CATULLO SPA. THE ORDINARY SHAREHOLDERS' MEETING UNANIMOUSY APPROVES MOVING FORWARD TO ESTABLISH
THE NORTH-EAST AIRPORT SYSTEM
2013 financial statement unanimously approved
The shareholders' meeting expresses approval for the sale of shares to Save Spa by the Villafranca Municipality and the transfer of share to newco Aerogest Srl
The Board of Directors will lead finalisation of the integration process with Save Spa
Verona, 21 July 2014 - The shareholders' meeting held today for Catullo Spa, the Verona and Brescia airport management company, resolved to transfer shares from the founder stakeholders and the Trento Province stakeholder to newco Aerogest srl. The assembly also approved the sale of shares by the Villafranca Municipality to Save Spa, the management company that handles the Venice and Treviso airports, moving forward to establish the North East airport system through integration with Save.
The objective of this strategic integration between Catullo Spa and Save Spa is to promote coordinated and synergistic management of the airports and to provide the North-East system, through the contribution of private stakeholders, with the resources and critical substance needed to compete on the international market, confirming the bond with the territory and the service role toward the local community guaranteed by public shareholders.
Concerning this the shareholders' meeting expressed the lack of any hindrances to transferring shares from the Verona Chamber of Commerce, the Verona Municipality and Province and the Trento Province to the Aerogest srl company. The shareholders likewise saw no obstacles to the Villafranca Municipality selling shares to Save Spa, as resolved by the Villafranca municipal board on 27 June.
These operations represent two significant and preparatory steps toward the entrance of Save Spa into the body of shareholders and therefore toward the creation of the North-East airport system. The establishment of the airport system will contribute to the integration of the Verona and Brescia airports with the Venice and Treviso airports into a competitive system from an economic-financial point of view, in accordance with the growth prospects defined in the Catullo industrial plan and in line with the National Airports Plan, which is aiming for the creation of airport networks managed in a coordinated way.
The Shareholders' Meeting also unanimously approved the 2013 financial statement, which closed out the year with a €3.2 million loss, an €8.4 million improvement compared to last year's result.
In 2013 Catullo concluded the radical company restructuring programme, which contributed to drastically reducing losses, laying the foundation for the development of activities in the Verona and Montichiari airports which are being implemented this year, as confirmed by the traffic trends this quarter. The trend reversal, signs of which were evident in the first quarter, became structural in the second quarter.
In the April-June quarter there was a significant increase in traffic through the two airports: at Verona passenger traffic went up 4.9% compared to last year thanks to new connections activated in April, whereas the Montichiari airport registered an 11% increase in cargo handled, partially because of the transfer of flights during the temporary closure of Orio al Serio in May.
The strengthening of the profit and loss account in the previous year and the results of positive business achieved in the first months of 2014 are at the base of the market interest in the two airports and contributed to implementing the integration process with Save Spa.
To allow a move forward in the direction of crating the North-East airport system, the Board of Directors will remain in office until the integration with Save Spa is concluded. This process will be completed at the end of the capital increase operation which is on the order of the day for approval by the Extraordinary Shareholders' Meeting that will be held on 30 July of this year.
For more information:
Responsabile Relazioni Esterne e Stampa/ PR Manager
Garda Aeroporti - Verona e Brescia
tel +39 045 8095784