The legal tsunami that hit Genoa Port Terminal with the Council of State’s ruling last September, however, did not dent the financial results or profitability of the Spinelli Group, which is 51% controlled by Spininvest and 49% by Hapag Lloyd.
The 2024 fiscal year closed with revenues up 3% to €132.4 million (from €130.9 million in 2023) and a turnover of €142.5 million (up from €139.2 million), an EBITDA of €32 million, and a pre-tax result of €30.8 million. Spinelli’s latest financial statements thus closed with a stable net profit of €23.3 million, entirely allocated as retained earnings. The terminal business unit “maintained volumes in line with the previous fiscal year during 2024, yet saw an increase in turnover and margins due to operational efficiency,” as stated in the management report.
Regarding income from investments (€3.4 million), this includes €1.2 million in dividends from Centro Servizi Derna, €604 thousand from Saimare, €358 thousand from Terminal Rinfuse Genova, €900 thousand from Vtr, and €357 thousand from Salerno Container Terminal.
The legal battle with PSA Sech and the effects of the Council of State’s ruling (which declared the concession of Genoa Port Terminal illegitimate) did, however, have an economic impact, according to Spinelli and Hapag Lloyd. They describe circumstances that “significantly affected the company’s operations (approximately €43 million in revenue in 2024)” but “do not compromise business continuity,” which is, “regardless of the litigation’s outcome,” “ensured by the company’s other activities, not significantly tied to the operations at the GPT terminal.”
Regarding business continuity, and in relation to the ongoing litigation with PSA Sech (against which Spinelli Srl has filed an appeal to the Supreme Court and a motion to revoke the Council of State’s ruling), Spinelli Srl’s financial statements express optimism about the expected resolution of the matter. “The company (Spinelli, ed.)—while confident in the outcome of the proceedings, particularly the revocation appeal, given the substantial grounds for appeal presented both by itself and by the Port System Authority—notes that the latter, following the submission of the renewal application, in execution of its Management Committee’s resolution of January 13, 2025, granted a provisional concession until June 30, 2025 (later extended to September 30, ed.) to Spinelli for the GPT terminal, in compliance with the aforementioned Council of State ruling. This provides reasonable confidence in a positive outcome for the renewal process.”
In addition to the financial statements (approved at the end of April), the Board of Directors of Spinelli Srl has also approved the 2024 Sustainability Report, which reveals that the economic impact of the company’s activities distributed €154 million to the community (particularly suppliers and employees). The same document also shows that out of 616 direct employees, 49% are under 50 years old, “reflecting the strong sense of belonging that characterizes the group, with many young individuals.” Notably, “the data on workplace accidents shows a total of 14 incidents during the year, including 5 commuting-related, all minor in nature.”
“The Sustainability Report—commented Spinelli Srl’s Chairman, Mario Sommariva—is not an endpoint but a starting point for us, to keep improving and actively contribute to making Genoa the Capital of the Mediterranean.”
