London Luton Airport.
The number of passengers in the first nine months of the year increased by 140.7% in Spain, reaching 184.2 million, which is equivalent to a recovery of 86.1% of the traffic in the same period of 2019, before the pandemic.
Between January and September, the company earned 499.2 million euros compared to losses of 123.7 million euros in the same period of 2021. The number of passengers in the first nine months of the year increased by 140.7% in Spain, reaching 184.2 million, which is equivalent to a recovery of 86.1% of the traffic in the same period of 2019, before the pandemic.
Aena achieved a net profit of 499.2 million euros between January and September 2022, an improvement of 503.4% in the result compared to the same period of 2021, when it recorded losses of 123.7 million euros.
The number of passengers in the first nine months of the year increased by 140.7% in Spain, reaching 184.2 million, which is equivalent to a recovery of 86.1% of the traffic in the same period of 2019, before the pandemic. The increase is widespread across all airports and in all types of traffic; domestic traffic rose by 72.8% while international traffic increased by 201.1%. If the data from London Luton Airport and the six airports in the Northeast Brazil Airport Group (ANB) are accounted for, the total number of passengers amounts to 204.4 million, 133.8% more than in the same period of 2021, which is equivalent to a recovery of 85.8% of the traffic in 2019.
London Luton Airport recorded a rise of 264.7%, which represents 71.0% of the traffic in the first nine months of 2019, while ANB showed an increase of 26.9% and has already recovered the 2019 traffic with an increase of 0.7%.
Recovery of 2019 commercial revenue (without the DF7 adjustments) Aena’s total consolidated revenue in this period increased to 2.9151 billion euros, up 65.6% compared to the first nine months of 2021. The increase in traffic has resulted in an increase in aeronautical revenue, which grew by 111.2% to 1.8245 billion euros, while commercial revenue fell by 5.3% to 685.1 million euros.
Up to September, that is, in the cumulative nine-month period, commercial revenue without DF7 adjustments returned to pre-pandemic levels, at around 988 million euros.
The Minimum Annual Guaranteed Rents (MAG) for the rents charged by Aena remain affected by the application of the Seventh Final Provision (DF7) 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.
EBITDA and cash flow are positive; debt is decreasing
Gross operating profit (EBITDA(1)) between January and September was 1.3015 billion euros (compared to 438.3 million euros in the same period of 2021, 197.0% more), including 85.2 million euros from the consolidation of Luton and 49.3 million euros from ANB. The EBITDA margin stands at 44.6% compared to 24.9% in the first nine months of 2021. It has been affected by the evolution of traffic, the treatment of MAG due to the application of the aforementioned DF7 and the positive effect from the reversal of impairments.
From January to September 2022, operating cash flow increased to 1.5583 billion euros, compared to 20.5 million euros in the same period of 2021. Aena’s consolidated accounted net financial debt(2) decreased to 6.3653 billion euros (including 446 million euros from the consolidation of London Luton Airport’s debt and 36.5 million euros from ANB), compared to 7.4463 billion euros at the end of 2021. Thus, the debt ratio, measured as Net Financial Debt to EBITDA, decreased to 4.2 times, compared to 11.5 times at 31 December 2021.
The company has cash and credit facilities totalling 3.5123 billion euros as of 30 September 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.
Sharp increase in electricity costs
Operating expenses (Supplies, Staff Costs and Other Operating Expenses) from January to September 2022 amounted to 1.5665 billion euros, which is an increase of 41.8% compared to the same period of 2021. This increase mainly reflects the rise in the price of electricity at network airports, which has led to a year-on-year increase of 150 million euros.
Aena has a Sustainability Strategy with a real commitment to the development of renewable energy sources, which will increase energy efficiency by optimising resources. A fundamental part of this strategy is the Climate Action Plan, which includes the Photovoltaic Plan with which Aena will achieve 100% of the energy supply for its airport network from its own photovoltaic plants.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
