The aeronautical manager AENA recorded losses of 96.4 million euros in the first three months of the year, 60% less than the 241.2 million it lost in the same period last year, due to the recovery of air traffic, which it stands at 71.9% of that of 2019, before the pandemic.
As reported by the company to the National Securities Market Commission (CNMV), between January and March the number of passengers transported at the airports it manages -the Spanish; Luton (UK), and six more in Brazil – reached 43.4 million, almost four times more than a year earlier. This increase in movements, as a result of the elimination of restrictions on air traffic , allowed the manager to double his income, from 353.3 million in January-March 2021 to 683.9 million in that period of this year.
The EBITDA (gross operating result) was positive this quarter, with 72.6 million euros , from the negative 121.5 million in January-March 2021. At Spanish airports, the number of passengers in the first three months of the year increased by 359.7% in Spain, to 37.9 million, which is equivalent to 71.8% of the traffic in the first quarter of 2019.
The increase is generalized in all airports and in all types of traffic: national traffic rose by 197.9% and international traffic by 595.5%. Luton airport registered a 508.3% increase , which represents 51.2% of the 2019 traffic, while AENA Brazil recorded a growth of 26.1%, which is equivalent to 94.2% of pre-pandemic levels .
Business income
The increase in traffic translated into an increase in aeronautical revenue, which grew by 204.1%, to 415.1 million euros. However, commercial income fell by 7.5%, to 160.8 million euros, a decrease that in the case of “duty free” stores reaches 76.1%. This section continues to be conditioned by the application of the law that came into force at the end of 2021 and that forced AENA to reduce rental income and adjust it to the evolution of traffic.
Operating expenses for the quarter totaled 578.9 million euros, 30.6% more than in the same period in 2021 due to increased activity and the rise in the price of electricity at the airports in the network, which has supposed a year-on-year increase of 46.7 million euros. From January to March 2022 there was an increase in operating cash flow to 343.1 million euros, compared to -107 million euros in the same period of 2021.
Consolidated accounting net financial debt decreased by 110 million, to 7,336.5 million euros, with which the debt ratio (net debt over EBITDA) fell to 8.7 times as of March 31, from 11.5 times to closing of December 2021. In 2022 AENA calculates that it will invest 535 million euros in the airport network in Spain , of which 73.1 million have been executed in this quarter.
The company has cash and credit facilities amounting to 2,096.7 million euros as of March 31, 2022, to which is added the possibility of making issues through the Euro Commercial Paper (ECP) program of up to 900 million euros. euros, which are available in full.