Genoa – Ready to make room for new industrial partners in the management company of Genoa airport, “provided that the participation of the Chamber of Commerce does not become irrelevant”. The president of the institution, Luigi Attanasio, explains why the second largest shareholder (25%) of the airport has changed its approach with respect to the arrival of private individuals. Cruise companies remain the “most promising operators” in terms of synergies, but it would be better to “involve both groups and not just one”.
Msc, Costa Crociere, Spinelli-Hapag Lloyd, Levorato Marcevaggi, 777 Partners: among those demonstrating interest, are there any subjects who would better take on the role of the industrial partner of Genoa airport?
«MSC and Costa are in the wake of the PwC study, which sees a synergistic development of the port with the cruise sector. Compared to the other three subjects, who will have their own good reasons for having expressed interest, it is more difficult to understand the synergy opportunities and a more in-depth analysis will be necessary. However, the company does not have the objective of involving such a large number of new shareholders.”
MSC and Costa: is the participation of both companies desirable, or would just one group be sufficient?
«I would see the participation of both groups better, because they both handle significant quantities of passengers. Costa's home port is Savona, MSC's is Genoa: it is in our interest that both companies are motivated to bring as many passengers as possible to the airport.”
The Chamber and the authorities hope for the entry of the Liguria Region and the Municipality of Genoa. Why do you think the entry of local authorities is important?
«To involve them more, even if the Region already is, having invested a lot. Honors and duties. I think it's right that those who contribute to the development of the airport should participate in the decision-making process.”
Deputy Minister Edoardo Rixi said that the majority will remain public. However, private individuals who invest resources will want to have a say in management. Confirming the public majority, Commissioner Piacenza said we will evaluate who to entrust control to. She?
«This will be a matter of negotiation. It is true that the private individual who invests wants to manage. And many times the private industrial partner brings superior professionalism to the public partner. But it is also true that he can be an actor in conflict of interest. Competence is not up for debate, but a balance must be maintained between general interest and particular interest. Furthermore, competence does not always bear fruit, as unfortunately our direct experience demonstrates. “Colombo” had and still has a professional partner, but honestly, Aeroporti di Roma has not contributed significantly to the development of the airport.”
The two public partners are aligned on the operation. Rome Airports is it?
«We are talking. Discussions are underway between the president Lavarello and all the shareholders. Adr is open to seeing what comes out of the ongoing process.”
Is the Chamber willing to sell shares, or to dilute itself with the entry of new members who recapitalize the company?
«Yes, provided that our participation does not become symbolic. It will certainly not be the Chamber of Commerce that raises the problem on this front, but we are not willing to become insignificant.”
In 2010 the organization opposed the sale of shares to private individuals. What made you change your mind?
«In the past, with president Paolo Odone, there was also an explicit attempt to purchase Adr's share. But the world has changed since then. In Italy, first of all, there is no longer a national airline, what remains is a residual company which is the subject of an aggregation in progress. We also have concrete examples of acquisitions by private individuals that have led to a management turning point and brilliant traffic development: think of Naples airport. The issue remains management effectiveness. There are new challenges to face: as it stands, our management company risks losing money.”
Is budget sustainability at risk in the short term?
«Yes, if the corrective actions that are underway are not carried out. But the point is not so much having to face a possible recapitalization in the face of a loss-making balance sheet. The point is: what is the point of an airport that is struggling and surviving? To nothing. We have two kilometers of docks that could be used more usefully. We are interested in making “Colombo” a well-connected regional airport, which is a strong element of the blue economy and which gives Ligurians the opportunity to go to London, Paris and other European capitals without having to transit through Milan or Rome” .
Without the entry of new industrial partners, the concession cannot be renewed?
«Last July the Chamber of Commerce and the Port Authority wrote to ENAC, expressing their intention to bring forward the renewal of the concession and explaining that we need to have adequate time for the relaunch activity, so that the investments have payback periods such as to justify their cost-effectiveness. With a concession that expires in 2029 it is difficult to make investments that have a return. The path that has been undertaken serves, precisely, to provide the company with cards that make it possible to renew the concession which allows us to equip ourselves with a plan and investments for the relaunch”.
However, wouldn't involving new members with a longer concession have enhanced the value of the company?
«The public partners tried to ask for the extension of the concession to find the best possible professional partner, but Enac put this condition on us and therefore we will proceed like this».
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