Spain: Aena earns 133.6 million euros in the first quarter of 2023

Redacción - Aviación al Día

2 years ago

The Aena Group, a company that manages airports in Spain, London-Luton and Northeast Brazil, posted a net profit of €133.6 million between January and March 2023, compared to a loss of €41.7 million in the first quarter of 2022.

Aena’s total passengers recovered to 100% of pre-pandemic levels (100.6% of 2019 traffic). At the group’s network airports in Spain, traffic totaled 53.6 million in the first three months of the year, an increase of 41.6% over the same period last year and 1.6% over the first three months of 2019.

Total consolidated revenues for the first quarter of 2023 increased to €1,026.7 million, an increase of 34.3% compared to the first quarter of the previous year. Aeronautical revenues were €523 million, up 26% on 2022. Commercial revenues, supported by a growth in sales from activities exceeding 2019 levels: they amounted to €337.9 million, up 40.1%* compared to the first quarter of 2022.

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Of particular note was the performance of commercial activity in the first quarter of the year, in which pre-pandemic activity levels improved significantly. Thus, total sales of commercial activities exceeded 2019 levels by 12.1%, and revenues from fixed and variable rents billed and collected in the period have exceeded 2019 figures by 15.8%.

The gross operating profit (EBITDA) obtained by Aena between January and March of the current financial year was €368.6 million, representing growth of 153.2% compared to the same period in 2022.

The Aena Group’s consolidated accounting net financial debt stood at €6,149.0 million, compared to €6,242.9 million in 2022, decreasing the group’s net financial debt to EBITDA ratio to 2.67 times, compared to 3.00 times as of December 31, 2022.

Net cash generated by operating activities amounted to €504.8 million compared to €343.1 million in the first quarter of 2022.

Investment paid between January and March 2023 amounted to €388.5 million, an increase of €129.4 million compared to the first three months of 2022. These investments were mainly focused on improving airport facilities and operational safety and include €146.6 million for the mandatory payments for the concession of the 11 Airports Block in Brazil.

It should be recalled that the company made a change in its accounting policy regarding the treatment of commercial income to adapt to the new accounting standard published on October 20, 2022 by the IFRS Interpretations Committee (IFRIC) on the cancellation by the lessor of lease payments. As a result, the company has presented on March 31, 2023, for comparative purposes, the figures as of March 31, 2022 modified in accordance with the current accounting criteria.