The increase in results in the half year and the return to operating cash growth will open the door to reviewing the dividend policy by the beginning of next year, says Enav CEO Pasqualino Monti in this interview
Class sizes are increasing and traffic is moving faster than expected. Did you expect that?
2024 is the year in which, after Covid, the European network will return to the traffic levels of 2019, already exceeded by Italy in 2023. The forecasts at the beginning of the year had given an average growth in Italy of 6.3% compared to 2023, which was exceeded by four percentage points, with an increase of almost 11%. This increase compared to the forecasts has required a significant effort in the management of flights on our part, as well as the important work carried out by the European Network Manager. I would like to point out that, unlike us, the other European countries (including Germany, Great Britain and Spain), despite recording an average increase of 8% compared to 2023, are still on average about five percentage points lower than in 2019.
How did you manage to face these peaks?
First, by investing in technology, accelerating the implementation of investments that have allowed us to manage exceptional figures today. Then, with foresight, through a new path of industrial relations. Last year, we have already reorganized the work, introducing flexibility in shifts, through a specific union agreement. Previously, the renewal of part of the contract only allowed the increase in inflation to be taken into account: instead, the flexibility allowed us to have, during the same time periods, a greater number of operational control units. Furthermore, we introduced the recognition of overtime in peak periods, which allowed us to adequately address the record growth that was partly unexpected. Since last year, we have increased the number of our operational staff by 100 units, also to support commercial activities, and we will continue to recruit. On July 25, we signed the new collective agreement, which includes a salary increase for 4,300 workers, and the renewal of the regulatory part that had expired some time ago. The objective will always be to accompany the increase in costs with an increase in the company’s productivity and margins. Indeed, in the first half of 2024, costs increased by 19.5 million (total 361 million), revenues increased by 24.7 million (total 461.3 million, a record for Enav) with a margin increase of 5.2 million compared to 2023 (total EBITDA 99.9 million, +5.5%) with a net profit of 23 million, +25.3% compared to the previous year. One of the best half-year publications of the Enav Group.
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