Aena SMESA: records 6.7% growth in total revenue and reduces its losses to €60 million in 2021
Spanish airport network traffic reaches around 120 million passengers, 57.7% more than in 2020
Gross operating income (EBITDA) in 2021 was €644.8 million, down 9.8% compared to 2020
Total consolidated turnover is 2,393.3 million euros, i.e. 6.7% more than in 2020
To date, the estimated amount of rent reduction over the lifetime of the commercial activity contracts affected by the seventh final provision of the Spanish land transport law is estimated at 1,300 million euros, subject to traffic evolution In 2021, Aena reduced its losses to 60 million euros, a figure which continues to reflect the impact of the COVID-19 crisis, but represents half of those recorded in 2020, which amounted to 126.8 millions of euros.
In 2021 there was a gradual increase in passenger traffic in the Spanish airport network of 57.7% compared to 2020, with a recovery of 43.6% in 2019 traffic. The year 2021 ended with 119 959,671 passengers in the Spanish airport network, with domestic traffic growing by 54.2%, while international traffic increased by 60.8%. Including data from London Luton airport and the six Aeroportos do Nordeste do Brasil airports, passenger numbers stand at 136.3 million (up 52.7% from same period in 2020), which is equivalent to a recovery of 44.4% of traffic for the same period of 2019.
Total consolidated revenue amounted to €2,393.3 million, up 6.7% compared to 2020. Aeronautical revenue amounted to €1,332.2 million, i.e. 35, 1% more than in 2020, while commercial revenue, at €799.2 million, fell by 23.6%.
Following the health crisis caused by COVID-19 and the measures adopted by the public authorities to deal with it, Aena formulated in January 2021 a reduction proposal for commercial operators of duty-free shops, specialized shops, activities catering and beverages, vending machines, financial services and advertising in relation to the Minimum Guaranteed Annual Rent (LMG) in order to fairly adjust the contracts to the situation of the parties, both of whom have been strongly affected by the pandemic. More than 90 commercial operators accepted Aena’s proposal.
On October 3, Law 13/2021 entered into force, which, in its seventh final provision, modifies the contracts for the rental or assignment of commercial premises for catering and retail activities that were in force on 14 March 2020 or previously auctioned. The total reduction in Guaranteed Minimum Annual Rents (LMG) accumulated until October 3, 2021 resulting from this amendment amounts to €727 million.
To date, the total reduction in rents over the term of these contracts is estimated at 1,300 million euros. This amount is subject to the evolution of traffic.
Aena will continue to defend the interests of all its shareholders, including the State administration, that is to say the Spanish taxpayers.
EBITDA and cash generation
In 2021, gross operating income (EBITDA(1)) amounted to €644.8 million, a decrease of 9.8% compared to 2020, of which €32 million for the integration of London Luton and minus €84.5 million for the integration of Aeroportos do Nordeste do Brasil (Brazil), placing the margin at 26.9% (31.9% in 2020).
During 2021, net cash provided by operating activities increased by 91.8% to €280.5 million, compared to €146.2 million in 2020.
Consolidated net financial debt(2) of the Aena Group increased to €7,446.3 million (including €545.2 million from the consolidation of London Luton Airport’s net financial debt and €11.1 million from ANB ), compared to €7,030.9 million at the end of 2020. This represents an increase in the consolidated group’s net financial debt to EBITDA ratio to 11.5 times, compared to 9.8 times at December 31, 2020.
Strengthening liquidity, cost savings and investments
At the start of the COVID-19 crisis, Aena adopted a set of measures to ensure the proper functioning of its services and the availability of liquidity. As of December 31, the company
The company has maintained a continuous savings policy since March 2020, which was adapted during 2021 to the gradual recovery in traffic and the increase in activity.
- Earnings before interest, taxes, depreciation and amortization. This is calculated as operating profit plus depreciation and amortization.
- This is calculated as the total amount of “financial debt” (non-current financial debt plus current financial debt) less “cash and cash equivalents”.
The numerical reconciliation of these alternative performance measures has been included in the corresponding section of the interim consolidated MD&A.