SEA Business Model
The management of airports by SEA is undertaken through specific business units.
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.
On the other hand, the Non-Aviation business 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.
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.
| (Euro thousands) | Commercial Aviation | General Aviation | Energy | Consolidated | ||||
|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | |
| Operating revenues | 658,128 | 621,404 | 11,344 | 12,128 | 14,484 | 14,728 | 683,956 | 648,260 |
| EBITDA | 273,622 | 233,710 | 7,488 | 7,799 | 741 | 1,497 | 281,851 | 243,006 |
| EBIT | 183,869 | 122,100 | 5,577 | 5,406 | 23 | 384 | 189,469 | 127,890 |
The EBITDA shown above includes the IFRIC margin.
The costs regarding incentives to the airlines for the development of traffic are stated as a reduction of revenues in accordance with IFRS 15.