Aena’s net profit rose by 8.6% in the first half of 2019 to 559 million euros

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30 July 2019

  • Passenger traffic in the Aena network in Spain came to 127.9 million, 5.7% more than between January and June 2019
  • Total consolidated revenue increased to 2,100.7 million euros, 6.9% more than in 2018, with commercial revenue doing particularly well and growing by 10.5%
  • Operating cash flow increased compared to the same period in 2018 by 10.1% to 1,112 million euros
  • The Board of Directors has approved the airport charges proposal for 2020, setting the maximum annual adjusted income per passenger (IMAAJ) for 2020 at €10.2997 euros per passenger. This proposal will be reviewed and validated by the Comisión Nacional de los Mercados y la Competencia (CNMC)

Between January and June 2019 Aena achieved net profit coming to 559 million euros, 8.6% more than in the same period in 2018. This profit reflects the positive evolution of business derived from the growth in traffic.

Total revenue rose to 2,100.7 million euros, representing an increase of 6.9% compared to the first half of the previous year. Commercial revenue, which accounts for 27.6% of the total, has grown by 10.5% up to 578.1 million euros.

Here it is also worth mentioning the contribution to revenue made by international operations in which London Luton Airport has provided 122.1 million euros.

Aena’s gross operating profit (EBITDA(1)) between January and June 2019 stood at 1,189.3 million euros, 5.6% up compared to the same period in 2018.

The company’s cash flow(2) has come to 1,111.6 million euros compared to 1,009.8 million in the first half of 2018.

On 30 June 2019 Aena’s net financial debt(3) stood at 6,905.8 million euros (including Luton’s net financial debt coming to 462.7 million euros) compared to 6,654.1 million euros at the end of 2018. This means the debt ratio, measured as Net Financial Debt to EBITDA(3), remains stable at 2.5 times as of 30 June 2019.

A gross dividend of 6.93 euros per share was paid in April for a total payout of 1,039.5 million euros.

Passenger traffic

It should be remembered that Aena has revised its passenger traffic forecast for 2019 for its airport network in Spain upwards from projected growth of 2% to an increase of 3.7%, with a possible range of variation of ± 0.5%.

The number of passengers between January and June 2019 came to 127.9 million, 5.7% more than in 2018. Growth in international passengers reached 5% and domestic traffic stood at 7.3%. When figures for Luton Airport are included (8.5 million passengers, +10.3%), the number of Aena’s passengers amounts to 136.4 million in the first half of 2019, 5.9% more than in the same period in 2018.

Airport charges proposal 2020

At its meeting today, the Board of Directors approved the airport charges proposal for 2020, setting the maximum annual adjusted income per passenger (IMAAJ) for 2020 at 10.2997 euros per passenger, which is a reduction of -1.17% compared to the IMAAJ for 2019 (10.42 euros per passenger). This proposal will be reviewed and validated by the Comisión Nacional de los Mercados y la competencia (CNMC) in its resolution supervising the airport charges applicable by Aena, S.M.E. S.A. in fiscal year 2020.

 

  1. Calculated as Total revenue 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