required by
IFRS, presents some indicators derived from the latter, although not required by IFRS (Non-GAAP
Measures).
29
These indicators are presented with the purpose of allowing for a better assessment of the Group's
management trends and should not be considered as alternative to those required by IFRS.
More specifically:
- the interim EBIT (Earnings Before Interests and Taxes) coincides with the Operating Result
shown in the Income Statement;
- the interim PBT (Profit Before Taxes) coincides with the Profit before taxes shown in the
Income Statement.
As regards the EBITDA (Earnings Before Interests, Taxes, Depreciation, Amortization) or Gross
Operating Margins, we point out that it reflects the EBIT before amortization and provisions.
In general terms, we point out that the interim results indicated in this document are not defined
as an accounting measure under IFRS and that, consequently, the criteria for the definition of said
interim results might not be consistent with those adopted by other companies.
The table below shows the main income statement results for the period examined.
The EBITDA (Gross Operating Margin) of the first 6-month period 2015 is €10M.
The EBIT at 30 June 2015 is €4.2M.
The result before tax of the first 6 months of 2015 is €5M.
Finally, the first 6 months of 2015 was closed with a net Group result for the period of
€3,368K, showing an improvement of €2,725Kcompared to the first 6 months of 2014. This
period result is also affected by the incorporation of the income statement items of AdF (see, in
this regard, the management income statement illustrated below).
*
*
*
Comparison between Operating Results at 30 June 2015 and Pro-Forma Information at 30
June 2014
In order to offer the reader a better understanding of the tables provided above and a better
comparability between data, we provide below the Management Income Statement table at 30
June 2015, with evidence of economic values at 30 June 2015 compared with pro-forma values at
30 June 2014, as per Equivalent Document.
In any case, for details on the income statement at 30 June 2015, see the Explanatory Notes.
30
INTERIM
2015
Amounts in €K
PRO-FORMA
Abs. Diff.
INTERIM
2015/2014
2014
% Diff.
REVENUES
Aviation revenues
Non-Aviation revenues
Revenues from construction services
Other revenue and income
TOTAL REVENUES (A)
38.182
11.454
10.724
2.882
63.242
35.649
12.492
3.709
1.281
53.132
2.533
-1.038
7.015
1.601
10.110
7,1%
-8,3%
189,2%
124,9%
19,0%
COSTS
Consumables
Personnel costs
Costs for services
Sundry operating expenses
Airport leases
Costs for construction services
TOTAL COSTS (B)
610
19.374
20.000
919
2.122
10.213
53.237
1.718
18.476
17.903
910
1.850
3.532
44.390
-1.109
898
2.097
8
272
6.681
8.847
-64,5%
4,9%
11,7%
0,9%
14,7%
189,1%
19,9%
GROSS OPERATING MARGIN (A-B)
10.005
8.742
1.263
14,5%
15,8%
16,5%
Amortization and write-downs
Provision for risks and repairs
Bad debt reserve
4.000
1.774
79
3.763
1.736
87
236
38
-7
6,3%
2,2%
-8,6%
OPERATING EARNINGS
4.152
3.155
997
31,6%
6,6%
5,9%
1.695
-878
10
828
118
-941
0
-822
1.577
63
10
1.651
1332,1%
-6,7%
N.S.
N.S.
4.980
-1.605
3.375
-7
3.368
2.333
-1.291
1.042
-19
1.023
2.648
-315
2.333
13
2.345
113,5%
24,4%
223,8%
-65,6%
229,3%
% over total revenue
% over total revenue
ASSET MANAGEMENT
Financial income
Financial expenses
Profit (loss) from equity investments
TOTAL ASSET MANAGEMENT
PROFIT (LOSS) BEFORE TAX
Taxes for the period
PROFIT/(LOSS) FOR THE PERIOD
Minority Interest’s loss (profit) for the period
GROUP’S PROFIT/(LOSS) FOR THE PERIOD
Total revenues at 30 June 2015 increased by €10.1M compared to the first 6 months of 2014,
corresponding to an increase of +19%.
More specifically, a 7.1% increase is recorded in Aviation operating revenues at 30 June 2015,
mainly due to the growth in aggregated air traffic (+7.8% in terms of WLU between the two 6month periods), and a 8.3% decrease in Non-Aviation revenues mainly due to the lack of direct
revenues deriving from the sub-concession of direct-management shops in the Florence airport
(ARC) starting from 1 October 2014.
The increase in revenues for construction services is mainly due to the higher investments on
assets under concession made in the Pisa airport during the period examined (runway and
connections for €9,4M). Please note that this revenue component corresponds to the costs
incurred for works under concession, increased by a 5% mark-up reflecting the remuneration of
internal costs for the general coordination of works carried out by the AdF Group according to
IFRIC12 requirements. The contra-entry of this item is the booking of assets under concession
(pursuant to IAS 11) among Intangible Assets not under the Group’s control, but in connection to
31
which it has the obligation to perform scheduled and unscheduled maintenance based on the
concession for the total management of the two airports.
During the first 6 months of 2015, the other operating revenues were affected by greater
contingent assets compared to the first 6 months of 2014. This item includes, for approx. €1.9M,
the release in the income statement of the Provision for Liabilities and the write-off of liabilities no
longer collectible recognized after updating estimates. More specifically, releases for €0.9M are
recorded as a consequence of updates made to the proceeding regarding the controversy on the
Fire Protection Service, for whose details we refer the reader to the Explanatory Notes.
Total costs at 30 June 2015 are €53.2M, with an increase of €8.8M compared to the first 6 months
of 2014 - +19.9%.
The €1.1M reduction in the cost of raw materials, consumables and goods mainly derives from a
reduced procurement of goods to be used for sale because, effective from 1 October 2014, the
incorporated company sub-leased the direct management of Airport Retail Corners to a primary
domestic operator specialized in the management of Duty Free shops, with the purpose of
improving profits.
The €+0.9M change in Cost of Personnel mainly reflects the impact on the remuneration of
employees after the renewal of the CCNL (National Collective Agreement) and, to a lesser extent,
the higher number of employees of the Group.
The €2.1M change in the costs for services mainly reflects higher marketing support costs, external
operating services and professional services rendered in connection with the start-up of Toscana
Aeroporti.
The increase in costs for construction services is linked, as for the corresponding revenue item
described above, to the higher investments made in the Pisa airport.
The other operating expenses increased by €0.3M, mainly reflecting the increase in concession fees
after the greater traffic recorded in the 6-month period.
In connection with the aforesaid, the Group’s Gross Operating Margin - corresponding to €10M at
30 June 2015 - increased by approx. €1.3M (+14.5%).
Amortization increased by €0.2M due to the higher investments made by the Group in the period
examined.
Consequently, the Operating Result of the Group - €4.2M at 30 June 2015 - increased by approx.
€1M (+31.6%).
Financial operations show a positive balance of approximately €1.7M, mainly arising from the sale
of the shares held by the former-SAT company in AdF, for €1.42% of the share capital, qualified as
“available for sale” and assessed at fair value. This sale was made before the date when the merger
was signed and before the effective date of the merger, and generated, in the first 6 months of
2015, financial income for approximately €1.6M, completely realized from third parties.
Considering that the transfer of the stake at issue took place before signing the merger and before
its effective date, and furthermore it was done with third parties differing from the reference
shareholder (Corporación America Italia S.p.a.), the Directors recognized the amount of capital
gains in the income statement.
After the aforesaid, Profits before Tax passed from €2.3M to €5M, with a +113.5% increase.
32
Taxes for the period have been determined, as required by IAS 34 and IAS 12, by applying the best
estimate of the expected weighted average tax rate at period-end. The tax rate of the first 6
months of 2015 - 32.2% - is lower than the 55.3% rate recorded in the first 6 months of 2014 due to
the tax allowance introduced by the 2015 Finance Law on the deductibility of IRAP and because the
financial income generated by the sale of the former-AdF shares is subject to lower taxation (socalled “Pex regime”).
Finally, the Group’s net result for the period increased by €2.3M (+229.3%), passing from €1M to
approximately €3.4M, including the financial income of approx. €1.6M obtained with the transfer
of the SAT stake in AdF. Net of that income, the Group’s Profit for the period increased by 75.2%.
11.2 Consolidated Statement of Financial Position
INTRODUCTION
With the merger by incorporation of Aeroporto di Firenze S.p.a. Into SAT S.p.a., the operations of
the incorporated (or absorbed) entity have been recognized in SAT’s balance sheet for accounting
and tax purposes effective from 1 January 2015. So, we point out that any difference between the
book values of Gruppo Toscana Aeroporti at 30 June 2015 and those of the SAT Group at 31
December 2014 does not quite reflect the real situation because they are affected by the transaction
described.
Therefore, for details on equity items, see the Explanatory Notes.
The table below provides a comparison between the Consolidated Statement of Financial
Position at 30 June 2015 and the same at 31 December 2014.
In order to offer the reader a better understanding of the table provided below and a better
comparability of data, we also provide the column of the Pro-forma Consolidated Statement of
Financial Position at 31 December 2014, as per Equivalent Document5.
5
Compared to the table published in the Equivalent Document shown in the specific section, items have been grouped and
more details were given of equity items. Furthermore, the € 476 K item ”Deferred tax liabilities” was reclassified in the “Sundry
loans and other non-current assets” item with the opposite sign. Consequently, the total equity items differ from the Equivalent
Document model due to that offsetting.
33
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (amounts in €K)
June 30,
2015
ASSETS
Dec. 31,
2014
PRO-FORMA
DEC. 31,
2014
DIFF.
NON-CURRENT ASSETS
- Intangible assets
149.805
75.860
73.945
141.302
26.113
21.064
5.049
26.554
726
2.273
-1.547
637
- Financial Assets
3.230
2.298
0
932
2.018
- Prepaid taxes recoverable beyond the year
2.276
2.032
244
1.607
182.150
103.526
78.624
172.118
27.945
13.727
14.218
20.275
325
364
-39
364
4.293
300
3.993
5.097
2.744
2.177
567
5.192
25.111
25.091
20
36.845
60.418
41.659
18.759
67.773
242.568
145.185
97.383
239.891
- Tangible assets
- Equity investments
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
- Receivables from customers
- Receivables from associated companies
- Tax receivables
- Receivables from others, due within the year
- Cash and cash equivalents
TOTAL CURRENT ASSETS
TOTAL ASSETS
June 30,
2015
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
Dec. 31,
2014
PRO-FORMA
DEC. 31,
DIFF.
CAPITAL AND RESERVES
- Group Shareholders' Equity
- Minority interest
TOTAL SHAREHOLDERS' EQUITY
105.311
66.598
38.713
108.434
101
138
-37
138
105.412
66.736
38.676
108.571
1.968
33
1.935
3.609
17.096
10.520
6.576
15.702
MEDIUM-LONG TERM LIABILITIES
- Provisions for liabilities and charges
- Provisions for repair and replacement
- Termination benefits and other personnel-related provisions
- Financial liabilities
- Other payables due beyond the year
6.638
4.207
2.431
7.169
42.687
24.700
17.987
35.323
1.839
1.839
0
1.839
70.228
41.300
28.928
63.643
10.535
0
10.535
10.500
4.412
2.068
2.344
3.476
- Tax payables
10.045
5.887
4.158
7.665
- Total trade and sundry receivables
41.938
29.195
12.743
46.036
TOTAL MEDIUM-LONG TERM LIABILITIES
CURRENT LIABILITIES
- Bank overdrafts
- Loans
TOTAL CURRENT LIABILITIES
66.929
37.150
29.779
67.677
TOTAL LIABILITIES
137.156
78.450
58.707
131.320
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
242.568
145.185
97.383
239.891
The difference in total assets, increased by €97.4M compared to the total assets of the SAT Group
at 31 December 2014, is mainly due to the incorporation of the items of the Assets of former AdF.
Non-current assets include a positive difference arising from the investments made by the Group
during the first 6-month period, for approximately €12M, and the decrease in the Investments
item, for approximately €1.5M, arising from the sale of the shares held by former SAT in AdF
before the effective date of the merger.
Furthermore, we point out that current assets, the item “Cash and cash equivalents” shows, at
Group level, a value at 30 June 2015 substantially in line with the value recorded at 31 December
2014 by the Surviving Entity, in spite of the period investments made during the 6-month period
examined and the distribution of dividends for approx. €6.8M.
34
Liabilities and Shareholders’ Equity increased by €97.4M, as for the items of the Assets, after the
incorporation of the components of the Liabilities and the Shareholders’ Equity of former AdF.
More specifically, the Shareholders’ Equity increased by €38.7M for the combined effect of the
reduction of the fair value reserve after the sale of AdF shares (for approximately €1.6M) and of the
net capital contribution of the merger by incorporation of the AdF Group (for approximately
€41.3M). This amount is shown in the consolidated Shareholders’ Equity table as sum of item
“Capital increase for merger by incorporation of AdF” for €14.4M plus item “Other entries arising
from the merger by incorporation of AdF” for €26.9M, equivalent to the al Shareholders’ Equity of
the AdF Group at 31 December 2014 - €44.2M net of the Dividends distributed before signing the
merger for €2.9M.
Furthermore, after the SAT capital increase done to complete the incorporation of AdF, reserves
were reduced by € 738 K as a consequence of the recognition in the Shareholders’ Equity of costs
qualified as expenses incurred for the capital increase after the merger transaction. For further
details, see the “Table of differences in Shareholders' Equity”.
Medium/long-term liabilities show an increase in Financial Liabilities of approximately €18M arising
from both the loan contracted by the Incorporated Entity, for approx. €9.2M, and the further
movements regarding the Surviving Entity for €8.8M. This item includes the two medium/longterm loans obtained to open a credit line for a maximum global amount of €60M, of which €20M
obtained after the incorporation of AdF, for the investments contemplated in the Group’ Business
Plan.
After the incorporation of former-AdF’s balance sheet, the total current liabilities at 30 June 2015
show an increase of approximately €29.8M.
Furthermore, we point out that the amount of “Bank overdraft”, for €10.5M, regards the shortterm credit lines granted to the TA Group and the “Loans” item, for a total of €4.4M, includes the
current portion of medium/long-term indebtedness of the TA Group.
35
INVESTED CAPITAL
The table below compares the summarized data of the capital invested at 30 June 2015 with those
at 31 December 2014. Comment on the differences shown follow.
Amounts in €K
CONSOLIDATED CONSOLIDATED
JUN. 30,
DEC. 31, 2014
2015/2014
Abs. Diff.
NON-CURRENT ASSETS
182.150
103.526
78.624
NET WORKING CAPITAL
-16.676
-18.514
1.839
MEDIUM/LONG-TERM LIABILITIES
-27.540
-16.599
-10.941
INVESTED CAPITAL
137.934
68.413
69.522
SHAREHOLDERS' EQUITY
105.412
66.736
38.676
32.523
1.677
30.846
NET FINANCIAL INDEBTEDNESS
Fixed assets increased by €78.6M, substantially after incorporating the balance sheet items of
former AdF and the investments made during the period examined for an aggregate amount of
€12M, which includes the improvement and enhancement of flight infrastructures in the Pisa
airport (runways and connections) for approx. €9.4M.
The net working capital - approx. €16.7M at 30 June 2015 - is reduced by €1.8M for the effect of the
incorporation of the net working capital of former AdF and of the seasonal nature of the business.
Non-financial medium/long-term liabilities increased by approximately €10.9M, mainly for the
effect of the increase in the non-current portion of the Provision for Repair and Replacement
(€6.6M), of the Provision for Liabilities (€1.9M) and of Termination Benefits (€2.4M) after the
incorporation of the net working capital of former AdF.
For the effect of the movements described above, the Invested Capital of the TA Group at 30 June
2015 is increased by €69.5M compared to 31 December 2014, with a balance of approx. €138M at
30 June 2015.
11.3 Analysis of Cash Flows
The Consolidated Statement of Cash Flows illustrated below was prepared using the indirect
method as defined by IAS 7 which shows the main determining factors of the movements in the
cash and cash equivalents that took place during the reporting periods.
As can be observed, cash flow operations are positive at 30 June 2015, with €25.1M. This item is
affected by the incorporation of the balance sheet items of former AdF and by the management
and investment activities of the first 6 months of 2015.
36
INTERIM 2015
A-
Net initial cash and cash equivalents (°)
B-
Cash flowS from operating activities
INTERIM 2014
36.845
12.559
Net result for the period (°°)
3.375
663
Amortization of intangible assets
2.439
1.139
Depreciation of tangible assets
1.560
902
52
75
Changes to provision for termination benefit
provision
Actuarial gain/loss
(363)
0
(payments)
(220)
(143)
(5.128)
(6.710)
(669)
(56)
(4.470)
(7.380)
2.380
1.474
(1.638)
0
(Increase) decrease in trade and sundry receivables
(Increase) decrease in prepaid and deferred taxes
Increase/(decrease) in payables to suppliers and others
Increase/(decrease) in tax liabilities (°°°)
Investment income
Changes in provisions for repair and replacement
provision
2.020
957
use
(622)
(287)
Changes in provisions for liabilities and charges
provision
C-
6
58
use
(1.676)
(77)
Total (B)
(2.954)
(9.387)
(1.192)
(459)
118
0
(10.873)
(1.625)
1.766
0
(69)
2.187
(10.250)
103
Cash flow from/(for) investments
(Inv.) in non-current intangible assets
Disinvestment/reclassification of non-current tangible assets
(Investments) in non-current intangible assets
Realisable value from transfer of Stakes to other entities
(Investments) in securities and other financial assets
Total (C)
D-
Cash flow from/(for) financial assets
Medium/long term loans
10.000
11.412
Reimbursement of medium/long term loans
(1.700)
(852)
Distribution of dividends (°°°°)
(6.830)
(887)
1.470
9.673
(11.734)
388
25.111
12.947
Total (D)
E-
Year’s cash flows (B+C+D)
F-
Net final cash and cash equivalents (A+E)
(°)
The balance of initial cash includes the balance as at Jan. 1, 2015 of the AdF Group for € 11,754 K.
(°°)
The result for the period includes interest payable for € 575 K (€ 446 K in the first half of 2014).
(°°°)
Taxes paid in the first half of 2015 are € 2,017 K (€ 1,026 K in the first half of 2014).
(°°°°) of which ex-AdF dividends for € 2,945 K.
More specifically, the items of the Consolidated Statement of Cash Flows at 30 June 2015 include:

€1.77M regarding the realizable value from transfer of the AdF (Aeroporto di Firenze)
stake, corresponding to 1.42% of the share capital, with the consequent sale of 128,599
37




shares finalized on 6 May 2015, which determined a financial income of €1.6M;
The repayment in principal of €1.7M for the medium/long-term loans obtained by the
Group;
The draw-down of €10M for the medium/long-term loan of €40M to face the investments
made during the 6-month period examined for the Pisa airport.
Dividends have been distributed in May 2015 for a global amount of €6.8M after the result
obtained at 31 December 2014 by the Surviving Entity for €3.9M and by the Incorporated
Entity for €2.9M;
Approx. €12M were invested in the first 6 months of 2015 in airport infrastructures, of
which €9.4M for the enhancement of the flight infrastructures of the Pisa airport.
11.4 Consolidated Net Financial Position
For the sake of complete disclosure, we provide below the Consolidated Net Financial Position at
30 June 2015 and at 31 December 2014 in compliance with the provisions set forth in Consob’s
Notice prot. no. 6064293 of 28 July 2006.
In order to offer the reader a better understanding of the table provided below and a better
comparability of data, we also provide the column of the Pro-Forma Consolidated Net Financial
Position at 31 December 2014, as per Equivalent Document.
38
Amounts in €K
A. Cash on hand and at banks
B. Other cash and cash
C. Securities held for
trading
D. Liquid assets (A) + (B) +
E. Current financial
F. Current bank payables
G. Current portion of noncurrent indebtedness
H. Other current financial
payables due to leasing
companies
I. Current financial
indebtedness (F) + (G) + (H)
J. Net current financial
indebtedness (I) - (E) - (D)
K. Non-current bank payables
Consolidat
Consolidated 2015/2014
ed
31.12.2014
Abs. Diff.
30.06.2015
25.111
25.091
20
Pro-forma
DEC. 31,
2014
36.845
-
-
-
-
-
-
-
-
25.111
10.535
4.412
-
25.091
2.068
-
20
36.845
10.535
10.500
2.344
3.476
12.878
-
14.946
2.068
13.976
(10.165)
(23.023)
12.859
(22.869)
42.687
24.700
17.987
35.323
L. Bonds issued
-
-
-
-
M. Other non-current payables
due to leasing companies
-
-
-
-
N. Non-current financial
indebtedness (K) + (L) + (M)
42.687
24.700
17.987
35.323
O. Net financial indebtedness
(J) + (N)(NFI)
32.523
1.677
30.846
12.454
The items shown in the net financial position are affected by the incorporation of former AdF’s
balance sheet items.
We point out the presence, at 30 June 2015, of current bank payables for € 10.535 K regarding the
short-term credit lines granted to the Incorporated Entity. Furthermore, current financial
receivables include the current portion of the medium/long-term indebtedness of the TA Group,
for a global amount of €4.4M.
In addition, the item “Non-current bank payables” shows an amount of €42.7K, which corresponds
to the non-current portion of the two loans obtained for a credit line of a maximum global amount
of €60M, to be used for the investments scheduled in the Company's Business Plan. We point out
that, at 30 June 2015, the Surviving Entity drew down €10M using up the entire available amount
of €40M of the loan. Furthermore, during the 6-month period examined, portions of capital were
repaid as established in the two loan agreements for a global amount of €1.7M.
For further details, see section “Financial Liabilities” in the Explanatory Notes of the Interim
Financial Report.
We point out that the “Cash and Banks” item includes:
39
a) a minimum amount of €1M, available and deposited in a current account pledged as collateral
for the medium-/long-term Loan Agreement stipulated with the Intesa-San Paolo-MPS bank
pool;
b)
an amount of approx.€2.2M, collected by the incorporated AdF on March 18, 2013 from the
Ministry of Transport after the pronouncement of judgment no. 2403/2012 as compensation for
the damage suffered for the non-adjustment of rights in the years 1999-2005, plus monetary
revaluation and legal interests. By writ of summons to appeal, the Attorney General’s Office
summoned AdF (today “TA”) to appear before the Rome Court of Appeal, seeking the overturning
of the appealed judgment of the Court of Rome no. 2403/2012, finding that the ordinary courts
lacked jurisdiction, and a ruling that no sums are owed by the Ministry that filed the appeal by way
of compensation for failure to update airport fees. As a result, as required by international
accounting standards (IAS 37), the amount referred to above has not had nor will it have any
impact on the Group's income statement until the final proceedings. In any case, in view of the
principle of prudence that constantly guides the management, said amount has been deposited in
a separate deposit account, where it will accrue interest that will in turn by reinvested, and not
used until the final assignment to the Parent Company with the last level of justice.
The consolidated Net Financial Position at the closing date (30 June 2015) is €32.5M, up by €30.8M
compared to 31 December 2014. This increase is substantially due to the incorporation of the
balance sheet items of former AdF and to the further loan draw-down by the Surviving Entity.
Finally, we point out that the consolidated financial indebtedness at 30 June 2015, if compared to
the same item at 31 December 2014 (pro-forma), shows an increase of approx. €20M mainly for the
distribution of dividends and the period’s investment activity described above.
12. THE GROUP’S INVESTMENTS
The Group’s investments at the end of the first six months of 2015 amount to €11.9M, of
which €10.87M regarding intangible assets and €1.07M tangible assets.
Investments in intangible assets mainly refer to concession rights acquired after the investments
made for the enhancement of maneuvering areas in the Pisa airport (€9.4M).
The increase in work in progress mainly reflects the development of the Master Plan for the
Florence airport (€559K) and extension works in the aircraft apron areas in the Florence airport
(€431K).
Investments in tangible assets mainly refer to works in the Pisa airport for the delocalization of
Borgo Cariola (€380K) and the purchase of cars and ramp vehicles (€302K), the development of
new advertising facilities (€38K) and the purchase of hardware (€44K).
Pursuant to art. 10 of Law 72/83, the Group informs the readers that no revaluation was made to its
assets pursuant to any special law in the first 6 months of 2015.
The table below provides details on the investments of the TA Group at 30 June 2015:
40
Amounts in €K
Sub -tot
Sub-tot
Sub-tot
Total Group Investment at Jun. 30, 2015
Total
11.947
A) Amortization of intangible assets
10.873
- Software
- Concession rights
121
9.547
Improvement of manoeuvering areas in PSA apt
9.403
Requalification of commercial areas
70
Requalification of hangar S52/Arrivals hall
37
Other minor entries
38
- Assets under construction
1.205
Development of 2017-2029 Master Plan for FLR apt
559
Expansion of aircraft aprons in FLR apt
431
New passenger terminal in FLR apt
139
New East Terminal Lot 1 (Arrivals) in PSA apt
21
Other minor entries
55
B) Tangible assets
1.074
- Land and b uildings (*)
385
Delocalization of Borgo Cariola at PSA apt
223
Requalification of "Via Cariola" (rental car building)
157
Other minor entries
5
- Cars
59
Sw eeper
20
Requalification of ramp vehicles
23
Cars
16
- Ind. and comm. equipm.
23
- Plant and machinery
451
ETDS security
110
Self-propelled tapes
67
dollies
67
Lifter
39
New passenger areas
39
Advertising equipment
38
Automatic pay parking
28
Requalification of ramp vehicles
16
VIP lounge
26
Other minor entries
22
- Assets under construction
- Other assets
77
79
Electronic machines (HW)
44
Furniture and fittings
36
(°) Toscana Aeroporti's land and buildings
41
13. HUMAN RESOURCES
INTRODUCTION
With the merger by incorporation of Aeroporto di Firenze S.p.a. into SAT S.p.a., the operations of
the Incorporated (or Absorbed) Entity have been recognized in SAT’s balance sheet for accounting
purposes effective from 1 January 2015. So, we point out that any difference between the book
values of Gruppo Toscana Aeroporti at 30 June 2015 and those of SAT Group at 31 December 2014
does not quite reflect the real situation because they are affected by the transaction described.
The Group’s Staff
The table below provides details on the average annual staff (expressed in Equivalent Full Time) for
the first 6 months of 2015 and any difference from the same period of 2014:
of which
of
which
Interim
2015
Interim
2014

%
Pisa
Executives
Employees
Workers
10,5
491,0
191,8
9,0
286,2
94,7
+1,5
+204,8
+97,1
+16,7%
+71,6%
+102,5%
+5,9
+2,5
+1,5
+198,9
+94,6
TOSCANA
AEROPORTI
693,3
389,9
+303,4
+77,8%
+8,4
+295,0
10,0
12,0
-2,0
-16,7%
-2,0
-
703,3
401,9
+301,4
+75,0%
+6,4
+295,0
Jet Fuel
Total Group
Florence
Note: 2 part-time units are considered as 1 full-time unit.
In the first 6 months of 2015, the average TA staff increased in absolute terms by 303.4 EFT
compared to the same period of 2014, mainly for the effects described in the introduction.
Compared to 30 June 2015, the number of employees of the subsidiary Jet Fuel, which manages
the fuel storage facility in the airport, recorded a decrease of 2 EFT.
We remind the readers that the subsidiary “Parcheggi Peretola S.r.l.” has no directly employed
staff.
The cost of personnel for the Group at 30 June 2015 is €19.4M, up by €8.398K compared to the
same period of the previous year. This increase is also mainly the consequence of the effects
described in the introduction.
42
14. RELATIONSHIPS WITH THE OTHER ENTITIES OF THE GROUP AND WITH RELATED PARTIES
At 30 June 2015 the TA Group held interests in the following other associated companies:
- Immobili A.O.U. Careggi S.p.a. (a company incorporated to manage the commercial
facilities installed in the new entrance of the Careggi Hospital of Florence – so-called “NIC” – stake
held by TA: 25.00% of the share capital (25% at 31 December 2014). Incorporated on May 11, 2012
between Azienda Ospedaliera Universitaria Careggi (owner of 75%) and SAT. It has its registered
office in the Careggi Hospital of Florence and an administrative office at the Pisa Galilei airport.
At 31 December 2014, this associated company had a share capital of € 200 K (fully paid-up),
recorded revenues for € 637 K (€ 356 K in 2013) and closed its 2014 year with profits for € 155 K and
a Shareholders’ Equity of € 409 K.
At 30 June 2015, TA had a service agreement in place with this associated company for
administrative/management staff activities, for a global value of € 45.5 K for the first 6-month
period.
Alatoscana S.p.a. (entity that manages the Elba Island airport) - stake held by TA: 13.27%
(13.27% at 31 December 2014) of the share capital. In 2014, Alatoscana S.p.a. reported
revenues for €1.19M (€1.09M in 2013) and closed the year with net profits for €37K and a
Shareholders’ Equity of €2.84M.
At 30 June 2015, TA, in continuity with previous years, had a service agreement in place with this
associated company for staff activities, for a global value of € 20 K for the first 6-month period.

At 30 June 2015, relationships existed with the following related parties:

Delta Aerotaxi S.r.l.
 A purchase contract for TA for the scheduled maintenance and safeguarding of the hanger
sub-licensed to Delta Aerotaxi in the Florence airport generated € 17 K of costs at 30 June
2015 .
 A number of sale agreements between TA and Delta Aerotaxi S.r.l. are in place for:
 the sub-licensing of offices, hangers and other types of spaces in the Florence
airport, with € 66 K of revenues for TA at 30 June 2015 ;
 the sub-licensing of hangar and aircraft maintenance services, as well as other
ancillary services, to third parties in the Florence airport, with global revenues of €
44 K at 30 June 2015;
 the sub-licensing of offices and other types of spaces located in the Pisa airport for
global revenues of € 25 K for TA at 30 June 2015;
 revenues of € 88 K for the invoicing of airport fees and taxes concerning general
aviation in the Pisa airport and approx. € 1 K regarding the provision of extrahandling services upon request.
 Lastly, the report shows further €3K of revenues for said related party regarding the
charge-back of utilities and insurance expenses due under the existing agreement, as well
as for parking passes and airport permits in the two airports.
- Corporate Air Services S.r.l.
 An agreement exists between TA and Corporate Air Services S.r.l., the company that
43

manages general aviation in the Florence airport, which succeeded Delta Aerotaxi S.r.l.
starting from 11 June 2007 and is indirectly associated with TA through SO.G.IM. S.p.a., a
TA Shareholder, for the sub-concession of that activity for €44K of global revenue at 30
June 2015.
In addition, at 30 June 2015 TA accrued the following items from the related party
Corporate Air Services S.r.l., at 30 June 2015:
 € 223 K revenues for the invoicing of airport fees and taxes, handling and
centralized infrastructure expenses concerning general aviation in the Florence
airport, and approx. € 1 K for the provision of extra-handling services upon request
and for the delivery of de-icing liquid;
 the sub-licensing of offices and other types of spaces located in the Pisa airport for
global revenues of € 25 K for TA at 30 June 2015;
 € 2 K revenues relating to the charge-back of insurance expenses for third-party
liability coverage and PPR penalties of the Florence airport.
- Delifly S.r.l.
 On 13 June 2007, AdF (today TA) and Delifly S.r.l. (a related party through SO.G.IM. S.p.A)
entered into an agreement whereby AdF (today TA) undertook to sub-license to Delifly
from 1 September 2007 until 31 December 2015 an area of approximately 122 sq.m., which
Delifly was to use exclusively for installing a moveable item to provide catering services for
general aviation in the Florence airport, with € 2K revenues at 30 June 2015 .
 In return for the sub-licensing of the area described above and the associated catering
services, Delifly has been paying TA, for the entire term of the agreement, a sum
determined on the basis of the agreed guaranteed minimum and the applicable Rates for
assets under exclusive use, with revenues accrued for € 7 K at 30 June 2015.

Lastly, the Group accrued a further €2K of other revenues from Delifly S.r.l. for the chargeback of utilities and third-party liability insurance coverage expenses and from the
assignment of parking passes and airport permits in the two airports.
- ICCAB S.r.l.
 ICCAB S.r.l. is a related party of TA since the Member of TA’s BoD, Mr. Saverio Panerai,
exercised a significant influence on ICCAB S.r.l. pursuant to the regulation on related-party
transactions adopted by CONSOB.
We point out that AdF (today TA) sub-licensed ICCAB until 31 December 2015 an area of
approximately 40 sq.m. located in the Florence airport to be used by ICCAB for sale
activities, with € 25 K revenues at 30 June 2015 .
 A contract is in place between AdF (today TA) and ICCAB for the sub-licensing of
advertising spaces in the Florence airport, with revenues of € 18 K at 30 June 2015 .
 A contract is in place for the sub-licensing of a space located in an air-side area of the Pisa
airport used by ICCAB for sale activities, with € 35 K revenues at 30 June 2015.
 Finally, at 30 June 2015, the Group had accrued additional € 2 K revenues from ICCAB S.r.l.
for the charge-back of utilities.
- Corporación America Italia S.p.a.
 TA entrusted this related party with technical-operational consulting tasks, consisting in
providing advice based on the expertise and knowledge of methodologies in the field of
44
airport infrastructure planning and development, which cost TA €29K at 30 June 2015 .
- Comune di Firenze (Municipality of Florence)
 A contract is in place between AdF (today TA) and the Municipality of Florence for the
sub-licensing of office premises for tourist information activities covering a surface of 13
sq.m. located at the land-side ground floor of the Florence airport, which produced
approximately € 2 K of revenues at 30 June 2015.
- A.L.H.A. S.p.a.
 A contract is in place between AdF (today TA) and A.L.H.A for the sub-licensing of office
premises covering a surface of 264 sq.m. located at the land-side ground floor of the
Florence airport, which produced approximately € 17 K revenues at 30 June 2015.
- PisaMo S.p.a.
 This is a in-house company of the shareholder “Comune di Pisa”. At 30 June 2015, TA had
residual receivables for € 427 K (€ 427 K at 31 December 2014) from this related party. The
Directors consider this account receivable irrelevant under the risk perspective because it
is covered by a European fund already approved and presently being transferred to PisaMo
through the Municipality of Pisa.
- Pacini Editore S.p.a.
 Pacini Editore S.p.a. is a related party of TA because the Member of the TA Board, Mr.
Saverio Panerai, has a significant influence on Pacini Editore S.p.a., pursuant to the
regulation on related-party transactions adopted by CONSOB. The residual account
receivable of € 11.3 K at 30 June 2015 has been extinguished at the approval date of this
report.
It should be noted that the terms and conditions governing transactions with parties identified as
related parties are defined in agreements entered into at normal market conditions. For further
details, see “Annex C” in the Explanatory Notes on this Interim Financial Report.
Finally, we point out that no atypical transaction with related parties took place the first 6 months
of 2015.
15. MAIN INFORMATION ON SUBSIDIARIES / CONTROLLED ENTITIES
15.1 Parcheggi Peretola
As already described in the “Consolidation Area” section of the Explanatory Notes, Parcheggi
Peretola S.r.l. is an entity that entered in the TA Group after the incorporation of AdF, which
owned 100% of its shares.
The prevalent activity of this company is the management of a 640-slot payment car parking lot for
the public in front of the Departures Terminal of the Florence airport.
The Subsidiary prepares its financial statement in compliance with the applicable legislation. For
the Condensed Consolidated Interim Financial Report, the financial statement of this Subsidiary is
45
appropriately adjusted to take into account the impact deriving from the application of
international accounting standards.
Book values at 30 June 2015 show revenue accounts (value of production) of € 735 K, up by € 58 K
compared to 30 June 2014. The Gross Operating Margin (EBITDA) at 30 June 2015 was € 435 K, up
by € 75 K, and Net Profits for the period were € 273 K, up by € 134 K compared to the corresponding
period of the previous year.
The Subsidiary prepares its financial statement in compliance with the applicable legislation. For
the sole purpose of issuing the Condensed Consolidated Interim Financial Report of the Subsidiary,
its financial statement has been adjusted to take into account the impact deriving from the
application of international accounting standards.
The table below is a summarized income statement prepared according to the applicable
standards.
PARCHEGGI PERETOLA - INCOME STATEMENT
Amounts in €K
REVENUES
Aviation revenues
Other revenue and income
TOTAL REVENUES (A)
COSTS
Consumables
Personnel costs
Costs for services
Sundry operating expenses
Airport leases
TOTAL COSTS (B)
GROSS OPERATING MARGIN (A-B)
% over total revenue
Amortization and write-downs
OPERATING EARNINGS
% over total revenue
Asset management
Non-recurring operations
PROFIT (LOSS) BEFORE TAX
Taxes for the period
PROFIT/(LOSS) FOR THE PERIOD
INTERIM
2015
INTERIM
2014
2015/2014
Abs. Diff.
735
0
735
677
0
677
58
0
58
0
0
272
28
0
0
289
28
300
317
0
0
-17
0
0
-17
75
435
360
59,2%
53,2%
34
34
0
75
401
326
54,6%
48,2%
0
-1
0
-2
0
1
400
-127
273
324
-185
139
76
58
134
In the Income Statement, the prevalent portion of revenues refers to parking lots, which have been
recognized among revenues from sales and services for € 656 K.
On the cost side, the most important component is the cost of the parking lot management and
maintenance service provided by SCAF S.r.l.
46
15.2 Toscana Aeroporti Engineering
Toscana Aeroporti Engineering S.r.l. Was incorporated on 15 January 2015 and is 100% owned by
the TA Group. Its business purpose is the provision of engineering and airport development
support services for a minimum period of three years, exclusively in the favor of TA for the
development of infrastructures in the Florence and Pisa airports. At 30 June 2015, this subsidiary
was not operating, so it was not included in the Consolidation Area.
15.3 Jet Fuel
Jet Fuel Co. s.r.l.is the entity that manages the centralized fuel storage facility of the Pisa
airport.
The stake held by TA is 51.0% of voting rights, while property and dividend rights are exercised in
identical portions by the other shareholders, Refuelling S.r.l. and Air BP Italia S.p.a. For
consolidation purposes, a 33% share was considered as portion of equity and result of the TA Group
for the first 6 months of 2015 and 2014.
Jet Fuel was incorporated on 27 January 2009 and started its storage and into-plane service activity
in the second half of May 2013.
At 31 December 2014, Jet Fuel had a share capital of € 150 K, reported profits for the year of € 177 K
and had a Shareholders’ Equity of € 287 K. At 30 June 2015, Jet Fuel had a sub-licensing agreement
in place with TA for the management of the centralized fuel storage facility for a global value of €
276 K and an administrative services service for € 10 K.
A total of 37,713 cubic meters of jet fuel passed through the storage facility during the first 6
months of 2015, with a 11% volume decrease compared to the 42,337 cubic meters of 30 June 2014.
The company provided into-plane services for 29,869 cubic meters of fuel, with a 7% reduction
compared to the 32,104 cubic meters of 30 June 2014.
The Subsidiary prepares its financial statement in compliance with the applicable legislation. For
the sole purpose of issuing the Condensed Consolidated Interim Financial Report of the Subsidiary,
its financial statement has been adjusted to take into account the impact deriving from the
application of international accounting standards.
The table below is a summarized income statement prepared according to the applicable
standards.
47
JET FUEL
Amounts in €K
-
INCOME STATEMENT
INTERIM
2015
INTERIM
2014
2015/2014
Abs. Diff.
REVENUES
Aviation revenues
Other revenue and income
TOTAL REVENUES (A)
943
8
950
995
11
1.006
-52
-3
-55
COSTS
Consumables
Personnel costs
Costs for services
Sundry operating expenses
Airport leases
TOTAL COSTS (B)
48
348
250
2
276
925
41
356
243
3
302
945
7
-7
7
-1
-26
-20
-35
GROSS OPERATING MARGIN (A-B)
% over total revenue
25
60
2,7%
6,0%
20
22
-2
-33
Amortization and write-downs
OPERATING EARNINGS
5
38
0,6%
3,8%
Asset management
Non-recurring operations
-2
-1
-1
0
-1
-1
PROFIT (LOSS) BEFORE TAX
Taxes for the period
PROFIT/(LOSS) FOR THE PERIOD
2
-1
1
38
-7
31
-36
6
-30
% over total revenue
The main revenues of Jet Fuel (Aviation) the first 6-month period 2015 consists of € 535 K (€ 552 K
at 30 June 2014) from the fuel storage service and € 398 K for the into-plane service (€ 428 K at 30
June 2014). The main costs of the first 6-month period 2015 have been the cost of labor (€ 348 K),
the airport sub-lease (€ 276 K), the rental of tank lorries (€ 85 K), maintenance and fuel tank lorries
(€ 39 K), system maintenance (€ 26 K), industrial insurance (€ 25 K), depreciation (€ 22 K).
As a consequence, the result for the period for 2015 shows profits for the period of € 1 K, with a
sharp decrease compared to the profits for the 30 June 2014 period, mainly due to the smaller
volume managed by the storage facility and to the reduced into-plane services provided, as
specified above.
48
16. MAIN RISKS AND UNCERTAINTIES TO WHICH THE GROUP IS EXPOSED
The main risk factors that may affect the management trends of the Group are explained below:
OPERATING RISKS
Risks associated with the general conditions of the economy
The main factors that may affect operations in the transport sector where the Group operates are,
inter alia, the gross domestic product (GDP), the business and consumer confidence level, the
unemployment rate and the oil price. The downturn of the domestic and international economy
that started in the second half of 2008 is continuing and its effects were still felt in the first months
of 2015. More specifically, the oil price has been decreasing but is still high and the credit crunch,
the high unemployment rate, the reduction in the available income for families in real terms and
the consequent decrease in consumption may adversely affect the demand for air transport.
Should this weak economy persist, we cannot exclude a negative impact on the economic situation
of the Group.
In any case, the recent significant increase in passenger traffic recorded in 2013 and 2014 by the
two airports, which was also confirmed for the first two months of 2015, shows that the Group has
promptly reversed the decreasing traffic volume trends of the last few years, thus proving the
great attractiveness of this territory - a factor that certainly helps mitigate the risk.
Risks associated with airport handling activities and the extremely competitive layout of
the related market
Airports with a traffic exceeding 2 million passengers or 50,000 tons of goods are recognized free
access to the “ground assistance services” market (Leg. Dec. no. 18/99). To date, in the Pisa and
Florence airports, these services are mostly provided by the same entity that manages the airport.
At present, the only handling activity to be carried out by providers of ground assistance services
other than TA in the two airports is the general aviation business.
At 30 June 2015, the revenues generated by the handling business account for 19.1% of total
revenues (23% over the total, net of revenues for construction services). The market where the
providers of handling services operate is typically characterized by a high level of competitiveness,
as well as by a limited profitability in terms of operating income.
The greater competitive pressure, on one hand, and the typical low profitability of these activities,
on the other, could adversely affect the capacity of the two airports to increase their revenues and
profits, which might negatively affect the entire business and growth perspectives of the TA
Group, as well as its global financial standing.
REGULATORY RISK
The Parent Company, within the framework of the two concessions for the global management of
the Pisa and Florence airports, operates in a sector regulated by domestic and international
legislation. Any unpredictable change in the regulatory framework might adversely impact the
bottom line of the TA Group.
The Galileo Galilei airport is positioned very close to the city of Pisa, adjacent to residential
buildings bordering the eastern aircraft apron area and in the proximity of the northern end of the
49
secondary runway. In this regard, a Planning Agreement was signed on December 19, 2013 by all
the parties involved6to lay the basis for a process of delocalization of the buildings located in that
area. This Planning Agreement establishes that the delocalization of the residential buildings of
the area identified above be completed within a maximum time span of 3 years. The first step of
this process has already been concluded, with the notification to the owners of the buildings of the
requests to comply with a voluntary assignment scheme. At the date of this report, more than half
of the transfer agreements for the buildings have been signed by the owners and demolition works
are at an advanced stage.
A potential risk factor of the airport sector is the constant evolution of the specific legislative and
regulatory scenario where the Parent Company, like the other airport operators, operates. The
Company's financial results are affected by the developments in the regulatory framework,
particularly as regards the airport services tariff regulations and the fee system for the services
offered by airport operation companies. In this regard, we specify that the preliminary stages for
the definition with the new Transport Authority of the new rate levels for the regulatory period
2015-2018 have been positively concluded for both the Pisa and Florence airports. In fact, the Pisa
airport has started applying the new rates since April 16 and the Florence airport has started since
26 May 2015.
RISKS ASSOCIATED WITH RELATIONSHIPS WITH EMPLOYEES AND TRADE UNIONS
The Parent Company operates in an industrial context characterized by a significant presence of
trade unions and is potentially exposed to the risk of strikes and interruptions in its production
activities.
In the recent past of Toscana Aeroporti no significant block of the service due to strikes occurred at
either Pisa or Florence airports. In order to avoid the risk of these disruptions as far as possible, TA
is taking a stance aimed at fostering an open discussion and dialogue with trade unions. In witness
of this attitude, it is worthwhile mentioning the signature in April 2015, after a discussion which
took place pursuant to art. 47 of Law 428/1990 between the incorporating entities SAT and AdF
and Trade Unions, of two specific agreements related to the merger, namely a report on a joint
review and complementary corporate agreement with the trade unions CGIL-CISL-UGL-UIL and a
report on a joint review with the independent trade union “USB”. These agreements allowed for an
efficient, effective and risk-free management of the merger and the subsequent (still ongoing)
corporate integration steps without strikes or interruptions in airport services.
RISKS ASSOCIATED WITH DECREASING AIRPORT TRAFFIC AND WITH THE CONCENTRATION
OF CERTAIN CARRIERS
As for the other operators of the sector, even for the Parent Company the possible reduction or
termination of flights by one or more carriers, even as a consequence of a possible
economic/financial crisis of their business organizations, might significantly impact the bottom line
of the TA Group.
6
Planning Agreement stipulated between Toscana Aeroporti S.p.a., Ministry of the Infrastructure and Transport, Ministry of
Defence, Ministry of the Economy and Finance, the National Civil Aviation Agency, the Regional Government of Tuscany, the
Province of Pisa and the Municipality of Pisa.
50
At 30 June 2015, TA reported 3,316,527 passengers. The total incidence of the first three carriers is
60.3%. More specifically, the incidence of the first carrier is 42.8%, while the incidences of the
second and third carriers are 8.9% and 8.6%, respectively.
The Parent Company also signed with said carriers multi-year trade agreements that contemplate
a commitment from the carrier to promote marketing and advertising campaigns and achieve preestablished objectives in terms of passengers and flights against the Parent Company’
commitment to contribute to their expenses and grant economic incentives for the achievement of
the aforesaid objectives (“Success Fees”). These agreements also establish that penalties be
imposed in case of cancellations not caused by force majeure events.
On the other hand, the Parent Company, based on past experience - while there can be no
certainty in this field - is convinced that the risk of a reduction or interruption in flights by one or
more carriers could be faced with a probable redistribution of passenger traffic among the various
airlines operating in the airport and with its capacity to attract new carriers.
However, we should not exclude the likelihood that, notwithstanding the implementation of the
aforesaid remedial measures, a certain amount of time might elapse between the interruption of
flights and their replacement by other carriers and that this interruption might, in any case,
negatively impact the operations and earnings of the Parent Company. In order to minimize the
risk of traffic concentration on some carriers, the Parent Company, albeit in the context of a sector,
such as the air transport sector, characterized by integration and merger processes between
carriers, is pursuing a strategy of diversification of the airlines operating in the two airports.
RISKS ASSOCIATED WITH DEPENDENCE ON KEY PERSONNEL
The Parent Company believes that its operating and management structure is such as to ensure
continuity in the management of its corporate affairs. Furthermore, the Parent Company has
started a process of development of human resources in view of a Succession Plan. However,
should one or more key staff of the Parent Company, such as the CEO and General Director or
other senior/Top Management members, terminate their cooperation with the company, there
could be a negative impact on the perspectives, business activities and economic/financial results
of the Parent Company. Furthermore, the Board of Directors of the Parent Company, during its
meeting held on 4 February 2014, approved a proposal for an agreement with the General Director
to increase the loyalty of this important strategic key person for the company. This agreement, for
a term of 36 months, contemplates the application of a penalty in case of early termination of the
employment agreement by the executive and, simultaneously, the recognition of an indemnity for
the executive in the event of termination of the employment agreement (with the exclusion of
termination for just cause) after a decision made by the Parent Company.
ENVIRONMENTAL RISKS
The activities of the Group are regulated by many European Union regulations and domestic,
regional and local legislation on the protection of the environment. The Group has the priority of
carrying out its activity in compliance with the applicable environmental legislation; however, since
the risk of environmental liability is intrinsic to the activity of the Group, there can be no certainty
that any new future regulations may not involve further regulatory requirements for the Group.
As regards financial risks, see the specific section in the Explanatory Notes.
51
17. SIGNIFICANT EVENTS OCCURRED AFTER THE CLOSING OF THE PERIOD AT 30 JUNE 2015
-
-
The Shareholders’ Meeting and the meeting of the Board of Directors of Toscana Aeroporti
S.p.a. Took place on 15 July 2015 and included the appointment of the new top
management of the company with the related proxies. For further details, see sections
“Parent Company’s Shareholding” and “Composition of Corporate Governing Bodies” in
this Report.
In July 2015, €6M were repaid against the short-term loan of €10.5M for a better
management of the liquidity of the Group.
Main news on the operations of the Florence airport
-
Vueling has been operating a weekly flight to/from Tel Aviv since 4 July 2015.
-
British Airways Cityflyer has increased its flights to/from London City in July and August by
passing to a frequency of 9 flights (from 6).
-
KLM increased its operations by adding 2 weekly flights to the 2 daily flights scheduled for
the winter.
-
BlueAir confirmed the three-weekly flight to Bucharest Otopeni for the winter.
Main news on the operations of the Pisa airport
-
Delta Air Lines continues operating its 6 weekly flights in the July-August period.
-
Alitalia continued operating on Rome Fiumicino with 24 weekly flights against the 21 flights
operated last November and December.
Turkish Airlines continued its flights to/from Istanbul with 5 flights per week (+1 weekly
frequency compared to the last winter season).
-
18. OUTLOOK
During the 6-month period examined, the Tuscan Airport System carried 3.3 million passengers,
for an aggregate growth of 7.3% for the Passengers component against an annual average of 3.7%.
In the month of July, the Tuscan Airport System reported a total traffic of 821,148 passengers,
with a 1.0% growth with respect to the same month of 2014.
Year-to-date data regarding the first 7 months of the year show a 6.0% increase compared
to the same period of 2014, for a total of over 4.1 million passengers passed through the Pisa and
Florence airports since the beginning of the year.
This result has been supported by the positive trends in the Load Factor of scheduled flights,
increased by 3 percentage points compared to the first 7 months of 2014 (from 77.2% to 80.2% in
the first 7 months of 2015).
Pisa Galileo Galilei airport
Over 2.7 million passengers passed through the Pisa Galilei airport in the first 7 months of the year
(1 January – 31 July 2015), with a 4.6% increase compared to the same period of 2014 (with approx.
+120,000 passengers).
52
The Pisa Galilei airport closed the month of July with decreasing passenger traffic (-3.1%, with
approx. -18,000 passengers) compared to July 2014, for a total of 560,875 transiting passengers.
This result was due both to a decrease in charter flight operations (-64.2%), particularly of
outgoing flights for Tunisia and Egypt and incoming flights from Russia, due to the abovementioned social-political unrest in these Countries, and to a different seasonal nature of these
flights, with a better distribution over 12 months compared to 2014.
The Load Factor of scheduled flights grew by 3 percentage points, passing from 78.5% of the first 7
months of 2014 to 81.5% of the same period of 2015. In the sole month of July, the load factor
showed a growth, passing from 85.2% in 2014 to 87.3% in 2015 (+2.1 % points).
Florence Amerigo Vespucci airport
Over 1.4 million passengers passed through the Florence Vespucci airport in the first 7 months of
the year (1 January – 31 July 2015), with an 8.9% increase compared to the same period of 2014.
The Florence Vespucci airport closed the month of July with a total of 260,278 passengers, up by
11.3% compared to the same month of the past year,
thus establishing another monthly record - the sixteenth consecutive record.
The Load Factor also grew for this airport: +4.3% points compared to July 2014 (79.2% in July 2015
against 74.9% reported in July 2014). The Load Factor for the first 7 months of the year was 77.8%,
i.e. +3.2 % points compared to the same period of 2014 (74.6%).
Based on the aforesaid, considering that the first 6-month period is usually negatively affected by
the low seasonal nature of the business, Gruppo Toscana Aeroporti is likely to have a second 6month period characterized by positive growth rates and results in line with traffic trends.
***
As regards the information required by art.40 paragraph 2, letter d), of Legislative Decree no.
127/91, we specify that Toscana Aeroporti S.p.a., during the first six months of 2015, did not own
and did not buy or sold treasury stock or shares of parent companies, including through the
intermediary of trust companies or other persons.
***
The Financial Reporting Manager, Mr. Marco Gialletti, hereby declares, pursuant to art. 154-bis,
paragraph 2, of “Testo Unico della Finanza” (Consolidated Finance Act), that the information
contained in this Report reflects the accounting records and , books of the company.
***
For the Board of Directors:
Marco Carrai
Chairman
53
CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
TABLES AT 30 JUNE 2015
54
GRUPPO TOSCANA AEROPORTI
-
CONSOLIDATED INCOME STATEMENT
INTERIM 2015
Amounts in €K
Notes
REVENUES
Aviation revenues
Non-Aviation revenues
Revenues from construction services
Other revenue and income
TOTAL REVENUES (A)
1
2
3
4
COSTS
Consumables
Personnel costs
Costs for services
Sundry operating expenses
Airport leases
Costs for construction services
TOTAL COSTS (B)
5
6
7
8
9
10
GROSS OPERATING MARGIN (A-B)
Amortization and write-downs
Provision for risks and repairs
Bad debt reserve
11
12
13
OPERATING EARNINGS
Total
38.182
11.454
10.724
2.882
63.242
610
19.374
20.000
919
2.122
10.213
53.237
14
15
16
PROFIT (LOSS) BEFORE TAX
Taxes for the period
PROFIT/(LOSS) FOR THE PERIOD
Minority Interest’s loss (profit) for the period
GROUP’S PROFIT/(LOSS) FOR THE PERIOD
Earnings per share (€)
17
18
19
of which
Related
Parties
423
247
70
740
46
46
Total
21.581
7.488
1.563
804
31.437
381
10.976
12.038
379
1.673
1.488
26.935
10.005
4.502
4.000
1.774
79
2.041
773
58
4.152
ASSET MANAGEMENT
Financial income
Financial expenses
Profit (loss) from equity investments
TOTAL ASSET MANAGEMENT
INTERIM 2014 (1)
694
1.629
1.695
-878
10
828
110
-430
0
-319
4.980
-1.605
3.375
-7
3.368
0,298
1.310
-647
663
-19
644
0,065
of which
Related
Parties
68
68
0
68
(*) Please note that, in order to offer the reader a greater comparability of the information
disclosed in the consolidated financial statement of Toscana Aeroporti at June 30, 2015, some data
regarding June 30, 2014 have been altered. The changes made are explained in a specific summarised
table in the Explanatory Notes, to which we refer the reader. These changes have been considered as
non-significant by the Company.
55
GRUPPO TOSCANA AEROPORTI - CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Notes
Amounts in €K
PROFIT (LOSS) FOR THE PERIOD (A)
INTERIM
2015
INTERIM
2014
3.375
663
Other comprehensive profit/(loss) that will not be
subsequently reclassified to the Income Statement:
- Profit (loss) arising from the determination of the
Termination Benefit before tax
46
263
-185
Other comprehensive profit/(loss) that will be
subsequently reclassified to the Income Statement:
- Profit/(Loss) arising from the redetermination of
available-for-sale financial assets
24
0
376
263
191
3.638
853
-13
-18
3.625
836
Total other profit (loss) before tax (B)
COMPREHENSIVE PROFIT FOR THE PERIOD (LOSS) (A) + (B)
Minority Interest’s comprehensive profit (loss) for
the period
GROUP’S COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD
56
43
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (amounts in €K)
ASSETS
Notes
June 30, 2015
Dec. 31, 2014 (1)
CHANGE
NON-CURRENT ASSETS
INTANGIBLE ASSETS
Concession rights
20
144.850
67.695
Industrial patent rights
21
343
176
167
Work in progress and advance payments
22
4.612
7.989
-3.377
149.805
75.860
73.945
Total Intangible Assets
77.155
TANGIBLE ASSETS
Land and buildings that can be freely assigned
2.313
826
1.487
Owned property, plants and equipment
23.800
20.238
3.562
Total Tangible Assets
26.113
21.064
5.049
23
EQUITY INVESTMENTS
Equity investments in other entities
24
154
1.791
-1.637
Investments in Subsidiaries
25
80
0
80
Investments in associated companies
26
492
482
10
726
2.273
-1.547
Total Equity investments
FINANCIAL ASSETS
Guarantee deposits
27
115
60
55
Receivables from others, due within the year
28
3.115
2.237
878
3.230
2.298
0
932
2.276
2.032
244
182.150
103.526
78.624
30
0
0
0
31
27.945
13.727
14.218
906
30
876
364
-39
Total Financial Assets
Prepaid taxes recoverable beyond the year
29
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
Inventories
ACCOUNTS RECEIVABLE
Other receivables from customers
of which from Related Parties
Receivables from associated companies
32
325
Tax receivables
33
4.293
300
3.993
Receivables from others, due within the year
34
2.744
2.177
567
of which from Related Parties
Total trade and sundry receivables
Cash and cash equivalents
35
TOTAL CURRENT ASSETS
TOTAL ASSETS
427
427
0
35.307
16.568
18.739
25.111
25.091
20
60.418
41.659
18.759
242.568
145.185
97.383
(1) Please note that, in order to offer the reader a greater comparability of the information
disclosed in the consolidated financial statement of Toscana Aeroporti at June 30, 2015, some
data regarding June 30, 2014 have been altered. In particular, “Prepaid taxes paid within the
year”ave been reclassified in “Prepaid taxes paid beyiond the year”or a value of € 842 K at Dec.
31, 2014. These changes have been considered as non-significant by the Company.
57
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (amounts in €K)
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES
Notes
June 30, 2015
Dec. 31, 2014 (1)
CAPITAL AND RESERVES
Capital
36
30.710
16.269
Capital reserves
37
72.936
47.656
IAS adjustments reserve
38
-4.079
-3.229
Fair value reserve
39
0
1.595
Profit/(Loss) carried forward
40
TOTAL GROUP SHAREHOLDERS’ EQUITY
MINORITY INTEREST
42
TOTAL SHAREHOLDERS' EQUITY
2.376
107
105.311
66.598
101
138
105.412
66.736
MEDIUM-LONG TERM LIABILITIES
Provisions for liabilities and charges
44
1.968
33
Provisions for repair and replacement
45
17.096
10.520
Termination benefits and other personnel-related 46
provisions (24)
6.638
4.207
Financial liabilities
47
42.687
24.700
Other payables due beyond the year
48
1.839
1.839
70.228
41.300
TOTAL MEDIUM-LONG TERM LIABILITIES
CURRENT LIABILITIES
Bank overdrafts
49
10.535
0
Loans
50
4.412
2.068
Tax payables
51
10.045
5.887
52
22.314
17.018
104
24
Payables to social security institutions
53
2.043
1.710
Other payables due within the year
54
14.378
8.433
Provisions for repair and replacement
45
2.924
1.758
Advance payments
55
278
276
Total trade and sundry receivables
41.938
29.195
TOTAL CURRENT LIABILITIES
66.929
37.150
TOTAL LIABILITIES
137.156
78.450
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
242.568
145.185
Payables to
suppliers
of which to Related Parties
(1) Please note that, in order to offer the reader a greater comparability of the information
disclosed in the consolidated financial statement of Toscana Aeroporti at June 30, 2015, some data
regarding June 30, 2014 have been altered. In particular, the item “Bank overdraft and loans” has
been reclassified into two separate items. The item “Bank overdraft” refers to the use of shortterm credit lines obtained from banks and the item “Loans” refers to the current portion of
“Financial liabilities”. In addition, € 124 K have been reclassified into ite, “Other payables due
within the year” postes at Dec. 31, 2014 as “Payables to suppliers”. These changes have been
considered as non-significant by the Company.
58
STATEMENT OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY
(amounts in €K)
REVA LU
SH A RE
A TIO N
LEG A STA TU
PREM IU RESE RV
SH A RE
L
TO RY
M
ES
CA PITA L
RESE RESE R
RESE RV PU RS.
RVE
VES
E
TO LA W
413/91
S.E.A t D ecem ber 31,
2013
16.269
18.941
435 2.207
O TH ER
RESE RV
ES
IA S
A D JU ST
M EN TS
RESE RV
E
66
-3.229
24.160
FA IR
M IN O
TO TA L
TO TA L
VA LU E
RITY
RESU LT
G RO U P’
RESER
IN T.
RESE RVES
S S.E.
VE
S.E.
1.106
3.115
63.070
12
63.083
4.199
4.199
125
4.324
N ET YEA R’S PRO FIT
(LO SS)
-
-
-
-
-
-
-
O TH ER CO M PO N .O F
CO M PREH .IS
-
-
-
-
-
-
-
489
-273
216
TO TA L
CO M PREH EN SIVE
PRO FIT (LO SS)
-
-
-
-
-
-
-
489
3.926
4.415
PRO FIT A LLO CA TIO N
-
-
-
1.711
-
-
-
-1.848
D IVID EN D S
-
-
-
-
-
-
-
TO TA L ITEM S
D IRECTLY SH O W N IN
S.E.
-
-
-
137
1.711
-
-
-
435 2.344
0
0
-
25.871
0
-
S.E.A T D ECEM BER 31,
2014
N ET PRO FIT (LO SS)
FO R TH E PERIO D
O TH ER CO M PO N .O F
CO M PREH .IS
TO TA L
CO M PREH EN SIVE
PRO FIT (LO SS)
16.269
0
-
18.941
0
-
137
-
66
0
-3.229
0
-
-
-
TO TA L
SH A REH
O LD ERS'
EQ U ITY
-
216
125
4.540
-
-
-
-887
-887
-
-887
-2.735
-887
1.595
489
-
4.306
66.598
3.368
3.368
0
138
125
7
-887
66.736
4.540
3.375
-
-
-
-
-
-
-
0
263
263
7
270
-
-
-
-
-
-
-
0
3.631
3.631
13
3.645
PRO FIT A LLO CA TIO N
-
-
-
205
D IVID EN D S
FA IR VA LU E RES.
FRO M SA LE O F A D F
SH A RES
CA PITA LE IN CREA SE
FO R M ERG ER BY
IN CO RPO RA TIO N O F
ADF
-
-
-
-
-
-
-
-
-
14.441
-
-
-
-
O TH ER D ETA ILS
REG A RD IN G M ERG ER
BY IN CO RPO RA TIO N
O FADF
TO RESE RVE FO R
CA PITA L IN CREA SE
CO STS
TO TA L ITEM S
D IRECTLY SH O W N IN
S.E.
14.441
S.E.A T JU N E 30,20 15
30.710
-
-
-210
-
-
-
-3.885
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
205
5
435 2.548
25.876
18.941
5
25.80 7 -
-
59
738
25.070
25.136
-
-
-
-
-3.885 - 50
-3.935
-
-1.595
-
-1.595
-
-
14.441
-
14.441
850
-
1.90 1
26.859
-
26.859
-
-
-738
-
-738
850
-4.079
- 1.595
0
- 1.595
0
-2.193
35.081 - 50
5.744
105.311
101
35.031
105.412
CONSOLIDATED STATEMENT OF CASH FLOWS (amounts in €K)
INTERIM 2015
A-
Net initial cash and cash equivalents (°)
B-
Cash flowS from operating activities
INTERIM 2014
36.845
12.559
Net result for the period (°°)
3.375
663
Amortization of intangible assets
2.439
1.139
Depreciation of tangible assets
1.560
902
52
75
Changes to provision for termination benefit
provision
Actuarial gain/loss
(363)
0
(payments)
(220)
(143)
(5.128)
(6.710)
(669)
(56)
(4.470)
(7.380)
2.380
1.474
(1.638)
0
provision
2.020
957
use
(622)
(287)
6
58
(Increase) decrease in trade and sundry receivables
(Increase) decrease in prepaid and deferred taxes
Increase/(decrease) in payables to suppliers and
others
Increase/(decrease) in tax liabilities (°°°)
Investment income
Changes in provisions for repair and replacement
Changes in provisions for liabilities and charges
provision
C-
use
(1.676)
(77)
Total (B)
(2.954)
(9.387)
(1.192)
(459)
118
0
(10.873)
(1.625)
1.766
0
(69)
2.187
(10.250)
103
Cash flow from/(for) investments
(Inv.) in non-current intangible assets
Disinvestment/reclassification of non-current tangible
assets
(Investments) in non-current intangible assets
Realisable value from transfer of Stakes to other
entities
(Investments) in securities and other financial assets
Total (C)
D-
Cash flow from/(for) financial assets
Medium/long term loans
10.000
11.412
Reimbursement of medium/long term loans
(1.700)
(852)
Distribution of dividends (°°°°)
(6.830)
(887)
1.470
9.673
(11.734)
388
25.111
12.947
Total (D)
E-
Year’s cash flows (B+C+D)
F-
Net final cash and cash equivalents (A+E)
(°)
The balance of initial cash includes the balance as at Jan. 1, 2015 of the AdF Group for € 11,754
K.
The result for the period includes interest payable for € 575 K (€ 446 K in the first half of
2014).
(°°)
(°°°)
Taxes paid in the first half of 2015 are € 2,017 K (€ 1,026 K in the first half of 2014).
(°°°°)
Of which ex-AdF dividends for € 2,945 K.
60
EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL REPORT
AT 30 JUNE 2015
61
EXPLANATORY NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL REPORT AT 30 JUNE 2015
INTRODUCTION
Gruppo Toscana Aeroporti (hereinafter also the “Group” or the “TA Group”) consists of the Parent
Company “Toscana Aeroporti S.p.a.” (hereinafter also the “Parent Company” or “TA”), a treasury
stock company (former “Società Aeroporto Toscano Galileo Galilei S.p.a.”), with registered office at
the Office of the Register of Companies of Florence on 1 June 2015, and its subsidiaries “Toscana
Aeroporti Engineering s.r.l.”, “Parcheggi Peretola S.r.l.” and “Jet Fuel Co. S.r.l.” The main activities
of the Group are described in the Report on Operations.
The Condensed Consolidated Interim Financial Report of the TA Group shows amounts in thousand
euro (€K) as this is the currency used by TA and its subsidiaries for most their operations.
In addition, international accounting standards have been consistently applied for all the companies
of the Group. The financial statements of the Subsidiaries, used for the consolidation, have been
appropriately amended and reclassified, where necessary, for consistency with international
accounting standards and classification criteria.
The limited auditing activity for the Condensed Consolidated Interim Financial Report at 30 June
2015 of the TA Group has been carried out by the auditor “PricewaterhouseCoopers S.p.A.”
CONSOLIDATION AREA
The subsidiaries directly or indirectly controlled by the Parent Company as defined by art. 26 of
Legislative Decree no. 127/1991, have been fully consolidated.
For the structure of the TA Group at 30 June 2015, see the Report on Operations in this document.
The Consolidation Area is larger than the one described in the consolidated financial statement at 31
December 2014 as there has been the addition of “Parcheggi Peretola S.r.l.”, an AdF subsidiary 31
December 2014, after its incorporation.
Furthermore, we specify that the company “Toscana Aeroporti Engineering S.r.l.”, a 100% TA
subsidiary, was created on 15 January 2015 with a share capital of € 80 K. The business purpose of
the Company is:
a. to coordinate the development of extensive airport works and, more specifically, the
construction, restoration, expansion and re-qualification of airports;
b. to provide engineering, design, and project management services.
However, we point out that the company is not yet operating, so it was not included in the
consolidation.
STRUCTURE AND CONTENT OF STATEMENTS AND REPORTS
The Condensed Consolidated Interim Financial Report of the TA Group at 30 June 2015 has been
prepared in compliance with the applicable International Accounting Standards (IAS/IFRS) in force
at that date, as issued by the International Accounting Standards Board and approved by the
European Union, as well as in compliance with the measures issued to implement art. 9 of Leg.
62
Dec. no. 38/2005 (Consob Resolution no. 15519 of 27 July 2006 concerning measures on corporate
reporting, Consob Resolution no. 15520 of 27 July 2006 concerning changes and additions to the
Issuers’ Regulation adopted with Resolution no. 11971/99, Consob’s Notice no. 6064293 of 28 July
2006 concerning corporate information and disclosures pursuant to art. 114, paragraph 5, of Leg.
Dec. no. 58/98. Furthermore, we considered the International Financial Reporting Interpretations
Committee (”IFRIC”), formerly Standing Interpretations Committee ("SIC").
In the preparation of this Condensed Interim Financial Report, prepared in compliance with IAS 34 Interim Financial Reporting, we applied the same Accounting standards adopted in the preparation
of the Consolidated Financial Statement at 31 December 2013, except for the contents of the
section “New accounting standards, amendments and interpretations applied since 1 January
2015”.
The information provided in this Interim Financial Report must be read together with the
Consolidated Financial Statement at 31 December 2014, prepared in compliance with IFRS.
To prepare this Interim Financial Report, the Management is required to develop estimates and
assumptions that affect revenues, costs, assets and liabilities entered in the balance sheet, as well
as the information disclosed regarding potential assets and liabilities at the closing date. Should
said estimates and assumptions prepared by the Management be seen to differ from the actual
circumstances in the future, they would be amended appropriately in the year when said
circumstances would occur. For a more in-depth description of the most significant valuation
processes used by the Group, see the section “Use of estimates” in the Consolidated Financial
Statement at 31 December 2014.
Furthermore, we point out that some valuation processes, and particularly the most complex, such
as the determination of any impairment of fixed assets, are generally made completely only during
the preparation of the annual report, when all the necessary information is available, except for the
rare case where there are indicators requiring an immediate assessment of any impairment.
Income taxes are recognized based on the best estimate of the weighted average tax rate
expected for the entire period.
INFORMATION ON THE SEASONAL NATURE OF THE AIRPORT SECTOR
Due to the cyclic nature of the sector where the Group operates, higher operating revenues and
results are generally expected in the second and third quarter rather than in the first and fourth
quarters. The highest sales usually concentrate in the June-September holiday peak period, when
the maximum user level is recorded by the airport infrastructures managed.
FORMAT OF FINANCIAL STATEMENTS
The forms used for the Condensed Consolidated Interim Financial Report of the TA Group at 30
June 2015 have been prepared by using the updated version of IAS 1 “Presentation of Financial
Statements” approved with Regulation no. 1274/2008 issued by the European Commission on 17
December 2008 and effective from 1 January 2009.
As regards the format of financial statements, the Company decided to present the following types
of consolidated statements: Statement of Financial Position, Income Statement, Statement of
63
Comprehensive Income, Statement of Changes in the Consolidated Shareholders’ Equity,
Statement of Cash Flows and Explanatory Notes. In their turn, Assets and Liabilities have been
shown in the Balance Sheet based on their classifications as current and non-current.
Income Statement
The Income Statement is presented with classifications by nature, as this is considered to be the
most significant classification method for the best disclosure of the earnings of the Company.
Furthermore, the income statement, pursuant to Consob’s Resolution no. 15519 of 27 July 2006,
breaks down all the relevant cost and revenue items: (I) (positive or negative) income components
arising from events or operations not recurring in nature, i.e. Those operations or events that are
not frequently repeated during the usual conduction of activities, (ii) the effects of relationships
with related parties. As regards non-recurring operations, the Company interprets the notion of
“non-recurrent” rather extensively by also including contingent assets and liabilities in the
category.
Statement of Comprehensive Income
In order to present additional information on its earnings, the Company chose to prepare two
separated statements: the “Income Statement”, which includes the operating result for the period,
and the “Statement of Comprehensive Income”, which includes both the operating result for the
period and changes in the Shareholders’ Equity relating to revenue and expense accounts, which,
as specified in international accounting standards, are recognized among the components of the
Shareholders’ Equity. Since January 1, 2013, the Statement of Comprehensive Income is presented
with details of Other Comprehensive Profits and Losses to distinguish between profits and losses
that will be reclassified in the income statement in the future and profits and losses that will never
be reclassified in the income statement.
Statement of Cash Flows
The Statement of Cash Flows is presented subdivided into cash flow formation areas. It has been
adopted by the Group TA and prepared by using the indirect method. Cash and cash equivalents
included in the cash flow statement include the balance values of said items at the reference date.
Income and expenses concerning interests, dividends received and income taxes are included in
the financial flows generated by operations.
Pursuant to Consob Resolution no. 15519 of 27 July 2006, we specify that the cash flow statement
does not show the financial flows regarding relationships with related parties, because they are not
considered significant.
Statement of Changes in the Consolidated Shareholders’ Equity
The Statement of Changes in the Consolidated Shareholders’ Equity is presented as required by
international accounting standards, with separated items for the year’s result and each revenue,
income, charge and expense not passed in the income statement or in the statement of
comprehensive income, but directly recognized in the Shareholders’ Equity based on specific
IAS/IFRS accounting standards.
New accounting standards, amendments and interpretations applied since 1 January 2015
64
Effective from 1 January 2015, some amendments have been applied as introduced by
international accounting standards and interpretations, none of which, however, determined a
significant effect on the Group’s reports. The main differences are illustrated below:
- IAS 19 - “Employee Benefits” Revised: the changes made to IAS 19 on 21 November 2013 allow
(but do not define as mandatory) the accounting in reduction of the “current service cost” of the
period of the contributions paid by employees or by third parties, that are not related to the
number of years of service, in lieu of the allocation of said contributions along the time span when
the service has been rendered. These contributions must fulfill the following conditions: (i) be
indicated in the formal conditions of the plan; (ii) be connected with the service rendered by the
employee; (iii) be independent on the number of years of service of the employee (e.g.
Contributions are a fixed percentage of the remuneration or a fixed amount for the entire term of
the labor contract or correlated with the age of the employee);
- On 12 December 2013, IASB issued a set of proposals for changes to some accounting
standards, summarized below:
a) IFRS 2 “Share-Based Payments”: the modification clarifies the definition of “vesting
conditions” and separately defines “performance conditions” and “service conditions";
b) IFRS 3 “Business Combinations”: the modification clarifies that an obligation to pay a
consideration in a business combination that meets the requirements to be defined as a
financial instrument is classified in the balance sheet as a financial liability based on IAS 32
“Financial Instruments: presentation”. Furthermore, the revision clarifies that the standard
examined does not apply to joint ventures and joint arrangements regulated by IFRS 11;
c) IFRS 8 “Operating Segments”: this standard was amended as regards the information
requirements for the case where different operating segments, with common economic
characteristics, are to be combined;
d) IFRS 13 “Fair Value Measurement”: the changes clarify that the exemption that allows an
entity to value groups of financial assets and liabilities at fair value applies to all contracts,
including non-financial agreements, and there is still the option to account for short-term
trade receivables and payables without recognizing the effects of discounting, if that said
effects are not material.
e) IAS 16 “Property, plant and equipment” and IAS 38 “Intangible assets”: both standards have
been revised to clarify that the recoverable value and the useful life are treated if the entity is
making a revaluation;
f)
IAS 24 “Related Party Disclosures”: the standard has been revised to include, as related party,
an entity that provides management services;
g) IAS 40 “Investment Property”: the revision of the standard regards the interaction between
the provisions of IFRS 3 “Business combinations” and those of this standard where the
acquisition of property is considered as a business combination.
Accounting standards, amendments and interpretations not yet applicable
At the date of this financial statement, the competent bodies of the European Union have not yet
concluded the ratification process required for the adoption of the following accounting standards
and amendments:
65
- On 6 May 2014, IASB issued some amendments to IFRS 11 “Joint arrangements: accounting for
acquisitions of interests in joint operations”, to provide clarifications on the accounting of
acquisitions of Interests in joint operations making up a business. The amendments are
retrospectively applicable for the fiscal years beginning on or after 1 January 2016. Anticipated
application is permitted.
- In May 2014, IASB and FASB jointly published IFRS 15 - “Revenue from Contracts with
Customers”. The purpose of that standard was to improve the disclosure of revenues and their
comparability between different balance sheets. The new principle can be applied retrospectively
for the fiscal years beginning on or after 1 January 2017. Anticipated application is permitted.
- On 12 May 2014, IASB issued amendments to IAS 16 and IAS 38 “Clarification of Acceptable
Methods of Depreciation and Amortization”, which consider inappropriate the adoption of a
revenue-based method of amortization. As regards exclusively intangible assets, that indication is
considered a relative assumption that can be overcome only if one of the following circumstances
arise: (i) the right of use of an intangible asset and related to reaching a preset threshold of revenue
to be produced; or (ii) when it can be demonstrated that realizing revenues and using the economic
benefits of the asset are highly correlated. The amendments are applicable starting from the years
starting in or after 1 January 2016.
- On 24 July 2014, IASB finalized the project of revision of the accounting standard on financial
instruments by issuing the complete version of IFRS 9 “Financial Instruments”. More specifically,
the new provisions of IFRS 9: (i) modify the model for the classification and assessment of
investments; (ii) introduce a new method for the write down of investments, which keeps into
account expected credit losses; and (iii) modify hedge accounting provisions.. The provisions of
IFRS 9 are effective starting from the periods that will start on or after January 1st, 2018.
- On 12 August 2014, IASB published an amendment to IAS 27 Revised “Separate Financial
Statements”: this amendment will be effective from 1 January 2016 and will allow an entity to use
the Shareholders’ Equity method to account investments in subsidiaries, joint ventures and
associated companies in the separated financial statement.
- In the month of September 2014, IASB amended IAS 28 “Investments in Associates and Joint
Ventures” and IFRS 10 - Consolidated Financial Statement” with the intention of resolving an
inconsistency in the treatment of the sale or contribution of assets between an investor and its
associate or joint venture. After the changes made, the profit or loss is totally recognized when the
transaction regards a business. These changes would be applicable effective from 1 January 2016,
but in January 2015 the decision has been made to defer this effectiveness date to wait until certain
inconsistencies are resolved in some sections of IAS 28.
- Annual changes to IFRS 2012-2014: on 25 September 2014, IASB published a number of
amendments to some international accounting standards applicable from 1 January 2016. The
changes concern:
(i) IFRS 5 “Non-current assets held for sale and discontinued operations”;
(ii) IFRS 7 “Financial Instruments: Additional Information”;
(iii) IAS 19 “Employee Benefits";
(iv) IAS 34 “Interim Financial Reporting”.
66
As regards the first point, the amendment clarifies that balance sheet data do not need to be
booked when an asset or a group of assets available for sale is reclassified as “held for distribution”,
or vice versa.
As regards IFRS 7, the amendment establishes that if an entity transfers a financial asset “in such a
way that part or all of the financial assets do not qualify for derecognition”, then the entity is
required to disclose information concerning its involvement in the transferred asset.
The amendment proposed to IAS 19 clarifies that in determining the discount rate of the
obligations arising after employment, it is the currency in which the obligations are denominated
that matters rather than the State where they are located.
The amendment proposed to IAS 34 requires the indication of cross-references between the data
disclosed in the interim financial reports and the associated information.
- On 18 December 2014, IASB issued an amendment to accounting standard IAS 1 “Presentation of
Financial Statements". The change, applicable beginning on 1 January 2016, provides clarifications
on the aggregation or disaggregation of balance sheet items if their amount is relevant or
“material". More specifically, the amendment to the standard requires the entity not to aggregate
items with different characteristics nor disaggregate items that make the information and reading
of the balance sheet difficult. Furthermore, as regards the recognition of the financial position of
an entity, the amendment clarifies the need to disaggregate some items required by sections 54
(financial position) and 82 (income statement) of IAS 1.
- On 18 December 2014, IASB amended IFRS 10 “Consolidated Financial Statements”, IFRS 12
“Information on interests in other entities”, and IAS 28 “Interests in associates and joint ventures".
As regards the first point, the amendment clarifies that the exemption from presenting
consolidated financial statements applies to a parent company that is, in its turn, a subsidiary of an
investment entity, when the latter measures all its subsidiaries at fair value.
As regards IFRS 12, the amendment clarifies that the principle does not apply to investment
entities that prepare their financial statement by valuing all the subsidiaries at fair value.
As regards IAS 28, the amendment allows an entity that is not an investment entity and that owns
an interest in associates or joint ventures that are “investment entities” valued with the equity
method to maintain for that valuation the fair value applied by the investment entity for its
interests in subsidiaries.
These changes can be applied beginning from 1 January 2016.
The Group will adopt said new standards, amendments and interpretations based on the
effectiveness date specified and will assess their potential impact when these will be ratified by the
European Union.
MERGER BY INCORPORATION OF “AEROPORTO DI FIRENZE S.P.A.”
The Merger is part of the industrial and strategic plan already disclosed to the market with the joint
press release published by SAT and AdF on 16 October 2014 with the aim of combining SAT and
AdF in compliance with the requirements of the National Airport Plan for a single management of
the Florence and Pisa airports, to be qualified as "airports of national strategic interest".
The strategic objective is to create a best-in-class Tuscan airport system, due to become one of the
main Italian airport hubs. The integration project aims at maximizing the coordinated
development of the Pisa Galilei and Florence Vespucci airports by expanding the offer of
67
destinations reached, increasing the number of seats offered on each individual route, increasing
the number of airlines operating in the system by improving the airport infrastructures to meet the
traffic volumes expected in the two airports based on their Airport Development Plans (ADP).
On 19 December 2014, the Boards of Directors of Aeroporto Toscano Galileo Galilei S.p.a. (SAT,
now Toscana Aeroporti S.p.a.) and Aeroporto di Firenze S.p.a. approved the merger by
incorporation of AdF S.p.a. into SAT S.p.a. and the preparatory documentation for the transaction.
At its first call, the Extraordinary Shareholders’ meeting held on 10 February 2015 approved the
merger by incorporation of AdF into SAT. The Shareholders also delegated the Board of Directors,
pursuant to art. 2443 of the Civil Code, to increase the share capital with the exclusion of the option
right after the merger has become effective.
The Merger will ensure a single strategic direction of the System, which will allow for economies of
scale and generated value to be used to finance the investments required to support the growth
plans of the two airports.
As pointed out in the “Information Document on the Merger by Incorporation of Aeroporto di
Firenze S.p.A. into Aeroporto Toscano Galileo Galilei S.p.A.”, both companies were jointly
controlled by Corporación América Italia S.r.l. (today “S.p.A.”), that controlled SAT with a 53.039%
share and, with a direct 48.983% and an indirect 1.42% share held through SAT, could actually
control AdF, also based on the Shareholder Agreement signed with SO.G.IM. S.p.a. and notified to
the market pursuant to art. 122 of the consolidated act “Testo Unico”.
The Merger was implemented by increasing SAT’s share capital with new ordinary shares to be
offered as a stock swap to AdF Shareholders, with the consequent dissolution of AdF into SAT. The
exchange ratio has been fixed at 0.9687 SAT ordinary shares per AdF ordinary share (the
“Exchange Ratio”).
The deed of merger was signed on 11 May 2015 and established that the effective date of the
merger, pursuant to art. 2504-bis, second paragraph, of the Civil Code, should be the fifth open
market day after the date when the merger deed would be registered for the last time as required
by art. 2504 of the Civil Code, i.e. 1 June 2015.
Starting from the effective merger date, SAT took over all AdF rights and obligations, and
continued all its legal transactions, including in court, existing before the merger.
Furthermore, the deed of merger established that, for accounting and fiscal purposes, the
operations of the Incorporated Company be recognized in SAT’s financial statements starting from
the first day of the year during which the merger would have been registered for the last time
pursuant to art. 2504 of the Civil Code (and therefore from 1 January 2015, as both companies close
their financial year on 31 December).
At the merger effective date, SAT increased its share capital for a global nominal amount of €
14,440,743.90 by issuing 8,751,966 shares for the purpose of the exchange and changed its
company name into “Toscana Aeroporti S.p.a.” listed company headquartered in Florence.
Based on IAS/IFRS accounting standards, the merger is a business combination of entities under a
common control. Being a "business combination involving entities under common control", the
Merger is explicitly excluded from the scope of the accounting standard IFRS 3.
Since there is no specific IFRS standard to be applied to the merger, based on IAS 8.10 the
Management is required to develop their own opinion on how to develop and apply an accounting
treatment that provides relevant and reliable information. In forming their own judgment, the
corporate management must consider: (i) the provisions and guidelines of IFRS, which regulate
68
similar and related cases, and (ii) the definitions, criteria and notions set forth in the so-called
systematic picture.
Based on the aforesaid, TA assessed that:
- the transaction does not involve a significant influence on the cash flows of the merged
entities;
- the transaction is designed to reorganize the company within the Corporación America Italia
Group, keeping the predictions of the National Airport Plan into consideration;
the accounting treatment to be followed to adequately reflect the purposes of the business
combination transaction reflects, in the company’s financial statement resulting from the merger,
the assets and liabilities of the acquired entity and relates them with the values resulting from the
financial statement of the incorporated entity.
As regards the details of the items to be incorporated, see section “Pro-forma financial statements
of the Surviving Entity” of the Report on Operations. More specifically, we point out that the table
with the Shareholders’ Equity details at 30 June 2015 of this Interim Financial Report contains the
global effect of the merger by incorporation of AdF, summing the Shareholders’ Equity of Toscana
Aeroporti to that of AdF Group at 31 December 2014, net of the dividends distributed before the
merger. For details, see the section “Shareholders’ Equity and Liabilities” in the Explanatory Notes.
69
CHANGES TO THE PRESENTATION OF COMPARATIVE DATA
Furthermore, we point out that some comparative data regarding 31 December 2014 and 30 June
2014 have been reported again after the transaction in question and compared with previously
presented data referred to SAT, now TA.
More specifically, the following actions were implemented:
1. in the Consolidated Income Statement:
-
operating revenues were distinguished into “Aviation revenues” and “Non-Aviation
revenues”, as shown in the table below (data in €K):
Consolidated Income Statement
PostPrereclassification reclassification
2014 Interim Rep. 2014 Interim Rep.
Operating income
Aviation revenues
Aviation revenues
Revenues from construction services
Other revenue and income
Total Revenues
21.581
7.488
1.563
804
31.436
29.085
1.563
788
31.436
Difference
29.085
(21.581)
(7.488)
(16)
-
- harmonize the recognition of costs in the categories listed below, as shown in the following
table (amounts in €K):
Consolidated Income Statement
PostPrereclassification reclassification
2014 Interim Rep. 2014 Interim Rep.
Consumables (former “Costs for raw
and ancillary materials,
consumables and goods”)
Personnel costs
Costs for services
Sundry operating expenses
Airport leases
Costs for construction services
Other operating expenses
Total Costs
Difference
381
538
157
10.976
12.038
379
1.673
1.488
26.935
10.980
11.907
1.488
2.021
26.935
4
(130)
(379)
(1.673)
2.021
-
- include the write-down of tangible and intangible assets in a single cost item called
“Amortization and write-downs”;
2. In the Consolidated Statement of Financial Position, to reclassify “Prepaid taxes recoverable
within the year” in “Prepaid taxes beyond the year” for a value of € 842 K at 31 December
2014. Furthermore, the item “Bank overdraft and loans” has been reclassified into two
separate items (where the item “Bank overdraft” reflects the use of short-term credit lines
and the item “Loans” refers to the current portion of “Financial Liabilities”) and finally € 124 K
have been reclassified in the item “Other accounts receivable within the year” recognized at
70
31 December 2014 in the item “Payables to suppliers".
The Company believes that these changes to the data at 31 December 2014 and 30 June 2014 are
not significant.
MAIN FINANCIAL RISKS
A description of the main financial risks and of the mitigating actions implemented by the TA
Group is given below.
1) Credit risk
Over the last few years, the effects of the crisis of financial markets and the consequent recessive
economy in the main industrialized Countries negatively affected the balance sheets of the airlines
- the main clients of the Group. Hence, the risk of a partial non-collection of receivables accrued
from airlines. The Group believes that it has suitably controlled said risk through its constant
monitoring of accounts receivable, also sometimes promptly initiating legal actions to protect said
receivables, which are reflected in the allocation of a specific provision for bad debt, currently
deemed to be adequate in connection with the amounts of the existing receivables. Always with
the purpose of facing the credit risk, the Parent Company usually asks for sureties as guarantee
(e.g. from sub-licensees) or pre-payments (e.g. from unknown airlines). Starting from December
2011, the Parent Company took out an excess-of-loss type of insurance on former SAT credit
positions to cover collection risks should insolvency proceedings be opened against the assets of
any customer (policy expiring at the end of November 2015). Furthermore, since January 2012, the
Parent Company hired a company for its long-term debt collection activities.
2) Liquidity risk
At 30 June 2015, the Group had a negative net financial position for €32.5M (€1.7M at 31 December
2014). This is the result of a positive current NFP of €10.2M (€23M at 31 December 2014) and a
negative non-current NFP of €42.7M (€24.7M at 31 December 2014) regarding two loans granted
by banks “Intesa San Paolo” and “MPS Capital Service” that ensure the Parent Company the
availability of up to €60M for important investments in infrastructures. Six-month EURIBOR
interest rates are paid on the two loan agreements, expiring in 2022 and 2027, and some financial
covenants are to be complied with, for which at 30 June 2015 there was no criticality. Financial
covenants are presently also complied with in the year’s predictions for the second 6-month period
of 2015. The Group believes that the funds and medium/long-term credit lines available
(approximately €8M), in addition to those that will be generated by operations, are sufficient to
permit its investment, working capital management and debt repayment at natural maturity
requirements to be met.
3) Interest rate risk
Exposure to the interest rate risk arises from the need to finance both industrial and financial
operations, as well as use the available cash. Changes in market interest rates may have a negative
or positive impact on the Group’s operating result, thereby indirectly influencing the costs and
returns of loans and investments. The Net Financial Position at 30 June 2015 is €32.5M and the
71
debt-to-equity ratio (NFP/Shareholders’ Equity) at 30 June 2015 was 0.31 (vs 0.03 at 31 December
2014), which confirms the financial soundness of the Group.
The potential impact in terms of annual growth of interest expense connected with interest rate
trends, as a result of a hypothetical growth of 50 bp, would be approximately € 360 K. No further
sensitivity analysis is provided, as it is considered immaterial.
4) Exchange rate risk
The TA Group is not subject to risks linked to fluctuations in exchange rates because it prevalently
operates in a European context where transactions are made in Euro.
REPORTING BY OPERATING SEGMENT
Since 1 January 2009, compliance with IFRS 8 - “Operating Segments” has become mandatory; it
requires entities to identify operating segments based on internal reporting systems used by the
Management to allocate resources and assess performance.
Information regarding the main operating sectors of the Group is given below as required by IFRS
8. First of all, it is important to highlight that the type of business activity carried out by TA Group
does not allow for the identification of business segments related to completely independent
activities in terms of market/customer combinations. Currently, the “traffic” component influences
the results of all the company’s activities.
However, we may identify two significant operating segments characterized by the independent
nature of their products/services and production processes, for which - for the aforesaid reasons we propose a disclosure relating to the information directly made available by the company’s
analytical accounting system used by Chief Operating Decision Makers.
The currently available information regarding the main operating segments identified are provided
below: Aviation, Non-Aviation and Corporate.
- Aviation Segment: this operating segment includes the so-called “air-side” activities (after the
security check), which are the core business of an airport. They include: passenger and aircraft
ground handling, landing, aircraft departure and stopover, security and safety activities, passenger
boarding and disembarkation, cargo loading and unloading.
Revenues for the Aviation segment are represented by the prices paid for airline assistance services
and are generated by airport fees such as: landing, take-off and stopover fees, freight revenue
taxes, passenger boarding fees, passenger and baggage security fees.
- Non-Aviation Segment: this segment includes activities normally carried out in the “land-side”
area (before the security check), which are not directly associated with the Aviation segment. They
include retail activities, catering, car parking, car rental, advertising, ticket office, VIP Lounge.
Revenues for the Non-Aviation segment are represented by the royalties earned on sub-licensed
activities, from the direct management of certain activities (i.e. car parking, ticket office and
advertising) to the rents paid by sub-licensees.
The table below provides the main information regarding the operating segments described above
by highlighting, in unallocated items, (corporate) revenues, costs, assets and investments not
directly attributable to the two segments. More specifically, the main types of unallocated costs
72
refer to the cost of labor/personnel (staff), professional services rendered, insurance and industry
association membership fees, pro-rata portion of utilities, maintenance and depreciation,
administrative costs, provisions for liabilities, Directors’ and Auditors’ fees.
- Corporate Segment: the values indicated in unallocated items mainly refer to corporate costs
not directly attributable to the two operating segments, such as - for example - the cost of
personnel, professional services rendered for the Management, general insurance and industry
association membership fees, pro-rata portion of utilities, general maintenance and unallocated
depreciation of infrastructure, administrative costs, provisions for liabilities, Directors’ and
Auditors’ fees, etc.
With the merger by incorporation of Aeroporto di Firenze S.p.a. Into SAT S.p.a., the operations of
the incorporated (or absorbed) entity have been recognized in SAT’s balance sheet for accounting
and tax purposes effective from 1 January 2015. So, we point out that any difference between the
book values of the two Interim Reports of Gruppo Toscana Aeroporti at 30 June 2015 and of the
SAT Group at 30 June 2014 does not quite reflect the real situation because they are affected by
the transaction described.
73
Aviation
(Amounts in €K)
TA Group - Income Statement
Operating income
June 30,
2015
Unallocated
assets
(Corporate)
Non-Aviation
June 30,
2014(*)
June 30,
2015
June 30,
2014(*)
June 30,
2015
Total
June 30,
2014(*)
June 30,
2015
June 30,
2014(*)
38.182
21.581
11.545
7.488
2.882
804
52.518
29.874
of which Pisa
22.878
21.581
7.459
7.488
1.571
804
31.908
29.874
of which Florence
15.304
0
3.996
0
1.311
0
26.610
0
10.651
1.485
72
78
0
0
10.724
1.563
of which Pisa
9.486
1.485
45
78
0
0
9.531
1.563
of which Florence
1.166
0
27
0
0
0
1.193
0
Total Segment Income
48.833
23.066
11.526
7.566
2.882
804
63.242
31.437
Operating Costs (**)
22.647
14.484
10.161
7.407
10.215
3.556
43.024
25.447
15.470
14.484
8.421
7.407
3.833
3.556
27.723
25.447
7.177
0
1.741
0
6.386
0
15.301
0
10.144
1.414
69
74
0
0
10.213
1.488
of which Pisa
9.034
1.414
43
74
0
0
9.077
1.488
of which Florence
1.110
0
26
0
0
0
1.136
0
Amortiz. and provisions
3.603
2.246
837
425
1.413
202
5.853
2.872
of which Pisa
2.554
2.246
582
425
282
202
3.419
2.872
of which Florence
1.049
0
254
0
1.131
0
2.434
0
12.439
4.922
459
-340
-8.746
-2.953
4.152
1.629
Asset management
0
0
0
0
828
-319
828
-319
Profit before tax
0
0
0
0
0
0
4.980
1.310
Taxes for the period
0
0
0
0
-1.605
-647
-1.605
-647
Net result for the period
0
0
0
0
0
0
3.375
663
Loss (profit) of minority interest
0
0
0
0
-7
-19
-7
-19
Net Group result
0
0
0
0
0
0
3.368
644
June 30,
2015
Dec. 31,
2014
Revenues from construct. serv.
of which Pisa
of which Florence
Cost of construct. serv.
Operating Earnings
TA
Group - Statement of
financial position
Current assets
Non-current assets
TA Group - Additional
information
Investments
June 30,
2015
Dec. 31,
2014
June 30,
2015
Dec. 31,
2014
June 30,
2015
Dec. 31,
2014
20.620
10.356
8.491
4.970
31.307
27.175
129.444
65.376
45.547
32.278
7.159
5.030
June 30,
2015
10.661
June 30,
2014(*)
June 30,
2015
3.633
317
June 30,
2014(*)
2.105
June 30,
2015
1.072
June 30,
2014(*)
911
60.418
42.501
182.150 102.685
June 30,
2015
12.049
June 30,
2014(*)
6.650
(*) Please note that, in order to offer the reader a greater comparability of the information disclosed in the
consolidated financial statement of Toscana Aeroporti at 30 June 2015, some data regarding 30 June 2014 have been
altered. In particular, € 804K, previously allocated for €144K to the Aviation segment and for €660K to the NonAviation segment, have been allocated to the "Unallocated assets" item. As a consequence, the Operating Results for
the segment have also been amended at 30 June 2014. These changes have been considered as non-significant by the
Company.
(**) including Airport leases for € 2,122 K at 30 June 2015 (€ 1,673 K at 30 June 2014).
74
Information on the main customers of the Parent Company “TA”
At 30 June 2015, TA reported 3,316,527 passengers. The total incidence of the first three carriers is
60.3%. More specifically, the incidence of the first carrier (Ryanair) is 42.8%, while the incidences of
the second (Alitalia) and third (Vueling) carriers are 8.9% and 8.6%, respectively.
NOTES TO THE MAIN ITEMS OF THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL REPORT: INCOME STATEMENT
INTRODUCTION
With the merger by incorporation of Aeroporto di Firenze S.p.a. into SAT
S.p.A., the operations of the incorporated (or absorbed) entity have been recognized in SAT’s
balance sheet for accounting and tax purposes effective from 1 January 2015. So, we point out that
any difference between the book values of the two Interim Reports of Gruppo Toscana Aeroporti
at 30 June 2015 and of the SAT Group at 31 December 2014 does not quite reflect the real situation
because they are affected by the transaction described. For a comparison between the financial
information of the TA Group at 30 June 2015 and pro-forma financial statements of the TA Group
at 30 June 2014, see the specific considerations disclosed in the section “Consolidated Income
Statement - Comparison between operating results at 30 June 2015 and pro-forma operating
results at 30 June 2014” in the Report on Operations.
VALUE OF PRODUCTION
On the whole, consolidated revenues at 30 June 2015 totaled €63.2M (€31.4M at 30 June 2014),
with a positive change of €31.8M, and include:
Amounts in €K
INTERIM 2015
REVENUES
Aviation revenues
Non-Aviation revenues
Revenues from construction services
Other revenue and income
TOTAL REVENUES (A)
38.182
11.454
10.724
2.882
63.242
INTERIM 2014
21.581
7.488
1.563
804
31.437
Abs. Diff.
2015/2014
16.601
3.966
9.161
2.078
31.805
% Diff.
76,9%
53,0%
586,3%
258,4%
101,2%
1. Aviation revenues
The table below shows the items of “Aviation revenues” at 30 June 2015 and the changes, both in
absolute and percentage terms, compared to 30 June 2014:
75
Amounts in €K
AVIATION REVENUES
Passenger boarding fees
Landing/departure fees
Stopover fees
PRM assistance fees
Cargo fees
Passenger security fees
Baggage security fees
Handling
Centralised infrastructures
TOTAL AVIATION REVENUES
% incid. over Revenues
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
12.134
4.751
398
983
287
3.234
2.453
12.099
1.843
38.182
7.141
2.709
233
394
174
1.992
1.595
6.791
552
21.581
60,4%
68,7%
Abs. Diff.
2015/2014
2015/2014
% Diff.
4.993
2.042
164
590
113
1.241
857
5.308
1.292
16.601
69,9%
75,4%
70,3%
149,8%
64,7%
62,3%
53,7%
78,2%
234,2%
76,9%
We also remind the reader that Aviation revenue trends are affected by the overall growth of
traffic volumes of the Tuscan Airport System in the first 6 months of 2015 compared to the same
period of the previous year, as well as by the increased rates of the Florence and Pisa airports since
26 May 2015 and 16 April 2015, respectively.
2. Non-Aviation revenues
At 30 June 2015, “Non-Aviation revenues” totaled approximately €11.5M.
Non-Aviation activities relating to the management of property and business activities of the two
airports are:
i. Sub-leased to third parties (Food, Retail, Real Estate, Car Rental and others);
ii. Directly managed (Parking Lots, Advertising, VIP Lounge, Air Ticket Offices and Cargo
Agency).
In the first 6 months of 2015, revenues deriving from sub-leased activities accounted for 60.3% of
Non-Aviation revenues, while those deriving from directly managed activities accounted for the
remaining 39.7%. During the first 6 months of 2014, these percentages were respectively 62% and
38%.
The table below provides details on revenues from non-aviation activities carried out during the
first 6 months of 2015 and those of 2014:
76
CONSOLIDATED
JUN. 30, 2015
Amounts in €K
NON-AVIATION REVENUES
Parking areas
Food
Retail
Advertising
Real Estate
Car rentals
Other subconcessions
Vip Lounge
Air tickets
Cargo agency
TOTAL NON-AVIATION REVENUES
% incid. over Revenues
CONSOLIDATED
JUN. 30, 2014
2.646
1.205
2.242
1.064
980
1.801
682
390
233
211
11.454
1.704
675
1.260
587
725
1.542
440
124
239
194
7.488
18,1%
23,8%
Abs. Diff.
2015/2014
942
530
983
477
255
259
243
265
-6
17
3.966
2015/2014
% Diff.
55,3%
78,6%
78,0%
81,4%
35,2%
16,8%
55,2%
213,6%
-2,6%
8,8%
53,0%
We also remind the reader that the above-mentioned changes were positively affected by the
Tuscan Airport System’s air traffic trends of the first 6 months of 2015 compared to the same
period of 2014.
3. Revenues from construction services
CONSOLIDATED
JUN. 30, 2015
Amounts in €K
TOTAL REVENUES FROM
CONSTRUCTION SERV.
% incid. over Revenues
CONSOLIDATED
JUN. 30, 2014
10.724
1.563
17,0%
5,0%
Abs. Diff.
2015/2014
9.161
2015/2014
% Diff.
586,3%
During the first 6 months of 2015, revenues for construction services totaled €10.7M (€1.6M in the
first 6 months of 2014) and refer to revenues obtained with the services of development and
improvement of airport infrastructure (building and expansion) provided under the two Pisa and
Florence concessions.
More specifically, the year 2015 was most affected by the investment made for the improvement
and enhancement of flight infrastructures (runways and connections) in the Pisa airport for
approximately €9.4M.
4. Other revenue and income
Other revenue and income at 30 June 2015 totaled €2.9M (€0.8M at 30 June 2014), with a positive
difference of €2.1M, as detailed below:
Amounts in €K
OTHER REVENUE AND INCOME
Contingent assets
Services and consulting
Cost recoveries
Minors
TOTAL REVENUES AND INCOME
% incid. over Revenues
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
2.303
91
465
23
2.882
401
87
293
23
804
4,6%
2,6%
77
Abs. Diff.
2015/2014
1.902
4
172
0
2.078
2015/2014
% Diff.
474,4%
4,4%
58,6%
1,0%
258,4%
The “Contingent assets” item includes approximately €1.9M reflecting the posting to the income
statement of the Provision for Liabilities and the write-off of liabilities no longer due and payable
recognized after the update of estimates.
More specifically, €0.9M have been posted as a consequence of the updates made to the legal
proceedings regarding the dispute on the “Fire Protection Service from the Fire Brigade”. For
further details, see the section “Provisions for liabilities and expenses” below.
COSTS
Amounts in €K
CONSUMABLES
CONSOLIDATED CONSOLIDATED
JUN. 30, 2015 JUN. 30, 2014
610
381
Incid.% over Costs
1,1%
1,4%
PERSONNEL COSTS
Incid.% over Costs
19.374
36,4%
COSTS FOR SERVICES
Commercial services
Istitutional expenses
Other services
Personnel services
Maintenance services
Utilities
Opereating services
TOTAL COSTS FOR SERVICES
Incid.% over Costs
Abs. Diff.
2015/2014
2015/2014
% Diff.
228
59,9%
10.976
40,7%
8.398
76,5%
7.030
571
2.365
896
2.600
1.823
4.714
20.000
37,6%
5.787
318
981
456
1.062
892
2.542
12.038
44,7%
1.243
253
1.384
439
1.538
931
2.173
7.962
21,5%
79,7%
141,1%
96,3%
144,9%
104,5%
85,5%
66,1%
919
1,7%
379
1,4%
539
142,1%
2.122
4,0%
1.673
6,2%
449
26,8%
COSTS FOR CONSTRUCTION SERVICES
Incid.% over Costs
10.213
19,2%
1.488
5,5%
8.725
586,3%
TOTAL COSTS
Incid.% over Costs
53.237
100,0%
26.935
100,0%
26.302
97,7%
SUNDRY OPERATING EXPENSES
Incid.% over Costs
AIRPORT LEASES
Incid.% over Costs
At 30 June 2015, total costs totaled €53.2M, up by €26.3M compared to the final balance at 30 June
2014, when they totaled €26.9M, mainly due to the reasons indicated in the introduction.
Furthermore, there is a difference of €8.7M due to the increase in the “Costs for construction
services” item particularly after the higher investments made on flight infrastructures in the Pisa
airport.
5. Raw and ancillary materials, consumables and goods
This item refers to the cost of consumable materials, which totaled €610K (€381K at 30 June 2014),
as broken down below:
78
Amounts in €K
CONSUMABLES
Stationery
Fuels, lubricants
Materials for car parking lots
Small tools
Security Contr. Serv. (mat.)
Clothing
Mat. for operating services
TOTAL CONSUMABLES
Incid.% over Costs
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
26
322
3
6
18
139
97
610
12
226
0
3
9
78
52
381
1,1%
1,4%
Abs. Diff.
2015/2014
13
96
3
3
8
61
45
228
2015/2014 %
Diff.
107,2%
42,4%
94,8%
88,0%
78,6%
85,0%
59,9%
6. Cost of personnel
The cost of personnel (€19.4M at 30 June 2015) increased by €8.4M compared to 30 June 2014. The
difference is mainly due to the incorporation of the cost items of former AdF and, to a lesser
extent, to the increase of the Group’s staff, as described in the specific section of the Report on
Operations.
This cost item is broken down below:
Amounts in €K
PERSONNEL COSTS
Salaries and Wages
Other labour costs
of which:
Contributions to CRAL
Social Fund
Benefits to personnel
Administered and sundry
TOTAL COSTS OF PERSONNEL
Incid.% over Costs
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
19.229
145
10.959
16
8.269
129
75,5%
794,6%
5
4
25
112
19.374
36,4%
6
5
6
0
10.976
40,7%
-1
-1
19
112
8.398
-15,6%
-26,1%
349,4%
76,5%
Remuneration includes salaries and wages, social security/pension contributions, and the amounts
set aside in the Termination Benefit fund.
79
The table below provides details on the average annual staff (expressed in Equivalent Full Time) for
the first 6 months of 2015 and any difference from the same period of 2014:
%
of
which
Pisa
of
which
Florence
+1.5
+204.8
+97.1
+16.7%
+71.6%
+102.5%
+5.9
+2.5
+1.5
+198.9
+94.6
389.9
+303.4
+77.8%
+8.4
+295.0
10.0
12.0
-2.0
-16.7%
-2.0
-
703.3
401.9
+301.4
+75.0%
+6.4
+295.0
Interim
2015
Interim
2014

Executives
Employees
Workers
10.5
491.0
191.8
9.0
286.2
94.7
TOSCANA
AEROPORTI
693.3
Jet Fuel
Total Group
Please, note that in the table above 2 part-time units are considered as 1 full-time unit.
7. Costs for services
On the whole, costs for services in the first 6-month period 2015 and 2014 consist of:
Amounts in €K
COSTS FOR SERVICES
Commercial services
Istitutional expenses
Other services
Personnel services
Maintenance services
Utilities
Opereating services
TOTAL COSTS FOR SERVICES
Incid.% over Costs
CONSOLIDATED CONSOLIDATED
JUN. 30, 2015 JUN. 30, 2014
7.030
571
2.365
896
2.600
1.823
4.714
20.000
37,60%
Abs. Diff.
2015/2014
5.787
318
981
456
1.062
892
2.542
12.038
44,70%
1.243
253
1.384
439
1.538
931
2.173
7.962
2015/2014
% Diff.
21,5%
79,7%
141,1%
96,3%
144,9%
104,5%
85,5%
66,1%
“Commercial services” for €7M, including mainly network development costs.
Amounts in €K
COSTS FOR SERVICES
Commercial services
of which:
Network development
Advertising commissions
Management of advertising systems
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
7.030
5.787
1.243
21,5%
6.915
59
57
5.724
56
7
1.190
2
50
20,8%
4,4%
744,6%
80
“Institutional expenses” for € 571 K (€ 318 K at 30 June 2014), mainly including the cost of control
and auditing boards.
Amounts in €K
CONSOLIDATED
JUN. 30, 2015
COSTS FOR SERVICES
Institutional expenses
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
572
318
253
79,6%
463
93
16
288
14
16
175
79
0
60,8%
563,3%
-1,1%
of which:
Directors’ and Auditors' fees
Directors’ business travels
Legal, notarial, meeting expenses
The difference is mainly due to the incorporation of the cost items of former AdF.
“Other services” €2.4M (€981K at 30 June 2014) - mainly include professional services, industrial
insurance and communication costs.
Amounts in €K
CONSOLIDATED
JUN. 30, 2015
COSTS FOR SERVICES
Other services
of which:
Professional services
Industrial insurance
Communications
DNV audits
Toscana Aeroporti Start Up
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
2.365
981
1.384
141,1%
1.269
442
192
13
450
672
273
28
7
0
596
169
163
6
450
88,7%
61,7%
577,0%
91,8%
Start-up expenses for the creation of Toscana Aeroporti refer to the one-off amount spent for
external consulting for the organizational start-up of the new Tuscan Airport System.
“Other personnel services” - €896K (€456K at 30 June 2014) - mainly include canteen, payroll service,
transfers and employee training costs.
Amounts in €K
CONSOLIDATED
JUN. 30, 2015
COSTS FOR SERVICES
Other personnel services
of which:
Canteen
Insurance
Preventive medicine and med. examinations
Training
Personnel recruitment
Payroll services
Journeys
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
896
456
439
96,3%
591
58
26
60
5
80
76
303
41
19
11
2
47
34
288
18
7
49
2
33
42
95,3%
43,5%
35,1%
437,5%
119,8%
69,8%
126,2%
81
“Maintenance services” - €2.6M (€1.062K at 30 June 2014) - include airport maintenance ad
infrastructures, systems and installations, equipment and vehicles.
Amounts in €K
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
COSTS FOR SERVICES
Maintenance services
2.600
1.062
1.538
144,9%
of which:
Equiom./Car maint.
BHS system maint.
Maint. of infrastructures
IT maintenance
488
432
1.227
454
236
246
434
146
252
186
793
308
106,9%
75,5%
182,5%
211,3%
“Utility services” €1.8M (€892K at 30 June 2014) - mainly include costs for electricity, gas, water and
telephone services:
Amounts in €K
COSTS FOR SERVICES
Utilities
of which:
Electricity
Water
Telephones
Mobile phones
Gas
Minors
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
1.823
892
931
104,5%
754
211
103
52
625
78
196
92
46
21
500
36
558
119
57
32
124
41
284,6%
129,9%
123,0%
151,7%
24,8%
113,8%
“Operating services” - €4.7M (€2.5M at 30 June 2014) - mainly include external costs for porters,
surveillance, cleaning, rentals, first aid care and other services typically associated with airport
operations.
Amounts in €K
COSTS FOR SERVICES
Operating services
of which:
Porterage
Aircraft cleaning
Agency/Wareh. service
Cleaning
PRM Support
Surveillance service
Services Centre
Connection "Arco AZ"
Rental of mach. and equip.
Management of parking lots
Gardening
Vip Lounge
First Aid Service
Shuttle bus
CONSOLIDATED
JUN. 30, 2015
CONSOLIDATED
JUN. 30, 2014
Abs. Diff.
2015/2014
2015/2014 %
Diff.
4.714
2.542
2.173
85,5%
1.130
330
155
543
128
977
109
162
334
236
36
157
268
147
719
143
150
266
133
241
115
92
159
45
34
87
210
148
411
188
5
277
-4
736
-6
71
175
191
2
70
59
-1
57,2%
131,7%
3,1%
103,8%
-3,2%
305,6%
-5,0%
77,0%
110,1%
419,6%
5,5%
80,5%
28,1%
-0,7%
82
8. Sundry operating expenses
“Sundry management expenses” - €919K (€379K at 30 June 2014) - mainly include taxes and levies,
membership fees, sundry administrative costs, non-recurring costs and other minor entries.
Amounts in €K
CONSOLIDATED
JUN. 30, 2015
SUNDRY OPERATING EXPENSES
Publications
Ins. entities and sundry institutions
Taxes and levies
Entertainment
Revenue stamps
Non-recurring costs
Post and telegraph
Rebates and allowances
Sundry administrative costs
SUNDRY OPERATING EXPENSES
Incid.% over Costs
11
158
311
61
12
225
14
0
126
919
1,7%
CONSOLIDATED
JUN. 30, 2014
5
92
154
41
5
12
4
0
67
379
1,4%
Abs. Diff.
2015/2014
6
65
157
21
7
213
10
0
59
539
2015/2014 %
Diff.
116,4%
71,1%
101,6%
51,0%
160,8%
1817,4%
256,6%
291,2%
88,8%
142,1%
9. Airport leases
“Airport leases” - €2.1M (€1.7M at 30 June 2014) - include the rents paid for the concessions and the
contribution paid to the fire-protection fund.
Amounts in €K
AIRPORT LEASES
Concession and security fees
Fire Brigade fee
TOTAL AIRPORT FEES/LEASES
Incid.% over Costs
CONSOLIDATED
JUN. 30, 2015
1.673
449
2.122
4,0%
CONSOLIDATED
JUN. 30, 2014
1.285
388
1.673
6,2%
Abs. Diff.
2015/2014
388
61
449
2015/2014 %
Diff.
30,2%
15,7%
26,8%
10. Costs for construction services
Costs for construction services, totaling € 10.2M (€1.5M at 30 June 2014), arise from the investment
made in the airport infrastructures under concession during the first 6 months of 2015 and have as
contra entry the item “Revenues for construction services” with the addition of a 5% mark-up.
Investments for the improvement and enhancement of flight infrastructures (runways and
connections) in the Pisa airport mostly affected the current 6-month period for an amount of
approximately €9.4M.
Amounts in €K
TOTAL COSTS FOR CONSTRUCTION
SERVICES
Incid.% over Costs
CONSOLIDATED
JUN. 30, 2015
10.213
19,2%
CONSOLIDATED
JUN. 30, 2014
1.488
5,5%
Abs. Diff.
2015/2014
8.725
2015/2014 %
Diff.
586,3%
11. Amortization and write-downs
This item totaled €4M in the first 6-month period 2015 (against €2M at 30 June 2014). It includes
intangible asset amortization for €2.4M (€1.2M at 30 June 2014) and tangible asset depreciation for
€1.6M (€0.8M at 30 June 2014).
83
12. Provision for liabilities and charges
This item, with a value of €1.8M (against €773K at 30 June 2014), includes the amounts set aside in
the provision for repair, which has been introduced in compliance with accounting standard IFRIC
12 starting from the year 2010, reflecting the year’s accrual required for future maintenance
expenses relating to repairs and replacements required to keep the assets used under the two
ENAC concessions in good operating conditions.
13. Provision for bad debt
This item totals €79K (€58K at 30 June 2014) and consists in the amount set aside based on an
estimate of the assumed realizable value of receivables existing at 30 June 2015.
14. Financial income
This item totals € 1.7M (€110K at 30 June 2014) and mainly refers to the income proceeds received
for the sale of the shares of Aeroporto di Firenze S.p.a. (€1.6M). Considering that the transfer of
the stake at issue took place before signing the merger and before its effective date, and
furthermore it was done with third parties differing from the reference shareholder (Corporación
America Italia S.p.a.), the Directors recognized the amount of capital gains in the income
statement.
The item also includes interests receivable accrued on bank current accounts (€79K), interest on
arrears (€14K) and other minor entries.
15. Financial expenses
This item totals €878K (€430K at 30 June 2014) and is mainly composed of interests payable and
commissions on bank current accounts for €574K (€196K at 30 June 2014), interest cost as defined
in IAS 19 for €36K (€48K at 30 June 2014), financial expenses relating to the discounting of the
provision for repair and replacement for €250K (€183K at 30 June 2014).
16. Profit (loss) of minority interest
This item totals €10K (not reported at 30 June 2014) and indicates the valuation in the
Shareholders’ Equity of the stakes held in associated companies (Immobili A.O.U. Careggi S.p.a.
and Alatoscana S.p.a.).
17. Taxes for the period
Taxes for the period have been determined, as required by IAS 34 and IAS 12, by applying the best
estimate of the expected weighted average tax rate at period-end. This approach led to a tax
burden of €1.6M, corresponding to a tax rate of 32.2% (against 49.4% in the first 6 months of
2014). The lower taxation expected is due to the tax relief introduced by the 2015 Finance Act
effective from 1 January 2015 consisting in the deductibility of IRAP, as well as to the fact that the
financial income generated by the sale of AdF shares is taxed separately (so-called “Pex”).
18. Minority interest’s loss (profit) for the period
This item shows the result of the subsidiary Jet Fuel owned by minority shareholders. Based on
2015 property and dividend rights, the profit for the period of the subsidiary Jet Fuel - approx. €10K
- is a minority interest to a 66.67% extent, which corresponds to approx. €7K (€19K in the first 6
months of 2014). The overall minority interest’s profit for the period is €13K (€18K at 30 June 2014).
84
19. Earnings per share
Basic earnings per share at 30 June 2015 - €0.298 (€0.065 at 30 June 2014) - have been determined
by dividing the Group’s profit for the period (€3.368K) by the weighted average of the ordinary
shares outstanding during the period (11,318,661 shares), as there is no diluting factor.
NOTES TO THE MAIN ITEMS OF THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL REPORT: STATEMENT OF FINANCIAL POSITION
INTRODUCTION
With the merger by incorporation of Aeroporto di Firenze S.p.a. Into SAT S.p.a., the operations of
the incorporated (or absorbed) entity have been recognized in SAT’s balance sheet for accounting
and tax purposes effective from 1 January 2015. So, we point out that any difference between the
book values of Gruppo Toscana Aeroporti at 30 June 2015 and those of the SAT Group at 31
December 2014 does not quite reflect the real situation because they are affected by the
transaction described.
NON-CURRENT ASSETS
Changes in non-current assets at 30 June 2015 are shown below.
June 30, 2015
Amounts in €K
NON-CURRENT ASSETS
Dec. 31, 2014
182.150
Diff.
103.526 78.624
More specifically, this aggregate consists of the following categories:
Intangible assets
June 30, 2015
Amounts in €K
INTANGIBLE ASSETS
Dec. 31, 2014
149.805
Diff.
75.860 73.945
In addition to the aforesaid, an aggregate amount of approximately €10.9M has been invested in
intangible assets in the first 6 months of 2015, namely:
(Amounts in €K)
Concession rights
Assets under construction
software
Total
9.547
1.205
121
10.873
Investments in intangible assets mainly concerned concession rights deriving from the
improvement of maneuvering areas (€9.4M) in the Pisa airport. In addition to that, investments in
85
intangible assets consist in the development of the Master Plan (€559K), the expansion of aircraft
apron areas in the Florence airport (€431K) and the purchase of software (€121K).
No divestiture of assets was done in the first 6 months of 2015. Details on intangible assets are
provided in Annex A.
20. Concession rights: their value at 30 June 2015 is €144.9M (€66.7M at 31 December 2014), with
an increase of €78.2M mainly due to the reasons described in the introduction and, to a lesser
extent, to the combined effect of investments and amortization for the period.
21. Industrial patent rights: their value at 30 June 2015 is €343K (€176 K at 31 December 2014),
with an increase of €167K mainly due to the reasons described in the introduction and, to a lesser
extent, to the combined effect of the purchase of software and amortization for the period.
22. Fixed assets and advance payments: At 30 June 2015, this item totaled €4.6M (€7.9M at 31
December 2014), with a reduction of €3.4M due to the capitalization of the investment made for the
improvement of maneuvering areas in the Pisa airport to concession rights, in addition to the new
ongoing investments and the other issues described in the introduction.
23. Tangible assets
June 30, 2015
Amounts in €K
TANGIBLE ASSETS
Dec. 31, 2014
26.113
21.064
Diff.
5.049
On the whole, investments for approximately €1.07M were made in the first 6 months of 2015,
concerning:
(Amounts in €K)
Owned land and buildings
Plant and machinery
Industrial and commercial equipment
Cars
Furniture and fittings
Hardware
Assets under construction
Total
385
451
23
59
36
44
77
1.074
Investments in tangible assets mainly consisted in works in the Pisa airport for the delocalization of
Borgo Cariola (€380K) and the purchase of cars and ramp vehicles (€302K), the development of
new advertising facilities (€38K) and the purchase of hardware (€44K).
The values indicated in the Statement of Assets and Liabilities are net of the depreciation
calculated based on the rates considered to be representative of the residual possibility of
utilization of the related tangible assets.
Details on tangible assets are provided in Annex B.
86
24. Stakes in other entities
At 30 June 2015, the Parent Company “TA” held other stakes, valued at purchase cost, which
consist of:

I.T. Amerigo Vespucci S.p.a. (0.22 % of the capital): €50.7K;

Consorzio Turistico Area Pisana S.c.a.r.l. (2.4% of the capital): €420;

Scuola Aeroportuale Italiana Onlus (52.7% of the capital): €13.2K;

Tirreno Brennero S.r.l. (0.27% of the capital): €654;

Consorzio Pisa Energia S.c.r.l. (5.8% of the capital): €831;

Montecatini CB S.c.r.l. (5.0% of the capital): €3.5K;

Consorzio per l’Aeroporto di Siena (0.11% of the capital): €18K;

Firenze Convention Bureau S.c.r.l. (0.97% of the capital): €1K;

Firenze Mobilità S.p.a. (3.98% of the capital): €55K;

Società Esercizio Aeroporto della Maremma S.p.a. (0.39% of the capital): €10K.
Scuola Aeroportuale Italiana Onlus has been listed with the other entities because it is a non-profit
organization.
Consorzio Turistico Area Pisana, Montecatini Congressi S.c.r.l., Tirreno Brennero S.r.l. and
Consorzio per l’Aeroporto di Siena were winding up at the closing date of this Report.
25. Stakes in subsidiaries
At 30 June 2015, the Parent Company “TA” held other stakes valued at purchase cost for €80K,
referring to the sole entity “Toscana Aeroporti Engineering S.r.l.”. The business purpose of this
entity is the provision of engineering and airport development support services for a minimum
period of three years, exclusively in the favor of the Florence and Pisa airports. At 30 June 2015, the
entity was not operating, so it was not included in the Consolidation Area.
26. Stakes in Associated Companies
At 30 June 2015, the value of TA’s stakes in associated and related entities was €492K (€482K at 31
December 2014), as shown in the table below.
Amounts in €K
Alatoscana Spa
Immobili AOU Careggi Spa
Total
June 30, 2015
377
116
492
Dec. 31, 2014
Diff.
377
0
105
10
482
10
For further considerations on the characteristics of the entities in question, see the section
“Relationships with associated companies and related parties” of the Report on Operations.
No impairment indicator applies to these stakes.
87
Financial Assets
27. Guarantee deposits
At 30 June 2015 this item totaled €115K (€60K at 30 June 2014), and mainly refers to guarantee
deposits issued in favor of utility providers (for connections), tobacco products, cash floats given to
ticket offices and parking fees.
28. Receivables from others, due beyond the year
At 31 December 2014, this item totaled €3,115K (€2,237K at 31 December 2013), with receivables
deriving from:
- two specific conventions with the State for infrastructural works (Law 299/79 and FIO) within
the civil Pisa airport (€1,160K). Said receivables may be offset with the advances received from the
State, posted among medium/long-term liabilities, over times that cannot be defined at present.
- Requests for IRES reimbursement for the non-deduction of IRAP relating to the cost of
personnel for €1,774K under art. 2, paragraph 1, of Leg. Dec. no. 201/2011 (converted into Law no.
214/2011) so-called “Manovra Monti”, completed by Leg. Dec. no. 16 of 2 March 2013 (so-called
“Decreto semplificazioni fiscali” [tax simplification decree] converted, with amendments, into Law
no. 44 of 26 April 2013), which established the possibility to apply the new provisions on the full
deductibility of IRAP also effective for previous taxation period (2007-2011).
- €181K of the loan granted to the associated company “Firenze Mobilità SpA” for works
competed by this entity (to be repaid not earlier than 4 years after the testing of the works).
29. Prepaid taxes recoverable beyond the year
Deferred tax assets and liabilities have been posted in their net amount when they could be offset
in the same jurisdiction. The net balance is € 2,276K (€2,032K at 31 December 2014). This amount
mainly includes taxes determined on the temporary differences due to taxed provisions (for repair,
bad debt, etc.) and to the accounting of intangible assets (concession rights) according to IFRIC 12.
We remind the reader that taxes for the period have been determined, as required by IAS 34 and
IAS 12, by applying the best estimate of the expected weighted average tax rate at period-end.
We also point out that, for the item at issue, prepaid taxes recoverable within the year, previously
recognized in the specific item of current assets, have been reclassified for €842K.
CURRENT ASSETS
As shown in the table, current assets totaled €60,418K at 30 June 2015, with an increase of
€18,759K compared to 31 December 2014.
Amounts in €K
CURRENT ASSETS
June 30, 2015
60.418
Dec. 31, 2014
Diff.
41.659 18.759
More specifically, the main differences reflect:
30. Inventories
There is no inventory of raw and ancillary materials, consumables and goods.
Trade and Sundry Receivables
At 30 June 2015, this item shows €35,307K (€16,568K at 31 December 2014) and includes:
88
31. Receivables from customers
At 30 June 2015, Receivables from customers, net of the Provision for bad debt, totaled €27,945K
(€13,727K at 31 December 2014), as detailed below:
Amounts in €K
Toscana Aeroporti
Parcheggi Peretola
Jet Fuel
Total gross receivables
Bad debt reserve
Total net receivables
June 30, 2015
31.160
17
318
31.495
-3.550
27.945
Dec. 31, 2014
15.654
0
273
15.927
-2.200
13.727
Diff.
15.506
17
45
15.567
-1.350
14.218
The Provision for bad debt (entirely of the Parent Company, “TA”) has been increased over the
period by contributing €79K, while €19K have been used. The details of this item are given below
(in €K):
Amounts in €K
Dec. 31, 2014
Bad debt reserve
Contribution
from merger
2.200
1.289
prov.
79
use
June 30, 2015
19
3.550
32. Receivables from associated companies
Details of these receivables (in €K) are given in the table below:
Amounts in €K
Alatoscana Spa
Immobili AOU Careggi Spa
June 30, 2015 Dec. 31, 2014
65
54
260
309
Total
325
364
Diff.
11
-49
-39
33. Tax receivables
At 30 June 2015, this item showed €4,293K (€300K at 31 December 2014), including:
- a VAT credit of the Parent Company relating to previous years, for which a reimbursement of
€3,456K has been requested (years 2009, 2013, 2014);
- a VAT credit of the Parent Company relating to the current year for €642K;
- a VAT credit of the subsidiary Jet Fuel for €190K;
- other lower tax credits for €5K.
34. Receivables from others, due within the year
The item “Receivables from others, due within the year” includes (amounts in €K):
89
Amounts in €K
Accrued income
Advance payments to suppliers
Receipts for monopoly products
Receipts for parking lots
Accrued income for capital
increase expenses after merger
Other minor entries
Total
June 30, 2015 Dec. 31, 2014
1.063
499
651
651
297
275
144
122
0
589
2.744
378
254
2.177
Diff.
564
0
22
23
-378
336
567
“Prepaid expenses” mainly referred to consumables such as airport uniforms (higher expense
during the high season), supplies invoiced in advance, membership fees, insurance.
“Advances paid to suppliers” mainly refer to the “People Mover” project.
“Receivables for collections” are due from the providers of tobacco points of sale and for the
management of the receipts of parking lots (including the Telepass service).
Prepaid expenses related to capital increase include the costs incurred at 31 December 2014 for the
legal and financial consultants that assisted the company in the Merger by incorporation of AdF
into SAT promoted by the common Shareholder, which will be finalized during the first half of
2015. These costs, for a total amount of €1,095K (including the expenses incurred in the first 6
months of 2015), have been reclassified in reduction of the Shareholders’ Equity for €738K (after
taxation) after TA’s capital increase for the incorporation of AdF.
35. Cash and cash equivalents
Amounts in €K
Cash and cash equivalents
June 30, 2015 Dec. 31, 2014
25.111
25.091
Diff.
20
For more details, see Statement of Cash Flows.
SHAREHOLDER’S EQUITY AND LIABILITIES
The differences in the Shareholders’ Equity occurred during the first 6-month period 2015 are
detailed below:
Amounts in €K
June 30, 2015 Dec. 31, 2014
CAPITAL AND RESERVES
105.415
CH.
66.736 38.679
The Shareholders’ Equity increased by €38.7M as a consequence of the combined effect of the
reduction in the fair value reserve after the sale of AdF shares (for approx. €1.6M) and of the net
capital contribution due to the merger after the incorporation of the AdF Group (for approx.
€41.3M). This amount is shown in the consolidated Shareholders’ Equity table as sum of item
“Capital increase for merger by incorporation of AdF” for €14.4M plus item “Other entries arising
from the merger by incorporation of AdF” for €26.9M, equivalent to the al Shareholders’ Equity of
the AdF Group at 31 December 2014 - €44.2M net of the Dividends distributed before signing the
merger for €2.9M.
90
Furthermore, after the SAT capital increase done to complete the incorporation of AdF, reserves
were reduced by €738K as a consequence of the recognition in the Shareholders’ Equity of share
capital increase costs. For more details on each individual item, see the specific tables in the
financial statements.
More specifically, the Shareholders’ Equity consists of the following items:
36. Share Capital
At 30 June 2015, the fully paid-up share capital consisted of 18,611,966 ordinary shares with a
nominal value of €1.65 each (9,860,000 shares at 31 December 2014). The item was increased
because, at the effective date of the merger, Toscana Aeroporti (former SAT) increased its share
capital for a total amount of €14,440,743.90 by issuing 8,751,966 shares for the purpose of the
exchange.
For details on Shareholders, see the table and section “Shareholders of the Parent Company” in
the Report on Operations.
37. Capital reserves
Capital reserves consist of:
- A share premium reserve for €18,941K created with the paid capital increase upon listing SAT
S.p.a. on the Stock Exchange in July 2007.
- Revaluation reserves recorded at 30 June 2015 for a global amount of €435K, consisting of the
positive monetary revaluation balance obtained under Law no. 413/91, net of substitute tax for
€83K. A partial tax deferral applies to this reserve. No fund has been set aside for this tax because
no transaction is expected that could determine its taxation.
- A legal reserve for an amount of €2,548K. The increase of €205K compared to 31 December 2014
stems from the allocation of the year’s profit for 2014 as deliberated by the Shareholders’ Meeting
during their approval of 2014 financial statements.
- Statutory reserves for an amount of €25,876K. The increase of €5K stems from the allocation
of the year’s profit for 2014 as deliberated by the Shareholders’ Meeting during their approval of
2014 financial statements.
- Other reserves mainly created from the reserve created after the merger by incorporation of AdF
for €25,807K, net of €738K spent for the merger and capital contributions paid under art. 55 of DPR
917 for €66K.Pursuant to point 5 of the first paragraph of art. 2426 of the Civil Code, we specify
that there is no restriction on available reserves.
38. IAS adjustments reserve
This reserve includes: (i) the IAS reserve (negative for €-711K) net of theoretical taxation created on
1 January 2005 upon First Time Adoption to reflect the impacts on the Shareholders’ Equity of the
adoption of international accounting standards; (ii) the IAS reserve (negative for €-2,517K) created
after the application of the new international standard IFRIC 12 since 1 January 2011; (iii) the IAS
reserve (negative for €850K) stemming from the Incorporated Entity (former ADF).
91
39. Fair Value reserve
At 30 June 2015, this reserve was empty (€1,595K at 31 December 2014). The reserve was closed
after the sale of the stake held in Aeroporto di Firenze S.p.a. finalized before the signature of the
deed of merger and with the effectiveness thereof.
40. Profit/(loss) carried forward
This item includes profits carried forward for €2,376K (€107K at 31 December 2014). The difference
is due for €263K to the actuarial effect of the recalculation of the Termination Benefit according to
IAS 19 and for €2,007K to the profits coming from the Incorporated Entity being carried forward.
41. Group’s profit (loss) for the period
This item shows the result of the TA Group at 30 June 2015, €3,368K, against €4,199K at 31
December 2014.
42. Minority interest
Based on 2015 financial statements, the 66.67% minority interest corresponds to €101K (against
€138K at 31 December 2014). The difference is mainly due to the distribution of the dividends of
the subsidiary Jet Fuel.
43. Other components of the Statement of Comprehensive Income
The value at 30 June 2015 is broken down below:
Other components of the Statement of Comprehensive Income at June 30, 2015
FAIR VALUE
RESERVE
SITUATION AT JUNE, 30, 2015
PROFIT/(LOSS)
MINORITY
CARRIED
INT. S.E.
FORWARD
TOT. OTHER
COMPON. OF
STATEM. OF
COMP. INC.
Other comprehensive profit/(loss) that will not be
subsequently reclassified to the Income Statement:
- Profit (loss) arising from the determination of
the Termination Benefit before tax
0
256
7
263
Other comprehensive profit/(loss) that will be
subsequently reclassified to the Income Statement:
- Profit/(Loss) arising from the redetermination of
available-for-sale financial assets
0
0
0
0
COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD
0
256
7
263
92
Other components of the Statement of Comprehensive Income at Dec. 31, 2014
SITUATION AT DEC. 31, 2014
TOT. OTHER
COMPON. OF
STATEM. OF
COMP. INC.
PROFIT/(LOSS)
MINORITY
CARRIED
INT. S.E.
FORWARD
FAIR VALUE
RESERVE
Other comprehensive profit/(loss) that will not be
subsequently reclassified to the Income Statement:
- Profit (loss) arising from the determination of
the Termination Benefit before tax
0
-273
-11
-284
- Profit/(Loss) arising from the redetermination of
available-for-sale financial assets
489
0
0
489
COMPREHENSIVE PROFIT (LOSS) FOR THE PERIOD
489
-273
-11
205
Other comprehensive profit/(loss) that will be
subsequently reclassified to the Income Statement:
The tax effect regarding the other components of the Statement of Comprehensive Income is
broken down below:
Tax
(charge)/
benefit
G ross
value
SITU A TIO N A T JU N E 30,2015
- Profit (loss)arising from the determ ination ofthe
Term ination Benefit before tax
363
-100
263
0
0
0
363
-100
263
- Profit/(Loss)arising from the redeterm ination ofavailablefor-sale financialassets
TO TA L
G ross
value
SITU A TIO N A T D EC.31,2014
- Profit (loss)arising from the determ ination ofthe
Term ination Benefit before tax
- Profit/(Loss)arising from the redeterm ination ofavailablefor-sale financialassets
TO TA L
N et Value
Tax
(charge)/
benefit
N et Value
-392
108
-284
489
0
489
97
108
205
MEDIUM/LONG-TERM LIABILITIES
Details of medium/long-term liabilities during the period considered are given below:
Amounts in €K
June 30, 2015 Dec. 31, 2014
MEDIUM-LONG TERM LIABILITIES
70.228
More specifically, this aggregate consists of the following categories:
93
CH.
41.300 28.928
44. Provisions for liabilities and expenses
The provision for liabilities and expenses totaled €1,968K at 30 June 2015 (against €33K at 31
December 2014). Details of the provision are given below. Differences are mainly due to the use of
the provision for the agreement made with the contractor of the works for the expansion of the
passenger terminal concluded in 2012 (for €1,365K).
Amounts in €K
Contribution
from merger
Dec. 31, 2014
Provisions for liabilities
and charges
33
3.604
prov.
use
6
June 30, 2015
-1.676
1.968
The composition of these provisions (entirely of the Parent Company, “TA”) is given below:
- Severance pay and similar obligations
It includes the provision of approx. €33K (unchanged with respect to 31 December 2014) relating to
the supplemental customer allowance due under the Collective Economic Agreement of sales
agents and representatives.
- Others (provision for liabilities and future expenses)
The provision for liabilities and future expenses totaled €1,935K (non-existing at 31 December
2014) and the difference is mainly due to the provision created by the merger by incorporation of
AdF, mainly consisting of (€1,430K) contributions paid in connection with the Fire Brigade Fire
Protection Service dispute described below. The residual amount of the Provision for liabilities
refers to the best estimate of potential liabilities associated with other smaller pending disputes: i)
for €120K as best estimate of the liabilities that may arise in connection with the risk of
disbursement for the doubling of general aviation rights – Art. 2 duodecies of DL dated 30
September 1994; ii) €302K as expected expense for the possible unfavorable outcome of the
assessment resulting from the Guardia di Finanza (Tax Police) inspection occurred during 2003
regarding the taxes of previous years (as regards this dispute, ADF had favorable first and second
instance judgments and the adverse party filed an appeal with the Court of Cassation).
The amounts set aside by the Company to face said potential risks deriving from ongoing litigation
are deemed to be appropriate in connection with the predictable outcome of the legal proceedings
based on the opinions of independent legal consultants.
A regards the Fire Brigade Fire Protection Service, AdF (today TA), together with other
management companies, initiated specific legal actions both with the administrative and tax
courts opposing the last note issued by ENAC on 31 July 2009 that established the final allocation
of the contribution to the fire protection fund due by the individual airport management
companies. In particular, AdF (today TA) is one of the twenty-four airport management companies
that, on the basis of the most recent ENAC note of 31 July 2009, are required to pay larger sums
and therefore have a real and current interest in challenging this measure. The main purpose of the
legal proceedings brought forward is to challenge the constitutionality of the provisions of
paragraph 3-bis of Article 4 of Legislative Decree No. 185/2008, which entered into force on 29
January 2009 and allocated the fund resources for purposes totally unrelated to those initially
envisaged by the 2007 National Finance Law. It is indeed believed that any obligation for airport
operators to contribute to the fund would represent an asset tax imposed in breach of the principle
94
of taxpaying capacity set out in Article 53 of the Constitution, as well as in evident violation of the
principles of equality and reasonableness, as set out in Article 3 of the Constitution.
After the positive judgments of the Administrative Court of the Region Lazio (TAR Lazio no.
045588/2013) and of the Tax Court of Rome (CTP Roma no. 10137/51/14), now even a Civil Judge
pronounced a positive opinion on the matter and fully admitted the petition of an airport
management company who opposed against the court order issued by the competent
Administrations and confirmed that the Fire Protection Fund is a special-purpose tax and therefore
falls under the jurisdiction of the Tax Court.
The Court of Florence, on 16 June 2015, issued judgment no. 2139/2015 and ascertained that a
joinder is possible between the warning proceeding and the previous judgment pending before the
Court of Rome RG no. 43796/2012. Furthermore, the Court of Florence: i) declared that the Court of
Florence has no jurisdiction, but the Court of Rome has; ii) nullified the opposed court order no.
4412/12 for a value of € 934,309.00 plus interests; iii) fixed as term for the re-opening of the trial
before the Court of Rome 19 October 2015 (three months); iv) shared the legal expenses equally
between the parties.
On 28 July 2015, TA (former AdF), together with the other airport management companies
involved, notified the competent Administrations about the opposition against 2015 ENAC Note of
29 May 2015 that established the subjective and objective framework of contribution to the Fire
Protection Fund based on the air traffic reported in 2014.
TA brought legal proceedings before the Court of Rome against the Ministry of the Interior, the
National Fire Brigade, ENAC, the Ministry of the Economy and Finance and the Ministry of the
Infrastructures and Transportation to obtain that said Court ascertain and declare the nonexistence of any obligation for TA to pay the contribution of € 357,702 to the Fire Brigade
protection services fund for the year 2013 and sentence the Ministry of the Interior and the
National Fire Brigade and, in the second place, each defendant Administration for their part, to
refund the claimant any amount paid for the year 2013.
On 25 June 2015, the hearing for the admission of preliminary evidence took place and the Judge
put off his decision and clarified that probably, without prejudice to any decision regarding the
request put forward by TA pursuant to art. 210 CPC, he will defer the case to specify the outcome
and, at the end of that hearing, he will examine the jurisdiction and the constitutional lawfulness
issues.
As regards the position of the Pisa airport (former SAT), the company has been regularly paying
the aforesaid contribution since 2010 based on its recognition of the levy as rate. For the years
2007-2009, the company accordingly posted the aggregate debt in its balance sheet as account
payable to the Revenue Agency while waiting for the conclusion of the petition submitted by the
Ministry of the Interiors, presently going through the first instance trial (classified in the item
“Other accounts payable due within the year”). In this dispute, the company is in line with the
objections raised by the other airport management companies.
Based on the positive evolution of said petitions and with the support of the opinions of
independent consultants, TA adjusted the estimate of the Provision for Liabilities to €1,430K, and
released €311K to the income statement. Furthermore, for the same considerations, former AdF
accounts payable relating to the years 2007-2009 have been posted as contingent assets for
approx. €567K.
95
45. Provisions for repair and replacement
This provision (valued according to the best estimate of the expense required to fulfill the
obligation at the closing date of the report) includes the amounts spent for the maintenance and
repair of infrastructures in the Florence and Pisa airports, to be returned in perfect maintenance
conditions to the Grantor at the end of the concession period. The global value of this item at 30
June 2015 was €20,020K, up by €7,742K with respect to 31 December 2014 due to the effect of the
incorporation of AdF, of the contributions paid to the provision in the first 6 months of 2015,
partially offset by the uses of the period. Details are given below:
Amounts in €K
Provisions for repair and
replacement
Contribution
from merger
Dec. 31, 2014
12.278
6.344
prov.
2.020
use
-622
June 30, 2015
20.020
Depending on the estimated time of its use within the year, this provision is allocated to
medium/long-term liabilities (€17,096K at 30 June 2015) and to current liabilities (€2,924K at 30
June 2015).
46. Employee termination benefits
As indicated above, the ETB is considered as a defined benefit obligation to be recognized as
recommended by IAS 19 - “Employee Benefits”. The amount of the termination benefit has been
recalculated by using the so-called “Projected Unit Credit Method”, by making actuarial valuations
at the end of the reference period.
The amendment made to IAS 19 – “Employee Benefits” eliminates the option to defer the
recognition of actuarial gains and losses with the corridor method and required, instead, that the
deficit or surplus of the entire provision be presented in the statement of financial position, while
the labor cost components and net financial expenses should be recognized separately in the
income statement, with actuarial gains and losses deriving from the re-measurement of the
liability and asset being recognized as items of the Statement of Comprehensive Income.
Furthermore, the return on assets included in net financial expenses should be determined on the
basis of the discount rate of the liabilities, and no longer on the return expected from them.
As regards the economic-financial scenario, the parameters used for the valuation of the Pisa and
Florence staffs at 30 June 2015 are:
- annual technical discount rate: 2.06%
- annual inflation rate :0.60% for 2015 – 1.2% for 2016 – 1.5% for 2017 and 2018 – 2% from 2019 on
(2.0% at 31 Dec. 2013);
- annual ETB increase rate: 1.95% for 2015 – 2.4% for 2016 – 2.625% for 2017 and 2018 – 3%
starting from 2019.
As far as the discount rate is concerned, the Corporate AA iBoxx 10+ index has been selected as
criterion for the valuation of this parameter, as the duration of 10+ years is suitable for the average
time of permanence in the two staffs being considered.
There is no defined benefit scheme for the executive personnel of the company. The value of the
consolidated liability at 30 June 2015, as required by IAS 19, was €6,638K (€4,207K at 31 December
2014). This provision is posted net of the advance payments and settlements made during the
period examined and shows an increase of €2,431K compared to 31 December 2014, as specified
below (in €K):
96
Amounts in €K
Dec. 31, 2014
Termination benefits and
other personnel-related
provisions (24)
Contribution
from merger
4.207
2.962
Actuarial
(gain)/loss
-363
prov.
52
use
-220
June 30, 2015
6.638
The difference shown in the Statement of Comprehensive Income (€+263K) corresponds to the
actuarial gain of €363K, after a taxation of €100K.
The valuation of future benefits is obviously affected by all the assumptions required for its
identification; therefore, in order to obtain the sensitivity shown by the actual value as determined
above compared to said assumptions, some tests have been conducted to provide the difference in
the actual value against a given difference in some of the assumptions adopted, which may mostly
affect that value. The table below provides the sensitivity analysis of the provision with changing
discount rates.
C hanges in discount
rate
D B O (D ec.31,
2014)
C onsolidated
0.0%
€
4.206.853
0.50%
€
4.033.613
0.10%
€
4.171.112
-0.10%
€
4.243.163
-0.50%
€
4.394.343
Finally, the table below provides a prediction of disbursement of the provision.
C onsolidated
D isbursem ents expected in€ the 1485.
st year
268
D isbursem ents expected in€ the 2nd
281.368
year
D isbursem ents expected in€ the 3rd
247.
year
585
D isbursem ents expected in€ the 4t
500.
h year
167
D isbursem ents expected in€ the 5th
168.
year
357
47. Financial liabilities
This item (entirely of the Parent Company, “TA”) shows €42,687K (against €24,700K at 31
December 2014). The details of non-current and current financial liabilities are given below (in the
“Loans” item). The amount of €4,412K refers to the portions expiring within the subsequent twelve
months of the long-term loans shown in this section.
97
Amounts in €K
Non-current financial
liabilities
Current financial
liabilities
Total
Dec. 31,
2014
Contribution
from merger
draw-down
reimbursereclass. June 30, 2015
ment
24.700
10.623
10.000
0
-2.636
42.687
2.068
26.768
1.408
12.031
0
10.000
-1.700
-1.700
2.636
0
4.412
47.099
The total increase in financial liabilities, €20,331K, refers for €12M to the incorporation of AdF, for
€10M to draw-downs made in the period, and for €1.7M to repayments of portions of capital at the
relevant due dates.
Said financial liabilities refer to two long-term loans granted by the banks “Banca Infrastrutture
Innovazione e Sviluppo” (of the Intesa San Paolo Group) and “MPS Capital Service” to support
infrastructure investments. These loans must be repaid before June 2022 (€20M, with a residue of
approx. €8M) and September 2027 (€40M completely used up), respectively, with a Euribor 6
months interest rate plus a spread. The amount posted in the balance sheet substantially reflects
the value of the amortized cost of the liability as provided for by IAS 39.
The aforesaid medium/long-term financial debt is required to comply with certain financial indices
defined in the related agreement, such as a certain net financial position/EBITDA and net financial
position/Shareholders’ Equity, according to the definitions agreed with the lending counterparties
and measured on the book values of the Parent Company for the €40M loan and of the Group for
the €20M loan.
We finally point out that, in addition to the aforesaid parameters, the €20Mloan agreement
requires a minimum amount of €1M to be made available and deposited in a current account
pledged as security for the same loan and that no extraordinary transaction be entered into with
third parties (entities not of the Group) without the previous written consent of the lending banks.
Failure to comply with the covenants and the other contractual obligations undertaken with the
loan in question shall imply, if not remedied under the agreement provisions, the anticipated
reimbursement of the residual loan amount.
At 30 June 2015 the Company was compliant with all the above-mentioned parameters.
48. Other payables due beyond the year
Payables due beyond the subsequent year (entirely of the Parent Company, “TA”) consist of
€1,839K (against €1,839K at 31 December 2014).
More specifically:
i) €32 K refer to guarantee deposits received from customers as performance bonds for services
provided to them;
ii) €1,807K refer to the advances received from the Ministry of Transport pursuant to Law 299/79
(€774K) and FIO works (€1,033K) that will be offset against accounts receivables from others
due beyond the year. At the date of this Report, it is impossible to predict the date of closure
of the preliminary investigation by the competent bodies.
98
CURRENT LIABILITIES
Changes in non-current assets occurred during the period are shown below.
Amounts in €K
CURRENT LIABILITIES
June 30,
2015
66.929
Dec. 31,
2014
37.150
Diff.
29.779
More specifically, this aggregate consists of the following categories:
49. Bank overdrafts
At 30 June 2015, the TA Group had a short-term bank indebtedness of €10,535K referred to the use
of lines of credit for current operations. These facilities refer entirely to relationships existing with
former AdF for an equivalent amount at 31 December 2014. They have a duration of three months
and interest rates negotiated at each due date, with the application of a spread on the Euribor rate
for the period. At present, the maximum spread applied has been 75 bp and there is no financial
covenant on said loans.
Finally, we inform the public that in July 2015, for a better management of the liquidity of the
Group, €6M have been repaid.
50. LOANS
At 30 June 2015, the TA Group had bank loans for €4,412K (€2,068K at 31 December 2014),
exclusively referred to the reimbursement prediction in the subsequent year of long-term loans
(which are also shown in the related table ad a comment of non-current financial liabilities).
The Net Financial Position at 30 June 2015, as shown in the Report on Operations in compliance
with Consob Resolution prot. no. 6064293 of 28 July 2006, is specified below:
99
Amounts in €K
Consolidated Consolidated
June 30, 2015 Dec. 31, 2014
A. Cash on hand and at banks
B. Other cash and cash
equivalents
C. Securities held for trading
25.111
D. Liquid assets (A) + (B) + (C)
25.111
E. Current financial receivables
20
-
-
-
-
-
10.535
4.412
H. Other current financial
payables due to leasing
companies
25.091
-
-
F. Current bank payables
G. Current portion of noncurrent indebtedness
2015/2014
Abs. Diff.
-
25.091
20
-
-
-
10.535
2.068
-
2.344
-
I. Current financial
indebtedness (F) + (G) + (H)
14.946
2.068
J. Net current financial
indebtedness (I) - (E) - (D)
(10.165)
(23.023)
12.859
K. Non-current bank payables
42.687
24.700
17.987
12.878
L. Bonds issued
-
-
-
M. Other non-current payables
due to leasing companies
-
-
-
N. Non-current financial
indebtedness (K) + (L) + (M)
42.687
24.700
17.987
O. Net financial indebtedness
(J) + (N)(NFI)
32.523
1.677
30.846
See comments in the Report on Operations and to the “Statement of Cash Flows” for a more indepth analysis of this item.
51. Tax liabilities
The aggregate amount of this item at 30 June 2015 is €10,045K (against €5,887K at 31 December
2014), broken down below:
Amounts in €K
June 30, 2015 Dec. 31, 2014
Municipal surtax for passenger boarding
8.791
IRES/IRAP due
250
IRPEF due for employees and self-employed prof.
676
Higher fees due for private flights
160
Local taxes
147
VAT due
20
Total
10.045
100
4.672
316
256
155
401
86
5.887
Diff.
4.119
-66
420
5
-254
-66
4.158
Accounts payable to the Revenue Agency for the municipal surtax on passenger boarding fees,
presently consisting of €8.8M, established by art.2, paragraph 11, of Law no. 350 of 24 December
2003 starting from 1 June 2004, has increased by further €4.1M mainly as a consequence of the
incorporation of AdF and partially due to the increase in passenger traffic recorded at the end of
the first 6 months of 2015 compared to the aggregate traffic of the two airports at mid-2014.
Even the other increases in “Other tax liabilities” mainly derive from the incorporation of AdF.
52. Payables to suppliers
At 30 June 2015, Payables to suppliers totaled €22.3M (€17M at 31 December 2014), up by €5.3M
after the incorporation of AdF’s €6.6M of the Payables to suppliers.
53. Payables to social security institutions
This item includes accounts payable to social security and pension institutions (INPS, INAIL) at 30
June 2015, for a total of €2,043K (against €1,710K at 31 December 2014). The difference is the result
of the amounts accrued with the incorporation of AdF’s debt for €1.1M, reduced by the payment of
€768K during the first 6 months of 2015.
54. Other payables due within the year
Other payables due within the year at 30 June 2015 consist of €14.4M (€8.4M at 31 December
2014), which include the following items:
June 30, 2015 Dec. 31, 2014
Amounts in €K
Concession fees
Ministry of Transport
Air/bus/train ticket office receipts
Due to employees
Insurance policies and damage excesses
Directors' and Auditors ' Fees
Fire-protection service
Due to banks on a quarterly basis
Deferred income
Other minor entries
Total
1.827
2.205
838
5.699
84
213
2.250
23
914
326
14.378
1.500
0
761
3.207
96
26
2.292
129
124
298
8.433
Diff.
327
2.205
77
2.492
-12
187
-42
-106
790
28
5.945
More specifically:
-
-
-
concession fees are increased in connection with the aggregate fee of the Florence airport
after the merger by incorporation and, to a lesser extent, with the increased traffic. We point
out that, effective from 26 May 2015 (enforcement of new airport fees in Florence),
concession fees in the Florence airport has no longer been reduced under Law 248/2005.
Accounts payable to the Ministry of Transport, €2,2M, derive from an amount collected by
the Florence airport in 2013 after the positive outcome of trial no. 2403/2012 that
compensated for damages suffered for the non-improvement of airport fees in the years
1999-2005, which, on a precautionary basis, had not been recognized to the income
statement before the last-instance trial, also because of the appeal lodged with the Attorney
General’s Office.
Ticket office receipts have increased due to the higher traffic reported for the first 6 months
of 2015 compared to the same period of 2014.
The increased employee salaries and Directors’ and Auditors’ fees is mainly due to the
101
-
-
incorporation of the debt of former AdF.
The balance of accounts payable to the Revenue Agency for the portion related to mid-2015
of the contribution paid for the Fire Brigade fire protection service introduced by the 2007
Finance Law has been paid by the Company. This account payable also includes the amounts
set aside while waiting for the outcome of the pending case initiated by the same Ministry
against the Company for the collection of arrears for the years 2007-2009. Furthermore, we
specify that specific appeals have been lodged by some airport management companies
(including former AdF) both with the jurisdictional court and with the tax court, as agreed
with Assaeroporti, to ask for the annulment of the administrative measures regarding the
payment of the so-called Fire Brigade protection services, even in the light of the
enforcement of the measures described in paragraph 3-bis of art. 4 of Leg. Dec. 185/2011,
which allocated the resources of the provision for totally different purposes from those of
reducing the cost of the fire protection service in airports. TA, as other airport management
companies, has currently set aside the amounts determined by ENAC for the Provision,
which is still associated with that purpose while waiting for the outcome of the pending
cases. TA thinks that the amounts allocated to this account payable are appropriate to face
the risk of a possible payment while waiting for the outcome of the pending cases. For
further considerations, see the section “Provisions for liabilities and expenses”.
Prepaid expenses refer to non-aviation revenues invoiced in advance. The difference mainly
reflects the seasonal nature of the business.
55. Advanced payments
Advance payments totaled €278K against €276K at 31 December 2014, which substantially
confirms the amount of advance payments made to customers.
COMMITMENTS AND GUARANTEES
At 30 June 2015, total commitments and guarantees (regarding the Parent Company) were
€21,344K (€17,200K at 31 December 2014), consisting of €13,145K of third party suretyships in favor
of TA and €8,199K of suretyships given by third parties on behalf of TA. The difference is mainly
due to the incorporation of AdF.
Amounts in €K
Third-party suretyships in favour of Company
Third-party suretyships on behalf of Company
Total commitments and guarantees
June 30,
Dec. 31,
2015
2014
13.145
8.728
8.199
8.472
21.344
17.200
Diff.
4.417
-273
4.144
Suretyships provided by third parties in the favor of TA (€13.1M) mainly refer to performance
bonds for contract works, for compliance with agreements by sub-licensees, air carriers and other
customers.
The suretyships provided to third parties on behalf of TA (€8.2M) mainly refer to performance
bonds in favor of ENAC to ensure full and exact fulfillment of the obligations established with the
two 40-year Conventions signed; of the Municipalities of Pisa and Florence to ensure compliance
with municipal regulations in the execution of works for the expansion of the airport infrastructures
by TA; and minor entries.
102
ADDITIONAL INFORMATION
Directors’ and Auditors’ fees
For details on Directors’ and Auditors’ fees, see the special table in the Report on Remuneration
produced under art. 123-ter of Leg.Dec. no. 58/98 (published in the Company’ websites).
We point out that Directors and Statutory Auditors held no interest in non-recurring transactions
performed during the first half of 2015, nor do they hold any in similar transactions initiated during
previous years and not yet concluded.
At the closing date of this Condensed Consolidated Interim Financial Report, no loan has been
given to any member of the Board of Directors or Board of Statutory Auditors.
Relationships with related parties
See the specific section in the Report and Annex C to this Condensed Consolidated Interim
Financial Report at 30 June 2015 for a summary of the main effects on the financial statement of
the transactions performed by the Parent Company with related parties, whose amount is scarcely
significant.
Significant non-recurring events and transactions
Pursuant to Consob’s Notice of 28 July 2006, we specify that no significant non-recurring
transaction was performed.
Atypical and/or unusual transactions
According to Consob’s Notice no. 6064293 of 28 July 2006, we disclose the information that no
significant non-recurring events and transactions took place during 2015.
Fair value measurement hierarchy
As regards the financial instruments recognized in the Financial Position at fair value, IFRS 7
requires these values to be classified based on a hierarchy of levels that reflects the significance of
the input used in the determination of fair value. The following levels are identified:
Level 1 – the price of the asset or liability being measured is drawn from an active market;
Level 2 – the inputs used are not the listed prices indicated above, but may be observed on
the market, either directly (prices) or indirectly (price derivatives);
Level 3 – the inputs are not based on observable market data.
These notions are not applicable to the Condensed Consolidated Interim Financial Report of the TA
Group because the stake held in Aeroporto di Firenze S.p.a., whose fair value (€1,723K at 31
December 2014) could be qualified as Level 1 because measured on the basis of an official listing in
the Italian stock exchange, was sold.
Authorization to publication
This document has been approved by the Board of Directors on 28 August 2015 and made available
of the public on the same date upon the Chairman’s authorization.
For the Board of Directors:
Marco Carrai
Chairman
103
ANNEXES TO THE 2015 CONDENSED CONSOLIDATED
INTERIM FINANCIAL REPORT
104
TABLE OF CHANGES IN INTANGIBLE ASSETS FOR THE FIRST HALF OF 2015
(amounts in €K)
CONCESSION
RIGHTS
Historical cost
PATENT AND
INTELLECTU
AL
PROPERTY
RIGHTS
WORK IN
PROGRESS
AND
ADVANCE
PAYMENTS
TOTAL
81.696
6.680
7.989
96.364
-14.000
-6.504
0
-20.504
67.695
176
7.989
75.860
10.912
7.331
0
124
0
-3
1.205
-7.331
-1.365
12.240
0
-1.368
73.501
2.974
4.114
80.589
-12.383
-2.787
0
-15.169
-2.206
-142
0
-2.348
77.155
167
-3.377
73.945
Historical cost
166.109
9.777
13.308
189.194
Accumulated depreciation
-21.259
-9.435
-8.696
-39.389
Value
144.850
343
4.612
149.805
Accumulated depreciation
A - Value at Dec. 31, 2014
VARIAZIONI DI PERIODO
Purchases
Previous years' work in progress
Disinvestments/Decreases
Historical cost of assets after merger
by incorporation of Florence Airport
(ex-AdF)
Accumulated depreciation of assets
from merger by incorporation of
Florence Airport (ex-AdF)
Depreciation
B - Balance of differences
at 30 June 2015 (A+B)
105
Ann. A
TABLE OF CHANGES IN TANGIBLE ASSETS FOR THE FIRST HALF OF 2015
(amounts in €K)
LAND, BUILDINGS AND
RUNWAY
INSTALLATIONS
that can
be
freely
assigned
Historical cost
owned by
the
Company
PLANT AND
MACHINERY
INDUSTRIAL
ASSETS
AND
UNDER
COMMERCIAL CONSTRUCT
EQUIPMENT
ION
OTHER
ASSETS
4.189
15.250
16.065
677
0
-3.364
-876
-11.636
-489
0
826
14.374
4.429
189
0
1.248
21.064
211
385
569
23
77
152
1.416
Previous years' work in progress
0
Disinvestments/Decreases
0
Historical cost of asset from
merger by incorporation of
8.357
Florence Airport (ex-AdF)
Accumulated depreciation of
asset from merger by
-6.854
incorporation of Florence
Airport (ex-AdF)
Depreciation
-226
Reversal of previous years' accum. depr.
0
0
0
0
-327
0
0
0
0
0
-15
0
-342
509
9.254
301
357
5.644
24.423
-474
-7.068
-274
0
-73
0
-826
103
-20
0
0
0
-505
15
-1.651
118
1.488
347
1.705
30
434
1.045
5.049
12.757
16.144
25.887
1.001
434
14.646
70.870
-10.444
-1.423
-19.754
-783
2.313
14.721
6.134
219
Accumulated depreciation
A - Value as at Dec. 31, 2014
8.850
TOTAL
45.031
-7.602 -23.967
CHANGES FOR THE PERIOD
Purchases
B - Balance of changes
Historical cost
Accumulated depreciation
Value as at Jun. 30, 2015 (A+B)
-4.246 -18.915
0 -12.353 -44.757
434
2.293
26.113
106
Ann. B
RELATIONSHIPS WITH RELATED PARTIES
30 June 2015
Amounts
in €K
balance sheet item
%
incidence
on balance
sheet item
30 June 2014
Amounts
in €K
%
incidence
on balance
sheet item
Associated companies
Immobili A.O.U. Careggi Spa
Take in associated companies
Receivables from associated companies
Other revenue and income
115,9
260,1
45,5
23,53%
376,6
65,1
20,0
76,47%
427,0
23,7
15,56%
17,2
63,2
80,5
0,15%
199,0
69,0
2,7
631,5
17,3
0,52%
224,2
69,1
1,7
116,6
0,59%
10,8
5,4
0,09%
79,7
78,2
0,70%
0,28%
-
28,9
0,14%
-
1,5
-
0,01%
0,00%
-
11,3
0,04%
-
79,99%
1,58%
371,0
81,5
20,0
85,38%
44,5
182,2
47,5
10,23%
725,7
-
15,39%
30,91%
2,54%
Alatoscana Spa
Take in associated companies
Receivables from associated companies
Other revenue and income
20,01%
0,69%
69,09%
6,02%
Other related parties
Pisamo Spa (°)
Receivables from others due within the year
Payables to suppliers
0,11%
Alha - Air Lines Handling Agents Spa
Non-Aviation revenues
Receivables from customers
Payables to
suppliers
0,23%
0,36%
-
Delta Aerotaxi srl
Aviation revenues
Non-Aviation revenues
Other revenue and income
Other receivables from customers
Costs for services
0,60%
0,09%
2,26%
0,09%
-
Corporate Air Services srl
Aviation revenues
Non-Aviation revenues
Other revenue and income
Other receivables from customers
0,60%
0,06%
0,42%
-
Delifly srl
Non-Aviation revenues
Other receivables from customers
0,02%
-
ICCAB srl
Non-Aviation revenues
Other receivables from customers
Corporacion America Italia srl
Costs for services
Comune di Firenze
Non-Aviation revenues
Receivables from customers
Pacini Editore Spa
Receivables from customers
(*)
a company 100% owned by Comune di Pisa (a TA partner).
107
Ann. C
CERTIFICATION OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL REPORT
PURSUANT TO ART. 81-TER OF CONSOB’S REGULATION NO. 11971 OF 14 MAY 1999, AND
SUBSEQUENT AMENDMENTS AND SUPPLEMENTS
The undersigned Gina Giani (Chief Executive Officer) and Marco Gialletti (Financial Reporting
Manager) of Toscana Aeroporti S.p.a., also considering the provisions contained in art. 154-bis,
paragraphs 3 and 4, of Legislative Decree no. 58 of 24 February 1998, hereby certify:

the appropriateness in connection with the distinguishing features of the company, and

the actual implementation
of the administrative and accounting procedures for the preparation of the Condensed
Consolidated Interim Financial Report at 30 June 2015.
Furthermore, it is hereby certified that the Condensed Consolidated Interim Financial Report at
30 June 2015:

has been prepared in accordance with applicable accounting standards recognized within
the European Community pursuant to EC Regulation no. 1606/2002 of the European
Parliament and of the Council of 19 July 2002;

reflects the contents of accounting books and records;

provides a true and fair view of the assets, liabilities, and financial situation of the issuer
and of the issuer.
The Report on Operations includes a reliable analysis of operating performance and income, as
well as the situation of the issuer, along with a description of the primary risks and uncertainties
to which it is exposed.
Florence, 28 August 2015
For the Board of Directors:
Gina Giani
CEO
Marco Gialletti
Financial Reporting Manager
108
REVIEW REPORT ON CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
To the shareholders of
Toscana Aeroporti SpA
Foreword
We have reviewed the accompanying condensed consolidated interim financial statements of Toscana
Aeroporti SpA and its subsidiaries (the Toscana Aeroporti Group) as of 30 June 2015, comprising the
consolidated income statement, consolidated statement of comprehensive income, consolidated
statement of financial position, statement of changes in the consolidated shareholders’ equity,
consolidated statement of cash flows, and related explanatory notes. The directors of Toscana
Aeroporti SpA are responsible for the preparation of the condensed consolidated interim financial
statements in accordance with International Accounting Standard 34 applicable to interim financial
reporting (IAS 34) as adopted by the European Union. Our responsibility is to express a conclusion on
these condensed consolidated interim financial statements based on our review.
Scope of review
We conducted our work in accordance with the criteria for a review recommended by Consob in
Resolution No. 10867 of 31 July 1997. A review of condensed consolidated interim financial statements
consists of making enquiries, primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is substantially less in scope than a fullscope audit conducted in accordance with International Standards on Auditing (ISA Italia) and,
consequently, does not enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the
condensed consolidated interim financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying condensed consolidated interim financial statements of the Toscana Aeroporti Group as
of 30 June 2015 are not prepared, in all material respects, in accordance with International Accounting
Standard 34 applicable to interim financial reporting (IAS 34) as adopted by the European Union.
Emphasis of Matter
During the first half of 2015 Aeroporto di Firenze SpA was merged into the company. The effects of
this transaction have been described in the explanatory notes in chapter “Merger by incorporation of
Aeroporto di Firenze SpA”. In consequence of this merger, the directors have restated certain
comparative information related to 31 December 2014 and 30 June 2014 compared to the figures
previously presented. The methods to restate the comparative information have been described in the
explanatory notes in chapter “Changes to the presentation of comparative data”.
Other aspects
The condensed consolidated interim financial statements for the period ended 30 June 2014 were
reviewed by other auditors, who on 29 August 2014 expressed an unqualified conclusion on the
condensed consolidated interim financial statements.
Florence, 28 August 2015
PricewaterhouseCoopers SpA
Signed by
Luigi Necci
(Partner)
This report has been translated into English from the Italian original solely for the convenience of
international readers. We have not examined the translation of the financial statements referred to
in this report.
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