Genoa, Italy (PortSEurope) December 8, 2020 – During yesterday’s meeting of the Management Committee, the Autorita’ di Sistema Portuale del Mar Ligure Occidentale (AdSP – Western Ligurian Sea Port Authority)’s 2021 Forecast Budget, the 2021-2023 Three-Year Program of Ordinary Works and the 2019-2021 Extraordinary Program pursuant to Law 130/2018 were approved. The 2021 Budget presents revenues of €409 million and expenses of €468 million with
a balance of €57 million covered by the administration surplus accumulated in previous years. The huge amount of investments that characterize the 2021 Budget therefore finds part of its financing in the administration surplus which from 2020 to 2021 goes from €104 million to €45 million. Current revenues (€95 million) rest on two fundamental pillars represented by taxes and revenues for state property rents. As regards port taxes, an income of €51 million is expected , given that a forecast of a recovery in traffic compared to 2020 is expected in line with macroeconomic projections in terms of gross domestic product, while for state-owned concessions revenue is expected equal to e39 million, an increase compared to the 2020 balance. The capital revenue amounted to €300 million due to about 50% in state contributions and the remaining 50% to loans entered into by AdSP and financed with own resources. Current expenses provide for an amount of €78 million, the main components of which are made up of €24.9 million for personnel, who will still be affected by a significant hiring program, €21.4 million of expenses for purchases and consumption, which includes the categories subject to the spending limits set by national laws, as well as €15 million for disputes significantly connected to the so-called “asbestos cases” attributable to work situations dating back over time. The “capital” budget for the three-year period 2021-2023 will see the entity committed to conducting the relevant ordinary and extraordinary investment plan. The Extraordinary Program referred to in Law 130/2018 (the so-called “Genoa Decree”) currently provides for investments of €2.07 billion with an enormous workload and commitment that will be assumed by the AdSP. The investments envisaged in the extraordinary program include the New Foranea Dam of the Port of Genoa (Phase A) for €700 million and the project concerning the ” rationalization of the accessibility of the industrial port area of Genoa Sestri Ponente” for €480 million referred to in paragraph 72 of law 160/2019. €157 million are also foreseen for the construction of PHASE 1 of the Nuova Calata Sestri Ponente intervention, €29 million for the electrification projects of the “Cold Ironing” quays of Genoa and Savona, €170 million for road works, €176 million of interventions relating to terminals and docks, €126 million of railway interventions, €152 million of city-port integration interventions and €26 million of interventions for the intermodal connection of the Cristoforo Colombo airport with the city of Genoa. The amount of resources deployed was huge: €606 million in the AdSP budget, €669 million made available by other parties involved and €795 million with resources being found. The 2021-2023 Ordinary Three-Year Works Program also provides for investments in 2021 of €89 million (€66 million for the Savona airport and €13 million for the Genoa airport) and €30.1 million for 2022. Capital expenditure also includes technical support services ( €14 million), expenses for the Acquisition of the areas for the construction of the railway terminal annexed to the port of Savona Vado (€5 million) , and €10 million of repayment of principal instalments. Today’s management committee has also adopted a resolution of great strategic importance for the future of port work, approving the update of the Compagnia Unica’s recovery plan which addresses all the most important issues to guarantee employment, innovation and financial stability to CULMV. For the first time in the history of the Port of Genoa, the Port System Authority provides resources to restore the Company’s economic and patrimonial balance conditional on the implementation of the main measures of the Plan concerning: the efficiency of expenses, the revision of contracts for productivity and tariffs with individual terminals, training and the correct allocation of staff between existing and future activities. “Credit must be given to the Company for having drawn up the Plan; terminal operators for having contributed financially and in defining some important measures; to the institutions, Liguria Region in the lead, to have believed in the plan and supported the intervention of the System Authority. Source: Autorita’ di Sistema Portuale del Mar Ligure Occidentale (AdSP – Western Ligurian Sea Port Authority) Copyright (C) PortSEurope. All Rights Reserved. 2020.