MADRID, 26 Apr. (EUROPA PRESS) – The airport manager Aena has registered a net profit of 133.6 million euros in the first quarter of the year, compared to the losses of 41.7 million registered in the first quarter of 2022, as reported on Wednesday by the airport manager to the National Securities Market Commission (CNMV).
The recovery experienced in Spanish airports in the first quarter of this year 2023 has translated into very positive results for the Spanish airport manager whose numbers are now almost identical to those of 2019, the year prior to the pandemic. All this has led the company to close to the pre-Covid profit, only 2% below, exceeding 133 million profits and improving its commercial business by 12% compared to 2019 levels.
The total consolidated income of the company increased in the first three months of the year by 34.3%, reaching 1,026.7 million euros and the gross operating result (Ebitda) stood at 368.6 million euros, which which represents a growth of 153.2% compared to 145.6 million euros in the same period of 2022).
Aeronautical revenues were 523 million euros, 26% more than in 2022. Commercial revenues, supported by growth in sales from commercial activities that exceed 2019 levels: have reached 337.9 million euros, with an increase of 40.1% over the first quarter of 2022.
The behavior of commercial activity in the first quarter of the year stands out, in which the levels of pre-pandemic activity have improved notably. Thus, total sales of commercial activities exceeded 2019 levels by 12.1%, and income from fixed and variable income invoiced and collected in the period have exceeded 2019 figures by 15.8% and have passed from 4.44 euros per passenger in the first quarter of 2019 to 5.06 euros in the first quarter of 2023.
Specifically, revenues and sales have recovered in the lines of duty free, catering, car rental, VIP services and car parks. In duty-free shops, the increase in average spending by British passengers stands out, which has exceeded the level of the first quarter of 2019, as well as the effect that the application of the tax-free tax regime after Brexit has had, which entails percentages of higher equities.
The company has carried out a change in its accounting policy regarding the treatment of commercial income to adapt to the new accounting regulations published on October 20, 2022 by the IFRS Interpretations Committee (IFRIC) on forgiveness by the lessor of lease payments. As a consequence, the company has presented on March 31, 2023, for comparative purposes, the figures as of March 31, 2022 modified according to the current accounting criteria.
PASSENGER RECOVERY.
The total number of passengers in the Aena Group (Spain, Luton and the airports in the Northeast of Brazil) recovered 100% to pre-pandemic levels. At the airports in the Aena network in
Spain, traffic amounted to 53.6 million in the first three months of the year, representing an increase of 41.6% compared to the same period last year and 1.6% compared to the first three months of 2019 .
Last February, Aena revised the traffic estimation scenarios for 2023 in the Spanish airport network upwards, with a recovery in passenger volume of between 94% and 104% compared to 2019. It is estimated that the scenario Central is the most probable, with a recovery of 99% compared to 2019.
London Luton Airport has registered 3.3 million passengers, representing a year-on-year increase of 73.6% and a recovery of 88.9%. In addition, the traffic of the six airports of the Northeast Brazil Airport Group has reached 3.7 million passengers, registering an interannual growth of 3.6% and a recovery of 97.6%.
Cash generation has also been strong. The net cash generated by the company’s operating activities has reached 504.8 million euros compared to 343.1 million in the first quarter of 2022.
The investment made between January and March 2023 amounted to 388.5 million euros, which represents an increase of 129.4 million euros compared to the first three months of 2022. These investments have focused mainly on improving the facilities and the operational security of the airports and include 146.6 million euros for the obligatory payments of the concession of the Block of Eleven Airports in Brazil.
For its part, group operating expenses, which include supplies, personnel and other operating expenses of the company, amounted to 641.4 million euros in the first quarter of the year, compared to 578.9 million of the same period of 2022.
The evolution of these expenses reflects, according to the airport manager, the effect of the increased activity and the operation of the terminals and open airport spaces of the Aena Group.
Regarding other operating expenses, the reduction in the cost of electrical energy in the Spanish network stands out, which has been 27.5 million euros (44.6% less than in the first quarter of 2022). Excluding the impact of energy, the year-on-year increase in other operating expenses in the Spanish airport network was 37.8 million euros, 12.3% more than from January to March 2022.
For its part, the consolidated accounting net financial debt of the group stood at 6,149 million euros, compared to 6,242.9 million euros in 2022, reducing the ratio of net financial debt to Ebitda of the consolidated group to 2.67 times, compared to to 3 times as of December 31, 2022.
The Aena share price has fluctuated in the period between a minimum of 120.65 euros and a maximum of 154.50 euros. It has closed as of March 31 at 148.90 euros, which implies a revaluation of the share price of 26.9% since December 31, 2022, much higher than the evolution of the Ibex 35 that in the same period has accumulated an increase of 12.2%.
The Aena General Shareholders’ Meeting has approved the distribution of a gross dividend of 4.75 euros per share charged to the 2022 profit. The dividend payment, which benefits both private and public shareholders of Aena, will be made on 4 May 2023 and will be paid in cash.
