Business

The SEA Group strategy is implemented through the subdivision of its business into three separate business units, each with its own competences and specific operative processes in order to maximise Group managerial efficiency

The business model of the SEA Group is based on the characteristics of the three business areas in which the company operates:

Commercial Aviation

The Commercial Aviation business includes Aviation and Non Aviation operations: the former regards the management, development and maintenance of airport infrastructure and plant and the offer to SEA Group customers of services and activities related to the arrival and departure of aircraft, in addition to airport safety services.

The revenues generated by these activities are established by a regulated tariff system and comprise airport fees, fees for the use of centralised infrastructure, in addition to security fees and tariffs for the use of check-in desks and spaces by airlines and handlers.

The Non-Aviation business however provides a wide and segregated offer, managed both directly and under license to third parties, of commercial services for passengers, operators and visitors to the Airports, in addition to the real estate segment.
The revenues from this area consist of the market fees for activities directly carried out by the Group and from activities carried out by third parties under license and of royalties based on a percentage of revenues generated by the licensee, usually with the provision of a guaranteed minimum.

This segment includes also income from warehouse, space and office rental to Cargo business operators, such as cargo handlers, transport companies and couriers.

General Aviation

The General Aviation business includes the full range of services relating to business traffic at the western apron of Linate airport and, with effect from July 2019, at Malpensa airport also.

Energy

The Energy business includes the generation and sale of electricity and heat to third parties.

The results of each of the above businesses are presented below.

(€/000)COMMERCIAL AVIATIONGENERAL AVIATIONENERGYCONSOLIDATED DATA
20192018201920182019201820192018
Operating revenues 679,444 658,128 10,818 11,344 16,606 14,484 706,868 683,956
EBITDA 268,516 273,622 6,509 7,488 (366) 741 274,659 281,851
EBIT 170,789 183,869 4,557 5,577 (694) 23 174,652 189,469

The EBITDA reported above includes the IFRIC margin.