Aena has achieved between January and June 2022 a net profit of 163.8 million euros, an improvement of the result of 147.3% compared to the same period of 2021, in which it registered losses of 346.4 million. The airport manager returns to profit after eight quarters in losses, since the first quarter of 2020, when it earned 23.1 million euros, due to mobility restrictions due to the coronavirus pandemic.
The number of passengers in the first six months of the year has increased by 287.7% in Spain, to 104.9 million, which is equivalent to 82% of the traffic in the first half of 2019, before the pandemic. The increase is generalized in all airports and in all types of traffic: national traffic is up 142.6%, while international traffic is up 469%. If the data from Luton airport (London) and the six Aena Brasil airports are taken into account, the total number of passengers amounts to 117.3 million, 257.3% more than the same period in 2021, which is equivalent to a recovery of 81.8% of traffic in 2019. Luton airport registers a rise of 558%, which represents 65.7% of traffic in the first half of 2019, while Aena Brasil shows an increase of 38.1 %, which is equivalent to 98% of the traffic of 2019.
Total consolidated revenues in this period have increased to 1,720.6 million euros, 99.4% more than in the first six months of 2021. The increase in traffic has translated into an increase in aeronautical revenues, which have grown by 192.5% up to 1,072.3 million euros; while Aena’s commercial income rose by 0.3%, to 398 million euros.
In reality, the actual billing is lower, since Aena has recorded income for Guaranteed Annual Minimum Income for the rental of commercial premises, which has not been collected and will not be collected. On the contrary, once the legal conflicts are substantiated, Aena will have to return a significant amount to the tenants who have already paid the rent following the regulations approved by the Congress of Deputies in September 2021 that obliges the airport manager to adjust the rental of its commercial premises to the real drop in traffic for restaurant or retail activities that were in force on March 14, 2020 or tendered before.
Likewise, Aena’s operating expenses from January to June 2022 amounted to 1,055 million euros, 40% more than in the same period of 2021. This increase reflects, above all, the increase in the price of electricity in the airports in the network, which has meant a year-on-year increase of 92.3 million euros.
To reduce this bill, Aena works on energy self-sufficiency. The planned investment for the development of the so-called Photovoltaic Plan is around 350 million euros until 2026, the year in which Aena will have installed photovoltaic plants in the 14 airports with the most hours of sunshine, which will generate all the energy required by the network. It will involve the installation of solar panels in an area equivalent to some 720 hectares distributed by the different airports and will generate over 950 GWh per year, which can be compared to the consumption of 295,000 homes in one year.
The gross operating profit (Ebitda) obtained by Aena goes from being in negative terms in the first half of 2021 (-58.2 million euros) to positive values in the same period of 2022, with 631.3 million euros, including 46.8 million euros from the consolidation of Luton and 39.8 million from Aena Brasil. The Ebitda margin stands at 36.7% (-6.7% in the first half of 2021), influenced by the evolution of traffic, the treatment of RMGA due to the application of the aforementioned provision approved by Congress.
From January to June 2022, there has been an increase in operating cash flow to 785.6 million euros, compared to -220.3 million euros in the same period of 2021. Aena’s consolidated accounting net financial debt has decreased to 6,984.3 million euros (including 496 million euros from the consolidation of the Luton airport debt and 2.9 million from Aena Brasil), compared to 7,446.3 million euros at the end of 2021 .
Tariff proposal for 2023
The board of directors of Aena, in its meeting held on Tuesday, July 26, has approved the tariff proposal applicable from March 1, 2023, setting the maximum adjusted annual income per passenger (IMAAJ) for 2023 at 10.01 euros per passenger, which represents a variation of 0.69% compared to the IMAAJ of 2022 (9.95 euros per passenger).
The amount of investment that Aena estimates to execute in 2022 in the airport network in Spain amounts to 535 million euros, of which 180.6 million have been executed as of June 30, 2022. The company has cash and credit facilities amounting to 2,421.4 million euros, to which is added the possibility of making issues through the Euro Commercial Paper (ECP) program of up to 900 million euros, which are available In its whole.