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Aena reduces losses down to 96.4m. euros and increases its cash flow

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The increase is widespread across all airports and in all types of traffic; domestic traffic rose by 197.9% while international traffic increased by 595.5%.

Aena’s net result for the period between January and March 2022 was a total of -96.4 million euros, which is a 60% improvement compared to the same period of 2021 (-241.2 million euros). The number of passengers in the first three months of the year increased by 359.7% in Spain, reaching 37.9 million, which is equivalent to 71.8% of the traffic in the first quarter of 2019. This increase in passenger traffic across the airport network is a consequence of the improvement in the health situation and the progressive lifting of restrictions. The increase is widespread across all airports and in all types of traffic; domestic traffic rose by 197.9% while international traffic increased by 595.5%.

If the data from London Luton Airport and the six airports of Aeroportos do Nordeste do Brasil (ANB) are accounted for, the total number of passengers amounts to 43.4 million, 280.1% more than in the same period of 2021, which equates to a recovery of 71.9% of the traffic in 2019. London Luton Airport recorded a rise of 508.3%, which represents 51.2% of the traffic in 2019, while ANB showed an increase of 26.1%, equivalent to 94.2% of traffic in 2019.

Growth in revenue: over 680 million euros
Total consolidated revenue in this period increased to 683.9 million euros, up 93.6% from the first three months of 2021. The increase in traffic has resulted in an increase in aeronautical revenue, which grew by 204.1% to 415.1 million euros, while Aena’s commercial revenue fell by 7.5% to 160.8 million euros.

In this section it is worth noting that the Minimum Annual Guaranteed Rents (MAG) for the rents charged by Aena has been affected by the application of the Seventh Final Provision of Act 13/2021, which modified the lease agreements or the assignment of business premises for food and beverage and retail activities that were in force on 14 March 2020 or previously tendered.

In addition, Aena’s operating expenses from January to March 2022 amounted to €578.9 million, up 30.6% from the same period of 2021. This increase reflects the effect of increased activity and operational levels of terminals and open airport spaces, as well as the rise in the price of electricity at the network’s airports, which has resulted in a year-on-year increase of 46.7 million euros.

EBITDA becomes positive with 72.6 million euros
The gross operating profit (EBITDA)1 obtained by Aena goes from a negative value in the first quarter of 2021 (-121.5 million euros) to a positive value in the same period of 2022, with 72.6 million euros, including 14.4 million euros from the consolidation of Luton and 9.1 million euros from ANB. The EBITDA margin is 10.6% (-34.4% from the first quarter of 2021), and it is affected by the evolution of traffic, the treatment of MAG by the application of the aforementioned Seventh Final Provision of Act 13/2021 and by the accrual of local taxes for the full year.

From January to March 2022, there has been an increase in operating cash flow to 343.1 million euros compared to -107 million euros in the same period of 2021. Aena’s consolidated accounted net financial debt2 has been reduced to 7,336.5 million euros (including 532.6 million euros from the consolidation of London Luton Airport’s debt and 12.2 million euros from ANB) from 7,446.3 million euros at the end of 2021. Thus, the debt ratio, measured as Net Financial Debt to EBITDA, has been reduced to 8.7 times at 31 March 2022, compared to 11.5 times at 31 December 2021.

Investments worth 535 million euros in 2022
The amount of investment that Aena plans to make in 2022 across its airport network in Spain amounts to 535 million euros, of which 73.1 million euros has been invested as of 31 March 2022. The company has cash and credit facilities totalling 2,096.7 euros million as of 31 March 2022. In addition, up to 900 million euros can be issued under the Euro Commercial Paper (ECP) programme, of which no amount has been issued.

Aena awards Alvarez & Marsal the consultancy for the process to renew the duty-free shops at its airports
Also, Aena has awarded the consultancy to design the tender strategy and the contractual relationship with potential operators to the firm Alvarez & Marsal as an initial step in the process of renewing the management of duty-free shops at network airports, which will come into force in November 2023. This contract will allow Aena to identify the optimum business model with the following objectives: to establish the most suitable contractual relationship; to attract the largest number of international operators; to diversify the business; to adapt to the changing trends that are emerging in both the type of passenger and the model; and to incorporate and enhance the development and implementation of new technologies.

The consultancy contract was awarded for 3.6 million euros and it includes the preparation, drafting and monitoring of the tender documents and the bidding process for 36 months.

This consultancy is divided into several phases: an initial in-depth, multidisciplinary analysis of the business of duty-free shops on a global level in order to establish the future bidding and contractual relationship strategies that will serve as a framework and starting point; a subsequent drafting of the tender documents; and consulting services during the bidding
process.

Aena currently has four contracts for the provision of commercial services for the duty-free shops at 26 network airports with 88 points of sale that occupy more than 43,000 m2. These contracts are in force until 31 October 2023. Therefore, the tender is planned for the last quarter of 2022.


(1) Earnings Before Interest, Tax, Depreciation and Amortisation. This is calculated as operating earnings plus depreciation and amortisation.
(2) This is calculated as the total amount of ‘Financial Debt’ (Non-Current Financial Debt plus Current Financial Debt) less ‘Cash and Cash Equivalents’.

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