Aena posts negative net results coming to 107.6 million euros in the first nine months of the year due to the COVID-19 crisis


28 October 2020

Gross operating profit (EBITDA(1)) stands at 516.0 million euros and consolidated total income at 1,733.4 million

Passenger traffic in the Spanish airport network is down by 69.7% so far this year to 64.9 million

Liquidity amounts to 2,441.2 million euros, plus the Euro Commercial Paper programme of up to 900 million euros (845 million euros available)

The company is continuing with its cost-cutting policy and this last quarter saved 127.3 million euros

Aena’s Board of Directors has signed off a new extraordinary incentive package for airlines to drive recovery of operations during the winter season

Between January and September 2020, Aena posted net results coming to -107.6 million euros. This figure reflects the impact of the COVID-19 crisis and the travel restrictions it has entailed.

The number of passengers in these nine months has fallen by 69.7% in Spain to 64.9 million. When the figures for Luton Airport (London) and the six Aena Brazil airports are included, the number of passengers comes to 74.6 million, 68.7% less than in the same period in 2019. The decline in traffic began in March and became more pronounced in the spring with falls of up to 99%. Following the end of the state of emergency in late June and the opening of EU-Schengen borders, traffic gradually picked up during the summer. However, it fell again from mid-August with the second wave of COVID-19 and the resulting travel restrictions, quarantines and measures put in place by various countries.

The company’s total consolidated income stood at 1,733.4 million euros, a 49.7% drop compared to the first nine months of 2019. The decline in traffic has led to a reduction in airport income, which at 811.6 million euros is down -63.6% compared to 2019, while commercial income at 771.0 million euros has fallen by 19.3%.

In application of accounting standards (IFRS 16 - Leases), income from the minimum annual guaranteed rents (MAG) has been recognised in the amount of 456.2 million euros, including income accrued during the state of emergency period (198.6 million euros).  These rents and other issues are part of the contractual negotiations being held with each of the commercial operators.

Aena’s gross operating profit (EBITDA(1)) in this period was 516.0 million euros, down by 75.9% on 2019, including 14.4 million euros from the consolidation of Luton and the 77.4 million euro negative impact from Aena Brazil due to the valuation adjustment of the asset in Brazil (ANB) in the amount of 72.9 million euros.

The company’s cash flow(2) has come to 321.8 million euros compared to 1,913.9 million in the first nine months of 2019. In the same period, Aena’s net financial debt(3) increased slightly to 6,704.3 million euros compared to 6,672.8 million euros at the end of 2019.


Enhanced liquidity and cost savings

At the start of the crisis, Aena put in place a series of measures to ensure its services are properly operational and that liquidity is available. The company now has cash and credit facilities amounting to 2,441.2 million euros in addition to the option of issuing up to 900 million euros through the Euro Commercial Paper (ECP) programme, of which 845 million euros is available.

With the resumption of operations, Aena again reorganised the operation of its airports by opening the facilities and services needed for this purpose. However, despite this restart the company is still continuing with its policy of cost savings. This quarter it has achieved savings of 127.3 million euros, which come on top of the 157.1 million euros made in the second quarter of the year.

Updating the extraordinary incentive package for recovery of operations in the 2020 winter season

As part of its firm commitment to contributing to the recovery of the air transport industry, Aena has updated its policy on commercial incentives designed to encourage airlines to schedule operations in its network of airports.  On 27 October 2020, its Board of Directors reviewed the incentives planned for the winter season and endorsed a new extraordinary incentive package for the recovery of operations which tailors the policy kicked off in the summer to current market circumstances.

This scheme, which will apply between 1 November and 31 March, promotes all movements operated and not only the ones above a specified threshold as long as the airline achieves at least a 20% recovery over the same month in the previous winter season. The incentive means that airlines will receive a refund of their average monthly landing charge equivalent to the recovery percentage for operations performed in Aena’s network irrespective of the number of passengers they carry.

In doing this Aena is addressing the problems involved in scheduling flights at present with the aim of continuously and steadily stimulating activity in order to encourage airlines to step up their daily, weekly or monthly operations.


  1. Calculated as Total income minus Total expenses plus Depreciation and amortisation
  2. Cash flow calculated as adjusted EBITDA – CAPEX – Interest paid – Tax paid.
  3. Calculated as Current Financial Debt plus Non-current Financial Debt minus Cash and Cash Equivalents