In 2018 SEA generated a value of Euro 684.0 million, a 5.5% increase on the previous year. 80.1% of this amount (Euro 547.6 million) was distributed to stakeholders in the form of payments and other forms of transfers (an increase of +1.4% over the previous year), growing from Euro 539.7 million to Euro 547.6 million. The main recipients were suppliers, who were distributed Euro 200.7 million (Euro 184.3 million in the previous year), equal to 36.7% of the total and human resources, receiving Euro 189.4 million (34.6% of the overall value distributed compared to 39.0% in 2017). Also of significance was the value distributed to capital providers (Euro 88.0 million, equating to 16.1% of the distributed value, an increase on Euro 88.5 million in 2017). Public service payments - in the form of taxes and duties, amounted to Euro 63.4 million (11.6% of the distributed value). Finally, the value distributed to the Company and to the region amounted to 0.2% in 2018 and related to donations to service-sector entities and associations supporting cultural, humanitarian, scientific and sports projects.
Statement of the economic value generated and distributed by the Group (Euro ‘000)
| 2018 | 2017 | 2016 | ||
|---|---|---|---|---|
| Economic value directly generated | 683,956 | 648,260 | 614,705 | |
| a) Revenues | Operating revenues | 683,956 | 648,260 | 614,705 |
| Economic value distributed | 547,565 | 539,748 | 514,141 | |
| b) Reclassified operating costs | Reclassified consumable material costs and other operating costs | 200,695 | 184,288 | 187,196 |
| c) Commercial costs | Commercial costs | 5,067 | 4,070 | 5,651 |
| d) Employee salaries and benefits | Personnel costs | 189,416 | 210,743 | 182,971 |
| e) Payments to providers of capital | Dividends distributed in the year | 70,300 | 70,300 | 62,817 |
| e) Payments to providers of capital | Financial charges | 17,662 | 18,167 | 18,940 |
| f) Payments to the Public Administration | Current income taxes and tax charges | 63,391 | 51,203 | 55,708 |
| g) Investments in the community | Donations, sponsorship and communication | 1,034 | 977 | 858 |
| Economic value | Calculated as the difference between the economic value generated and the economic value distributed | 136,391 | 108,512 | 100,564 |
Note: In order to guarantee uniformity in representing data, including data from 2016, the items "costs" and "Dividends distributed in the year” both belong to the share value distributed to capital providers ("Payments to providers of capital").
It should be noted that from 2018, following the entry into force of the International Financial Reporting Standard IFRS 15, the incentives provided to airline companies to develop traffic were classified as a reduction of revenues. For comparability purposes, the 2016 and 2017 figures were also reclassified.
Economic value distributed in 2016
Source: SEA
Economic value distributed in 2017
Source: SEA
Economic value distributed in 2018
Source: SEA
Over the three years, both the value generated and that distributed to stakeholders increased significantly, respectively increasing by 11.3% and by 6.5% from 2016. The stakeholder community saw the highest retained value increase in this three-year period (+20.5%), followed by the Public Administration (+13.8%), providers of capital (+7.6%), suppliers of goods and services (+7.2%) and human resources (+3.5%). Finally, in the period in question, we underline the SEA Group’s payments of taxes and duties to the public services amounting to over Euro 170 million.